Answer:
C. Mandatory dependency.
Explanation:
A dependency that requires a design to be completed before manufacturing can begin is an example of a mandatory dependency, which contractually mandates that certain tasks be completed on the design as a requirement.
Mandatory dependency is more used when a project has certain limitations that require the fulfillment of other activities.
Allocative efficiency occurs:
a. Anywhere inside or on the production possibilities frontier.
b. When the total cost of production is minimized
c. At all points on the production possibilities frontier.
d. At only one point on the production possibilities frontier.
e. At the points where the production possibilities frontier crosses the horizontal or vertical axis.
Answer:
a. Anywhere inside or on the production possibilities frontier.
Explanation:
In an economy, the allocative efficiency may be defined as the economic state where the production of various goods or services is aligned with the preferences with the consumers.
The allocative efficiency always materializes at the intersection of the supply curves and the demand curves.
On the [tex]\text{equilibrium point,}[/tex] the price for a supply [tex]\text{exactly matches}[/tex] with the demand for the product [tex]\text{for that supply}[/tex] at that price, and thus all the products are sold.
It occurs anywhere on the production possibilities frontier or on the inside of the frontier.
Therefore, the correct option is (a).
Portman company operating at full capacity sold 1000000 units at a price of $188 per unit during the current year , it’s income statement is as follows
Answer:
Portman Company
1. The total variable costs and the total fixed costs for the current year are:
Total variable costs $88,000,000
Total fixed costs $40,000,000
2. Determination of (a) the unit variable cost and (b) the unit contribution margin for the current year.
a) Unit variable cost $88
b) Unit contribution margin $100
3. The break-even sales (units) for the current year are:
= 400,000 units.
4. The break-even sales (units) under the proposed program for the following year are:
= 450,000 units.
5. The amount of sales (units) that would be necessary under the proposed program to realize the $60,000,000 of operating income that was earned in the current year is:
= 1,050,000,000 units.
6. The maximum operating income possible with the expanded plant is:
= $61,000,000.
7. If the proposal is accepted and sales remain at the current level, the operating income or loss be for the following year will be:
= $55,000,000.
8. Based on the data given (1 - 6), would you recommend accepting the proposal?
In favor of the proposal because of the possibility of increasing income from operations.
Explanation:
a) Data and Calculations:
Sales units = 1,000,000
Selling price = $188
Total
Sales $188,000,000
Cost of goods sold (100,000,000)
Variable cost of goods sold = $70,000,000
Fixed cost of goods sold = $30,000,000
Gross profit $88,000,000
Expenses:
Selling expenses $16,000,000
Variable selling expenses $12,000,000
Fixed selling expense = $4,000,000
Administrative expenses 12,000,000
Variable administrative expenses = $6,000,000
Fixed administrative expenses = $6,000,000
Total expenses (28,000,000)
Operating income $60,000,000
The division of costs between variable and fixed is as follows:
Variable Fixed
Cost of goods sold 70% 30%
Selling expenses 75% 25%
Administrative expenses 50% 50%
Total Unit Cost
Variable cost of goods sold = $70,000,000 $70
Variable selling expenses 12,000,000 12
Variable administrative expenses 6,000,000 6
Total variable costs = $88,000,000 $88
Contribution margin = $100 ($188 - $88)
Fixed cost of goods sold = $30,000,000
Fixed selling expense = 4,000,000
Fixed administrative expenses = 6,000,000
Total fixed costs = $40,000,000
Break-even sales units = $40,000,000/$100 = 400,000 units
Proposal:
Sales revenue increase = $11,280,000
Fixed costs by $5,000,000 to $45,000,000 ($40 million + $5 million)
Sales units increase = 60,000 ($11,280,000/$188)
Break-even sales units = 450,000 ($45,000,000/$100)
Units to realize target profit of $60,000,000:
= ($45,000,000 + $60,000,000)/$100
= $105,000,000/$100
= 1,050,000,000 units
Profit with the expanded plan
= Total contribution - Fixed Costs
= $100 * 1,060,000 - $45,000,000
= $106,000,000 - $45,000,000
= $61,000,000
With sales at current level of 1,000,000 units
Sales revenue = $188,000,000
Variable costs 88,000,000
Contribution $100,000,000
Fixed costs 45,000,000
Operating income $55,000,000
Entries for Notes Payable A business issued a 60-day, 10% note for $96,000 to a creditor on account. Journalize the entries to record (a) the issuance of the note and (b) the payment of the note at maturity, including interest. Assume a 360-day year. If an amount box does not require an entry, leave it blank. If required, round yours answers to whole dollar.
Answer:
Business A
Journal Entries:
Debit Accounts Payable $96,000
Credit 10% Notes Payable $96,000
To record the issuance of a 60-day, 10% note to a creditor on account.
Debit 10% Notes Payable $96,000
Debit Interest Expense $1,600
Credit Cash $97,600
To record the payment of the note at maturing, including interest.
Explanation:
a) Data and Analysis:
Accounts Payable $96,000
10% Notes Payable $96,000
10% Notes Payable $96,000
Interest Expense $1,600
Cash $97,600
You are considering buying bonds in ACBB, Inc. The bonds have a par value of $1,000 and mature in 35 years. The annual coupon rate is 20.0% and the coupon payments are annual. If you believe that the appropriate discount rate for the bonds is 17.0%, what is the value of the bonds to you
Answer:
Bond Price= $121.27
Explanation:
Giving the following information:
Face value= $1,000
Coupon= 0.2*1,000= $20
Maturity= 35 years
Discount rate= 17%
To calculate the price of the bond, we need to use the following formula:
Bond Price= cupon*{[1 - (1+i)^-n] / i} + [face value/(1+i)^n]
Bond Price= 20*{[1 - (1.17^-35)] / 0.17} + [1,000/(1.17^35)]
Bond Price= 117.16 + 4.11
Bond Price= $121.27
When preparing a production budget, the required production equals:________
a. budgeted sales beginning inventory desired ending inventory.
b. budgeted sales - beginning inventory desired ending inventory.
c. budgeted sales - beginning inventory - desired ending inventory.
d. budgeted sales beginning inventory - desired ending inventory.
Answer: B. budgeted sales - beginning inventory + desired ending inventory.
Explanation:
The production budget is also referred to as the manufacturing budget and it is the budget that is used in determining the quantity of the product of the firm which needs to be produced during a particular budgetary period.
The production budget lists the number of units that a firm will manufacture during a period. When preparing a production budget, the required production will be gotten as the budgeted sales - beginning inventory + desired ending inventory.
Therefore, the correct option is B.
What is a market that runs most efficiently when one large firm supplies all of the output referred to as?
a government monopoly
a natural monopoly
a franchise
market power
(Gradpoint)
Answer:
a natural monopoly
Explanation:
A monopoly is a market structure which is typically characterized by a single-seller (one seller) who sells a unique product in the market by dominance. This ultimately implies that, it is a market structure wherein the seller has no competitor because he is solely responsible for the sale of unique products without close substitutes.
A monopolist refers to any individual that deals with the sales of unique products in a monopolistic market.
On a related note, a natural monopoly is a market that runs most efficiently when all of the output is supplied by one large business firm. Thus, a business firm is considered to be a natural monopoly if it's capable of producing the total output of the market at a lower cost than two or more business firms could.
Some examples of natural monopoly are the United States Postal Service, electricity grid, water supply, gas network, sewer services, energy distributors, railway service, etc.
Morales Corporation produces microwave ovens. The following per unit cost information is available: direct materials $30, direct labor $20, variable manufacturing overhead $16, fixed manufacturing overhead $42, variable selling and administrative expenses $18, and fixed selling and administrative expenses $24. Its desired ROI per unit is $27.00. Compute its markup percentage using a total-cost approach. (Round answer to 2 decimal places, e.g. 10.50%.)
Answer:
111%
Explanation:
Computation to determine its markup percentage using a total-cost approach
First step
Variable cost per unit= Direct materials+Direct labor+Variable manufacturing overhead+Variable selling and administrative expenses
Variable cost per unit= $30+20+16+18
Variable cost per unit= $84
Second step
Fixed cost per unit= Fixed manufacturing overhead+Fixed selling and administrative expenses
Fixed cost per unit= $42+24
Fixed cost per unit= $66
Now let determine the Variable costing markup percentage
Variable costing markup percentage= (Desired ROI+Fixed cost per unit)*100/Variable cost per unit
Variable costing markup percentage= ($27+66)*100/84
Variable costing markup percentage=110.7 %
Variable costing markup percentage=111% (Approximately)
Therefore its markup percentage using a total-cost approach is 111%
San Antonio Chair Inc. has direct labor cost standard of $14 per direct labor hour and an efficiency standard of 6 hours per chair. The actual results for the period when 30 chairs were built were 130 direct labor hours at an actual cost of $1,560. What is the direct labor cost variance
Answer:
Total direct labor variance= $960 favorable
Explanation:
Giving the following information:
We will separate the direct labor cost variance in rate and quantity variance. To calculate the direct labor rate and quantity variance, we need to use the following formulas:
Direct labor time (efficiency) variance= (Standard Quantity - Actual Quantity)*standard rate
Direct labor time (efficiency) variance= (30*6 - 130)*14
Direct labor time (efficiency) variance= $700 favorable
Direct labor rate variance= (Standard Rate - Actual Rate)*Actual Quantity
Direct labor rate variance= (14 - 12)*130
Direct labor rate variance= $260 favorable
Actual rate= 1,560/130= $12
Total direct labor variance= 700 + 260
Total direct labor variance= $960 favorable
*Gains and losses taxable when investments are sold. The total deferred tax asset and deferred tax liability amounts at January 1, 2021, were $166.25 million and $25 million, respectively. The enacted tax rate is 25% each year. Required: 1. Determine the total deferred tax asset and deferred tax liability amounts at December 31, 2021. 2. Determine the increase (decrease) in the deferred tax asset and deferred tax liability accounts at December 31, 2021. 3. Determine the income tax payable currently for the year ended December 31, 2021. 4. Prepare the journal entry to record income taxes for 2021.
Answer:
1. $160.75 million
$42 million
2. Decrease ($5.5 Million)
Increase $17 million
3. $35 million
4. Dr Tax expense $57.5 million
Cr Deferred tax asset $5.5 million
Cr Deferred tax liability $17 million
Cr Taxes payable $35 million
Explanation:
1. Calculation to determine the total deferred tax asset and deferred tax liability amounts at December 31, 2021.
Allowance for bad debt $1 million
($28 million-$32 million)* 25%
Add Subscription liability $6.25 million
($25million*25%)
Add Post retirement benefits obligation $153.5 million
($614 million*25%)
TOTAL DEFERRED TAX ASSET $160.75 million
Prepaid insurance $10 million
($40 million *25%)
Add Prepaid advertising $6 million
($24million * 25%)
Investments unrealized gain $6 million
$24million * 25%)
Add Buildings $20 million
[($380 million-$300 million) * 25%]
TOTAL DEFERRED TAX LIABILITY $42 million
Therefore the total deferred tax asset is $160.75 million and deferred tax liability amounts at December 31, 2021 is $42 million.
2. Calculation to determine the increase (decrease) in the deferred tax asset and deferred tax liability accounts at December 31, 2021
DEFERRED TAX ASSET
Ending balance $160.75 million
Less Beginning balance $166.25 million
Decrease ($5.5 Million)
DEFERRED TAX LIABILITY
Ending balance $42 million
Less Beginning balance $25 million
Increase $17 million
Therefore the increase (decrease) in the deferred tax asset and deferred tax liability accounts at December 31, 2021 is :
Deferred tax asset: Decrease ($5.5 Million)
Deferred tax liability:Increase $17 million
3. Calculation to determine the income tax payable currently for the year ended December 31, 2021
Income tax payable = $140 million *25%
Income tax payable=$35 million
Therefore the income tax payable currently for the year ended December 31, 2021 is $35 million
4. Preparation of the journal entry to record income taxes for 2021.
Journal entry
Dr Tax expense $57.5 million
($5.5 million+$17 million +$35 million)
Cr Deferred tax asset $5.5 million
Cr Deferred tax liability $17 million
Cr Taxes payable $35 million
(To record tax expense)
The total factory overhead for Norton Company is budgeted for the year at $300,000, divided into three activities: assembly, $200,000; setup, $50,000; and materials handling, $150,000. Norton manufactures two products: Product A and Product B. The activity-based usage quantities for each product by each activity are estimated as follows:
Assembly Setup Materials Handling
Product A 5,000 dlh 60,setups 25 moves
Product B 15,000 dlh 110 setups 250 moves
Total activity- 20,000 dlh 170setups 275 moves
base usage
Determine the activity rate for the set up activity.
a. $166 per setup
b. $294 per setup
c. $1,764 per setup
d. $118 per setup
Answer:
b. $294 per setup
Explanation:
The computation of the activity rate for the setup activity is given below:
Activity Rate is
= Total Activity Cost ÷ Cost Driver
Activity Rate for Setup Activity is
= $50,000 ÷ 170
= $294 per Setup
hence, the activity rate for the setup activity is $294
Therefore the option b is correct
Historical demand for a product is: DEMAND January 13 February 12 March 16 April 13 May 17 June 16 a. Using a weighted moving average with weights of 0.50 (June), 0.30 (May), and 0.20 (April), find the July forecast
Answer: 15.7 units
Explanation:
July forecast = (Weight of June * Demand in June) + (Weight of May * Demand in May) + (Weight of April * Demand in April)
= (0.5 * 16) + (0.3 * 17) + (0.2 * 13)
= 8 + 5.1 + 2.6
= 15.7 units
On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $31,000 in cash and giving a short-term note for $278,000. Legal fees paid were $2,220, delinquent taxes assumed were $15,700, and fees paid to remove an old building from the land were $20,800. Materials salvaged from the demolition of the building were sold for $4,600. A contractor was paid $939,400 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet.
Answer:
the cost of the land that should be reported on the balance sheet is $343,120
Explanation:
The calculation of the cost of the land that should be reported on the balance sheet is given below:
= cash payment + Short term note payable + legal fees paid + delinquent taxes + fees paid for removing out the old building - salvage value
= $31,000 + $278,000 + $2,220 + $15,700 + $20,800 - $4,600
= $343,120
hence, the cost of the land that should be reported on the balance sheet is $343,120
When marginal revenue equals marginal cost, the firm a. should increase the level of production to maximize its profit. b. may be minimizing its losses rather than maximizing its profit. c. must be generating positive economic profits. d. must be generating positive accounting profits.
When marginal revenue is equal to the marginal cost, then the firm should increase the level of production to maximize its profit.
Marginal revenue simply means the increase in revenue that a company makes as a result of selling an additional output of good. Marginal cost is the cost that a company incurs for production of one extra unit of good.
It should be noted that when the marginal cost if a firm is more than the marginal revenue, it means that the firm is producing too much.
When the marginal revenue of the firm equals the marginal cost, then the firm should maximize its profit.
The correct option is A.
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Economic life of equipment: 5 years. Implicit interest rate and lessee's incremental borrowing rate: 9% semiannually. Fair value of the computers at January 1, 2021: $23 million. What is the interest revenue that Technoid would report for this lease in its 2021 income statement
Answer:
$3,411,922.19
Explanation:
Calculation to determine the interest revenue that Technoid would report for this lease in its 2021 income statement
First step is calculate interest for the first six months
Interest for the first six months=[$23,000,000-lease payment of 3,287,947) × 9%]
Interest for the first six months=$19,712,053×9%
Interest for the first six months=$1,774,084.77
Interest for the first six months=$1,774,085 (Approximately)
Second step is to calculate the interest for the second six months
Interest for the second six months=[$23,000,000 - lease payment of 3,287,947 - ($3,287,947 - $1,774,085)] × 9%
Interest for the second six months=($19,712,053-$1,513,862)×9%
Interest for the second six months=$18,198,191×9%
Interest for the second six months=$1,637,837.19
Now let determie the interest revenue using this formula
Interest revenue=Interest for the first six months+Interest for the second six months
Let plug in the formula
Interest revenue=$1,774,085+$1,637,837.19
Interest revenue=$3,411,922.19
Therefore the interest revenue that Technoid would report for this lease in its 2021 income statement is $3,411,922.19.
A manager spent 5 hours of his day in meetings. If he said that he spent 70% of his day, how many total hours did he work?
Answer:
The total hours the manager worked
= 7.14 hours
Explanation:
a) Data and Calculations:
Time spent by a manager in meetings per day = 5 hours
Percentage of time spent in meetings = 70%
Total hours the manager worked per day = 5/70% = 7.14 hours
b) The total hours that the manager worked per day = 7.14 hours or 7 hours 9 minutes (approximately). This is obtained by dividing the hours spent in meetings by the equivalent proportion that meetings consumed per day.
When comparing the results of using the direct, sequential, and reciprocal services methods of allocating support department costs to production departments, which of the following statements is true for a manufacturing company that has a total of $1,500,000 in support costs to allocate?
a.The reciprocal services method allocates more than $1,500,000 to the production departments.
b.The reciprocal services method can be viewed as a compromise on accuracy and difficulty in allocating the $1,500,000 because it considers some, though not all, inter-support-department services and is easier to compute than the direct method.
c.The direct method yields the most accurate allocation of the $1,500,000.
d.The sequential method can be viewed as a compromise on accuracy and difficulty in allocating the $1,500,000 because it considers some, though not all, inter-support-department services and is easier to compute than the reciprocal services method.
Answer: d. The sequential method can be viewed as a compromise on accuracy and difficulty in allocating the $1,500,000 because it considers some, though not all, inter-support-department services and is easier to compute than the reciprocal services method
Explanation:
For a a manufacturing company that has a total of $1,500,000 in support costs to allocate, it should be noted that the sequential method can be viewed as a compromise on accuracy and difficulty in allocating the $1,500,000 because it considers some, though not all, inter-support-department services and is easier to compute than the reciprocal services method
Question 8
Critics of advertising argue that in some markets advertising may
A attract products of lower quality into the market.
B attract less informed buyers into the market.
C decrease elasticity of demand allowing firms to charge a larger markup over marginal cost.
D enhance competition in markets to an unnecessary degree.
Question 9
Answer:
C decrease elasticity of demand allowing firms to charge a larger markup over marginal cost.
Explanation:
The Management of XYZ Company Limited uses value chain analysis, supply chain management, inventory b)Identify and explain the type of school of management approach being used in the company.(5marks) management, quality control, queuing theory, linear programming and network models approaches in management of the company. The company relies on scientific applications of mathematical techniques to c)Discuss in four (5) ways, how contingency School of Management is different from the type of school manage problems. a)Briefly explain the typesof management theoriesapplicable in XYZ company Limited. (5marks) of management identified in (ii) above.
a) The school of management that the Management of XYZ Company Limited is applying is called Mathematical or Quantitative School of Management.
The Mathematical or Quantitative School of Management:
Expresses management problems in equations, mathematical symbols, and quantitative models Encourages wide application of computer technology, simulations, and analytics Introduces precision to management thinking and practice
b) The Contingency School, unlike the Mathematical School of Management:
Recognizes that not all management processes can be expressed with mathematical symbols and formulas.Identifies that mathematical models cannot replace sound judgment, which requires intuition and not equation.States that there is no single technique to solving management problems. Encourages managers to use any feasible management technique to solve problems, thereby thinking outside the box. Emphasizes that the applications of management principles and practices (process, behavioral, quantitative, and systems) should be contingent upon the prevailing circumstances.
Thus, with Contingency School, the tools of management thinking and practice should be applied based on prevailing situations and not mathematically with equations, models, and symbols.
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How does the devaluation and appreciation of the local currency effect to balance of payment, analyze for each component
Answer: Balance of payment will worsen due to devaluation.
Explanation: The balance of payments refers to the balance of supply and demand for a country's currency in the foreign exchange market. Devaluation will make local currency weaker and foreign currency stronger. Therefore less demand for local currency in the foreign market. The imports will become expensive, more amount of local currency will be paid as it is weaker. The exports will become cheaper, more amount of local currency will be received as foreign currency is stronger than it.
Vise Versa for appreciation.
Which of the following statements accurately describe the effect of the increase in government borrowing?
a. National saving decreases by less than $20 billion.
b. Investment increases by less than $20 billion.
c. Public saving decreases by exactly $20 billion.
d. Private saving increases by less than $20 billion.
Answer:
d. Private saving increases by less than $20 billion.
Explanation:
Because the interest rate has increased, investment and national saving decline and private saving increases. The increase in government borrowing reduces public saving. From the figure you can see that total loanable funds (and thus both investment and national saving) decline by less than $20 billion, while public saving declines by $20 billion and private saving rises by less than $20 billion.
quizlet
Solving for PMT of an annuity) To pay for your child's education, you wish to have accumulated $ at the end of years. To do this you plan on depositing an equal amount into the bank at the end of each year. If the bank is willing to pay percent compounded annually, how much must you deposit each year to reach your goal?
Answer:
$783.87
Explanation:
Complete question "To pay for your child's education, you wish to have accumulated $10,000 at the end of 8 years. To dothis, you plan to deposit an equal amount into the bank at the end of each year. If the bank is willing to pay 13 percent compoundedannually, how much must you deposit each year to obtain yourgoal?"
NPER = 8
FV = 10,000
Rate = 13%
PV = 0
Future Value of Annuity = PMT(Rate, NPER, PV, FV)
Future Value of Annuity = PMT(13%, 8, 10000, 0)
Future Value of Annuity = 783.8671964727014
Future Value of Annuity = $783.87
So, one must deposit $783.87 each year to reach the goal.
Omega Enterprises budgeted the following sales in units: January 40,000 February 30,000 March 50,000 Omega's policy is to have 30% of the following month's sales in inventory. On January 1, inventory equaled 8,000 units. February production in units is: a.36,000. b.40,000. c.20,000. d.28,000. e.26,500.
Answer:
a. 36,000
Explanation:
Calculation to determine what February production in units is:
Sales for the month 30,000
Add Ending inventory 15,000
(50,000*0.3)
Less Beginning inventory (9,000)
(30,000*0.3)
February production in units 36,000 units
Therefore February production in units is: 36,000 units
Cost-volume-profit analysis includes all of the following assumptions except:_________.
a. all units produced are sold.
b. changes in activity are the only factors that affect costs.
c. the behavior of costs is curvilinear throughout the relevant range.
d. costs can be classified accurately as either variable or fixed.
Answer:
a. all units produced are sold.
Explanation:
Cost-volume-profit analysis is also known as breakeven analysis. It is an analysis that review the point or number of units a company must sell for the revenue or sales to equate the total cost. In other words, the point the company neither makes a profit nor a loss.. The assumptions of this analysis are;
(i) The total costs are recognized as fixed and variable. Where as in reality, some costs may be semi-variable cost.
(ii) It assumes a linear relationship between costs and sales.
(iii) The selling price per unit of the product is constant.
Assuming a specific single project with normal cash flows and a cost of capital of 10%, which of the following statements will ALWAYS be true?
a. If NPV > 0 at the stated cost of capital (i.e., 10%), then NPV will also be > 0 at a cost of capital of 12%.
b. If NPV > 0, then Profitability Index > 0.
c. If NPV > 0, then Payback Period > 0.
d. If NPV > 0, then a simple sum of the cash inflows of the project will always be greater than the cost of the project (i.e, the year 0 cash flow).
e. If NPV > 0, then IRR > 0.
Answer:
b. If NPV > 0, then Profitability Index > 0.
c. If NPV > 0, then Payback Period > 0.
d. If NPV > 0, then a simple sum of the cash inflows of the project will always be greater than the cost of the project (i.e, the year 0 cash flow).
e. If NPV > 0, then IRR > 0
Explanation:
The net present value shows the net worth of the assets or the project at the discount rate or the cost of capital. In the case when the net present value comes in positive so the internal rate of return should be more than the cost of capital
Also the profitability index lies between -1 and +1 so if the net present value is positive so the profitability should be more than 1
Hence, b to e statements are correct
A _____________ strategy entails an organization developing a product and/or service that offers unique attributes that are valued by customers and that the customer perceives to be distinct from competitor offerings.
Answer: differentiation strategy
Explanation:
The differentiation strategy refers to the marketing strategy that is designed in order to distinguish the product and services of a company from other companies.
Product differentiation helps in the development of a strong value proposition which ensures that the product is attractive to the audience. The differentiation strategy ensures that the product is unique from others and this creates a competitive advantage.
Malouka participates in a research project for a large consumer behavior research firm. Each time she purchases items in a grocery store, she scans the barcodes of her products into an app, which sends her purchase data to the firm for analysis. Malouka is working with an example of automation known as __________.
Malouka is working with an automation example that we called the importing/exporting data.
The following information should be considered for the given situation:
Since she scans the barcodes of that product she purchased even all products are associated with the barcodes via using the mobile app.Also, she offered the research firm having more information like time, location, quantity, gender,etc.Therefore we can conclude that Malouka is working with an automation example that we called the importing/exporting data.
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Which of the following best describes the journal entry to record the withdrawal of raw materials from the storeroom for use as direct and indirect materials in production?
a. Debit Work in Process, debit Manufacturing Overhead, and credit Raw Materials.
b. Debit Work in Process and credit Raw Materials.
c. Debit Manufacturing Overhead and credit Raw Materials.
d. Debit Work in Process, debit Manufacturing Overhead, and credit Direct Materials.
Debit Work in Process, debit Manufacturing Overhead, and credit Direct Materials best describes the journal entry to record the withdrawal of raw materials from the storeroom for use as direct and indirect materials in production. Thus option d is the correct option
What is a journal entry?A Journal entry can be defined as an accounting record in which the transaction is being made. Every transaction has two reactions, and all of these are accounted for with the help of a journal entry. About which a person can make a journal and a ledger, a balance sheet, and a profit and loss account.
Debit work in progress or any time of credit material describes the journal entry as the raw material is a part of inventory either taken with the help of debit or credit that is paid in cash, or sometimes it is through check or Bank. Therefore option d is the correct option
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Precision Construction entered into the following transactions during a recent year.
January 2 Purchased a bulldozer for $250,000 by paying $20,000 cash and signing a $230,000 note due in five years.
January 3 Replaced the steel tracks on the bulldozer at a cost of $20,000, purchased on account. The new steel tracks increase the bulldozer's operating efficiency.
January 30 Wrote a check for the amount owed on account for the work completed on
February 1 Replaced the seat on the bulldozer and wrote a check for the full $800 cost.
March 1 Paid $3,600 cash for the licensing rights to use computer software for a two-year period.
Required:
Prepare the journal entries for each of the above transactions.
Answer:
Jan-02
Dr Bulldozer $ 250,000
Cr Cash $ 20,000
Cr Note Payable $ 230,000
Jan-03
Dr Bulldozer $ 20,000
Cr Accounts Payable $ 20,000
Jan-30
Dr Accounts Payable $ 20,000
Cr Cash $ 20,000
Feb-01
Dr Repair and Maintenance Expense $ 800
Cr Cash $ 800
Mar-01
Dr Computer Software $ 3,600
Cr Cash $ 3,600
Explanation:
Preparation of the journal entries for each of the above transactions.
Jan-02
Dr Bulldozer $ 250,000
Cr Cash $ 20,000
Cr Note Payable $ 230,000
(Purchased bulldozer)
Jan-03
Dr Bulldozer $ 20,000
Cr Accounts Payable $ 20,000
(Replaced tracks on bulldozer)
Jan-30
Dr Accounts Payable $ 20,000
Cr Cash $ 20,000
(Paid cash)
Feb-01
Dr Repair and Maintenance Expense $ 800
Cr Cash $ 800
(Repaired seat of bulldozer)
Mar-01
Dr Computer Software $ 3,600
Cr Cash $ 3,600
(Purchase computer software)
Cameron is single and has taxable income of $58,046.
Required:
Determine his tax liability using the Tax Tables and using the Tax Rate Schedules.
Answer:
Cameron
Cameron's tax liability for the year as a single taxpayer is
= $12,770.12.
Explanation:
a) Data and Calculations:
Taxable income = $58,046
Tax rate = 22%
Tax liability = $12,770.12 ($58,046 * 22%)
b) The amount of tax that Cameron, who is within the 22% tax rate bracket, will pay to the IRS is $12,770.12. The tax liability represents the amount of tax that is due to be paid for his taxable income of $58,046 at the tax rate of 22%.
Last year, 7,980 units were produced and 7,680 units were sold. There was no beginning inventory. The carrying value on the balance sheet of the ending inventory of finished goods under variable costing would be: Multiple Choice the same as absorption costing.
Complete Question:
The Southern Corporation manufactures a single product and has the following cost structure: Variable costs per unit: Production $ 35 Selling and administrative $ 14 Fixed costs per year: Production $ 175,560 Selling and administrative $ 140,450 Last year, 7,980 units were produced and 7,680 units were sold. There was no beginning inventory. The carrying value on the balance sheet of the ending inventory of finished goods under variable costing would be:
Multiple Choice
$6,600 less than under absorption costing.
$7,680 less than under absorption costing.
the same as absorption costing.
$7,680 greater than under absorption costing.
Answer:
The Southern Corporation
The carrying value on the balance sheet of the ending inventory of finished goods under variable costing would be:
$6,600 less than under absorption costing.
Explanation:
a) Data and Calculations:
Variable costs per unit:
Production $ 35
Selling and administrative $ 14
Fixed costs per year:
Production $ 175,560
Selling and administrative $ 140,450
Production units last year = 7,980 units
Sales units last year = 7,680 units
Ending inventory = 300 (7,980 - 7,680) units
Value of Ending inventory:
1. Variable Costing:
Production $ 35 * 300 = $10,500
2. Absorption Costing:
Variable Production $ 35 * 7,980 = $279,300
Fixed Production overhead $ 175,560
Total production costs = $454,860
Units produced = 7,980
Unit cost = $57
Ending inventory = $17,100 ($57 * 300)
Difference = $6,600 ($17,100 - $10,500)
