was this ever answered?
Commercial banks are funded through which of the following?
NorthEast Towers Company produces a single product. For the most recent year, the company's net operating income computed by the absorption costing method was $17,450, and its net operating income computed by the variable costing method was $15,259. The company's unit product cost was $45 under variable costing and $52 under absorption costing. If the ending inventory consisted of 948 units, the beginning inventory must have been:
Answer:
1,261 units
Explanation:
To determine the Units of Beginning Inventory, prepare a Reconciliation of Absorption Costing Profit to Variable Costing Profit.
Reconciliation of Absorption Costing Profit to Variable Costing Profit
Absorption Costing Net Income $17,450
Add Fixed Costs in Opening Stock (948×($52-$45)) $ 6,636
Less Fixed Costs in Closing Stock Balancing Figure ($8,827)
Variable Costing Net Income $15,259
Units of Beginning Inventory = $8,827 / ($52-$45)
= 1,261
gravitational field
Answer:
The region of space surrounding a body in which another body experiences a force of gravitational attraction.
Please mark as brainlist.
The Widget Co. purchased all of its fixed assets three years ago for $4 million. These assets can be sold today for $2 million. The current balance sheet shows net fixed assets of $2,500,000, current liabilities of $1,375,000, and net working capital of $725,000. If all the current assets were liquidated today, the company would receive $1.9 million in cash. The book value of the total assets today is ________ and the market value of those assets is ________. $6,500,000; $3,900,000 $4,600,000; $3,125,000 $5,000,000; $3,125,000 $4,600,000; $3,900,000 $5,000,000; $3,900,000
Answer:
$4,600,000; $3,900,000
Explanation:
Book value of the asset are the recorded costs of the assets included any adjustments like depreciation or amortization. Market value is the fair value and Ne realizable value of the assets.
Total Assets = Fixed Assets + Current Assets
Total Assets = Fixed Assets + (Working capital + Current Liabilities)
Placing Value in above formula
Total Assets = $2,500,000 + ($725,000 + $1,375,000)
Total Assets = $4,600,000
Market Value = Fair value of Fixed assets + Current assets fair value
Market Value = $2,000,000 + $1,900,000 = $3,900,000
Equipment that cost $875,000 and had a book value of $390,000 was sold for $450,000. Data from the comparative balance sheets are: 12/31/18 12/31/17 Equipment $5,400,000 $4,875,000 Accumulated Depreciation 1,650,000 1,425,000 Equipment purchased during 2018 was:
a. $1,400,000.
b. $825,000.
c. $525,000.
d. $915,000.
Answer:
a. $1,400,000.
Explanation:
Find the attachment
On March 1, 2022, Wildhorse Company acquired real estate, on which it planned to construct a small office building, by paying $98,000 in cash. An old warehouse on the property was demolished at a cost of $11,000; the salvaged materials were sold for $3,100. Additional expenditures before construction began included $2,000 attorney's fee for work concerning the land purchase, $6,300 real estate broker's fee, $10,800 architect's fee, and $18,200 to put in driveways and a parking lot.
Determine the amount to be reported as the cost of the land.
Answer:
The amount to be reported as the cost of the land is $ 114,200
Explanation:
Cash paid for the land = $ 98,000
Net cost of demolishing old ware house = $ 11,000 - $ 3,100 = $ 7,900
Attorney's fee = $2,000
Real estate broker's fee = $ 6,300
Total cost of the land = Cash paid for the land + Net cost of demolishing old ware house + Attorney's fee + Real estate broker's fee
= $98,000 + $ 7,900 + $2,000 + $ 6,300
= $ 114,200
Miscavage Corporation has two divisions: the Beta Division and the Alpha Division. The Beta Division has sales of $235,000, variable expenses of $132,600, and traceable fixed expenses of $63,800. The Alpha Division has sales of $545,000, variable expenses of $309,800, and traceable fixed expenses of $121,500. The total amount of common fixed expenses not traceable to the individual divisions is $120,200. What is the company's net operating income
Answer:
Operating income $32,100
Explanation:
The operating income for the company is the to be determined by aggregating the sales and cost figures of the two divisions . This is done as follows
$
Total sales (235,000 + 545,000) = 780,000
Variable expenses(132600+309800) = (442,400)
Traceable fixed expenses(63800+121500) = (185300)
Common fixed expenses (120200 )
Operating income 32,100
Martinez Company received the following selected information from its pension plan trustee concerning the operation of the company’s defined benefit pension plan for the year ended December 31, 2020.
January 1, 2020 December 31, 2020
Projected benefit obligation $1,517,000 $1,545,000
Market-related and fair value of plan assets 803,000 1,132,300
Accumulated benefit obligation 1,580,000 1,698,300
Accumulated OCI (G/L)—Net gain 0 (201,700 )
The service cost component of pension expense for employee services rendered in the current year amounted to $78,000 and the amortization of prior service cost was $118,300. The company’s actual funding (contributions) of the plan in 2020 amounted to $249,000. The expected return on plan assets and the actual rate were both 10%; the interest/discount (settlement) rate was 10%. Accumulated other comprehensive income (PSC) had a balance of $1,183,000 on January 1, 2020. Assume no benefits paid in 2020.
Determine the amounts of the components of pension expense that should be recognized by the company in 2020.
Answer:
$1,337,700
Explanation:
The computation of the amounts of the components of pension expense is shown below:
Service cost $78,000
Amortization of Prior Service cost $1,183,000 ($1,698,300 - $1,580,000)
Interest on PBO $157,000 ($1,517,000 ×10%)
Less: Expected return on plant assets $80,300 ($803,000 × 10%)
Pension expense $1,337,700
We simply applied the above formula so that the amount of pension expense could come
The XYZ Corporation reported the following balance sheet data for 2018 and 2017: 2018 2017 Cash $60,375 $22,955 Available-for-sale debt securities (not cash equivalents) 15,500 85,000 Accounts receivable 91,000 68,250 Inventory 165,000 145,000 Prepaid insurance 1,500 2,000 Land, buildings, and equipment 1,260,000 1,125,000 Accumulated depreciation (610,000) (572,000) Total assets $983,375 $876,205 Accounts payable $70,340 $148,670 Salaries payable 20,000 24,500 Notes payable (current) 25,000 75,000 Bonds payable 200,000 0 Common stock 300,000 300,000 Retained earnings 368,035 328,035 Total liabilities and shareholders' equity $983,375 $876,205 Additional information for 2018: (1.) Sold available-for-sale debt securities costing $69,500 for $74,000. (2.) Equipment costing $20,000 with a book value of $5,000 was sold for $6,000. (3.) Issued 6% bonds payable at face value, $200,000. (4.) Purchased new equipment for $155,000 cash. (5.) Paid cash dividends of $20,000. (6.) Net income was $60,000. Required: Prepare a statement of cash flows for 2018 in good form using the indirect method for cash flows from operating activities
Answer:
Dividends actually paid is $10000 as per the reconciliationshown in the entry below (attachment)
Answer:
statement of cash flows for 2018 using the indirect method
Cash Flow from Operating Activities
Net income for the year $60,000
Adjustment of Non-Cash Items :
Profit from Sale of Equipment ($1,000)
Depreciation (Workings) $107,500
Adjustments for Working Capital items :
Increase in Accounts receivable ($22,750)
Increase in Inventory ($20,000)
Decrease in Prepaid insurance $500
Decrease in Accounts Payable ($78,330)
Decrease in Salaries payable ($4,500)
Decrease in Notes payable ($50,000)
Cash Flow from Investing Activities
Proceeds from Sale of Equipment $6,000
Purchase of New Equipment ($155,000)
Cash Flow from Financing Activities
Proceeds from Issue of 6% bonds $200,000
Dividends Paid ($20,000)
Proceeds from Available-for-sale debt securities $74,000
Net Cash Inflow / Outflow during the Period $37,420
Cash and Cash Equivalents at Beginning of the Period $22,955
Cash and Cash Equivalents at End of the Period $60,375
Explanation:
Available-for-sale debt securities - T- Account
Debit :
Ending Balance 15,500
Sale 69,500
Totals 85,000
Credit:
Beginning Balance 85,000
Totals 85,000
Equipment T - Account
Debit :
Beginning Balance 1,125,000
Purchase 155,000
Totals 1,280,000
Credit:
Ending Balance 1,260,000
Sold 20,000
Totals 1,280,000
Accumulated Depreciation Equipment T - Account
Debit :
Ending Balance 610,000
Disposal 69,500
Totals 679,500
Credit:
Beginning Balance 572,000
Depreciation 107,500
Totals 679,500
Dexter Industries purchased packaging equipment on January 8 for $116,600. The equipment was expected to have a useful life of three years, or 20,000 operating hours, and a residual value of $6,600. The equipment was used for 8,700 hours during Year 1, 7,380 hours in Year 2, and 3,920 hours in Year 3. Required: 1. Determine the amount of depreciation expense for the three years ended December 31 by (a) the straight-line method, (b) the units-of-activity method, and (c) the double-declining-balance method. Also determine the total depreciation expense for the three years by each method. (Note: For STRAIGHT-LINE ONLY, round the first two years to the nearest whole dollar, then round the third year as necessary. For DECLINING BALANCE ONLY, round the multiplier to five decimal places. Then round the answer for each year to the nearest whole dollar.) 2. What method yields the highest depreciation expense for Year 1
Answer:
Straight-line method: $36,667 yearly depreciation expense for 3 years. Unit-of-production method: Year 1 - $47,850, Year 2 - $40,590, Year 3 - $21,560Double-declining method: Year 1 - $77,737, Year 2 - $25,910, Year 3 - $6,353Total for 3 years is $110,000 for all the depreciation methods.
Explanation:
(A) Under straight-line method, depreciation expense is (cost - residual value) / Estimated useful life = ($116,600 - $6,600) / 3 years = $36,667 yearly depreciation expense.
Accumulated depreciation for 3 years is $36,667 x 3 years is $110,000.
(B) The unit-of-production method is used when the asset value closely relates to the units of output it is able to produce. It is expressed with the formula below:
(Original Cost - Salvage value) / Estimated production capacity x Units/year
At Year 1, depreciation expense (DE) is: ($116,600 - $6,600) / 20,000 operating hours x 8,700 hours = $47,850
At Year 2, depreciation expense (DE) is: ($116,600 - $6,600) / 20,000 operating hours x 7,380 hours = $40,590
At Year 3, depreciation expense (DE) is: ($116,600 - $6,600) / 20,000 operating hours x 3,920 hours = $21,560
Accumulated depreciation for 3 years is $47,850 +$40,590 + $21,560 = $110,000.
Note that this depreciation method results in higher depreciation charge when the asset is heavily used, at this time, it was in Year 1.
(C) The double-declining method is otherwise known as the reducing balance method and is given by the formula below:
Double declining method = 2 X SLDP X BV
SLDP = straight-line depreciation percentage
BV = Book value
SLDP is 100%/3 years = 33.33%, then 33.33% multiplied by 2 to give 66.67% or 2/3
At Year 1, 66.67% X $116,600 = $77,737
At Year 2, 66.67% X $38,863 ($116,600 - $77,737) = $25,910
At Year 3, 66.67% X $12,953 ($38,863 - $25,910) = $8,636. This depreciation will decrease the book value of the asset below its salvage value $12,953 - $8,636 = $4,317 < $6,600. Depreciation will only be allowed up to the point where the book value = salvage value. Consequently the depreciation for Year 3 will be $6,353.
Accumulated depreciation for 3 years is $77,737 + $25,910 + $6,353 = $110,000.
Alden Trucking Company is replacing part of their fleet of trucks by purchasing them under a note agreement with Kenworthy on January 1, 2009. The note agreement will require $10 million in annual payments starting on December 31, 2009 and continuing for a total of five years (final payment December 31, 2013). Kenworthy will charge Alden Trucking Company the market interest rate of 10% compounded annually.
Required:
1. How much will Alden record as a debit to their equipment account and as acredit to their notes payable account on January 1, 2009?
2. How much ofthe first $10 million payment on December 31, 2009 isinterest?
3. What is theremaining obligation on January 1, 2010 after the first payment hasbeen made?
Answer:
1. $37,907,868
2. $3,790,787
3. $31,698,654
Explanation:
The cost of the trucks according to IAS 16, is the amount of cash or cash equivalent paid or the fair value of the other consideration given to acquire an asset at the time of its acquisition.
Thus=, we need to find the Fair Value or Present Value of the Note as Follows:
Pmt = $10,000,000
P/yr = 1
i = 10%
N = 5
Pv = ?
Pv = 37,907,868
Therefore Alden will record $37,907,868 as a debit to their equipment account and as a credit to their notes payable
Interest on First Payment = $37,907,868×10%
= $3,790,787
Remaining Obligation = $37,907,868 - $6,209,213 (Capital Portion) - $3,790,787 (Interest Portion)
= $31,698,654
Discuss economic theory related to the quote above. Be sure to include a definition of Labor Force Participation Rate (LFPR) within your discussion. Locate and incorporate outside research that gives evidence and explanation as to the possible causes of these declines in the Labor Force Participation rate. Integrate biblical insights into your discussion board thread. In what way does scripture influence our decision to work
Answer:
The labor force is the group of individuals for employment. The labor force investment rate is the proportion of labor force partitioned by all out populace of the applicable age. As per month to month work survey, the labor force support rate keeps on falling. As indicated by different market analysts, this wonder is because of the blend of segment, basic, and repetitive elements. Also, due to LFPR , the support of youth and the primary age bunch is required to decay. Likewise, the investment paces of laborers of more seasoned age are additionally anticipated to increment, yet remain essentially lower than those of the prime age group. These aspects have applied descending weight on the general labor force support proportion over the 2012–2022 time period and the proportion is relied upon to decrease further, to 61.6% in 2022.
The drawn out issue of joblessness is because of repetitive and auxiliary reasons, when numerous individuals the segment organization of a nation mirrors the portions of men, ladies, and the distinctive age, race, and ethnic gatherings inside that populace. The case of the time of increased birth rates age in segment change influences the labor force investment rate. Consistently after 2000, the portion of the time of increased birth rates populace has moved into the 55-years-and-more seasoned age bunch which transfers from the principal age gathering to one with considerable lesser investment proportions, origins the general cooperation of the labor force to decay.
Brooke and John formed a partnership. Brooke received a 40% interest in partnership capital and profits in exchange for contributing land (basis of $30,000 and fair market value of $120,000). John received a 60% interest in partnership capital and profits in exchange for contributing $180,000 of cash. Three years after the contribution date, the land contributed by Brooke is sold by the partnership to a third party for $150,000. What gain must Brooke recognize on the land contribution when establishing the partnership
Answer:
$102,000
Explanation:
According to 26 US code Section 704(c) - Partner's distributive share :
Taxable gain to be recognized from sale = Sale value - ( Partner's share * Fair market value )
Brooke contributed the land, the gain realized before the land was contributed = $120,000 - $90,000 will be allocated entirely to her. She will also be allocated 40% of the gain after the contribution was made = ($150,000 - $120,000) x 40% = $30,000 x 40% = $12,000.
So the total gain recognized by Brooke will be $90,000 + $12,000 = $102,000.
Partnerships are pass through entities, the partners are taxed, not the partnership itself.
Beresford Inc. purchased several investments in debt securities during 2020, its first year of operations. The following information pertains to these securities. The fluctuations in their fair values are not considered permanent. Held-to-Maturity Securities: Fair Value 12/31/2020 Fair Value 12/31/2021 Amortized Cost 12/31/2020 Amortized Cost 12/31/2021 ABC Co. Bonds $ 389,000 $ 414,000 $ 381,500 $ 374,000 Trading Securities: Fair Value 12/31/2020 Fair Value 12/31/2021 Cost DEF Co. Bonds $ 59,000 $ 70,000 $ 75,400 GEH Inc. Bonds $ 61,000 $ 91,000 $ 53,000 IJK Inc. Bonds $ 58,000 $ 52,500 $ 46,900 Available-for-Sale Securities: Fair Value 12/31/2020 Fair Value 12/31/2021 Cost LMN Co. Bonds $ 153,400 $ 166,700 $ 154,000 What balance sheet amount would Beresford report for the total of its investments in bonds at 12/31/2020
Answer:
Check the explanation
Explanation:
Kindly check the attached image below to see the step by step explanation to the question above.
Medallion Cooling Systems, Inc., has total assets of $9,800,000, EBIT of $2,050,000, and preferred dividends of $201,000 and is taxed at a rate of 40%. In an effort to determine the optimal capital structure, the firm has assembled data on the cost of debt, the number of shares of common stock for various levels of indebtedness, and the overall required return on investment:
Capital structure/debt Cost of debt Number of stock shares Rate of return
0% 0% 200,000 12.3%
15 7.8 175,000 13.1
30 9.1 140,000 14.2
45 12.1 111,000 16.3
60 15.2 75,000 20.1
Calculate earnings per share for each level of indebtedness.
Answer:
Earnings per share:
0% debt = $5.145 per share
15% debt = $5.487 per share
30% debt = $6.203 per share
45% debt = $6.386 per share
60% debt = $6.570 per share
Explanation:
The earnings per share is the monetary value of how much each share of common stock outstanding has earned. The earnings per share can be calculated by dividing the Net Income attributable to common stockholders by the number of common stock shares outstanding.
Net Income attributable to Common stockholders = Net Income - Preferred stock dividends
Thus, Earnings per share = (Net Income - Preferred stock dividends) / Number of common stock shares outstanding
To calculate Earnings per share at each level of indebtedness, we first need to calculate the net income at each debt level. The net income will change as interest is deducted before calculating net income.
Net Income = EBIT - interest - tax
Total debt = Total assets * weightage of debt in capital structure
Tax = EBT * tax rate
a. 0% debt
Net Income = 2,050,000 - 0 - (2050000 * 0.4) = $1,230,000
Earnings per share = (1230000 - 201000) / 200000 = $5.145 per share
b. 15% debt
Total debt = 9,800,000 * 0.15 = 1470000
EBT = 2,050,000 - (1470000 * 0.078) = $1935340
Net Income = 1935340 - ( 1935340 * 0.4) = $1161204
Earnings per share = (1161204 - 201000) / 175000 = $5.487 per share
c. 30% debt
Total debt = 9,800,000 * 0.30 = 2940000
EBT = 2050000 - (2940000 * 0.091) = $1782460
Net Income = 1782460 - (1782460 * 0.4) = $1069476
Earnings per share = (1069476 - 201000) / 140000 = $6.203 per share
d. 45% debt
Total debt = 9,800,000 * 0.45 = 4410000
EBT = 2050000 - (4410000 * 0.121) = $1516390
Net Income = 1516390 - (1516390 * 0.4) = $909834
Earnings per share = (909834 - 201000) / 111000 = $6.386 per share
e. 60% debt
Total debt = 9,800,000 * 0.60 = 5880000
EBT = 2050000 - (5880000 * 0.152) = $1156240
Net Income = 1156240 - (1156240 * 0.4) = $693744
Earnings per share = (693744 - 201000) / 75000 = $6.570 per share
Clyde operates a sole proprietorship using the cash method. This year Clyde made the following expenditures: $480 to U.S. Bank for 12 months of interest accruing on a business loan from September 1 of this year through August 31 of next year even though only $160 of interest accrued this year. $600 for 12 months of property insurance beginning on July 1 of this year. What is the maximum amount Clyde can deduct this year?
Answer:
$760
Explanation:
Clyde
Interest is been deducted proportionately and the interest of 4 months of this year will be deductible – ($480/12) × 4 months
= $160
12-month rule also applies to insurance and t the full amount of insurance is as well deductible.
Hence:
Maximum deduction
= $160 interest + $600 insurance
= $760
Therefore the maximum amount Clyde can deduct this year is $760
Consider two independent firms, BU1 and BU2, which transact with each other through spot market transactions in a competitive market. In a typical year, BU1 incurs total costs of $2 million in producing goods that BU2 buys. BU2 would be willing to pay up to $7.5 million for these goods, but because of the competitive market, ends up paying $5 million. What is the value captured by BU1 from these transactions?
Answer:
Value captured by BU1 = $5.5 million
Explanation:
Given:
Two firm = BU1 , BU2
BU1 cost of production = $2 million
BU2 will able to pay up-to = $7.5 million
BU2 will pay = $5 million:
Find:
Value captured by BU1 = ?
Computation:
⇒ Value captured by BU1 = BU2 will able to pay up-to - BU1 cost of production
⇒ Value captured by BU1 = $7.5 million - $2 million
⇒ Value captured by BU1 = $5.5 million
Based on the information given the value captured by BU1 from these transactions is $3 million.
The value captured by the seller (BU1)
Seller value =Value BU1 is willing to sell -Value at which he sold
Where:
Value BU1 is willing to sell=$5 million
Value at which he sold=$2 million
Let plug in the formula
Seller value=$5 million-$2 million
Seller value= $3 million
Inconclusion the value captured by BU1 from these transactions is $3 million.
Learn more here:https://brainly.com/question/24170754
Runner Sprintz, a particular brand of shoes, has its own website, myrunnersprintz that welcomes consumers to "the Runner Sprintz Century," invites readers to post their Runner Sprintz stories, and offers a wide variety of shoes for direct purchase. The site even allows customers to individually design their own shoes and share them among their circles on the website. Which of the following best describes myrunnersprintz? A. corporate website B. blog C. Web directory D. digital catalog E. branded community website
Answer:
E. branded community website
Explanation:
-Corporate website is a website that is used to provide information about a company or brand.
-Blog is a site in which you can publish informal content in the form of articles that are called posts.
-Web directory is a list of sites published online.
-Digital catalog is an online publication that shows the products or services offered by a business.
-Branded community website is a website created by a company in which it tries to connect with the group of people that are fans of the brand and provide a space that is controlled by the company in which they can share ideas and give feedback.
According to this, the answer is that the option that best describes myrunnersprintz is branded community website.
Suppose the market for widgets can be described by the following equations: Demand: P equals 14minus2.00Q Supply: P equals 2.00Qminus4, where P is the price in dollars per unit and Q is the quantity in thousands of units. What is the equilibrium price and quantity? The equilibrium quantity is 4.5 thousand units and the equilibrium price is $ 5. (Enter your responses rounded to two decimal places.) Suppose the government imposes a tax of $1 per unit to reduce widget consumption and raise government revenues. What will be the new equilibrium quantity? What price will the buyer pay? What amount per unit will the seller receive? The new equilibrium quantity will be 4.25 thousand units. (Enter your response rounded to two decimal places.) The price paid by buyers will be $ 5.5. (Enter your response rounded to two decimal places.) The amount kept by sellers will be $ 4.5. (Enter your response rounded to two decimal places.)
Answer:
Explanation:
Demand P = 14 - 2Q
Supply P = 2Q - 4
Since Demand = Supply
14 - 2Q = 2Q - 4
Collect the like terms on either side
-2Q - 2Q = -4 - 14
-4Q = -18
Dividing both sides by -4, we will have
Q = -18/-4
Q = 4.50 units
P = 14 - 2Q
P = 14 - 2(4.5)
P = 14 - 9
P = $5.00
Therefore Equilibrium price is $5.00 and Equilibrium unit is 4.50
If the government impose a tax of $1 per unit. If price paid but buyer is P, then price received by seller will be (P - 1)
for demand
P = 14 - 2Q
2Q = 14 - P
Q = 7 - 0.5P
For supply
P = 2Q - 4
Q = 2 + 0.5P
Q = 2+ 0.5(P - 1)
Q = 2 + 0.5P - 0.5
Q = 2-0.5 + 0.5P
Q = 1.5 + 0.5P
if Demand = Supply
7 - 0.5P = 1.5 + 0.5P
Collect the like terms on either sides
-0.5P - 0.5P = 1.5 - 7
-1P = -5.5
Dividing both sides by -1, we will have
P = -5.5/-1
P = $5.50
Q = 1.5 + 0.5P
If we substitute 5.5 for P in the above eqn, we will have
Q = 1.5 + 0.5(5.5)
Q = 1.5 + 2.75
Q = 4.25 units
You are an experienced small business owner who would like to become a franchisee of Quick Burger, a nationwide franchise of fast food restaurants. There are some Quick Burger restaurants in your area, but not so many that another franchise would be profitable. Before joining the franchise, you want to make sure that the essential terms are clear to both parties. Discuss potential issues you would need to resolve before entering into a franchise contract with Quick Burger.
Answer:
In the situation in question, there are various things that need to be settled until the license contract is signed into. The first problem is the clarification on the territorial features of the company when separate branches of the very same network run which that create friction.
The second problem is the range, vocabulary, and style of franchise marketing strategies as heavy marketing, may damage one another's franchise consumers, and may harm the company in general. The third problem is the localisation-based exchange of information with both the franchise.
Whether it be the unified business center or customers that decide. Not considering it, could hurt the new franchisor. The fourth problem seems to be the exchange with other franchises of company data or data from my current customer base to support them.
Department G had 2,400 units 25% completed at the beginning of the period, 13,300 units were completed during the period; 2,000 units were 20% completed at the end of the period, and the following manufacturing costs debited to the departmental work in process account during the period:
Work in process, beginning of period $32,200
Costs added during period:
Direct materials (12,900 units at $9) 116,100
Direct labor 75,000
Factory overhead 25,000
All direct materials are placed in process at the beginning of production and the first-in, first-out method of inventory costing is used. What is the total cost of the units started and completed during the period (round unit cost calculations to four decimal places and round your final answer to the nearest dollar)?
a. $197,947
b. $181,306
c. $164,665
d. $98,100
Answer:
The total cost of the units started and completed during the period is $181,306. The right answer is b
Explanation:
In order to calculate the total cost of the units started and completed during the period we would have to calculate the Equivalent units as follows:
Equivalent units:
Whole units material conversion
Beginning units 2,400 0 1,800(75%)
Units started and complete 10,900 10,900 10,900
(13,300-2,400)
Total transferred 13,300 10,900 $ 12,700
Ending units 20,00 2,000 400(20%)
Equivalent units 15,300 12,900 13,100
Equivalent cost per unit:
Material conversion
Cost incurred this period $116,100 $100,000
÷ equivalent units ×12,900 ÷13,100
Cost per equivalent unit $9 $7.6336
Therefore, the total cost of the units started and completed during the period =10,900 units×($9+7.6336)
=$181,306
The cash account for Coastal Bike Co. at October 1, 20Y9, indicated a balance of $5,140. During October, the total cash deposited was $39,175, and checks written totaled $40,520. The bank statement indicated a balance of $8,980 on October 31, 20Y9. Comparing the bank statement, the canceled checks, and the accompanying memos with the records revealed the following reconciling items: a. Checks outstanding totaled $5,560. b. A deposit of $1,050 representing receipts of October 31, had been made too late to appear on the bank statement. c. The bank had collected for Coastal Bike Co. $2,120 on a note left for collection. The face of the note was $2,000. d. A check for $370 returned with the statement had been incorrectly charged by the bank as $730. c. A check for $310 returned with the statement had been recorded by Coastal Bike Co. as $130. The check was for the payment of an obligation to Rack Pro Co. on account. e. Bank service charges for October amounted to $25. f. A check for $880 from Bay View Condos was returned by the bank due to insufficient funds.
Answer:
Explanation:
Bike Co.
Bank Reconciliation
Cash balance according to Bank statement 8,980
Add:Deposits of May 31,not recorded by bank 1,050
Add:Bank error in charging checks as 730instead of $370 360 1,410
10,390
Deduct:checks outstanding 5,560
Adjusted balance 4,830
Cash balance according to company records 3795 (5140+39175-40520)
Add:collection of note 2,120
5915
Deduct: Error in recording cheque (310-130) 180
Bank service charge 25
NSF 880 1,085
Adjusted balance 4,830
2) Journal entries'
a 31-May Cash 2,120
Note receivable 2,000
interest revenue 120
b. 31-May Accounts payable-rack pro co 180
Miscellaneous expense 25
account receivable 880
cash 1,085
3) 4,830
Kellen orders 1,000 pounds of strawberries from Lucy so he can make his famous strawberry sundaes at his ice cream store. Lucy ships him 1,000 pounds of blueberries instead. Kellen puts the blueberries in cold storage and notifies Lucy that she sent the wrong stuff. Lucy does not pay for the storage. Kellen sells the blueberries to a grocery store, keeping a commission on the sale and sending the rest of the money to Lucy. This sale represents _____.
a. a mitigation of damages.b. rescission and restitution.c. specific performance.d. a breach of contract.
Answer:
B. Rescission and Restitution
Explanation:
This sale represents rescission and restitution.
Rescission can be describe as when the contract is voided, and the parties are placed in the same position as if they had never joined in the first place.
Restitution can be defined as when item or the monetary worth of item loss is returned to the rightful owner.
Here Lucy ships 1,000 pounds of blueberries instead of strawberries and Kellen sold blueberries to grocery store shows rescission whereas Kellen sends the money of sale to Lucy shows restitution.
Learn more: https://brainly.com/question/21543929
Marcellus Company is involved in a lawsuit. Footnote disclosure of the contingent liability which could arise does not have to be presented if the probability of Marcellus owing money as a result of the lawsuit is A) reasonably possible and the amount cannot be reasonably estimated. B) probable and the amount cannot be reasonably estimated. C) reasonably possible and the amount can be reasonably estimated. D) remote and the amount can be reasonably estimated.
Answer:
The answer is option B) probable and the amount cannot be reasonably estimated.
Explanation:
Contingency liability is the likelihood that a liability might occur sometimes in the future in the face of uncertain circumstances. To validate a contingency liability, the fa cts presented has to be reasonably possible and reasonably estimated.
in the case of Marcellus Company, footnote disclosure of the contingent liability which could arise does not have to be presented if the probability of Marcellus owing money as a result of the lawsuit is probable and the amount cannot be reasonably estimated.
Assume that the electricity from nuclear power has become a preferred source of electricity because it is cleaner than electricity produced by burning coal. At the same time, new regulations make it more expensive to produce electricity from nuclear power. What are the consequences?
Answer:
The answer to this question can be described as follows:
Explanation:
In the given statement some information is missing that is choices so, the correct choice can be described as follows:
The most important source of electricity is nuclear energy. It will boost demand for the nuclear energy century of electric power. The demand curve also is moving to the right. At the very same time, it increases in power generation rates would also increase the cost of energy generation via nuclear power plant. This will lead to a shift to the left. The nuclear demand curve will change to just the right and the nuclear power source will switch to the left. It will lead to an increase in the balance cost value with an uncertain shift in the balance quantities.A car dealership promotes cars by donating a percentage of each sale to local charities. A beverage company gives free branded towels to the first 7,000 attendees at a football game.
A. differentiated by perception
B. differentiated by service
C. differentiated by brand name/advertising
D. differentiated by quality/design
E. differentiated by location
Answer:
The correct option is A) differentiated by perception
Explanation:
Differentiation communicates how a particular business is creating more value than her competitors which justifies charging higher rate for products and services.
One way to successfully create differentiation is by perception. the way customers see and identify with your brand is directly proportional to a strong value proposition, distinct features, quality service, strong brand identity and corporate social responsibility.
The car dealership by donating a percentage of each sales is seen as a responsive organization that identifies with the needs of the community.
The beverage company by giving towels to attendees in a football game met a need and sold their brand identity at the same time. they will be perceived as a superior beverage company that genuinely cares and identifies with people's area of interest.
On 3/1/14 Fox Corp bought back 1,000 shares of their common stock for $15 per share. There were no shares in the treasury prior to that. On 5/23/14 they sold 200 of those shares for $17 each. On 6/19/14 they sold another 400 shares of those shares for $10 per share. Consider writing out all of your entries on scratch paper to assist you in answering questions 31 and 32. What will the remaining balance in the treasury stock account be after all of the above transactions have been recorded
Answer:
For question (31) $ 6000 (32) The net impact on retained earning is 1600 (Which is a negative
Explanation:
Question 31
No. Rate Value
Purchase of Treasury Stock 1000 15 15000
Less: Sold on 5/23/14 200 15 3000
Less: Sold on 6/19/14 400 15 6000
Net remaining value 6000
Note: to calculate the closing value of treasury stock, rate of selling stock need to be taken same as of date of purchase.
For question 31 the answer is $ 6000
Question 32
Impact on retained earning on first sale
No. Rate Value
Sale VALUE 200 17 3400
Less: Purchase of Treasury Stock 200 15 3000
Credit Retained earning 400
Impact on retained earning on second sale
No. Rate Value
Sale VALUE 400 10 4000
Less: Purchase of Treasury Stock 400 15 6000
Debit Retained earning -2000
Net Impact on retained earning 1600 (Negative i.e. Debit)
Therefore the remaining balance in the treasury stock account be after all of the above transactions have been recorded is $6000
Note: Kindly find an attached copy of the complete question to this solution
Happy Hands Is A Monopolistically Competitive Firm That Faces The Following Demand Schedule For Its Gloves. In the long run, what is the likely outcome for Happy Hands?
A. Happy Hands will no have any excess capacity.
B. Happy Hands will not charge a price that is exactly equal to the marginal cost.
C. Happy Hands firm will not have any markup to its price.
D. Happy Hands will face lower demand and reach a long run equilibrium at a lower price.
Answer:B
Explanation:
Happy Hands will not charge a price that is exactly equal to the marginal cost, which is the likely outcome for Happy Hands. Therefore option B is correct.
What is Monoplantic?Possessing or attempting to have total control over anything, especially over a business area, without allowing others to participate: She didn't think the fine was enough to stop monopolistic behavior by large producers. The business is charged with monopolistic behavior. Look up the monopoly.
Monopolistic competition has the following characteristics:
The existence of numerous businesses
Each business creates things that are comparable but different.
Companies do not accept prices.
Free admission and exit from the sector Businesses compete on the basis of the goods' quality, cost, and marketing strategy
To know more about Monoplantic follow the link.
https://brainly.com/question/28484819
#SPJ2
Which of the following statements correctly describes the effects of price controls? A. They cause demand disruptions and could lead to widespread unemployment. B. Imposing these in inflationary times is economically destructive. C. Firms profitably sell goods and services at the prices set by the government. D. They cause the quantity supplied to exceed the quantity demanded. The cost to a business from frequently changing its prices due to high inflation rates is called ▼ opportunity cost seigniorage menu cost . Suppose the government prints and spends new currency. Which of the following statements are true in this case? (Check all that apply). A. The citizens gain because their government has more money to spend. B. Printing/spending an enormous amount of new currency is socially beneficial. C. The citizens lose because the resulting inflation reduces the real value of the currency that they already hold. D. Printing/spending a modest amount of new currency is socially beneficial. Click to select your answer(s).
Answer:
Option a and b
Option C
Explanation:
A . In simple words, price control refers to the limits on the rates that can be paid for good and services produced in a marketplace that are set up and imposed by central govt.
The purpose behind these restrictions may derive from the need to preserve the availability of products even through skills shortages, and to further delay inflation, or, instead, to help ensure a guaranteed minimum income as well for manufacturers of such products or to seek to obtain a decent living wage.
B. In simple words, due to printing of new currency the supply of money ion the market would increase which will lead to inflation in the economy which will further lead to loss in value of the existing money in hand on the individuals.
George Weston Limited, a Canadian food processing and distribution company, is one of the world's largest producers of breads. Refer to the scenario. The company owns the Wonder bread brand. When Weston introduced whole grain white bread, which gives kids the bread texture and colour they recognize and love and parents the vitamins they want for their children, what was it an example of?
Answer:
c. Mix width
Explanation:
Product mix width can be defined as the total number of product lines that a company has to sell.
As an example, we can mention a cosmetics company that manufactures four different types of products, such as jewelry, perfumes, clothes and makeup.
Companies use the strategy of having different product lines because they add benefits such as attracting more consumers and gaining a larger share of the market.
Weston introduced whole grain white bread, which gives kid the bread texture and color they realize and love and parents the vitamins they want for their children, is the example of Product Mix width.
What is the product mix width?The product mix width is defined as the number of product lines that attach to sales. In short, it means the total amount of product lines that a company has to sell.
Example:
Refer to a cosmetics company that make up or deals with the four different types of products, like adornment or jewelry, toiletries, clothes and makeup.
Companies use the strategy of mix width of having various product lines because they increase goods and their benefits, such as forcing some more consumers and deriving a bigger share of the market.
In the above case, George Weston Limited produces whole grain white bread, means the company uses the mix width production strategy to increase their sales and wealth.
Therefore, the company uses the production mix width method of marketing.
To learn more about the mix width, refer to:
https://brainly.com/question/9644044
