Answer:
a. Cashier
c. Record keeper
d. Mail clerk
Explanation:
a. Billed customers for fees earned, $112,700.
b. Purchased supplies on account, $4,500.
c. Received cash from customers on account, $88,220.
d. Paid creditors on account, $3,100.
e. On October 12, fees earned on account were $14,600.
Required:
Journalize this transaction.
Answer:
C.
Explanation:
When marginal cost is greater than average cost, average cost must be:_________.
a. rising.
b. falling.
c. constant.
d. The direction of change in marginal cost cannot be determined from this information.
Answer:
A
The average cost will be rising
If workers are more productive, the increase may not be reflected on the static budget variance if there were also:__________
A. Greater sales than planned
B. Less sales than planned
C. Greater production than planned
D. Less production than planned
E. None of the above Clear my choice
Answer:
abcde
Explanation:
abcde...................................................
Advantages of the corporate form include all of the following except: A. shares can be purchased in small amounts. B. ownership interests are transferrable. C. easy to raise capital. D. legal liability of its owners is unlimited.
Statement that does not describes Advantages of the corporate form is D: legal liability of its owners is unlimited.
A corporation serves as a business set up whereby the legal entity is been separated from from its owners.Advantages of this setting is that shares can be purchased in small amounts and it allows transfer of ownership interests and it is very easy to raise capital in this setting.Therefore, option D is correct.
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Lopez Company has a single employee, who earns a salary of $60,000 per year. That employee is paid on the 15th and last day of each month. On January 15, based, in part, on the information set forth in the accounting records, the following must be withheld from the employee's pay: FICA—Social Security Taxes (at 6.2%), FICA—Medicare Taxes (at 1.45%), Employee Federal Income Taxes (in the amount of $400), Employee State Income Taxes (in the amount of $25), and Employee Medical Insurance (in the amount of $100). (The employee‘s paycheck has not yet been prepared.) Entries to prepare the January 15 journal entry for Lopez would include:
Answer:
Debit Salaries Expense $2,500
Credit FICA—Social Security Taxes Payable $155
Credit FICA—Medicare Taxes Payable $36.25
Cedit Employee Federal Income Taxes Payable $400,
Credit Employee State Income Taxes Payable $25
Credit Employee Medical Insurance Payable r $100
Credit Salaries Payable $1,783.75
Explanation:
Preparation of the January 15 journal entry for Lopez
January 15
Debit Salaries Expense $2,500
Credit FICA—Social Security Taxes Payable $155
(6.2%*$2,500)
Credit FICA—Medicare Taxes Payable $36.25
(1.45%*$2,500)
Cedit Employee Federal Income Taxes Payable $400,
Credit Employee State Income Taxes Payable $25
Credit Employee Medical Insurance Payable r $100
Credit Salaries Payable $1,783.75
($2,500-$155-$36.25-$25-$100)
There are hundreds if not thousands of wineries. Each winery tries to emphasize how their product is superior to others, though they are all close substitutes. Barriers to entry are low in this industry, and profits for new entrants are small. Which industrial model best fits the wine market
Answer: Monopolistic competition
Explanation:
Based on the information given in the question, the industrial model that best fits the wine market is a monopolistic competition.
Monopolistic competition refers to a form of imperfect competition whereby there are many producers that are competing against each other. They sell differentiated products, therefore the products are not perfect substitutes
In a monopolistic competition, the barriers to entry are low in this industry, and profits for new entrants are small. The firms in the industry possess some market power and therefore can charge a price that's higher price than a competitor. It should also be noted that a zero economic profit is earned in the long run.
How to write business proposal
Financial information for Forever 18 includes the following selected data: ($ in millions except share data) 2021 2020 Net income $ 160 $ 171 Dividends on preferred stock $ 22 $ 17 Average shares outstanding (in millions) 250 300 Stock price $ 11.92 $ 10.87 Required: 1-a. Calculate earnings per share in 2020 and 2021.
Answer:
Earnings per share = (Net income - Preferred dividends) / Number of shares outstanding
2020:
= (171 - 17) / 300
= $0.51 per share
2021:
= (160 - 22) / 250
= $0.55 per share
Sales totaled $1,277,750 for the year, variable selling and administrative expenses totaled $158,710, and fixed selling and administrative expenses totaled $212,190. There was no beginning inventory. Assume that direct labor is a variable cost. Under variable costing, the company's net operating income for the year would be:
Complete Question:
Krepps Corporation produces a single product. Last year, Krepps manufactured 32,150 units and sold 26,900 units. Production costs for the year were as follows: Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead $234, 695 $154, 320 $279, 705 $482, 250 Sales totaled $1,277,750 for the year, variable selling and administrative expenses totaled $158,710, and fixed selling and administrative expenses totaled $212.190. There was no beginning inventory. Assume that direct labor is a variable cost. Under variable costing, the company's net operating income for the year would be:
Multiple Choice
O $28,350 higher than under absorption costing.
0 $28,350 lower than under absorption costing.
0 $78,750 lower than under absorption costing,
0 $78,750 higher than under absorption costing.
Answer:
Krepps Corporation
Under variable costing, the company's net operating income for the year would be:
0 $78,750 lower than under absorption costing
Explanation:
a) Data and Calculations:
Production units = 32,150 units
Sales units = 26,900 units
Production costs :
Direct materials $234, 695
Direct labor $154, 320
Variable manufacturing overhead $279, 705
Fixed manufacturing overhead $482, 250
Sales for the year $1,277,750
Variable selling and administrative expenses $158,710
Fixed selling and administrative expenses $212,190
Income Statement under variable costing:
Sales for the year $1,277,750
Variable cost of goods sold $559,520
Variable selling and administrative expenses $158,710
Total variable costs $718,230
Contribution margin $559,520
Fixed manufacturing overhead $482,250
Fixed selling and administrative expenses $212,190
Total fixed costs $694,440
Net operating loss $134,920
Direct materials $234, 695
Direct labor $154, 320
Variable manufacturing overhead $279, 705
Total variable manufacturing cost $668,720
Production units = 32,150
Unit costs = $20.60
Cost of goods sold = $559,520 ($20.80 * 26,900)
Income Statement under absorption costing:
Sales for the year $1,277,750
Cost of goods sold $963,020
Gross profit $314,730
Fixed selling and administrative expenses $212,190
Variable selling and administrative expenses $158,710
Total fixed costs $370,900
Net operating loss $56,170
Direct materials $234, 695
Direct labor $154, 320
Variable manufacturing overhead $279, 705
Fixed manufacturing overhead $482, 250
Total manufacturing costs $1,150,970
Production units = 32,150
Cost per unit = $35.80
Cost of goods sold = $963,020 ($35.80 * 26,900)
Difference = $78,750 ($134,920 - $56,170)
In the Month of March, Chester received orders of 81 units at a price of $15.00 for their product Creak. Chester uses the accrual method of accounting and offers 30 day credit terms. Chester delivers 81 units in April. They received payment for 41 units in March, and 41 units in April. In the March income statement, how much revenue is recognized on the March income statement from this order
Answer:
Chester Corporation
Revenue for March Income Statement for this order = $0
Revenue for April Income Statement for this order = $1,215
Explanation:
a) Data and Calculations:
March: orders of 81 units at a price of $15 received = $1,215
Credit terms = 30 days
April, delivery of 81 units
March, payment for 41 units received
April, payment for 41 units received
In the March income statement, no revenue is recognized on the March Income Statement from this order because the delivery is for April. All revenue will be accounted for in April.
Assume a firm generates $2,500 in sales, has a $800 increase in accounts receivable and has a $500 increase in accounts payable during an accounting period. Based solely on this information, cash flow from operations will increase by:
Answer:
Cash flow from operations will increase by $2,200.
Explanation:
The amount of increase in cash flow from operations can be calculated as follows:
Increase in cash flow from operations = Sales - Increase in accounts receivable + Increase in accounts payable …………… (1)
Sales = $2,500
Increase in accounts receivable = $800
Increase in accounts payable = $500
Substituting the values into equation (1), we have:
Increase in cash flow from operations = $2,500 - $800 + $500 = $2,200
Therefore, cash flow from operations will increase by $2,200.
Required information
A bank reconciliation proves the accuracy of the depositor's and the bank's records. The bank statement balance is adjusted for items such as outstanding checks and unrecorded deposits made on or before the bank statement date but not reflected on the statement. The book balance is adjusted for items such as service charges, bank collections for the depositor, and interest earned on the account. The company's bank reconciliation at June 30 included interest earned in the amount of $150. Complete the necessary journal entry .
Answer:
Date Account Title Debit Credit
June 30 Cash $150
Interest revenue $150
Explanation:
Interest earned is considered to be revenue so it will be credited to the interest revenue account.
Cash will be debited because the interest revenue increased it and assets are debited when they increase.
Coronado, Inc. reported net income of $2.95 million in 2022. Depreciation for the year was $188,800, accounts receivable decreased $413,000, and accounts payable decreased $330,400. Compute net cash provided by operating activities using the indirect method
Answer:
Net cash provided by operating activities $3,221,400
Explanation:
The computation of the net cash provided by operating activities using the indirect method is given below
cash provided by operating activities
Net income $2,950,000
Add: depreciation $188,800
Add: decrease in account receivable $413,000
Less: decrease in account payable -$330,400
Net cash provided by operating activities $3,221,400
MC Qu. 47 Chang Industries has... Chang Industries has 2,800 defective units of product that have already cost $14.80 each to produce. A salvage company will purchase the defective units as they are for $5.80 each. Chang's production manager reports that the defects can be corrected for $5.20 per unit, enabling them to be sold at their regular market price of $22.60. The incremental income or loss on reworking the units is:
Answer:
$32,480
Explanation:
Calculation to determine what The incremental income or loss on reworking the units is:
First step is calculate the Net benefit per unit to rework
Incremental revenue from reworking $16.80
($22.60 - $5.80)
Less Incremental cost to rework ($5.20)
Net benefit per unit to rework $11.60
Now let calculate the Incremental income from reworking
Incremental income from reworking= ($11.60 * 2,800 units)
Incremental income from reworking=$32,480
Therefore The incremental income or loss on reworking the units is:$32,480
Marconi Co. has the following information available for the current year:
Net Sales (all on credit) $1,125,000
Bad Debt Expense 90,000
Accounts Receivable, Beginning of Year 180,000
Accounts Receivable, End of Year 82,500
Allowance For Doubtful Accounts, Beginning of Year 57,000
Allowance For Doubtful Accounts, End of Year 77,000
Required:
What was the amount of write-offs during the year?
Copied text is stored in the clipboard for 1 hour.
Journalize the entries for the following transactions:
Mar. 1 Established a petty cash fund of $771.
31 The amount of cash in the petty cash fund is now $632. The fund is replenished based on the following receipts: office supplies, $33 selling expenses, $113.
Record any discrepancy in the cash short and over account. If an amount box does not require an entry, leave it blank.
Answer:
Mar 1
Dr Petty Cash $771.00
Cr Cash $771.00
Mar 31
Dr Office Supplies $33.00
Dr Selling Expenses 113.00
Cr Cash Short and Over $27.00
Cr Cash $119.00
Explanation:
Preparation of the entry to Record any discrepancy in the cash short and over account.
Mar 1
Dr Petty Cash $771.00
Cr Cash $771.00
(To record petty cash)
Mar 31
Dr Office Supplies $33.00
Dr Selling Expenses 113.00
Cr Cash Short and Over $27.00
[($33+$133+$632)-$771]
Cr Cash $119.00
(33+$133-$27)
(To Record discrepancy in the cash short and over account)
Suppose the government offers a subsidy to laptop sellers. Say whether each group of people gains or loses from this policy.
a. Laptop buyers:
b. Laptop sellers:
c. Desktop computer sellers (assuming that they are different from laptop manufacturers):
d. Desktop computer buyers (assume laptops are a substitute for desktops):
Answer:
a. loses
b. gains
c. loses
d. loses
Explanation:
the cost to the buyer, sellers of laptops and desktops would result in the above listed loses or gains.
If the government offers a subsidy to laptop sellers, the laptop buyer would bear the loss, and seller gains, and the desktop computer seller and buyer bear the loss also.
What is subsidy?A subsidy, often known as a government incentive, is a type of financial assistance or support given to a particular economic sector with the goal of supporting economic and social policy.
Although most usually associated with government assistance, the phrase subsidy can refer to any sort of assistance, such as that provided by NGOs or as implicit subsidies.
In the above case, The subsidy will help the seller in producing the laptops as the seller gains more profit from the customers, as a result, buyer will bear the loss.
Subsidy will also not help the Desktop computer sellers and the buyers, as it is beneficial to the only seller of the laptop in which the laptops are the substitute of desktops.
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Rolando, a senior employee, has been asked to monitor the activities of some new employees and report to her if he finds them engaged in activities that are not work related. He finds them spending far too much time on social networking sites. However, instead of reporting this, he advises the new employees to refrain from using those sites in the future. Moreover, he tells Alexa that they were doing their work effectively. In this scenario, Rolando has engaged in
Answer:
Explanation:
From the question we are informed about Rolando, who is a senior employee, has been asked to monitor the activities of some new employees and report to her if he finds them engaged in activities that are not work related. He finds them spending far too much time on social networking sites. However, instead of reporting this, he advises the new employees to refrain from using those sites in the future. Moreover, he tells Alexa that they were doing their work effectively. In this scenario, Rolando has engaged in Filtering.
Filtering can be regarded as distortion as well as withholding of information so that reactions of a person or entity can be managed. It can be explained as process whereby some information is been hide to higher rank workers by
employee, whereby this is done so that
employees that committed a fault is not affected. Filtering serves as an act that middle-range workers can take to give
enough confidence to their surbodinates so that they can correct themselves which is alternative of punishing them.
Andy contracts with Susan to feed his dog while he is Europe during the month of July. Andy calls and revokes on July 1st after Susan has gone out and purchased the necessary products to perform but has not yet feed the dog once. A court will likely:
Answer: D. Enforce the contract.
Explanation:
This falls under the doctrine of Promissory estoppel. This posits that when a party to a contract has invested their money into procuring the necessary tools to fulfil their part of the contract, the other party may not cancel the contract unless they pay the former party what they would have made from the contract.
This is because the party that used their money to procure tools (Susan in this case) would not have done so if the other party (Andy) had not made a promise to them in the contract that they would fulfil their part of the bargain.
The Courts would therefore enforce the contract.
When a company has established separate manufacturing overhead rates for each department, it is using:_______.
a. departmental overhead rates.
b. cost distortion.
c. a plant-wide overhead rate.
d. lean thinking.
Answer:
Departmental overhead rates
The Lumber Division of Paul Bunyon Homes Inc. produces and sells lumber that can be sold to outside customers or within the company to the Construction Division. The following data have been gathered for the coming period:
Lumber Division:
Capacity200,000 board feet
Price per board foot$2.50
Variable production cost per bd. ft.$1.25
Variable selling cost per bd. ft.$0.50
Construction Division:
Board feet needed60,000
Outside price paid per bd. ft.$2.00
If the Lumber Division sells to the Construction Division, $0.35 per board foot can be saved in shipping costs.
If current outside sales are 130,000 board feet, what is the minimum transfer price that the Lumber Division could accept?
a. $1.25
b. $1.40
c. $1.75
d. $2.50
Answer:
b. $1.40
Explanation:
The computation of the minimum transfer price that the Lumber Division could accept is shown below:
= Variable production cost per bd. ft. + Variable selling cost per bd. ft.
= $1.25 + $0.50
= $1.40
Hence, the minimum transfer price that the Lumber Division could accept is $1.40
Therefore the option b is correct
The minimum transfer price that the Lumber Division could accept is $1.40.
What is transfer price?Transfer pricing is the method in which the product is sold out bey one subsidiary to another but within the company.
This method is used when the subsidiaries of a parent company are measured as separate earnings essences.
The computation of the minimum transfer price:
The minimum transfer price is found out by apply the formula:
[tex]\text{Minimum Transfer Price}= \text{Variable Production Cost per bd. ft.}-\text{Variable Selling Cost per bd. }[/tex]
According to the given case,
Variable production cost per bd. ft. = $1.25,
Variable selling cost per bd. ft. = $0.50.
Now apply the values in the above formula, we get:
[tex]\text{Minimum Transfer Price}= \text{Variable Production Cost per bd. ft.}-\text{Variable Selling Cost per bd. }\\\\\text{Minimum Transfer Price}= \$1.25 + \$0.50\\\\\text{Minimum Transfer Price}=\$1.40[/tex]
Therefore, the minimum transfer price that the Lumber Division to accept is $1.40. So, option D is correct.
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pllzzzzzzzzzzzzzzzzz
Answer:
liability risk
Explanation:
Answer:
liability risk is right opstion
Which of the following is not a standard organizational structure
Question Completion with Options:
i. Line Organisation
ii. Staff Organisation
iii. Functional Organisation
iv. Committee Organisation Code
Answer:
The option that is not a standard organizational structure is:
iv. Committee Organisation Code
Explanation:
The organizational structure adopted by an entity reflects how some of its rules, roles, and responsibilities are directed between organizational levels in order to achieve its goals. The organizational structure also shows the information flows between different levels within the entity. Traditionally, organizations maintained hierarchical, functional, divisional, matrix, and flat organizational structures. Given current digitalization with its internet of things (IoT), more decentralized, network, and team-based organizational structures have emerged.
Model of media richness
Answer:
Media richness theory states that all communication media vary in their ability to enable users to communicate and to change understanding. ... A primary driver in selecting a communication medium for a particular message is to reduce the equivocality, or possible misinterpretations, of a message.
Answer:
The term "media wealth" was described in 1986 by Richard Daft and Robert Lengel for the first time in the context of the media wealth theory. Media wealth describes the learning density that can be transmitted by a specific communication medium.
Explanation:
Before the growth of electronic communication media, MRT was developed to help managers decide which medium was best suited to communicate a message in business situations.
Rich media, such as conversations and phone calls, were best considered to be not-routine messages, while lean media were considered acceptable to routine messages like unaddressed memoranda.
The media wealth has been extended in the past two decades to cover the strengths and weaknesses of new media – from email to websites, video lectures, voice men, and immediate messages.
In media-rich contexts, humans evolved. Facial communication was the only way to communicate for hundreds of thousands of years living in stable, close-knit social groups. The concept of media choice did not exist until about 5,000 years ago, because it was not one-to-one or nothing apart from smoke signals.
All companies try to have happy workers as they know the relationship between satisfaction and performance. This is why they are focusing on motivating their employees in a variety of ways. From what you have learned please suggest what companies should do to have a working place that could effectively motivate their employees.
Answer:
1. Reward and incentivize workers
2. Set smaller weekly or biweekly goals for them.
3. Foster trust between the managers and workers.
Explanation:
In order to have workers who are motivated to put in their best in the company, employers should take certain positive actions. These actions include;
1. Reward and incentivize workers: Rewards which could be monetary, as word of praise, or formal recognition can move workers to give their best. Humans are motivated when their efforts are recognized and praised. Therefore, incentivizing workers is a good way to get them motivated.
2. Set smaller weekly or biweekly goals for them: Setting humongous goals and targets can scare off and pressurize the workers. But when these large goals are broken into smaller goals, they can then be motivated to reach those goals.
3. Foster trust between the managers and workers: When workers have a sense of belonging and know that they are trusted, they will be in a more relaxed frame to achieve their goals. Unwarranted allegations and suspicions can put the workers on edge.
From the list below, select the items that are classified as a materials activity. (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.)
Raw materials used
Raw materials beginning inventory
Raw materials purchases
Work in process beginning inventory
Goods manufactured
Direct labor used
Factor overhead used
Answer and Explanation:
The classification is as follows:
Under Materials activity
Opening balance of Raw materials inventory
Purchase of the Raw materials purchases
Under Production activity:
OPening balance of Work-in process inventory
Raw material used
Direct labor used
Factory overhead used
Under Sales activity:
Goods manufactured
In this way it should be categorized
Hence, the same should be relevant
Suppose a farmer wants to borrow $176,590.00 to buy a tract of land. The BCS bank will make a 22-year loan fully amortized at 6.19% (annual payments). A $443.00 loan fee and stock purchase is required. The borrower stock requirement is the lesser of $1,000 or 3.00% of loan amount.
(i) Calculate the loan principal.
a. $181,521.05 b. $178,089.12
c. $182,508.25 d. $178,033.00
Enter Response Here:
(ii) Calculate the required stock purchase.
a. $5,340.99 b. $1,000.00
c. $5,274.64 d. $1,760.24
Enter Response Here:
(iii) Calculate the annual loan payments.
a. $15,032.59 b. $15,037.33
c. $15,410.47 d. $15,327.12
Answer:
A Farmer
i) Loan principal = $178,033 ($176,590 + $443 + $1,000)
ii) Required stock purchase = $1,000
iii) Annual loan payment (fully amortized at 6.19%) is:
= a. $15,032.59
Explanation:
a) Data and Calculations:
Required loan amount = $176,590.00
Period of loan = 22 years
Interest rate = 6.19%
Loan fee = $443.00
Stock purchase = lesser of $1,000 or 3.00% of loan amount
= lesser of $1,000 or $5,297.70 ($176,590 * 3%)
i) Loan principal = $178,033 ($176,590 + $443 + $1,000)
ii) Required stock purchase = $1,000
iii) Annual loan payment (fully amortized at 6.19%) = $15,030 approximately :
(# of periods) 22
I/Y (Interest per year) 6.19
PV (Present Value) 178033
FV (Future Value) 0
PMT = $15,030.02
Sum of all periodic payments $330,660.34
Total Interest $152,627.34
Operating Leverage
Haywood Co. reports the following data:
Sales $6,160,000
Variable costs (4,620,000)
Contribution margin $1,540,000
Fixed costs (440,000)
Operating income $1,100,000
Determine Haywood Co.’s operating leverage. Round your answer to one decimal place.
Answer:
Degree of operating leverage= 1.4
Explanation:
Giving the following information:
Sales $6,160,000
Variable costs (4,620,000)
Contribution margin $1,540,000
Fixed costs (440,000)
Operating income $1,100,000
To calculate the degree of operating leverage, we need to use the following formula:
degree of operating leverage= Total contribution margin / operating income
degree of operating leverage= 1,540,000 / 1,100,000
degree of operating leverage= 1.4
MC Qu. 71 Benjamin Company had the following results... Benjamin Company had the following results of operations for the past year: Sales (16,000 units at $9.95) $159,200 Direct materials and direct labor$95,200 Overhead (20% variable) 15,200 Selling and administrative expenses (all fixed) 31,900 (142,300) Operating income $16,900 A foreign company (whose sales will not affect Benjamin's market) offers to buy 3,900 units at $7.39 per unit. In addition to variable manufacturing costs, selling these units would increase fixed overhead by $590 and selling and administrative costs by $290. Assuming Benjamin has excess capacity and accepts the offer, its profits will:
Answer:
Benjamin Company
Assuming Benjamin has excess capacity and accepts the offer, its profits will increase by:
= $3,995.
Explanation:
a) Data and Calculations:
Sales (16,000 units at $9.95) $159,200
Direct materials and direct labor $95,200
Overhead (20% variable) 15,200
Selling and administrative expenses (all fixed) 31,900
Total expenses (142,300)
Operating income $16,900
Relevant costs:
Direct materials and direct labor $95,200
Variable Overhead (20% variable) 3,040 ($15,200 * 20%)
Total expenses (98,240)
Variable cost per unit = $6.14 ($98,240/16,000)
Additional costs:
Fixed overhead 590
Selling and administrative expenses (all fixed) 290
Accepting the offer:
Revenue from offer = $28,821 (3,900 * $7.39)
Costs:
Variable cost $23,946 (3,900 * $6.14)
Additional cost:
Fixed overhead 590
Selling and
administrative expenses 290
Total costs on the offer $24,826
Increase in profits = $3,995
Which measure of central tendency and dispersion can syafig calculate
Answer:
nominal variables
Explanation:
