Lacy Technology transferred items with $12,600 of cost out of the Assembly Department because the items were finished and ready to be sold. What journal entries correctly reflects this transaction?

Answers

Answer 1

Answer:

Dr Finished Goods Inventory 12,600

Cr Work in Process - Assembly 12,600

Explanation:

Based on the information given we were told that the company transferred items that cost the amount of $12,600 from the Assembly Department because the items were finished and ready to be sold which means that the journal entries will be recorded as:

Dr Finished Goods Inventory 12,600

Cr Work in Process - Assembly 12,600


Related Questions

Which of the following goals of a performance evaluation system is accomplished when the company's actual results are compared to industry standards?
A) Benchmarking
B) Motivating unit managers
C) Promoting goal congruence
D) Providing feedback

Answers

Answer:

A) Benchmarking

Explanation:

Benchmarking refers to a process in which the performance of the company could be measured with respect to the product, services, processes as compared with the industry performance

Here in the given situation, when an actual result is compared with the industry standards than we called as a benchmarking and the same is to be used for the evaluation of the performance system

Spruce Ceramics produces large planters to be used in urban landscaping projects. A special earth clay is used to make the planters. The standard quantity of clay used for each planter is 24 pounds. The company uses a standard cost of $2.20 per pound of clay. Spruce produced 3,000 planters in May. In that​ month, 75,000 pounds of clay were purchased and used at the total cost of $162,000 Read the requirementsLOADING.... Requirement 1. Calculate the direct material price variance. Begin by determining the formula for the price​ variance, then compute the price variance for the direct materials. ​(Enter the variance as a positive number. Enter currency amounts in the formula to the nearest cent and then round the final variance amount to the nearest whole dollar. Label the variance as favorable​ (F) or unfavorable​ (U). Abbreviations​ used: DM​ = Direct​ materials)

Answers

Answer:

1. $3,000 Favorable

2. $6,600 Unfavorable.

Explanation:

This is an incomplete question. However, the completed part is question number 2, which has been solved below.

1. Direct material price variance

= (Actual price - Standard price) Actual quantity

= ($2.16 - $2.20) × 75,000

= -$0.04 × 75,000

= $3,000 Favorable

Note: Actual price is gotten by; $162,000 / 75,000

= $2.16

2. Direct material quantity variance

= (Actual quantity - Standard quantity) × Standard price

= (75,000 - $72,000) × $2.20

= 3,000 × $2.20

= $6,600 Unfavorable

Note: Standard quantity is gotten by;

24 × 3,000

= 72,000

A 25-year old single client has just started his own small business and is not covered by a retirement plan. He has $5,000 to invest and currently has a low level of income. He wishes to start saving for retirement. The BEST recommendation is a:

Answers

Answer:

Roth IRA

Explanation:

Based on this scenario, it can be said that the best recommendation would be a Roth IRA. This is an individual retirement account that non-deductible tax-free growth for retirement at age 59 1/2. As of 2018, the yearly limit for a Roth IRA account is $5,500 meaning that the client in this scenario would not have any problem investing the entire $5000 as soon as they open the account. And since he is in a low tax bracket he should not have any problem opening an Account.

Cantor Corporation acquired a manufacturing facility on four acres of land for a lump-sum price of $9,000,000. The building included used but functional equipment. According to independent appraisals, the fair values were $4,500,000, $3,000,000, and $2,500,000 for the building, land, and equipment, respectively. The initial values of the building, land, and equipment would be:

Answers

Answer:

Initial value of building = $4,050,000

Initial value of land = $2,700,000

Initial value of equipment = $2,250,000

Explanation:

The fair value of an asset refers to a unbiased estimate of the likely market price of the asset.

The initial value of a fixed asset refers to the amount of money that spent to acquire or create the asset.

The initial value of each asset from a group of asset can be calculated using the following formula:

Initial value of an asset = Lump-sum price * (FVA / TFV) ............ (1)

Where, from the questio;

Lump-sum price = $9,000,000

FVA = Fair value of a particular asset. From the question, we have:

Building fair value = $4,500,000

Land fair value = $3,000,000

Land fair value  = $2,500,000

TFV =Total fair value = Building fair value + Land fair value + Land fair value = $4,500,000 + $3,000,000 + $2,500,000 = $10,000,000

Substituting the values into equation (1), we can determine the initial value of each asset as follows:

Initial value of building = $9,000,000 * ($4,500,000 / $10,000,000) = $9,000,000 * 0.45 = $4,050,000

Initial value of land = $9,000,000 * ($3,000,000 / $10,000,000) = $9,000,000 * 0.30 = $2,700,000

Initial value of equipment = $9,000,000 * ($2,500,000 / $10,000,000) = $9,000,000 * 0.25 = $2,250,000

Merry Maidens Cleaning generally charges $280 for a detailed cleaning of a normal-size home. However, to generate additional business, Merry Maidens is offering a new-customer discount of 10%. On May 1, Ms. E. Pearson has Merry Maidens clean her house and pays cash equal to the discounted price. Required: Record the revenue earned by Merry Maidens Cleaning on May 1.

Answers

Answer:

May 1

DR Cash $252

CR Service Revenue $252

(To record payment for services rendered)

Working

Cash = Net Service revenue

Net Service revenue = $280 * ( 1 - 10%)

= 280 * 90%

= $252

g Sheffield Corp. purchased a truck at the beginning of 2017 for $109200. The truck is estimated to have a salvage value of $3800 and a useful life of 131750 miles. It was driven 23000 miles in 2017 and 31000 miles in 2018. What is the depreciation expense for 2018

Answers

Answer:

$24,800

Explanation:

Calculation for the depreciation expense for 2018 for Sheffield Corp.

Using this formula

Depreciation expense = (Purchased at the beginning-Salvage value/Useful life)* Driven miles

Let plug in the formula

Depreciation expense=($109,200-$3,800/131,750)*31,000

Depreciation expense=($105,400/131,750)*31,000

Depreciation expense=0.80*31,000

Depreciation expense=$24,800

Therefore the depreciation expense for 2018 will be $24,800

Bronn tells Jaime, "I really like your armor." Jaime responds, "I will sell it to you for $800." Bronn states, "Sure, and throw in your sword too." Jaime then writes out the contract, detailing only that he will sell Bronn his armor and the sword. He also lists the delivery date for next Wednesday. The next week on the day of performance, Jaime fails to deliver the armor and sword. Bronn sues him for breach of contract, but Jaime claims the contract is not enforceable because it was missing the price. When Bronn filed his lawsuit, which of the following needed to be included in the written contract for enforceability?
a. signature of both parties
b. price subject
c. matter
d. delivery
e. performance

Answers

Answer:

B. price subject

Explanation:

For this contract to be enforceable, it must include price, matter and delivery date. These aspects are all best essential and should be included in the contract. From the question when Jaime wrote the contract he failed to detail the price they agreed upon. Even though the rest were included. Therefore this contract cannot be enforced since it is missing this important aspect. Option b is the answer to the question

The Matterhorn Corporation is trying to choose between the following two mutually exclusive design projects:
Year Cash Flow (I) Cash Flow (II)
0 –$87,000 –$55,000
1 36,900 11,700
2 47,000 34,500
3 27,000 28,500
Requirement 1:
(a) If the required return is 10 percent, what is the profitability index for each project? (Do not round intermediate calculations). Round your answers to 3 decimal places.
(b) If the required return is 10 percent and the company applies the profitability index decision rule, which project should the firm accept?
Requirement 2:
(a) If the required return is 10 percent, what is the NPV for each project? (Do not round intermediate calculations. Round your answers to 2 decimal places .

Answers

Answer:

PI for the first project = 1 + ($5,673.93 / 87,000) = 1.065

PI for the second project = 1 + ($5,561.23 / $55,000) = 1.101

b. the second project should be chosen because the PI is higher

NPV for 1 = $5,673.93

NPV for 2 =   $5,561.23

Explanation:

profitability index  = 1 + (NPV / Initial investment)

Net present value is the present value of after tax cash flows from an investment less the amount invested.  

NPV can be calculated using a financial calculator

for the first project

Cash flow in year 0 = –$87,000

Cash flow in year 1 = 36,900

Cash flow in year 2 = 47,000

Cash flow in year 3 =  27,000

I = 10%

NPV = $5,673.93

for the second project

Cash flow in year 0 = –$55,000

Cash flow in year 1 = 11,700

Cash flow in year 2 =  34,500

Cash flow in year 3 = 28,500

I = 10%

NPV = $5,561.23  

PI for the first project = 1 + ($5,673.93 / 87,000) = 1.065

PI for the second project = 1 + ($5,561.23 / $55,000) = 1.101

b. the second project should be chosen because the PI is higher

To find the NPV using a financial calculator:

1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.

2. after inputting all the cash flows, press the NPV button, input the value for I, press enter and the arrow facing a downward direction.  

3. Press compute  

7. Ms. House utilizes a strategy of "Check 1 – 2- 3". Why does she do this? How do you think this was initially taught?

Answers

Explanation:

To get her student's attention. Remember, the check 1 2 3 strategy allows teachers to get an inside into the students understanding.

However, in this scenario, Ms. House uses the strategy to lower her student's voices, so as to get their attention. She likely started using this strategy at the start of the school year and kept doing it.

The treasurer of Riley Coal Co. is asked to compute the cost of fixed income securities for her corporation. Even before making the calculations, she assumes the aftertax cost of debt is at least 3 percent less than that for preferred stock.

Debt can be issued at a yield of 11.0 percent, and the corporate tax rate is 20 percent. Preferred stock will be priced at $60 and pay a dividend of $6.40. The flotation cost on the preferred stock is $6.

a. Compute the aftertax cost of debt. (Do not round intermediate calculations. Input your answer as a percent rounded to 2 decimal places.)
b. Compute the aftertax cost of preferred stock. (Do not round intermediate calculations. Input your answer as a percent rounded to 2 decimal places.)
c. Based on the facts given above, is the treasurer correct?

Answers

Answer:

a. Compute the after tax cost of debt.

after tax cost of debt = 11% x (1 - tax rate) = 11% x 0.8 = 8.8%

b. Compute the after tax cost of preferred stock.

after tax cost of preferred stock = cost of preferred stock (no taxes are deducted for paying preferred dividends since they are paid in capital)

cost of preferred stocks = $6.40 / ($60 - $6) = $6.40 / $54 = 11.85%

c. Based on the facts given above, is the treasurer correct?

the difference = 11.85% - 8.8% = 3.05%, so the treasurer was right

Research an organization that makes people their primary focus and another organization that makes productivity and efficiency their primary focus. Compare, contrast, and discuss the control techniques and measurements for each organization.

Answers

Answer:

Ritz Carlton hotel focuses on people.

Sony  Focuses on their products.

Explanation:

Ritz Carlton has created its leading brand by providing great ambiance to the visitors and its guest. One can dream of staying at such luxury hotel. They are famous for their hospitality of their guests. The hotel management believes on total quality management. It has set highest standard for themselves and strive to meet them by providing better and better service to its guests. The success of Ritz Carlton is mainly because they keep the comfort of their guests as their highest priority.

Sony has always been striving to serve its customer better. Millennial are the top brands that are considered in market. They are the organizations which capture major market share and are massive market segment. Sony has offered wide range of products to its customers. Their main focus is on their product features and its qualities.

Tax Services prepares tax returns for senior citizens. The standard in terms of​ (direct labor) time spent on each return is hours. The direct labor standard wage rate at the firm is per hour. Last​ month, direct labor hours were used to prepare tax returns. Total wages were .

Answers

Answer:

Tax Services

Total wages were:

= hourly wage rate * total hours spent on returns for the month

For example, if the hourly wage rate is $50 and the total hours spent on the returns equal 560 hours, the total wages will be equal to $28,000 ($50 x 560).

Explanation:

The Tax Services' total wages will be equal to the hourly wage rate multiplied by the total hours spent on returns during the month.  The total hours spent on the returns for the month is obtained by adding up the hours spent on all the returns.  The total wages depend on the hours worked and the standard wage rate that has been established in the firm.

The accountant for Mandarin Company is preparing the company's statement of cash flows for the fiscal year just ended. The following information is available:
Retained earnings balance at the beginning of the year $949,000
Net income for the year 295,000
Cash dividends declared for the year 55,000
Retained earnings balance at the end of the year 1,397,000
Cash dividends payable at the beginning of the year 12,600
Cash dividends payable at the end of the year 14,900
What is the amount of cash dividends paid that should be reported in the financing section of the statement of cash flows?
a. $55,000.
b. $57,300.
c. $82,500.
d. $2,300.
e. $52,700.

Answers

Answer: e. $52,700

Explanation:

Cash Dividend to be paid = Cash dividends payable at the beginning of the year + Cash dividends declared for the year - Cash dividends payable at the end of the year

= 12,600 + 55,000 - 14,900

= $52,700

Which of the following promises is subject to the "strict performance" standard? Assume that performance of the promise is not an express condition of the promisee's duty to perform. cousrse hero

Answers

Answer:

A promise to deliver a deed

Explanation:

The term, 'strict performance' is used to describe a contract between two parties. A contract is an agreement between two parties, and it is legally binding. When discharging contracts involving services, 'substantial performance' is required. For example, if I tell a painter to paint my house blue except for the kitchen and storeroom which should be painted white, and he does accordingly but failed in painting the kitchen white, he has performed substantially even though there was a minor breach. The consequences of which would be borne by him.

'Strict performance' is required in contracts where the terms are stated in express terms and the standards are very high. A 'deed' is such a contract because it is a document specifying the legal rights of a person or the ownership of a property. It requires the signatures of the two parties. Therefore, strict performance and adherence to the contractual deed are required.

When the Federal Reserve buys long term MBS and Treasury securities from banks and announces its intention to keep buying these assets in large quantities for a long time the effect on commercial banks is to increase the value of fixed income securities that are not sold and at the same time to lower the interest spread between new loans originated and the cost of financing these loans. True False

Answers

Answer:

True

Explanation:

Since, Federal reserve purchased long term MBS in order to pay the less market interest rate and this will cause a rise in the amount of income i.e fixed securities. Also, due to less market interest rate, the financing cost is less and at the same time interest spread is narrower as it provides more liquidity

Therefore the given statement is true

Ohno Company specializes in manufacturing a unique model of bicycle helmet. The model is well accepted by consumers, and the company has enough orders to keep the factory production at 10,000 helmets per month (80% of its full capacity). Ohno’s monthly manufacturing cost and other expense data are as follows.

Rent on factory equipment $11,600
Insurance on factory building 2,500
Raw materials (plastics, polystyrene, etc.) 79,700
Utility costs for factory 900
Supplies for general office 300
Wages for assembly line workers 63,700
Depreciation on office equipment 800
Miscellaneous materials (glue, thread, etc.) 1,200
Factory manager’s salary 6,400
Property taxes on factory building 500
Advertising for helmets 14,500
Sales commissions 10,600
Depreciation on factory building 1,600

Required:
Prepare an answer sheet with the following column headings:

Cost Item Direct Materials Direct Labor Manufacturing Overhead Period Costs

Answers

Answer:

Cost Item             Direct            Direct        Manufacturing      Period

                            materials       labor         overhead               costs

Rent on factory                                           $11,600

equipment

Insurance on                                               $2,500

factory building

Raw materials     $79,700

Utility costs                                                  $900

for factory

Supplies for                                                                               $300

general office  

Wages assembly                       $63,700

line workers  

Depreciation on                                                                        $800

office equipment  

Miscellaneous                                               $1,200          

materials  

Factory manager’s                                        $6,400

salary

Property taxes on                                          $500

factory building

Advertising for                                                                           $14,500

helmets

Sales commissions                                                                   $10,600

Depreciation on                                              $1,600

factory building                                                                                          

TOTALS                   $79,700        $63,700     $24,700         $26,200

What was the ratio of per capita income in each of the following countries to that in the United States in the year 2010:

a. Ethiopia
b. Mexico
c. India
d. Japan

Answers

Answer:

For   Countries (per capita)          United States of America (per capita)

Ethiopia:        

$380                                               $48,468

Mexico:                                          

$9,271                                             $48,468

India:

$1,358                                             $48,468

Japan:

$44,508                                          $48,468

Explanation:

Ratio per Capita also known as Gross Domestic Product per Capita (GDP Capita) is the monetary measure of the market value of all the final goods and services produced in a specific time period within the country in view. It is useful for comparing national economies of different countries on the international market.

A consumer plays the role of:


A)a wage earner.

B)a saver.

C)a borrower.

D)All of these choices are correct.

Answers

Answer:

c) borrower

Explanation:

A consumer plays the role of a borrower. The consumer is the important role in the economy. Thus, option (c) is correct.

What is consumer?

The term “consumer” means purchasing a product or service for the purpose of personal use. The consumer are consumed the product and services. The consumer are buying the product and services with exchange of money.

According to the role of the consumer are the played in the significant role of the economy. The business are the sale of the goods and the services are the borrower are the paid the money to the business. The economy cycle was the continue run.

As a result, the consumer plays the role of a borrower. The consumer is the significant role in the economy. Therefore, option (c) is correct.

Learn more about on consumer, here:

https://brainly.com/question/13420317

#SPJ5

Which of the following policies often contains clauses that permit a social networking operator to collect and store data on users or even share it with third parties?
1) Terms of Trade policy
2) Terms of Use policy
3) Terms of Endearment policy
4) Terms of Retention policy

Answers

Answer: 2) Terms of Use policy

Explanation:

Terms of service are a contract or agreement between the user of a website or in this case a social networking operator and the social networking operator itself. This agreement is meant to govern the terms of the relationship between the 2 parties in terms of what will be expected of both, i.e, their rights and responsibilities.

On the side of the social networking operator, one of the rights usually listed is one stating that the operator can collect and store data on users or even share it with third parties and so it is important to read the terms of use policy as best you can when you can.

IP Company has a preliminary cash balance of $25,000 and an agreement with the bank that it will keep a minimum balance of $20,000. IP Company has a beginning loan balance of $12,000.
The ending loan balance is:________.

Answers

Answer: $7,000

Explanation:

From the question, we are informed that IP Company has a preliminary cash balance of $25,000 and an agreement with the bank that it will keep a minimum balance of $20,000 and that IP Company has a beginning loan balance of $12,000.

The ending loan balance will be:

= $20,000 + $12,000 - $25,000

= $32,000 - $25,000

= $7,000

On December 31, 2016, when its Allowance for Doubtful Accounts had a debit balance of $1,432, Sunland Company estimates that 9% of its accounts receivable balance of $105,900 will become uncollectible and records the necessary adjustment to Allowance for Doubtful Accounts. On May 11, 2017, Sunland Company determined that B. Jared’s account was uncollectible and wrote off $1,091. On June 12, 2017, Jared paid the amount previously written off.Required:Prepare the journal entries on December 31, 2016, May 11, 2017, and June 12, 2017.

Answers

Answer: Please see explanation column for answers

Explanation:

1) To record bad debts expense

Date                   Account                         Debit              Credit

Dec 31, 2016   Bad Debt Expense      $10,963  

   Allowance for doubtful account                               $10,963

Calculation ;

Bad debts expense

9% x $105,900 = $9,531

Adjustment= $9,531 + debit balance of $1,432=$10,963

2) To write off uncollectible accounts receivables

Date                   Account                                     Debit              Credit

May 11, 2017   Allowance for doubtful account     $1,091.

      Accounts receivable---  B. Jared                                             $1,091.  

3)  To reinstate accounts accounts previously written off

Date                   Account                                             Debit              Credit

June 12, 2017   Accounts receivable---  B. Jared       $1,091.

      Allowance for doubtful account                                                  $1,091.  

3b)to collect cash from receivables

Date                   Account                          Debit              Credit

June 12, 2017  Cash                              $1,091.  

 Accounts receivable---  B. Jared                                 $1,091.

       

Pam Erickson Construction Company changed from the completed-contract to the percentage-of-completion method of accounting for long-term construction contracts during 2015. For tax purposes, the company employs the completed-contract method and will continue this approach in the future. (Hint: Adjust all tax consequences through the Deferred Tax Liability account.) The appropriate information related to this change is as follows.

Pretax Income from:

Percentage-of-Completion Completed-Contract Difference

2014 $752,200 $586,700 $165,500
2015 683,500 444,700 238,800

(a) Assuming that the tax rate is 30%, what is the amount of net income that would be reported in 2015?

Net income $
(b) What entry(ies) are necessary to adjust the accounting records for the change in accounting principle?

Answers

Answer:

a. $478,450

b.Dr Construction in Process $165,500

Cr  Deferred tax liability  $49,650

Cr   Retained earnings  $115,850

Explanation:

A. Calculation for the amount of net income that would be reported in 2015 for Pam Erickson Construction Company

Using this formula

Net income =(Income before income tax ) Income before income tax-Tax rate

Let plug in the formula

Net income= $683,500 - (683,500 × 30%)

Net income= $683,500 - $205,050

Net income= $478,450

B. Preparation of the Journal entry(ies) that are necessary to adjust the accounting records

For Pam Erickson Construction Company

Dr Construction in Process $165,500

Cr  Deferred tax liability  $49,650

($165,500 × 30%)

Cr   Retained earnings  $115,850

($165,500 × (100%-30%)

Discuss three major factors that contribute to an employee's decision to join a union. Discuss the five reasons that have contributed to the trend of decline in unionization g

Answers

Answer:

The answer is below

Explanation:

Three major factors that contribute to an employee's decision to join a union.

1. Greater Bargaining Power

As an individual employee, it can be difficult to negotiate for wage increase or better working condition generally. However, being a member Union, together the group can negotiate and demand for what they feel is right for their members. In a rare occasion, the threat of a strike by a Union is a great tool to bargain well with the employer.

2. Minimize Discrimination

As a Union, it is easier to demand for equality in terms of wage, working condition, promotion, leave etc. Unlike individual employee, who may be facing discrimination from his or her supervisor as to employee related issue. Union can ensure the management used the right policies that seek for equality among all its employees without favoritism or discrimination.

3. Sense of Security

An employee may join the Union on the basis that, Union can save them against abrupt dismissal or other types of work insecurities including accident, injury, illness etc.

Also, Union can help secure retirement benefits and ensure the management improve on the employees' welfare generally.

Five reasons that have contributed to the trend of decline in unionization

1. Irrelevance appearance of the Union:

Many workers believe that Union is not necessary because in the time of economic boom, getting wage increase and other working benefits can be gotten be individual employee and not necessarily through a Union, and at the same time, during economic downturn, unions often times don't have the capacity to protect their members from layoffs, wage and benefit reductions and tougher working conditions.

2. Poor Image of the Union:

Many employers and employees tend to view union with negativity, in the sense that, often times, their demands can be unreasonable, and are characterized by issue of labor racketeering, mob influence and embezzlement.

3. Unions are Seen as Political:

For some employees, they believe that Union tend to use their money or Union dues to support a political candidate. This in turn has made some employees who are neutral, not wanting to join the Union.

4. Reliance on goverment:

Many employees now believe that, government, not Union gives better form of security and voice to air their opinions. These includes pensions, healthcare, protection.

5. Global competition and deregulation in Unionized industries:

Since most of the companies or industries that have union has been deregulated, this has increased its competition, there by, making the need for union not really necessary, because with or without Union, one may still faces sack.

Some 150 million customers a month visit Amazon and the company passes through $160 billion in sales via its global supply channels and partnerships making interorganizational relationships very important to the company. Which interacting organization has a low coordination, low integration, transactional focus

Answers

Answer with Explanation:

Amazon is fastest growing company in the world which has crossed 2 billion customer visits. It has also increased the worth of the company to $1.14 trillions. The supply chain management is where the strengths of the company lies and nobody can match the pricing strategy, quality management and other significant factors that are included in the supply chain management to ensure that the customer is having what they are paying for.

Supply chain management process includes the key partners which includes their suppliers, partners, clients and customers as well who play important roles in the supply chain process by coordinating, integrating systems with each other and are involved in the transaction-al process.

The customers are the one who interact fewer than partners, suppliers, clients, etc because all they do is order a particular product. This is the first interaction of the customer with Amazon and the last interaction is when the customer received the order. So this means they are less interacting party in this process.

Suppliers are continuously contacted and informed about the pricing, supply chain issues, etc so that the company is able to deliver its customers what they are desiring. Supply chain partners also in the process of interacting with Amazon as they have to move products from supplier to the customer. These partners are highly interacted, possess integrating systems and of transaction-al importance to the company.

7.. Getaway Travel Company reported net income for 2021 in the amount of $50,000. During 2021, Getaway declared and paid $2,000 in cash dividends on its nonconvertible preferred stock. Getaway also paid $10,000 cash dividends on its common stock. Getaway had 40,000 common shares outstanding from January 1 until 10,000 new shares were sold for cash on July 1, 2021. A 2-for-1 stock split was granted on July 5, 2021. What is the 2021 basic earnings per share

Answers

Answer:Earnings per share fOR 2021= 0.53

Explanation:

Earnings per share =Total earnings available to shareholders(Net income - preferred dividends )/Weighted Average Outstanding  shares

Net income = $50,000

preferred dividend= $2,000

Total earnings available to common shareholders = $50,000 - $2000= $48,000

using a 2-1 stock spilt , outstanding shares= 40,000  x 2  + 10,000 x 6/12(jan- 1st july ) x 2 = 80,000 + 10,000 = $90,000

Earnings per share = $48,000/ $90,000 =0.53

Gold Nest Company of Guandong, China, is a family-owned enterprise that makes birdcages for the South China market. The company sells its birdcages through an extensive network of street vendors who receive commissions on their sales. All of the company's transactions with customers, employees, and suppliers are conducted in cash; there is no credit.

The company uses a job-order costing system in which overhead is applied to jobs on the basis of direct labor cost. Its predetermined overhead rate is based on a cost formula that estimated $76,500 of manufacturing overhead for an estimated activity level of $45,000 direct labor dollars. At the beginning of the year, the inventory balances were as follows:

Raw materials $10,200
Work in process $4,200
Finished goods $8,200
During the year, the following transactions were completed:

a. Raw materials purchased for cash, $170,000.

b. Raw materials requisitioned for use in production, $141,000 (materials costing $121,000 were charged directly to jobs; the remaining materials were indirect).

c. Costs for employee services were incurred as follows: |Direct labor|$156,000

Indirect labor $185,900
Sales commissions $22,000
Administrative salaries $50,000
d. Rent for the year was $18,800 ($13,600 of this amount related to factory operations, and the remainder related to selling and administrative activities).

e.Utility costs incurred in the factory, $16,000.

f.Advertising costs incurred, $13,000.

g. Depreciation recorded on equipment, $21,000. ($15,000 of this amount was on equipment used in factory operations; the remaining $6,000 was on equipment used in selling and administrative activities.)

h. Manufacturing overhead cost was applied to jobs, $?

i.Goods that had cost $226,000 to manufacture according to their job cost sheets were completed.

j. Sales for the year totaled $514,000. The total cost to manufacture these goods according to their job cost sheets was $220,000.

Required:

(Round your intermediate calculations to 2 decimal places)

1. Prepare journal entries to record the transactions for the year.

2. Prepare a journal entry to close any balance in the Manufacturing Overhead account to Cost of Goods Sold.

3. Prepare an income statement for the year.

Answers

Answer:

1)

a. Raw materials purchased for cash, $170,000.

Dr Materials inventory 170,000

   Cr Cash 170,000

b. Raw materials requisitioned for use in production, $141,000 (materials costing $121,000 were charged directly to jobs; the remaining materials were indirect).

Dr Work in process: direct materials 121,000

Dr Manufacturing overhead 20,000

    Cr Materials inventory 141,000

c. Costs for employee services were incurred as follows:

Dr Work in process: direct labor 156,000

Dr Manufacturing overhead 185,900

Dr Sales salaries expense 22,000

Dr Administrative salaries expense 50,000

    Cr Cash 413,900

d. Rent for the year was $18,800 ($13,600 of this amount related to factory operations, and the remainder related to selling)

Dr Manufacturing overhead 13,600

Dr Rent expense 5,200

    Cr Cash 18,800

e.Utility costs incurred in the factory, $16,000.

Dr Manufacturing overhead 16,000

    Cr Cash 16,000

f. Advertising costs incurred, $13,000.

Dr Advertising expenses 13,000

    Cr Cash 13,000

g. Depreciation recorded on equipment, $21,000. ($15,000 of this amount was on equipment used in factory operations; the remaining $6,000 was on equipment used in selling and administrative activities.)

Dr Manufacturing overhead 15,000

Dr Depreciation expense 6,000

    Cr Accumulated depreciation: manufacturing equipment 15,000

    Cr Accumulated depreciation: office equipment 6,000

h. Manufacturing overhead cost was applied to jobs, $?

Dr Work in process 265,200

     Cr Manufacturing overhead 265,200 (170% of direct labor)

i. Goods that had cost $226,000 to manufacture according to their job cost sheets were completed.

Dr Finished goods inventory 226,000

    Cr Work in process 226,000

j. Sales for the year totaled $514,000. The total cost to manufacture these goods according to their job cost sheets was $220,000.

Dr Cash 514,000

    Cr Sales revenue 514,000

Dr Cost of goods sold 220,000

    Cr Finished goods inventory 220,000

2)

Dr Manufacturing overhead ($265,200 - $250,500) 14,700

    Cr Cost of goods sold 14,700

3) Gold Nest Company

Income Statement

Sales revenue                                                                        $514,000

- Cost of goods sold                                                             -$205,300

Gross profit                                                                             $308,700

Operating expenses:

Sales salaries expense -$22,000Administrative salaries expense -$50,000Rent expense -$5,200Advertising expenses -$13,000Depreciation expense -$6,000                                      -$96,200

Operating profit                                                                        $212,500

1. The preparation of journal entries to record the transactions for Gold Nest Company of Guandong, China, is as as follows:

a. Debit Raw materials $170,000

Credit Cash $170,000

b. Debit Work in Process $121,000

Debit Manufacturing Overhead $20,000

Credit Raw materials $141,000

c. Debit Work in Process $156,000

Debit Manufacturing Overhead $185,900

Credit Payroll Expenses $341,900

Debit Selling and Administrative Expenses $22,000

Credit Sales commissions $22,000

Debit Selling and Administrative Expenses $50,000

Credit Administrative salaries $50,000

d. Debit Manufacturing Overhead $13,600

Debit Selling and Administrative Expenses $5,200

Credit Rent Expenses $18,800

e. Debit Manufacturing Overhead $16,000

Credit Utilities Expense $16,000

f. Debit Selling and Administrative Expenses $13,000

Advertising costs $13,000

g. Debit Manufacturing Overhead $15,000

Debit Selling and Administrative Expenses $6,000

Credit Depreciation Expenses $21,000

h. Debit Work in Process $265,200

Credit Manufacturing Overhead (Applied) $265,200 ($1.70 x $156,000)

i. Debit Finished Goods Inventory $226,000

Credit Work in Process $226,000

j. Debit Cash $514,000

Credit Sales Revenue $514,000

j. Debit Cost of goods sold $220,000

Credit Finished Goods Inventory $220,000

2. The journal entry to close the balance in the Manufacturing Overhead account to the Cost of goods sold is as follows:

Debit Manufacturing Overhead $14,700

Credit Cost of goods sold $14,700

3. Gold Nest Company

Income Statement

for the year ended December 31

Sales Revenue            $514,000

Cost of goods sold      205,300

Gross profit               $308,700

Selling and Administrative Expenses:

Sales commission       $22,000

Administrative salaries 50,000

Rent Expenses                5,200

Advertising Expenses   13,000

Depreciation Expenses 6,000

Total selling/admin.  $96,200

Net income             $212,500

Data Calculations:

Estimated manufacturing overhead = $76,500

Estimated direct labor dollars = $45,000

Predetermined overhead rate = $1.70 ($76,500/$45,000)

Beginning inventory balances:

Raw materials = $10,200

Work in process = $4,200

Finished goods = $8,200

Data Analysis:

a. Raw materials $170,000 Cash $170,000

b. Work in Process $121,000 Manufacturing Overhead $20,000 Raw materials $141,000

c. Work in Process $156,000 Manufacturing Overhead $185,900 Payroll Expenses $341,900

Selling and Administrative Expenses $22,000 Sales commissions $22,000

Selling and Administrative Expenses $50,000 Administrative salaries $50,000

d. Manufacturing Overhead $13,600 Selling and Administrative Expenses $5,200 Rent Expenses $18,800

e. Manufacturing Overhead $16,000 Utilities Expense $16,000

f. Selling and Administrative Expenses $13,000 Advertising costs $13,000

g. Manufacturing Overhead $15,000 Selling and Administrative Expenses $6,000 Depreciation Expenses $21,000

h. Work in Process $265,200 Manufacturing Overhead (Applied) $265,200 ($1.70 x $156,000)

i. Finished Goods Inventory $226,000 Work in Process $226,000

j. Cash $514,000 Sales Revenue $514,000

j. Cost of goods sold $220,000 Finished Goods Inventory $220,000

2. Manufacturing Overhead $14,700 Cost of goods sold $14,700

Manufacturing Overhead

b. Raw materials                   $20,000

c. Payroll Expenses            $185,900

d. Rent Expenses                 $13,600

e. Utilities Expense              $16,000

g. Depreciation Expenses  $15,000

h. Work in Process                                 $265,200

Cost of goods sold (Over-applied

overhead)                          $14,700

Cost of goods sold

Finished goods                                   $220,000

Over-applied manufacturing overhead (14,700)

Adjusted cost of goods sold           $205,300

What is a job-order costing system?

A job-order costing system is a costing system that tracks the costs and revenues according to jobs, with jobs allocated job numbers.  It is unlike process costing, which tracks jobs for each process in order to determine the unit costs instead of per job.

Learn more about accounting costs under job-order costing system at https://brainly.com/question/24516871

Haruto Kawa, a Japanese citizen who works for Shin-Ro Corp. in Japan, has been asked to head the company's sales office in the United States. Upon taking the assignment, Haruto will be a(n) _____ manager.

Answers

Answer:

The correct answer will be "Expatriate".

Explanation:

An expatriate seems to be a migrant worker through his or her occupation, a specialist, or maybe even a skilled worker. Expatriate managers could've been characterized because of those who aren’t residents including its country during which individuals work, and were employed because of everyone's specialized operational skills but rather because of about there willingness to employ organization knowledge.

It is important negotiators consider the shadow negotiation carefully before meeting with the other party so they:________

a. understand where the boundaries of the current negotiations are and should be.
b. are clear in their own minds about the scope of the negotiations.
c. understand how they would ideally like to work with the other party.
d. determine what ground the negotiation is going to cover and how the negotiators are going to work together.
e. understand that all the above are important to the shadow negotiations.

Answers

Answer:

b. are clear in their own minds about the scope of the negotiations.

Explanation:

Shadow negotiations refer to the unspoken assumptions that determine how those involved in a deal with each other, whose opinions get heard, whose interests hold sway. Therefore, this is important so the negotiators are clear in their own minds about the scope of the negotiations. Meaning that they go into the negotiation knowing who has more bargaining power and how far they can actually take the negotiation.

Long-Term Solvency Ratios Summary data from year-end financial statements of Palm Springs Company for 2017 follow.
Summary Income Statement Data
Sales $11,692,900
Cost of goods sold 5,135,000
Selling expenses 938,000
Administrative expenses 780,000
Interest expense 2,210,000
Income tax expense 905,000 9,968,000
Net income $1,724,900
Summary Balance Sheet Data
Cash $117,000
Total liabilities $900,000
Noncash assets 1,183,000
Stockholders' equity 400,000
Total assets $1,300,000
Total liabilities and equity $1,300,000
Round answers to two decimal places.
a. Compute the ratio of times-interest-earned.
b. Compute the debt-to-equity ratio.

Answers

Answer:

a. Compute the ratio of times-interest-earned.

times-interest-earned = EBIT / interest expense

EBIT = $4,839,900interest expense = $2,210,000

times-interest-earned = $4,839,900 / $2,210,000 = 2.19

b. Compute the debt-to-equity ratio.

debt-to-equity ratio = total liabilities / total stockholders' equity

total liabilities = $900,000total stockholders' equity = $400,000

debt-to-equity ratio = $900,000 / $400,000 = 2.25

Bryce Co. sales are $801,000, variable costs are $465,100, and operating income is $287,000. What is the contribution margin ratio

Answers

Answer:

Contribution margin ratio= 0.42

Explanation:

Giving the following information:

Bryce Co. sales are $801,000

Variable costs are $465,100

Operating income is $287,000.

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

contribution margin ratio= (sales - variable cost) / sales

contribution margin ratio= (801,000 - 465,100) / 801,000

contribution margin ratio= 0.42

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