Selected data concerning operations of Cascade Manufacturing Company for the past fiscal year follow:

Raw materials used ..... $300,000

Total manufacturing costs charged to production during the year (includes raw materials, direct labor, and manufacturing overhead applied at a rate of 60 percent of direct labor costs) ..... 681,000

Cost of goods available for sale ...... 826,000

Selling and general expenses ...... 30,000

Beginning Inventories

Raw materials ...... $70,000

Work-in-process...... 85,000

Finished goods ...... 90,000

Ending Inventories

Raw materials ...... $80,000

Work-in-process ...... 30,000

Finished goods ....... 110,000

Determine each of the following:

a. Cost of raw materials purchased

b. Direct labor costs charged to production

c. Cost of goods manufactured

d. Cost of goods sold

Answers

Answer 1

Answer:

a.   Purchases $310,000

b.     Direct labor  $ 238,125

c. Cost of goods manufactured $ 736,000

d. Cost of goods sold $ 716,000

Explanation:

Cascade Manufacturing Company

Raw materials used ..... $300,000

Add Raw materials Ending  ...... $80,000

Less Raw materials  Beginning...... $70,000

a.   Purchases $310,000

Add Raw materials Ending to Raw materials used and subtract  Raw materials  Beginning to get  Raw materials  Purchases.

Total manufacturing costs $  681,000

Less Raw materials used ..... $300,000

Conversion Costs  $ 381,000

Conversion Costs = Direct Labor + Factory Overhead

$ 381,000=  x + 0.6 x

$ 381,000= 1.6x

b.   x=  Direct labor = $ 381,000/1.6=  $ 238,125

Factory Overhead= 0.6 *$ 238,125= $ 142875

Find Conversion Costs and then apply the ratio to get the direct labor costs.

c.

Cascade Manufacturing Company

Cost of goods manufactured

Raw materials  Beginning...... $70,000

Add Purchases $310,000

Less Raw materials Ending  ...... $80,000

Raw materials used ..... $300,000

Add Direct labor   $ 238,125

Factory Overhead $ 142875

Total manufacturing costs $  681,000

Add Work-in-process Beginning...... 85,000

Cost of goods available for manufacture $ 766,000

Less Work-in-process Ending...... 30,000

Cost of goods manufactured $ 736,000

Add and subtract as above to get the Cost of goods manufactured.

d.  Cascade Manufacturing Company

Cost of goods sold

Raw materials  Beginning...... $70,000

Add Purchases $310,000

Less Raw materials Ending  ...... $80,000

Raw materials used ..... $300,000

Add Direct labor   $ 238,125

Factory Overhead $ 142875

Total manufacturing costs $  681,000

Add Work-in-process Beginning...... 85,000

Cost of goods available for manufacture $ 766,000

Less Work-in-process Ending...... 30,000

Cost of goods manufactured $ 736,000

Add Finished goods Beginning...... 90,000

Cost of goods available for sale  $ 826,000

Less Finished goods Ending....... 110,000

Cost of goods sold $ 716,000

Add and subtract as above to get the Cost of goods sold.


Related Questions

A(n) ____ is a computer-based information system designed to help knowledge workers select one of many alternative solutions to a problem.

Answers

Answer: decision support system (DSS)

Explanation:

A decision support system better known as (DSS) is a computer based program which is used to support or aid determinations, judgments, and courses of action been taken in an organization or a business. A DSS browses through and analyzes massive amounts of data, thereby compiling comprehensive information which can be used to solve problems and make important decisions in and organization or business.

Assume Division 1 of the XYZ Company had the following results last year. Sales $5,000,000 Operating income 1,000,000 Total assets (average) 10,000,000 Current liabilities 500,000 Management's required rate of return is 8% and the weighted average cost of capital is 6%. Its effective tax rate is 30%. What is the division's economic value added?

Answers

Answer:

Economic Value was $130,000

Explanation:

As we know that:

Economic Value Added = Net Operating Income after tax - (WACC * Capital Employed)

Here

Operating Income After Tax is $700,000 (Step1)

WACC is 6%

Capital Employed is $9,500,000 (Step2)

By putting values, we have:

EVA = $700,000 - 9,500,000 * 6%

EVA = $700,000 - $570,000

EVA = $130,000

Step1: Operating Income After Tax

Simply deduct the 30% tax share from the operating income to arise at Net Operating Income After Tax.

Mathematically,

Net Operating Income After Taxes = Operating Income *(1 - Tax Rate)

Here

Operating Income is $1,000,000

Tax Rate is 30%

By putting values, we have:

Net Operating Income After Taxes = $1,000,000 * (1 - 30%)

Net Operating Income After Taxes = $700,000

Step2: Capital Employed

Capital Employed = Total Assets - Current Liabilities

Capital Employed = $10,000,000 - $500,000

Capital Employed = $9,500,000

Suppose you earn $40,000 per year and pay taxes based on marginal tax rates. The first tax bracket, which taxes at 10 percent, ranges from $0 to $20,000. The second tax bracket, which taxes at 25 percent, ranges from $20,001 to $80,000. How much do you pay in total taxes

Answers

Answer: $7,000

Explanation:

given data:

income yearly = $40,000

tax rate = 10% for first $20,000

25% for next $21,000 - $80,000

solution:

tax payable for first $20,000

this is gotten by multiplyomg the tax rate with the first $20,000 income earned.

= 0.1 * $20,000

= $2,000

tax payable for next 21,000 - $80,000

= 0.25 * $20,000

= $5,000

total tax payable = $2,000 + $5,000

= $7,000

Just how strong the competitive pressures are from substitute products depends on: Select one: a. Whether the available substitutes are products or services b. The speed with which buyer needs and expectations are changing c. Whether attractively priced substitutes are readily available and the ease with which buyers can switch to substitutes d. Whether the producers of substitutes have ample budgets for new product R

Answers

Answer: c. Whether attractively priced substitutes are readily available and the ease with which buyers can switch to substitutes

Explanation:

Substitute products are the product that can be used in place of another identical product e.g butter and margarine.

Just how strong the competitive pressures are from substitute products depends on whether attractively priced substitutes are readily available and the ease with which buyers can switch to substitutes.

The Sweet Tooth Restaurant borrowed $3,000 on a note dated May 15 with a simple interest of 11%. The maturity date of the loan is September 1. The restaurant made partial payments of $875 on June 15 and $940 on August 1. Find the amount due on the maturity date.

Answers

Answer:

Amount due is $1,256.14

Explanation:

Calculation of the interest to date at time of 1st partial payment

I1=PRT1

I1= 3,000 * 0.11 * 31/360

I1= $28.42

Remaining Principal = Principal + Interest - Payment

P1 = 3,000 + 28.42 - 875

P1 = $2,153.42

Calculation of the interest to date at time of 2nd partial payment

I2 = P1RT2

I1= 2,153.42* 0.11 * 47/360

I1= $30.93

Remaining Principal = Principal + Interest - Payment

P2= 2,153.42 + 30.93 - 940

P2= $1,244.35

Calculation of the remaining interest on the maturity date

I3= P2RT3

I3= 1,244.35 * 0.11 * 0.31/360

I3= $11.79

Amount due = Remaining Principal + Interest

P3= 1,244.35 + 11.79

P3= $1,256.14

Thus, the amount due is $1,256.14

B MC Qu. 7-200 Krepps Corporation produces ... Krepps Corporation produces a single product. Last year, Krepps manufactured 29,010 units and sold 23,900 units. Production costs for the year were as follows: Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead $214,674 $121,842 $243,684 $319, 110 Sales totaled $1,159,150 for the year, variable selling and administrative expenses totaled $126,670, and fixed selling and administrative expenses totaled $205,971. There was no beginning Inventory. Assume that direct labor is a variable cost. Under absorption costing, the ending Inventory for the year would be valued at:_________ (Round your Intermediate calculations to 2 decimal places.)
a) $158.410
b) $228.410
c) $219.910
d) $185.910

Answers

Answer:

a) $158.41

Explanation:

Unit product cost under absorption costing = Direct materials + Direct labor + Variable manufacturing overhead + Fixed manufacturing overhead / Total manufactured units

= (214,674 + 121,842 + 243,684 + 319,110) /29,010

= $899,310 / 29,010 unit

= $31 per unit

Ending inventory = $29,010 - $23,900 / $31

= $5110 * 31 per unit  

= $158,410


1. What is occupational education? Show the three differences between medium
and higher level education.

Answers

Answer and Explanation:

Occupational education refers to the learning capability of the student according to their interest, skills, knowledge, opportunity that are based on future plans. This represents the positive attitude towards the work and labor

The difference is as follows

Medium level education                     High level education

1. In this, the person moved           1.  In this, the person moved to

to the past entry level but                    the past entry level also it reached

do not reach to                                     to its end i.e selection

its end i.e selection

2. The person has less knowledge  2. The person has more knowledge

and skills                                                 and skills

3. Due to this, the person                 3. Due to this, the person is able to

is not able to get high package           get high package and opportunities

Eric left high school to work in a factory where he has been for the last 9 years. He married at 19 and has two children. He is unhappy and cynical. He doesn't like working hard to make purchase decisions so he waits until a product is easy to find before he buys.

A. EA

B. EM

C. I

D. L

E. LM

Answers

Answer: D. L

Explanation:

Eric is a Laggard. A Laggard is one of the 5 Adopter categories when it comes to new products in the market. These categories define people in terms of when they adopt a product as well as why.

Laggards are the last group to adopt a product. They do not like change and as such will only adopt a product when it is forced on them on when they have no choice because the product is so widespread that everyone is using it. Eric prefers to make a purchase only when it is easy to find. That is when the product has become quite widespread which is during the Laggard adoption stage.

Transactions that do not involve the original issue of securities take place in _________. A. primary markets B. secondary markets C. over-the-counter markets D. institutional markets

Answers

Answer:

B. secondary markets

Explanation:

The secondary market is the market in which the original issue of securities does not take place that means only existing securities are taken place i.e traded like purchase and sale of securities but not new one only existing one.

Therefore according to the given options, option B is correct

Hence, the other options are wrong

The revenue is​ $94,000, the cost of goods sold is​ $51,000, other expenses​ (from selling and​ administration) are​ $21,000, and depreciation is​ $12,000. What is the​ EBIT?

Answers

Answer:

$10,000

Explanation:

EBIT is earnings before interest and tax

EBIT = Revenue - cost of goods sold - other expenses - depreciation

$94,000 - $51,000 - $21,000 - $12,000 = $10,000

The following information ($ in millions) comes from a recent annual report of Amazon.com, Inc.:Net sales $ 10,711Total assets 4,363End of year balance in cash 1,022Total stockholders' equity 431Gross profit (Sales-Cost of Sales) 2,456Net increase in cash for the year 9Operating expenses 2,067Net operating cash flow 702Other income (expense), net (12)a. Compute Amazon's balance in cash at the beginning of the year.b. Compute Amazon's total liabilities at the end of the year.c. Compute cost of goods sold for the year.
d. Compute the income before income tax for Amazon.

Answers

Answer and Explanation:

The computation is shown below:

1. Beginning cash balance is

= Ending cash balance - Increase in cash

= $1,022 - $9

= $1,013

2. As we know that

Assets = Total liabilities + Total Equity

$4,363 = Total liabilities + $431

= $4,363 - $431

= $3,932

3. Gross profit = Net sales - Cost of goods sold

so,  

Cost of goods sold = Net sales - Gross profit

= $10,711 - $2,456

= $8,255

4. Income before taxes  is

= Revenue - expenses

= $10,711 - $2,456 - $2,067 -$12

= $6,176

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  

Lakeland Consulting started the year with total assets of $30,000 and total owner's equity of $20,000. During the year a) assets increased by $20,000, b) the business recorded $45,000 in revenues, c) the business recorded $30,000 in expenses, and d) the owner withdrew $5,000 for personal use. Liabilities at the end of the year were:

Answers

Answer:

Liabilities at the end of the year were: $15,000.

Explanation:

Using the Accounting Equation : Assets = Equity + Liability

Then we know that,

Liability = Assets - Equity

Opening Balance of Liabilities ( $30,000 - $20,000)               = $10,000

Adjustment during the year ($20,000 - ($45,000 - $30,000)) = $5,000

Ending Balance of Liability                                                          = $15,000

Seven Manufacturing Corporation uses both standards and budgets. The company estimates that production for the year will be 100,000 units of Product Fast. To produce these units of Product Fast, the company expects to spend $600,000 for materials and $800,000 for labor.

Required:
Compute the estimates for a standard cost.

Answers

Answer:

Unitary cost= $14

Explanation:

Giving the following information:

Production= 100,000

To produce these units of Product Fast, the company expects to spend $600,000 for materials and $800,000 for labor.

First, we need to calculate the total cost and then the unitary cost:

Total cost= 600,000 + 800,000= $1,400,000

Unitary cost= 1,400,000/100,000= $14

Determine fixed​ cost, F; average variable​ cost, AVC; average​ cost, AC; marginal​ cost, MC; and average​ fixed-cost, AFC. The fixed cost function​ (F) is

Answers

Answer:

Fixed Cost Function = Average Cost - Average Variable cost

Explanation:

A fixed cost is the one which does not changes with the level of production. These cost are irrelevant to number of units production. It is not affected by the units produced and sold. The change in fixed cost does not affect the marginal cost. The marginal cost is the variable cost that is incurred by producing one more unit. These costs are affected by the level of production.

Inventory Analysis A company reports the following: Cost of goods sold $347,480 Average inventory 86,870 Determine (a) the inventory turnover and (b) the number of days' sales in inventory. Round interim calculations to the nearest dollar and final answers to one decimal place. Assume 365 days a year.

Answers

Answer:

a. 4

b. 91.25 Days

Explanation:

a. Inventory Turnover = Cost of goods sold/ Average Inventory

= $347,480 / 86,870

= 4

b. Number of days sales in Inventory = Inventory/ COGS*365

= 86,870 / $347,480 * 365

= 91.25 Days

Swan Textiles Inc. produces and sells a decorative pillow for $98.00 per unit. In the first month of​ operation, 2,200 units were produced and 1,800 units were sold. Actual fixed costs are the same as the amount budgeted for the month. Other information for the month​ includes: Variable manufacturing costs $24.00 per unit Variable marketing costs $5.00 per unit Fixed manufacturing costs $13.00 per unit Administrative​ expenses, all fixed $21.00 per unit Ending​ inventories: Direct materials −0− WIP −0− Finished goods 400 units What is the operating income using variable​ costing?

Answers

Answer:

Net operating profit= 57,800

Explanation:

Giving the following information:

Selling price= $98

Units sold= 1,800

Variable manufacturing costs $24.00 per unit

Variable marketing costs $5.00 per unit

Fixed manufacturing costs $13.00 per unit

Administrative​ expenses, all fixed $21.00 per unit

First, we need to calculate the total fixed costs:

Total fixed manufacturing cost= 13*2,200= 28,600

Total administrative cost= 21*1,800= 37,800

Variable costing income statement:

Sales= 98*1,800= 176,400

Total variable cost= 1,800*(24 + 5)= (52,200)

Contribution margin= 124,200

Total fixed manufacturing cost= (28,600)

Total administrative cost= (37,800)

Net operating profit= 57,800

___________is a partnership Is also called the articles of incorporation.
a) Is the same as a limited liability partnership.
b) Is not binding unless it is in writing.
c) Is binding even if it is not in writing.
d) Does not generally address the issue of the rights and duties of the partners.

Answers

Answer:

c

Explanation:

here is the correct question :

A partnership agreement:

A. Is not binding unless it is in writing.

B. Is the same as a limited liability partnership.

C. Is binding even if it is not in writing.

D. Does not generally address the issue of the rights and duties of the partners.

E. Is also called the articles of incorporation.

A partnership agreement is a contract between partners in a partnership. it contains guidelines on the relationship between the partners and responsibilities of partners. the partnership agreement creates legally binding relationships among the partners

Waupaca Company establishes a $450 petty cash fund on September 9. On September 30, the fund shows $185 in cash along with

Answers

Complete Question:

Waupaca Company establishes a $450 petty cash fund on September 9. On September 30, the fund shows $185 in cash along with along with receipts for the following expenditures: transportation-in, $40; postage expenses, $120; and miscellaneous expenses, $80. The petty cashier could not account for a $25 shortage in the fund. The company uses the perpetual system in accounting for merchandise inventory. Prepare (1) the September 9 entry to establish the fund, (2) the September 30 entry to reimburse the fund, and (3) an October 1 entry to increase the fund to $600.

Answer:

Waupaca Company

Journal Entries:

September 9:

Debit Petty Cash Account $450

Credit Cash Account $450

To record the establishment of the petty cash fund.

September 30:

Debit Freight-in $40

Debit Postage Stamps $120

Debit Miscellaneous Expenses $80

Credit Petty Cash account $240

To record the expenses from petty cash fund.

Debit Shortage $25

Credit Petty Cash account $25

To record the cash shortage incurred.

October 1:

Debit Petty Cash account $415

Credit Cash Account $415

To record the increase of the petty cash fund to $600.

Explanation:

September 9: Petty Cash Fund = $450

September 9 to 30: Expenses:

Transportation-in, $40

Postage expenses, $120;

Miscellaneous expenses, $80   $240

Balance supposed to                  $210

Cash in hand                               $185

Shortage                                       $25

b) The petty cash fund operates on the petty cash system, whereby a fund is earmarked for petty cash expenses.  This fund is called the float or the petty cash imprest.  At the end of a month, the incurred expenses are summed so that the petty cashier can be reimbursed with the actual expenses made to restore the float.  This amount of the imprest can also be increased or reduced at any time, depending on management discretion.

The Making Ethical Decisions box "Good Finance or Bad Medicine" has an important message for managers who make financial decisions. Which of the following statements summarizes this message?
A. Managers must balance good economic decisions with socially forward thinking.
B. Checking academic credentials of recently graduated doctors is imperative due to the cost of lawsuits that patients may file if they learn that they were served by a surgeon without a license.
C. The support of a good law firm is worth every penny a hospital might pay. The finance manager should always budget for a legal team.
D. Financial decisions must be based on what insurance companies are willing to pay.

Answers

Answer:

A. Managers must balance good economic decisions with socially forward thinking.

Explanation:

Good Finance or bad medicine refers that if you are aware of finance or you have studied the finance subject so you are capable of making the financial decisions which give you the better return at less risk in near future and if you are not aware of finance than it would lead to the worst situation

Therefore the first option depicts the given message i.e making a better balance in the economic decisions with the help of forward-thinking i.e. to be social

IP Company pays for purchases of materials in full in the month following the purchase. During the previous month, IP had purchases of $25,000. During the current month, IP had purchases of $30,000. The amount that I will pay during the current month for purchases is:________

Answers

Answer:

The correct answer is "$25,000".

Explanation:

The given values are:

IP purchase during the previous month

= $25,000

IP purchases during the current month

= $30,000

As the sum is charged in the corresponding sales month, IP must compensate for the transaction made mostly during the reporting period throughout the previous quarter.

Therefore the quantity IP will be paying for purchasing mostly during the reporting period seems to be $25,000.

precise Machinery is analyzing a proposed project that is expected to sell 1,450 units, +3 percent. The expected variable cost per unit is $139 and the

Answers

Answer: C.$221.86

Explanation:

Contribution Margin is the difference between the sales price and the variable costs.

Best case scenario of Sales would mean it is the higher amount.

Best case scenario of costs would mean the lower amount.

Best case Sales

= 349 * ( 1 + 3%)

= $359.47

Best Case Variable Cost

= 139 * ( 1 - 1%)

= $137.61

Best Case Contribution Margin

= Best case Sales  - Best Case Variable Cost

= 359.47 - 137.61

= $221.86

A stock has an expected return of 10.8 percent, the risk-free rate is 4 percent, and the market risk premium is 5 percent. What must the beta of this stock be? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

Answers

Answer:

β = 1.36

Explanation:

Expected return = Rf+β×Rp

Rf is risk free return

Rp is risk premium

β is Beta

10.8% = 4%+β×5%

5*β= 10.8% - 4%  

β = 6.8%/5%

β = 1.36

Hence, the Beta of this stock = 1.36

You bought a painting 7 years ago as an investment. You originally paid $145,000 for it. If you sold it for $307,000, what is your annual return on the investment

Answers

Answer:

11.3%

Explanation:

In this scenario a painting was bought at present value of $145,000 and sold at future value of $307,000. The time is 7 years in the future.

Return on investment is the gain on original cost of a project. A positive return on investment will result in profit of the project.

To calculate annual rate we use the following formula

Present value = Future value (1 + rate) ^ -number of years

145,000 = 307,000 {(1+r) ^ -7}

145,000/307,000 = (1+r) ^-7

0.4723 = (1 + r) ^ -7

1.113 = 1+ r

r = 0.113= 11.3%

Indicate whether each of the following would be added to or deducted from net income in determining net cash flow from operating activities by the indirect method: a. Increase in merchandise inventory b. Increase in prepaid expenses c. Depreciation of fixed assets d. Gain on disposal of fixed assets e. Amortization of patent f. Increase in notes payable due in 120 days to vendors g. Increase in accounts payable h. Decrease in wages payable i. Decrease in notes receivable due in 60 days from customers j. Decrease in accounts receivable k. Loss on retirement of long-term debt

Answers

Answer:

The answer is

A - Deducted

B - Deducted

C - Added

D - Deducted

E - Added

F - Added

G - Added

H - Deducted

I - Added

J- Added

K - Added

Explanation:

Rule:

Increase in liability will be added to net income while decrease in liability will deducted from net income.

Increase in asset will be deducted from net income while decrease in asset will be added to net income

A - Deducted

B - Deducted

C - Added

D - Deducted

E - Added

F - Added

G - Added

H - Deducted

I - Added

J- Added

K - Added

Krystal is 47 years old and single. She is a high school principal, making $75,000 a year. She currently owns a 401(k) valued at $85,000. Krystal would like to retire at age 65 with $1.2 million in her retirement nest egg. She plans to contribute $12,000 a year to her retirement fund, growing at 10%.Required:a. Will Krystal reach her goal? Justify your answer by using the Investment Calculator on Foundations U b. If she won't reach her goal, what needs to change in order for her to reach it? c. Is it really possible to get 10% growth in an investment fund? How?

Answers

Answer:

a) Krystal's account balance when she is 65:

$75,000 x (1 + 10%)¹⁸ = $416,993.80

$12,000 x 45.599 (FV annuity factor, 10%, 18 periods) = $547,188

total account balance = $964,181.80

Krystal will not reach her goal.

b) she need to save $1,200,000 - $964,181.80 = $235,818.20

she will need to save an extra $235,818.20 / 45.599 = $5,171.57 per year

her total contributions per year = $12,000 + $5,171.57 = $17,171.57

c) The historical growth rate of the S&P 500 is 12%, so it is really possible to earn at least 10%. Maybe the stock market is not going well right now, but you must remember that retirement accounts are long term accounts and last for many years. The market will have time to bounce back.

The following legal claims exist for Huprey Co. Identify the accounting treatment for each claim as either (a) a liability that is recorded or (b) an item described in notes to its financial statements.1. Huprey (defendant) estimates that a pending lawsuit could result in damages of $1,550,000; it is unlikely that the plaintiff will win the case.a. A liability that is recorded.b. An item described in notes to its financial statements.2. Huprey faces a loss on a pending lawsuit that it is unlikely to lose; the amount is reasonably estimable.a. An item described in notes to its financial statements.b. A liability that is recorded.3. Huprey faces a probable loss on a pending lawsuit; the amount is reasonably estimable.a. An item described in notes to its financial statements.b. A liability that is recorded.

Answers

Answer:

Huprey Co.

Identifying the accounting treatment for each claim as either (a) a liability that is recorded or (b) an item described in notes to its financial statements:

1. Huprey (defendant) estimates that a pending lawsuit could result in damages of $1,550,000; it is unlikely that the plaintiff will win the case.a. A liability that is recorded.

b. An item described in notes to its financial statements.

2. Huprey faces a loss on a pending lawsuit that it is unlikely to lose; the amount is reasonably estimable.

a. An item described in notes to its financial statements. b. A liability that is recorded.

3. Huprey faces a probable loss on a pending lawsuit; the amount is reasonably estimable.a. An item described in notes to its financial statements.

b. A liability that is recorded.

Explanation:

Huprey Co. will recognize and record contingent liabilities in its accounts when it can be reasonably established that the future event will occur and the amount of the liability can be reasonably estimated. The implication is that Huprey Co. must establish two things before a contingent liability is recognized and recorded.  One is that the probability or the likelihood or the chance that the event will happen exists and can be estimated.  With the probability estimate, it becomes possible for Huprey Co. to also estimate the amount that the happening of the event will cost it.

In ________, the producer marks the reduced prices directly on the label or package. These offer consumers savings off the regular price of a product and are very effective in stimulating short-term sales.

Answers

Answer:

This question is incomplete, the options are missing. The options are the following:

a) Promotional products

b) Coupons

c) Cents-off deals

And the correct answer is the option C: Cents-off deals

Explanation:

To begin with, the term of "Cents-off Deals", in the business and marketing field, refers to the strategy used as a type of sales promotion that focus on the fact of offering a brand at a lower price and that reduction of the price might be on the label of pachage on purpose so the consumers will see it right away when the have the product in hands. Moreover, this type of strategy is very effective in stimulating short-term sales due to the fact that it generates an inmediate reaction in the consumer when they see the offer.

When a financial calculator or spreadsheet program finds a bond's yield to maturity, it uses a trial-and-error process
a. true
b. false

Answers

Answer:

zh

Explanation:

When a financial calculator or spreadsheet program finds a bond's yield to maturity, it uses a trial-and-error process. This statement was the truth. Thus, option (a) is correct.

What is error?

The term errors refer to the mistake in the data or the sentence. The sentence was the read are the changes in the correction. The errors are the founding is the process was the called are the proofreading. The errors are the founding to the correct of the spelling, grammar, and the capitalization was the errors.

In the finance calculator estimate, according to trial and error. The bond's yield to maturity was calculated using a simple spreadsheet. A bond's maturity yield is the interest amount that makes the present value of the pledged loan repayments equal to the grant's market price today.

As a result, the statement was the truth. Therefore, option (a) is correct.

Learn more about on error, here:

https://brainly.com/question/19575648

#SPJ5

All-Mart Discount Stores Corporation contracts to buy ten acres from Suburban Enterprises, Inc., as a site for a new store. The contract calls for a "warranty deed." According to a survey that All-Mart commissions, one corner of an adjacent, enclosed parking lot is on part of the property that Suburban is attempting to convey. Can All-Mart avoid the contract? If so, on what basis? If not, why not?

Answers

Answer:

All-Mart can avoid the contract since it didn't meet their specification for the siting of their new store which they planned for. The warranty deed which they called for was to ensure that, all land purchased has guarantee that it would not become an issue for them in the future.

Since one part is an enclosed parking lot which is a public property that Suburban is trying to sell to them, the best would be to avoid it.

Explanation:

Other Questions
Choose the best phrase to complete the sentence. During the summer, she likes her soccer skills so that she is ready to play in the fall. In 1869, Dmitri Mendeleev was trying to arrange the 65 known elements in a logical way. He arrived at the solution when he saw the elements arranged by atomic weight in a dream. He tried this arrangement and it worked! What is this an example of? Ifx= 15t2 and y= 10t2, find dy bydx How are catastrophic events related to changes in geological timelines Section 1 - Question 6In order to be prepared for a disaster, which item is most important for an emergency supply kit?flashlightwaterbatteriesfoodW2020Illuminate EducationTM, Inc Suppose that on August 14, 2019, an antique woven rug handmade in Canada is priced at CAD 1,100. The approximate U.S. dollar price of the rug would be An organ pipe open at both ends is 1.5 m long. A second organ pipe that is closed at one end and open at the other is 0.75 m long. The speed of sound in the room is 330 m/s. Which of the following sets of frequencies consists of frequencies which can be produced by both pipes?a. 110Hz,220Hz, 330 Hz b. 220Hz 440Hz 66 Hz c. 110Hz, 330Hz, 550Hz d. 330 Hz, 550Hz, 440Hz e. 660Hz, 1100Hz, 220Hz 1. (I) If the magnetic field in a traveling EM wave has a peak magnitude of 17.5 nT at a given point, what is the peak magnitude of the electric field Graph the image of H(-8,5) after a reflection over the x-axis.Answer ? verb of complain in english Which is harder to retain- Sole-Princeship (Dictatorship) or a Princedom with Barons (Absolute Monarchy) Jack is building a square garden. Each side length measures 777 meters. Jack multiplies 7\times7777, times, 7 to find the amount of space in his garden is equal to 494949 square meters. Which measurement does 494949 square meters represent? Hello, a quick question which number is least to greatest 0.359, 0.35, 1 can u help me. where do u plot it. what is x and what is y who is the father of impressionism Three-fourths of the voters supported the bond measure. If there were8000 voters, how many supported the bond measure? Bonita Industries is planning to sell 1000 boxes of ceramic tile, with production estimated at 470 boxes during May. Each box of tile requires 44 pounds of clay mix and a 0.50 hour of direct labor. Clay mix costs $0.40 per pound and employees of the company are paid $11 per hour. Manufacturing overhead is applied at a rate of 110% of direct labor costs. Bonita has 3900 pounds of clay mix in beginning inventory and wants to have 3700 pounds in ending inventory. What is the total amount to be budgeted for direct labor for the month The perpendicular distance of the point from x axis is 2 units and the perpendicular distance from y axis is 3 units.Write the co-ordinates of the if it lies in A company's Office Supplies account shows a beginning balance of $720 and an ending balance of $640. If office supplies expense for the year is $3,700, what amount of office supplies was purchased during the period Chad runs a coffee shop that has annual revenues of $300,000, supply costs of $60,000, and employee salaries of $60,000. He has the option of renting out the coffee shop for $80,000 per year, and he has three outside offers from competitors to work as a senior barista at Starbucks (for an annual salary of $30,000), at Simon's coffee house (for an annual salary of $40,000), and at Peet's coffee shop (for an annual salary of $60,000). He can only hold one job at a time. What should Chad do?