Answer:
P5 = $10.41324736 rounded off to $10.41
Explanation:
Using the constant growth model of dividend discount model, we can calculate the price of the stock today. The DDM values a stock based on the present value of the expected future dividends from the stock. The formula for price today under this model is,
P0 = D0 * (1+g) / (r - g) or D1 / (1+g)
Where,
D0 is dividend today D0 * (1+g) is the dividend for the next period or D1g is the growth rate r is the required rate of return
To calculate the price of the stock today, we use D1. Similarly, to calculate the price of the stock five years from now or P5, we will use D6.
D6 = D0 * (1+g)^6
D6 = 1.15 * (1+0.0075)^6
D6 = $1.20273007
P5 = 1.20273007 / (0.123 - 0.0075)
P5 = $10.41324736 rounded off to $10.41
Weir Company (a fictional company) uses straight-line depreciation for its property, plant, and equipment, which, stated at cost, consisted of the following: December 31, 20X1 20X0 Land $ 25,000 $ 25,000 Buildings 195,000 195,000 Machinery and equipment 695,000 650,000 915,000 870,000 Less accumulated depreciation (400,000 ) (370,000 ) $ 515,000 $ 500,000 Weir’s depreciation expenses for 20X1 and 20X0 were $55,000 and $50,000, respectively. Required: What amount was debited to accumulated depreciation during 20X1 because of property, plant, and equipment retirements?
Answer: $25,000
Explanation:
Depreciation is when the value of an asset reduces because the asset has been in use or due to obsolescence.
In this scenario, the amount that will be debited to accumulated depreciation during 20X1 because of property, plant, and equipment retirements will be calculated thus:
Ending accumulated depreciation - Beginning accumulated depreciation - Depreciation during 20X1
= $400000 - $370000 - $55000
= $25000
Judgment based on evidence refers to a. letting employees know what criteria are used in appraisal. b. ensuring that there is two-way communication during the appraisal process and the employee’s perspective is heard. c. documenting performance problems and using factual evidence in rating performance. d. the process where feedback is confidentially gathered from peers, customers and subordinates.
Answer:
c. documenting performance problems and using factual evidence in rating performance
Explanation:
Performance test (judgement) can be based on objective or subjective parameters.
Evidence refers to proof verifying facts.
So, judgement based on evidence refers to - having evidences of performance' factual aspects in form of documents, depicting well defined quantitative rating to the performance.
Prepare the Statement of Cash Flows for Smart Touch Learning for the month ended December 31, 2016 from the provided information. Within each section of the statement, use the drop-down menus to enter the accounts. Then enter the account balances and calculate ending balances. Enter decreases in cash with a minus sign or parentheses. Cash balance, December 1, 2016 is $18,600 Transactions Dec. 1 Common stock was issued to stockholders for $7,800 cash. 7 Purchased equipment for $2,000 on account. 14 Paid $19,900 cash for land. 17 Paid cash expenses: office rent, $1,400; employees' salaries, $1,200; utilities, $300. 23 Paid cash dividends of $2,300. 26 Earned service revenue for the month, $5,000, receiving cash. Cash flows from operating activitiesReceipts: Collection from customers Payments: For rentFor salariesFor utilitiesNet cash provided (used) by operating activitiesCash flows from investing activitiesAcquisition of LandNet cash provided (used) by investing activitiesCash flows from financing activitiesIssuance of cash dividendsPayment of cash dividendsNet cash provided (used) by financing activitiesNet increase (decrease) in cash Cash balance, December 1, 2016 Cash balance, December 31, 2016
Answer:
Ending cash balance $6,300
Explanation:
The preparation of the Cash Flows Statement is presented below:
Cash flow from Operating Activities
Add: Service revenue earned $5,000
Less: Office Rent -$1,400
Less: Employees salaries -$1,200
Less: Utilities -$300
Net cash flow provided by Operating Activities $2,100
Cash flow from Investing Activities
Less: Purchase of land $19,900
Net cash used by Investing Activities -$19,900
Cash flow from Financing Activities
Add: Issuance of common stock $7,800
Less: Dividend paid -$2,300
Net cash flow provided by Financing Activities $5,500
Net rise or decrease in cash is
Net cash flow provided by Operating Activities $2,100 (A)
Net cash used by Investing Activities -$19,900 (B)
Net cash flow provided by Financing Activities $5,500 (C)
Decrease in cash -$12,300 (A + B + C)
Add: Beginning cash balance $18,600
Ending cash balance $6,300
Multiple Choice Question 48 As a result of a thorough physical inventory, Marigold Company determined that it had inventory worth $320600 at December 31, 2020. This count did not take into consideration the following facts: Walker Consignment currently has goods worth $47700 on its sales floor that belong to Marigold but are being sold on consignment by Walker. The selling price of these goods is $74100. Marigold purchased $21200 of goods that were shipped on December 27, FOB destination, that will be received by Marigold on January 3. Determine the correct amount of inventory that Marigold should report.
Answer:
Explanation:
Worth of inventory on Dec 31 020 is $320600
Goods sold on consignment will also be included at historical cost and not on the basis of current price because ownership still lies with the company
Total inventory will be thus
320600 + 47700
= $368300 .
Goods to be received later than 31 Dec will not be included in the inventory.
Hence goods purchased worth 21200 will not be included .
Total worth of goods = $368300 .
Exhibit 4.1 The balance sheet and income statement shown below are for Koski Inc. Note that the firm has no amortization charges, it does not lease any assets, none of its debt must be retired during the next 5 years, and the notes payable will be rolled over. Balance Sheet (Millions of $) Assets 2019 Cash and securities $4,200 Accounts receivable 17,500 Inventories 20,300 Total current assets $42,000 Net plant and equipment $28,000 Total assets $70,000 Liabilities and Equity Accounts payable $22,509 Accruals 14,391 Notes payable 6,000 Total current liabilities $42,900 Long-term bonds $11,000 Total liabilities $53,900 Common stock $3,542 Retained earnings 12,558 Total common equity $16,100 Total liabilities and equity $70,000 Income Statement (Millions of $) 2019 Net sales $105,000 Operating costs except depreciation 97,650 Depreciation 2,100 Earnings before interest and taxes (EBIT) $5,250 Less interest 1,020 Earnings before taxes (EBT) $4,230 Taxes 1,058 Net income $2,538 Other data: Shares outstanding (millions) 500.00 Common dividends (millions of $) $888.30 Int rate on notes payable & L-T bonds 6% Federal plus state income tax rate 40% Year-end stock price $60.91 Refer to Exhibit 4.1. What is the firm's total debt to total capital ratio? Do not round your intermediate calculations. a. 47.76% b. 51.36% c. 43.14% d. 58.04% 5 points Save Answer Question 19 of 20 Moving to another question will save this response.
Answer:
77%
Explanation:
Total debt to total capital ratio = Total liabilities / Total assets
Total debt to total capital ratio = $53,900 / $70,000
Total debt to total capital ratio = 0.77
Total debt to total capital ratio is the ratio of its total debt to its total capital, its debt and equity combined and it is use to measure a company financial solvency.
p Marine International manufactures an aquarium pump and is trying to decide whether to produce the filter system in-house or sign an outsourcing contract with Bayfront Manufacturing to make the filter system. Marine’s expertise is producing the pumps themselves but they are considering producing the filter systems also. To establish a filter system production area at Marine International, the fixed cost is $300,000 per year and the company estimates their variable cost of production in-house at $12.25 per filter system. If Marine outsources the production of the filter system to Bayfront, Bayfront will charge Marine $30 per filter system. Should Marine International outsource the production of the filter system to Bayfront if Marine sells 25,000 pumps a year?
Answer:
Cost of in house production at 25000 units= $606250
Cost of outsourcing option at 25000 units= $750000
Thus, Marine international should produce the filter in house at a demand level of 25000 filters as the cost of in house production ($606250) is less than that of the outsourcing option ($750000).
Explanation:
To decide whether to outsource or not will depend on the total cost of each option incurred under certain production or demand level. The option providing the lowest total cost at that level will be chosen.
We first need to determine the cost of each option and see where the total cost for each item equates.
Cost of in house production = 300000 + 12.25x
Where, x is the number of units.
Cost of in house production = 300000 + 12.25 (25000)
Cost of in house production = $606250
Cost of outsourcing option = 30x
Cost of outsourcing option = 30 (25000)
Cost of outsourcing option = $750000
Thus, Marine international should produce the filter in house at a demand level of 25000 filters as the cost of in house production ($606250) is less than that of the outsourcing option ($750000).
Select the correct answer from each drop-down menu.
As a sales executive at a large corporation, Sonya earns____
the company's finance department as an accountant, earns
for every big sale she makes. Jessica, who works full time in the company’s finance department as an accountant, earns ____
1. a) a bonus
b) a commission
c) hourly pay
2. a)a bonus
b)a commission
c) a fixed salary
The Answer of First question is option B "a Commission", and answer for second question is option C "A Fixed Salary".
Types of EarningIn a Corporate and private sector, there are many different kinds of earning, such as a fixed salary, a commission or a bonus depends upon the job a person has.
In the First question Sonya is a sales executive, and we know sales is a commission based job, hence the correct option would be A Commission. A bonus is given for completing overall job target.
In the second question, Jessica who works full time as an Accountant which means her job is based on a fixed salary rather than a commission because she is providing professional service to the company. Hence the correct option would be Option C Fixed Salary.
Learn more about Professional Service here:
https://brainly.com/question/4884763
Match the given descriptions to the accurate accounting term.
1.prepayment
2.payable
3.contra-revenue
4.receivable
5.dividend
sales return
expenses paid in advance
company needs to pay to a vendor for purchase made
a customer who needs to pay to the company for buying goods from it
part of the profit paid to shareholders of the company
1. Prepayment - expenses paid in advance
2. Payable - company needs to pay to a vendor for purchase made
3. Contra-revenue - sales returns
4. Receivable - a customer who needs to pay to the company for buying goods from it
5. Dividend - part of the profit paid to shareholders of the company
2. income. Income from property received by households is an example of O labor O rental O interest & O none of the above
labor form income property received by households
Answer:
The answer is Rental
Explanation:
Assume you deposit $5,400 at the end of each year into an account paying 10.5 percent interest. Requirement 1: How much money will you have in the account in 17 years? (Enter rounded answer as directed, but do not use rounded numbers in intermediate calculations. Round your answer to 2 decimal places (e.g., 32.16).) Annuity future value $ 42008.68 Requirement 2: How much will you have if you make deposits for 34 years? (Enter rounded answer as directed, but do not use rounded numbers in intermediate calculations. Round your answer to 2 decimal places (e.g., 32.16).)
Answer:
Results are below.
Explanation:
Giving the following information:
Annual deposit= $5,400
Interest rate= 10.5%
1) Number of periods= 17 years
To calculate the future value, we need to use the following formula:
FV= {A*[(1+i)^n-1]}/i
A= annual deposit
FV= {5,400*[(1.105^17) - 1]} / 0.105
FV= $229,349.5
2) Number of periods= 34 years
FV= {5,400*[(1.105^34) - 1]} / 0.105
FV= $1,481,499.98
Exercise 6-8 Petty cash fund with a shortage LO P2 Waupaca Company establishes a $330 petty cash fund on September 9. On September 30, the fund shows $46 in cash along with receipts for the following expenditures: transportation-in, $52; postage expenses, $71; and miscellaneous expenses, $147. The petty cashier could not account for a $14 shortage in the fund. The company uses the perpetual system in accounting for merchandise inventory. Prepare (1) the September 9 entry to establish the fund, (2) the September 30 entry to reimburse the fund, and (3) an October 1 entry to increase the fund to $385.
Answer:
September 29, 202x, petty cash fund established
Dr Petty cash fund 330
Cr Cash 330
September 30, 202x, petty cash fund's expenses
Dr Transportation expenses 52
Dr Postage expenses 71
Dr Miscellaneous expenses 147
Dr Cash short and over 14
Cr Petty cash fund 284
September 30, 202x, petty cash fund replenished
Dr Petty cash fund 284
Cr Cash 284
October 1, 202x, petty cash fund is increased
Dr Petty cash fund 55
Cr Cash 55
Presented below is information related to Wise Company at December 31, 2017, the end of its first year of operations.
Sales revenue $775,000
Cost of goods sold 350,000
Selling and administrative expenses 125,000
Gain on sale of plant assets 75,000
Unrealized gain on available-for-sale investments
25,000
Interest expense 15,000
Loss on discontinued operations 30,000
Allocation to noncontrolling interest 100,000
Dividends declared and paid 12,000
Compute the following. Ignore income tax effects.
(a) Income from operations $300,000
(b) Net income $330,000
(c) Net income attributable to Wise Company's controlling stockholders $230,000
(d) Comprehensive income $355,000
(e) Retained earnings balance at December 31, 2017 $318,000
Solution:
Sales revenue $775,000
Cost of goods sold 350,000
Gross profit 425,000
Selling administrative expenses 125,000
Income from operations 300,000 (a)
Other revenues and gains
Gain on sale of plant assets 75,000
Other expenses and losses
Income before other expenses and losses 375,000
Interest expense 15,000
Income from continuing operations 360,000
Loss on discontinued operations (30,000)
Net Income 330,000 (b)
Allocation to noncontrolling interest (100,000)
Net income attributable to controlling shareholders $230,000 (c)
Net income $330,000
Unrealized gain on available-for-sale investments 25,000
Comprehensive income $355,000 (d)
Net income $330,000
Dividends (12,000)
12/31/17 Retained earnings $318,000 (e)
Answer and Explanation:
The computation is shown below:
Sales revenue $775,000
Less: Cost of goods sold 350,000
Gross profit 425,000
Less: Selling administrative expenses 125,000
Income from operations 300,000 (a)
b.
Income from operations
Other revenues and gains
Add: Gain on sale of plant assets 75,000
Other expenses and losses
Income before other expenses and losses 375,000
Less: Interest expense 15,000
Income from continuing operations 360,000
Less: Loss on discontinued operations (30,000)
Net Income 330,000 (b)
c.
Net income
Less: Allocation to noncontrolling interest (100,000)
Net income attributable to controlling shareholders $230,000 (c)
d.
Net income $330,000
Add: Unrealized gain on available-for-sale investments 25,000
Comprehensive income $355,000 (d)
e. Retaining earnings opening balance $0
Add: Net income $330,000
Less: Dividends (12,000)
Closing Retained earnings $318,000 (e)
Doing research on the Internet is a _________ skill. (soft skill or hard skill)
Answer:
Doing research on the Internet is a Hard Skill.
Explanation:
It is a Hard skill because it requires knowledge on how to do it. It requires technical knowledge and logic. This differs from Soft Skills because soft skills are skills used in personality. Soft skills include leadership, communication, time Management. Think of it this way, Hard Skills are IQ. And Soft Skills are more EQ.
Hope this helps you! :)
Read the paragraph describing how to write a résumé and correctly fill in the missing information.
When writing your résumé, you need to start by analyzing the job description to determine what relevant experience and qualifications you have for the position. Then, you should list your job history, using ____ to make them easy to read. Review the layout to make sure that it is easy to read and ______.
Answer:
1. Bullet Points
2. Scan
Explanation:
I took the test and got it right. Hope this helps! :)
Answer:
Bullet pointsScanExplanation:
Both of these are important. Bullet points are for short sentences, they make it easier for the reader to read. Scan is right because it is referring to bullet points, which make it easier for a reader to scan the page, and not have to search specifically for any one thing.
For Swifty Corporation, sales is $1000000, fixed expenses are $225000, and the contribution margin per unit is $60. What is the break-even point?
Answer:
3,750 units
Explanation:
With regards to the above,
Break even point = Fixed expenses / Contribution margin per unit
Fixed expenses = $225,000
Contribution margin per unit = $60
Break even point = $225,000 / $60
Break even point = 3,750 units
The focus on traditional financial statements is accounting data rather than cash flow. However, cash flow is important to investors, managers, and stock analysts. Therefore, corporate decision makers and security analysts need to modify accounting data provided to them. An important modification is the concept of free cash flow (FCF). Many analysts regard FCF as being the single and most important number that can be developed from the accounting statements, even more important than net income. The equation for free cash flow is:
Answer and Explanation:
According to the given scenario the equation for free cash flow is shown below:-
Free cash flow = (Earnings before interest and tax × (1 - Tax) + Depreciation and amortization) - (Capital expenditure + Net operating working capital)
In this we considered the five items like earnings before interest & tax , tax rate, depreciation & amortization, capital expenditure and net operating working capital
The above equation represents the free cash flow equation
Assume that on September 1, Office Depot had an inventory that included a variety of calculators. The company uses a perpetual inventory system. During September, these transactions occurred. Sept. 6 Purchased calculators from Dragoo Co. at a total cost of $1,800, terms n/30. 9 Paid freight of $50 on calculators purchased from Dragoo Co. 10 Returned calculators to Dragoo Co. for $51 credit because they did not meet specifications. 12 Sold calculators costing $460 for $670 to Fryer Book Store, terms n/30. 14 Granted credit of $40 to Fryer Book Store for the return of one calculator that was not ordered. The calculator cost $28. 20 Sold calculators costing $560 for $780 to Heasley Card Shop, terms n/30.
Journalize the September transactions. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
Answer and Explanation:
The journal entries are shown below:
1. Inventory $1,800
Accounts Payable $1,800
(Being purchased on account)
2. Inventory $50
To Cash $50
(being freight paid)
3. Accounts Payable $51
To Inventory $51
(being the returned calculator is recorded)
4. Accounts Receivable $670
To Sales Revenues $670
(Being sales is recorded)
5. Cost of Goods Sold $460
To Inventory $460
(Being cost of goods sold is recorded)
6. Sales returns $40
To Accounts Receivable $40
(being sales return is recorded)
7. Inventory $28.20
To Cost of Goods Sold $28.20
(Being cost return is recorded)
8. Accounts Receivable $780
To Sales Revenues $780
(Being the sales is recorded)
9. Cost of Goods Sold $560
To Inventory $560
(Being the cost of goods sold is recorded)
Which of the following statements represents a possible measure of success in the first step of the five-step marketing research approach, defining the problem? A. If 3-year-olds like this product, then it stands to reason that 4-year-olds will like it even more. B. If the test subject eats most or all of the sample during the taste test, it will be assumed that he or she likes it. C. Use mail questionnaires, not focus groups. D. You have three weeks and $10,000 to determine if it is going to be profitable to serve breakfast on weekdays or not. E. Let's identify the most cost-effective method of advertising.
Answer:
B.
Explanation:
Marketing Strategy is a vital part of any business plan. The Five-Step Marketing Research method is one of the method that helps any business to strategize it's marketing plans.
The First step of the Five-Step Marketing Research approach is 'Defining The Problem'. This step is very crucial of the research method as the rest of the steps will follow this step. In this step, the business need to define the problem that it is trying to figure out. Asking questions in this step will help to determine problem or opportunity.
From the given statements, the correct one is option B. The statement in option B characterise a possible measure of success in defining the problem. This statement determines the opportunity of success of the five step of the Five-Step Marketing research approach.
Therefore, option B is correct.
The stock of Pills Berry Company is currently selling at $90 per share. The firm pays a dividend of $2.75 per share. a. What is the annual dividend yield? (Do not round intermediate calculations. Input your answer as a percent rounded to 2 decimal places.) b. If the firm has a payout rate of 40 percent, what is the firm’s P/E ratio? (Do not round intermediate calculations and round your answer to 2 decimal places.)
Answer:
a. 3.06%
b. 13.04
Explanation:
The computation is shown below:-
a. Annual dividend yield = Annual dividend ÷ Current stock price
= $2.75 ÷ $90
= 3.06%
b. P/E ratio = Market price ÷ Earning per share
= $90 ÷ $6.9
= 13.04
where, EPS = $2.75 ÷ 40%
= $6.9
We simply applied the above formula and the same is to be considered
so that the correct answer could come
Yarra Fabrication estimates that its manufacturing overhead will be $2,348,800 in year 1. It further estimates that direct material costs will amount to $1,468,000. During July, Yarra worked on four jobs with actual direct materials costs of $77,000 for Job 0701, $108,000 for Job 0702, $140,000 for Job 0703, and $69,000 for Job 0704. Actual manufacturing overhead costs for the year were $2,485,000. Actual direct materials costs were $1,635,000. Manufacturing overhead is applied to jobs based on direct materials cost using predetermined rates. Required: A. How much overhead was applied to each of the four jobs, 0701, 0702, 0703, and 0704?B. What was the over- or underapplied manufacturing overhead for year 1?
Answer:
predetermined overhead rate = $2,348,800 / $1,468,000 = 160% of direct materials
a) applied overhead rate to:
Job 0701 = $77,000 x 1.6 = $123,200Job 0702 = $108,000 x 1.6 = $172,800Job 0703 = $140,000 x 1.6 = $224,000Job 0704 = $69,000 x 1.6 = $110,400b) actual overhead rate = $2,485,000 / $1,635,000 = 152%
overhead cost that should have been applied:
Job 0701 = $77,000 x 1.52 = $07,040Job 0702 = $108,000 x 1.52 = $164,160Job 0703 = $140,000 x 1.52 = $212,800Job 0704 = $69,000 x 1.52 = $104,880Overhead costs were overapplied since real overhead was lower. The actual overhead rate was 1.52, while the predetermined rate was 1.6, so overhead costs were overapplied by 0.08 or 8%. Since total materials costs were $1,635,000, then overhead costs were overapplied by $1,635,000 x 0.08 = $130,800
A clearing corporation agent or depository for securities transactions A) can never be a corporation. B) must be a broker-dealer. C) can be a commercial bank. D) can be a bank or corporation only if they are also a broker-dealer.
Answer: can be a commercial bank
Explanation:
It should be noted that clearing agent are usually broker-dealer but apart from the fact that clearing agents are broker dealers, it should be noted that they can also be commercial banks.
Commercial banks perform roles of clearing agents as they can help in clearing transactions that have to do with securities and also help in keeping such securities.
The difference between Ley farming and Mixed farming
Answer:
Ley farming is an agricultural system where the field is alternately seeded for grain and left fallow. Another name for the method is "alternate husbandry".
and Mixed farming involves running a system of livestock and arable crops from the same farm and traditionally involves a broad range of crops and livestock being grown and raised, with the advantage of spreading the risk of any one crop failing in a given year.
Explanation:
choosing a computer that costs_______ instead of one that costs ________ means that you'll have less money available for other purchases. $1800;$1900. $1700; $1900. $1800; $1700. $1700; $1800
Answer:
$1800; $1700.
Explanation:
The scenario presented is that a customer had a choice between two computers. The client spent much money by opting for the high priced computer, leaving little for other requirements. The options will a high figure comes first in the equation. If the customer could have picked a low-priced computer, somebody would have selected the options that start with a relatively low figure followed by a high
Answer: 1800 1700
Explanation:
Value of a mixed stream Harte Systems, Inc., a maker of electronic survillance equipment, is considering selling to a well-known hardware chain the rights to market its home security system. The proposed deal calls for the hardware chain to pay Harte $30,000 and $25,000 at the end of years 1 and 2 and to make annual year-end payments of $15,000 in years 3 through 9. A final payment to Harte of $10,000 would be due at the end of year 10. a. Select the time line that represents the cash flows involved in the offer. b. If Harte applies a required rate of return of 12% to them, what is the present value of this series of payments? c. A second company has offered Harte an immediate one-time payment of $100,000 for the rights to market the home security system. Which offer should Harte accept?
Answer:
101,288
Explanation:
We can calculate the present value of each cash flow by dividing it by the rate of return along with the power of each period in which each cash flow occurs.
Requirement a: Timeline that represents the cash flows involved in the offer
year 1 - 30,000
year 2- 25000
year 3 - 15000
year 4 -15000
year5 -15000
year6 -15000
year 7-15000
year8 -15000
year9 -15000
Requirement b: If Harte applies a required rate of return of 12% to them
Present Value
year 1 - 30,000 /1.12 26,786
year 2- 25000 /(1.12)^2 19,930
year 3 - 15000 /(1.12)^3 10,677
year 4 -15000 /(1.12)^4 9,533
year5 -15000 /(1.12)^5 8,511
year6 -15000 /(1.12)^6 7,599
year 7-15000/(1.12)^7 6,785
year8 -15000 /(1.12)^8 6,058
year9 -15000/(1.12)^9 5,409
101,288
Requirement C:
It should accept the second offer of paying $100,000 as the first offer payment (i.e $101288.5) is greater than $100000
Using the following information, compute the cost of direct materials used. Raw materials inventory, January 1 $ 50,000 Raw materials inventory, December 31 75,000 Work in process, January 1 30,000 Work in process, December 31 20,000 Finished goods, January 1 60,000 Finished goods, December 31 48,000 Raw materials purchases 900,000 Direct labor 690,000 Factory utilities 230,000 Indirect labor 80,000 Factory depreciation 500,000 Operating expenses 630,000 A.$875,000. B.$1,025,000. C.$925,000. D.$1,270,000.
Answer:
Direct material used= $875,000
Explanation:
Giving the following information:
Raw materials inventory, January 1: $ 50,000
Raw materials inventory, December 31: $75,000
Raw materials purchase= $900,000
To calculate the cost of direct materials, we need to use the following formula:
Direct material used= beginning inventory + purchases - ending inventory
Direct material used= 50,000 + 900,000 - 75,000
Direct material used= $875,000
Those who like gnomes do not want to see a single turtle ornament in anyone else’s garden. If they do see one, it lowers their home value by $20,000. Similarly, if those who like turtles see a gnome, their values go down by $20,000. If either type installs the ornament that they like, it raises their valuation of their own property by $10,000. If you are the director of the homeowners association, should you let everybody do what they want, or should you make a rule about the display of garden ornaments? What rule should you use in order to make that decision?
Answer:
The rule should be made about the display of the garden ornaments. The home owners should be allowed to display garden ornaments that they like.
Explanation:
Many home owners like to decorate their house and the garden area ear their house. They use to place ornaments and decorations that look pleasant to them but others might not like them. If a home places a gnome their own house value will be decreased by $20,000. As some people do not like gnomes they will consider it to rotten the beauty of the house resulting in the decrease in value of the house. As a director of home owners I would not let everyone do whatever they like instead rules should be set which will result in the maximization of the property value.
Southern Rim Parts estimates its manufacturing overhead to be $416,000 and its direct labor costs to be $1,040,000 for year 1. The first three jobs that Southern Rim worked on had actual direct labor costs of $63,000 for Job 301, $88,000 for Job 302, and $165,000 for Job 303. For the year, actual manufacturing overhead was $409,000 and total direct labor cost was $836,000. Manufacturing overhead is applied to jobs on the basis of direct labor costs using predetermined rates. Overhead applied in each of the inventory accounts is as follows:Work-in-process inventory $ 33,440Finished goods inventory 83,600Cost of goods sold 217,360Required:Prepare an entry to prorate the under- or overapplied overhead. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Answer:
Work-in-process $700 (debit)
Finished goods $1,750 (debit)
Cost of goods sold $4,550 (debit)
Overheads $7,000 (credit)
Explanation:
Southern Rim Parts estimated/ applied overheads are $416,000 and the actual overheads are $409,000.
Conditions :
If Applied Overheads > Actual Overheads, we have an over-applied situation
and
If Applied Overheads < Actual Overheads, we have an under-applied situation
Therefore,
Using the information of Southern Rim Parts, we have an over- applied situation of $7,000 ($416,000 - $409,000).
Allocation of the over- applied overheads of $7,000
Inventory/Category Total Percentage Allocation
Work-in-process inventory $ 33,440 10% $700
Finished goods inventory $83,600 25% $1,750
Cost of goods sold $217,360 65% $4,550
Total $334,400 $7,000
Journal entry to record the the over-applied overheads
Work-in-process $700 (debit)
Finished goods $1,750 (debit)
Cost of goods sold $4,550 (debit)
Overheads $7,000 (credit)
American Food Services, Inc., leased a packaging machine from Barton and Barton Corporation. Barton and Barton completed construction of the machine on January 1, 2018. The lease agreement for the $4.7 million (fair value and present value of the lease payments) machine specified four equal payments at the end of each year. The useful life of the machine was expected to be five years with no residual value. Barton and Barton’s implicit interest rate was 8%. (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.)
Required:
1. Prepare the journal entry for American Food Services at the beginning of the lease on January 1, 2018.
2. Prepare an amortization schedule for the four-year term of the lease.
3. & 4. Prepare the appropriate entries related to the lease on December 31, 2018 and 2020.
a.Record the lease payment and interest expense for American Food Services (2018)
b. Record the amortization of right-of-use asset for American Food Services (2018)
c. Record the lease payment and interest expense for American Food Services. (2020)
d. Record the amortization of right-of-use asset for American Food Services (2020)
Answer and Explanation:
Please find answer and explanation attached
what do pet owners do when their store is closed on hoildays?
Answer:
their jobs as short-term (perhaps just for a school holiday), consider what the ... Do it even better: Ask your store owner/manager to create a contact list of ... continuously in areas housing animals, 24 hours a day, 365 days a year. o Ensure the ...
Explanation:
People who have a negative digestive response to milk or milk products are experiencing
lactose intolerance
adipose enteropathy
fructose malabsorption
gluten sensitivity
