Answer: C. Debit Work in Process Inventory $110.000, debit Factory Overhead $40,000, credit Factory Wages payable $150,000
Explanation:
Minstrel incurred a factory payroll of $150,000 and $40,000 was indirect.
This $40,000 indirect payroll cost will be treated as Factory overhead and will be debited.
The remaining $110,000 is direct labor costs and it will be apportioned to inventory therefore it will be debited to the Work in Process account.
The total figure of $150,000 represents the amount that the company owes its factory staff so it will be credited to factory overhead to recognize it as a liability.
Lake Power Sports sells jet skis and other powered recreational equipment. Customers pay one-third of the sales price of a jet ski when they initially purchase the ski, and then pay another one-third each year for the next two years. Because Lake has little information about the ability to collect these receivables, it uses the cost recovery method to recognize revenue on these installment sales. In 2020, Lake began operations and sold jet skis with a total price of $900,000 that cost Lake $450,000. Lake collected $300,000 in 2020, $300,000 in 2021, and $300,000 in 2022 associated with those sales. In 2021, Lake sold jet skis with a total price of $1,290,000 that cost Lake $774,000. Lake collected $430,000 in 2021, $240,000 in 2022, and $240,000 in 2023 associated with those sales. In 2023, Lake also repossessed $380,000 of jet skis that were sold in 2021. Those jet skis had a fair value of $142,500 at the time they were repossessed.In its December 31, 2021, balance sheet, Lake would report:
Answer:
$650,000
Explanation:
Calculation to determine what Lake would report in its December 31, 2021, balance sheet
First step is to calculate Net installment Receiveble for 2020 sales
2020 sales Installment Receiveble 300,000
($900,000-$300,000 2018 Collection -$300,000 2021 Collection)
Less Deferred gross profit $150,000
(450,000-$150,000 2020 collection-$150,000 2021 collection )
Net installment Receiveble for 2020 sales $150,000
Second step is to determine Net installment Receiveble for 2021 sales
2021 sales Installment Receiveble $860,000
($1,290,000-$430,000
Less Deferred gross profit $360,000
($600,000-$240,000)
Net installment Receiveble for 2021 sales $500,000
Now let determine what Lake would report in its December 31, 2021, balance sheet
December 31, 2021, balance sheet=$150,000+$500,000
December 31, 2021, balance sheet=$650,000
Therefore In its December 31, 2021, balance sheet, Lake would report: $650,000
A manager of a company is facing an ethical problem. He uses the formal process for ethical decision making to resolve the problem. Which of the following steps will they begin with
Answer: Understanding all the moral standards and recognizing all moral impacts.
Explanation:
Ethics is the standards and the moral principles which guide the behavior of an individual or group of people. Ethical decision making reefers to the assessment of the moral implications of a course of action.
Since the manager uses the the formal process for ethical decision making to resolve the problem, the first step to begin with is to understand the moral standards and recognizing all moral impacts. The manager needs to be aware of the moral standards and be sure if he or she is following the normal process and doing the right thing.
During March, XYZ Inc. transferred $50,000 from Work in Process to Finished Goods and recorded a Cost of Goods Sold of $56,000. The journal entries to record these transactions would include a:
Answer:
Date Journal entries Debit Credit
Finished Goods $50,000
Work in Process $50,000
Cost of Goods Sold $56,000
Finished Goods $56,000
Discuss the six HRM practices from which companies can choose for implementing their strategy. Illustrate by specific examples.
Answer:
Explanation:
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The following is a news item reported by Reuters:
WASHINGTON, Jan 29 (Reuters)—Wright Medical Group, a maker of reconstructive implants for knees and hips, on Tuesday filed to sell 3 million shares of common stock.
In a filing with the U.S. Securities and Exchange Commission, it said it plans to use the proceeds from the offering for general corporate purposes, working capital, research and development, and acquisitions.
After the sale there will be about 31.5 million shares outstanding in the Arlington, Tennessee-based company, according to the SEC filing.
Wright shares closed at $17.15 on Nasdaq.
The common stock of Wright Medical Group has a par of $.01 per share.
Required:
Prepare the journal entry to record the sale of the shares assuming the price existing when the announcement was made and ignoring share issue costs. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.)
Answer:
Date Account Title Debit Credit
January 29 Cash $51,450,000
Common stock $30,000
Additional Paid-In capital $51,420,000
Explanation:
Company wants to sell 3 million shares at $17.15.
The cash they will make from this is:
= 3,000,000 * 17.15
= $51,450,000
The par value of this common stock sale is:
= number of shares * par value
= 3,000,000 * 0.01
= $30,000
Additional paid-in capital will be:
= Cash - Common stock par value
= 51,450,000 - 30,000
= $51,420,000
Depreciation, a type of expense, is included in the ________ category.
Answer:
General and administrative
Explanation:
Financial statements can be defined as a document used for the formal communication or disclosure of financial information and statements to present and potential users such as investors and creditors.
Generally, financial statements are the formally written records of the business and financial activities of a business entity or organization.
There are four (4) main types of financial statements and these are;
1. Balance sheet: it contains financial information about assets, liability, and equity.
2. Cash flow statement: it contains financial information about operating, financial and investing activities.
3. Income statement: it contains financial information about the income and expenses of an organization.
4. Statement of changes in equity: it contains financial information about profits or loss, dividends, etc.
Depreciation can be defined as a process in which the monetary or financial value with respect to an asset decrease or falls over time as a result of wear and tear.
This ultimately implies that, depreciation is a process which typically involves the general fall in the value of an asset such as currency, plant equipment or machinery etc over a specific period of time.
Basically, depreciation is a type of expense and it is included in the general and administrative (G&A) category of a balance sheet.
A general and administrative (G&A) can be defined as the expenditures that are required for the smooth running or operations of a business, which are not associated with the manufacturing of goods.
What expenses typically come first in the "Expenses" section of an income statement? a. Non-operating expenses b. Irregular expenses c. Selling, general and administrative expenses d. Tax expenses
Answer:
c. Selling, general and administrative expenses
Explanation:
Financial statements can be defined as a document used for the formal communication or disclosure of financial information and statements to present and potential users such as investors and creditors. These includes balance sheet, statement of retained earnings and income statement.
The expense recognition principle is an accounting principle which is typically used on accrual basis accounts and it states that expenses incurred by an individual or business entity should be recognized and matched in the same period with respect to the revenues they are related to.
Selling, general and administrative expenses typically come first in the "Expenses" section of an income statement.
Robo Inc.requires $70,000 of direct material for production and top management desires $3,000 in ending raw materials inventory. The company has $2,000 in beginning raw materials inventory. What would Robo's budgeted purchases of direct materials be
Answer:
Budgeted purchases = $71000
Explanation:
Below is the given values:
Direct material for the production = $70000
Ending raw material inventory = $3000
Beginning raw material = $2000
Budgeted purchases = Direct material for the production + Ending raw material - Beginning raw material
Budgeted purchases = 70000 + 3000 - 2000
Budgeted purchases = $71000
_______ involves giving employees more opportunity to experience achievement, responsibility and advancement.
Answer: empowerment
Explanation:
The process of giving employees more opportunity to experience achievement, responsibility and advancement us referred to as empowerment.
Empowerment is the practice of sharing information, power and rewards with the employees and this is vital as it puts the employees at the heart of the organization.
An investment that costs $105,000 today is expected to produce the following cash inflows over each of the next five years: $20,000; $25,000; $23,000; $22,000; $21,000. What is the IRR (compounded annually) for this investment
Answer: 1.89%
Explanation:
You can use Excel to find the IRR here:
Investment amount should be first as shown and should be in negative.
The cash flows will then follow each other by year.
Use the =IRR formula to select all the cells and the IRR will show.'
IRR here = 1.89%
Oriole has the following inventory data: July 1 Beginning inventory 34 units at $6.70 5 Purchases 134 units at $7.40 14 Sale 90 units 21 Purchases 67 units at $8.10 30 Sale 63 units Assuming that a perpetual inventory system is used, what is the value of ending inventory on a LIFO basis for July
Answer:
The correct answer is "$585.80".
Explanation:
According to the question,
Sold 63 units on July 30 from purchase of July 21, the remaining will be:
= [tex](67-63)\times 8.1[/tex]
= [tex]4\times 8.1[/tex]
= [tex]32.4[/tex]
Sold 90 units on July 14 from purchase of 5, the remaining will be:
= [tex](134-90)\times 7.4[/tex]
= [tex]44\times 7.4[/tex]
= [tex]325.6[/tex]
On July 1, opening stock will be:
= [tex]34\times 6.7[/tex]
= [tex]227.8[/tex]
hence,
The total value of inventory as per LIFO method will be:
= [tex]32.4+325.6+227.8[/tex]
= [tex]585.80[/tex] ($)
74. When a company issues shares at a
premium the amount of premium should
be received by the company:
(1 Point)
O Along with application money
Along with allotment money
Along with calls
Along with any of the above
Answer:
Along with any of the above
Explanation:
The book value per share of stock can be defined as a measure of the total amount of value associated with a net asset that an investor is entitled to when he or she buys a share of stock.
Hence, the book value per share of stock is a ratio of the equity gotten by an investor to the amount of outstanding shares.
In the financial markets, when a company issues shares at a premium the amount of premium should be received by the company;
I. Along with application money
II. Along with allotment money
III. Along with calls
A local bank sponsors a charity run that raises funds for a non-profit building wells and schools in Mali, Africa. How would the use of the bank’s funds for this fundraiser be justified when its goal is to maximize profit?
Answer:
The use of the bank's funds for this fundraiser would be justified when the bank's goal is to maximize profit by:
giving the bank public relations boost, thereby improving its public image.
Explanation:
The creation of publicity opportunities through this fundraiser enhances the bank's activities. Awareness of its services is created through the sponsorship. People perceive the bank as a charity-supporting organization, which cares for the welfare of the less-privileged. The fundraiser creates huge goodwill. Public relation is, therefore, critical in helping the bank to engage its diverse publics across various platforms, including the accruing intangible benefits that derivable from the seemingly unprofitable effort.
For each of the following corporate formations, (1) write the amount of gain or loss that will be recognized by the shareholders as a whole, and (2) write the corporation's basis in the property after the transfer.
a. John and Kelly started Back Stop, Inc., in 2021. Kelly transferred a building with a basis of $120,000 and a FMV of $150,000 for 60% of the stock.
b. John agreed to operate the company on a day-to-day basis in exchange for his stock. Ignore any compensation income recognized by John.
Answer:
Back Stop, Inc.
1. The amount of gain or loss that will be recognized by the company:
a. $30,000 gain
b. $80,000 loss
2. The corporation's basis in the property after the transfer:
a. $150,000
b. ($80,000)
Explanation:
1) Data and Calculations:
a. Building $150,000 Capital, Kelly $120,000 Unrealized gain $30,000
b. Unrealized loss $80,000 Capital, Kelly $80,000
2) The building contributed by Kelly is worth $150,000 for the corporation. However, the contribution by John is worth nothing in real terms. Instead, an unrealized loss is being suffered by the corporation.
Jamon is a manager in a human resources organization. He has a message for Bob who works on the assembly line. What channel is he likely to use get the message to Bob
Answer: All of the above
Explanation:
The options include:
a. Face-to-face
b. Telephone
c. Electronic mail
d. All of the above
Since the manager manager has a message for Bob, any of the communication channels given here can be used.
There is no preferred communication channel here. The manager may decided to tell Bob the message face to face when he sees him. Also, he can call him on the telephone or send an email to him.
Therefore, the correct option is All of the above.
would u act diffetently
Hannah, age 70 and single, is claimed as a dependent by her daughter. During 2020, Hannah had interest income of $2,550 and $850 of earned income from babysitting. Hannah's taxable income is:
Answer: $550
Explanation:
Standard deduction is the greater of $1,050 or the sum of the earned income and $350.
= Earned income + 350 = $1,200
Additional deduction for single seniors in 2020 is $1,650.
Total deduction is:
= 1,200 + 1,650
= $2,850
Hannah's taxable income is:
= 2,550 + 850 - 2,850
= $550
Correctly complete the following statement. We may be more likely to consider using qualitative forecasting techniques when Select one: a. a lot of historical (quantitative) demand data exists. b. we are faced with a short-term, operational decision-making problem. c. the relevant environment is likely to be quite stable (less variable) over the forecast horizon. d. the forecast horizon is long (e.g., more than three to five years).
Answer:
b
Explanation:
There are two types of forecasting method
1. Qualitative forecasting
2. Quantitative forecasting
Qualitative forecasting can be described as when subjective judgement or non quantifiable information in forecasting.
When is qualitative forecasting suitable ?
It is used when historical data in unavailable. this method is suitable when it is predicted that future result would depart from what historical data may suggestAdvantages of Qualitative forecasting
it is flexible It can be used when data available is ambiguous or unclearDisadvantage of Qualitative forecasting
It is subjective.
Quantitative forecasting can be described as forecasting using historical data
Last month when Holiday Creations, Inc., sold 44,000 units, total sales were $308,000, total variable expenses were $215,600, and fixed expenses were $35,700. Required: 1. What is the company’s contribution margin (CM) ratio? 2. What is the estimated change in the company’s net operating income if it can increase total sales by $1,800?
Answer: 1) CM / Sales = CM Ratio
CM = 306,000 - 238,680 = 67,320
CM Ratio = 67,320 / 306,000 = 0.22
2) CM Ratio x 2,500 = 550
Explanation:
When the management team reviewed its government contract on office chairs, they noticed that in order to bid on the project, at least 37 percent of the value of the office chairs had to be produced in the United States. This stipulation is an example of a(n)
Answer:
local content requirement.
Explanation:
In the case when the management team is reviewed the government contract so they notice that minimum 37% of the office chairs value should be generated so this stipulation represent the local content requirement as under this clause, the firm is needed to source the goods portion from the local producers
Therefore the above term should be the answer
10. Which of the following best describes a trial balance?
If the demand for donuts is elastic, then a decrease in the price of donuts will a. not change total revenue of donut sellers. b. There is not enough information to answer this question. c. decrease total revenue of donut sellers.
Answer:
increase the total revenue of donut sellers.
Explanation:
Price elasticity of demand measures the responsiveness of quantity demanded to changes in price of the good.
Price elasticity of demand = percentage change in quantity demanded / percentage change in price
If the absolute value of price elasticity is greater than one, it means demand is elastic. Elastic demand means that quantity demanded is sensitive to price changes.
Demand is inelastic if a small change in price has little or no effect on quantity demanded. The absolute value of elasticity would be less than one
Demand is unit elastic if a small change in price has an equal and proportionate effect on quantity demanded.
Infinitely elastic demand is perfectly elastic demand. Demand falls to zero when price increases
Perfectly inelastic demand is demand where there is no change in the quantity demanded regardless of changes in price.
If demand is elastic and price is reduce, the percentage reduction in price would be less than the total increase in quantity demanded. As a result, there would be an increase in total revenue.
The balance sheet indicates what an organization owns or controls and the various sources of the funds used to pay for these assets, such as bank debt and owners' equity.
a. True
b. False
Answer:
The correct answer is the option A: True.
Explanation:
To begin with, in the economics science field and the accounting theory the concept known as the balance sheet refers to a particular report that the managers have to do and understand in order to keep the control of everything inside the organization because it basically shows what the company posses, what it owns and to who it owns it with the characteristic of emphasizing it in a determine duration that could commonly be a year. Moreover it is separated in two main sides, the assets and financing, with this last one separeted in liabilities and owner's equity.
Match each current trend with the advantage it provides for the global
economy
Reduction of
trade barriers
?
Facilitates international
business and trade
Allows for a greater
mobility of goods and
labor
Industrialization
?
Improved
communication
Reduces production and
transportation costs
Development of
infrastructure
Enables economic growth
in developing countries
Answer:
Find answers below.
Explanation:
1. Reduction of trade barriers: allows for a greater mobility of goods and labor.
Some examples of trade barriers are import license, quotas, subsidies, embargo, currency devaluation, local content requirements, tariffs, etc.
A tariff can be defined as tax levied by the government of a country on goods and services imported from another country.
2. Industrialization: enables economic growth in developing countries.
Industrialization can be defined as a strategic process which typically involves the development of various industries in a country by the large-scale introduction of mechanized equipments and use of technology for the manufacturing of goods and services that meets the need or requirements of consumers.
3. Improved communication: facilitates international business and trade.
Basically, when there is an effective and efficient level of communication between two or more countries, it would help to facilitate and enhance the exchange of goods and services between the countries.
4. Development of infrastructure: reduces production and transportation costs.
Typically, when there are good infrastructural development such as roads, electricity, etc., in a society it would ease the movement of goods and services, as well as the cost of production and transportation.
22.On January 1, 2021, Amazon purchased a $64,000 office equipment and expected its useful economic life of 5 years. At the end of year 5th, the company expected to sell the equipment for $4,000. It is now December 31, 2021. Which of the following entries are needed to be made before preparing financial statements?
a. Debit Office equipment $64,000; Credit Cash $64,000
b. Debit Depreciation expense - Office equipment $64,000; Credit Cash $64,000
c. Debit Depreciation expense - Office equipment $12,000; Credit Accumulated depreciation – Office equipment $12,000
d. Debit Accumulated depreciation – Office equipment $12,000; Credit Depreciation expense - Office equipment $12,000
Answer:
C.
Explanation:
64000-4000 (salvage value)=60000
60000/5=12000 (annual depreciation)
depreciation expense. 12000
Accumulated depreciation. 12000
A company received cash proceeds of $206,948 on a bond issue with a par value of $200,000. The difference between par value and issue price for this bond is recorded as a:________
A. Credit to Interest Income
B. Credit to Premium on Bonds Payable.
C. Credit to Discount on Bonds Payable.
D. Debit to Premium on Bonds Payable
E. Debit to Discount on Bonds Payable
Which of the following would cause a person starting a small business to choose a sole proprietorship over a partnership?
a. The person has minimal experience managing a small business.
b. The person is willing to share responsibilities for running the business.
c. The person wants to retain complete control over the entire business.
d. The person lacks sufficient funding for business operations.
Answer:
c
Explanation:
A sole proprietorship is a type of business that is owned by one person
Characteristics
1. it is owned by one person
2. the business has unlimited liability
3. the business has limited access to capital
4. the business usually lacks continuity. this type of business usually ceases to exist when the owner dies
5. the business is usually not separated from the owner
a. What is the total cost for a basket of goods that includes 210 gallons of gas, 55 pizzas, 40 6-packs, and 2 textbooks
Answer:
Total Cost Base year = $815Last year Total cost = $1,464.35Explanation:
In the base year, the total cost was:
= (210 * 1.30) + (55 * 3.60) + (40 * 3.90) + (2 * 94)
= 273 + 198 + 156 + 188
= $815
Last year, the total cost was:
= (210 * 1.60) + (55 * 7.65) + (40 * 6.64) + (2 * 221)
= 336 + 420.75 + 265.60 + 442
= $1,464.35
Notice that the total cost increased last year from the base year. This is the effect of inflation. Things get more expensive overtime.
In the United States, if the price of imported oil rises so that the prices of gasoline and heating oil rise, then the a. consumer price index rises much more than does the GDP deflator. b. consumer price index rises slightly more than does the GDP deflator. c. GDP deflator rises much more than does the consumer price index. d. GDP deflator and the consumer price index rise by about the same amount.
Answer: a. consumer price index rises much more than does the GDP deflator.
Explanation:
The Consumer Price Index is a measure of inflation. It shows the change in the prices of a basket of goods over a period of time. If the prices of gasoline and heating oil rise, this basket will be affected and so Consumer Price Index (CPI) will increase.
GDP deflator on the other hand, adjusts the nominal GDP to a Real GDP measure. Not everything will increase in price in the country as a result of oil going up so GDP will not change by much which would limit the increase in the GDP deflator.
The CPI will therefore rise more than the GDP deflator.
Tariffs are a tax placed on ✔ imported goods.
Tariffs are used to give domestically produced goods ✔ an advantage in the market.
As a result of tariffs, imported goods become ✔ more expensive for consumers
Answer:
Imported, an advantage, more.
Explanation:
This is done to discourage the use of foreign items and use of domestically made products. This helps the domestic companies to get their advantage in profit and sales. Thereby making the imported goods more expensive and discourages their use.Answer:
Tariffs are a tax placed on
✔ imported
goods.
Tariffs are used to give domestically produced goods
✔ an advantage
in the market.
As a result of tariffs, imported goods become
✔ more
expensive for consumers
Explanation:
