Answer and Explanation:
The computation is shown below:
1
Labor efficiency variance = Labor spending variance+Labor rate variance
= $450 + $500
= $950U
Now as we know that
Labor efficiency variance = SR × (AH-SH)
950 = $38 × (AH - 58 × 2.50)
950 = $38 × (AH - 145)
25 = AH - 145
AH = 145 + 25
= 170
Actual labor hours = 170 hours
2
Labor rate variance = AH × (SR-AR)
450 = 170 × ($38 - AR)
2.65 = 38 - AR
AR = 38 - 2.65
= $35.35
Exercise 9-4 Interest-bearing notes payable with year-end adjustments LO P1 Keesha Co. borrows $145,000 cash on December 1 of the current year by signing a 90-day, 9%, $145,000 note. 1. On what date does this note mature? 2. & 3. What is the amount of interest expense in the current year and the following year from this note? 4. Prepare journal entries to record (a) issuance of the note, (b) accrual of interest on December 31, and (c) payment of the note at maturity.
Answer:
Keesha Co.
1. The date on which this note matures is February 28.
2. Interest expense for the current year is:
= $1,108
3. Interest expense for the following year is:
= $2,109
4. Journal Entries:
December 1:
Debit Cash $145,000
Credit Notes Payable $145,000
a) To record the issuance of the 90-day, 9% notes payable.
December 31:
Debit Interest Expense $1,108
Credit Interest Payable $1,108
b) To accrue interest expense.
February 28:
Debit Notes Payable $145,000
Debit Interest Payable $1,108
Debit Interest Expense $2,109
Credit Cash $148,217
To record the payment of the note at maturity.
Explanation:
a) Data and Calculations:
Notes Payable on December 1 = $145,000
Interest rate on the note = 9%
Duration of note = 90 days
December 1
Plus 90 days
= February 28
Interest expense for the current year = $1,108 ($145,000 * 9% * 31/365)
Interest expense for the following year = $2,109 ($145,000 * 9% * 59/365)
Analysis:
December 1:
Cash $145,000
Notes Payable $145,000
December 31:
Interest Expense $1,108
Interest Payable $1,108
February 28:
Notes Payable $145,000
Interest Payable $1,108
Interest Expense $2,109
Cash $148,217
Which one of the following always has a debit balance
A. Capital account
B. Purchases account
C. Sales account
D. Purchases return account
Answer:
Assets, expenses, losses, and the owner's drawing account will normally have debit balances. Their balances will increase with a debit entry, and will decrease with a credit entry. Liabilities, revenues and sales, gains, and owner equity and stockholders' equity accounts normally have credit balances.
An investment advisor has a client base composed of high net worth individuals. In her personal portfolio, the advisor has an investment in Torex, a company that has developed software to speed up internet browsing. She has thoroughly researched Torex and believes the company is financially strong yet currently significantly undervalued. According to the GARP Code of Conduct, the investment advisor may:
Answer: c. recommend Torex, but she must disclose her investment in Torex to the client.
Explanation:
The investment advisor is allowed to recommend Torex to her clients as she believes that it is financially sound and undervalued which means that there is a chance for her clients to earn a good enough return.
She must however disclose to them that she has an investment in the company so that they can decide on their own if this may have biased her decision towards the company as a viable investment option.
Question 4 of 10
Which situation best illustrates the process of capital formation?
O A. A farmer increases his profits by growing a variety of new crops.
B. An artist buys bonds that will increase in value over time.
C. An engineer tries to limit her spending during the week.
O D. A factory worker takes out a high-interest loan to buy a new home.
SUBMIT
Answer:
I think it is B
Explanation:
Answer:
an artist buys bondss that will increase in value over time.
Explanation:
took the test. UwU
What should Yelk set as the direct labor rate per hour?
Explanation:
30%
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Bluegill Company sells 14,000 units at $240 per unit. Fixed costs are $168,000, and operating income is $1,176,000. Determine the following:
a. Variable cost per unit.
b. Unit contribution margin.
c. Contribution margin ratio.
Answer:
a. Variable cost per unit:
= (Sales - Fixed costs - Operating income) / number of units sold
= ((14,000 units * 240) - 168,000 - 1,176,000) / 14,000
= 2,016,000 / 14,000
= $144 per unit
b. Unit contribution margin:
= Selling price - Variable cost per unit
= 240 - 144
= $96
c. Contribution margin ratio:
= Unit contribution margin / Selling price
= 96 / 240
= 40%
Suppose money invested in a hedge fund earns 1% per trading day. There are 250 trading days per year. What will be your annual return on $100 invested in the fund if the manager allows you to reinvest in the fund the 1% you earn each day
Under what circumstances could the Government use open market operations?
Answer:
market operations ? markets have operations?
Answer:
the federal reserve buys and sells government securities control the money supply and interest rates.
Refer to the supply and demand data for a certain elective surgical procedure. Without health insurance, the equilibrium price and quantity would be: Group of answer choices $3,000 and 7,000. $2,000 and 11,000. $5,000 and 2,000. $4,000 and 4,000.
Answer:
$3,000 and 7,000
Explanation:
Please find attached the table used in answering this question
Equilibrium price is the price at which quantity demand equal quantity supplied.
Equilibrium quantity is the quantity that equates quantity demand with quantity supplied.
Above equilibrium price there is a surplus - quantity supplied exceeds quantity demanded. As a result of the surplus, price would fall until equilibrium is reached.
Below equilibrium price there is a shortage - quantity demanded exceeds quantity supplied. As a result of the shortage, price would rise until equilibrium is reached
As more units of an item are purchased, everything else equal, marginal satisfaction from consuming additional units will tend to Select one: a. decrease at the same rate for all consumers. b. decrease but at different rates for different people. c. increase at the same rate for all consumers. d. increase but at a decreasing rate for all consumers.
Answer:
b
Explanation:
Marginal satisfaction is the additional satisfaction received from consuming an additional unit of a good or service. It is the change in total satisfaction by increasing the quantity consumed by one unit
Marginal satisfaction usually declines as more units of the products is consumed
An example illustrating diminishing marginal satisfaction.
Imagine a traveller arriving from the desert where he hadn't had a drink of water in days .he is offered his first glass of water. the first cup of water he drinks would give him the highest utility. As more and more cups of water is drank, marginal utility decreases. At the point where he is fully satisfied, he stops drinking water and marginal utility becomes zero.
the decrease in marginal satisfaction of this traveller would be slower than the decrease in marginal satisfaction of a person working in an air conditioned office with easy assess to water
A new trailer worth $10,000 is purchased and it's expected that the salvage value after 13 years will be $480. If the annual interest rate is 4.20% , what equation would be appropriate to use to determine the Expected Uniform Annual Cost (EUAC)
The equation that is used to determine the Expected Uniform Annual Cost is :
[tex]$A = P(A/P, i,n) - F(A/F, i,n)$[/tex]
It is given that :
Purchased price of a new trailer = $ 10,000
Number of years = 13 years
The salvage value after 13 years = $480
The rate of interest annually = 4.20%
The Estimated Uniform Annual Cost, that is the EUAC method is used to express the life cycle costs as the annualized estimate of the cash flow rather than a lumpsum estimate of the present value.
In other words, it is the annual cost of a system which is equal or equivalent to the discounted total cost.
So the equation that can be used to express the Expected Uniform Annual Cost in the given problem is :
[tex]$A = P(A/P, i,n) - F(A/F, i,n)$[/tex]
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MC Qu. 54 Maxim manufactures a hamster food product... Maxim manufactures a hamster food product called Green Health. Maxim currently has 10,000 bags of Green Health on hand. The variable production costs per bag are $3.60 and total fixed costs are $10,000. The hamster food can be sold as it is for $8.95 per bag or be processed further into Premium Green and Green Deluxe at an additional $2,200 cost. The additional processing will yield 10,000 bags of Premium Green and 3,200 bags of Green Deluxe, which can be sold for $7.95 and $5.95 per bag, respectively. The net advantage (incremental income) of processing Green Health further into Premium Green and Green Deluxe would be:
Answer:
Maxim
The net advantage (incremental income) of processing Green Health further into Premium Green and Green Deluxe would be:
= $6,840.
Explanation:
a) Data and Calculations:
Inventory of Green Health = 10,000 bags
Production costs per bag = $3.60
Total variable costs = $36,000 (10,000 * $3.60)
Total fixed costs = $10,000
Total production costs = $46,000 ($36,000 + $10,000)
Selling price before further processing = $8.95 per bag
Total revenue from selling 10,000 bags = $89,500 (10,000 * $8.95)
Additional processing cost = $2,200
Total revenue from selling 10,000 bags of Premium Green and 3,200 bags of Green Deluxe:
Premium Green (10,000 * $7.95) = $79,500
Green Deluxe (3,200 * $5,95) = 19,040
Total revenue = $98,540
Less additional processing costs (2,200)
Net revenue from further processing $96,340
Net advantage of further processing = $6,840 ($96,340 - $89,500)
Identify a key concept or foundational theory from the first four weeks of class and in half a page discuss how it applies to your current work environment or a recent social, political or business event. Include the chapter and sub topic from your textbook. g
Answer:
TQM
Explanation:
TQM concept we learned about in the first few weeks of class. For TQM to get successful, all workers need to get involved. One great practice that TQM uses is decision-making as a group. This process promotes an open conversation with productivity as people sheltering their opinions.Flying Cloud Co. has the following operating data for its manufacturing operations:
Unit selling price $ 350
Unit variable cost $ 100
Total fixed costs $980,000
The company has decided to increase the wages of hourly workers which will increase the unit variable cost by 10%. Increases in the salaries of factory supervisors and property taxes for the factory will increase fixed costs by 5%. If sales prices are held constant, the next break-even point for Flying Cloud Co. will be:__________
a) increased by 368 units
b) decreased by 368 units
c) increased by 132 units
d) decreased by 264 units
Answer:
a) increased by 368 units
Explanation:
The calculation of the next break even point should be
Existing break-even point for Flying Cloud Co. is
= Fixed Cost ÷ Contribution Margin Per Unit
= Fixed Cost ÷ Sales Price Per Unit - Variable Cost per Unit
= $980,000 ÷ ( $350 - $100)
= 3,920 Units
Now
Revised Variable cost = $100 × 110%
= $110
And,
Revised Fixed cost = $980,000 × 105%
= $1,029,000
So,
Revised break-even point for Flying Cloud Co. is
= Fixed Cost ÷ ( Contribution Margin Per Unit
= Fixed Cost ÷ ( Sales Price Per Unit - Variable Cost per Unit
= $1,029,000 ÷ ( ( $350 -$110)
= 4,287.5
= 4,288 units
So,
Increase = 4,288 Units - 3920 Units
= 368 Units Increase
Sales variance analysis is used by managers for: Select one: a. Planning purposes only. b. Budgeting purposes only. c. Control purposes only. d. Planning and control purposes. e. Planning and budgeting purposes.
Answer:
e. Planning and budgeting purposes.
Explanation:
Sales variance analysis is used by managers for planning and budgeting purposes, as this analysis allows managers to better understand the company's sales scenario in a given period in relation to different variables such as budgeted quantity, quantity sold and amount of profit made.
Through analysis, greater control and strategic planning and future budgets are possible so that an organization remains profitable and competitive in the market.
Advantages of equity financing over debt financing include that: Multiple Choice equity financing does not require repayment. dividends are mandatory. stockholders' control will increase. dividends are tax deductible.
Answer: equity financing does not require repayment.
Explanation:
Equity financing simply means a method of financing which has to do with the sale of shares. Debt financing occurs when money is raised by a company through the sale of debt instruments to the investors.
It should be noted that equity financing is the opposite of debt financing. Unlike the debt financing, equity finance doesn't carry a repayment obligation. In this case, the investors purchase the shares in the company and they make money through the dividends gotten or through the eventual sale of shares.
Also, there is less risky with the equity financing as there's no fixed monthly loan payments to make and this can be of immense benefit to startup businesses.
Suppose that in 2014, currency in circulation was $950 billion, required reserves were $60 billion, and excess reserves were $840 billion. At that time, the value of open market operations by the Federal Reserve was $70 billion. The monetary base was
Answer: $1,850 billion
Explanation:
The following were given in the question:
Currency in circulation = $950 billion
Required reserves = $60 billion
Excess reserves = $840 billion
Open market operations = $70 billion
The monetary base will be the value of all the currency in circulation plus the reserves that is held by the banks and this will be:
= $950billion + $60billion + $840billion
= $1,850 billion
difference between price consumption curve and income consumption curve
Answer:
Price-consumption curve is a graph that shows how a consumer's consumption choices change when price of one of the goods changes. Income-consumption curve is a similar graph which traces changes in demand in response to changes in income.
A company's flexible budget for 12,000 units of production showed total contribution margin of $24,000 and fixed costs, $16,000. The operating income expected if the company produces and sells 15,000 units is:________
a) $34,000.
b) $10,000.
c) $18,667.
d) $8,000.
e) $14,000.
Answer:
e. $14,000
Explanation:
Operating income for 15,000 units = Proportionate contribution - Fixed cost
Operating income for 15,000 units = [($24,000/12,000)*15,000] - $16,000
Operating income for 15,000 units = $30,000 - $16,000
Operating income for 15,000 units = $14,000
So, the operating income expected if the company produces and sells 15,000 units is $14,000.
A cost is considered controllable at a given level of managerial responsibility if Group of answer choices it is a variable cost, but it is uncontrollable if it is a fixed cost. it changes in magnitude in a flexible budget. the cost has not exceeded the budget amount in the master budget. the manager has the power to incur the cost within a given time period.
Answer:
the manager has the power to incur the cost within a given time period.
Explanation:
A cost can be defined as an amount of money that is incurred by a business firm to create goods or services for its customers.
Costing is the measurement of the cost of production of goods and services by assessing the fixed costs and variable costs associated with each step of production.
In Financial accounting, a fixed cost can be defined as predetermined expenses in a business that remain constant for a specific period of time regardless of the quantity of production or level of outputs. Some examples of fixed costs in business are loan payments, employee salary, depreciation, rent, insurance, lease, utilities, etc.
On the other hand, variable costs can be defined as expenses that are not constant and as such usually change directly and are proportional to various changes in business activities. Some examples of variable costs are taxes, direct labor, sales commissions, raw materials, operational expenses, etc.
A manager can be defined as an individual who is saddled with the responsibility of providing guidance, support, supervision, administrative control, as well as acting as a role model or example to the employees working in an organization by being morally upright.
Generally, a cost is considered controllable at a given level of managerial responsibility, if the manager has the power to incur the cost within a given time period. Thus, he or she can control a cost if it can be incurred within a specific period of time.
A property line conflict between neighbors Prakhash and Elliott escalated as the years went on. The police were called frequently to deal with loud arguments and acts of vandalism between the two until Officer Graves referred them to a community mediation center. In the two weeks since the mediation, the number of calls to police had dropped. Officer Graves contacted Martin, the mediator, and asked if she should consider the conflict resolved. Martin replied that the parties had agreed to meet again for another mediation session, but that the matter of the property line remained a point of tension.
The next day, Graves called the mediation center to tell Martin that Prakhash and Elliott had had a physical altercation, and both were charged with assault.
Which of the following best describes the status of the conflict now?
a) the conflict was resolved
b) the conflict is in the post-conflict stage
c) the conflict re-escalated
d) the conflict de-escalated
The answer to this question is that the conflict re-escalated
A conflict can be described as a very serious disagreement on ideas or interests that can linger on for a long period of time if not resolved.
Re-escalation means that the conflict started to get very serious again even after a mediator stepped in.
Because a mediator party had already stepped into the case and they were already trying to resolve issues, a physical altercation means that it re-escalated.
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Which one of the following is NOT included in the Marketing Mix?
Select one:
a. Promotion
b. Product
c. Distribution
d. Price
e. Personalization
C : Distribution is not included in the marketing mix
Which of the following statements are true regarding technology, gaming, and gambling? #1. Rapid-play poker machines have increased the number of problem and pathological gamblers. #2. Online gambling has resulted in an increased number of problem and pathological gamblers. #3. There is no evidence that technology has led to an increase in the number of people with gambling or gaming addictions. #4. Electronic media is a breeding ground for new addictions, such as Internet, video games, texting, and multiplayer games.
Answer:
1. Rapid-play poker machines have increased the number of problem and pathological gamblers.
2. Online gambling has resulted in an increased number of problem and pathological gamblers.
4. Electronic media is a breeding ground for new addictions, such as Internet, video games, texting, and multiplayer games.
Explanation:
The true statements regarding technology, gaming, and gambling include:
1. Rapid-play poker machines have increased the number of problem and pathological gamblers.
2. Online gambling has resulted in an increased number of problem and pathological gamblers.
4. Electronic media is a breeding ground for new addictions, such as Internet, video games, texting, and multiplayer games.
It should be noted that there are several betting companies nowadays and this has led to more people to be involved in gambling.
Cash Flow Activity 1. Sold stock investments for cash. 2. Received cash payments from customers. 3. Paid cash for wages and salaries. 4. Purchased inventories with cash. 5. Paid cash dividends. 6. Issued common stock for cash. 7. Received cash interest on a note. 8. Paid cash interest on outstanding notes. 9. Received cash from sale of land. 10. Paid cash for property taxes on building.
Answer:
Question is to classify each entry as either operating, investing, or financing activities assuming the indirect method.
Operating activities are those that involve the company's day to day activities of selling their goods and services.
Investing activities refer to those that involve the company buying or selling fixed assets or the securities of other companies.
Financing activities are those that have to do with Equity and long term debt which means that dividends fall here.
1. Sold stock investments for cash. ⇒ INVESTING
2. Received cash payments from customers. ⇒ OPERATING
3. Paid cash for wages and salaries. ⇒ OPERATING
4. Purchased inventories with cash.⇒ OPERATING
5. Paid cash dividends. FINANCING
6. Issued common stock for cash. ⇒ FINANCING
7. Received cash interest on a note. ⇒ OPERATING
8. Paid cash interest on outstanding notes. ⇒ OPERATING
9. Received cash from sale of land. ⇒ INVESTING
10. Paid cash for property taxes on building. ⇒ OPERATING
All of the following are true about a cyclical pattern EXCEPT it is ______. a. often combined with long-term trend patterns and called trend-cycle patterns b. often due to multi-year business cycles c. usually easier to forecast than a seasonal pattern due to less variability d. an alternating sequence of data points above and below the trend line
The statement "it becomes easy to forecast as compared to the seasonal pattern because of the less variability" should be considered.
The information related to the cyclical pattern is as follows:
It should be repeated having regularity for many years. It is mix with the trend i.e. long-term patterns.It contains many year business cycles.It is an alternative for sequencing the data point that is above and below the trending line.But it does not easier for forecasting as the seasonal pattern should be for one year only.
Therefore we can conclude that the statement "it becomes easy to forecast as compared to the seasonal pattern because of the less variability" should be considered.
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The following is an account for a production department, showing its costs for one month: Work in Process Inventory Beginning Balance5,400Completed and transferred out49,410 Direct materials21,600 Direct labor16,200 Overhead10,800 Ending Balance4,590 Assume that materials are added at the beginning of the production process and that direct labor and overhead are applied uniformly. If the started and completed units cost $41,850, what was the cost of completing the units in the beginning Work in Process inventory
Answer:
$2,160
Explanation:
Total costs = Beginning Balance + Direct materials + Direct labor+ Overhead
Total costs = $5,400 + $21,600 + 16,200 + $10,800
Total costs = $54,000
Total transferred out = Total costs - Ending Balance
Total transferred out = $54,000 - $4,590
Total transferred out = $49,410
BGIP transferred out = Total transferred out - Assumed started and completed units cost
BGIP transferred out = $49,410 - $41,850
BGIP transferred out = $7,560
Cost to complete BGIP = BGIP transferred out - Beginning Balance
Cost to complete BGIP = $7,560 - $5,400
Cost to complete BGIP = $2,160
Refer to Exhibit 16.6, which reflects the relationship between the inflation rate and the unemployment rate. If the economy started near point b and government purchases increased, we would expect the economy in the short run to move to _____
Answer: Point C
Explanation:
When government purchases increases, there will be more money in the economy which will have a multiplier effect in the economy of increasing investment and consumption spending both of which will lead to new companies being founded and old companies increasing capacity.
The unemployment rate will therefore decrease as more people are hired to boost capacity but the inflation rate will increase because of the rise in demand. The only point on the graph that shows these two things in point c so that is where the economy will move to in the short run.
Michael's Mattress Warehouse is planning to hire a new sales representative , so Sarak interviewing the sales manager to leam more about the skills, responsibilities, and behaviors associated with the positionAfter the interview, Sarah will observe one of the present sales representatives doing his job to get an even better idea of what the job involves Once she is done, she will use the informaation gathered to write a job description for the opes position Based on Sarah's actions , we can conclude that she is conducting a
compensation classification job analysis
employment comparison performance appraisal
From what Sarah is doing we can conclude that she is performing a job analysis.
Given that she is observing and trying to learn about requirements of this job.
When performing a job analysis, the analyst is trying to get relevant information about the details of a job as well as the requirements of the job.
Job analysis are carried out most of the time to determine job placements.
In conclusion We can see this from what Sarah is doing, she is observing and asking questions on what the job entails in order to write a description for the job.
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In the small country of Economerica, there are 6 thousand people employed, 1 thousand people unemployed, and 3 thousand people of working age not included in the labor force. One thousand students graduate from the university and seek jobs in the country, but not one graduate is able to find one. Half of the new graduates believe there is no chance of finding a job and return home to live with their parents. Ceteris Paribus, what would the new unemployment rate be in Economerica?
A. 14.29%
B. 20.00%
C. 25.00%
D. 45.45%
Answer: B. 20.00%
Explanation:
Unemployment rate does not include those who have given up on finding a job.
Unemployment rate = Unemployed people / Labor force
Unemployed people:
= Original unemployed + half the new graduates
= 1,000 + (1,000 / 2)
= 1,500 people
Labor force:
= Unemployed + employed people
= 1,500 + 6,000
= 7,500 people
Unemployment rate:
= 1,500 / 7,500
= 20%
In Washburn's factory, what is the break-even point for the new line of guitars if the retail price is (a) $349, (b) $389, and (c) $309? Also, (d) if Washburn achieves the sales target of 2,000 units at the $349 retail price, what will its profit be?
Answer:
a. 186 units
b. 156 units
c. 232 units
d. $370,000
Explanation:
a. Calculation to determine the break-even point for the new line of guitars if the retail price is $349
Using this formula
Break-even point quantity = Fixed cost / Unit price – Unit variable cost
Let plug in the formula
Break-even point quantity = ($14,000 + $4,000 + $20,000) / $349 – ($25 + $120)
Break-even point quantity= $38,000 / $349 - $145
Break-even point quantity= $38,000 / $204
Break-even point quantity= 186.27
Break-even point quantity= 186 units
Therefore the break-even point for the new line of guitars if the retail price is $349 will be 186 units
b. Calculation to determine the break-even point for the new line of guitars if the retail price is $389
Break-even point quantity = ($14,000 + $4,000 + $20,000) / $389 – ($25 + $120)
Break-even point quantity= $38,000 / $389 - $145
Break-even point quantity= $38,000 / $244= 155.74
Break-even point quantity = 156 units (Approximately)
Therefore Therefore the break-even point for the new line of guitars if the retail price is $389 will be 156 units
c. Calculation to determine the break-even point for the new line of guitars if the retail price is $309
Break-even point quantity=($14,000+$4,000+$20,000)/$309 – ($25 + $120)
Break-even point quantity= $38,000 / $309 - $145
Break-even point quantity= $38,000 / $164
Break-even point quantity= 231.71
Break-even point quantity = 232 units (Approximately)
Therefore the break-even point for the new line of guitars if the retail price is $309 will be 232 units
d. Calculation to determine what will its profit be
if Washburn achieves the sales target of 2,000 units at the $349 retail price
Using this formula
Profit = Total revenue – Total cost
Profit= (P x Q) – [FC + (UVC x Q)]
Let plug in the formula
Profit= ($349 x 2000) – [$38,000 + ($145 x 2,000)]
Profit= $698,000 – $328,000
Profit= $370,000
Therefore the profit will be $370,000
