Answer:
Total cost per unit = $125.00
Explanation:
The fixed cost is a cost that remains fixed regardless of the output level in the short run. This means that the fixed cost in the given question will remain fixed at a level of $25000.
The variable cost is a cost that varies, in total, with changes in output level. However, the per unit variable cost usually remains fixed even with changing output level. This assumption holds for the question and the per unit variable cost is,
Variable cost per unit = 80000 / 800 = $100
The total cost at output level of 1000 bicycles will be,
Total cost per unit = 100 + (25000 / 1000)
Total cost per unit = $125.00
Carpenters Company, a manufacturing company, acquired equipment on January 1, 2017 for $510,000. Estimated useful life of the equipment was seven years and the estimated residual value was $18,000. On January 1, 2020, after using the equipment for three years, the total estimated useful life has been revised to nine total years. Residual value remains unchanged. The company uses the straight-line method of depreciation. Calculate the depreciation expense for 2020.
Answer:
$31,238.10
Explanation:
Straight line depreciation expense = (Cost of asset - Salvage value) / useful life
($510,000 - $18,000) / 7 = $70,285.71
Depreciation expense from 2017 to December 2019 would be = $70,285.71 x 3 = $210,857.14
Book value at the beginning of 2020 = $510,000 - $210,857.14 = $299,142.86
Depreciation expense from 2020 = ($299,142.86 - $18,000) / 9 = $31,238.10
If Ralph rides the bus to work which is considered an inferior good/service. After Ralph applies for and accepts a new management job at twice his old salary he starts to make changes. Based on what you have learned about changes in income and consumer choices, what will most likely happen to Ralph’s use of public transportation? Group of answer choices Ralph would discontinue riding the bus and switch to riding his bike. Ralph would discontinue riding the bus and purchase a car. It will decrease since Ralph will ask his boss if he can telework to avoid the long commute. Ralph would continue riding the bus.
Answer:
Ralph would discontinue riding the bus and purchase a car.
Explanation:
As in the question it is mentioned that Ralph rides the bus when he go to work this represent an inferior good or a service but when he accept a new management job where his salary is doubled so he begins to make the changes
The change is that as the income rises, so the consumption would fall so he would prefer the more expensive option i.e to purchase a car
A- Ralph would discontinue riding the bus and switch to riding his bike after he gets a new management job and his salary is doubled as compared to the old payroll of Ralph.
Ralph is a rational consumer who will like to upgrade his lifestyle only when his salary reaches a level that he can spend extra part of his disposable income.
Ralph would continue riding his bike for numerous reasons one of them being that he would want to save the time of commute between his accommodation and his workplace,Ralph will also be able to save time for himself when he reaches home as he can depart at his own comfortable times and this will lead to him eventually spending on own's happiness for Ralph.Ralph will also end up saving money even after commuting through bike as he knows that his salary is doubled from the previous salary. This will hence not cost as much to him than he would proportionately save.
Hence, the correct option is A that Ralph will stop riding bus and use bike to commute.
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Beta Alpha Psi, the accounting honorary fraternity, held a homecoming party. The fraternity expected attendance of 80 persons and prepared the following budget: Room rental .. $ 170 Food ....... 660 Entertainment .. 570 Decorations ... 210 Total ...... $1,610 After Beta Alpha Psi paid all the bills for the party, the total cost came to $1,885 or $275 over budget. Details are $170 for room rental; $875 for food; $570 for entertainment; and $270 for decorations. Ninety-six persons attended the party. 1. Prepare a performance report for the party that shows how actual costs differed from the budget. That is, include in your report the budgeted amounts, actual amounts, and variances. 2. Suppose the fraternity uses a management-by-exception rule. Which costs deserve further examination
Answer:
Beta Alpha Psi
1. Performance Report for the party:
Budget Actual Variance
Expected attendance (persons) 80 96 16
Room rental .. $ 170 $170 $0
Food ....... 660 875 $215 U
Entertainment .. 570 570 $0
Decorations ... 210 270 $60 U
Total ...... $1,610 $1,885 $275 U
2. The costs that deserve further examination are Food and Decorations. The party overspent on these items.
Explanation:
Since 96 persons attended the party, the food cost should have been = $792 ($660/80 * 96), which is the flexible budget cost. The cost of decorations should have remained $210 unless there were improper estimates of the items required for the decorations and the size of the party venue.
In a month, Carlos can produce a maximum of either 30 bushels of pears or 15 bushels of apples, or any linear combination in between. Similarly, Donna can produce a maximum of either 20 bushels of pears or 5 bushels of apples, or any linear combination in between.
a. What is the opportunity cost for Carlos to produce one more bushel of apples in terms of pears?
b. What is the opportunity cost for Donna to produce one more bushel of apples in terms of pears?
c. What would Donna and Carlos agree to as acceptable terms of trade?
Answer:
a. What is the opportunity cost for Carlos to produce one more bushel of apples in terms of pears?
opportunity cost to produce 1 more bushel of apples = 30 / 15 = 2 bushels of pears
b. What is the opportunity cost for Donna to produce one more bushel of apples in terms of pears?
opportunity cost to produce 1 more bushel of apples = 20 / 5 = 4 bushels of pears
c. What would Donna and Carlos agree to as acceptable terms of trade?
Donna has a comparative advantage in the production of pears, so she should produce pears and exchange them for apples produced by Carlos.
Any range between 1-2 pears (higher than 1, but lower than 2) exchanged for every apple would result in mutually beneficial trade.
During the current year, Alpha sold inventory to Beta for $100,000. As of year end, Beta had resold only 60 percent of these intra-entity purchases. Alpha sells inventory to Beta at the same markup it uses for all of its customers. What is the total for consolidated cost of goods sold
Answer:
a. $173,000
Explanation:
Missing word "Alpha Company owns 80 percent of the voting stock of Beta Company. Alpha and Beta reported the following account information from their year-end separate financial records: Alpha Beta Inventory $95,000 $88,000 Sales Revenue 800,000 300,000 Cost of Goods Sold 600,000 180,000 During the current year, Alpha sold inventory to Beta for $100,000."
Percentage of profits Alpha charge to other customers = ($800,000 - $600,000) / $800,000 = 25% of sales
Stock held at year end by beta from the purchases made from Alpha = $100,000 * 40% =$40,000
Profit involved in stock held by beta from the purchases made from Alpha = $40,000 * 25% = $10,000
So, Value of stock of Beta = $88,000 - $10,000 = $78,000
Hence, Total for consolidated inventory = $95,000 + $78,000 = $173,000
Tirri Corporation has provided the following information: Cost per Unit Cost per Period Direct materials $ 7.50 Direct labor $ 3.85 Variable manufacturing overhead $ 1.55 Fixed manufacturing overhead $ 24,400 Sales commissions $ 1.05 Variable administrative expense $ 0.60 Fixed selling and administrative expense $ 8,800 If the selling price is $28.10 per unit, the contribution margin per unit sold is closest to:
Answer:
$13.55
Explanation:
The contribution margin per unit is computed as;
= Selling price - (Direct materials + Direct labor + Variable manufacturing overhead + Sales commission + Variable administrative expense)
= $28.10 - ($7.50 + $3.85 + $1.55 + $1.05 + $0.60)
= $28.10 - $14.55
= $13.55
Therefore , the contribution margin per unit is $13.55
During January, Year 2, Geo entered into the following transactions: Paid $728 on account for utilities that were used during December, Year 1. Purchased $488 of supplies for cash. Signed a rental agreement for office space and paid $6,100 in advance for six months of rent beginning February 1, Year 2. Purchased $21,000 of new equipment, signing a promissory note. Provided $32,500 of services. $16,000 was received in cash and $16,500 was provided on credit. Paid workers $7,400 for work done in January. Required: Prepare journal entries for each of the following January activities, and post results to the relevant T-accounts. Compute the ending balance of each T-account. Beginning balances have been entered.
Answer:
Geo
1. Journal Entries:
1. Debit Utilities Payable $728
Credit Cash $728
To record the payment of utilities on account.
2. Debit Supplies $488
Credit Cash $488
To record the purchase of supplies for cash.
3. Debit Prepaid Rent $6,100
Credit Cash $6,100
To record the prepayment of rent for 6 six months.
4. Debit Equipment $21,000
Credit Note Payable $21,000
To record the purchase of equipment on account.
5. Debit Cash $16,000
Debit Accounts Receivable $16,500
Credit Services Revenue $32,500
To record the rendering of services for cash and on account.
6. Debit Salaries Expense $7,400
Credit Cash $7,400
To record the payment of salaries for January.
2. T-accounts:
Utilities Payable
Accounts Titles Debit Credit
Cash $728
Cash
Accounts Titles Debit Credit
Utilities payable $728
Supplies 488
Prepaid Rent 6,100
Service Revenue $16,000
Salaries Expense 7,400
Supplies
Accounts Titles Debit Credit
Cash $488
Prepaid Rent
Accounts Titles Debit Credit
Cash $6,100
Equipment
Accounts Titles Debit Credit
Note Payable $21,000
Note Payable
Accounts Titles Debit Credit
Equipment $21,000
Accounts Receivable
Accounts Titles Debit Credit
Service Revenue $16,500
Services Revenue
Accounts Titles Debit Credit
Cash $16,000
Accounts Receivable 16,500
Salaries Expense
Accounts Titles Debit Credit
Cash $7,400
Explanation:
Since the beginning balances were not supplied, the T-accounts are not balanced at the end of the period. Journal entries were prepared to record the daily business transactions for the first time in the accounting system. The entries showed the accounts to be debited and credited respectively.
Barnett Products manufactures three types of remote-control devices: Economy, Standard, and Deluxe. The company, which uses activity-based costing, has identified five activities (and related cost drivers). Each activity, its budgeted cost, and related cost driver is identified below.
Activity Cost Cost Driver
Material handling $225,000 Number of parts
Material insertion 2,475,000 Number of parts
Automated machinery 840,000 Machine hours
Finishing 170,000 Direct labor hours
Packaging 170,000 Orders shipped
Total $3,880,000
The following information pertains to the three product lines for next year:
Economy Standard Deluxe
Units to be produced 10,000 5,000 2,000
Orders to be shipped 1,000 500 200
Number of parts per unit 10 15 25
Machine hours per unit 1 3 5
Labor hours per unit 2 2 2
Required:
a. What is Barnett's pool rate for the material-handling activity?
b. Under Barnett's activity-based costing system, what is the per-unit overhead cost of Economy?
Solution :
Particulars Economy Standard Delux Total
Units produced (a) 10000 5000 2000 17000
Orders shipped (b) 1000 500 200 1700
No. of orders per unit (c) 10 15 25
Total no. of parts (c)x(a) 100000 75000 50000 225000
Machine hrs per unit (d) 1 3 5
Total machines hrs (d)x(a) 10000 15000 10000 35000
Lab hrs per unit (e) 2 2 2
Total lab hrs (e)x(a) 20000 10000 4000 34000
Pool rate for material handling activity [tex]$=\frac{\text{total material handling cost}}{\text{total no. of parts produced}}$[/tex]
[tex]$=\frac{225000}{225000}$[/tex]
= $ 1
a). Material handling cost per part [tex]$=\frac{\text{total material handling cost}}{\text{total no. of parts produced}}$[/tex]
[tex]$=\frac{225000}{225000}$[/tex]
= $ 1
b). Material insertion cost per part [tex]$=\frac{\text{total material insertion cost}}{\text{total no. of parts produced}}$[/tex]
[tex]$=\frac{2475000}{225000}$[/tex]
= $ 11
c). Cost per machine hours [tex]$=\frac{\text{total machine cost}}{\text{total machine hours}}$[/tex]
[tex]$=\frac{840000}{35000}$[/tex]
= $ 24
d). Cost per labor hours [tex]$=\frac{\text{total finishing cost}}{\text{total labor hours}}$[/tex]
[tex]$=\frac{170000}{34000}$[/tex]
= $ 5
e). Cost per unit shipped [tex]$=\frac{\text{total packaging cost}}{\text{total no. of units shipped}}$[/tex]
[tex]$=\frac{17000}{1700}$[/tex]
= $ 10
Cost per unit overhead = (1 x 10) + (11 x 10) + (24 x 1) + (5 x 2) + (10 x 1)
= $ 164
In Marubeni America Corp. v. United States, the federal appellate court ruled that the Nissan Pathfinder was, for tariff classification purposes a motor vehicle for the transport of passengers. The classification of goods is significant because: Question 16 options: A) the fair value will vary depending on the classification B) the subsidy will vary depending on the classification C) the tariffs will vary depending on the classification D) the dumping duty will vary depending on the classification
Answer: the tariffs will vary depending on the classification.
Explanation:
Tariff is a form of tax that is usually imposed on the imports that are brought from other countries to a particular country.
With regards to information provided in the question, the classification of goods is significant because the tariffs will vary depending on the classification.
On March 2nd, a fire destroyed the entire inventory stored in a warehouse for the Madison, Inc. The following information is available from the records of the company's periodic inventory system: Beginning inventory 1/01/2020 $989,000 Purchases through 3/02/2020 $784,329 Sales through 3/02/2020 $1,345,789 Gross Profit Ratio 33% Estimate the cost of the inventory destroyed by the fire using the Gross Profit Method.
Answer:
Madison, Inc.
The cost of the inventory destroyed by the fire using the Gross Profit Method is:
$871,650
Explanation:
a) Data and Calculations:
Beginning inventory 1/01/2020 = $989,000
Purchases through 3/02/2020 = $784,329
Sales through 3/02/2020 = $1,345,789
Gross Profit Ratio 33%
Gross profit = $444,110 ($1,345,789 * 33%)
Cost of goods sold = $901,679 ($1,345,789 - $444,110)
Cost of goods available for sale = $1,773,329 ($989,000 + $784,329)
Estimate of the cost of the inventory destroyed by the fire = cost of goods available for sale minus the cost of goods sold
= $871,650 ($1,773,329 - $901,679)
b) The estimate of the cost of the inventory destroyed by the fire is equal to the cost of the ending inventory. It is obtained by subtracting the cost of goods sold from the cost of goods available for sale for the period. The gross profit margin is the difference between the Sales Revenue and the Cost of goods sold. When expressed as a percentage of Sales Revenue, the resulting figure is called the gross profit margin ratio.
Suppose a city block was going to be used for a parking lot in both New York City and a small town. The opportunity cost would be multiple choice 2 lower in New York City because the alternative uses of the city block are more varied. lower in a small city because the alternative uses of the city block are more varied. greater in New York City because the alternative uses of the city block are more valuable. greater in a small city because the alternative uses of the city block are more valuable.
Answer:
c. The opportunity cost would be greater in New York City because the alternative uses of the block are more valuable.
Explanation:
Value of piece of land would be much higher in New York City in comparison to a small town.
This means that if a piece of land is used for parking lot in the New York City then the alternative use of such land would be more valuable in comparison to the utilization of similar piece of land in a small town.
Higher the value of alternative uses, higher would be the opportunity cost. So, the opportunity cost would be greater in New York City because the alternative uses of the block are more valuable.
It is know that employees are the weakest link in the information security chain. How can companies deal with problems associated with the weakest link?
Answer:
the answer is below
Explanation:
The weakest links are those through whom hackers can gain access to the company's system security. The employees are considered the weakest links.
The company can deal with this problem by:
1. Training these employees on cyber security. The employees have to know what cyber security looks like and how not to fall victims.
2. The company can go further to create a new authentication system such as the multifactor authentication.
3. Employees should be made to know how harmful it could be to the company if they shared the company's security details with outsiders.
4. Employees should be refrained from downloading apps that are risky or leaving devices in the open. There should also be a judicial system where penalties would be awarded to defaulters
Consider the following yields to maturity on various one-year zero-coupon securities: Security: Treasury AAA Corporate BBB Corporate B Corporate Yield (%): 4.6 4.8 5.6 6.2 The price (expressed as a percentage of the face value) of a one-year, zero-coupon, corporate bond with a BBB rating is closest to:
Answer:
94.70%
Explanation:
The computation of the price expressed as a percentage of the face value is given below:
= Price ÷ Face value × 100
= (Face value ÷ (1 + YTM)) ÷ Face value × 100
= ($1,000 ÷ (1 + 5.6%)) ÷ ($1,000) × 100
= $946.97 ÷ $1,000 × 100
= 94.70%
Hence, the price expressed as a percentage of the face value is 94.70%
Here we assume the face value be $1,000
The Mazzanti Wholesale Food Company's fiscal year-end is June 30. The company issues quarterly financial statements requiring the company to prepare adjusting entries at the end of each quarter. Assume all quarterly adjusting entries were properly recorded.
1. On December 1, 2020, the company paid its annual fire insurance premium of $7,200 for the year beginning December 1 and debited prepaid insurance.
2. On August 31, 2020, the company borrowed $115,000 from a local bank. The note requires principal and interest at 8% to be paid on August 31, 2021.
3. Mazzanti owns a warehouse that it rents to another company. On January 1, 2021, Mazzanti collected $26,400 representing rent for the 2021 calendar year and credited deferred rent revenue.
4. Depreciation on the office building is $19,200 for the fiscal year.
5. Employee salaries for the month of June 2021 $19,500 will be paid on July 20, 2021.
Required:
Prepare the necessary year-end adjusting entries at the end of June 30, 2018, for the above situations.
Answer:
1. Dr Insurance expense 1,800
Cr Prepaid insurance 1,800
2. Dr Interest expense 2,300
Cr Interest payable 2,300
3. Dr Deferred rent revenue 6,600
Cr Rent revenue 6,600
4. Dr Depreciation expense 4,800
Cr Accumulated depreciation—building 4,800
5. Dr Salaries and wages expense 19,500
Cr Salaries and wages payable 19,500
Explanation:
Preparation of the necessary year-end adjusting entries at the end of June 30, 2018, for the above situations
1. Dr Insurance expense 1,800
Cr Prepaid insurance 1,800
($7,200 × 3/12)
2. Dr Interest expense 2,300
Cr Interest payable 2,300
($115,000× 8% × 3/12)
3. Dr Deferred rent revenue 6,600
Cr Rent revenue 6,600
($26,400 × 3/12)
4. Dr Depreciation expense 4,800
Cr Accumulated depreciation—building 4,800
($19,200 × 3/12)
5. Dr Salaries and wages expense 19,500
Cr Salaries and wages payable 19,500
What are Apple’s dollar amounts for assets, liabilities, and equity at September 29, 2018? Confirm that the accounting equation holds in this case. Assets = Liabilities + Equity Answer Answer Answer Round to one decimal place (i.e. 34.5%) What percent of Apple’s assets is financed from creditor financing sources?
Answer:
70.7%
Explanation:
Note: The full question is attached as picture below
Percent of Apple's assets is financed from creditor financing sources = Liabilities / Assets
Percent of Apple's assets is financed from creditor financing sources = $258,578 / $365,725
Percent of Apple's assets is financed from creditor financing sources = 0.70702851
Percent of Apple's assets is financed from creditor financing sources = 70.7%
Presented below are a number of operational guidelines and practices that have developed over time. Select the assumption, principle, or constraint that most appropriately justifies these procedures and practices.
a. Fair value changes are not recognized in the accounting records.
b. Financial information is presented so that investors will not be misled.
c. Intangible assets are amortized over periods benefited.
d. Agricultural companies use fair value for purposes of valuing crops.
e. Each enterprise is kept as a unit distinct from its owner or owners.
f. All significant post-balance-sheet events are disclosed.
g. Revenue is recorded when the product is delivered.
Answer:
a. Fair value changes are not recognized in the accounting records.
Appropriate Selection: Historical Cost Principle
b. Financial information is presented so that investors will not be misled.
Appropriate Selection: Full Disclosure Principle
c. Intangible assets are amortized over periods benefited.
Appropriate Selection: Expense Recognition Principle
d. Agricultural companies use fair value for purposes of valuing crops.
Appropriate Selection: Measurement Principle
e. Each enterprise is kept as a unit distinct from its owner or owners.
Appropriate Selection: Economic entity assumption
f. All significant post-balance-sheet events are disclosed.
Appropriate Selection: Full Disclosure Principle
g. Revenue is recorded when the product is delivered.
Appropriate Selection: Revenue Recognition Principle
[The following information applies to the questions displayed below.] The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system. April 30 May 31 Inventories Raw materials $ 43,000 $ 52,000 Work in process 10,200 21,300 Finished goods 63,000 35,600 Activities and information for May Raw materials purchases (paid with cash) 210,000 Factory payroll (paid with cash) 345,000 Factory overhead Indirect materials 15,000 Indirect labor 80,000 Other overhead costs 120,000 Sales (received in cash) 1,400,000 Predetermined overhead rate based on direct labor cost 70 % Raw materials purchases for cash. Direct materials usage. Indirect materials usage. Prepare journal entries for the above transactions for the month of May.
Answer:
Journals have been prepared below !
Explanation:
Suppose that, in a competitive market without government regulations the equilibrium price of gasoline is $3.00 per gallon.
Complete the following table by indicating whether each of the statements is an example of a price ceiling or a price floor and whether it is binding or nonbinding.
Choices for Price Control is:________.
A. Price ceiling
B. Price floor
Choices for Binding or Not is:_______.
A. Binding
B. Non-Binding
Statement Price Control Binding or Not
There are many teenagers who would like to work at gas stations, but they are not hired due to minimum wage law
___________ ___________
The government prohibits gas stations from selling gasoline for more than $2.70 per gallon
___________ ___________
The government has instituted a legal minimum price of $2.70 per gallon for gasolone.
___________ ___________
Answer:
price floor , binding
price ceiling binding
price floor , non binding
Explanation:
A price floor is when the government or an agency of the government sets the minimum price of a product. A price floor is binding if it is set above equilibrium price.
Price ceiling is when the government or an agency of the government sets the maximum price for a product. It is binding when it is set below equilibrium price
Because firms are unable to hire workers due to the minimum wage laws., it means it is binding price floor
Equilibrium price is $3 and the maximum price is $2.70 . Thus, it is a binding price ceiling
Equilibrium price is $3 and the minimum price is $2.70 . Thus, it is a binding floor
The following data pertains to Lam Co.'s manufacturing operations: Inventories 4/1 4/30 Direct Materials $ 18,000 $ 15,000 Work in Process 9,000 6,000 Finished Goods 27,000 36,000 Additional information for the month of April: Direct materials purchased $ 32,000 Direct labor 30,000 Direct labor rate per hour 10.00 Factor overhead incurred 40,000 Overhead is applied at $12 per direct labor hour. For the month of April, conversion cost incurred was:
Answer: $65000
Explanation:
For the month of April, the conversion cost that was incurred would be calculated as:
Beginning inventory of Direct Materials = $18000
Add: Purchase = $32000
Total cost of Direct Materials available = $50000
Less: Ending inventory of Direct Material = $15000
Therefore, Direct material used:
= $50000 - $15000 = $35000
Add: Direct labor = $30000
Conversion cost incurred = $35000 + $30000 = $65000
A review of Parson Corporation's accounting records found that at a volume of 90,000 units, the variable and fixed cost per unit amounted to $8 and $4, respectively. On the basis of this information, what amount of total cost would Parson anticipate at a volume of 85,000 units
Answer:
Total cost= $1,040,000
Explanation:
For 90,000 units:
Unitary variable cost= $8
Unitary fixed cost= $4
First, we need to calculate the total fixed cost:
Total fixed cost= 4*90,000= $360,000
Now, we can determine the total cost for 85,000 units:
Total cost= 85,000*8 + 360,000
Total cost= $1,040,000
choosing a computer that costs_____ instead of one that cost ____
means that youll have less money available for other purchases
a 1700 1900
b 1700 1800
c 1800 1700
d 1800 1900
Which action invalidates the contract Kyle signed?
a.
Kyle missed his monthly payment.
b.
Kyle split the missing payment into three equal parts.
c.
Kyle did not notify his bank with his intention to split up the missing payment.
d.
Kyle did not add one-third of the missing payment to the next three monthly payments.
ITS C Promise
Answer:
It is C I just got it correct
The action that invalidates the contract Kyle signed is: c. Kyle did not notify his bank with his intention to split up the missing payment.
What is a contract?Contract is simply a written agreement between two or more people.
Kyle was suppose to inform the bank about his plan of splitting the missing payment into three installment because of his inability to make his payment for the month.
Failing to call the bank before sending the check of the amount of $1,600 as his three installment payment has invalidates the contract Kyle signed.
Inconclusion the action that invalidates the contract Kyle signed is: c. Kyle did not notify his bank with his intention to split up the missing payment.
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In 2019, Martin had two employers during the year. Both employers withheld Social Security tax from his wages in the amounts of $4,314.05 and $4,274.75. What amount can Martin claim as a credit against his income tax when he files his income tax return
Answer:
$1241.80
Explanation:
From the given information:
the social security taxes withheld by both employers are $4314.05 and $4274.75 respectively.
Let's recall that the maximum amount the IRS can also withhold from wages is $7347.00.
Therefore;
the required amount that can be claimed as a credit is:
= $4,314.05 + $4,274.75 - $7347.00
= $1241.80
Answer:
$349
Explanation:
1) 4,314.05 + 4,274.75 = 8,588.80
2) Social security withheld max: 132,900 * 6.2% = 8,239.80
3) 8,588.80 - 8,239.80 = 349
Nichols Fruits leased farm equipment from King Machinery on January 1, 2021. The present value of the lease payments discounted at 10% was $40 million. Ten annual lease payments of $6 million are due at the beginning of each year beginning January 1, 2021. King had constructed the equipment recently for $33 million. With this lease agreement, control is considered to be transferred to the lessee at the beginning of the lease. What amount of interest revenue from the lease should King report in its 2021 income statement?
A. $3.4 million.
B. $6.0 million.
C. $17.0 million.
D. $10.4 million.
Answer:
A. $3.4 million
Explanation:
Calculation for What amount of interest revenue from the lease should King report in its 2021 income statement
Interest revenue = 10% * [$40 - $6])
Interest revenue = 10% *$34
Interest revenue = $3.4 million
Therefore the amount of interest revenue from the lease that King should report in its 2021 income statement will be $3.4 million
In 2020, Ryan files as head of household and has taxable income of $122,500. None of his taxable income consists of capital gains or qualified dividends. Using the tax rate schedule, his tax liability rounded to the nearest dollar, totals $______.
Answer: 22,038, 22,037, or 22,036
Explanation:
Taxable liability of Ryan is $22,154
Given:
Household and taxable income = $122,500
Find:
Taxable liability
Computation:
Household and taxable income of Ryan is $122,500
So,
Ryan falls [$84,201 - $160,700] tax range
So,
Taxable liability = 12,962 + (122,500 - 84200) × 24%
Taxable liability = 12,962 + (122,500 - 84200) × 0.24
Taxable liability = 12,962 + (38,300) × 0.24
Taxable liability = 12,962 + 9,192
Taxable liability = $22,154
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On January 1, 2020, Marigold Corp. purchased a machine costing $355000. The machine is in the MACRS 5-year recovery class for tax purposes and has an estimated $74000 salvage value at the end of its economic life. It's based on half year convention. Assuming the company uses the general MACRS approach, the amount of MACRS deduction for tax purposes for the year 2020 is
Answer:
$71,000
Explanation:
Note: The MARCS Table is attached below
Depreciation for 2020 = Cost*Rate%
Depreciation for 2020 = $355000*20%
Depreciation for 2020 = $71,000.
Note: MACRS depreciation disregards the salvage value and depreciates the asset to zero over the life of the asset.
Application of career management model
Summary of Preferred work
1. Components of PWE
2. Tasks and activities more interesting to you
3. Significant talents you want to express at work
4. Importance of independence at work
5. Importance of job security
6. Relationship between work and other parts of life
7. Physical work setting
Wings Co. budgeted $555,600 manufacturing direct wages, 2,315 direct labor hours, and had the following manufacturing overhead:
Overhead Cost Pool - Budgeted O/H $ - Budgeted Level for Cost Driver - O/H Cost Driver
Materials Handling $160,000 3,200 lbs. Material Weight
Machine Setup 13,200 390 S/U�s # of S/Us
Machine Repair 1,380 30,000 Mach. Hrs Machine Hrs.
Inspections 10,560 160 Inspections # of Inspections
Requirements for Job #971 which included 4 Units of Production:
D/L Hours = 20 Hours
D/Mat�ls = 130 lbs.
Machine S/U = 30 Set-ups
Machine Hrs. = 15,000 Machine Hours
Inspections = 15 Inspections.
Using ABC, the materials handling overhead cost assigned to Job #971 is:______.
a. $2,300.
b. $990.
c. $6,500.
d. $690.
e. $1,020.
Answer:
c. $6,500.
Explanation:
The computation of the material cost assigned to Job 971 is as follows:
= Budgeted Overhead × Material Weight for Job 971 ÷ Total Weight
= $160,000 × 130 ÷ 3200
=$6,500
Hence, the material cost assigned to Job 971 is $6,500
Therefore the correct option is c.
9. Assume that Cane expects to produce and sell 87,000 Alphas during the current year. A supplier has offered to manufacture and deliver 87,000 Alphas to Cane for a price of $108 per unit. What is the financial advantage (disadvantage) of buying 87,000 units from the supplier instead of making those units?
Answer: Financial disadvantage of -$863,000
Explanation:
If they made the 87 thousand units themselves, they would incur a cost of:
= 87,000 * (Direct labor + Direct materials + Variable manufacturing overhead) + Traceable fixed manufacturing overhead
= 87,000 * (23 + 24 + 22) + (23 * 110,000)
= 87,000 * 69 + 2,530,000
= $8,533,000
Traceable fixed costs are based on the total capacity of 110,000 units being produced and so will not change.
If they buy from the supplier, the cost would be:
= 108 * 87,000
= $9,396,000
Financial advantage (disadvantage) = 8,533,000 - 9,396,000
= -$863,000
Derek will deposit $9,359.00 per year for 18.00 years into an account that earns 4.00%, The first deposit is made next year. He has $18,418.00 in his account today. How much will be in the account 49.00 years from today
Answer:
FV= $904,322.05
Explanation:
First, we will calculate the future value of the 18 deposits 19 years from now. Also the value of the $18,418 19 years from now.
FV= {A*[(1+i)^n-1]}/i
A= annual deposit= 9,359
n= 18
i= 0.04
FV= {9,359*[(1.04^18) - 1]} / 0.04
FV= $240,015.42
FV= PV*(1+i)^n
FV= 18,418*(1.04^19)
FV= $38,803.95
Total FV= 240,015.42 + 38,803.95= $278,819.37
Finally, the value of the account for the remaining 30 years:
FV= 278,819.37*(1.04^30)
FV= $904,322.05
