Calculate the contribution to total performance from currency, country, and stock selection for the manager in the example below. All exchange rates are expressed as units of foreign currency that can be purchased with 1 U.S. dollar. (Do not round intermediate calculations. Round your answers to 2 decimal places. Input all amounts as positive values.) EAFE Weight Return on Equity Index E1/E0 Manager's Weight Manager's Return Europe 0.2 11 % 1.2 0.32 10 % Australasia 0.4 18 0.7 0.4 22 Far East 0.4 16 1.4 0.28 22

Answers

Answer 1

Answer:

Check the explanation

Explanation:

Currency selection: EAFE/ Manager weight × Currency appreciation(E1/E0 -1)

EAFE: [0.50×(1.1-1)] + [0.20 × (1.2-1)] + [0.30 × (1.3-1)] = 18.0%

Manager: [0.40×(1.1-1)] + [0.55 × (1.2-1)] + [0.05 × (1.3-1)]= 16.5%

Loss of 1.5% relative to EAFE

Country selection:

EAFE/ Manager weight × Return on Equity Index

EAFE: 0.5×12% + 0.2 × 16% + 0.30 × 17% = 14.3%

Manager: 0.4×12% + 0.55 × 16% + 0.05 × 17% = 14.45%

Loss of 0.15% relative to Manager

stock selection : (Manager’s return - Return on Equity Index) × Manager weight

[ (14% - 12%) × 0.4] + [ (16% - 16%) × 0.55] + [(16% - 17%) × 0.05] = -7.5%

Loss of 7.5% relative to EAFE


Related Questions

Income statement _______ Click on an event in any transaction report b. Balance sheet _______ Click an account on any report c. Statement of cash flows _______ Click to add a new column in a report d. AR aging report _______ Reflects unpaid bills for the current period e. AP aging report _______ Reports revenues and expenses f. Inventory valuation report _______ Includes operating, investing, and financing activities g. Profit and Loss report _______ Reports inventory quantities on hand h. To view a transaction report _______ Reports assets, liabilities, and equities i. To view a source document _______ Another name for the income statement j. % of income check box _______ Reflects unpaid invoices for the current period

Answers

Answer and Explanation:

a Income statement = Reports revenues and expenses

The income statement only records the revenues earned and expenses incurred

b Balance sheet = Reports Assets, liabilities and Equities

The balance sheet records the 3 items i.e assets, liabilities and stockholder equity

With the help of the accounting equation, the balance sheet should be matched

c Statement of Cash flows = Includes operating, Investing & Financing

The cash flow statement consist of operating activities, investing activities, and financing activities. It records only cash payments and cash receipts transactions

d AR Aging Report= Reflects unpaid invoices for current period

It shows the invoices which are not paid

e AP Aging Report  = Reflect unpaid bills for current period

It shows the bills which are not paid

f Inventory valuation report = Reports Inventory Quantities on hand

It shows the quantities of inventory remains on till date

g Profit and loss report = Another name for Income statement

The other name of income statement is profit and loss account or report

h To view a transaction report = Click an account on any report

For seeing the transaction report we have to just click on any report

i To view a source document = Click on an event in any transaction report

For seeing the source document we have to just click on the event of any transaction report

j % of income check box = Click to add a new column in a report

For percentage of income check box we need to add a new column in a report

Fultz Company has accumulated the following budget data for the year 2020.

1. Sales: 31,410 units, unit selling price $85.
2. Cost of one unit of finished goods: direct materials 1 pound at $6 per pound, direct labor 3 hours at $12 per hour, and manufacturing overhead $7 per direct labor hour.
3. Inventories (raw materials only): beginning, 10,120 pounds; ending, 15,480 pounds.
4. Selling and administrative expenses: $170,000; interest expense: $30,000.
5. Income taxes: 30% of income before income taxes.

Prepare a schedule showing the computation of cost of goods sold for 2020.

Answers

Answer:

COST OF Goods SOLD $ 1,1539,110

Explanation:

Fultz Company

Schedule  of Cost of Goods Sold for 2020

As there are no beginning and ending finished goods inventories the total units produced are sold. (Finished Goods   required       31410  Units)

Inventories raw materials : beginning, 10,120 pounds

Add Direct Materials Purchases 36770 pounds

Less Inventories ending raw materials , 15,480 pounds

Direct Materials Used 31410 pounds

Materials 1 pound at $6 per pound= $ 6*  31410  Units=  $ 188460

Direct labor 3 hours at $12 per hour= $ 36*  31410  Units= $ 1130780

Manufacturing Overhead $7 per direct labor hour= $ 7*  31410  Units=

                                                                                             $ 219870

Total Manufacturing Costs  $ 1,1539,110

There are no beginning and ending work in process inventories so the total manufacturing cost gives us the COST OF Goods SOLD.

On January 1, 2021, the Blackstone Corporation purchased a tract of land (site number 11) with a building for $600,000. Additionally, Blackstone paid a real estate brokerâs commission of $36,000, legal fees of $6,000, and title insurance of $18,000. The closing statement indicated that the land value was $500,000 and the building value was $100,000. Shortly after acquisition, the building was razed at a cost of $75,000.
Blackstone entered into a $3,000,000 fixed-price contract with Barnett Builders, Inc., on March 1, 2021, for the construction of an office building on land site 11. The building was completed and occupied on September 30, 2022. Additional construction costs were incurred as follows:
Plans, specifications, and blueprints .....................$ 12,000
Architectsâ fees for design and supervision ............95,000
To finance the construction cost, Blackstone borrowed $3,000,000 on March 1, 2021. The loan is payable in 10 annual installments of $300,000 plus interest at the rate of 14%. Blackstoneâs average amounts of accumulated building construction expenditures were as follows:
For the period March 1 to December 31, 2021 ...........$ 900,000
For the period January 1 to September 30, 2022 .......2,300,000
Required:
1. Prepare a schedule that discloses the individual costs making up the balance in the land account in respect of land site 11 as of September 30, 2022.
2. Prepare a schedule that discloses the individual costs that should be capitalized in the office building account as of September 30, 2022.

Answers

Answer:

Blackstone Corporation

1. A schedule that discloses the individual costs making up the balance in the land account in respect of land site 11 as of September 30, 2022:

Cost of Land =              $600,000

Broker's Commission =  $36,000

Legal Fees  =                    $6,000

Title Insurance =              $18,000

Razing of old building =  $75,000

Total  =                          $735,000

2. A schedule that discloses the individual costs that should be capitalized in the office building account as of September 30, 2022:

Payment to contractor for building =  $3,000,000

Plans, specifications, and blueprints =      $12,000

Architect's fees (design & supervision = $95,000

Capitalized Interest ($3m x14%/10 x 2) = $84,000

Total =                                                    $3,191,000

Explanation:

a) The cost of land to recognize includes the actual cost for the parcel of land, including the building which was razed.  All other expenses incurred ordinarily and necessarily in order to put the land to its intended use are also capitalized.  The costs for the broker's commission, legal fees, title insurance, and razing of old building were incurred ordinarily and necessarily for the land and are therefore capitalized in determining the value of the land.

b) The capitalized interest portion for the building is the interests paid to date.  The contractor's fee, payments for plans, architect's fee, and interests are included as costs of the building.

Selected comparative financial statements of Korbin Company follow.
KORBIN COMPANY
Comparative Income Statements
For Years Ended December 31, 2017, 2016, and 2015
2017 2016 2015
Sales $ 555,000 $ 340,000 $ 278,000
Cost of goods sold 283,500 212,500 153,900
Gross profit 271,500 127,500 124,100
Selling expenses 102,900 46,920 50,800
Administrative expenses 50,668 29,920 22,800
Total expenses 153,568 76,840 73,600
Income before taxes 117,932 50,660 50,500
Income taxes 40,800 10,370 15,670
Net income $ 77,132 $ 40,290 $ 34,830
Required:
a. Calculate the income statement data in common-size percents.

Answers

Answer and Explanation:

The computation is shown below:

Particulars          2015        %          2014          %            2013             %

Sales                 $555,000 100        $340,000  100       $278,000     100    Less

COGS               $283,500  51.08     $212,500  62.5  $153,900      55.36    Gross profit      $271,500  $48.92   $127,500   37.5    $124,100       44.64    Less:

Selling expenses $102,900 18.54   $46,920    13.8     $50,800       18.27    Administrative expenses $50,668 9.13  $29,920 8.8 $228,00        8.20

total expenses  $153,568   27.67     $76,480    22.49 $736,00       26.47   Income before tax $117,932 21.25    $50,660    14.9    $50,500      18.16    Income taxes     $40,800   7.35        $10,370     3.05   $15,670       5.64  

Net income        $77,132     13.90      $40,290    11.85  $34,830       12.53

For cost of goods sold percentage we simply divide the cost of goods sold by the sales and the same is applied for other items

Suppose that the standard deviation of monthly changes in the price of commodity A is $2. The standard deviation of monthly changes in a futures price for a contract on commodity B (which is similar to commodity A) is $3. The correlation between the futures price and the commodity price is 0.9. What hedge ratio should be used when hedging a one month exposure to the price of commodity A

Answers

Answer:

0.6

Explanation:

Correlation r = 0.9,

Standard deviation of monthly change in price of commodity A, σA = 2,

Standard deviation of monthly change in price of commodity B, σB = 3

The hedge ratio will be calculated using the formula

Hedge ratio=r×σA÷σB

Hedge ratio=0.9×2÷3

Hedge ratio = 0.6

Therefore, the hedge ratio used when hedging a one month exposure to the price of commodity A is 0.6.

All of the following are correct statements about transfers between divisions located in countries with different tax rates except that

A. differences in tax rates across countries complicate the determination of the appro-priate transfer price
B. a decreasing number of transfers are between divisions located in different countries
C. companies must pay income tax in the country where income is generated
D. many companies prefer to report more income in countries with low tax rates.

Answers

I think it’s A .................

All of the following are correct statements about transfers between divisions located in countries with different tax rates except that the companies must pay income tax in the country where income is generated. Thus option (C) is correct.

What is tax?

Taxes are mandatory contributions levied on individuals or corporations by a government entity—whether local, regional, or national.

Tax revenues finance government activities, including public works and services such as roads and schools, or programs such as Social Security and Medicare.

In economics, taxes fall on whoever pays the burden of the tax, whether this is the entity being taxed, such as a business, or the end consumers of the business’s goods.

From an accounting perspective, there are various taxes to consider, including payroll taxes, federal and state income taxes, and sales taxes.

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Dermody Snow Removal's cost formula for its vehicle operating cost is $2,990 per month plus $329 per snow-day. For the month of December, the company planned for activity of 23 snow-days, but the actual level of activity was 21 snow-days. The actual vehicle operating cost for the month was $10,860. The spending variance for vehicle operating cost in December would be closest to:

Answers

Answer:

-$303 Unfavorable

Explanation:

The computation of spending variance is shown below:-

Spending variance = Flexible budget - Actual cost

= (23 × $329 + $2,990) - $10,860

= $7,567 + $2,990 - $10,860

= $10,557 - $10,860

= -$303 Unfavorable

Therefore for computing the spending variance we simply subtracted the actual cost from flexible budget.

Which of the following activities of the central bank do not constitute monetary​ policy? A. Monitoring key stock prices. B. Monitoring financial institutions. C. Controlling certain key interest rates. D. Indirectly controlling the money supply. The​ Fed's dual mandate includes maintaining ▼ low and predictable levels of inflation maximum and sustainable levels of money supply maximum and sustainable levels of unemployment . The Fed engages in different types of activities to achieve its dual mandate. In the following​ examples, identify the type of activity being carried out by the Fed. Example Activity The Fed transfers​ $1 million from Santander​ Bank's reserves​ (on deposit at the​ Fed) to Deutsche​ Bank's reserves when​ Alice, a customer of Deutsche​ Bank, goes to clear a check written to her by​ April, a customer of Santander Bank. ▼ Regulation Management of macroeconomic fluctuations Management of interbank transfers The Fed increases the quantity of bank reserves to stimulate the economy by increasing inflation and lowering unemployment. ▼ Management of interbank transfers Management of macroeconomic fluctuations Regulation The Fed fails Morgan Stanley in its stress test and orders the bank to improve its balance sheet by adding more capital. ▼ Regulation Management of interbank transfers Management of macroeconomic fluctuations Click to select your answer.

Answers

Answer: Please refer to Explanation

Explanation:

1. A. Monitoring key stock prices.

This does not fall under what the Central Bank does when Monetary Policy is implemented. Monetary Policy allows the government to influence interest rates, monitor financial institutions and indirectly control money supply.

2. Low and predictable levels of inflation.

Under the mandate of PRICE STABILITY, the Fed aims to ensure low and Predictable inflation in the long run to preserve the purchasing power of money.

3. Management of interbank transfers.

The Fed monitors and manages Interbank transfers to protect the financial system.

4. Management of Macroeconomic fluctuations.

- The Fed just embarked on monetary policy to correct the Economy. This was a Macro Economic function as it dealt with the entire economy as a whole.

5. Regulation

The Fed acts as the regulator of Banks and ensures that they follow certain practices and rules to ensure the safety of the banking system and the money belonging to the people who put it there.

If a firm has retained earnings of $2.7 million, a common shares account of $4.7 million, and additional paid-in capital of $9.4 million, how would these accounts change in response to a 10 percent stock dividend? Assume market value of equity is equal to book value of equity.

Answers

Answer:

Change in retained earnings = $1.02 million (Decrease)

Change in common shares account = $5.17 million (Increase)

Change in additional paid-in capital = $10.61 million (Increase)

Explanation:

Given:

Retained earnings = $2.7 million

Common shares account = $4.7 million

Additional paid-in capital = $9.4 million

Stock dividend = 10%

Find:

Changes in account.

Computation:

1. Change in retained earnings

Change in retained earnings = Retained earnings - (Retained earnings - Common shares account - Additional paid-in capital)Stock dividend

Change in retained earnings = $2.7 million - ($2.7 million - $4.7 million - $9.4 million)10%

Change in retained earnings = $2.7 million - 1.68 million

Change in retained earnings = $1.02 million (Decrease)

2. Change in common shares account

Change in common shares account = Common shares account (1+Stock dividend)

Change in common shares account = $4.7 million (1+10%)

Change in common shares account = $5.17 million (Increase)

3. Change in additional paid-in capital

Change in additional paid-in capital = Additional paid-in capital + (Additional paid-in capital + Retained earnings)Stock dividend

Change in additional paid-in capital = $9.4 million + ($9.4 million + $2.7 million)10%

Change in additional paid-in capital = $9.4 million + 1.21 million

Change in additional paid-in capital = $10.61 million (Increase)

Why do more than half of enterprise application projects exceed budgets, deliver less than expected benefits, or experience overruns?

Answers

Answer: The answer is provided below

Explanation:

1. Underfinancing: One main reason that cause budget overrun and less than expected benefits is underfinancing. Allocation of an adequate amount of budget to project at the beginning will lead to a budget overrun or failure.

2. Unfeasible Cost Estimates: Estimation of cost is a vital process in a project and another common reason for budget overrun. When the cost is calculated by inexperienced or unqualified personnel, the project is going to face budget overruns.

3. Underestimating the Project Complexity: Big projects are usually at the risk of overrunning its budget as a result of bigger complications that may arise during its execution.

4. Lack of Resource Planning: When one fails to plan the resources that are available effectively, then this would lead to a budget overrun and less benefits. A common mistakes that cause overrun is failure to estimate the resources which would be utilized during the project.

Hardware is adding a new product line that will require an investment of $ 1 comma 476 comma 000. Managers estimate that this investment will have a​ 10-year life and generate net cash inflows of $ 300 comma 000 the first​ year, $ 290 comma 000 the second​ year, and $ 240 comma 000 each year thereafter for eight years. Assume the project has no residual value. Compute the ARR for the investment. Round to two places

Answers

Answer:

42,51%

Explanation:

Accounting Rate of Return (ARR) = Average Profits / Average Investment

Calculation of Average Profits

Average Profit = Sum of Profits / Number of Years

                        = (300,000+290,000+240,000×8)/10

                        = $2,510,000 / 8

                        = $313,750

Calculation of Average Investment

Average Investment = Initial Investment + Scrape Value / 2

                                  = $1,476,000/2

                                  = $738,000

Accounting Rate of Return (ARR) = $313,750/$738,000×100

                                                      = 42,51%

One of the key functions of human resource management is

Answers

Answer: recruiting.

Explanation:

Recruiting is one of the most important aspects of human resource management. Hence, Option B is correct.

What is the meaning of Recruiting?

Finding, vetting, recruiting, and eventually onboarding qualified job prospects is the process of recruitment. The process of finding, vetting, shortlisting, and employing potential resources to fill open jobs in a company is known as recruitment.

It serves as a fundamental part of human resource management. The act of selecting the best candidate for a position at the ideal time is known as recruitment.

Simply announcing that you are hiring is all that hiring entails. The deliberate technique of locating and attracting the best individuals for the position is known as recruiting.

Therefore, Option B is correct.

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The complete question has been attached in text form:

One of the key functions of human resource management is:

a. departmentalizing.

b. recruiting.

c. budgeting.

d. auditing.

Refer to the following selected financial information from McCormick, LLC. Compute the company's days' sales in inventory for Year 2. (Use 365 days a year.) Year 2 Year 1 Cash $ 38,900 $ 33,650 Short-term investments 104,000 67,000 Accounts receivable, net 92,500 86,500 Merchandise inventory 128,000 132,000 Prepaid expenses 13,500 11,100 Plant assets 395,000 345,000 Accounts payable 106,400 114,800 Net sales 718,000 683,000 Cost of goods sold 397,000 382,000

Answers

Answer:

47.0 days

Explanation:

As per the given question the solution of company's days' sales in inventory is provided below:-

Company's days sales uncollected for year 2 = Total number of days in a year × Accounts receivables ÷ Net sales

= 365 × $92,500 ÷ $718,000

= 365 × 0.1289

= 47.0 days

So, we have calculated the Company's days sales uncollected for year 2 by putting the values into the formula.

Grape Inc. uses the percentage of credit sales method of estimating doubtful accounts. The Allowance for Doubtful Accounts has an unadjusted credit balance of $3,500 and the company had $180,000 of net credit sales during the period. Grape has experienced bad debt losses of 4% of credit sales in prior periods. After making the adjusting entry for estimated bad debts, what is the ending balance in the Allowance for Doubtful Accounts accou

Answers

Answer:

$9,700

Explanation:

The calculation of ending balance in the Allowance for Doubtful Accounts account is shown below:-

Ending balance in the Allowance for Doubtful Accounts account = Net credit sales × Credit sales percentage + Credit balance

= $180,000 × 4% + $2,500

= $7,200 + $2,500

= $9,700

So, for computing the ending balance in the Allowance for Doubtful Accounts account we simply applied the above formula.

Select a publicly traded firm of your choice that enjoys a large shareholder base. What challenges may this firm have encountered (or is likely to encounter) in terms of (a) incorporating ethics into financial management practices, and (b) maintaining/sustaining ethical practices in the face of internal or external (market) pressures? Frame your response relative to the financial manager's fiduciary duty to maximize shareholder's wealth.

Answers

Answer: The answer is provided below

Explanation:

The publicly traded firm of my choice is Amazon.

a. Amazon would in its initial phase have encountered challenges as a result of the inculcating of financial management practises. At the beginning, the founders and the employees may not be willing to disclose all the profits on their books of accounts.

Also, the use of debt might not be taken as a healthy sign at the beginning. The preparation of statement of position might not be taken seriously and the internal control mechanisms will have been challenging to put up and also keep accountability.

b. It would have been really difficult for managers to sustain best practises during pressures. Also, stakeholders due to their personal goals might not allow finance manager to independently work. The pressure to exhibit certain level of sales or profit may also be there.

Furthermore, the lagging or leading of expenses might be done to show

lesser or higher profit. A materially price sensitive information might not be disclosed or reported. Finally, the extent of any loss might also not be reported as a result of internal pressures.

Your company is considering purchasing a machine for $270,000. This machine will bring revenues of $100,000 in the second year, of $150,000 in the third year, and of $75,000 in the fourth year. The machine will be worthless after the fourth year, so you will not be able to get any resale value out of it. If the interest rate is 6% per year, should you go ahead with this project?

Answers

Answer:

Yes we should go with this project because it has a positive NPV of $4,350

Explanation:

We need to calculate the net present value of the machine to decide whether to invest in the machine or not.

As per Given Data

Costs $270,000

Cash Inflows

Year 2      $100,000

Year 3      $150,000

Year 4      $75,000

Interest Rate = 6%

Net Present Value

As we know Net Present value is calculated by discounting each years cash flows using using the Weighted Average cost of Capital.

Year       Cash Inflows    Discount factor 13%  Present values

Year 0      $(270,000)     (1+6%)^-0                 $(270,000)

Year 2      $100,000        (1+6%)^-2                 $89,000

Year 3      $150,000        (1+6%)^-3                 $125,943

Year 4      $75,000          (1+6%)^-4                 $59,407  

Net present value                                            $4,350  

Crane Company required production for June is 112000 units. To make one unit of finished product, three pounds of direct material Z are required. Actual beginning and desired ending inventories of direct material Z are 290000 and 310000 pounds, respectively. How many pounds of direct material Z must be purchased

Answers

Answer:

Purchases= 356,000 pounds

Explanation:

Giving the following information:

Production= 112,000 units.

Standard quantity= 3 pounds of direct material Z

Beginning inventory= 290,000 pounds

Desired ending inventory= 310,000 pounds

To calculate the purchase required for direct material, we need to use the following formula:

Purchases= production + desired ending inventory - beginning inventory

Purchases= 112,000*3 + 310,000 - 290,000

Purchases= 356,000 pounds

Four employees received feedback from their managers. Jose was told what he did wrong and was given a warning. Jolette was told that she has been too shy in team meetings and is not speaking enough. Richard was told that his unique skill of analysis has been very valuable to the team. Gloria was told about some errors she made on the reports the team produced. Who will most likely feel highly engaged and be more productive?

Answers

Answer:

 Richard

Explanation:

In simple words, Among all the employees in the organisation only Richard got the appreciation for the work he is performing. Such appreciation would work as an incentive for Richard to perform his duty with more effectiveness in the future.  

Positive comments from the employer always works as a motivation to the employees and results in positive reinforcement of such employee which further results in better results.

Dozier Company produced and sold 1,000 units during its first month of operations. It reported the following costs and expenses for the month: Direct materials $ 72,000 Direct labor $ 36,500 Variable manufacturing overhead $ 16,200 Fixed manufacturing overhead 28,900 Total manufacturing overhead $ 45,100 Variable selling expense $ 12,600 Fixed selling expense 19,200 Total selling expense $ 31,800 Variable administrative expense $ 4,300 Fixed administrative expense 25,600 Total administrative expense $ 29,900 Required: 1. With respect to cost classifications for preparing financial statements: a. What is the total product cost

Answers

Answer:

Product cost= $153,600

Explanation:

Giving the following information:

Direct materials $ 72,000

Direct labor $ 36,500

Variable manufacturing overhead $16,200

Fixed manufacturing overhead 28,900

Total manufacturing overhead $ 45,100

The product cost is the sum of direct material, direct labor, and total manufacturing overhead.

Product cost= 72,000 + 36,500 + 45,100

Product cost= $153,600

Goodmark Company produces two types of birthday cards: scented and regular. Expected product data for the coming year are given below. Overhead costs are identified by activity.

Scented Cards Regular Cards Total
Units produced 20,000 200,000 -
Prime costs $160,000 $1,500,000 $1,660,000
Direct labor hours 20,000 160,000 180,000
Number of setups 60 40 100
Machine hours 10,000 80,000 90,000
Inspection hours 2,000 16,000 18,000
Number of moves 180 120 300

Overhead costs:
Setting up equipment $240,000
Moving materials 120,000
Machine 200,000
Inspecting products 160,000

Calculate the activity consumption ratios for Scented cards (round to two decimal places).
Setups:
Moving materials:
Machining:
Inspection:

Answers

Answer:

Setups: $ 144,000

Moving materials: $72000

Machining: $22,200

Inspection:  $17,777.78

Explanation:

Goodmark Company

                Scented Cards        Regular Cards             Total

Units produced 20,000             200,000 -

Prime costs    $160,000        $1,500,000               $1,660,000

Direct labor hours 20,000       160,000                     180,000

Number of setups 60                   40                                 100

Machine hours        10,000         80,000                      90,000

Inspection hours      2,000         16,000                         18,000

Number of moves      180             120                              300

First we find the rate by dividing the overhead costs with the corresponding cost driver as follows.

Overhead costs:                               Rate

Setting up equipment $240,000 = Setting up equipment / Number of setups=$240,000/100=2400

Moving materials 120,000   =   Moving materials/Number of moves

                                               120,000/300=400

Machine 200,000         =   Machining/Machine hours    

                                        =  200,000/ 90,000=2.222

Inspecting   160,000  =  Inspection/Inspection hours

                                        = 160,000/18000= 8.89

Now we find the overhead applied to the scented cards by multiplying the rate to the  corresponding overhead activity of the scented cards.

Activity                        Rate                Scented Cards

Setups:                        2400                   2400*60=$ 144,000

Moving materials:       400                    400*180= $72000

Machining:                    2.22                  2.22*10,000=$22,200

Inspection:                   8.89                  8.89*2000= $17,777.78

On March​ 1, 2018, Everson Services issued a 5​% long−term notes payable for $25,000. It is payable over a 5−year term in $5,000 annual principal payments on March 1 of each year plus​ interest, beginning March​ 1, 2019. Each yearly installment will include both principal repayment of $5,000 and interest payment for the preceding one−year period. On March​ 1, 2019,​ ________. The accounting period ends on December 31.

Answers

Answer:

The description including its given problem is outlined in the following section on the explanation.

Explanation:

Everson resources or services released a 5% hard-term notes convertible for $25,000 on Mar 1, 2018. This is paid on March 1 of every year, starting on March 1, 2019, throughout a five-year term in $5,000 amount installments. This payment seems to have the consequence of:

Assets are through during the form of money, as extra money is earned whenever a note is given.Long-term assets are rising by $25,000 at either the time of requirement throughout the form of a large-term note paid. It is indeed a longer-term burden. $5,000 notice is shown as current assets throughout the income statement on Dec 31, 2018, while the resulting $20,000 notice would be shown as significant longer-term liabilities.

Therefore, the Journal will be:

Title of accounts and explanation              Debit                     Credit

Cash                                                              25,000                       -

Long-term payable of notes                             -                        25,000

For the year ended December 31, 2016, Norstar Industries reported net income of $655,000. At January 1, 2016, the company had 900,000 common shares outstanding. The following changes in the number of shares occurred during 2016: Apr. 30 Sold 60,000 shares in a public offering. May 24 Declared and distributed a 5% stock dividend. June 1 Issued 72,000 shares as part of the consideration for the purchase of assets from a subsidiary. Required: Compute Norstar's earnings per share for the year ended December 31, 2016.

Answers

Answer:

1.272 per share

Explanation:

The computation of earnings per share is shown below:-

Weighted Average number of Common shares outstanding = outstanding common shares ÷ Net income

= 900,000 ÷ $707,810

= 1.272 per share

Where,

Net Income = Preferred Dividends ÷ Weighted Average number of Common shares outstanding

= $655,000 ÷ (1 + 0.05) + ( 60,000 × 8 months ÷ 12 months) × 1.05 + (72,000 × 7 months ÷ 12 months)

= $623,810 + 40,000 × 1.05 + 42,000

= $623,810 + 42,000 + 42,000

= 707,810

Whit Catering uses two measures of activity, jobs and meals, in the cost formulas in its budgets and performance reports. The cost formula for catering supplies is $380 per month plus $94 per job plus $11 per meal. A typical job involves serving a number of meals to guests at a corporate function or at a host's home. The company expected its activity in October to be 20 jobs and 216 meals, but the actual activity was 19 jobs and 221 meals. The actual cost for catering supplies in October was $4,790. The catering supplies in the flexible budget for October would be closest to:

Answers

Answer:

$4,636

Explanation:

The calculation of catering supplies in the flexible budget for October is shown below:-

Catering supplies in the flexible budget for October = Catering supplies + Per Job × October jobs + Per meal × October Meals

= $380 + $94 × 20 + $11 × 216

= $380 + $1,880 + $2,376

= $4,636

Therefore for computing the catering supplies in the flexible budget for October we simply applied the above formula.

On April 1, 2017, Pharoah Company issued $990,000 of 12%, 10-year bonds dated January 1 at par plus accrued interest. Interest is payable semiannually on July 1 and January 1. Prepare journal entries to record the following. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.) (a) The issuance of the bonds. (b) The payment of interest on July 1. (c) The accrual of interest on December 31.

Answers

Answer:

(a)

April 1, 2017

Dr. Cash                $990,000

Cr. Bond Payable $990,000

(b)

July 1, 2017

Dr. Interest Expense $59,400

Cr. Cash                     $59,400

(c)

December 31, 2017

Dr. Interest Expense                 $59,400

Cr. Interest on Bond Payable   $59,400

Explanation:

Bond issued is a liability as company receives cash against the issuance of bond which will be repaid on a specific time.

Interest is calculated using Face value and coupon ate of the bond. As the interest is being paid semiannually, so interest expense will be as follow after each 6 months.

Interest Expense = $990,000 x 12% x 6/12 = $59,400

As the payment of the loan will be made on January 1, So on December 31 at the year end interest expense accrual is recorded according to the accrual concept of accounting. A liability of Interest on Bond Payable is arose and it will be paid on January 1.

On September 1, Year 1, Gomez Company collected $9,000 in advance from a customer for services to be provided over a one-year period beginning on that date. How much revenue would Gomez Company report related to this contract on its income statement for the year ended December 31, Year 1? How much would the company report as net cash flows from operating activities for Year 1?

Answers

Answer:

$3,000 and $9,000

Explanation:

In the income statement only four months revenue is recorded i.e from September 1 to December 31      

= $9,000 × 4 months ÷ 12 months

= $3,000

And, under the operating activities the whole amount i.e $9,000 is to be recorded and added to the net income as it is inflow of cash and the same is added using the direct method of the cash flow statements

Allegheny Company ended Year 1 with balances in Accounts Receivable and Allowance for Doubtful Accounts of $68,000 and $3,450, respectively. During Year 2, Allegheny wrote off $6,300 of Uncollectible Accounts. Using the percent of receivables method, Allegheny estimates that the ending Allowance for Doubtful Accounts balance should be $5,400. What amount will Allegheny report as Uncollectible Accounts Expense on its Year 2 income statement

Answers

Answer:

$8,250

Explanation:

Relevant data provided for compute the Uncollectible Accounts Expense is here below:-

Amount written off = $6,300

Closing balance = $5,400

Opening balance = $3,450

The computation of Uncollectible Accounts Expense is shown below:-

Uncollectible Accounts Expense = Amount written off + Closing balance - Opening balance

= $6,300 + $5,400 - $3,450

= $11,700 - $3,450

= $8,250

Therefore for computing the Uncollectible Accounts Expense we simply applied the above formula.

Which law is referred to as the credit cardholders Bill Of Rights ?

Answers

Answer: credit CARD act

Hope this helps!!!

A) Fair and Accurate Credit Transaction Act

ImpressMe Products embosses notebooks with school and corporate logos. Last year, the company’s direct labor payroll totaled $352,100 for 50,300 direct labor hours. The standard wage rate is $6.75 per direct labor hour. Calculate ImpressMe’s direct labor rate variance. (Round answer to 0 decimal places, e.g. 125. If variance is zero, select "Not Applicable" and enter 0 for the amounts.)

Answers

Answer:

Direct labor rate variance= $12,575 unfavorable

Explanation:

Giving the following information:

Last year, the company’s direct labor payroll totaled $352,100 for 50,300 direct labor hours. The standard wage rate is $6.75 per direct labor hour.

To calculate the direct labor rate variance, we need to use the following formula:

Direct labor rate variance= (Standard Rate - Actual Rate)*Actual Quantity

Actual rate= 352,100/50,300= $7 per hour

Direct labor rate variance= (6.75 - 7)*50,300

Direct labor rate variance= $12,575 unfavorable

Evaluate the statement “Accounting is all about numbers.". Using the definition of accounting to justify your answer.​

Answers

Explanation:

Accounting is not all about numbers. For accounting is characterized as the entire process of recording financial transactions of an organization.

Some of the accounting activities are the summary and analysis of accounting information to economic entities, as well as communicating non-financial information such as those that can impact people and the environment.

The Clifford Corporation has announced a rights offer to raise $10 million for a new journal, the Journal of Financial Excess. This journal will review potential articles after the author pays a nonrefundable reviewing fee of $6,000 per page. The stock currently sells for $60 per share, and there are 1 million shares outstanding. a. What is the maximum possible subscription price? What is the minimum? (Leave no cells blank - be certain to enter "0" wherever required.) b. If the subscription price is set at $50 per share, how many shares must be sold? How many rights will it take to buy one share? (Do not round intermediate calculations. Round your rights needed answer to 2 decimal places, e.g., 32.16.) c. What is the ex-rights price? What is the value of a right? (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) d. A shareholder with 2,000 shares before the offering has no desire (or money) to buy additional shares offered as rights. What is his portfolio value before and after the rights offer? (Do not round intermediate calculations and round your answers to nearest whole number, e.g., 32.)

Answers

Answer and Explanation:

1. The maximum possible subscription price is $60

The maximum price is anything greater than $0

2.Number of new shares

$10,000,000/$50

=$200,000

Number of right shares

$1,000,000/$200,000

=$5

3. Excess right 58.33

(5*60+50)/(5+1)

Value of excess 1.67

($60-58.33)

4.Portfolio value before right offering

2,000×60

= 120,000

Portfolio value after right offering 120,000

(2000×58.33 +2000×1.67 )

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