Answer:
a. Journal Entry to record the jobs completed:
Debit Finished Goods Inventory $178,710
Credit Work in Process $178,710
To record the jobs completed.
b. The cost of the unfinished jobs at August 31 is:
= $23,080
Explanation:
a) Data and Analysis:
Work in Process
Account Titles Debit Credit
Balance, August 1 $8,920
Direct materials 72,520
Direct labor 78,230
Factory overhead 41,120
Finished goods inventory $178,710
Balance (unfinished jobs) 23,080
Total $201,790 $201,790
Jobs finished during August are summarized as follows:
Job 210 $36,140
Job 216 22,090
Job 224 42,170
Job 230 78,310
Total $178,710
a. Journal Entry Analysis to record the jobs completed:
Finished Goods Inventory $178,710 Work in Process $178,710
b. The cost of the unfinished jobs at August 31 is:
= Total of work in process Minus Finished Goods
= $201,790 - $178,710
= $23,080
On July 1, Hanson Corporation issued 10 shares of $100 par value preferred stock for cash of $1,000 per share. Write down the necessary journal entry.
Answer:
Debit Cash 10,000
Credit Preferred stock 1000
Credit Paid in capital in excess of par value 9,000
Explanation:
Preparation of the necessary journal entry
July 1
Debit Cash 10,000
($10*1,000)
Credit Preferred stock 1000
Credit Paid in capital in excess of par value 9,000
($10,000-$1,000)
Answer:
Explanation:
Answer:
Debit Cash 10,000
Credit Preferred stock 1000
Credit Paid in capital in excess of par value 9,000
Explanation:
Preparation of the necessary journal entry
July 1
Debit Cash 10,000
($10*1,000)
Credit Preferred stock 1000
Credit Paid in capital in excess of par value 9,000
($10,000-$1,000)
A student takes out a $10,000, 10-year loan with two possible repayment plans, (i) immediate repayment or (ii) a grace period during the college years. The student takes 5 years to graduate. The interest rate is 8%, compounded annually and the loan is paid off as a yearly lump sum. Since the bank is a for-profit business (beholden to its shareholders and required to maximize profit), the bank intends to receive the same return on this loan either way. How much are the annual payments under option (i) and option (ii)
Answer and Explanation:
The calculation is given below:
(i) Immediate Repayment:
Let us assume the annual repayments be $ P
So
$10,000 = P × (1 ÷ 0.08) × [1 - {1 ÷ (1.08)^(10)}]
$10,000 = P × 6.71008
P = $10,000 ÷ 6.71008
= $1490.3
(ii) Grace Period of 5 years:
Let us assume the annual repayments be $N
Now
Accumulated Loan Value after 5 years is
= $10,000 × (1.08)^(5)
= $14,693.3
So, $14,693.3 = N × (1 ÷ 0.08) × [1-{1 ÷ (1.08)^(10)}]
$14,693.3 = N × 6.71008
N = 14693.3 ÷ 6.71008
= $2189.74
A possible advantage of a horizontal merger for the economy is that: Select one: A. the merging firms could avoid losses B. the degree of competition in the industry will be intensified C. the merged firm might reap economies of scale which could translate into lower prices D. the government stands to collect more corporate income tax revenue.
Answer:
The answer is "Option c".
Explanation:
The potential value of horizontal economic fusion would be that the fusion company can generate an economy of scale that may result in lower prices. One of the advantages of vertical fusion is once merging companies possess economies of scale through fusion, enabling them to cut production costs & helping companies to benefit from it.
The most likely effect of an decrease in income tax rates would be a(n): increase in interest rates. decrease in the supply of loanable funds. decrease in the savings rate. all of the above would occur none of the above would occur
Answer: none of the above would occur
Explanation:
When there are lower tax rates, people will have more disposable income left aft paying taxes. It is from this disposable income that people are able to save so if it increases, they will be able to save more.
When they save more, supply of loanable funds will increase because loanable funds come from savings. Interest rates would therefore decrease because there are now more loanable funds.
Income tax rate are taxes placed or collected on income of people. The most likely effect of an decrease in income tax rates would be none of the above would occur
Lower tax rates often leads to the following:
An increase the demand for assets An increase in the supply of labor.The economy will react to it by having with lower interest rates, higher employment, higher investment and faster economic growth. It often increase the spending power of consumers It also increase aggregate demand, resulting to higher economic growth.Learn more from
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a. A consulting firm that is for sale has an annual operating cash flow of $2,000,000 assuming no future growth in cash flow, what is the value of this business at a 50% cost of capital.
Answer: $4,000,000
Explanation:
Based on the information given in the question, the value of this business at a 50% cost of capital will be calculated thus:
= Annual cash flow / Cost of capital
= $2,000,000 / 50%
= $2,000,000 / 0.5
= $4,000,000
Therefore, the value of the business is $4,000,000.
California laws requires that renters be paid interest on their security deposits. You are considering renting a one bedroom uni at The Sterling Heights Apartments, where a $1,500 security deposit is required. You plan to live there about three years. If you expect 2 percent a year how much interest should you expect to receive when you move out in three years
Elite Trailer Parks has an operating profit of $256,000. Interest expense for the year was $33,800; preferred dividends paid were $31,800; and common dividends paid were $38,000. The tax was $66,400. The firm has 17,500 shares of common stock outstanding. a. Calculate the earnings per share and the common dividends per share for Elite Trailer Parks. (Round your answers to 2 decimal places.) b. What was the increase in retained earnings for the year
Answer and Explanation:
The computation is shown below:
Operating profit $256,000
Less: interest expense -$33,800
EBT $222,200
Less : taxes -$66,400
Net income $155,800
a.EPS is
= Net income ÷ Common stock outstanding
= $155,800 ÷ 17500
= $8.90
Common dividend per share is
= Common dividends paid ÷ Common stock outstanding
= $38000 ÷ 17500
= $2.17
b.Increase in retained earnings is
= Net income - Preferred dividends - Common dividends
= $155,800 - $31,800 - $38000
= $86,000
The Kretovich Company had a quick ratio of 1.0, a current ratio of 3.5, a days' sales outstanding of 36.5 days (based on a 365-day year), total current assets of $980,000, and cash and marketable securities of $115,000. What were Kretovich's annual sales
Answer:
Total sales = $1650000
Explanation:
Below is the given values:
Quick ratio = 1.0
Current ratio = 3.5
Current assets = $980000
Marketable security = $115000
Current ratio=Current assets/Current liabilities
3.5 = 980000 / Current liabilities
Current liabilities = 980000/3.5
Current liabilities = 280000
Quick ratio=Quick assets/Current liabilities
1.0 =Quick assets/280000
Quick assets = 1.0 x 280000 = 280000
Quick assets = Marketable security + Accounts receivable
Accounts receivable = 280000 - 115000
Accounts receivable = $165000
Days sales outstanding=(Accounts receivable/Total sales)*Days in a period
36.5 = (165000 / total sales ) x 365
Total sales=$165,000/(36.5 days/365 days
Total sales = $1650000
Hammond Supplies expects sales of 117,106 units per year with carrying costs of $2.82 per unit and ordering cost of $4.14 per order. Assuming the level of inventory is stable, what is the optimal average number of units in inventory
Economic order quantity: sqrt( (2 x annual
Sales x ordering cost)/ carrying cost)
EOQ = sqrt(2x117106x4.14)/2.82)
EOQ = 586.38
Optimal average in inventory = EOQ/2
Inventory = 586.38/2 = 293.19
Round up:
Answer: 294 units
What is the term for a portion of a company's profit paid to common and preferred shareholders? For example: a stock selling for $20 per share has an annual ________ of $1 per share, yielding the investor guaranteed gains of 5% annually.
Answer:
Dividend
Explanation:
The dividend is the amount of the portion that should be paid to the common and preferred shareholders
Like in the question it is mentioned that the stock has been sold for $20 per share that contains the annual dividend of $1 per share where the investor guaranteed of gaining 5% on annual basis
So it is a dividend
The same is relevant and considered too
On January 1, 20Y2, Hebron Company issued a $175,000, five-year, 8% installment note to Ventsam Bank. The note requires annual payments of $43,830, beginning on December 31, 20Y2.Journalize the entries to record the following:
Answer and Explanation:
The journal entries are shown below:
1. Cash Dr $175,000
To note payable $175,000
(being note payable is issued)
2. Interest expense Dr (8% of $175,000) $14,000
To interest payable $14,000
(being interest expense is recorded)
3. Interest payable $14,000
Note payable $29,830
To cash $43,830
(being cash paid is recorded)
4. Interest expense $6,253
To interest payable $6,253
(being interest expense is recorded)
5. Interest payable $6,253
Note payable $37,577
To cash $43,830
(being cash paid is recorded)
Portside Watercraft uses a job order costing system. During one month Portside purchased $173,000 of raw materials on credit; issued materials to production of $164,000, of which $24,000 were indirect. Portside incurred a factory payroll cost of $95,000, of which $25,000 was indirect labor. Portside uses a predetermined overhead rate of 170% of direct labor cost. The journal entry to record the issuance of materials to production is:
Answer:
Debit Work in Process Inventory $140,000
Debit Factory Overhead $24,000
Credit Raw Materials Inventory $164,000.
Explanation:
Preparation of The journal entry to record the issuance of materials to production
Based on the information given The journal entry to record the issuance of materials to production is:
Debit Work in Process Inventory $140,000
($164,000-$24,000)
Debit Factory Overhead $24,000
Credit Raw Materials Inventory $164,000
(To record the issuance of materials to production)
which of the following would be included in the set of electrical plans for individual residence?
A. Individual romex cables
B. Power panels to be installed
C. routes of cables
D. Wire sizes
Answer:
A. Individual romex cables
Explanation:
Individual romex cables would be included in the set of electrical plans for individual residence.
This is because they are a non-metallic sheathed cables, and they are flexible electrical cables which are popularly used in residential setups.
This cable comes with two insulated wires that include a ground copper wire that ensures safe passage of electrical current in case of any unfortunate event.
The Arthur Company manufactures kitchen utensils. The company is currently producing well below its full capacity. The Benton Company has approached Arthur with an offer to buy 15,000 utensils at $0.90 each. Arthur sells its utensils wholesale for $1.00 each; the average cost per unit is $0.96, of which $0.14 is fixed costs. If Arthur were to accept Benton's offer, what would be the increase in Arthur's operating profits
Answer:
$1,200
Explanation:
Since Arthur Company is producing below its capacity, it means it does not have to increase in plant capacity, I mean fixed costs in order to fulfil the special order, hence, in determining the increase in operating profits, we would only consider variable costs.
average cost per unit=variable cost per unit+fixed cost per unit
$0.96=variable cost per unit+$0.14
variable cost per unit=$0.96-$0.14
variable cost per unit=$0.82
Increase in operating profits=(special order price-variable cost per unit)*quantity of special order
special order price=$0.90
variable cost per unit=$0.82
quantity of special order=15000 utensils
Increase in operating profits=($0.90-$0.82)*15000
Increase in operating profits=$1,200
Assume two countries have the same nominal GDP (measured in the same currency using the same accounting rules). Give at least three reasons why you cannot assume that citizens in each country enjoy approximately the same level of economic well-being. Explain
Answer:
1. There might be different levels of price levels between the countries. The citizens in the country with the higher inflation would enjoy less economic wellbeing
2. Different populations. If GDP is the same and the population is different, the standard of living of citizens of the country with the higher population would be lower when compared with the standard of living of the country with the lower population
3. Different level of non-market activities. The country with the higher level of non-market activity would have more goods and services available for its citizens and this increases the standard of living of the citizens
Explanation:
Gross domestic product is the total sum of final goods and services produced in an economy within a given period which is usually a year
GDP calculated using the expenditure approach = Consumption spending by households + Investment spending by businesses + Government spending + Net export
Nominal GDP is GDP calculated using current year prices while Real GDP is GDP calculated using base year prices. Real GDP has been adjusted for inflation. It reflects the value of goods and services produced in an economy.
Factors that would make two countries with the same nominal GDP have the different level of wellbeing includes :
1. There might be different levels of price levels between the countries. The citizens in the country with the higher inflation would enjoy less economic wellbeing.
For example in country A, the real GDP is 20 while price level is $2. In country B, the real GDP is 10 while price level is $4. Nominal GDP in both countries is $40 but the price levels are different. Citizens in country A would have a higher standard of living when compared with citizens of country B
2. Different populations. If GDP is the same and the population is different, the standard of living of citizens of the country with the higher population would be lower when compared with the standard of living of the country with the lower population.
For example, the GDP of country A and B is 100. The population of country A is 10 while that of B is 20. The nominal GDP per capita in A is 10 and 5 in B. Citizens in country A would enjoy a higher standard of living when compared with citizens in country B
3. Different level of non-market activities. The country with the higher level of non-market activity would have more goods and services available for its citizens and this increases the standard of living of the citizens
All of the following are true regarding implied agreements EXCEPT which one?
An implied agreement is based on actions or behaviors.
An implied agreement is based on a formal
agreement
With an implied agreement it is possible that the other party did not intend to be bound.
With an implied agreement there is an increased chance of confusion.
Answer:
An implied agreement is based on a formal agreement.
Explanation:
A contract can be defined as an agreement between two or more parties (group of people) which gives rise to a mutual legal obligation or enforceable by law.
There are different types of contract in business and these includes: fixed-price contract, cost-plus contract, bilateral contract, implied contract, unilateral contract, adhesion contract, unconscionable contract, option contract, express contract, executory contract, etc.
Mutual assent is a legal term which represents an agreement by both parties to a contract. When two parties to a contract both have an understanding of the parameters, terms and conditions surrounding a contract, it ultimately implies that they are in agreement; this is generally referred to as mutual assent.
Simply stated, mutual assent connotes agreement, acceptance and consent to a contract by both parties.
An implied contract can be defined as an informal contract that exists based on an assumption or understanding between two or more parties, rather than on terms that are formally and specifically defined.
This ultimately implies that, an implied agreement is not based on a formal agreement but on assumptions or understanding between the parties involved.
All of the following are symptoms of organizations struggling with strategy disconnect and unclear priorities EXCEPT Multiple Choice inadequate resources. people are working on multiple projects and feel inefficient. frequent conflicts between managers. confused employees regarding which projects are more important. not enough projects within the portfolio to make a profit.
Answer:
All of the following are symptoms of organizations struggling with strategy disconnect and unclear priorities EXCEPT
not enough projects within the portfolio to make a profit.
Explanation:
Strategy disconnect does not support an organization to be consistent in its actions at every level. However, where the strategy is shared across board, there is an integrated and coordinated attempt at long-term planning with the organization positioned to exceed the needs of its customers and to achieve success. With strategy connect, the organization responds well to changes in its external environment and is able to allocate scarce resources for the improvement of its competitive position.
Emma noticed that she was almost out of gas, so she pulled into the nearest gas station and filled up her tank. Emma's decision on which gas to purchase is characterized by
Answer: a low level of purchase involvement
Explanation:
A low-involvement purchase simply means a decision making process that's abridged. In such situations, the buyer hardly does any information gathering, and he or she makes a simple and straightforward decision.
Since when Emma noticed that she was almost out of gas, she pulled into the nearest gas station and filled up her tank. Emma's decision here is straightforward as she doesn't analyse other alternatives. Therefore, it's a low level of purchase involvement.
You would like to have enough money saved to receive a growing annuity for 25 years, growing at a rate of 4 percent per year, with the first payment of $60,000 occurring exactly one year after retirement. How much would you need to save in your retirement fund to achieve this goal
The question is incomplete. The complete question is :
You would like to have enough money saved to receive a growing annuity for 25 years, growing at a rate of 4 percent per year, with the first payment of $60,000 occurring exactly one year after retirement. How much would you need to save in your retirement fund to achieve this goal? (The interest rate is 12%.)
Solution :
Given data :
pv of growing annuity, i = 0.04
Rate of interest, r = 0.12
Therefore,
[tex]$pv=\frac{60000}{(1+r) } + \frac{60000(1+i)}{(1+r)^2 } + \frac{60000(1+i)^2}{(1+r)^3 } + ...+ \frac{60000(1+r)^{24}}{(1+r)^{25} } $[/tex]
[tex]$pv=\frac{\frac{60000}{(1+r)}\left(1-\left(\frac{1+i}{1+r}\right)^{25}\right)}{1-\left(\frac{1+i}{1+r}\right)}$[/tex]
[tex]$pv=\frac{\frac{60000}{(1.12)}\left(1-\left(\frac{1.05}{1.12}\right)^{25}\right)}{1-\left(\frac{1.04}{1.12}\right)}$[/tex]
[tex]$pv = \frac{60000}{1.12} \times 11.80461368$[/tex]
[tex]$pv = \$ 632390.0191$[/tex]
pv = $ 632390.02 (rounding off)
A company that wanted to provide a single, unified entry point to its network that would allow different types of users access to different types of resources could do so by establishing a(n):____________.
A. enterprise portal.
B. broadband interface.
C. intranet.
D. mainframe network.
Answer: A. Enterprise portal
Explanation:
Enterprise portals is a relatively new type of information portal that works to integrate information and other processes in the company and allow different users in a company access to this information through different types of resources.
This ensures that the employees in the company can get information that they need in a timely and efficient manner and is the reason why enterprise portals are becoming increasingly popular.
The enterprise portal are used by company's that wanted to provide a single or unified entry point to its network to allow users access to different resources.
The Enterprise portals is an information portal that integrate information and processes in the company and allow users have access to this information..
The enterprise portals ensures that the employees in the company can get information that they need in a timely and efficient manner.
So, the enterprise portal are used by company's that wanted to provide a single or unified entry point to its network to allow users access to different resources.
Therefore, the Option A is correct.
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Fresh Veggies, Inc. (FVI), purchases land and a warehouse for $450,000. In addition to the purchase price, FVI makes the following expenditures related to the acquisition: broker's commission, $25,000; title insurance, $1,500; and miscellaneous closing costs, $5,200. The warehouse is immediately demolished at a cost of $25,000 in anticipation of building a new warehouse. Determine the amount FVI should record as the cost of the land
Answer:
$506,700
Explanation:
Calculation to determine the amount FVI should record as the cost of the land
Purchases land and a warehouse for $450,000
Add Commission $25,000
Add Title insurance $1,500
Add Miscellaneous closing costs $5,200
Add Demolished cost $25,000
Cost of the land $506,700
Therefore the amount FVI should record as the cost of the land is $506,700
The index weighting that results in portfolio weights shifting away from securities that have increased in relative value toward securities that have fallen in relative value whenever the portfolio is rebalanced is most accurately described as:_________
a) float-adjusted market-capitalization weighting.
b) fundamental weighting.
c) equal weighting.
Answer: B. Fundamental weighting.
Explanation:
A fundamentally weighted index refers to a type of equity index whereby the components that are chosen based on the fundamental criteria like the dividend rates, book value, revenue, dividend rates, etc.
Fundamental weighting is the index weighting which results in portfolio weights shifting away from securities that have increased in relative value toward securities that have fallen in relative value whenever the portfolio is rebalanced.
One observation we made this week was that consumer surplus is maximized at a price of zero. We also learned that this is impractical for market provided goods. If this is the case (and it is), why then do we choose free markets over the public provision of an important good like high-speed internet?
Answer:
The description of the given problem is described in the below explanation segment.
Explanation:
A supply as well as the demand-based economy with hardly any government regulation whilst general populace provisioning is fully controlled by the government, which would be aimed at satisfying person's welfare programs, is considered as the free market.
For commodities like the slightly elevated internet, we support free market rather than governmental provision for the aforementioned purposes:
In something like a free market system, buyers decide the final success or failure of the items.Throughout the event of general populace procurement then perhaps the capitalist economy, there seem to be numerous failures such as time delays as well as misinformation.Nathan and Diana are married and have three married children and seven minor grandchildren. For tax year 2020, what is the maximum amount they can give to the family (including the sons- and daughters-in-law) without using any of their unified transfer tax credit
Answer:
Maximum amount that can be given to family (including the sons- and daughters-in-law) without using unified transfer tax credit is $390,000.
Explanation:
Given the data in the question;
Nathan and Diana are married and they have 3 married children, meaning Nathan and Diana also have 3 daughters/sons in law married to their children. In addition, they have 7 minor grand children.
Number of donees will be ⇒ 3 + 3 + 7 = 13
Now, we know that; The annual gift tax exclusion for 2019-2020 is $15,000 per donee or individual for every tax payer while that of married couple is $30,000.
Meaning Nathan and Diana can give $30,000as a gift to each of their family members without using any of their unified transfer tax credit.
Hence,
Maximum amount that can be given to family (including the sons- and daughters-in-law) without using unified transfer tax credit will be;
⇒ 13 × $30,000
= $390,000.
Calculate the standard deviation of this scenario Outcome 1: Recession. Probability = 40%. Return = 7.38%. Outcome 1: Recovery. Probability = 60%. Return = 17.27%.
Answer:
4.845%
Explanation:
Expected return X = 0.40 * 7.38% + 0.60 * 17.27%
Expected return X = 0.02952 + 0.10362
Expected return X = 0.13314
Expected return X = 13.314%
Particulars Prob. Return(x) (x-Xbar) (x-Xbar)^2 Prob*(x-Xbar)^2
Recession 40% 7.38% -5.9340% 0.3521% 0.1408%
Recovery 60% 17.27% 3.9560% 0.1565% 0.0939%
Sum 0.2347%
Standard deviation = [tex]\sqrt{Sumof Prob*(x-Xbar)^2}[/tex]
Standard deviation = [tex]\sqrt{0.002347}[/tex]
Standard deviation = 0.0484458461
Standard deviation = 4.845%
CK Company stockholders expect to receive a year-end dividend of $5 per share and then be sold for $115 dollars per share. If the required rate of return for the stock is 20%, what is the current value of the stock
Answer:
$100
Explanation:
Calculation to determine what is the current value of the stock
Using this formula
P=(Dividend sold per share*Year-end dividend)/(1+Required rate of return)
Let plug in the formula
P = (115 + 5)/(1+.2)
P = (115 + 5)/1.2
P=120/1.2
P= $100
Therefore the current value of the stock is $100
The market will overproduce goods that have external costs because Group of answer choices Producers experience higher costs than society Producers experience lower costs than society Producers cannot keep these goods from consumers who do not pay, so they have to produce greater amounts The government is not able to produce these goods
Answer:
Producers experience lower costs than society
Explanation:
In the case when the market excess produce the goods that contains the external cost so it should be because of producers would have less cost as compared to the society that means the private equilibrium cost should be less than the social equilibrium cost
So as per the given situation, the above statement should be true
MC Qu. 74 If a firm's forecasted sales are... If a firm's forecasted sales are $238,000 and its break-even sales are $184,000, the margin of safety in dollars is: rev: 07_12_2018_QC_CS-131102
Answer:
22.69%
Explanation:
Margin of safety = (forecasted sales - break-even sales) / forecasted sales
( $238,000 - $184,000) / $238,000 x 1000 = 22.69%
A(n) ______ is a network that links the intranets of business partners via the Internet in such a way that the result is a virtually private network.a. intranet b. browser c. extranet
Answer:
c. extranet
Explanation:
The controlled, and the private network that permits the third-party partners in order to received the information that related to the particualr company and also it can be done without any access for an overall network of an organization
So as per the given situation, it is an extranet
Hence, the same is to be considered
What is the APR on a loan with an effective annual rate of 15.26% and weekly compounding of interest?
Answer:
14.22%
Explanation:
Assuming 52 weeks in a year
[tex](1+.1526)=(1+i)^{52}\\i=.002734892\\.002734892*52=.142214377[/tex]
Which rounds to about
14.22%
