Answer:
Corrected Trial Balance
Particulars Debit Credit
Cash $10,900
Account receivable $14900 (6700+8200)
Office supplies $2400 (1000+1400)
Prepaid insurance $4100 (300+3800)
Equipment $83000
Account payable $4800 (3400+1400)
Notes payable $45000
Trumball common stock $57000
Trumball dividend $3200 (5000+200-2000)
Service revenue $16450 (12350+4100)
Salaries expense $3700 (4400-700)
Rent expense $750
Advertising expense $300
Total $123,250 $123,250
Barth Company reports the following year-end account balances at December 31, 2016. Prepare the 2016 income statement and the balance sheet as of December 31, 2016.
Accounts payable $16,000 Inventory $36,000
Accounts receivable 30,000 Land 80,000
Bonds payable, long-term 200,000 Goodwill 8,000
Buildings 151,000 Retained earnings 160,000
Cash 148,000 Sales revenue 500,000
Common stock 150,000 Supplies inventory 3,000
Cost of goods sold 180,000 Supplies expense 6,000
Equipment 70,000 Wages expense 40,000
Answer and Explanation:
The preparation of the income statement and the balance sheet is presented below
Income statement
REVENUE
Sales $500,000
Less: EXPENSES
Cost of goods sold ($180,000)
Supplies expenses ($6,000)
Wages expenses ($40,000)
Total expenses ($226,000)
Net income $274,000
Balance sheet :
Assets Amount Liabilities & stockholder equity Amount
Cash $148,000 Account payable $16,000
Account receivable $30,000 Bonds payable, long term $200,000
Supplies $3,000
Inventory $36,000 Total liabilities $216,000
Total current assets $217,000 Common stock $150,000
Land $80,000 Retained earnings $160,000
Building $151,000
Equipment $70,000
Goodwill $8,000
Total assets $526,000 Total liabilities and equity $526,000
Assign each of the following to a category of GDP. Assume products are made domestically unless indicated otherwise:
You buy a carmultiple:____.
1. Consumption
2. Investment
3. Govt. Purchases
4. Imports or Exports
A bakery buys a new:_____.
A. Consumption
B. Investment
C. Govt. Purchases
D. Imports or Exports
You get a haircut:_____.
A. Consumption
B. Investment
C. Govt. Purchases
D. Imports or Exports
Your town buys a fire truck:_____.
A. Consumption
B. Investment
C. Govt. Purchases
D. Imports or Exports
You buy shoes made in Thailand:_____.
A. Consumption
B. Investment
C. Govt. Purchases
D. Imports or Exports
The Federal Government builds a bridge:_____.
A. Consumption
B. Investment
C. Govt. Purchases
D. Imports or Exports
A private hospital buys a new MRI machine:_____.
A. Consumption
B. Investment
C. Govt. Purchases
D. Imports or Exports
You stay in a hotel in Italy:_____.
A. Consumption
B. Investment
C. Govt. Purchases
D. Imports or Exports
Answer:
*Buy Car = Consumption
*A bakery buys a new = Investment
*You get a haircut = Consumption
*Fire truck = Govt. purchase
*Buy shoes made in Thailand = Import or export
*Government build bridge = Govt. purchase
*Buy new MRI machine = Investment
*Stay in hotel in Italy = Import or Export
Explanation:
The component of GDP is Consumption, Investment, Government Expenditure, and import-export. Here, consumption is denoted by C, Investment is denoted by I, Government expenditure is denoted by G and Import-export is denoted by NX. Since the car bought for use that means the person is consuming it. While the haircut includes the consumption of service and buying a new bakery is an investment. Similarly below is the list for which the following product belongs.
*Buy Car = Consumption
*A bakery buys a new = Investment
*You get a haircut = Consumption
*Fire truck = Govt. purchase
*Buy shoes made in Thailand = Import or export
*Government build bridge = Govt. purchase
*Buy new MRI machine = Investment
*Stay in hotel in Italy = Import or Export
The beginning inventory was 300 units at a cost of $10 per unit. Goods available for sale during the year were 1,300 units at a total cost of $14,400. In May, 600 units were purchased at a total cost of $6,600. The only other purchase transaction occurred during October. Ending inventory was 550 units.
Required:
a. Calculate the number of units purchased in October and the cost per unit purchased in October
b-1. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using FIFO method
b-2. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using LIFO method
Answer:
a. The number of units purchased in October = 400
The cost per unit = $12
b-1. Cost of goods sold = $7,950
Ending inventory = $6,450
b-2. Cost of goods sold = $8,650
Ending inventory = $5,750
Explanation:
a) Data and Calculations:
Beginning inventory 300 units at $10 per unit = $3,000
May purchases 600 units at $11 per unit = 6,600
October purchases 400 units at $12 per unit = 4,800
Goods available 1,300 units $14,400
Ending inventory 550 units
Goods sold 750 units
a. The number of units purchased in October = 400 (1,300 - 300 - 600)
The cost per unit = $12 ($4,800/400)
b-1. Cost of goods sold and ending inventory using FIFO method:
Cost of goods sold:
300 units at $10 per unit = $3,000
450 units at $11 per unit = 4,950 $7,950
Ending inventory = $6,450 ($14,400 - $7,950)
b-2. Cost of goods sold and ending inventory using LIFO method:
Cost of goods sold:
350 units at $11 per unit = 3,850
400 units at $12 per unit = 4,800
Total Cost of goods sold = $8,650
Ending inventory = $5,750 ($14,400 - $8,650)
You are a delivery manager introducing a new product from your unit to the market. What steps should you take to mitigate any IP risks in your product?
Answer:
Explanation:
There are various steps that you should take to make sure that your product does not violate any IPs. First, you should make sure that those involved with the product sign an NDA. This document prevents these individuals from talking about the product with others, which prevents it's details from leaking and allowing competitors to beat you to market by releasing their own version of your product first. The other step that you should take would be to patent the design and trademark the name of the product. Doing so will make sure that the product is unique and that it does not interfere with already existant IP's, as well as preventing others from infringing on your product.
Correct the single error in each of the following sentence. A week later, you browses through the trend reports
Answer:
A week later, you browse through the trend reports.
Durable goods $3,000
Services $6,000
Business purchases of capital goods $400
Fixed investment $850
Exports $600
Imports $800
Nondurable goods $700
Inventory investment $200
Government transfer payments $100
Purchases of new residential housing $450
Government purchases $900
GDP is equal to:_______
a. $14,000
b. $11,550
c. $11,450
d. $8,600
e. $13,050
Answer:
c. $11,450
Explanation:
GDP = Consumption (C) + Investment (I) + Government Expenditure (G) + Net Export (NX)
GDP = [Non durable goods+Durable goods+Services] + [Fixed investment+Inventory investment] + Government purchase + [Export-Import]
GDP = [$700+$3000+$6000] + [$850+$200] + $900 + [$600-$800]
GDP = $9700 + $1050 + $900 - $200
GDP = $11,450
Demonstrate the principles of health care finance for revenue management through the intended application of cost reporting and variances.
Solution :
Integration of all the processes:
Some integrated software system should be adopted where all the details about each patient along with the every billing and the payment details would help in keeping the track of the revenue.
Claims and billing management :
All the claims happened through some of the individuals or the company policies or the billing processes that take place to be accounted for the EHR system that can reduce the delays and also improve the effectiveness of the revenue management.
Documentation:
All the transactions should be documented, so there there are less chances for any error to occur.
Prime Computers is a company that sells computers and software. The company has a website that allows customers to post comments about the computers and software it sells. Why is it important for this company to encourage customer feedback
Group of answer choices.
A. Most online shoppers will only buy products if they can voice their opinions about them after the purchase.
B. Most online shoppers search the Internet for ratings and reviews before making major purchase decisions.
C. Negative consumer feedback can actually attract more customer interest in the product.
D. Allowing consumer feedback makes it less likely that consumers will provide their feedback.
E. Consumers are more likely to say positive things about companies that value their opinions.
Answer:
B. Most online shoppers search the Internet for ratings and reviews before making major purchase decisions.
Explanation:
Customer relationship management can be defined as a strategic process which typically involves combining strategies, techniques, practices and technology so as to effectively and efficiently manage their customer data in order to improve and enhance customer satisfaction. Thus, this set of employees are saddled with the responsibility of ensuring the customer are satisfied and happy with their service at all times.
This ultimately implies that, customer relationship management is focused on developing an ongoing connection between a business firm (organization) and all of its customers, as well as potential customers.
Hence, it is very important for Prime Computers to encourage customer feedback on its website and as a policy because most online shoppers (customers) usually engage in an online search in order to see other customer's ratings and reviews of company's product or service before making major purchase decisions.
Before starting up a team to handle a big contract with a new client, the team leader identified the most important skills and expertise that the team would need, and then staffed the team with this expertise. This meant putting employees from production, marketing, finance, and sales on the team. You want to find a way to reduce the waste your company generates so you create this type of team. This type of team is particularly difficult to implement because it requires specific self-management and team skills that many employees lack.
Answer: a. Cross functional team
b. Problem solving team
c. Self directed team
Explanation:
a. Cross-functional team refers to the group of people that has different functional expertise whom work tomorrow together towards a common goal. It basically includes all the employees in an organization.
b. Problem Solving Teams are the team that's formed in an organization in order to solve a particular problem. Since the company wants to find a way to reduce the waste that's generated, this team was formed
c. Self-directed work team is a team that's made up of people who combine their skills, experiences and talents together and work without being supervised in order to achieve a common goal. This type of team is particularly difficult to implement because it requires specific self-management and team skills that many employees lack.
A company must invest in project 1 in order to invest in project 2. Which of the following constraints ensures that project 1 will be chosen if project 2 is invested in?
a. X1 + X2 = 1
b. X1 - X2 < = 0
c. X1 - X2 > = 0
d. X1 + X2 = 0
X1 - X2 > = 0, constraints ensures that project 1 will be chosen if project 2 is invested. Thus, option (c) is correct.
What is company?The term "company" refers to legal entities that are lawfully registered under the Company Act. The company's major goal is to increase profits while maintaining goodwill. With the assistance of management, the organization was flawlessly run. Employees are compensated by the company.
According to the company was the invested in the two projects.
The equation was the X1 - X2 > = 0.
If X1 = 0, X2 will be 0
A company was the equal spend on the projects.
A company are the not less than zero is the investing.
Both should be greater or equal to 0.
As a result, the X1 - X2 > = 0, constraints ensures that project 1 will be decided if project 2 is invested. Therefore, option (c) is correct.
Learn more about on company, here:
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Transaction Analysis and Financial Statements, Including Dividends
(Alternates are 2-47, 2-48, 2-50, and 2-52.) Consider the following balance sheet of a wholesaler
of children’s toys:
Gecko Toy Company
Balance Sheet, December 31, 20X0
Assets Liabilities and Stockholders’ Equity
Liabilities
Cash $ 400,000 Accounts payable $ 800,000
Accounts receivable 400,000 Stockholders’ equity
Merchandise inventory 860,000 Paid-in capital $360,000
Prepaid rent 45,000 Retained earnings 645,000
Equipment 100,000 Total stockholders’ equity 1,005,000
Total $1,805,000 Total $1,805,000
The following is a summary of transactions that occurred during 20X1:
a. Acquisitions of inventory on open account, $1 million.
b. Sales on open account, $1.5 million; and for cash, $200,000. Therefore, total sales were
$1.7 million.
c. Merchandise carried in inventory at a cost of $1.3 million was sold as described in b.
d. The warehouse 12-month lease expired on October 1, 20X1. However, the company immediately
renewed the lease at a rate of $84,000 for the next 12-month period. The entire rent was
paid in cash in advance.
e. Depreciation expense for 20X1 for the warehouse equipment was $20,000.
f. Collections on accounts receivable, $1.25 million.
g. Wages for 20X1 were paid in full in cash, $200,000.
h. Miscellaneous expenses for 20X1 were paid in full in cash, $70,000.
i. Payments on accounts payable, $900,000.
j. Cash dividends for 20X1 were declared and paid in full in December, $100,000.
Required
1. Prepare an analysis of transactions, employing the balance sheet equation approach demonstrated
in Exhibit 2-3 (p. 49 ) . Show the amounts in thousands of dollars.
2. Prepare an ending balance sheet, a statement of income, and the retained earnings column of
the statement of stockholders’ equity for 20X1.
3. Reconsider transaction j. Suppose the dividends were declared on December 15, 20X1,
payable on January 31, 20X2, to shareholders of record on January 20. Indicate which
accounts and financial statements in requirement 2 would be changed and by how much. Be
complete and specific.
Answer:
Gecko Toy Company
1. Analysis of Transactions, using the balance sheet equation approach:
a. Inventory $1 million Accounts Payable $1 million
b. Accounts Receivable $1.5 million Cash, $200,000 Equity: Sales Revenue $1.7 million
c. Inventory ($1.3 million) Equity: Cost of goods sold ($1.3 million)
d. Cash ($84,000) Prepaid Rent $63,000 Equity: Rent Expenses $66,000
e. Equipment (Acc. Depreciation) ($20,000) Equity: Depreciation Expense ($20,000)
f. Cash $1.25 million Accounts Receivable ($1.25 million)
g. Cash ($200,000) Equity: Wages Expense ($200,000)
h. Cash, ($70,000) Equity: Miscellaneous expenses ($70,000)
i. Cash ($900,000) Accounts Payable ($900,000)
j. Cash ($100,000) Equity: Dividends ($100,000)
2. Statement of Income:
Sales Revenue $1.7 million
Cost of goods sold ($1.3 million)
Gross profit $0.4 million
Rent Expenses ($66,000)
Depreciation Expense ($20,000)
Wages Expense ($200,000)
Miscellaneous expenses ($70,000)
Total expenses $0.356 million
Net income $0.044 million
Statement of retained earnings:
Retained earnings 645,000
Net income 44,000
Dividends (100,000)
Retained earnings 589,000
Gecko Toy Company
Balance Sheet, December 31, 20X1
Assets Liabilities and Stockholders’ Equity
Liabilities
Cash $ 496,000 Accounts payable $ 900,000
Accounts receivable 650,000 Stockholders’ equity
Merchandise inventory 560,000 Paid-in capital $360,000
Prepaid rent 63,000 Retained earnings 589,000
Equipment 80,000 Total stockholders’ equity 949,000
Total $1,849,000 Total $1,849,000
3. Accounts and Financial Statements that would change:
Assets (Cash) will increase by $100,000 (Balance sheet)
Liabilities (Dividends Payable) will increase by $100,000 (Balance sheet)
Explanation:
a) Data and Calculations:
Gecko Toy Company
Balance Sheet, December 31, 20X0
Assets Liabilities and Stockholders’ Equity
Liabilities
Cash $ 400,000 Accounts payable $ 800,000
Accounts receivable 400,000 Stockholders’ equity
Merchandise inventory 860,000 Paid-in capital $360,000
Prepaid rent 45,000 Retained earnings 645,000
Equipment 100,000 Total stockholders’ equity 1,005,000
Total $1,805,000 Total $1,805,000
Analysis of Transactions, using the balance sheet equation approach:
a. Inventory $1 million Accounts Payable $1 million
b. Accounts Receivable $1.5 million Cash, $200,000 Equity: Sales Revenue $1.7 million
c. Inventory ($1.3 million) Equity: Cost of goods sold ($1.3 million)
d. Cash ($84,000) Prepaid Rent $63,000 Equity: Rent Expenses $66,000
e. Equipment (Acc. Depreciation) ($20,000) Equity: Depreciation Expense ($20,000)
f. Cash $1.25 million Accounts Receivable ($1.25 million)
g. Cash ($200,000) Equity: Wages Expense ($200,000)
h. Cash, ($70,000) Equity: Miscellaneous expenses ($70,000)
i. Cash ($900,000) Accounts Payable ($900,000)
j. Cash ($100,000) Equity: Dividends ($100,000)
Prepaid Rent
Account Title Debit Credit
Balance $45,000
Cash 84,000
Rent expense $66,000
Balance 63,000
Based on this model, households earn income whenfirms purchaselabor and capital in markets for factors of production. Suppose Simone earns $525 per week working as a jewelry appraiser for Classy's Jewelry Store. She uses $10 to order a mojito cocktail at Little Havana. Little Havana pays Rajiv $300 per week to wait tables. Rajiv uses $175 to purchase a necklace from Classy's Jewelry Store. Identify whether each of the following events in this scenario occurs in the market for factors of production or the market for goods and services. Event Market for Factors of Production Market for Goods and Services Simone spends $10 to order a mojito cocktail. Simone earns $525 per week working for Classy's Jewelry Store. Rajiv spends $175 to purchase a necklace from Classy's Jewelry Store. Which of the elements of this scenario represent a flow from a household to a firm
Answer:
a. Event Market for Factors of Production Market for Goods and Services
1. Market for Goods and Services (Simone spends $10 to order a mojito cocktail.)
2. Market for Factors of Production (Simone earns $525 per week working for Classy's Jewelry Store.)
3. Market for Goods and Services (Rajiv spends $175 to purchase a necklace from Classy's Jewelry Store.)
b. Flows from a household to a firm:
Simone spends $10 to order a mojito cocktail.
Rajiv spends $175 to purchase a necklace from Classy's Jewelry Store.
Explanation:
In the product market (the market for goods and services), Simone and Rajiv, representing households spend their earned income in exchange for goods and services produced by firms. In the market for factors of production (factor market), Simone and Rajiv offer their labor, capital, and other factors of production to firms in exchange for income. There is a continual exchange in the two markets between households and firms.
Goofy Inc.'s bonds currently sell for $925. They pay a $80 annual coupon, have a 25-year maturity, and a $1,000 par value. Compute the expected capital gain percentage for this year. (State as a percent, but do not include the percent sign and round to the second decimal place. Thus, 9.8765% would be written as 9.88 to be correct). (Hint: first compute the YTM and then find the capital gain.
Answer and Explanation:
The computation of the YTM is shown below:
Given that
Future value be $1,000
NPER is 25
PMT is $80
Present value is $925
The formula is shown below:
=RATE(NPER,PMT,-PV,FV,TYPE)
After applying the above formula, the yield to maturity is 8.75%
Now the capital gain is
= 8.75% - ($80 ÷ $925)
= 8.75% - 8.65%
= 0.10%
Top Knot, Inc. is expected to pay a $2.50 per share dividend next year. The dividends are anticipated to maintain a 5% growth rate forever. If the stock currently sells for $48 per share, what is the cost of equity
Answer:
10.21
Explanation:
Dividend= 2.50
The growth rate is 5%
The current stock price is $48
Therefore the cost of equity can be calculated as follows
= 2.50/48 +5/100
= 0.0521 + 0.05
= 0.1021×100
= 10.21
Hence the cost of equity is 10.21
Risk assessment is a process A. That assesses the quality of internal control throughout the year. B. That establishes policies and procedures to accomplish internal control objectives. C. Designed to identify potential events that may affect the entity. D. Of identifying and capturing information in a timely fashion.
Answer:
C. Designed to identify potential events that may affect the entity.
Explanation:
Risk assessment means the total method in which the hazard or the factors related to the risk that result in damage or harm something. It could be analyzed and evaluated with the analysis of the risk and the evaluation of the risk.
It is to be designed in order to identify the events that could impact the entity
Therefore the option c is correct
In 2019, Osgood Corporation purchased $8.1 million worth of 10-year municipal bonds at face value. On December 31, 2021, the bonds had a fair value of $3,400,000 and Osgood reclassified the bonds from held-to-maturity to trading securities. Osgood's December 31, 2021, balance sheet and the 2021 income statement would show the following: Investment in bonds (TS) Income statement loss on investments a. $ 3,400,000 $ 0 b. $ 3,400,000 $ 4,700,000 c. $ 8,100,000 $ 4,700,000 d. $ 8,100,000 $ 0
Answer:
Osgood Corporation
Osgood's December 31, 2021, balance sheet and the 2021 income statement would show the following: Investment in bonds (TS) Income statement loss on investments:
b. $ 3,400,000 $ 4,700,000.
Explanation:
a) Data and Calculations:
2019: Face value of 10-year municipal bonds = $8.1 million
December 31, 2021, Fair value of the municipal bonds = $3.4 million
There is a loss in value amounting = $4.7 million ($8.1 - $3.4)
In the balance sheet, the municipal bonds will stated at its fair value of $3.4 million while in the income statement, there will be a loss on investments of $4.7 million.
Differentiate between an active partner and sleeping partner?
Answer:
active partners are involved in daily running of the business.
sleeping partner are not involved in daily running of the business
Explanation:
Active partners are always involved in management while sleeping partners are not and mostly consists of financing not the business.
5. What is the purpose of a Job Cost Sheet? What type of information is included in one?
Answer:
The purpose of a job cost sheet is to record the various costs that went into the manufacturing of a product or the provision of a service. This will enable the company know how much the process cost so that the company can understand the cost of the product better and make informed decisions based on this.
The information generally included in a job cost sheet include:
Direct labor hours Direct materials used and their costMaterial requisition number Manufacturing overhead rate and the basis (eg labor hours or machine hours).Total cost of production.how does under investment affect the market
Answer:
Since the stock market is a vote of confidence, a crash can devastate economic growth. Lower stock prices mean less wealth for businesses, pension funds, and individual investors. Companies can't get as much funding for operations and expansion. When retirement fund values fall, it reduces consumer spending.
Explanation:
Economic Considerations
Business investment can affect the economy's short-term and long-term growth. In the short term, an increase in business investment directly increases the current level of gross domestic product (GDP), because physical capital is itself produced and sold.
Please research employment opportunities in the accounting field and provide insight into the relevance and usefulness of Excel in relation to the job title/description. Please explain how a potential candidate could leverage the functionality of Excel to make their every-day tasks efficient, effective and accurate.
Answer:
Following are the responses to the given question:
Explanation:
The progress throughout the financial sector does not take a confined path. One can move to more responsible roles when you're on the broad route to changing industries, receiving certificates, or switching disciplines — without even being derailed. Select from the range of staff inside the broad fields of public accountancy. You could be a lead financial official or a partner in a company of qualified checksum. A height of your career.
Although the accounting foundation is founded upon consistent accounting practices, the accountants can apply this theory in many various ways.
Employment accounts governmental and non-profit:
Accounting FundJobs of IRSPublic Accounting Jobs:
Estimated CostForensic Accountable Enrolled AgentImmobilien AssessorAccountant TaxationFiscal ProsecutorsPreparing taxJobs in private accounting:
Clerk of AccountingPayable/Deputy Clerk AccountsSystem Accounting SpecialistActuarial accountant/accountant insuranceBookkeepingAnalyst for the budgetAccountant of capitalFinancial Controller/Control OfficeAccountant costsMeasurement of environmental accountant/sustainabilityAccountant payrollFiscal Services:
Specialist in Business ValuationCertificated Financial PlannerFiscal AnalystAdvisor on taxesAccounts only include the cash that can be represented financially. Some individuals call accountancy "the language of business," as well as its objective is to allow accountancy users to make better choices
This included many tasks performed by the CPAs for its clients:
Asset records collection and maintenanceAssess banking transactions and make key management for optimum financial practicesReviewing accounting system and financial accounting to verify that they are effective and conform with approved accounting standards and proceduresTax documents and related tasksSales $7,270,000 Gross profit $ 1,450,000 Indirect labor $330,000 Indirect materials $195,000 Other factory overhead $90,000 Materials purchased $5,100,000 Total manufacturing costs for the period $6,170,000 Materials inventory end of the period $ 480,000 how much direct material cost
Answer:
$5,775,000
Explanation:
Direct materials cost = Materials purchased + Indirect materials + Materials inventory, end of the period
Direct materials cost = $5,100,000 + $195,000 + $480,000
Direct materials cost = $5,775,000
So, the amount of the direct material cost is $5,775,000.
Carter Containers sold marketable securities, land, and common stock for $37.0 million, $13.0 million, and $35.0 million, respectively. Carter also purchased treasury stock, equipment, and a patent for $23.0 million, $23.0 million, and $10.2 million, respectively.
What amount should Carter report as net cash from investing activities? (Amounts to be deducted should be indicated with a minus sign. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).)
Answer:
$16.8 million
Explanation:
Calculation to determine What amount should Carter report as net cash from investing activities
($ in millions)
Cash Flows from Investing Activities:
Proceeds from sale of marketable securities $37
Proceeds from sale of land $13
Less Purchase of equipment for cash ($23)
Less Purchase of patent for cash($10.2)
Net cash inflows (outflows) from investing activities $16.8
Therefore the amount that Carter should report as net cash from investing activities is $16.8 million
An editorial in the paper argues that a person only should be allowed to attend school if the marginal cost of educating that person is less than the marginal benefit of educating that person. The writer's reasoning is an application of:
Answer:
c
Explanation:
application of:
A. positive economics. B. negative economics. C. normative economics. D. economic naturalism.
Positive Economics is objective and statements are usually based on facts and economic theory. They can be tested.
For example, an increase in input would lead to a decrease in supply of the good is based on economic theory and facts. An increase in input would increase the cost of production and this would discourage sellers from producing.
Normative economics is based value judgements, opinions and perspectives. For example, the statement - social welfare spending in Sweden occupies too large a portion of the national budget - is based on opinion. To some the expenditure might be even too small. There is no economic theory that can be used to determine if this expenditure is too large or small
How can quality control affect production?
Answer: Quality Assurance with Quality Control
Quality assurance streamlines production and helps to ensure that the final products meet the company's quality criteria. It ensures that the processes used to design, test, and produce products will be done correctly.
Explanation:
Hope it helps
Four Seasons Industries has established direct labor performance standards for its maintenance and repair shop. However, some of the labor records were destroyed during a recent fire. The actual hours worked during August were 2,750, and the total direct labor budget variance was $1,430 unfavorable. The standard labor rate was $17.60 per hour, but recent resignations allowed the firm to hire lower-paid replacement workers for some jobs, and this produced a favorable rate variance of $3,850 for August.
Required:
a. Calculate the actual direct labor rate paid per hour during August.
b. Calculate the dollar amount of the direct labor efficiency variance for August.
c. Calculate the standard direct labor hours allowed for the actual level of activity during August.
Answer:
a. (AR-SR)* Actual hours = Labour rate variance
Actual rate = (-3,850/2,750) + $17.60
Actual rate = -$1.4 + $17.60
Actual rate = $16.20
b. Direct labour efficiency variance for August = Total direct labour budget variance - Direct labour rate variance
= 1,430 - (-$3,850)
= $5280 Unfavourable
c. Direct Labour efficiency variance = (AH-SH)*SR
5280 = (2,750 - SH) * 17.60
(2,750 - Standard hours) = 5280/17.60
(2,750 - Standard hours) = 300
Standard hours = 2,750 - 300
Standard hours = 2,450
Travis Company purchased merchandise on account from a supplier for $11,100, terms 2/10, net 30 on December 26. Travis Company paid for the merchandise on December 31, within the discount period.
Required:
Under a perpetual inventory system, record the journal entries required for the above transactions. Refer to the Chart of Accounts for exact wording of account titles.
Record the journal entries on each transaction. Refer to the Chart of Accounts for exact wording of account titles.
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JOURNAL
DATE DESCRIPTION POST. REF. DEBIT CREDIT
1
2
3
4
Answer and Explanation:
The journal entries are shown below:
On Dec 26
Inventory $11,100
To Accounts payable $11,100
(Being the purchase merchandise on account is recorded)
On Dec 31
Account payable $11,100
To Discount on account payable (2% of $11,100) $222
To Cash $10,878
(being the cash paid is recorded)
These two entries should be recorded
Assume (1) a predetermined overhead rate of $8.00 per machine-hour, (2) actual machine-hours worked during the period of 54,000 hours, and (3) estimated machine-hours to be worked during the coming period of 55,000 hours. The amount of overhead applied to production during the period is closest to:
Answer:
Allocated MOH= $432,000
Explanation:
Giving the following information:
Predetermined overhead rate of $8.00 per machine-hour
Actual machine-hours worked= 54,000 hours
To calculate the allocated overhead, we need to use the following formula:
Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base
Allocated MOH= 8*54,000
Allocated MOH= $432,000
We should always show the mean, mode and median when reporting analysis graphics.
Select one:
O True
O False
Answer:
answer: true
Explanation:
hope it helps thanks
Proponents of the LIFO inventory cost flow assumption argue that this costing method is superior to the alternatives because it results in better matching of revenue and expense. The recent purchase costs to the Cost of Goods Sold account results in better matching of revenue and expense.
a. True
b. False
Answer: True
Explanation:
The assumption of the LIFO method is that the most recent goods which are added to the inventory of a company have been sold first.
This brings about a better matching of the cost incurred and the revenue since the most recent products added are the ones which are then sold first. Therefore, the correct option is True.
Earning a promotion is made easier if you know the ______.
a. First and last name of your supervisor
b.Password to your company’s database is
c.Kind of characteristics your company values
d.Lunch order your supervisor favors
Answer:
c
Explanation:
