Answer:
What language is this?
Explanation:
The beginning inventory was 300 units at a cost of $10 per unit. Goods available for sale during the year were 1,300 units at a total cost of $14,400. In May, 600 units were purchased at a total cost of $6,600. The only other purchase transaction occurred during October. Ending inventory was 550 units.
Required:
a. Calculate the number of units purchased in October and the cost per unit purchased in October
b-1. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using FIFO method
b-2. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using LIFO method
Answer:
a. The number of units purchased in October = 400
The cost per unit = $12
b-1. Cost of goods sold = $7,950
Ending inventory = $6,450
b-2. Cost of goods sold = $8,650
Ending inventory = $5,750
Explanation:
a) Data and Calculations:
Beginning inventory 300 units at $10 per unit = $3,000
May purchases 600 units at $11 per unit = 6,600
October purchases 400 units at $12 per unit = 4,800
Goods available 1,300 units $14,400
Ending inventory 550 units
Goods sold 750 units
a. The number of units purchased in October = 400 (1,300 - 300 - 600)
The cost per unit = $12 ($4,800/400)
b-1. Cost of goods sold and ending inventory using FIFO method:
Cost of goods sold:
300 units at $10 per unit = $3,000
450 units at $11 per unit = 4,950 $7,950
Ending inventory = $6,450 ($14,400 - $7,950)
b-2. Cost of goods sold and ending inventory using LIFO method:
Cost of goods sold:
350 units at $11 per unit = 3,850
400 units at $12 per unit = 4,800
Total Cost of goods sold = $8,650
Ending inventory = $5,750 ($14,400 - $8,650)
Earning a promotion is made easier if you know the ______.
a. First and last name of your supervisor
b.Password to your company’s database is
c.Kind of characteristics your company values
d.Lunch order your supervisor favors
Answer:
c
Explanation:
Standards for competitive rivalry differ in countries throughout the world. What should firms do to cope with these differences? How do the differences relate to ethical practices?
Explanation:
As a consequence of the market factors prevalent in the market, there really are various levels of competitiveness. The quality of the company's strategy, for example, will be determined by the quality standards imposed by government bodies.
These differences are linked to ethical behaviours in the sense that they will impact the quality of commodities produced by firms. When the quality of the products is degraded, it raises ethical concerns about the product.
Assign each of the following to a category of GDP. Assume products are made domestically unless indicated otherwise:
You buy a carmultiple:____.
1. Consumption
2. Investment
3. Govt. Purchases
4. Imports or Exports
A bakery buys a new:_____.
A. Consumption
B. Investment
C. Govt. Purchases
D. Imports or Exports
You get a haircut:_____.
A. Consumption
B. Investment
C. Govt. Purchases
D. Imports or Exports
Your town buys a fire truck:_____.
A. Consumption
B. Investment
C. Govt. Purchases
D. Imports or Exports
You buy shoes made in Thailand:_____.
A. Consumption
B. Investment
C. Govt. Purchases
D. Imports or Exports
The Federal Government builds a bridge:_____.
A. Consumption
B. Investment
C. Govt. Purchases
D. Imports or Exports
A private hospital buys a new MRI machine:_____.
A. Consumption
B. Investment
C. Govt. Purchases
D. Imports or Exports
You stay in a hotel in Italy:_____.
A. Consumption
B. Investment
C. Govt. Purchases
D. Imports or Exports
Answer:
*Buy Car = Consumption
*A bakery buys a new = Investment
*You get a haircut = Consumption
*Fire truck = Govt. purchase
*Buy shoes made in Thailand = Import or export
*Government build bridge = Govt. purchase
*Buy new MRI machine = Investment
*Stay in hotel in Italy = Import or Export
Explanation:
The component of GDP is Consumption, Investment, Government Expenditure, and import-export. Here, consumption is denoted by C, Investment is denoted by I, Government expenditure is denoted by G and Import-export is denoted by NX. Since the car bought for use that means the person is consuming it. While the haircut includes the consumption of service and buying a new bakery is an investment. Similarly below is the list for which the following product belongs.
*Buy Car = Consumption
*A bakery buys a new = Investment
*You get a haircut = Consumption
*Fire truck = Govt. purchase
*Buy shoes made in Thailand = Import or export
*Government build bridge = Govt. purchase
*Buy new MRI machine = Investment
*Stay in hotel in Italy = Import or Export
The process of initially recording business transactions in a journal is:
A. sliding.
B. posting
c. kiting
D. journalizing.
Answer:
Journalizing
Explanation:
Demonstrate the principles of health care finance for revenue management through the intended application of cost reporting and variances.
Solution :
Integration of all the processes:
Some integrated software system should be adopted where all the details about each patient along with the every billing and the payment details would help in keeping the track of the revenue.
Claims and billing management :
All the claims happened through some of the individuals or the company policies or the billing processes that take place to be accounted for the EHR system that can reduce the delays and also improve the effectiveness of the revenue management.
Documentation:
All the transactions should be documented, so there there are less chances for any error to occur.
Assume the economy of country G produces hotdogs and buns in the following quantities and prices in 2017 and 2018. Assume also that 2017 is the base year and the real GDP will be calculated using 2017 prices. What is the real yearly growth (between 2017 and 2018)
Answer:
73.70%
Explanation:
Note: The full question is attached as picture below
Real GDP in 2017 = ($3*5) + ($2*2)
Real GDP in 2017 = $15 + $4
Real GDP in 2017 = $19 million
Real GDP in 2018 = ($3*7) + ($2*6)
Real GDP in 2018 = $21 + $12
Real GDP in 2018 = $33 million
Real Growth rate between 2017 and 2018 = [(33 - 19) / 19] * 100 = [14/19] * 100 = 0.73684211 * 100 = 73.684211% = 73.70%
For which of the following random variables would the use of a Normal distribution as a model be a clear error?
a) The number of houses that an individual owns
b) The number of minutes that a battery lasts in a cell phone
c) Student test scores on an exam
d) The daily percentage change on a stock
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.
Sales $7,270,000 Gross profit $ 1,450,000 Indirect labor $330,000 Indirect materials $195,000 Other factory overhead $90,000 Materials purchased $5,100,000 Total manufacturing costs for the period $6,170,000 Materials inventory end of the period $ 480,000 how much direct material cost
Answer:
$5,775,000
Explanation:
Direct materials cost = Materials purchased + Indirect materials + Materials inventory, end of the period
Direct materials cost = $5,100,000 + $195,000 + $480,000
Direct materials cost = $5,775,000
So, the amount of the direct material cost is $5,775,000.
Each of the following would be a period cost except: Group of answer choices the salary of the company president's secretary. the cost of a general accounting office. depreciation of a machine used in manufacturing. sales commissions.
Answer:
depreciation of a machine used in manufacturing.
Explanation:
A periodic system of inventory can be defined as a method of financial accounting, that typically involves updating informations about an inventory on a periodic basis (at specific intervals) as the sales or purchases are being made by the customers, through the use of either an enterprise management software applications or a digitized point-of-sale equipment.
Periodic cost are costs that occur or arise on a periodic basis such as quarterly.
Each of the above mentioned costs would be a period cost except depreciation of a machine used in manufacturing.
Risk assessment is a process A. That assesses the quality of internal control throughout the year. B. That establishes policies and procedures to accomplish internal control objectives. C. Designed to identify potential events that may affect the entity. D. Of identifying and capturing information in a timely fashion.
Answer:
C. Designed to identify potential events that may affect the entity.
Explanation:
Risk assessment means the total method in which the hazard or the factors related to the risk that result in damage or harm something. It could be analyzed and evaluated with the analysis of the risk and the evaluation of the risk.
It is to be designed in order to identify the events that could impact the entity
Therefore the option c is correct
Task 2: Record the listed transactions of Nikea Inc. for the first quarter (January to March) in
a journal.
a) 01-02-2015 issued capital stock: $20,000
b) 01-30-2015 paid the monthly rent: $5,000
c) 02-02-2015 purchased supplies on account: $1,500
d) 02-10-2015 paid a creditor on account: $1,000
e) 03-03-2015 earned sales commissions: $25,000
f) 03-30-2015 paid automobile expenses for the month: $4,500
g) 03-30-2015 paid office salaries: $8,000
h) 03-31-2015 determined the cost of supplies used: $1,500
i) 03-31-2015 paid cash dividends: $1,500
Answer and Explanation:
The journal entries are shown below:
a. Cash Dr $20,000
To Capital $20,000
(being the issuance of the capital stock is recorded)
b. Rent Dr $5,000
To cash $5,000
(being the rent paid is recorded)
c. Supplies dr $1,500
To Account payable $1,500
(being the supplies purchased on account is recorded)
d. Account payable Dr $1,000
To cash $1,000
(being the amount paid is recorded)
e. Cash Dr $25,000
To sales commission $25,000
(being the sales commission earned is recorded)
f. Automobile expense $4,500
To Cash $4,500
(being cash paid is recorded)
g. Office salaries Dr $8,000
To cash $8,000
(being cash paid is recorded)
h Supplies expense $1,500
To supplies $1,500
(being supplies expense is recorded)
g. Dividend payable $1,500
To Cash $1,500
(being dividend paid is recorded)
how does under investment affect the market
Answer:
Since the stock market is a vote of confidence, a crash can devastate economic growth. Lower stock prices mean less wealth for businesses, pension funds, and individual investors. Companies can't get as much funding for operations and expansion. When retirement fund values fall, it reduces consumer spending.
Explanation:
Economic Considerations
Business investment can affect the economy's short-term and long-term growth. In the short term, an increase in business investment directly increases the current level of gross domestic product (GDP), because physical capital is itself produced and sold.
Travis Company purchased merchandise on account from a supplier for $11,100, terms 2/10, net 30 on December 26. Travis Company paid for the merchandise on December 31, within the discount period.
Required:
Under a perpetual inventory system, record the journal entries required for the above transactions. Refer to the Chart of Accounts for exact wording of account titles.
Record the journal entries on each transaction. Refer to the Chart of Accounts for exact wording of account titles.
PAGE 1
JOURNAL
DATE DESCRIPTION POST. REF. DEBIT CREDIT
1
2
3
4
Answer and Explanation:
The journal entries are shown below:
On Dec 26
Inventory $11,100
To Accounts payable $11,100
(Being the purchase merchandise on account is recorded)
On Dec 31
Account payable $11,100
To Discount on account payable (2% of $11,100) $222
To Cash $10,878
(being the cash paid is recorded)
These two entries should be recorded
Differentiate between an active partner and sleeping partner?
Answer:
active partners are involved in daily running of the business.
sleeping partner are not involved in daily running of the business
Explanation:
Active partners are always involved in management while sleeping partners are not and mostly consists of financing not the business.
Top Knot, Inc. is expected to pay a $2.50 per share dividend next year. The dividends are anticipated to maintain a 5% growth rate forever. If the stock currently sells for $48 per share, what is the cost of equity
Answer:
10.21
Explanation:
Dividend= 2.50
The growth rate is 5%
The current stock price is $48
Therefore the cost of equity can be calculated as follows
= 2.50/48 +5/100
= 0.0521 + 0.05
= 0.1021×100
= 10.21
Hence the cost of equity is 10.21
We should always show the mean, mode and median when reporting analysis graphics.
Select one:
O True
O False
Answer:
answer: true
Explanation:
hope it helps thanks
Correct the single error in each of the following sentence. A week later, you browses through the trend reports
Answer:
A week later, you browse through the trend reports.
Barth Company reports the following year-end account balances at December 31, 2016. Prepare the 2016 income statement and the balance sheet as of December 31, 2016.
Accounts payable $16,000 Inventory $36,000
Accounts receivable 30,000 Land 80,000
Bonds payable, long-term 200,000 Goodwill 8,000
Buildings 151,000 Retained earnings 160,000
Cash 148,000 Sales revenue 500,000
Common stock 150,000 Supplies inventory 3,000
Cost of goods sold 180,000 Supplies expense 6,000
Equipment 70,000 Wages expense 40,000
Answer and Explanation:
The preparation of the income statement and the balance sheet is presented below
Income statement
REVENUE
Sales $500,000
Less: EXPENSES
Cost of goods sold ($180,000)
Supplies expenses ($6,000)
Wages expenses ($40,000)
Total expenses ($226,000)
Net income $274,000
Balance sheet :
Assets Amount Liabilities & stockholder equity Amount
Cash $148,000 Account payable $16,000
Account receivable $30,000 Bonds payable, long term $200,000
Supplies $3,000
Inventory $36,000 Total liabilities $216,000
Total current assets $217,000 Common stock $150,000
Land $80,000 Retained earnings $160,000
Building $151,000
Equipment $70,000
Goodwill $8,000
Total assets $526,000 Total liabilities and equity $526,000
5. What is the purpose of a Job Cost Sheet? What type of information is included in one?
Answer:
The purpose of a job cost sheet is to record the various costs that went into the manufacturing of a product or the provision of a service. This will enable the company know how much the process cost so that the company can understand the cost of the product better and make informed decisions based on this.
The information generally included in a job cost sheet include:
Direct labor hours Direct materials used and their costMaterial requisition number Manufacturing overhead rate and the basis (eg labor hours or machine hours).Total cost of production.Carter Containers sold marketable securities, land, and common stock for $37.0 million, $13.0 million, and $35.0 million, respectively. Carter also purchased treasury stock, equipment, and a patent for $23.0 million, $23.0 million, and $10.2 million, respectively.
What amount should Carter report as net cash from investing activities? (Amounts to be deducted should be indicated with a minus sign. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).)
Answer:
$16.8 million
Explanation:
Calculation to determine What amount should Carter report as net cash from investing activities
($ in millions)
Cash Flows from Investing Activities:
Proceeds from sale of marketable securities $37
Proceeds from sale of land $13
Less Purchase of equipment for cash ($23)
Less Purchase of patent for cash($10.2)
Net cash inflows (outflows) from investing activities $16.8
Therefore the amount that Carter should report as net cash from investing activities is $16.8 million
Please research employment opportunities in the accounting field and provide insight into the relevance and usefulness of Excel in relation to the job title/description. Please explain how a potential candidate could leverage the functionality of Excel to make their every-day tasks efficient, effective and accurate.
Answer:
Following are the responses to the given question:
Explanation:
The progress throughout the financial sector does not take a confined path. One can move to more responsible roles when you're on the broad route to changing industries, receiving certificates, or switching disciplines — without even being derailed. Select from the range of staff inside the broad fields of public accountancy. You could be a lead financial official or a partner in a company of qualified checksum. A height of your career.
Although the accounting foundation is founded upon consistent accounting practices, the accountants can apply this theory in many various ways.
Employment accounts governmental and non-profit:
Accounting FundJobs of IRSPublic Accounting Jobs:
Estimated CostForensic Accountable Enrolled AgentImmobilien AssessorAccountant TaxationFiscal ProsecutorsPreparing taxJobs in private accounting:
Clerk of AccountingPayable/Deputy Clerk AccountsSystem Accounting SpecialistActuarial accountant/accountant insuranceBookkeepingAnalyst for the budgetAccountant of capitalFinancial Controller/Control OfficeAccountant costsMeasurement of environmental accountant/sustainabilityAccountant payrollFiscal Services:
Specialist in Business ValuationCertificated Financial PlannerFiscal AnalystAdvisor on taxesAccounts only include the cash that can be represented financially. Some individuals call accountancy "the language of business," as well as its objective is to allow accountancy users to make better choices
This included many tasks performed by the CPAs for its clients:
Asset records collection and maintenanceAssess banking transactions and make key management for optimum financial practicesReviewing accounting system and financial accounting to verify that they are effective and conform with approved accounting standards and proceduresTax documents and related tasksDurable goods $3,000
Services $6,000
Business purchases of capital goods $400
Fixed investment $850
Exports $600
Imports $800
Nondurable goods $700
Inventory investment $200
Government transfer payments $100
Purchases of new residential housing $450
Government purchases $900
GDP is equal to:_______
a. $14,000
b. $11,550
c. $11,450
d. $8,600
e. $13,050
Answer:
c. $11,450
Explanation:
GDP = Consumption (C) + Investment (I) + Government Expenditure (G) + Net Export (NX)
GDP = [Non durable goods+Durable goods+Services] + [Fixed investment+Inventory investment] + Government purchase + [Export-Import]
GDP = [$700+$3000+$6000] + [$850+$200] + $900 + [$600-$800]
GDP = $9700 + $1050 + $900 - $200
GDP = $11,450
Assume (1) a predetermined overhead rate of $8.00 per machine-hour, (2) actual machine-hours worked during the period of 54,000 hours, and (3) estimated machine-hours to be worked during the coming period of 55,000 hours. The amount of overhead applied to production during the period is closest to:
Answer:
Allocated MOH= $432,000
Explanation:
Giving the following information:
Predetermined overhead rate of $8.00 per machine-hour
Actual machine-hours worked= 54,000 hours
To calculate the allocated overhead, we need to use the following formula:
Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base
Allocated MOH= 8*54,000
Allocated MOH= $432,000
You have just applied for a 30year 100000 mortgage at a rate of 10%.what must be annual payment be?
Answer:
The correct answer is "$10,607.92".
Explanation:
Given:
Amount borrowed,
P = 100000
Interest rate,
r = 10%
or,
= 0.1
Time,
= 30 years
Now,
The annual payment will be:
⇒ [tex]A=P\times \frac{r(1+r)^n}{(1+r)^n-1}[/tex]
[tex]=100000\times \frac{0.1(1+0.1)^{30}}{(1+0.1)^{30}-1}[/tex]
[tex]=10,607.92[/tex] ($)
Four Seasons Industries has established direct labor performance standards for its maintenance and repair shop. However, some of the labor records were destroyed during a recent fire. The actual hours worked during August were 2,750, and the total direct labor budget variance was $1,430 unfavorable. The standard labor rate was $17.60 per hour, but recent resignations allowed the firm to hire lower-paid replacement workers for some jobs, and this produced a favorable rate variance of $3,850 for August.
Required:
a. Calculate the actual direct labor rate paid per hour during August.
b. Calculate the dollar amount of the direct labor efficiency variance for August.
c. Calculate the standard direct labor hours allowed for the actual level of activity during August.
Answer:
a. (AR-SR)* Actual hours = Labour rate variance
Actual rate = (-3,850/2,750) + $17.60
Actual rate = -$1.4 + $17.60
Actual rate = $16.20
b. Direct labour efficiency variance for August = Total direct labour budget variance - Direct labour rate variance
= 1,430 - (-$3,850)
= $5280 Unfavourable
c. Direct Labour efficiency variance = (AH-SH)*SR
5280 = (2,750 - SH) * 17.60
(2,750 - Standard hours) = 5280/17.60
(2,750 - Standard hours) = 300
Standard hours = 2,750 - 300
Standard hours = 2,450
Twenty-five percent of the company's sales are for cash and 75% are on account. Collections for sales on account follow a stable pattern as follows: 50% of a month's credit sales are collected in the month of sale, 30% are collected in the month following sale, and 15% are collected in the second month following sale. The remainder are uncollectible. Given these data, cash collections for December should be:
Answer: $136,375
Explanation:
Going by the collections pattern of the company, there will be collections for 3 months in December being October, November and December.
December collections will be:
= (50% * December credit sales) + (30% * November Credit sales) + (15% * October credit sales) + December cash sales
December credit sales = 75% * 130,000 = $97,500
November credit sales = 75% * 170,000 = $127,500
October credit sales = 75% * 150,000 = $112,500
December collections are:
= (50% * 97,500) + (30% * 127,500) + (15% * 112,500) + (25% * 130,000)
= $136,375
In 2019, Osgood Corporation purchased $8.1 million worth of 10-year municipal bonds at face value. On December 31, 2021, the bonds had a fair value of $3,400,000 and Osgood reclassified the bonds from held-to-maturity to trading securities. Osgood's December 31, 2021, balance sheet and the 2021 income statement would show the following: Investment in bonds (TS) Income statement loss on investments a. $ 3,400,000 $ 0 b. $ 3,400,000 $ 4,700,000 c. $ 8,100,000 $ 4,700,000 d. $ 8,100,000 $ 0
Answer:
Osgood Corporation
Osgood's December 31, 2021, balance sheet and the 2021 income statement would show the following: Investment in bonds (TS) Income statement loss on investments:
b. $ 3,400,000 $ 4,700,000.
Explanation:
a) Data and Calculations:
2019: Face value of 10-year municipal bonds = $8.1 million
December 31, 2021, Fair value of the municipal bonds = $3.4 million
There is a loss in value amounting = $4.7 million ($8.1 - $3.4)
In the balance sheet, the municipal bonds will stated at its fair value of $3.4 million while in the income statement, there will be a loss on investments of $4.7 million.
Proponents of the LIFO inventory cost flow assumption argue that this costing method is superior to the alternatives because it results in better matching of revenue and expense. The recent purchase costs to the Cost of Goods Sold account results in better matching of revenue and expense.
a. True
b. False
Answer: True
Explanation:
The assumption of the LIFO method is that the most recent goods which are added to the inventory of a company have been sold first.
This brings about a better matching of the cost incurred and the revenue since the most recent products added are the ones which are then sold first. Therefore, the correct option is True.
Goofy Inc.'s bonds currently sell for $925. They pay a $80 annual coupon, have a 25-year maturity, and a $1,000 par value. Compute the expected capital gain percentage for this year. (State as a percent, but do not include the percent sign and round to the second decimal place. Thus, 9.8765% would be written as 9.88 to be correct). (Hint: first compute the YTM and then find the capital gain.
Answer and Explanation:
The computation of the YTM is shown below:
Given that
Future value be $1,000
NPER is 25
PMT is $80
Present value is $925
The formula is shown below:
=RATE(NPER,PMT,-PV,FV,TYPE)
After applying the above formula, the yield to maturity is 8.75%
Now the capital gain is
= 8.75% - ($80 ÷ $925)
= 8.75% - 8.65%
= 0.10%
