Answer:
A. Knowing how long it will take you to accomplish a task
Explanation:
Knowing your limits refers to understanding one potential and abilities. It is recognizing one's strengths and weaknesses. The time management skill of knowing your limits refers to the ability to accurately estimates how long it will take one to accomplish a specific task. It implies that an individual is fully aware of their true potential, what they can achieve, and how long it will take them to achieve it.
Answer:
The answer is A
Explanation:
When you are able to feel and touch product, it is called
Answer:
In a Proctor & Gamble study published in 2009, spanning 21 years total, found that customers who were able to feel merchandise were willing to pay more than those who hadn't. This phenomenon is called “The Endowment Effect." Basically, we make an emotional connection with what we touch.
Explanation:
Hope this helps
From,
1kvibing
The feel and touch of the products are called the endowment effect.
What is an endowment effect?An endowment effect is an effect that is associated with behavioral economics and the effect is that people find more likely to retain an object they own rather than acquire the object that they don't own.
The company named P and G published that clients were able to feel merchandised were willing to pay more than those who had not.
Find out more information about the product.
brainly.com/question/10873737
Two independent companies, Denver and Bristol, each own a warehouse, and they agree to an exchange in which no cash changes hands. The following information for the two warehouses is available:
Denver Bristol
Cost $80,000 $31,500
Accumulated depreciation 60,000 25,000
Fair value 17,000 17,000
Required:
1. Assuming the exchange has commercial substance, prepare journal entries for Denver and Bristol to record the exchange.
2. Assuming the exchange does not have commercial substance, prepare journal entries for Denver and Bristol to record the exchange.
Answer and Explanation:
The journal entries are shown below
1.
On Denver books
Equipment Dr $17,000
Accumulated depreciation $60,000
Loss on sale of equipment $3,000
To Equipment $80,000
(Being equipment recorded)
On Bristol books
Equipment Dr $17,000
Accumulated depreciation $25,000
To Gain on sale of equipment $10,500
To Equipment $31,500
(Being equipment recorded)
2.
On Denver books
Equipment Dr $20,000
Accumulated depreciation $60,000
To Equipment $80,000
(Being equipment recorded)
On Bristol books
Equipment Dr $6,500
Accumulated depreciation $25,000
To Equipment $31,500
(Being equipment recorded)
Summary of opportunity cost
B) Suppose that regular raises at your job allow you to increase your annual payment by 5% each year. For simplicity, assume this is a nominal rate, and your payment amount increases continuously. How long will it take to pay off the mortgage
Answer:
Time period required to pay off the mortgage = 18 years
Explanation:
Note: This question is incomplete and lacks necessary data to solve. But I have found that necessary data on the internet, which I have written down and solved the question accordingly.
Data Missing:
Buying Cost of House = $320000
Interest rate = 7%
Annual Mortgage Payment = $25525.8
Now, we are required to calculate the time period required to pay off the mortgage.
Solution:
Data Given:
Increase in annual payment percentage = 5%
So,
Formula:
P = C[tex]e^{A-i}[/tex] + C[tex]e^{2(A-i)}[/tex] + C[tex]e^{3(A-i)}[/tex] + ........ + C[tex]e^{n(A-i)}[/tex]
Where,
P = Buying Cost of House = $320000
i = interest rate = 7% = 0.07
A = Increase in annual payment percentage = 5% = 0.05
C = Annual Mortgage Payment = $25525.8
P = C[tex]e^{A-i}[/tex] + C[tex]e^{2(A-i)}[/tex] + C[tex]e^{3(A-i)}[/tex] + ........ + C[tex]e^{n(A-i)}[/tex]
In this formula, we have all the required things expect the value of n, which we have to calculate.
n = Time period required to pay the mortgage.
So,
$320000 = 25525.8 [tex]e^{0.05 - 0.07}[/tex] + 25525.8 [tex]e^{2(0.05 - 0.07)}[/tex] + 25525.8 [tex]e^{3(0.05 - 0.07)}[/tex] + ..... + 25525.8 [tex]e^{n(0.05 - 0.07)}[/tex]
Taking 25525.8 common,
320000 = 25525.8 ( [tex]e^{-0.02}[/tex] + [tex]e^{-0.04}[/tex] + [tex]e^{-0.06}[/tex] + .... + [tex]e^{-0.02n}[/tex] )
320000/25525.8 = ( [tex]e^{-0.02}[/tex] + [tex]e^{-0.04}[/tex] + [tex]e^{-0.06}[/tex] + .... + [tex]e^{-0.02n}[/tex] )
12.536 = ( [tex]e^{-0.02}[/tex] + [tex]e^{-0.04}[/tex] + [tex]e^{-0.06}[/tex] + .... + [tex]e^{-0.02n}[/tex] )
Taking e common:
12.536 = [tex]e^{-0.02 -0.04 - 0.06 + .... -0.02n}[/tex]
Taking Ln to solve for n, we get:
n = 17.89
n ≈ 18
n = 18 years
Hence, Time period required to pay off the mortgage = 18 years
Conrad, Inc. recently lost a portion of its records in an office fire. The following information was salvaged from the accounting records.
Cost of Goods Sold $ 65,000
Work-in-Process Inventory, Beginning 10,500
Work-in-Process Inventory, Ending 9,000
Selling and Administrative Expense 15,000
Finished Goods Inventory, Ending 15,000
Finished Goods Inventory, Beginning?
Direct Materials Used ?
Factory Overhead Applied 12,000
Operating Income 14,000
Direct Materials Inventory, Beginning 11,000
Direct Materials Inventory, Ending 6,000
Cost of Goods Manufactured 60,000
Direct labor cost incurred during the period amounted to 1.5 times the factory overhead. The CFO of Fisher, Inc. has asked you to recalculate the following accounts and to report to him by the end of the day. What is the amount of direct materials used?
Answer:
See below
Explanation:
Direct materials used = Cost of goods manufactured - work in process inventory, beginning - factory overhead applied - direct labor + work in process inventory, ending
= $60,000 - $10,500 - $12,000 - (1.5 × $12,000) + $9,000
=
Suppose that a task in a project has the following time estimates: to optimistic completion time 11 weeks tm most likely completion time 14 weeks tp pessimistic completion time 23 weeks Compute the expected task variance. The task expected task variance is weeks. (Enter your response rounded to two decimal places.)
Answer:
6 weeks
Explanation:
Optimistic Completion Time - 11 weeks
Most likely completion time - 14 weeks
Pessimistic completion time - 23 weeks
Compute the expected task variance in weeks. Recall that Variance is a measure of dispersion - a measure that shows the distance or spread between or among values of a variable.
Expected Variance is the average of the variance values.
First,
the variance between optimistic CT and most likely CT is (14 - 11) = 3 weeks
Second,
the variance between pessimistic CT and most likely CT is (23 - 14) = 9 weeks
The expected variance is the average of these two values and that's (3 + 9)/2 = 12/2 = 6 weeks
So the expected variance from the mean completion time of 14 weeks is 6 weeks before or 6 weeks after. This accommodates both the optimist and the pessimist.
Katherine Stein told her boss, "Dan, a number of our senior staff will be retiring within five years. We can't afford to have the combined expertise, skills, wisdom, and relationships of these retirees walk out the door without first discovering and sharing these intellectual resources. I recommend that we implement a(n) ______________ system to harness this intellect."
Answer: knowledge management
Explanation:
Based on the information given, knowledge management would be used to harness this intellect.
Knowledge management simply has to do with the creation, and management of information and knowledge for an organization so that the organization's objectives can be achieved.
Solving for dominant strategies and the Nash equilibrium
*Fill in the blanks please :) *
Suppose Paolo and Sharon are playing a game in which both must simultaneously choose the action Left or Right. The payoff matrix that follows shows the payoff each person will earn as a function of both of their choices. For example, the lower-right cell shows that if Paolo chooses Right and Sharon chooses Right, Paolo will receive a payoff of 5 and Sharon will receive a payoff of 4.
The only dominant strategy in this game is for _________ to choose __________.
The outcome reflecting the unique Nash equilibrium in this game is as follows: Paolo chooses __________ and Sharon chooses _______.
Question Completion:
Matrix payoff:
Sharon
Left Right
Paolo Left 8, 3 4, 4
Right 5, 3 5, 4
Answer:
The only dominant strategy in this game is for ___Paolo______ to choose ____Right______.
The outcome reflecting the unique Nash equilibrium in this game is as follows: Paolo chooses ____Right______ and Sharon chooses __ Right_____.
Explanation:
a) Paolo's dominant strategy is the strategy that always provides the greater utility to Paolo, no matter what Sharon's strategy is. In this case, the dominant strategy for Paolo is to choose RIGHT always.
b) The Nash Equilibrium concept determines the optimal solution in a non-cooperative game in which each player (e.g. Paolo and Sharon) lacks any incentive to change their initial strategies. This implies that each player can achieve their desired outcomes by not deviating from their initial strategies since each player's strategy is optimal when considering the decisions of the other player.
Johnson Company calculates its allowance for uncollectible accounts as 10% of its ending balance in gross accounts receivable. The allowance for uncollectible acccounts had a credit balance of $10,000 at the beginning of 2021. No previously written-off accounts receivable were reinstated during 2021. At 12/31/2021, gross accounts receivable totaled $166,700, and prior to recording the adjusting entry to recognize bad debts expense for 2021, the allowance for uncollectible accounts had a debit balance of 18,300.
Required:
1. What was the balance in gross accounts receivable as of 12/31/2020?
2. What journal entry should Johnson record to recognize bad debt expense for 2021?
3. Assume Johnson made no other adjustment of the allowance for uncollectible accounts during 2021. Determine the amount of accounts receivable written off during 2021
4. If Johnson instead used the direct write-off method, what would bad debt expense be for 2021?
Required 3 Required 1 Required 2 Required 4
What was the balance in gross accounts receivable as of 12/31/2020? Balance in gross accounts receivable
Record entry Clear entry View general journal .. Assume Johnson made no other adjustment of the allowance for uncollectible accounts during 2021.
Determine the amount of accounts receivable written off during 2021. Amount of accounts receivable written off Required 2 Required 4 If Johnson instead used the direct write-off method, what would bad debt expense be for 20211? Bad debt expense for 2021
Answer:
1. $100,000
2. 2021
Dr Bad debt expense $34,970
Cr Allowance for uncollectible account $34,970
3. $28,300
4. $28,300
Explanation:
1. Calculation for What was the balance in gross accounts receivable as of 12/31/2020
Balance in gross accounts receivable as of 12/31/2020=$10,000/ 10%
Balance in gross accounts receivable as of 12/31/2020 = $100,000
Therefore the balance in gross accounts receivable as of 12/31/2020 will be $100,000
2. Preparation of the journal entry that Johnson should record to recognize bad debt expense for 2021
2021
Dr Bad debt expense $34,970
Cr Allowance for uncollectible account $34,970
(10%*$166,700 + $18,300)
3. Calculation to Determine the amount of accounts receivable written off during 2021
2021 Accounts receivable written off = $10,000 - (-$18,300)
2021 Accounts receivable written off= $28,300
Therefore the amount of accounts receivable written off during 2021 will be $28,300
4. In a situation where Johnson used the direct write-off method, what would bad debt expense be for 2021 will be $28,300 calculated as : [$10,000 - (-$18,300) ]
=$28,300
Therefore the Bad debt expense under direct write off method will be $28,300
Beth, an employer, wants to hire someone for a strenuous job that requires a great deal of training, which will take place over the course of several years. The applicant who appears most qualified is 58 years old; however, Beth is concerned that the applicant will not be able to handle the physical demands of the position in the long run. Further, she is concerned that the applicant will only continue working for several more years before she retires. Does Beth hire the applicant anyway
Answer:
Beth should not hire the applicant.
Explanation:
Based on common hiring practices, Beth should not hire the applicant. Mainly due to the applicant's age. It costs a company a large amount of money to properly train an employee in order to have them be as efficient as possible when working for the company. This is regardless of their current experience, therefore if a candidate is as old as this particular candidate and is already thinking of retiring then it will be a waste of company resources to hire the individual candidate. Instead, Beth should go for someone with the same experience/skills but will instead be with the company for the long term.
19. What are conflicting responsibilities? Why do conflicts arise in professions?
Answer: being in the military
Explanation: reason is, because if your in the military you get to miss out on holidays , birthdays and even extra time with family and thats a big problem
Atlantic Corporation reported the following amounts at the end of the first year of operations: Common stock $ 270,000 Sales revenue $ 940,000 Total assets $ 740,000 Dividends declared $ 65,000 Total liabilities $ 410,000 What are the retained earnings of Atlantic at the end of the year, and what amount of expenses were incurred during the year
Answer:
See below
Explanation:
According to the above information, Retained earning is
Sales revenue $940,000 - dividend declared $65,000 = $875,000
Retained earning is $857,000
Imprudential, Inc., has an unfunded pension liability of $573 million that must be paid in 20 years. To assess the value of the firm’s stock, financial analysts want to discount this liability back to the present. If the relevant discount rate is 6.6 percent, what is the present value of this liability?
Answer:
$159.59 million
Explanation:
The present value of the liability is the future value of the obligation which in this case is $573 million discounted at the 6.6% appropriate discount chosen by the analyst as shown below:
PV=FV/(1+r)^n
PV=the present value of the obligation=the unknown
FV=$573 million
r=discount rate=6.6%
n=number of years before the liability becomes due=20
PV=$573 million/(1+6.6%)^20
PV=$573 million/1.066^20
PV=$573 million/3.590410405
PV=$159.59 million
In the context of using information technologies for a competitive advantage, which statement is true of a top-line strategy? a. It focuses on generating new revenue by offering new products and services. b. It focuses on improving efficiency by reducing overall costs. c. It focuses on helping different market segments achieve technological advancement. d. It focuses on refining operations by using latest technologies.
Answer:
a. It focuses on generating new revenue by offering new products and services.
Explanation:
An information system or technology can be defined as a set of components or computer systems, which is used to collect, store, and process data, as well as dissemination of information, knowledge, and distribution of digital products. Thus, an information system or technology interacts with its environment by receiving data in its raw forms and information in a usable format.
Information technology is an integral part of human life because individuals, organizations, and institutions rely on information technologies in order to perform their duties, functions or tasks and to manage their operations effectively. For example, all organizations make use of information systems for supply chain management, process financial accounts, manage their workforce, and as a marketing channels to reach their customers or potential customers.
Additionally, an information system comprises of five (5) main components;
1. Hardware.
2. Software.
3. Database.
4. Human resources.
5. Telecommunications.
Hence, in the context of using information technologies for a competitive advantage over rivals in the industry, the statement which is true of a top-line strategy is that, it focuses on generating new revenue by offering new products and services. The top-line strategy ensures that the company continues to generate gross revenue or sales.
Lincoln Company purchased merchandise from Grandville Corp. on September 30, 2021. Payment was made in the form of a noninterest-bearing note requiring Lincoln to make six annual payments of $4,400 on each September 30, beginning on September 30, 2024. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided. Round your final answer to nearest whole dollar amount.) Required: Calculate the amount at which Lincoln should record the note payable and corresponding purchases on September 30, 2021, assuming that an interest rate of 9% properly reflects the time value of money in this situation.
Answer: $16,613
Explanation:
As the noninterest-bearing note required Lincoln to make six annual payments of $4,400, this is an annuity because it is a constant figure.
The amount that should be recorded is the present value of this amount.
Present value of annuity = Annuity * ( 1 - ( 1 + rate) ^ -no. of periods) / rate
= 4,400 * ( 1 - ( 1 + 9%)⁻⁶) / 9%
= $19,738
This present value is for September 30, 2023. It needs to be discounted further to September 30, 2021.
= 19,738 / (1 + 9%)²
= $16,613
Kendra Corporation uses a process-cost accounting system. The company adds direct materials and direct labor at the start of its production process; overhead cost is incurred evenly throughout manufacturing. The firm has no beginning work-in-process inventory; its ending work in process is 40% complete. Which of the following sets of percentages would be used to calculate the correct number of equivalent units in the ending work-in-process inventory?
a. Materials, 100%; labor, 100%; overhead cost, 40%.
b. Materials, 100%; labor, 100%; overhead cost, 100%.
c. Materials, 100%; labor 40%; overhead cost, 40%.
d. Materials, 40%; labor, 40%; overhead cost, 60%.
e. Materials, 40%; labor, 40%; overhead cost, 100%.
Answer:
a. Materials, 100%; labor, 100%; overhead cost, 40%.
Explanation:
The work in Process have already passed the mark at which Materials and Labor are added, that is the start of its production process so these are both 100% complete. Overheads are 40 % complete, which is the extent of work done on them since they occur evenly.
As CEO of ​, knows it is important to control costs and to respond quickly to changes in the highly competitive​ boat-building industry. When Consulting proposes that invest in an ERP​ system, she forms a team to evaluate the​ proposal: the plant​ engineer, the plant​ foreman, the systems​ specialist, the human resources​ director, the marketing​ director, and the management accountant. A month​ later, management accountant reports that the team and estimate that if implements the ERP​ system, it will incur the following​ costs:
a. $435,000 in software costs
b. $95,000 to customize the ERP software and load Aqua Marine's data into the new ERP system
c. $105,000 for employee training
The team estimates that the ERP system should provide several benefits:
a. More efficient order processing should lead to savings of $105,000.
b. Streamlining the manufacturing process so that it maps into the ERP system will create savings of $125,000.
c. Integrating purchasing, production, marketing, and distribution into a single system will allow Aqua Marine to reduce inventories, saving $225,000.
d. Higher customer satisfaction should increase sales, which, in turn, should increase profits by $155,000.
Requirements
a. If the ERP installation succeeds, what is the dollar amount of the benefits?
b. Should Aqua Marine install the ERP system? Why or why not? Show your calculations.
c. Why did Easton create a team to evaluate Rose's proposal? Consider each piece of cost-benefit information that management accountant Cole reported. Which person on the team is most likely to have contributed each item? (Hint: Which team member is likely to have the most information about each cost or benefit?)
Answer:
a.) Total benefit if the ERP installation succeeds = $610,000
b.) They should not install the ERP system.
c.) For Estimating software costs - Systems specialist
For Estimating cost of loading data into the new ERP system - Management accountant , Systems specialist
For Customize the ERP software - Management accountant , Systems specialist
For Estimating customization costs - All team members
For Estimating training costs - Human resource director
For Savings from more efficient order processing - Systems specialist , Management accountant
For Savings from streamlining the manufacturing process - Plant engineer , Plant foreman
For Evaluating the effects of integrating purchasing, production, marketing, and distribution into a single system - Plant foreman
For Estimating increase in sales from higher customer satisfaction - Marketing director
For Estimating benefits and costs - All team members
For Evaluating the effects of integrating purchasing, production, marketing, and distribution into a single system - Plant foreman
For Estimating increase in sales from higher customer satisfaction - Marketing director
For Estimate benefits and costs - All team members
Explanation:
a.)
If the ERP installation succeeds , the dollar amount of the benefit is as follows :
From more efficient order processing savings = $105,000
From streamlining the manufacturing process savings = $125,000
From reduce inventories savings = $225,000
From increased sales profit = $155,000
⇒Total benefit = $ 105,000 + 125,000 + 225,000 + 155,000
= $610,000
⇒Total benefit if the ERP installation succeeds = $610,000
b.)
Firstly check the Costs for installation of ERP:
Software cost = $435,000
Customizing ERP and loading data cost = $95,000
Employee training cost = $105,000
⇒Total cost = $ 435,000 + 95,000 + 105,000
= $635,000
⇒Total cost = $635,000
Now,
As we have
Total Benefit in installation of ERP = $610,000
Total cost in installation of ERP = $635,000
⇒Net benefit = $610,000 - $635,000 = -$ (25,000)
∴ we get
If Aqua Marine install the ERP system , them they face loss.
So, They should not install the ERP system.
c.)
For Estimating software costs - Systems specialist
For Estimating cost of loading data into the new ERP system - Management accountant , Systems specialist
For Customize the ERP software - Management accountant , Systems specialist
For Estimating customization costs - All team members
For Estimating training costs - Human resource director
For Savings from more efficient order processing - Systems specialist , Management accountant
For Savings from streamlining the manufacturing process - Plant engineer , Plant foreman
For Evaluating the effects of integrating purchasing, production, marketing, and distribution into a single system - Plant foreman
For Estimating increase in sales from higher customer satisfaction - Marketing director
For Estimating benefits and costs - All team members
For Evaluating the effects of integrating purchasing, production, marketing, and distribution into a single system - Plant foreman
For Estimating increase in sales from higher customer satisfaction - Marketing director
For Estimate benefits and costs - All team members
Mohawk Machining, which uses a process-costing system, adds material at the beginning of production and incurs conversion cost evenly throughout manufacturing. The following selected information was taken from the company's accounting records: Total equivalent units of materials: 8,000 Total equivalent units of conversion: 7,400 Units started and completed during the period: 6,500 On the basis of this information, the ending work-in-process inventory's stage of completion is:_____.
A- 80%.
B- 70%.
C- 60%. - 40%.
D- some other percentage not listed above.
Answer:
C. 60%
Explanation:
Equivalent unit of Materials = 8,000.00
Equivalent unit of Conversion = 7,400.00
Units started and completed = 6,500.00
Since Materials are entered in the beginning it means that out of 8000 Units of Materials 6500 units are in Units started and completed and remaining 1500 Units are in Closing inventory. It also means that 1500 units are in Closing Inventory of Conversion and Equivalent production of conversion part of 1500 Units are 900 Units (7400-6500).
Let % Completion be x
X% of 1500 = 900
X = 900*100/1500
X = 60%.
The study of the role consumers play in a economic system is called what
Answer: Can i get OWA OWA
Explanation:
Sue views hot dogs (H) and hot dog buns (B) as perfect complements in her consumption, and the corners of her indifference curves follow the 45-degree line: H-B. Suppose the price of hot dogs is $5 per package (8 hot dogs), the price of buns is $3 per package (8 hot dog buns), and Sue's budget is $48 per month. What is her optimal choice under this scenario?
A. 6 packages of hot dogs and 6 packages of buns.
B. 6 packages of hot dogs and 8 packages of buns.
C. 8 packages of hot dogs and 8 packages of buns.
D. 8 packages of hot dogs and 6 packages of buns.
Answer:
A
Explanation:
a budget constraint is the total amount of goods and services an individual can buy given the price of the products and the income of the consumer.
Sue is constrained by her income. Thus, she must spend within $48
The equation for this is :
$5H + $3B = $48
where
H = hot dogs
B = Hot dog buns
(5 x 6 ) + (3 x 6 ) = $48
Suppose the demand function for good X is given by: where is the quantity demanded of good X, is the price of good X, and is the price of good Y, which is related to good X. Using the midpoint method, if the price of good X is constant at $10 and the price of good Y decreases from $10 to $8, the cross price elasticity of demand is about:_________
Answer:
Quantity demanded is -0.4
Explanation:
Quantity demanded is -0.4 if the prices decline from $8 to $10. The cross price elasticity is the change in quantity demanded for the goods when the price of other goods changes. The price change can be minor and the quantity demanded change can be high.
Primare Corporation has provided the following data concerning last month's manufacturing operations
Purchases of raw materials $30,000
Indirect materials included in manufacturing overhead $4,900
Direct labor $58,500
Manufacturing overhead applied to work in process $88,500
Underapplied overhead $4,170
Inventories Beginning Ending
Raw materials $11,100 $18,200
Work in process $55,100 $68,400
Finished goods $34,100 $42,200
1. Prepare a schedule of cost of goods manufactured for the month.
2. Prepare a schedule of cost of goods sold for the month. Assume the underapplied or overapplied overhead is closed to Cost of Goods Sold.
Answer:
Primare Corporation
1. A Schedule of Cost of Goods Manufactured for the month:
Beginning WIP $55,100
Raw materials used 18,000
Direct labor 58,500
Manufacturing o/h 88,500
Ending Balance (68,400)
$151,700
2. A Schedule of Cost of Goods Sold for the month:
Finished goods inventory $34,100
Cost of manufacturing 151,700
Ending Finished goods (42,200)
Underapplied overhead 4,170
Cost of goods sold $147,770
Explanation:
a) Data and Calculations:
Purchases of raw materials $30,000
Indirect materials included in manufacturing overhead $4,900
Direct labor $58,500
Manufacturing overhead applied to work in process $88,500
Underapplied overhead $4,170
Inventories Beginning Ending
Raw materials $11,100 $18,200
Work in process $55,100 $68,400
Finished goods $34,100 $42,200
Raw materials
Beginning Balance $11,100
Purchase 30,000
Manufacturing overhead $4,900
Work in process 18,000
Ending Balance $18,200
Work in process
Beginning Balance $55,100
Raw materials 18,000
Direct labor 58,500
Manufacturing o/h 88,500
Finished goods $151,700
Ending Balance $68,400
Finished goods
Beginning Balance $34,100
WIP 151,700
Cost of goods sold $143,600
Ending Balance $42,200
Aquatic Equipment Corporation decided to switch from the LIFO method of costing inventories to the FIFO method at the beginning of 2018. The inventory as reported at the end of 2017 using LIFO would have been $70,000 higher using FIFO. Retained earnings at the end of 2017 was reported as $880,000 (reflecting the LIFO method). The tax rate is 34%.
Required:
1. Calculate the balance in retained earnings at the time of the change (beginning of 2013) as it would have been reported if FIFO had been used in prior years.
2. Prepare the journal entry at the beginning of 2013 to record the change in accounting principle. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field.)
Answer:
1. Adjusted net income = Ending inventory higher by amount * (1-Tax rate) = $70,000*(1-34%) = $70,000 * 66% = $46,200
Details Amount
Beginning retained earnings for the year 2017 $880,000
Add: Adjusted net income $46,200
Beginning adjusted retained earnings for year 2017 $926,200
2. Tax payable = Inventory * Tax rate = $70,000*34% = $23,800
Date Account Titles and Explanation Debit Credit
Inventory $70,000
Retained earnings $46,200
Tax payable $23,800
(To record adjustment of ending inventory)
Susan and Bill Stamp want to set up a TDA that will generate sufficient interest at maturity to meet their living expenses, which they project to be $1,200 per month. (Round your answers to the nearest cent.)
(a) Find the amount needed at maturity to generate $1,350 per month interest, if they can get 7 % interest compounded monthly.
(b) Find the monthly payment that they would have to make into an ordinary annuity to obtain the future value found in part (a) if their money earns 9 % and the term is twenty years.
Answer:
(a) The amount needed is $192,000.
(b) The monthly payment is $150.98.
Explanation:
Note: There are errors in this question. The correct question is therefore provided before answering the question as follows:
Susan and Bill Stamp want to set up a TDA that will generate sufficient interest at maturity to meet their living expenses, which they project to be $1,200 per month. (Round your answers to the nearest cent.)
(a) Find the amount needed at maturity to generate $1,200 per month interest, if they can get 7.25% interest compounded monthly.
(b) Find the monthly payment that they would have to make into an ordinary annuity to obtain the future value found in part (a) if their money earns 9.75% and the term is twenty years.
The explanation of the answer is now given as follows:
(a) Find the amount needed at maturity to generate $1,200 per month interest, if they can get 7.25% interest compounded monthly.
This can be calculated using the following future value formula:
FV = P / i ........................... (1)
Where;
FV = Amount needed at maturity = ?
P = Monthly payment or amount to generate monthly = $1,200
i = monthly interest rate = Annual interest rate / 12 = 7.25% / 12 = 0.075 / 12 = 0.00625
Substituting the values into equation (1), we have:
FV = $1,200 / 0.00625 = $192,000
Therefore, the amount needed is $192,000.
(b) Find the monthly payment that they would have to make into an ordinary annuity to obtain the future value found in part (a) if their money earns 9.75% and the term is twenty years.
This can be calculated using the Future Value (FV) of an Ordinary Annuity as follows:
FV = M * (((1 + r)^n - 1) / r) ................................. (2)
Where,
FV = Future value = $192,000
M = Monthly payment = ?
r = Monthly interest rate = 9.75% / 12 = 0.0975 / 12 = 0.008125
n = number of months = 25 years * Number of months in a year = 25 * 12 = 300
Substituting the values into equation (2) and solve for M, we have:
$192,000 = M * (((1 + 0.008125)^300 - 1) / 0.008125)
$192,000 = M * 1271.65920375075
M = $192,000 / 1271.65920375075
M = $150.98
Therefore, the monthly payment is $150.98.
Because your patented Gidgit is starting to gain attention and investors are starting to show interest, the executive committee is considering becoming a publicly held company by selling the company to the government.
True
False
Answer:
False.
Explanation:
Patent can be defined as the exclusive or sole right granted to an inventor by a sovereign authority such as a government, which enables him or her to manufacture, use, or sell an invention for a specific period of time.
Generally, patents are used on innovation for products that are manufactured through the application of various technologies.
Basically, the three (3) main ways to protect an intellectual property is to employ the use of trademarks, copyright and patents.
In this scenario, Because your patented Gidgit is starting to gain attention and investors are starting to show interest, the executive committee is considering becoming a publicly held company.
Since Gidgit is patented it cannot be sold to the government because it is a registered intellectual property that cannot be used or sold without the approval or consent of the owner.
The table shows the PPF of an island community. Choose the best statement.
Possibility Fish (pounds) Berries (pounds)
A 0 and 40
B 1 and 36
C 2 and 30
D 3 and 22
E 4 and 12
F 5 and 0
a. Suppose that this community produces 3 pounds of fish and 20 pounds of berries. If it decides to gather more berries, it faces a tradeoff.
b. When this community produces 4 pounds of fish and 12 pounds of berries it faces a tradeoff, but it is inefficient.
c. Suppose that this community produces 5 pounds of fish and 0 pounds of berries. If it decides to gather some berries, it will get a free lunch.
d. If this community produces 3 pounds of fish and 22 pounds of berries, production is efficient but to produce more fish it faces a tradeoff.
Answer:
d. If this community produces 3 pounds of fish and 22 pounds of berries, production is efficient but to produce more fish it faces a tradeoff.
TRUE, IF THEY WANT TO PRODUCE MORE FISH, THEY WILL PRODUCE LESS BERRIES
Explanation:
a. Suppose that this community produces 3 pounds of fish and 20 pounds of berries. If it decides to gather more berries, it faces a tradeoff.
FALSE, THEY CAN GATHER 2 MORE POUNDS OF BERRIES WITHOUT AFFECTING FISH
b. When this community produces 4 pounds of fish and 12 pounds of berries it faces a tradeoff, but it is inefficient.
FALSE, THIS COMBINATION LIES ON THE PPF CURVE
c. Suppose that this community produces 5 pounds of fish and 0 pounds of berries. If it decides to gather some berries, it will get a free lunch.
FALSE, IT WILL HAVE TO LOSE SOME FISH
A company that makes shopping carts for supermarkets and other stores recently purchased some new equipment that reduces the labor content of the jobs needed to produce the shopping carts. Prior to buying the new equipment, the company used 6 workers, who together produced an average of 100 carts per hour. Workers receive $11 per hour, and machine cost was $40 per hour. With the new equipment, it was possible to transfer one of the workers to another department, and equipment cost increased by $12 per hour, while output increased by 4 carts per hour. a. Compute labor productivity under each system. Use carts per worker per hour as the measure of labor productivity. (Round your answers to 3 decimal places.)
Answer:
A. Labor productivity before=16 cart per workers-hour
Labor productivity After=26 cart per workers-hour
B. Multifactor productivity Before=0.94 carts per hour
Multifactor productivity before=0.94 carts per hour
Explanation:
A. Computation of labor productivity under each system
Labor productivity Before=100 carts per hour/6 workers
Labor productivity Before=16 cart per workers-hour
Labor productivity After=(100 carts per hour+4 carts per hour)/4 workers
Labor productivity After=(104carts per hour /4 workers
Labor productivity After=26 cart per workers-hour
B. Computation of the multifactor productivity under each system.
Multifactor productivity Before=100 carts per hour/(6 workers*$11 per hour)+$40 per hour
Multifactor productivity Before=100 carts per hour/($66 per hour+$40 per hour)
Multifactor productivity Before=100 carts per hour/$106 per hour
Multifactor productivity Before=0.94 carts per hour
Multifactor productivity before=(100carts per hour + 4carts per hour)/(4 workers * $11 per hour$)+($40 per hour+12 per hour)
Multifactor productivity before=(104carts per hour /(4 workers * $11 per hour$)+($40 per hour+12 per hour)
Multifactor productivity before=(104carts per hour /($66 per hour+$52 per hour)
Multifactor productivity before=(104carts per hour /118per hour
Multifactor productivity before=0.94 carts per hour
Adriana and Belen are partners who share income in the ratio of 3:2 and have capital balances of $50,000 and $90,000 at the time they decide to terminate the partnership. After all noncash assets are sold and all liabilities are paid, there is a cash balance of $90,000. How much cash should be distributed to Adriana
Answer:
$54,000
Explanation:
First, we add the ratios together to determine the total parts:
3+2= 5
Next, we divide the cash balance of $90,000 by the total parts:
$90,000/5 = $18,000
To find the amount of cash distributed to Adriana we multiply by her ratio:
5*18,000 = $54,000.
How can a manager use a value chain to improve a company?
To improve a company's value chain, its value chain management team identifies each part of its production process and where improvements can be made. These improvements can either reduce costs or improve production capacity.
Mocha Company manufactures a single product by a continuous process, involving three production departments. The records indicate that direct materials, direct labor, and applied factory overhead for Department 1 were $100,000, $125,000, and $150,000, respectively. The records further indicate that direct materials, direct labor, and applied factory overhead for Department 2 were $55,000, $65,000, and $80,000, respectively. In addition, work in process at the beginning of the period for Department 1 totaled $75,000, and work in process at the end of the period totaled $60,000.
The journal entry to record the flow of costs into Department 2 during the period for direct materials is:________.
A. Work in Process--Department 2 55,000
Materials 55,000
B. Work in Process--Department 2 150,000
Materials 150,000
C. Materials 55,000
Work in Process--Department 2 55,000
D. Work in Process--Department 2 100,000
Materials 100,000
Answer:
A. Work in Process--Department 2 55,000
Explanation:
The journal entry is shown below:
Work in Process - Department 2 Dr $55,000
To Materials $55,000
(Being the recording of the flow of cost for the direct material is done)
Here the work in process would be debited as it increased the asset and credited the material as it decreased the asset
Therefore the first option is correct
