On December 31, the company estimates future sales refunds to be $900. As of that date, the company has an unadjusted debit balance in Accounts Receivable of $25,000 and an unadjusted credit balance of $300 in Sales Refunds Payable.

Requried:
Write down the necessary adjusting entry.

Answers

Answer 1

Answer:

Date      Account titles and Explanation       Debit    Credit

Dec 31   Sales return and allowance               $600

                     Sales refund payable                                $600

                     ($900 - $300)

              (To record the expected refund of sales)


Related Questions

describe five ways in which contract management might adds value after the contract award stage of the sourcing process.​

Answers

Answer:

The five ways for contract management are:

1 - how buyer and supplier work after contract has been awarded.

2 - Key decisions made.

3 - Risk of misunderstanding and disagreement.

4 - Identify opportunities and improve performance.

5 - Performance evaluation against KPIs.

Explanation:

Contract management is essential for any business to succeed. There are five ways in which contract management will add value after contract award stage. Usually value addition is achieved by the response of buyer and seller towards the services after the contract has been awarded. There should be right individuals involved in decision making process. The performance should be evaluated against the KPI mentioned in the contract. If both supplier and  buyer work with mutual understanding there is very less chance for disagreement and value will be added to the contract performance.

Assume tuition at the University of Virginia cost $2,962 (per semester) in 2004 and $11,584 in 2012. If the price index was 184 in 2004 and 226 in 2012, then we could say tuition has increased more slowly than inflation. tuition has increased much more rapidly than inflation. tuition has increased at about the same rate as inflation. nominal tuition has increased. tuition suffers from menu costs due to inflation.

Answers

Answer:

tuition has increased much more rapidly than inflation.

Explanation:

2.6

18.6

True or False: With a minimum wage of $8.70, unemployment of unskilled workers is lower with the tax credit versus without it.

Answers

Answer: True

Explanation:

Generally speaking, a tax credit would bring about a lower unemployment rate for unskilled labor as opposed to a situation where there is no tax credit.

A tax credit would reduce the amount of taxes that a company is to pay which would leave them with more income to reinvest into the business. This reinvestment will lead to the business having a higher production capacity such that it requires more workers so they will hire more workers, both unskilled and skilled thereby reducing the unemployment rate for both.

During its first year of operations, Gavin Company had credit sales of $3,000,000; $600,000 remained uncollected at year-end. The credit manager estimates that $31,000 of these receivables will become uncollectible.

Required:
a. Prepare the journal entry to record the estimated uncollectibles.
b. Prepare the current assets section of the balance sheet for Gavin Company. Assume that in addition to the receivables it has cash of $90,000, inventory of $ 130,000, and prepaid insurance of $7, 500.

Answers

Answer:

a.

Date                 Account Title                                          Debit              Credit

XX-XX             Bad debts expense                             $31,000

                        Allowance for doubtful debts                                   $31,000

b. Current assets section of balance sheet

Current Assets                                      

Cash                                                       $90,000

Accounts Receivable                            $569,000

Inventory                                                $130,000

Prepaid Insurance                                  $  7,500

Total                                                        $796,000  

Accounts Receivable = Unadjusted accounts received - allowance for doubtful debt:

= 600,000 - 31,000

= $569,000

a. Journal entry to record the estimated uncollectibles.

Date account and explanation     Debit         Credit

Dec 31 Bad debt expense                31,000  

Allowance for doubtful accounts                           31,000

b) Prepare the current assets section of the balance sheet for Gavin Company.    

Cash                                                                           90,000

Account receivable                                600,000  

Less: Allowance for doubtful account   (31,000)     569,000

Inventory                                                                    130,000

Prepaid insurance                                                     7,500

Total current assets                                                  796,500

Learn more about preparation of journal entry here : https://brainly.com/question/24696035

Identify each of the following reconciling items as:

a. an addition to the cash balance according to the bank statement
b. a deduction from the cash balance according to the bank statement
c. an addition to the cash balance according to the company's records
d. a deduction from the cash balance according to the company's records

Item Treatment
1. Bank service charges, $30.
2. Check of a customer returned by bank to company because of insufficient funds, $400.
3. Check for $320 incorrectly recorded by the company as $230.
4. Check for $1,100 incorrectly charged by bank as $110.
5. Deposit in transit, $3,300.
6. Outstanding checks, $7,950.
7. Note collected by bank, $10,500.

Answers

Answer:

Reconciling Items

Item   Treatment

1.    b. a deduction from the cash balance according to the bank statement

2.   b. a deduction from the cash balance according to the bank statement

3.   d. a deduction from the cash balance according to the company's records

4.   a. an addition to the cash balance according to the bank statement

5.   a. an addition to the cash balance according to the bank statement

6.  a. an addition to the cash balance according to the bank statement

7.  a. an addition to the cash balance according to the bank statement

Explanation:

a) Data and Analysis:

1. Bank service charges, $30 Cash $30

2. Accounts Receivable (NSF) $400 Cash $400

3. Accounts Payable $90 Cash $90

4. Cash $990 Bank $990.

5. Bank $3,300 Cash $3,300

6. Cash $7,950 Bank $7,950

7. Cash $10,500 Accounts Receivable $10,500

Big Chill, Inc. sells portable dehumidifier units at the current price of $184. Unit variable costs are $85. Fixed costs, made up primarily of salaries, rent, insurance and advertising, are $3,236,000. Calculate breakeven sales for Big Chill, Inc. Round your answer to the nearest whole number.

Answers

Answer:

$6,014,384

Explanation:

Break even point is the level at which a firm makes neither profit nor a loss. This is the point where Profit = $0.

Break even units = Fixed Costs ÷ Contribution per unit

therefore,

Break even units = $3,236,000 ÷ ($184 x  $85)

                              = 32,687 units

thus,

Breakeven Sales = 32,687 units x $184 =  $6,014,384

Lowden Company has a predetermined overhead rate of 160% and allocates overhead based on direct material cost.During the current period,direct labor cost is $50,000 and direct materials cost is $80,000.How much overhead cost should Lowden Company should apply in the current period?
A) $31,250.
B) $50,000.
C) $80,000.
D) $128,000.
E) $208,000.

Answers

I think it would be C

The risk free rate currently have a return of 2.5% and the market risk premium is 5.77%. If a firm has a beta of 1.42, what is its cost of equity

Answers

Answer:

10.69%

Explanation:

Market risk premium = 5.77% or 0.0577

The beta = 1.42

Risk free rate = 2.5% or 0.025

Cost of equity = Risk free rate + Beta*Market risk premium

Cost of equity = 0.025 + 1.42*0.0577

Cost of equity = 0.025 + 0.081934

Cost of equity = 0.106934

Cost of equity = 10.69%

You are selling an asset. you can earn an interest rate of 7% per yer on your savings. You receive the following two (risk less) offers:

Offer 1: receive $400,000 today
Offer 2: Receive $500,000 in 4 years

a. Which offer should you choose?
b. At what interest rate would you be indifferent between the two offers?

Answers

Answer:

Option 1

5.737126344%

Explanation:

to determine which option i would prefer today, i would need to determine the present value of offer 2

Present value is the sum of discounted cash flows

[tex]\frac{500,000}{1.07^{4} }[/tex] = $381,447.61

I would prefer the first option because its present value is greater than that of option 2

The interest rate that would make me indifferent between either options would be the interest at which the present value of $500,000 in 4 years is $400,000

$400,000 = [tex]\frac{500,000}{(1 + x)^{4} }[/tex]

$400,000[tex](1 + x)^{4}[/tex] = $500,000

500,000 / 400,000= (1 + x)^{4}

1.25 = (1 + x)^{4}

[tex]1.25^{0.25}[/tex] = 1 + x

x = 5.737126344%

what sets one organization apart from others and provides the firm with a distinctive edge for meeting marketplace needs is known as _____ a target market by decentralization c competitive distinction d competitive advantage e core competency

Answers

Answer: Competitive Advantage

Explanation:

The competitive advantage of a company is that thing that gives it an edge over its competitors such that it sells more than them even though they offer similar products.

A competitive advantage is therefore what gives a company abnormal profits in a competitive market and is necessary to survive in the tough markets of the world. Walmart for instance, has the competitive advantage of getting goods at the cheapest rates which allows them to make higher profits when they resell.

3. The USD depreciates 2% versus the JPY. The USD appreciates 1% versus the MXN. What is the approximate appreciation or depreciation we might see in the MXN/JPY cross exchange rate

Answers

Answer:

The approximate appreciation or depreciation we might see in the MXN/JPY cross exchange rate is 3%.

Explanation:

The approximate appreciation or depreciation we might see in the MXN/JPY cross exchange rate can be stated using the folowing 3 steps.

Step 1. State the initial exchange rates of the currency pairs.

Let first assume the initial exchange rates are as follows:

USD1 = JPY1

USD1 = MXN1

Therefore, we have the initial cross rate as follows:

MXN1 = USD1 = JPY1

MXN1 = JPY1

Step 2. Determine the new exchange rates

The new exchange rates can be determined as follows:

When the USD depreciates 2% versus the JPY, this implies that USD1 * (100% + 2%) = USD1.02 has to be exchanged for JPY1. Therefore, we now have:

USD1.02 = JPY1, or

USD1 = JPY1/1.02

USD1 = JPY0.98

Also, when The USD appreciates 1% versus the MXN, this implies that USD1 * (100% - 1%) = USD0.99 has to be exchanged for MXN1. Therefore, we now have:

USD0.99 = MXN1, or

USD1 = MXN1/0.99

USD1 = MXN1.01

Therefore, we have the new cross rate as follows:

MXN1.01 = USD1 = JPY0.98

MXN1.01 = JPY0.98

MXN1.01 / 1.01 = JPY0.98/1.01

MXN1 = JPY0.97, or

MXN1/0.97 = JPY0.97/0.97

MXN1.03 = JPY1

Therefore, the new exchange rates are as follows:

USD1.02 = JPY1

USD0.99 = MXN1

MXN1.03 = JPY1

c. Determination of appreciation or depreciation we might see in the MXN/JPY

Percentage of depreciation of MXN against JPY = ((Initial MXN/JPY - New MXN/JPY) / Initial MXN/YPY) * 100 = ((1.03 - 1) / 1) * 100 = 3%

Since the percentage of depreciation of MXN against JPY is 3%, this also implies that the percentage of appreciation of JPY against MXN is 3%.

Therefore, the approximate appreciation or depreciation we might see in the MXN/JPY cross exchange rate is 3%.

Consider a country in which most of the productive resources are collectively owned by the state. As this country moves toward a system of private property rights, we can expect economic growth to ________ due to a(n) ________ in productivity

Answers

Answer:

Increase ; Upward movement along

Explanation:

In simple words, The greater the range of intellectual interests the greater the motivation to labor, preserve, as well as reinvest, because the more efficient the economy's functioning will be. The more efficiently an economy runs, the further development it produces for any given pool of assets, resulting in upward motion of the productivity function.

7.You invested in long-term corporate bonds and earned 6.1 percent. During that same time period, large-company stocks returned 12.6 percent, long-term government bonds returned 5.7 percent, U.S. Treasury bills returned 4.2 percent, and inflation averaged 3.8 percent. What average risk premium did you earn

Answers

Answer: 1.9%

Explanation:

The risk premium is the return that an investment offers over the risk free rate in the market.

The risk free rate is the return on the U.S. Treasury bill in the same period:

Average risk premium = Return on long term corporate bond - Return on U.S. T-bill

= 6.1% - 4.2%

= 1.9%

A department that is capital-intensive most likely would use a predetermined departmental overhead rate based on which of the following activity bases?
a. units of direct material used
b. direct labor hours
c. direct labor cost
d. machine hours

Answers

Answer:

D)machine hours

Explanation:

It should be noted that department that is capital-intensive most likely would use a predetermined departmental overhead rate based on

machine hours.

A machine-hour can be regarded as measurement that is been used in applying factory overhead to manufactured goods. It's application is usually found in machine-intensive environments, environment whereby the amount of time that is expelled on processing by a machine is been regarded as largest activity that overhead allocations can be said to have based upon. Machine hour rate can be gotten by making division of the total running expenses of a machine by estimated number of hours for the machine to work at a specific period

Selected account balances before adjustment for Atlantic Coast Realty at July 31, the end of the current year, are as follows: Debits CreditsAccounts Receivable $ 79,500 Equipment 342,700 Accumulated Depreciation—Equipment $102,700Prepaid Rent 9,300 Supplies 3,180 Wages Payable –Unearned Fees 14,100Fees Earned 670,200Wages Expense 329,600 Rent Expense – Depreciation Expense – Supplies Expense – Data needed for year-end adjustments are as follows:• Unbilled fees at July 31, $10,250.• Supplies on hand at July 31, $930.• Rent expired, $5,800.• Depreciation of equipment during year, $8,750.• Unearned fees at July 31, $2,100.• Wages accrued but not paid at July 31, $4,900. Required:1. Journalize the six adjusting entries required at July 31, based on the data presented. Refer to the Chart of Accounts for exact wording of account titles.2. What would be the effect on the income statement if the adjustments for unbilled fees and accrued wages were omitted at the end of the year?3. What would be the effect on the balance sheet if the adjustments for unbilled fees and accrued wages were omitted at the end of the year?4. What would be the effect on the "Net increase or decrease in cash" on the statement of cash flows if the adjustments for unbilled fees and accrued wages were omitted at the end of the year?Chart of AccountsCHART OF ACCOUNTSAlantic Coast RealtyGeneral Ledger ASSETS11 Cash12 Accounts Receivable13 Supplies14 Prepaid Rent15 Land16 Equipment17 Accumulated Depreciation-Equipment LIABILITIES21 Accounts Payable22 Unearned Fees23 Wages Payable24 Taxes Payable EQUITY31 Owner’s Equity32 Withdrawals REVENUE41 Fees Earned42 Rent Revenue EXPENSES51 Advertising Expense52 Insurance Expense53 Rent Expense54 Wages Expense55 Supplies Expense56 Utilities Expense57 Depreciation Expense59 Miscellaneous ExpenseJournal1. Journalize the six adjusting entries required at July 31, based on the data presented. Refer to the Chart of Accounts for exact wording of account titles.PAGE 10JOURNALACCOUNTING EQUATIONDATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY1 Adjusting Entries2345678910111213Final Questions2. What would be the effect on the income statement if the adjustments for unbilled fees and accrued wages were omitted at the end of the year? Over/Understated AmountFees earned Wages expense Net income 3. What would be the effect on the balance sheet if the adjustments for unbilled fees and accrued wages were omitted at the end of the year? Over/Understated AmountAccounts receivable Total assets Wages payable Total liabilities Owner’s equity Total liabilities and owner’s equity 4. What would be the effect on the "Net increase or decrease in cash" on the statement of cash flows if the adjustments for unbilled fees and accrued wages were omitted at the end of the year?

Answers

Answer:

Atlantic Coast Realty

1. Adjusting Journal Entries:

Debit 12 Accounts Receivable $10,250

Credit 41 Fees Earned $10,250

To record the unbilled fees at July 31.

Debit 55 Supplies Expense $2,250

Credit 13 Supplies $2,250

To record supplies used during the period.

Debit 53 Rent Expense $5,800

Credit 14 Prepaid Rent $5,800

To record expired rent.

Debit 57 Depreciation Expense $8,750

Credit 17 Accumulated Depreciation-Equipment $8,750

To record depreciation expense for the year.

Debit 41 Fees Earned $2,100

Credit 22 Unearned Fees $2,100

To record unearned fees.

Debit 54 Wages Expense $4,900

Credit 23 Wages Payable $4,900

To record accrued wages.

2. The effect on the income statement if the adjustments for unbilled fees and accrued wages were omitted at the end of the year:

Income will be understated by $10,250.

Income will be overstated by $4,900.

3. The effect on the income statement if the adjustments for unbilled fees and accrued wages were omitted at the end of the year:

Income will be understated by $10,250.

Income will be overstated by $4,900.

4. The effect on the "Net increase or decrease in cash" on the statement of cash flows if the adjustments for unbilled fees and accrued wages were omitted at the end of the year:

a. Net increase in cash will be less by $4,900 (if the indirect method is used).

b. Net decrease in cash  will be more by $10,250 (if the indirect method is used).

Explanation:

a) Data and Calculations:

Unadjusted account balances at July 31:

                                                     Debits          Credits

Accounts Receivable                $ 79,500

Prepaid Rent                                  9,300

Supplies                                          3,180

Equipment                                 342,700

Accumulated Depreciation—Equipment $102,700

Wages Payable –Unearned Fees                14,100

Fees Earned                            670,200

Wages Expense                      329,600

Rent Expense                               –

Depreciation Expense                 –

Supplies Expense                        –

Analysis of Adjustments:

12 Accounts Receivable $10,250 41 Fees Earned $10,250

55 Supplies Expense $930 13 Supplies $2,250

53 Rent Expense $5,800 14 Prepaid Rent $5,800

57 Depreciation Expense $8,750 17 Accumulated Depreciation-Equipment $8,750

41 Fees Earned $2,100 22 Unearned Fees $2,100

54 Wages Expense $4,900 23 Wages Payable $4,900

CHART OF ACCOUNTS

Atlantic Coast Realty

General Ledger

ASSETS

11 Cash

12 Accounts Receivable

13 Supplies

14 Prepaid Rent

15 Land

16 Equipment

17 Accumulated Depreciation-Equipment

LIABILITIES

21 Accounts Payable

22 Unearned Fees

23 Wages Payable

24 Taxes Payable

EQUITY

31 Owner’s Equity

32 Withdrawals

REVENUE

41 Fees Earned

42 Rent Revenue

EXPENSES

51 Advertising Expense

52 Insurance Expense

53 Rent Expense

54 Wages Expense

55 Supplies Expense

56 Utilities Expense

57 Depreciation Expense

59 Miscellaneous Expense

Murphy's, Inc., has 45,000 shares of stock outstanding with a par value of $1 per share. The market value is $10 per share. The balance sheet shows $70,500 in the capital in excess of par account, $45,000 in the common stock account, and $133,500 in the retained earnings account. The firm just announced a stock dividend of 12 percent. What will the balance in the capital in excess of par account be after the dividend?

Answers

Answer: $119100

Explanation:

The balance in the capital in excess of par account be after the dividend will be calculated thus:

Firstly, we'll calculate the change in capital in excess of par and this will be:

= Number of shares × dividend rate × (market value - par value)

= 45,000 × 12% × ($10 - $1)

= (45000 × 0.12) × $9

= 5400 × $9

= $48,600

Then, the balance in the capital in excess of par after the dividend will be:

= $70,500 + $48,600

= $119,100

Error costs are costs associated with ______________ by the cost management system and measurement costs are the costs associated with making poor decisions.

Answers

Measure is better than 6.5

A young college student on a tight budget is campaigning for an open city council seat. A friend in her economics class estimates that voters are influenced by TV and newspaper ads according to the following function: Votes = 300TV0.6 NP0.2, where TV represents the number of television ads and NP represents the number of newspaper ads. Thus, the marginal product of a newspaper ad is 60TV0.6 NP–0.8 and the marginal product of a TV ad is 180TV–0.4 NP0.2. A local television ad costs $400, and a local newspaper ad costs $250. If the candidate needs 1,800 votes to win, what is the lowest-cost combination of newspaper and TV ads that will bring her victory?

Answers

Answer:

Explanation:

..

The marginal product of labor in the production of computer chips is chips per hour. The marginal rate of technical substitution ​(MRTS​) of hours of labor for hours of machine capital is . What is the marginal product of​ capital? The marginal product of capital is nothing chips per hour. ​(Enter your response as an integer.​)

Answers

Answer: 500 chips per hour

Explanation:

Marginal rate of technical substitution is calculated by the formula:

= Marginal product of labor / Marginal product of capital

0.20 = 100 / marginal product of capital

Marginal product of capital * 0.20 = 100

Marginal product of capital = 100 / 0.20

= 500

hamilton construction company uses the percentage of completion method of accounting. in 2020. hamilton began work under

Answers

Question Completion:

Hamilton construction company uses the percentage of completion method of accounting.  In 2020, Hamilton began work on the construction of a hospital, which provides for a contract price of $2,195,000.  Other details follow: 202O 2021 Costs incurred during the year 637,600 1,000,000 Total estimated cost 1,594,000 1,637,600 Billings during the year 427,000 2,195,000 Collections during the year 343,000 1,509,000 What portion of the total contract price would be recognized as revenue in 2020?

Answer options: 2,195,000 878,000 1,097,500 427,000 343,000

Answer:

Hamilton Construction Company

The portion of the total contract price would be recognized as revenue in 2020 is:

= $878,000.

Explanation:

a) Data and Calculations:

Contract price = $2,195,000.

                                                          2020           2021

Costs incurred during the year $637,600  $1,000,000

Total estimated cost                  1,594,000     1,637,600

Billings during the year                427,000    2,195,000

Collections during the year         343,000    1,509,000

Percentage of completion= Cost incurred in 2020/Total estimated cost in 2020 * 100

= $637,600/$1,594,000  * 100

= 40%

Revenue to be recognized in 2020  = 40% * Contract Price

= $878,000 ($2,195,000 * 40%)

Ayayai Corp. reported net income of $87300 for the year. During the year, accounts receivable increased by $5820, accounts payable decreased by $3880 and depreciation expense of $9700 was recorded. Net cash provided by operating activities for the year is

Answers

Answer: $87,300

Explanation:

Net cash provided by operating activities are those that are generated from the operations of the company.

The calculation is:

= Net income + Depreciation - Accounts receivable increase - accounts receivable decrease

= 87,300 + 9,700 - 5,820 - 3,880

= $87,300

A corporate bond with a 6% coupon (paid semiannually) has a yield to maturity of 7.5%. The bond matures in 20 years but is callable at $1050 in ten years. The maturity value is par. Calculate the bond’s yield to call. % terms w/o $ sign. (HINT: Find the current price and then solve for YTC.)

Answers

Answer:

Yield to Call = 8.66%

Explanation:

The computation of the yield to call is shown below:

First determine Current Price of Bond,

PV = [FV = 1,000, PMT = 30, N = 40, I = 0.075 ÷2]

PV = $845.87

Callable Price = $1,050

Now

Calculating Yield to Call,

I = [PV = -845.87, FV = 1,050, N = 20, PMT = 30]

I = 8.66%

Yield to Call = 8.66%

A standard cost _____ indicates the amount of direct labor, direct materials and overhead for one unit of product. Multiple choice question. card variance rate report

Answers

Answer:

card

Explanation:

A standard cost card can be regarded as card that encompass all the itemization or list of overhead, labor and standard amounts of materials, which is required in creating one unit of a product. This card can multiplies quantities that is been required to get to the total standard cost of a product and standard cost of each of the items.

It should be noted that standard cost

card indicates the amount of direct labor, direct materials and overhead for one unit of product.

A cash register tape shows cash sales of $3180 and sales taxes of $210. The journal entry to record this information is

Answers

Answer:

Debit cash $3,390

Credit sales revenue $210

Cales tax payable $3,180

Explanation:

Preparation of the journal entry to record the information given.

Journal entry

Debit cash $3,390

($3,180+$210)

Credit sales revenue $210

Cales tax payable $3,180

An educational institution has total direct labor and material costs of $1964 per student. Its fixed costs are $352,800. Total revenues for the year were $1,800,000. It had 800 students in the past year. How many students should they accept in the next year to break even assuming the variable cost margins are equal to this year, and assuming fixed costs are to increase by $19,000 due to increased rent for expansion? (round to the nearest whole number).

Answers

Answer:

1300 students

Explanation:

The computation of the no of students to be accepted for break even is given below:

Fixed cost is

= $352,800 + $19,000

= $371,800

Revenue per student is

= $1,800,000 ÷ 800

= 2250

And,

Variable cost per student = 1964

So,  

Contribution margin = Revenue - Variable cost  

= $2,250 - $1,964

= $286

Break even point is

= Fixed cost ÷ Contribution margin per unit

= 371800÷  286

= 1300 students

Pottery Ranch Inc. has been manufacturing its own finials for its curtain rods. The company is currently operating at 100% of capacity, and variable manufacturing overhead is charged to production at the rate of 61% of direct labor cost. The direct materials and direct labor cost per unit to make a pair of finials are $4 and $5, respectively. Normal production is 26,400 curtain rods per year.

A supplier offers to make a pair of finials at a price of $13.30 per unit. If Pottery Ranch accepts the supplier’s offer, all variable manufacturing costs will be eliminated, but the $40,400 of fixed manufacturing overhead currently being charged to the finials will have to be absorbed by other products.

Required:
Prepare the incremental analysis for the decision to make or buy the finials.

Answers

Answer:

Pottery Ranch Inc.

Incremental Analysis

                                                              Make       Buy      Incremental

Production costs:

Variable manufacturing costs per unit:

Direct materials per unit                      $4.00

Direct labor per unit                            $5.00

Variable manufacturing per unit        $3.05

Total variable manufacturing costs  $12.05         $13.30        $1.25

Annual units of curtain rods            26,400        26,400     26,400

Variable manufacturing costs       $318,120     $351,120   $33,000

Explanation:

a) Data and Calculations:

Production capacity = 100%

Variable manufacturing overhead = 61% of direct labor cost

Direct materials per unit = $4

Direct labor per unit = $5

Variable manufacturing per unit = $3.05 (61% of $5)

Total variable manufacturing cost per unit = $12.05

Normal production per year = 26,400 units

Total variable manufacturing costs = $318,120 ($12.05 * 26,400)

Fixed manufacturing overhead = $40,400

A monetary growth rule means that :__________a) the Fed will raise interest rates if it thinks the economy is growing faster than potential. b) the Fed will lower interest rates if it thinks a recession is on the horizon. c) the money supply should grow in response to economic conditions. d) the money supply should grow at a constant rate.

Answers

Answer:

d) the money supply should grow at a constant rate.

Explanation:

The Federal Reserve System (popularly referred to as the 'Fed') was created by the Federal Reserve Act, passed by the U.S Congress on the 23rd of December, 1913. The Fed began operations in 1914 and just like all central banks, the Federal Reserve is a United States government agency.

Generally, the Fed controls the issuance of currency in United States of America: it promotes public goals such as economic growth, low inflation, and the smooth operation of financial markets.

Monetary growth rule is a theory that was proposed by Friedman and it states that the Federal Reserve System (Fed) should be required to set or target the money supply growth rate to be equal to the growth rate of Real gross domestic product (GDP) each year and leaving the price level of goods and services unchanged.

Basically, this growth rate of gross domestic product (GDP) is usually set between 1% and 4%. Also, the monetary growth rule is also referred to as the K-Percent rule.

Hence, a monetary growth rule means that the money supply should grow at a constant rate.

Delaware Chemical Company uses oil to produce two types of plastic products, P1 and P2. Delaware budgeted 28,300 barrels of oil for purchase in June for $71 per barrel. Direct labor budgeted in the chemical process was $221,000 for June. Factory overhead was budgeted at $361,700 during June. The inventories on June 1 were estimated to be:

Answers

Question Completion:

The inventories on June 1 were estimated to be:

Oil                        $15,200

P1                            8,500

P2                           8,600  

Work in process  12,900

The desired inventories on June 30 were:

Oil                        $16,100

P1                            9,400

P2                           7,900  

Work in process  13,500

Use the preceding information to prepare a cost of goods sold budget for June 2015

Answer:

Delaware Chemical Company

The Cost of goods sold budgeted for June 2015 is:

= $2,597,500.

Explanation:

a) Data and Calculations:

Budgeted purchase of barrels of oil for June = $2,009,300 (28,300 * $71)

Budgeted direct labor for June                                 221,000

Budgeted factory overhead for June                        361,700

The inventories on June 1 were estimated to be:

Oil                                 $15,200

P1                                     8,500

P2                                    8,600  

Work in process           12,900

Beginning inventory $45,200

The desired inventories on June 30 were:

Oil                           $16,100

P1                               9,400

P2                              7,900  

Work in process      13,500

Ending inventory $39,700

Cost of goods sold:

Beginning inventory             $45,200

Budgeted purchase          2,009,300

Budgeted direct labor          221,000

Budgeted factory overhead 361,700

Ending inventory                  (39,700)

Cost of goods sold =     $2,597,500

Part 1
a) Well done! From 2007 Q4 to 2009 Q2, real GDP fell from $15,762 to $15,134.1, or by -3.58%.
b) That's right! The deflator rose from 93.15 to 94.84, or 182%. If you put 1.74%, that's an approximation.
Part 2. Good! In each of those quarters, real GDP was lower than in the previous quarter.
Part 3. You had the right idea, but you assumed that real GDP grow at 3% for only one year
By the end of 2009, the economy had recovered slightly; however, the economy was still smaller than it was two years prior. From 2007 to 2009, real GDP had fallen from $15,762 billion to $15,356 billion. How deep was the recession?
Suppose that the long-run growth trend of real GDP was 3% per year. If the economy had grown at 3% per year since 2007, there was a shortfall of_____billion at the end of 2009.

Answers

Answer: $1,365.91

Explanation:

Shortfall = Expected GDP - Actual GDP

Expected GDP in 2009 is based on the premise that the economy has grown by 3% since 2007.

Expected GDP in 2009 will therefore be;

= 15,762 * ( 1 + 3%)²

= $16,721.91

Shortfall = 16,721.91 - 15,356

= $1,365.91

Management at Bank ABC is attempting to determine which types of instruments to use for risk management. When comparing exchange-traded instruments to over-the-counter (OTC) instruments, which characteristic should the bank associate with exchange-traded instruments

Answers

Answer:

Options and Swaps.

Explanation:

Hedging is the process of offsetting risk associated with an asset by taking an opposite position in an underlying asset. The hedging may be profitable or it may be in no loss situation. The most common method of hedging is use of derivatives. It is used to minimize foreign exchange and interest rate movement risks. The few common derivatives are futures, swaps and options.

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