Department M had 2,000 units 56% completed in process at the beginning of June, 13,500 units completed during June, and 1,000 units 28% completed at the end of June. What was the number of equivalent units of production for conversion costs for June if the first-in, first-out method is used to cost inventories? a.14,780 units b.13,780 units c.12,660 units d.11,500 units
Answer:
c.12,660 units
Explanation:
Calculation to determine What was the number of equivalent units of production for conversion costs for June if the first-in, first-out method is used to cost inventories
Using this formula
EUP (FIFO) = Completed Units + Ending units - Beginning units
Let plug in the formula
EUP (FIFO)=13,500 +( 1,000 x 28%)- (2,000 x 56%)
EUP (FIFO)= 13,500+280-$1120
EUP (FIFO)=12,660 units
Therefore the number of equivalent units of production for conversion costs for June if the first-in, first-out method is used to cost inventories is 12,660 units
Which of the following types of mortgages would be most advantageous to have on your house if you expected the annual rate of inflation would be higher than most people thought?
a. reverse annuity mortgage
b. interest-only mortgage
c. adjustable-rate mortgage
d. fixed-rate mortgage
Answer:
d. fixed-rate mortgage
Explanation:
Inflation can be defined as the persistent general rise in the price of goods and services in an economy at a specific period of time.
Generally, inflation usually causes the value of money to fall and as a result, it imposes more cost on an economy.
On a related note, when the level of inflation is low in a particular country; their current account balance would be high. However, when the level of inflation is high; it results in low growth and as such increases the home country's current account balance, other things being equal (ceteris paribus).
Hence, if you anticipate a higher annual rate of inflation than most people thought, the fixed-rate mortgage would be most advantageous to have on your house because the interest is fixed or constant over the life of the mortgage loan.
A fixed-rate mortgage can be defined as an installment or fully amortizing mortgage loan that has a fixed (constant) interest rate that doesn't change throughout the entire duration of the loan.
This ultimately implies that, an equal amount of money is paid as principal and interest throughout the life of the mortgage loan.
During the week, we will explore the differences between cash-basis and accrual-basis accounting, and learn the steps required to complete the accounting cycle. With that in mind, let's begin by discussing the following question:
Why do companies make adjusting entries?
Answer and Explanation:
Adjusting entries is to made for recording all types of expenses and revenues in a correct manner. There are some transactions such as accrued interest or revenue that could be realize at the time when the entries are depend upon the documents and transactions should be recorded. It is to be made in order to prepared the correct financial statements by considering the prepaid expenses that are adjusted, depreciation expense, unearned revenue etc
Lennon, Inc. is considering a five-year project that has an initial outlay or cost of $80,000. The respective future cash inflows from its project for years 1, 2, 3, 4 and 5 are: $15,000, $25,000, $35,000, $45,000, and $55,000. Lennon uses the internal rate of return method to evaluate projects. What is Lennon's IRR
Answer:
26.16%
Explanation:
Internal rate of return is the discount rate that equates the after-tax cash flows from an investment to the amount invested
IRR can be determined using a financial calculator
CO = -80,000
C1 = $15,000
C2 = $25,000
C3 = $35,000,
C4 = $45,000
C 5 = 55,000
IRR = 26.16
To determine IRR using a financial calculator:
1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.
2. After inputting all the cash flows, press the IRR button and then press the compute button.
41 had investments in stock funds 91 had investments in bond funds 60 had investments in money market funds 47 had investments in stock funds and bond funds 36 had investments in stock funds and money market funds 36 had investments in bond funds and money market funds 22 had investments in all three funds a. How many employees had no fund investments
Answer:
The answer is "22 and 80"
Explanation:
The important part is to understand how the Venn diagram can assist you with your numbers.
You cannot draw this one, and you can create one as follows:
the 3 sorts of funding, then make your way back thru the list
this is the figure in the center - "22 had all 3 funds"
where the four dimensions meet. In the next three statements, you'll be able to:
Work out where 2 circles connect (remember all 22 of those circles are connected).
That's because the numerals have been already placed throughout the center zone.
bond & money market solenoid valves at a ratio of [tex]36-22=14[/tex]
[tex]36-22=14[/tex] as to where the corporate market and the term deposit intersect
[tex]47-22=25[/tex] as to where equities and bonds connect You can use the top 3 statements to work out all the values in a table.
(Set of) just one circle (circle)
for stock the number is [tex]141-(22+14+25)=80[/tex]
for the bond, the number is[tex]91-(22+14+25)=30[/tex]
for the money market, the number is [tex]60-(22+14+14)=10[/tex]
(universal set) Lastly, get the number that goes into the rectangle.
[tex]\to 200-(80+30+10+25+14+14+22)=5[/tex]
[tex]a) 22\\b) 80[/tex]
Which measure of central tendency and dispersion can syafig calculate
Answer:
nominal variables
Explanation:
You are the curator of a museum. The museum is running short of funds, so you decide to increase revenue. What should you do to increase revenue if the price elasticity of demand is 0.45? Lower the admission price Nothing, revenue is maximized at current admission price Raise the admission price
Answer:
The answer is "Raise the admission price ".
Explanation:
Users are indeed the museum's curator. The gallery is short of funds, so you decide to improve their revenue. Increase admittance price because demand in this situation is inelastic and higher pricing will lead to larger revenues which generate revenue when the online listing is 0.45.
It won't affect the level that is required. The revenue will increase due to the increase in the price as well as a price inelastic toll on the museum admission, therefore not adversely affected the market.
The WRT Corporation makes collections on sales according to the following schedule:
25% in month of sale
65% in month following sale
5% in second month following sale
5% uncollectible
The following sales have been budgeted:
Sales
April $120,000
May $100,000
June $110,000
Budgeted cash collections in June would be:_____.
a. $27,500.
b. $98,500.
c. $71,000.
d. $115,500.
Answer:
Total cash collection June= $98,500
Explanation:
Giving the following information:
25% in month of sale
65% in month following sale
5% in second month following sale
5% uncollectible
The following sales have been budgeted:
Sales
April $120,000
May $100,000
June $110,000
Cash collection June:
Cash collection from June= 110,000*0.25= 27,500
Cash collection from May= 100,000*0.65= 65,000
Cash collection from April= 120,000*0.05= 6,000
Total cash collection June= $98,500
Define the KPI ‘rate of staff absenteeism’.
Answer:
KPI, Key Performance Indicators are used for measuring the average absenteeism rate per employee. This is computed as a % of the total working days.
Explanation:
Individual employee Key Performance Indicators (KPIs) are metrics that assist in tracking the ability of your employees to meet your expectations and their impact on the business goals.
g The company is deciding whether to drop product line Apple because it has an operating loss. Assuming fixed costs are unavoidable, if Berry Pie Inc. drops product line Apple and rents the space formerly used to produce product Apple for $20,000 per year, total operating income will be ________.
Fruit Pie Inc. has three product lines—Strawberry, Cherry, and Apple. The following information is available:
Strawberry Cherry Apple
Sales revenue $70,000 $60,000 $31,000
Variable costs (20,000) (15,000) (11,000)
Contribution margin $50,000 $45,000 $20,000
Fixed costs (20,000) (5000) (25,000)
Operating income (loss) $30,000 $40,000 $(5000)
The company is deciding whether to drop product line Apple because it has an operating loss. Assuming fixed costs are unavoidable, if Berry Pie Inc. drops product line Apple and rents the space formerly used to produce product Apple for $20,000 per year, total operating income will be ________.
Group of answer choices
$25,000
$65,000
$11,000
$20,000
Answer:
Fruit Pie Inc.
Assuming fixed costs are unavoidable, if Berry Pie Inc. drops product line Apple and rents the space formerly used to produce product Apple for $20,000 per year, total operating income will be ________.
= $65,000.
Explanation:
a) Data and Calculations:
Strawberry Cherry Apple
Sales revenue $70,000 $60,000 $31,000
Variable costs (20,000) (15,000) (11,000)
Contribution margin $50,000 $45,000 $20,000
Fixed costs (20,000) (5000) (25,000)
Operating income (loss) $30,000 $40,000 $(5000)
Income Statement after the Elimination of Apple:
Strawberry Cherry Total
Sales revenue $70,000 $60,000 $130,000
Variable costs (20,000) (15,000) (35,000)
Contribution margin $50,000 $45,000 $95,000
Fixed costs (20,000) (5000) (25,000)
Fixed costs (Apple's) (25,000)
Rent income 20,000
Operating income (loss) $30,000 $40,000) $65,000
What are the resources og microeconomics?
Answer:
resources like land, tools, money, time, labor and enterprise
who is the first lady president in the world
Answer:
Isabel Martínez de Perón
Explanation:
Isabel Martinez de Perón of Argentina was the very first woman or lady to serve as leader of a country as president, taking over as vice president following her husband died in 1974.
On July 21, 1960, Sirimavo Bandaranaike was chosen as the world's first women Prime Minister.
Sheridan Company purchased a delivery truck. The total cash payment was $43,718, including the following items. Negotiated purchase price $34,800 Installation of special shelving 2,880 Painting and lettering 930 Motor vehicle license 280 Two-year insurance policy 2,740 Sales tax 2,088 Total paid $43,718 Calculate the cost of the delivery truck.
Answer:
the cost of the delivery truck is $40,698
Explanation:
The computation of the cost of the delivery truck is given below:
Negotiated purchase price $34,800
Installation of special shelving $2,880
Painting and lettering $930
Sales tax $2,088
Cost of the delivery truck $40,698
Hence, the cost of the delivery truck is $40,698
The same should be considered and relevant
World-Tour Co. has just now paid a dividend of $2.83 per share (Div0); its dividends are expected to grow at a constant rate of 6 percent per year forever. If the required rate of return on the stock is 16 percent, what is the current value of the stock, after paying the dividend
Answer:
the current value of the stock is $30
Explanation:
The computation of the current value of the stock is given below:
Price of stock today is
= Dividend per share × (1 + growth rate) ÷ (required rate of return - growth rate)
= $2.83 × (1 + 0.06) ÷ (0.16 - 0.06)
= $2.9998 ÷ 0.10
= $29.9980
= $30
Hence, the current value of the stock is $30
Current liabilities could include all of the following except: A. any part of long-term debt due during the current period. B. a notes payable due in 9 months. C. a bank loan due in 18 months. D. an accounts payable due in 30 days.
Answer: C. a bank loan due in 18 months.
Explanation:
Current liabilities include all the debt obligations that a company has in the current period.
This means that only debt obligations that mature within a year are to be considered current liabilities.
Bank loans that are due in 18 months are over a year and so have to be considered long-term liabilities not current liabilities.
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.
Sheridan Company has the following inventory data: July 1 Beginning inventory 36 units at $19 $684 7 Purchases 126 units at $20 2520 22 Purchases 18 units at $22 396 $3600 A physical count of merchandise inventory on July 30 reveals that there are 60 units on hand. Using the LIFO inventory method, the amount allocated to cost of goods sold for July is
Answer:
$2436
Explanation:
LIFO means last in first out. It means that it is the last purchased inventory that is the first to be sold.
total goods sold = (total inventory purchased + beginning inventory) - 60
(36 + 126 + 18) - 60
180 - 60
= 120
the 120 units sold would be taken from the inventory purchased on the 22nd and 7
(18 x 22) + [(120 - 18) x 20]
396 + 2040 = 2436
Elson co, needs to raise debt and for this purpose issued two different bonds, Bond A and Bond B. Both bonds have 20 years to maturity with a face value of $20000. Bond A will make no coupon payment over the entire life, however Bond B is a semiannual coupon bond. It will make first coupon payment of $1100 at sixth year semiannually for the next 8 years. After that it will make coupon payment of $1400 for the rest of its remaining life. Find the price of Bond A and B if the required rate of return on these bonds is 7 percent compounded semiannually.
Answer:
The right solution is "$20.733.16".
Explanation:
According to the question,
Face value,
= $20000
Rate (r),
= .035
Bond A:
= [tex]\frac{Face \ value}{(1+r)^n}[/tex]
= [tex]\frac{20000}{(1+.035)^{40}}[/tex]
= [tex]5051.45[/tex] ($)
Bond B:
= [tex]\frac{1100\times 12.0941}{(1+.035)^{10}} + \frac{1400\times 10.9205}{(1+.035)^{26}} + \frac{20000}{(1+.035)^{40}}[/tex]
= [tex]9431.11+6250.6+5051.45[/tex]
= [tex]20733.16[/tex] ($)
Under IFRS, when a lessee recognizes a balance sheet asset and liability for a new lease: the asset and liability are equal. the asset is typically greater than the liability. the liability is typically greater than the asset.
Answer:
the asset and liability are equal.
Explanation:
IFRS 16 lease and IAS 17 deals in important changes where the lease transactions are reported in the lessee financial statement
In this the assets and liabilities that are occured from the lease should be initially determined on the present value basis
Also the assets and liability are equivalent to each other
Therefore the first option is correct
Coffee from Colombia last year was supplied at $9 per 10 pounds. This year the demand has decreased and that same supply of Colombia coffee is priced at $6 per 10 pounds. What will happen to supply of Colombian coffee this year
Answer:
There's a decrease in the quantity supplied
Explanation:
since there is a decrease in the price so it would impact the quantity supplied but not the supply as per the law of supply in the case when price reduced the quantity supplied so it should be reduced and vice versa
Since price reduced from $9 for 10 pounds to $6 for 10 poinds
So there is a decrease in the quantity supplied
Depletion Entries Alaska Mining Co. acquired mineral rights for $9,432,000. The mineral deposit is estimated at 52,400,000 tons. During the current year, 7,850,000 tons were mined and sold. a. Determine the amount of depletion expense for the current year. Round the depletion rate to two decimal places. $fill in the blank b21c5bf8507dfbf_1 b. Journalize the adjusting entry on December 31 to recognize the depletion expense. If an amount box does not require an entry, leave it blank.
Answer:
a.$1,413,000
b.Dr Depletion Expense $1,413,000
Cr Accumulated Depletion $1,413,000
Explanation:
a. Calculation to determine the amount of depletion expense for the current year.
First step is calculate the depletion per ton
Depletion per ton=$9,432,000/52,400,000 tons Depletion per ton= $0.18 per ton
Now let calculate the depletion expense
Depletion expense =7,850,000 tons × $0.18
Depletion expense = $1,413,000
Therefore the amount of depletion expense for the current year is $1,413,000
b. Preparation of the adjusting entry on December 31 to recognize the depletion expense
Dr Depletion Expense $1,413,000
Cr Accumulated Depletion $1,413,000
(To record Depletion of mineral deposit)
Kaspar Industries expects credit sales for January, February, and March to be $220,000, $260,000, and $300,000, respectively. It is expected that 75% of the sales will be collected in the month of sale, and 25% will be collected in the following month.
Compute cash collections from customers for each month.
Collections from customers
Credit Sales January February March
January $ $ $
February
March
$ $ $
Answer:
January collections:
= 75% * January credit sales
= 75% * 220,000
= $165,000
February collections:
= (75% * February collections) + (25% * January collections)
= (75% * 260,000) + (25% * 220,000)
= $250,000
March collections:
= (75% of March collections) + (25% * February collections)
= (75% * 300,000) + (25% * 260,000)
= $290,000
A retail store sold gift certificates that are redeemable in merchandise. The gift certificates lapse one year after they are issued. How would the deferred revenue account be affected by each of the following?
Redemption of certificates Lapse of certificates
a. Decrease Decrease
b. Decrease No effect
c. No effect Decrease
d. No effect No effect
Answer:
The correct option is b. That is, the deferred revenue account will be affected as follows:
Redemption of certificates Lapse of certificates
b. Decrease No effect
Explanation:
The given options in the question are clearly stated as follows:
Redemption of certificates Lapse of certificates
a. Decrease Decrease
b. Decrease No effect
c. No effect Decrease
d. No effect No effect
The explanation of the answers is now provided as follows:
When a gift certificate is redeemed, it implies that merchandise has been given to the holder of the gift certificate in return. This will therefore decrease the deferred revenue account.
However, the moment a gift certificate is lapse; it is no longer possible redeem it for merchandise. That is, no merchandise has been given to the holder of the gift certificate in return. This therefore indicates that that the deferred revenue account will not change.
Therefore, the correct option is b. That is, the deferred revenue account will be affected as follows:
Redemption of certificates Lapse of certificates
b. Decrease No effect
A consol is a bond that: a. Pays a fixed annual coupon amount, and when originally issued, is set to mature in 30 years. b. Pays a fixed annual coupon amount, and when originally issued, is set to mature in 50 years. c. Does not pay an annual co
Complete Question:
A consol is a bond that:
a. Pays a fixed annual coupon amount, and when originally issued, is set to mature in 30 years.
b. Pays a fixed annual coupon amount, and when originally issued, is set to mature in 50 years.
c. Does not pay an annual coupon (i.e., the annual coupon payment is $0) but when it matures pays out the par value of the bond.
d. Does not pay an annual coupon (i.e., the annual coupon payment is $0) and never matures.
e. Pays a fixed annual coupon amount forever.
Answer:
A consol is a bond that:
e. Pays a fixed annual coupon amount forever.
Explanation:
This debt instrument issued by the government does not have any scheduled date for the return of principal, but it pays perpetual interest payments without any maturity date. It is a perpetual annuity. The government determines when to repay the principal if it so chooses. This implies that the holders continue to receive annual interests.
Garcia Company issues 10%, 15-year bonds with a par value of $240,000 and semiannual interest payments. On the issue date, the annual market rate for these bonds is 8%, which implies a selling price of 117 1/4.
A Confirm that the bonds' selling price is approximately correct (within $100). Use the present value tables B.1 and B.3 in Appendix B. (Round all table values to 4 decimal places, and use the rounded table values in calculations. Round your other final answers to the nearest whole dollar amount.)
Per value x price = Selling price
$240,000 117 1/4 $281,400
Cash flow Table value Present Value
$240,000 par (maturity) value
$12,000 interest payment
price of the bond
Difference due to rounding of table values
Par Value x price = Selling Price
240,000 x 117.25 = 281,400
Cashflow Table value = Present value
240,000 0.3083 (Present Value table 4%, 30 periods) 73,992
12,000 17.292 (PV annuity table 4%, 30 periods) +207,504
281,496
Difference due to rounding 281,400 -281,496 = -96
A company's ratio of liabilities to stockholders' equity decreased from 0.6 to 0.4 during the year. This is a.an improvement in the margin of safety for creditors. b.an indication that the company's level of debt is increasing. c.a negative change in the company's financial position. d.an improvement in the company's net income.
Answer:
A)an improvement in the margin of safety for creditors.
Explanation:
Margin of safety can be regarded as a principle of investing whereby an investor only make purchases of securities during the time when the market price is below their intrinsic value significantly. In a case whereby
the market price of a security falls below ones estimation of its intrinsic value significantly, then the difference that exist there is regarded as margin of safety. Margin of safety can as well be regarded as financial ratio which gives measurement of the amount of sales which exceed the break-even point. Most times investors may create a margin of safety with regards to their own risk preferences, purchasing of securities in a time that there is a difference give room for an investment to be made with minimal downside risk.
For instance, company's ratio of liabilities to stockholders' equity decreased from 0.6 to 0.4 during the year.
Cheers Corporation purchased for $500,000 5,000 shares of Beer Corporation common stock (less than 5% of the outstanding Beer stock) at the beginning of the current year. It used $400,000 of borrowed money and $100,000 of its own cash to make this purchase. Cheers paid $50,000 of interest on the debt this year. Cheers received a $40,000 cash dividend on the Beer stock on September 1 of the current year. Cheers has $5 million of taxable income before any dividends-received deduction. a. What amount can Cheers deduct for the interest paid on the loan
Answer:
Cheers Corporation
The amount that Cheers can deduct for the interest paid on the loan is:
= $50,000.
Explanation:
a) Data:
Investment in Beer Corporation = $500,000
Number of Beer shares purchased = 5,000
Percentage shareholding in Beer Corporation < 5%
Amount borrowed for the investment = $400,000
Own cash used for the purchase = $100,000
Interest paid on the debt for this year = $50,000 = 12.5%
Cash dividend received for the year = $40,000
Cheers taxable income before dividends = $5 million
The amount of interest deductible = $50,000
b) Since the interest was made for the purpose of the investment in Beers Corporation, the whole amount of interest expense for the year is deductible.
Exercise 8-19 Amortization of intangible assets LO P4 Milano Gallery purchases the copyright on a painting for $418,000 on January 1. The copyright is good for 10 more years. The company plans to sell prints for 11 years. Prepare entries to record the purchase of the copyright on January 1 and its annual amortization on December 31.
Answer:
Jan 01
Dr Copyright $418,000
Cr Cash $418,000
Dec 31
Dr Amortization expense—Copyright $41,800
Cr Accumulated amortization—Copyright $41,800
Explanation:
Preparation of entries to record the purchase of the copyright on January 1 and its annual amortization on December 31.
Jan 01
Dr Copyright $418,000
Cr Cash $418,000
(To record purchase of copyright )
Dec 31
Dr Amortization expense—Copyright $41,800
Cr Accumulated amortization—Copyright $41,800
($418,000/10 years)
(To record amortization expense of copyright )
MC Qu. 97 The standard materials cost to produce... The standard materials cost to produce 1 unit of Product R is 7 pounds of material at a standard price of $47 per pound. In manufacturing 6,000 units, 41,000 pounds of material were used at a cost of $48 per pound. What is the total direct materials cost variance
Answer:
total direct materials cost variance is $6,000 Favourable
Explanation:
first we get here Standard cost to manufacture
Standard cost to manufacture 6,000 units is = 7 × $47 × 6,000
Standard cost = $1,974,000
and
now we get here Actual cost to manufacturing
Actual cost to manufacturing 6,000 units is = 41,000 × $48
Actual cost = $1,968,000
and
now we get here Direct material cost variance that is express as
Direct material cost variance = Standard cost - Actual cost ..........1
put here value
Direct material cost variance = $1,974,000 - $1,968,000
Direct material cost variance = $6,000 Favourable
4. Problems and Applications Q4 Many observers believe that the levels of pollution in our society are too high. True or False: If society wishes to reduce overall pollution by a certain amount, it is efficient to have firms with lower costs reduce greater amounts of pollution than those with higher costs.
Answer: True
Explanation:
Firms with lower costs would also incur a lower cost when they try to reduce pollution so they should reduce more pollution because of this reduced cost that they will incur.
Firms with higher costs would then reduce less pollution because this would ensure that they do not spend too much on pollution reduction and incur even more costs.
