Answer:
A. The number of houses that an individual owns
Explanation:
The use of normal distribution in option A would produce an error. That is the number of houses individuals own.
We know that people can own 1 house or more than 1 house or no house at all. But a person can never be said to have less than 0 houses.
Option a is going to be skewed positively. Using Normal distribution would give us an error.
Wright Machinery Corporation manufactures automobile engines for major automobile producers. The engines sell for $940 per engine. In addition, customers have the option to purchase a service-type warranty for $70 per engine that protects against any defects for a period of 5 years. During 2019, Wright sold 7,000 engines to National Motors. National Motors purchased warranties on all of the engines purchased. During 2019, Wright repaired defective motors at a cost of $93,400. Prepare the necessary journal entries to record:
1. the sale of engines and service warranty on account during 2016 (one entry).
2. the warranty costs paid during 2016
3. the warranty revenue earned in 2016.
Additional Instructions
Model your entries after the Service-Type Warranties example in your textbook.
For grading purposes, use December 31 to record a summary transaction for entries that would have been made during the year.
Answer: See explanation
Explanation:
The journal entry is illustrated below:
Dr Cash $7070000
Cr Sales revenue = $940 × 7000 = $6580000
Cr Unearned warranty revenue = $70 × 7000 = $490000
(To record sale of engines and service warranty on account)
Dr Warranty expense $93,400
Cr Cash $93,400
(To record warranty costs paid)
Dr Unearned warranty revenue = $490000/5 = $98000
Cr Warranty revenue $98000
(To record warranty revenue earned)
Jeff is a member of Go Big Red, LLC. Jeff decides he does not like the color red, preferring instead the colors black and gold. Jeff leaves the LLC for that reason. Upon dissociation all of the following apply to Jeff except:________.
a. duty of loyalty immediately ceases in all regards.
b. loses the right to manage the LLC.
c. right to have his interests to be bought out.
d. duty of care immediately ceases in all regards.
Answer:
Option "D" is correct.
Explanation:
Option "D" is correct because When a person or member dissociates then the person loses the right to manage, losses the right to act, ceases from their duty of loyalty, ceases from the duty of care immediately if any event occurs after dissociation and the member has the right to find their interest. Therefore, from the given options it can be seen that the duty of care remains intact when only to that event that had occurred before the dissociation.
Irwin Company has budgeted direct labor hours for the coming three months as follows: July, 6,500 hours; August, 8,100 hours; and September, 8,300 hours. Manufacturing overhead is budgeted at $13,300 per month plus $3.30 per direct labor hour. What is the budgeted manufacturing overhead for August
Answer:
the budgeted manufacturing overhead for August is $40,030
Explanation:
The computation of the budgeted manufacturing overhead for August is shown below:
= Budgeted manufacturing overhead + direct labor hour rate × direct labor hours for august
= $13,300 + $3.30 × 8,100 hours
= $13,300 + $26,730
= $40,030
Hence, the budgeted manufacturing overhead for August is $40,030
Perpetual Life Corp. has issued consol bonds with coupon payments of $50. (Consols pay interest forever and never mature. They are perpetuities.)a. If the required rate of return on these bonds at the time they were issued was 5.0%, at what price were they sold to the public
Answer: $1,000
Explanation:
The price of a perpetual bond is calculated like a perpetuity and this is calculated by dividing the coupon payment of the bond by the prevailing required rate of return.
Price of this bond is:
= Coupon payment / Required return
= 50 / 5%
= $1,000
What is result driven
Answer:
Being result-driven means that you are driven by the outcome of your goal rather than the process itself. It means that you put in effort and energy in order to get the best results in the end. I think I'm a result-driven person since I strive to get high grades and also because I'm a perfectionist. All in all being result-driven means that you are an individual that strives for the end goal/result that comes from your exertion of effort in that subject area.
Hope I helped, have a nice day :)
Tanouye Corporation keeps careful track of the time required to fill orders. Data concerning a particular order appear below: Hours Wait time 24.9 Process time 2.6 Inspection time 0.5 Move time 2.2 Queue time 11.5 The throughput time was:
Answer: 16.8 hours
Explanation:
The throughput time will be calculated thus:
Inspection time = 0.5
Add: Process time = 2.6
Add: Move time = 2.2
Add: Queue time = 11.5
Throughput time = 16.8 hours
Therefore, the throughput time will be 16.8 hours.
The records of Quality Cut Steak Company list the following selected accounts for the year ended April 30, 2020 after all adjusting entries have been recorded. Prepare a multiple-step income statement in good form for the company. (Please note only selected accounts are listed, do not try to balance the excerpted trial balance).
Interest revenue 500 Accounts Payable 16,900
Inventory 45,300 Accounts Receivable 38,000
Notes Payable,
Long-term 52,000 Accumulated Depreciation
- Equipment 36,800
Salaries Payable 2,400 Arnold, Capital 42,200
Sales Revenue 292,000 Arnold, Withdrawals 17,000
Salaries Expense
(Selling) 21,400 Cash 7,400
Office Supplies 6,300 Cost of Merchandise
Sold 160,600
Unearned Rent 13,200 Equipment 130,000
Interest Expense 1,700 Interest Payable 1,000
Depreciation Expense
- Equipment (Admin) 1,300 Rent Expense (Admin) 9,600
Utilities Expense
(Admin) 4,300 Utilities Expense
(Selling) 10,600
Delivery Expense
(Selling) 3,500
Answer:
Quality Cut Steak Company
Quality Cut Steak Company
Multiple-step Income Statement for the year ended April 30, 2020
Sales Revenue $292,000
Cost of Merchandise Sold (160,600)
Gross profit $131,400
Operating expenses:
Depreciation Expense -
Equipment (Admin) 1,300
Rent Expense (Admin) 9,600
Utilities Expense (Admin) 4,300
Salaries Expense (Selling) 21,400
Utilities Expense (Selling) 10,600
Delivery Expense (Selling) 3,500
Total operating expenses $50,700
Net operating income $80,700
Interest revenue 500
Interest Expense (1,700)
Net income before taxes $79,500
Explanation:
a) Data and Calculations:
Accounts Payable 16,900
Cash 7,400
Accounts Receivable 38,000
Office Supplies 6,300
Inventory 45,300
Equipment 130,000
Salaries Payable 2,400
Unearned Rent 13,200
Interest Payable 1,000
Accumulated Depreciation - Equipment 36,800
Notes Payable, Long-term 52,000
Arnold, Capital 42,200
Arnold, Withdrawals 17,000
Sales Revenue 292,000
Interest revenue 500
Cost of Merchandise Sold 160,600
Interest Expense 1,700
Depreciation Expense - Equipment (Admin) 1,300
Rent Expense (Admin) 9,600
Utilities Expense (Admin) 4,300
Salaries Expense (Selling) 21,400
Utilities Expense (Selling) 10,600
Delivery Expense (Selling) 3,500
For each of the following (1) identify the type of account as an asset, liability, equity, revenue, or expense, (2) identify the normal balance of the account, and (3) select debit (Dr.) or credit (Cr.) to identify the kind of entry that would increase the account balance
Account Type of Account Normal Balance Increase (Dr. or Cr.)
a. Fees Earned
b. Equipment
c. Notes Payable
d. Owner Capital
e. Cash
f. Legal Expense
g. Prepaid Insurance
h. Land
i. Accounts Receivable
j. Owner Withdrawals
k. License Fee Revenue
l. Unearned Revenue
Answer:
a. Fees Earned REVENUE, CREDIT
b. Equipment ASSET, DEBIT
c. Notes Payable LIABILITY, CREDIT
d. Owner Capital EQUITY, CREDIT
e. Cash ASSET, DEBIT
f. Legal Expense EXPENSE, DEBIT
g. Prepaid Insurance ASSET, DEBIT
h. Land ASSET, DEBIT
i. Accounts Receivable ASSET, DEBIT
j. Owner Withdrawals (CONTRA) EQUITY, DEBIT
k. License Fee Revenue REVENUE, CREDIT
l. Unearned Revenue LIABILITY, CREDIT
explain its pros and cons of three bin system
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3 advantages and disadvantages of using Bin cards
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Advantages of Bin Cards :
(i) There would be less chances of mistakes being made as entries will be made at the same time as goods are received or issued by the person actually handling the materials.
(ii) Control over stock can be more effective, in as much as comparison of the actual quantity in hand at any time with the book balance is possible.
ADVERTISEMENTS:
(iii) Identification of the different items of materials is facilitated by reference to the Bin Card the bin or storage receptacle.
Disadvantages of Bin Cards :
(i) Store records are dispersed over a wide area.
(ii) The cards are liable to be smeared with dirt and grease because of proximity to material and also because of handling materials.
ADVERTISEMENTS:
(iii) People handling materials are not ordinarily suitable for the clerical work involved in writing Bin Cards.
please make my answer as a brainlist answer
Suppose you purchase the winning lottery ticket after watching your favorite movie. From this experience, you believe that watching your favorite movie will help you win the lottery again. Which of the following concepts is most relevant?
a. exclusion of a relevant variable
b. scarcity the fallacy of composition
c. opportunity cost
d. post hoc ergo propter hoc fallacy
e. violation of ceteris paribus
Answer:
D
Explanation:
post hoc ergo propter hoc fallacy is a Latin word which means - after this, therefore because of this.
It is an example of a fallacy where if an event B occurs after an event A. So, people associate the occurrence of event B with A.
In this question, a person believes that because he watched his favourite movie (event A), he won the lottery (event B). He has come to associate watching his favourite movie as a prerequisite with winning the lottery. this is not necessarily true
Monroe Minerals Company purchased a copper mine for $122,000,000. The mine was expected to produce 50,000 tons of copper over its useful life. During Year 1, the company extracted 6,400 tons of copper. The copper was sold for $4,900 per ton. Assume that the company incurred $8,540,000 in operating expenses during Year 1. Based on this information, how much net income would Monroe report in Year 1?
Answer:
Your answer is given below:
Explanation:
Depletion cost per ton
= 122,000,000/50,000 tons = 2,440 per ton
Cost of copper sold = 6,400 tons*2,440 = 15,616,000
Sales = 6,400 tons*4,900 = 31,360,000
Net income = Sales - Cost of copper sold - Operating expenses
= 31,360,000 - 15,616,000 - 8,540,000
= $7,204,000
Dermody Snow Removal's cost formula for its vehicle operating cost is $3,080 per month plus $338 per snow-day. For the month of December, the company planned for activity of 20 snow-days, but the actual level of activity was 22 snow-days. The actual vehicle operating cost for the month was $10,130. The spending variance for vehicle operating cost in December would be closest to:
Answer:
$386 U
Explanation:
Calculation to determine what The spending variance for vehicle operating cost in December would be closest to:
Actual results $10,130
Less Flexible budget $10,516
($3,080+($338 per*22 snow-days)
Spending variance $386 Unfavorable
Therefore The spending variance for vehicle operating cost in December would be closest to:
$386 Unfavorable
Seldomridge, Inc., manufactures and sells two products: Product I5 and Product U0. Data concerning the expected production of each product and the expected total direct labor-hours (DLHs) required to produce that output appear below: Expected Production Direct Labor-Hours Per Unit Total Direct Labor-Hours Product I5 700 7.0 4,900 Product U0 200 10.0 2,000 Total direct labor-hours 6,900 The direct labor rate is $24.40 per DLH. The direct materials cost per unit for each product is given below: Direct Materials Cost per Unit Product I5 $116.10 Product U0 $212.10 The company is considering adopting an activity-based costing system with the following activity cost pools, activity measures, and expected activity: Estimated Expected Activity Activity Cost Pools Activity Measures Overhead Cost Product I5 Product U0 Total Labor-related DLHs $ 246,468 4,900 2,000 6,900 Product testing tests 10,494 500 400 900 Order size MHs 837,660 4,700 4,500 9,200 $ 1,094,622 The unit product cost of Product U0 under activity-based costing is closest to: (Round your intermediate calculations to 2 decimal places.)
Answer:
Seldomridge, Inc.
The unit product cost of Product UO under activity-based costing is closest to:
= $2,930.77
Explanation:
a) Data and Calculations:
Direct labor rate = $24.40
Product I5 Product U0 Total
Expected Production 700 200 900
Direct Labor-Hours Per Unit 7.0 10.0
Total Direct Labor-Hours 4,900 2,000 6,900
Total direct labor costs $119,560 $48,800 $168,360
Direct Materials Cost per Unit $116.10 $212.10
Total direct materials cost $81,200 $42,420 $123,620
Activity Estimated Activity Measures
Activity Cost Pools Measure Overhead Product I5 Product U0 Total
Labor-related DLHs $ 246,468 4,900 2,000 6,900
Product testing tests 10,494 500 400 900
Order size MHs 837,660 4,700 4,500 9,200
Total $ 1,094,622
Overhead Rates
Labor-related $35.72 ($246,468/6,900)
Product testing $11.66 ($10,494/900)
Order size $91.05 ($837,660/9,200)
Overhead applied to Product UO:
Labor-related = $71,440 ($35.72 * 2,000)
Product testing 4,664 ($11.66 * 400)
Order size 418,830 ($91.05 * 4,600)
Total overhead $494,934
Product UO
Direct labor costs $48,800
Direct materials costs 42,420
Overhead costs 494,934
Total product costs $586,154
Expected production units 200
Unit product cost = $2,930.77
Case Study
Imagine working in an organization where employee morale is low, turnover is high, and the costs of hiring are astronomical. If that were the case, you'd imagine the employer would go to great lengths to find, attract, and retain quality employees. Couple this goal with the reality of the economic picture -you simply cannot afford to provide expensive benefits for employees who may leave you for a different employer offering an extra $1,000 in salary or benefits. Knowing that 41 percent of all employees have no loyalty to their employers and will move on if a better offer comes adds to the dilemma. These issues clearly are a concern for organizations like Genentech or Zappos. But they don't fret over them. That's because they have found that treating employees with respect, and giving them such things as bonuses, rewards for longevity, onsite child care, lunches, and sending employees home with prepared dinners really works. Genentech is a California company that "develops and produces drugs that cure diseases," according to the company website. The company celebrated its thirteenth year on Fortune's "Best Places to work" list in 2011, also receiving "Best Places to Work" honors from Working Mother, LGBT Equality, and Computerworld. The reasons for this recognition are the important work that they do and the strong company culture that values equality and communication. Any discussion of how great it is to work at Genentech always circles back to the benefits that show a real respect for employees. In addition to traditional benefits like retirement and healthcare, they provide family friendly perks such as unlimited sick leave, personal concierge service, flexible work scheduling, childcare, nursing mother's rooms, onsite nurses, adoption assistance, and company sponsored family events. The list of innovative benefits goes on to include unusual benefits like pet insurance, free snacks, and paid six-week sabbaticals every six years! Zappos, the online shoe retailer, offers perks that match their fun-loving culture like pajama parties, nap rooms, regular happy hours, and a full-time life coach. Have these benefits worked for Genentech and Zappos? Ifyou translate longevity to morale and loyalty, you'd say they have. Both boast low turnover rates and high employee ratings for workplace satisfaction.
Q1) Describe the importance of employee benefits as a strategic component of fulfilling the goals of HRM at Genentech and Zappos?
Q2) Explain how Genentech and Zappos use employee benefits as a motivating tool?
Q3) Do you believe the incentive benefits such as those offered at Genentech and Zappos can be used in other organizations? Why or why not?
Answer:
1) Through employee benefits, the goals of HRM are achieved in effective ways.
2) Genentech also Zappos, try to make it a fun place to go to work at. Genentech and Zappos offer many benefits to employees that would attract and keep employees within the organization.
3) From a knowledgeable view, I actually believe that the motivation benefits as presented by the Genentech and Zappos Corporations can't be employed by other major or maybe small corporations.
Explanation:
1) The importance of employee benefits as a strategic component fulfilling the goals of HRM at Zippos and Genentech is that it can boost low turnover rates and high employee ratings for fulfillment. With placing benefits, employees will have the sensation of being more of an asset to the corporate instead of just being a worker. Thereupon employees would dedicate and put far more effort and time for better for the corporate which might then increase and generate more productivity and profit. When employees desire they need to be benefited from the organization successively they might become loyal to the organization and can stay rather than likely move to a different organization. Employees will tend to be more motivated to figure. Through employee benefits, the goals of HRM are achieved in effective ways.
2) Genentech also Zappos, struggle to form a fun place to travel to figure at. Genentech and Zappos offer many benefits to employees that might attract and keep employees within the organization. The good thing about benefits it can provide meaning and value to employees which will increase the worker's enthusiasm and morale within the work environment. With this, employees will then become more motivated to extend performance and feel secure within the organization which may cause low turnover rates and highly satisfied employees.
3) From a knowledgeable view, I actually believe that the motivation benefits as presented by the Genentech and Zappos Corporations can't be employed by other major or maybe small corporations. The motivation benefits offered at Genentech and Zappos Corporations are unique to their companies. I think that if other Corporations attempt to mirror the efforts of both Genentech and Zappos that their businesses would simply cease to exist. Companies today just don’t have the sustainability to take care of these lofty incentive packages for a three-year, five years, or even ten-year plan. Most companies simply don’t have the financial capital that the efforts of the Genentech and Zappos Corporations.
Cash dividends of $50,000 were declared during the year. Cash dividends payable were $10,000 and $20,000 at the beginning and end of the year, respectively. The amount of cash for the payment of dividends during the year is Group of answer choices $40,000 $50,000 $70,000 $60,000
Answer:
$40,000
Explanation:
The computation of the amount of cash for the payment of dividends during the year is shown below:
= Beginning dividends payable + Cash dividends Declared - Ending dividends payable
= $10,000 + $50,000 - $20,000
= $40,000
Hence, the amount of cash for the payment of dividends during the year is $40,000
A restaurant is considering buying a new coffee making machine, which will be replaced over and over with a new one when an old one dies. Each coffee making machine costs $143,000, and is expected to die after exactly 6-years. Each machine will costs $10,200 per year to operate. The discount rate that the restaurant assigns to this coffee making machine project is 11 percent per year. The straight-line depreciation method would be used when calculating the machine's loss of value for tax purposes. Each coffee making machine will be fully depreciated all the way to zero at the end of its life. Also, each coffee making machine will have a before-tax salvage value of $10,500 at the end of its life. The restaurant's tax rate is 25 percent. As always, assume that all cash flows occur at year end. If the restaurant buys a coffee making machine over and over in perpetuity, as soon as one dies, what would be the average, or the equivalent, annual cost (EAC) of the machine?
Answer:
Coffee Making Restaurant
If the restaurant buys a coffee making machine in perpetuity, the equivalent annual cost (EAC) of the machine will be:
Equivalent annual cost of the machine = $44,994
Explanation:
a) Data and Calculations:
Initial investment cost of machine = $143,000
Expected useful life = 6 years
Discount rate = 11%
Annual operating cost = $10,200
Before-tax salvage value = $10,500
Applicable tax rate = 25%
After-tax salvage value = $7,875
Annuity factor for 6 years at 11% = 4.231
Present value of costs:
Initial investment = $143,000 ($143,000 * 1)
Annual operating cost = 43,156 ($10,200 * 4.231)
Salvage value = (4,213) ($7,875 * 0.535)
Total costs = $190,369
Equivalent annual cost of the machine = $44,994 ($190,369/4.231)
While digital marketing has generated exciting opportunities for companies to interact with their customers, digital media are also more consumer-driven than traditional media. Internet users are creating and reading consumer-generated content as never before and having a profound effect on marketing in the process. Two factors have sparked the rise of consumer-generated information. The first is the increased tendency of consumers to publish their own thoughts, opinions, and reviews. The second is product discussions through blogs or digital media and consumers' tendencies to trust other consumers over corporations. Consumers often rely on the recommendations of family, friends, and fellow consumers when making purchasing decisions. Marketers who know where online users are likely to express their thoughts and opinions can use these forums to interact with consumers, address problems, and promote their companies. Types of digital media in which Internet users are likely to participate include blogs, wikis, video sharing sites, podcasts, social networking sites, virtual reality sites, and mobile applications.
Match the correct website to the correct type of digital media.
a. Blogs
b. Video Sharing
c. Virtual Worlds
d. Social Networking
e. Wikis
f. Photo Sharing
g. Podcasting
Answer:
a. Blogs ⇒ Web-based Journals; Tu-mblr
b. Video Sharing ⇒ Video Sites; You-Tube.com
c. Virtual Worlds ⇒ Online Avatars; Second Life
d. Social Networking ⇒ Online Meeting Places; T-witter
e. Wikis ⇒ Edited Web Articles; Wik-ipedia.com
f. Photo Sharing ⇒ Photo Sites; Fl-ickr.com
g. Podcasting ⇒ Subscription Media Files; CBC Radio
What would cause an economy to be producing at a point inside its production possibilities curve?
Answer:
The correct answer is: the lack of effectivization in the use of their resources inside the economy to obtain the best outcomes possibles.
Explanation:
To begin with, in the economic theory the term known as production possibilities curve refers to a strategic tool, a graphic that can be used by the professionals of the area in order to understand how the economy is working with its resources, if the economy is producing well enough then the economy should be getting great development results and the point inside the graphic should be in the limit of the curve, but if the point is in the inside of the curve then that means that the resources inside that particulary economy are not being fully use to their best in order to obtain the best outcome so that will explain that there is still possibility to expand the production according to the theory of the tool itself.
PillPack is an example of a startup organization that grew out of the identification of a problem that needed a solution.
a. True
b. False
Answer:
True
Explanation:
Think of a product that you purchased within the past 6 months
Discuss these questions relative to the purchased product. Your answers should align with how these stages are done based on the consumer decision model in text.
How did you recognize that you needed the product?
Where or how you search for information on alternative products that would satisfy this need (product)?
What alternatives did the search process generate and what variables did you use to make the final decision to buy?
Where did you buy the product and why?
Were you satisfied after using or consuming the product? Explain.
There are 5 categories of influences as outlined by your text:economic, psychological. social, culture and ethnicity, purchase situation. Which one(s) do you think had the greatest effect on your purchasing decision? Please explain.
Answer:
Product purchased: a purse
How did you recognize that you needed the product?
Through a need for more space to carry personal items to work.
Where or how do you look for information about alternative products that meet this need (product)?
Buying online is one of the facilities made possible by new technologies, which allows us to choose the product that meets our desires and needs without having to go to a physical store, in addition to the possibility of comparing prices and getting special discounts.
What alternatives did the research process generate and what variables did you use to make the final purchase decision?
The alternatives found were fast fashion sites that offered a bag of the ideal size, with the expected quality and defined average price.
Where did you buy the product and why?
I bought the product at Zara, which is a top quality fashion department store that would meet all requirements and needs with the purchase.
Were you satisfied after using or consuming the product? Explain.
Yes, because the benefits added to the product met my needs and desires.
There are 5 categories of influences as described in your text: economic, psychological. social, culture and ethnicity, purchasing situation. Which one(s) do you think had the greatest effect on your purchase decision? Please explain.
The item that had the most effect on the purchase decision was the psychological and economic item, as the choice of the product was made due to a need for work, but whose purchase decision process took into account factors such as brand, quality and the price of the product.
Galaxy Corp. is considering opening a new division to make iToys that it expects to sell at a price of $15,250 each in the first year of the project. The company expects the cost of producing each iToy to be $6,700 in the first year; however, it expects the selling price and cost per iToy to increase by 3.00% each year.
Based on the preceding information and rounding dollar amounts to the nearest whole dollars, the company expects the selling price in the fourth year of the project to be_______ , and it expects the cost per unit in the fourth year of the project to be _______.
Which of the following statements about inflation’s effect on net present value (NPV) is correct?
A. When the selling price and cost per unit are expected to increase at the same rate, forgetting to take inflation into account in a capital budgeting analysis will typically cause the estimated NPV to be lower than the true NPV.
B. When the selling price and cost per unit are expected to increase at the same rate, you do not need to take inflation into account when performing a capital budgeting analysis.
Answer and Explanation:
The computation is shown below:
1
The calculation of the Expected selling price in the fourth year is
Expected Selling Price in year 1 $15,250
Expected Annual Growth rate is 3%
So,
Expected Selling Price in year 4 = 15250 × (1+3%)^3
= $16,664
2
The Calculation of Expected Cost per unit in the fourth year is
Expected Selling Price in year 1 = $6,700
Expected Annual Growth rate = 3%
So,
Expected Selling Price in year 4 = 6700 × (1+3%)^3
= $7,321
3
Inflation’s effect on net present value (NPV):
In the case when the selling price and the cost per unit rises at the similar rate so it is forgot to considered the inflation this will result in NPV that should be lower than the true NPV
Mcdormand inc reported a 3400 unfavorable price variance for variable overhead and a $34,000 nfavorable price variance for fixed overhead. The flexible budget had variable overhead based on 36,100 direct labor-hours; only 34,100 hours were worked. Total actual overhead was $1,810,400. The number of estimated hours for computing the fixed overhead application rate totaled 37,500 hours.
Required:
a. Prepare a variable overhead analysis.
b. Prepare a fixed overhead analysis.
Answer:
A. Variable overhead price variance 3400 U
Variable overhead efficiency variance 60000 F
Variable overhead cost variance 56600 F
B. Fixed overhead price variance 34000 U
Production volume variance 28000 U
Fixed overhead cost variance 62000 U
Explanation:
a. Preparation of a variable overhead analysis.
Variable overhead price variance = 3400 U
Calculation for Variable overhead efficiency variance
First step is to calculate the Actual input at standard rate
Actual input at standard rate = (34100*30)
Actual input at standard rate= 1023000
Second step is to calculate the Standard rate
Standard rate = 1083000/36100
Standard rate=30
Now let calculate Variable overhead efficiency variance
Variable overhead efficiency variance = (1083000-1023000)
Variable overhead efficiency variance = 60000 F
Calculation for Variable overhead cost variance
Variable overhead cost variance = (60000-3400)
Variable overhead cost variance= 56600 F
Therefore the variable overhead analysis will be:
Variable overhead price variance 3400 U
Variable overhead efficiency variance 60000 F
Variable overhead cost variance 56600 F
b. Preparation of a fixed overhead analysis.
Fixed overhead price variance = 34000 U
Calculation for Production volume variances
First step is to calculate Actual input at standard rate
Actual input at standard rate= 34100*30
Actual input at standard rate= 1023000
Second step is to calculate Fixed overhead actual
Fixed overhead actual= 1810400-(1023000+3400)
Fixed overhead actual= 784000
Third step is to calculate Budgeted fixed overhead
Budgeted fixed overhead = (784000-34000)
Budgeted fixed overhead = 750000
Fourth step is to calculate Fixed overhead applied
Fixed overhead applied= (750000/37500)*36100
Fixed overhead applied= 722000
Now let calculate Production volume variance
Production volume variance = (750000-722000) Production volume variance= 28000 U
Calculation to determine Fixed overhead cost variance
Fixed overhead cost variance = (28000+34000) Fixed overhead cost variance= 62000 U
Therefore fixed overhead analysis will be:
Fixed overhead price variance 34000 U
Production volume variance 28000 U
Fixed overhead cost variance 62000 U
FILL IN THE BLANK Please add the appropriate word or words to complete the sentences. 1. Price ceilings are governmental price that are set the market equilibrium price. 2. This kind of policy typically creates a(n) because the quantity demanded the quantity supplied. 3. Price floors are governmental price that are imposed the market equilibrium price. 4. This kind of policy usually generates a(n) in the market because the quantity exceeds the quantity . 5. Shortages and surpluses are reflected in inventories. Inventory is the raw material to goods or the stocks of finished goods that are ready to be sold. g
Answer:
1. Price ceilings are governmental price that are set below the market equilibrium price.
2. This kind of policy typically creates a shortage because the quantity demanded exceeds the quantity supplied.
3. Price floors are governmental price that are imposed above the market equilibrium price.
4. This kind of policy usually generates a surplus in the market because the quantity supplied exceeds the quantity demanded.
5. Shortages and surpluses are reflected in inventories. Inventory is the raw material which is processed to goods or the stocks of finished goods that are ready to be sold.
Explanation:
Price ceilings, as a part of the price control mechanisms, seem to benefit the consumers, while price floors are attempts to support suppliers and producers. While they roll back the excesses of market forces in determining the prices of goods and services, some unintended consequences, including allocative inefficiencies, usually arise from price ceilings and price floors. Therefore, they should be applied sparingly.
The Taylor Rule specifies that the federal funds rate target should be equal to:_________ a) equilibrium federal funds rate + inflation rate +1 b) interest rate - expected inflation rate. c) 1.5 (inflation rate) + 0.5 (GDP gap) + 1. d) 0.5 (inflation rate) +1.5 (GDP gap) + 1
Answer:A
Explanation:The Taylor Rule specifies that the federal funds rate target should be equal to O equilibrium federal funds rate + inflation rate +1 interest rate - expected inflation rate. 1.5 (inflation rate) + 0.5 (GDP gap) + 1. 0.5 (inflation rate) +1.5 (GDP gap) + 1
Angle Company started business on January 1. During the year, the company purchased merchandise with an invoice price of $500,000. Angle also paid $20,000 freight on the merchandise. During the year, Angle also returned $80,000 of the merchandise to its suppliers. All purchases were paid for in a timely manner, and a $10,000 cash discount was taken. $418,000 of the merchandise was sold for $627,000. What is the December 31 balance in the Inventory account
Answer:
$12,000
Explanation:
Given the above information, the ending balance in inventory account is computed as seen below
= Merchandise purchased - merchandise withdrawn - Merchandise returned to suppliers + Cash discount taken
= $500,000 - $418,000 - $80,000 + $10,000
= $12,000
Therefore, the balance on the inventory account as at December 31 is $12,000
Payment of an above-market wage reduces shirking by employees and reduces worker turnover because it multiple choice 2 decreases worker productivity. raises the opportunity cost of losing a job. lowers the opportunity cost of losing a job. creates more supervisory positions.
Answer:
raises the opportunity cost of losing a job.
Explanation:
Opportunity cost also known as the alternative forgone, can be defined as the value, profit or benefits given up by an individual or organization in order to choose or acquire something deemed significant at the time.
Simply stated, it is the cost of not enjoying the benefits, profits or value associated with the alternative forgone or best alternative choice available.
For example, when a business firm makes payment of an above-market wage, it reduces shirking (avoiding responsibilities) by employees and reduces worker turnover because it raises the opportunity cost of losing a job. Thus, employees take their jobs seriously and do not miss work unnecessarily due to the payment of an above-market wage.
Married taxpayers Otto and Ruth are both self-employed and file a joint return. Otto earns $435,200 of self-employment income and Ruth has a self-employment loss of $23,100. How much 0.9 percent Medicare tax for high-income taxpayers will Otto and Ruth have to pay with their 2020 income tax return?
Answer: $1,458.90
Explanation:
As they are filing together, the first step would be to find out the taxable income after accounting for Ruth's loss.
Total taxable income = Otto's earnings - Ruth's loss
= 435,200 - 23,100
= $412,100
There is an additional 0.9% Medicare tax on the amount that people file that is above $250,000 when they file jointly and are married..
The additional Medicare will be:
= (412,100 - 250,000) * 0.9%
= $1,458.90
If a firm is privately owned, and its stock is not traded in public markets, then we cannot measure its beta for use in the CAPM model, we cannot observe its stock price for use in the dividend growth model, and we don't know what the risk premium is for use in the bond-yield-plus-risk-premium method. All this makes it especially difficult to estimate the cost of equity for a private company. True False
Answer: True
Explanation:
Beta enables us to be able to calculate the risk of a stock in relation to how the market is moving. This is known as the systematic risk. Beta, needs to be calculated on based on the trading data of the stock.
If the stock is not publicly traded, it would not have the trading data required to find the beta. As we cannot get the beta, we would be unable it to calculate the return on stock and therefore the dividend growth model.
When coins were jfirst used, they only had an image on one side. Why did coins start to have images on two sides?
Answer:
The coins have images on both sides because the coin issuers, or seigniors, wanted to see their faces on the coins.
Coins start to have images on two sides because the coin issuers, or seigniors, wanted to see their faces on the coins.
When and why were coins used as money?People traded products and services before money was created. The Mesopotamian people did not invent the shekel, which is regarded as the first known form of money, until roughly 5,000 years ago. Printed coins were used to pay troops, it was approximately 650–600 B.C. when gold and silver coins first appeared. The first real coins were struck in the prehistoric kingdoms of Lydia and Ionia and were made of electrum, a mineral composed primarily of gold and at least 20 percent silver.
The Lydians started minting gold coins in the period between 560 and 546 BC after learning how to separate the gold from the silver in electrum. Coins are significant historical primary sources. They communicate king names together with their titles, images, locations, dates, dynasties, accomplishments, and logos.
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In a closed economy, public saving is the amount of a. income that households have left after paying for taxes and consumption. b. spending that the government undertakes in excess of the taxes it collects. c. income that businesses have left after paying for the factors of production. d. tax revenue that the government has left after paying for its spending.
Answer:
In a closed economy, public saving is the amount of
d. tax revenue that the government has left after paying for its spending.
Explanation:
Public saving or budget surplus in a closed economy describes the excess of government revenue (obtained through taxation of individuals and businesses in the economy) and government expenditures on goods and services. In an open economy, transfers are deducted before arriving at the public saving. In all economies, the addition of private (individual and business) and public savings result to national investments.
