dazzle, inc. produces beads for jewelry making use the journal entry to record production activities for direct labor usage is

Answers

Answer 1

Answer:

Debit Work in Process Inventory $180,000; credit Factory Wages Payable $180,000.

Explanation:

The journal entry to record the direct labor usage is shown belwo:

Work in process inventory Dr

          To factory wages payable

(Being the direct labor usage is recorded)

For recording this we debited the work in process as it increased the assets and credited the factory wages payable as it also increased the liabilities

Moreover, when the wages is applied in the production level so the respective account is debited and credited

Dazzle, Inc. Produces Beads For Jewelry Making Use The Journal Entry To Record Production Activities

Related Questions

Carter & Carter is considering setting up a regional lockbox system to speed up collections. The company sells to customers all over the U.S., and all receipts come in to its headquarters in San Francisco. The firm's average accounts receivable balance is $2.5 million, and they are financed by a bank loan at an 11% annual interest rate. The firm believes this new lockbox system would reduce receivables by 20%. If the annual cost of the system is $15,000, what pre-tax net annual savings would be realized? a. $32,400 b. $29,160 c. $40,000 d. $44,000 e. $36,000

Answers

Answer:

c. $40,000

Explanation:

Reduction in Account Receivables          $500,000

($2,500,000 * 20%)

* Interest rate                                               11%          

Annual saving                                             $55,000

Less: Annual cost of system                     -$15,000

Pretax Net annual savings                         $40,000

Capitalism is an economic system in which private property, markets, and firms play an important role. Based on this definition, which of the following statements is correct?
A. An economic system is a way of organising the production and distribution of goods and services in an entire economy.
B. The knowledge you attain from the CORE program is a private property.
C. Forced labor where the workers receive some daily allowance is a market.
D. Employee owned cooperatives are not firms.

Answers

Answer:

Correct Answer:

A. An economic system is a way of organizing the production and distribution of goods and services in an entire economy.

Explanation:

Capitalism, which is an economic system  in which a country's trade and industry are controlled by private owners for profit, rather than by the state helps in ensuring the adequate running of the country. It is a method whereby goods and services are organized in an entire economy through private investments and firms.

2016 2017 2018 Net Income $1,200 ($500) $2,300 Net Cash Flows $500 $300 $2,800 Dividends $200 $0 $200 Issuance of Stock $2,000 $0 $0 The above amounts represent totals from the first three years of operations. Calculate the balance of Retained Earnings at the end of 2018.

Answers

Answer:

$2,600

Explanation:

We will have to focus on the annual result and the dividends that were paid because these dividends decreases the retained earnings. There is no impact of can flow while insurance of stock falls withing result for the year.

In 2016, income was $1,200 minus dividends allocated $200

= $1,200 - $200

Retained earnings= $1,000

2017 result of ($500) without dividend distribution;

Retained earnings = ($500)

2018, result of $2,300 and distribution dividends of $200

= $2,300 - $200

Retained earnings= $2,100

Total retained earnings =$1,000 + (500) + $2,100

= $2,600

A customer buys a new issue municipal bond with a dated date of January 1st, settling on February 1st. The first interest payment is due March 1st. How many days of accrued interest must the customer pay to the underwriter

Answers

Answer: 30 days

Explanation:

The accrued interest is to be paid for the period beginning from the date of issue till the date of settlement. However, the date of settlement is not included which means interest will not be paid for the 1st of February.

That leave the 31 days of January for payment. With Municipal Bonds however, accrued interest is calculated assuming only 30 days in a month so January will have 30 days in terms of accrued interest.

30 days is the number of days that accrued interest must be paid to the underwriter.

Ornaments, Inc., is an all-equity firm with a total market value of $597,000 and 26,200 shares of stock outstanding. Management believes the earnings before interest and taxes (EBIT) will be $84,900 if the economy is normal. If there is a recession, EBIT will be 20 percent lower, and if there is a boom, EBIT will be 30 percent higher. The tax rate is 34 percent. What is the EPS in a recession

Answers

Answer:

The EPS in a recession is $1.71.

Explanation:

Earnings per share (EPS) = Earnings Attributable to holders of Common Stocks ÷ Weighted Average Number of Common Stocks

Earnings Attributable to holders of Common Stocks = ($84,900 - ($84,900 × 0.34)) × 80 %

                                                                                       = $44,827.20

Weighted Average Number of Common Stocks = 26,200 shares

Earnings per share (EPS) =  $44,827.20 ÷ 26,200 shares

                                         =   $1.71

The Project Evaluation and Review Technique (PERT) was developed as a means of scheduling and controlling projects with constant activity times. Group of answer choices False True

Answers

Answer: False

Explanation:

The Program Evaluation and Review Technique (PERT) is used to know the schedule tasks and also know the critical path variation. It is useful to know the length of time that'll be needed for the completion of every task and how it relates to others in order to know the entire time needed to complete the particular project.

The Project Evaluation and Review Technique (PERT) is not a means of scheduling and controlling projects with constant activity times. The activity time normally varies.

Windhoek Mines, Ltd., of Namibia, is contemplating the purchase of equipment to exploit a mineral deposit on land to which the company has mineral rights. An engineering and cost analysis has been made, and it is expected that the following cash flows would be associated with opening and operating a mine in the area:
Cost of new equipment and timbers $ 380,000
Working capital required $ 120,000
Annual net cash receipts $ 135,000
Cost to construct new roads in year three $ 44,000
Salvage value of equipment in four years $ 69,000
Receipts from sales of ore, less out-of-pocket costs for salaries, utilities, insurance, and so forth.
The mineral deposit would be exhausted after four years of mining. At that point, the working capital would be released for reinvestment elsewhere. The company’s required rate of return is 18%.
Required:
Determine the net present value of the proposed mining project. (Any cash outflows should be indicated by a minus sign.

Answers

Answer:

The net present value of the proposed mining project is - $163,621.41.

Explanation:

The Summary of Cash flows is as follows :

Year 0 : - ($ 380,000 + $ 120,000) = - $500,000

Year 1 : $ 135,000

Year 2: $ 135,000

Year 3: $ 135,000 - $ 44,000 = $91,000

Year 4: $ 135,000 + $ 69,000 + $ 120,000 = $324,000

Determine the Net Present Value of the mining project as follows :

Using a Financial Calculator, entries will be as follows

- $500,000     CFj

$ 135,000        CFj

$ 135,000        CFj

  $91,000        CFj

$ 135,000        CFj

18 %                 I/YR

SHIFT NPV   - $163,621.41

Suppose selected comparative statement data for the giant bookseller Barnes & Noble are presented here. All balance sheet data are as of the end of the fiscal year (in millions).

2020 2019
Net sales $5,200 $5,500
Cost of goods sold 3,484 3,830
Net income 78 123
Accounts receivable 82 103
Inventory 1,146 1,262
Total assets 2,990 3,510
Total common stockholders’ equity 992 1,031

Required:
Compute the following ratios for 2020.

Answers

Answer:

Profit margin = net profit / total sales = $78 / $5,200 = 1.5%  

Asset turnover = total sales / average total assets = $5,200 / ($2,990 + $3,510) = 1.6

Return on assets = net income / average total assets = $78 / $3,250 = 2.4%  

Return on common stockholders’ equity =  net income / average stockholders' equity = $78 / ($992 + $1,031) = 7.71%  

Gross profit rate = gross profit / total sales = $1,716 / $5,200 = 33%

Bond X is a premium bond making semiannual payments. The bond pays a coupon rate of 9 percent, has a YTM of 7 percent, and has 15 years to maturity. Bond Y is a discount bond making semiannual payments. This bond pays a coupon rate of 7 percent, has a YTM of 9 percent, and also has 15 years to maturity. The bonds have a $1,000 par value. What is the price of each bond today

Answers

Answer:

Bond Price today

Bond X = $1183.920454 rounded off to $1183.92

Bond Y = $837.1111146 rounded off to $837.11

Explanation:

To calculate the price of the bond, we need to first calculate the coupon payment per period. We assume that the interest rate provided is stated in annual terms. As the bond is a semi annual bond, the coupon payment, number of periods and semi annual YTM will be,

For Bond X

Coupon Payment (C) = 0.09 * 1/2 * 1000 = $45

Total periods (n)= 15 * 2 = 30

r or YTM = 7% * 1/2 = 3.5% or 0.035

The formula to calculate the price of the bonds today is attached.

Bond Price = 45 * [( 1 - (1+0.035)^-30) / 0.035]  +  1000 / (1+0.035)^30

Bond Price = $1183.920454 rounded off to $1183.92

For Bond Y

Coupon Payment (C) = 0.07 * 1/2 * 1000 = $35

Total periods (n)= 15 * 2 = 30

r or YTM = 9% * 1/2 = 4.5% or 0.045

Bond Price = 35 * [( 1 - (1+0.045)^-30) / 0.045]  +  1000 / (1+0.045)^30

Bond Price = $837.1111146 rounded off to $837.11

Tom and Lynda also inform you that the monthly individual membership fee is $100and that the monthly family membership fee is $160. Hercules offers a 10% discount if amember pays the entire year’s fee in a lump sum. About 180 individuals and 60 families takeadvantage of this offer – these numbers are spread evenly throughout the year. Herculespays for 60% of its purchases during the month of the purchase, and the remainder thenext month. Other variable costs (paid in cash) amount to $25 per month for each individualmembership and $45 per month for each family membership. Hercules also incurs$41,000 (which includes $12,500 in depreciation) toward fixed costs each month. Finally,Tom and Lynda inform you that they have to pay $20,000 toward the purchase of newequipment in September, and that they take out $15,000 each month as their profit. Finally,Hercules began September with a cash balance of $6,000.Required:What is Hercules’ cash budget for September?

Answers

Answer:

Net Cash $2,170

Explanation:

Cash Budget for September:

Beginning Balance $6,000

Individual membership fee revenue $1,350

Family membership fee revenue $720

Less:Variable Cost Individual  ($25 * 15) $375

Less:Variable Cost Family  ($25 * 5) $125

Less:Purchase of Machine $20,000

Less:Fixed cost $41,000

Net Cash $2,170

Individual membership fee revenue

$100 * 90% * 180 = 16,200 per year

16,200 / 12 = 1,350 per month.

Memberships per month = 180/12 = 15

Family membership fee revenue

$160 * 90% * 60 = 8,640 per year

8,640 / 12 = 720 per month.

Memberships per month = 60/12 = 5

A divisional manager receives a bonus based on 10% of the residual income from the division. During the current year, the division reported revenues of $1,000,000 and expenses of $500,000. The division had $2,000,000 in average operating assets. The minimum required rate of return for the division was 15%. What was the amount of the manager's bonus

Answers

Answer:

The amount of the manager's bonus is $20,000

Explanation:

Residual income =  Net income - ( average operating assets * minimum rate of return)

Net income= Revenues - Expenses  = $1,000,000 - $500,000

Net income = $500,000

Residual income = 500,000 - (2,000,000 * 15%)

= 500,000 - $300,000

= $200,000

Managers bonus = $200,000 * 10%

Managers bonus = $20,000

Which one of the following conditions is not a requirement for an item to be recorded as a liability on a company's balance sheet?
a) It involves a probable future sacrifice of economic resources by the company.
b) It reduces the market value of the company.
c) It involves a probable future sacrifice to another entity.
d) It a present obligation, arising from a past transaction or event.

Answers

Answer:

c) It involves a probable future sacrifice to another entity.

Explanation:

A Liability is defined by the Conceptual Framework as Present Obligation of the entity as a result of past event, the settlement of which will result in the outflow of future economic benefits from the entity.

Additionally liabilities are meant to reduce the market value of the company.

Calculate the monthly implicit costs for a business owner who devotes 200 hours per month to his business that could be spent working at $50/hour for someone else.

Answers

Answer:

Implicit cost = $10,000

Explanation:

Implicit cost is the opportunity cost of using resources a business already owns.

This business owner passes this income by being in a business for himself

200 hours per month multiplied by $50/hour

200 x 50

= 10000

Implicit cost = $10,000

On January 1, Year 1, St. Clair Corporation issues 7%, 11-year bonds with a face amount of $90,000 for $83,497. The market interest rate is 8%. Interest is paid semiannually on June 30 and December 31. Complete the necessary journal entry for the issuance of the bonds by selecting the account names from the drop-down menus and entering the associated dollar amounts.

Answers

Answer:

Cash $83,497 (debit)

Investment in Bonds $83,497 (credit)

Explanation:

On Issuance of Bond, the Bond Issuer must recognize the Assets of Cash at the amount of consideration paid by the Bond Holder (Investor).

Also, the Financial Liability : Investment in Bonds must also be recognized by the Issuer at the same amount that the cash has been recognized at.

Assume that the following are independent situations recently reported in the Wall Street Journal.

a. General Electric (GE) 7% bonds, maturing January 28, 2018, were issued at 110.30.
b. Boeing 7% bonds, maturing September 24, 2032, were issued at 98.15.

Required:
a. Were GE and Boeing bonds issued at a premium or a discount?
b. The General Electric bonds were issued at a___________ and the Boeing bonds were issued at a__________

Answers

Answer:

a. Were GE and Boeing bonds issued at a premium or a discount?

GE bonds were issued at a premium, at 110.3%, while Boeing bonds were issued at a discount, at 98.15%

b. The General Electric bonds were issued at a premium (at $1,103) and the Boeing bonds were issued at a discount (at $981.50).

When bonds are issued at a value higher than face value, they are issued at a premium. When bonds are issued at a value lower than face value, they are issued at a discount.

Manufacturing produces​ self-watering planters for use in upscale retail establishments. Sales projections for the first five months of the upcoming year show the estimated unit sales of the planters each month to be as​ follows:


Inventory at the start of the year was 975 planters. The desired inventory of planters at the end of each month should be equal to 25% of the following month's budgeted sales. Each planter requires four pounds of polypropylene (a type of plastic). The company wants to have 30% of the polypropylene required for next month's production on hand at the end of each month. The polypropylene costs $0.20 per pound.

Number of planters to be sold
January 3900
February 3200
March 3700
April 4400
May 4900

Required:
Prepare a production budget for each month in the first quarter of the year, including production in units for each month and for the quarter.

Answers

Answer:

              Production budget for the first quarter of 202x

Particulars               January     February     March         Total

Expected sales        3,900        3,200          3,700          10,800

Required ending      800           925             1,100           2,825

inventory

Less beginning        975            800             925            2,700

inventory

Required number    3,725          3,325          3,875         10,925

of units to be produced

The production budget for the first quarter includes the months of January, February and March. It doesn't include any materials, since they are included in the materials purchase budget.

A developer is proposing to build and operate an 8 store strip mall. Each unit would rent for $3,500 per month. It is expected that vacancy would run at 15% and that the expenses would be 17.5%. The loan is to be 75% of the capitalized value. The developer has an MARR of 12.5%, the bank is charging 8.5% interest, and the Long Term Debt Service is a constant 9%. To assess the financial worth of this endeavor, determine the following:

a. CAP Rate
b. Capitalized value
c. Loan amount
d. Debt Service Coverage Ratio
e. Loan per unit

Answers

Answer:

Requirement A: CAP Rate is 12.5%

Requirement B: Capitalized Value of the Property is $1,884,960

Requirement C: Loan Amount is $1,413,720

Requirement D: Debt Service Coverage Ratio is 1.85

Requirement E: Loan per unit is $176,715 Per Unit

Explanation:

Requirement A: Find the CAP Rate

The CAP Rate will be calculated using the following formula:

CAP Rate = Annual Net Operating Income (NOI) (Step1) / Property Capitalized Value (Step2)

Here

Operating Income is $235,620 (Step1)

Property Capitalized Value (Step2)

Now, by putting values we have:

CAP Rate = $235,620 / $1,884,960 = 12.5%

Step1: Find Annual Net Operating Income (NOI)

As we know that:

Operating Income = Expected Revenue - Operating Expense

Here

Expected Revenue from 8 Strip Malls = Rent / Month * 12 Months * (1 - Vacancy Ratio) * 8 Strips Malls

= $3,500 * 12 * (1 - 15%) * 8

= $285,600

Operating Expenses = Expected Revenue * 17.5%

= $285,600 * 17.5% = $49,980

Now by putting value in the above Operating Income equation, we have:

Annual Operating Income = $285,600 - $49,980 = $235,620

Step2: Find Property Capitalized Value (It is also Requirement B)

Property Capitalized Value = Annual Operating Income / Minimum Accepted Rate of Return (MARR)

Here

Annual Operating Income is $235,620 from Step1

MARR is 12.5%

By putting values, we have:

Capitalized Value of the Property = $235,620 / 12.5% = $1,884,960

Requirement C. Find Loan Amount

It is given in the question that the Loan Amount is 75% of Property Capitalized Cost. This implies:

Loan Amount = $1,884,960 * 75% = $1,413,720

Requirement D. Debt Service Coverage Ratio

Debt Service Coverage Ratio (DSCR) = Annual Net Operating Income / Total Debt Service for the Year

Here

Annual Net Operating Income is $235,620 from Step1

Total Debt Service for the Year $127,235 (See Step3 below)

By putting values, we have:

Debt Service Coverage Ratio = $235,620 / $127,235 = 1.85

Step3: Total Debt Service for the year

Total Debt Service for the year = Loan Amount * Debt Service Rate

Here

Loan Amount is $1,413,720

Debt Service Rate is 9%

By putting values, we have:

Total Debt Service for the year = $1,413,720 * 9% = $127,235

Requirement E. Find Loan Amount

We can find loan per unit by simply dividing the loan amount by number of strip mall. Here total number of strip mall are 8. This implies that:

Loan Per Unit = $1,413,720 / 8 Units = $176,715 Per Unit

On August 1, 2010, a company issues bonds with a par value of $600,000. The bonds mature in 10 years and pay 6% annual interest, payable each February 1 and August 1. The bonds sold at $592,000. The company uses the straight-line method of amortizing bond discounts. The company's year-end is December 31. Prepare the general journal entry to record the interest accrued at December 31, 2010.

Answers

Answer:

Dr Discount on BP 8,000

Cr Cash 592,000

Cr Bond payable 600,000

Dr Interest expense 15,333.33

Cr Interest payable 15,000

Cr Discount on BP 333.33

Dr Interest payable 15,000

Dr interest expense 3,066.67

Cr Cash 18,000

Cr Discount on BP 333.33

Explanation:

Preparation of the general journal entry to record the interest accrued at December 31, 2010.

Based on the information given we were told that the company issues bonds with a par value of the amount of $600,000 in which the bonds mature in 10 years with a 6% annual interest and sold at the amount of $592,000 this means that the transaction will be recorded as:

Dr Discount on BP 8,000

(600,000-592,000)

Cr Cash 592,000

Cr Bond payable 600,000

(To record issuance of the bonds)

Dr Interest expense 15,333.33

Cr Interest payable 15,000 (600,000 x 6% x 5/12 )

Cr Discount on BP 333.33

(8,000 / (10years* 2 payment =400*5/6=333.33)

(To record year end adjustment entry)

Dr Interest payable 15,000

(600,000 x 6% x 5/12 )

Dr interest expense 3,066.67

(600,000 x 6% x 1/12=3,000)

(400 - 333.33= 66.67)

(3,000+66.67=3,066.67)

Cr Cash 18,000

(600,000 x 6% x 6/12)

Cr Discount on BP 333.33

(8,000 / (10years* 2 payment =400*5/6=333.33)

(To record first interest payment to bondholders)

Calculate the inventory turns when Sales is $200,000,000, Cost of sales is $160,000,000, Average inventory is $ 40,000,000 and Carrying cost is 12%

Answers

68646868855764566799%%$^€$^__

Answer:

68646868857764564566799

Good strategy execution involves Multiple Choice making choices among broad or narrow low cost and differentiation strategies to compete against rivals. selecting a capable management team. team participation to perform strategy-critical activities in light of prevailing circumstances. only senior-level managers to be accomplished on a timely basis. continuous improvements in the value chain in order to maximize operating efficiency.

Answers

Answer:

The answer is: team participation to perform strategy-critical activities in light of prevailing circumstances.

Explanation:

The good execution of the strategy is mainly related to the ability of managers to involve all operational areas and all employees in the process of participating in the strategic actions that were developed to achieve the goals and objectives of the organization.

Therefore, managers have an essential role in exercising control, coordination and monitoring of the teams, so that the execution of the strategy takes place in an effective and active manner, being shared as a responsibility and efforts of the entire team.

Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,100 pounds of oysters in August. The company’s flexible budget for August appears below: Quilcene Oysteria Flexible Budget For the Month Ended August 31 Actual pounds (q) 7,100 Revenue ($4.10q) $ 29,110 Expenses: Packing supplies ($0.25q) 1,775 Oyster bed maintenance ($3,500) 3,500 Wages and salaries ($2,600 + $0.45q) 5,795 Shipping ($0.55q) 3,905 Utilities ($1,270) 1,270 Other ($450 + $0.01q) 521 Total expense 16,766 Net operating income $ 12,344 The actual results for August appear below: Quilcene Oysteria Income Statement For the Month Ended August 31 Actual pounds 7,100 Revenue $ 27,500 Expenses: Packing supplies 1,945 Oyster bed maintenance 3,360 Wages and salaries 6,205 Shipping 3,635 Utilities 1,080 Other 1,141 Total expense 17,366 Net operating income $ 10,134 Required: Calculate the company’s revenue and spending variances for August. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.)

Answers

Answer:

revenue variance = (standard quantity x standard price) - (actual quantity x actual price) = (7,100 x $4.10) - (7,100 x $3.8732) = $29,110 - $27,500 = $1,610 unfavorable (actual revenue was lower than budgeted revenue due to a decrease in sales price).

spending variances:

oyster bed maintenance variance = $3,360 - $3,500 = -$140 favorable

packing supplies variance = $1,945 - $1,775 = $170 unfavorable

wages and salaries variance = $6,205 - $5,795 = $410 unfavorable

shipping costs variance = $3,635 - $3,905 = -$270 favorable

utilities cost variance = $1,080 - $1,270 = -$190 favorable

other expenses variance = $1,141 - $521 = $620 unfavorable

total spending variance = $17,366 - $16,766 = $600 unfavorable (actual expenses were higher than budgeted)

Identify five HRM criteria or components that can be used to measure organizational effectiveness or ineffectiveness. "Grievance rate" is an example.

Answers

Answer:

They include;

1. Customer Satisfaction

2. Absenteeism

3. Legal Compliance

4. Performance

5. Training

Explanation:

The Human Resource Management criteria that are used to measure the effectiveness or ineffectiveness of an organization, are a list that gives an idea of how an organization is performing, and this list can serve as a basis of comparison with other organizations. These options include;

1. Satisfaction: If the employees are treated fairly and so, feel satisfied with the organization, then they can be said to be effective.

2. Absenteeism: When workers are always absent from work it does not present the organization as an effective one.

3. Legal Compliance: The organization must be able to comply to government rules and regulations guiding the business to be rated as effective.

4. Performance: High or low-performance which is reflected in the turnover rates would be an indication of how effective or ineffective an organization is.

5. Training: The organization should be able to provide regular standard training for its workers to be rated as effective.

Harry Company sells 20,000 units at $42 per unit. Variable costs are $26.88 per unit, and fixed costs are $105,800. Determine (a) the contribution margin ratio, (b) the unit contribution margin, and (c) income from operations.

Answers

Answer:

Instructions are below.

Explanation:

Giving the following information:

Harry Company sells 20,000 units at $42 per unit. Variable costs are $26.88 per unit, and fixed costs are $105,800.

To calculate the contribution margin ratio, we need to use the following formula:

contribution margin ratio= contribution margin / selling price

contribution margin ratio= (42 - 26.88) / 42

contribution margin ratio= 0.36

Now, the contribution margin:

Contribution margin= 42 - 26.88= $15.12

Finally, income from operations:

Contribution margin= 20,000*15.12= 302,400

Fixed costs= (105,800)

Net operating income= 196,600

Community attitudes, zoning restrictions, and quality of labor force are likely to be considered in which of the following location decision methods?
a. simulation
b. factor-rating method
c. transportation method
d. locational cost volume analysis
e. center-of-gravity method

Answers

Answer:

b. factor-rating method.

Explanation:

Community attitudes, zoning restrictions, and quality of labor force are likely to be considered in factor-rating method of a location decision.

A factor-rating method can be defined as a strategic process which involves analyzing location alternatives or routes by comparing their weighted average point. Basically, a factor-rating method involves evaluating both qualitative and quantitative factors in location decision.

Hence, in this approach to location decision, each factors are assigned a weight which must all total 1.0.

ABC Corporation, after many profitable years, declares a one-time special cash dividend of $10.00 per share. After the announcement, the stock is trading at $100 per share. Your customer holds 1 ABC Jan 110 Call. As of the ex date, the customer will have:

Answers

Answer:

1 ABC Jan 100 Call

Explanation:

Although the OCC does not usually adjust the strike price of listed options for regular quarterly cash dividends. This is because they are known quantity that are segmented by the market into options premium.

For special cash dividends, they are not a frequent event hence market does not recognize them. This special cash dividend is $10 per share × 100 shares = $1,000 value per contract. It therefore means that the $1,000 value per contract will be adjusted.

The new strike price will be

= 110 - 10 cash dividend

= 100. It also means that the number of shares covered by the contract does not change.

On December 31 of the current​ year, Jerome Company has an accounts receivable balance of before any year end adjustments. The Allowance for Doubtful Accounts has a credit balance. The company prepares the following aging schedule for accounts​ receivable: Total Balance 130 days 3160 days 6190 days over 90 days Percent uncollectible ​1% ​2% ​% ​% What is the Allowance for Uncollectible Accounts at December 31 of the current year after​ adjustments

Answers

Answer:

I looked for the missing information and found the following:

Total Balance     1-30 days    31-60 days    61-90 days    over 90 days

$329,000          $160,000      $90,000         $51,000           $28,000

% uncollectible        1%                2%                   3%                   20%

Allowance for Doubtful Accounts has a $1,100 credit balance before any adjustment.

total bad debt expense = $1,600 + $1,800 + $1,530 + $5,600 = $10,530

adjusting entry = $10,530 - $1,100 = $9,430

adjusting entry:

December 31, 202x, bad debt expense

Dr Bad debt expense 9,430

    Cr Allowance for doubtful accounts 9,430

Usually, the decision to notify parties outside the client’s organization regarding noncompliance with laws and regulations is the responsibility of the

Answers

Answer:

Management

Explanation:

Sometimes in the course of discharging his duties, an auditor might discover a case of non-compliance with laws and regulations. In such situations, he is expected to report the issue to the governing body or management of the organization who in turn notify parties outside the client's organization. This might imply reporting to the appropriate law enforcement agencies who now investigate the matter.

The auditor should ensure that he is keeping to the code of confidentiality before proceeding on such a case. The management is expected to review the report to determine if the action was indeed non-compliant with the laws before proceeding on the next call of action.

Advertising department expenses of $42,800 and purchasing department expenses of $32,100 of Cozy Bookstore are allocated to operating departments on the basis of dollar sales and purchase orders, respectively. Information about the allocation bases for the three operating departments follows.
Department Sales Purchase Orders
Books $ 180,000 1,170
Magazines 108,000 520
Newspapers 112,000 910
Total $ 400,000 2,600
Complete the following table by allocating the expenses of the two service departments (advertising and purchasing) to the three operating departments. (Amounts to be deducted should be indicated with minus sign.)

Answers

Answer:

Cozy Bookstore

Allocation of Service Departments' Overheads to the Operating Departments:

                                 Books      Magazines       Newspapers   Total

Allocation of:

Advertising Dept.  $19,260     $11,556             $11,984       $42,800

(Dollar Sales)

Purchasing Dept.  $14,445      $6,420             $11,235       $32,100

(Purchase Orders)

Total                     $33,705     $17,976            $23,219      $74,900

Explanation:

a) Data and Calculations:

1. Allocation Basis:

Department               Sales                      Purchase Orders

Books                       $ 180,000 (45%)              1,170  (45%)

Magazines                  108,000 (27%)               520  (20%)

Newspapers               112,000 (28%)                910  (35%)

Total                      $ 400,000                      2,600

2. Allocation of Advertising Department expenses of $42,800 on the basis of dollar sales:

Books = 45% of $42,800 = $19,260

Magazines = 27% of $42,800 = $11,556

Newspapers = 28% of $42,800 = $11,984

3. Allocation of Purchasing Department expenses of $32,100 on the basis of  Purchase orders:

Books = 45% of $32,100 = $14,445

Magazines = 20% of $32,100 = $6,420

Newspapers = 35% of $32,100 = $11,235

4. The allocation of overheads for the service departments of Advertising and Purchase of Cozy Bookstore was done using the direct method.  This method allocates the overheads directly to each operating unit of either Books, Magazines, or Newspapers.  This is a straightforward method.  Other methods exists for the allocation.  They include the step method and the reciprocal method; details of their discussions are not included in this class.

Sheridan Company prepared a 2019 budget for 150000 units of product. Actual production in 2019 was 175000 units. To be most useful, what amounts should a performance report for this company compare

Answers

Answer:

The actual results for 175,000 units with a new budget for 175,000 units.

Explanation:

To be more useful, actual results should be compared with budgeted amounts of actual production.

The actual results for 175,000 units should be compare with a new budget for 175,000 units

How are the three economic conditions (Growing, Stable, and Declining) called in the Decision Table?


Decision Alternatives


States of Nature


Pay-off


None of the above

Answers

Answer:

The anwer for your question is decision alternatives

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