The following information applies to the questions displayed below.]
Clopack Company manufactures one product that goes through one processing department called Mixing. All raw materials are introduced at the start of work in the Mixing Department. The company uses the weighted-average method of process costing. Its Work in Process T-account for the Mixing Department for June follows (all forthcoming questions pertain to June):
Work in Process—Mixing Department
June 1 balance 32,000 Completed and transferred to Finished Goods ?
Materials 141,245
Direct labor 90,500
Overhead 108,000
June 30 balance ?
The June 1 work in process inventory consisted of 4,900 units with $17,380 in materials cost and $14,620 in conversion cost. The June 1 work in process inventory was 100% complete with respect to materials and 60% complete with respect to conversion. During June, 37,400 units were started into production. The June 30 work in process inventory consisted of 7,800 units that were 100% complete with respect to materials and 50% complete with respect to conversion.
3. How many units were completed and transferred to finished goods during the period?
4. Compute the equivalent units of production for materials.
5. Compute the equivalent units of production for conversion.
8. What is the cost per equivalent unit for materials?
10. What is the cost of ending work in process inventory for materials?
Answers
Answer:
Clopack Company
3. Units completed and transferred to finished goods during the period = 34,500 units
4. The equivalent units of production for materials = 42,300 units
5. The equivalent units of production for conversion = 38,400 units
8. The cost per equivalent unit for materials = $3.75
10. The cost of ending work in process inventory for materials = $29,250
Explanation:
a) Data and Calculations:
T-account:
Work in Process - Mixing Department
Account Titles Debit Credit
June 1 balance 32,000
Materials 141,245
Direct labor 90,500
Overhead 108,000
Transferred to Finished Goods ?
June 30 balance ?
Units Materials Conversion Total
Beginning WIP 4,900 $17,380 $14,620 $32,000
Degree of completion 100% 60%
Started into production 37,400 141,245 198,500 339,745
Total units available 42,300 $158,625 $213,120 $371,745
Ending WIP 7,800 100% 50%
Transferred out 34,500
Equivalent units of production Materials Conversion
Started and completed 34,500 34,500 (100%) 34,500 (100%)
Ending WIP 7,800 7,800 (100%) 3,900 (50%)
Total equivalent units 42,300 38,400
Cost per equivalent unit: Materials Conversion
Total cost of production $158,625 $213,120
Total equivalent units 42,300 38,400
Cost per equivalent unit $3.75 $5.55
Cost assigned to: Materials Conversion Total
Units started and completed $129,375 $191,475 $320,850
Ending Work in Process 29,250 21,645 50,895
Total cost assigned $158,625 $213,120 $371,745
Related Questions
List excel formulas for n 20--, the annual salaries paid each of the officers of Abrew, Inc., follow. The officers are paid semimonthly on the 15th and the last day of the month. Compute the FICA taxes to be withheld from each officer’s pay on (a) November 15 and (b) December 31.
Name and Title Annual Salary OASDI Taxable Earnings OASDI Tax HI Taxable Earnings HI Tax
Hanks,Timothy, President $168,000
Grath, John, VP Finance 144,000
James,Sally, VP Sales 69,600
Kimmel, Joan, VP Mfg. 54,000
Wie, Pam, VP Personnel 51,600
Grant, Mary, VP Secretary 49,200
Answers
To calculate FICA taxes to be withheld from each officer's pay, we need to first calculate their semi-monthly salaries and then their OASDI and HI taxable earnings.
Assuming there are 24 pay periods in a year (12 months * 2 pay periods per month).
The semi-monthly salaries for each officer are as follows:
Hanks, Timothy, President: 168,000 / 24 = $7,000
Grath, John, VP Finance: 144,000 / 24 = $6,000
James, Sally, VP Sales: 69,600 / 24 = $2,900
Kimmel, Joan, VP Mfg.: 54,000 / 24 = $2,250
Wie, Pam, VP Personnel: 51,600 / 24 = $2,150
Grant, Mary, VP Secretary: 49,200 / 24 = $2,050
To calculate OASDI taxable earnings, we need to know the wage base limit for the year. For 20--, the wage base limit is $142,800.
The OASDI taxable earnings for each officer are as follows:
Hanks, Timothy, President: Min($7,000, $142,800) = $7,000
Grath, John, VP Finance: Min($6,000, $142,800) = $6,000
James, Sally, VP Sales: Min($2,900, $142,800) = $2,900
Kimmel, Joan, VP Mfg.: Min($2,250, $142,800) = $2,250
Wie, Pam, VP Personnel: Min($2,150, $142,800) = $2,150
Grant, Mary, VP Secretary: Min($2,050, $142,800) = $2,050
To calculate HI taxable earnings, there is no wage base limit. All earnings are subject to HI tax.
The HI taxable earnings for each officer are as follows:
Hanks, Timothy, President: $7,000
Grath, John, VP Finance: $6,000
James, Sally, VP Sales: $2,900
Kimmel, Joan, VP Mfg.: $2,250
Wie, Pam, VP Personnel: $2,150
Grant, Mary, VP Secretary: $2,050
To calculate the FICA taxes to be withheld from each officer's pay, we need to use the following formulas:
OASDI Tax = OASDI Taxable Earnings * 6.2%
HI Tax = HI Taxable Earnings * 1.45%
Using these formulas, the FICA taxes to be withheld from each officer's pay on November 15 and December 31 are as follows:
Name and Title OASDI Tax (November 15) HI Tax (November 15) OASDI Tax (December 31) HI Tax (December 31)
Hanks, Timothy, President $434.00 $101.50 $434.00 $101.50
Grath, John, VP Finance $372.00 $87.00 $372.00 $87.00
James, Sally, VP Sales $179.80 $41.95 $179.80 $41.95
Kimmel, Joan, VP Mfg. $139.50 $32.33 $139.50 $32.33
Wie, Pam, VP Personnel $133.40 $31.03 $133.40 $31.03
Grant, Mary, VP Secretary $127.40 $29.68 $127.40 $29.68
Note that the OASDI tax rate is 6.2% and the HI tax rate is 1.45%, and these rates do not vary with the semi-monthly salaries of the officers.
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Rather than investing all your hopes in one buisness, it’s better to think of yourself as
Answers
Answer:a serial entrepreneur.
Explanation:
You are starting your own small business in Albuquerque. You borrow $10,000 from the bank at a 9% rate for 5 years. What is the total amount you will pay on this loan.
Answers
Answer:
4,500
Explanation:
Use the I=PRT method to help
P=10,000 T=5 years R=9%=9/100=0.09
this is going to be your equation
I=10,000 x .09 x 5
multiply you t x r
it should now look like this,
I=10,000 x .45
now the last thing to do is just multiply them both.
you should get,
I=4500
Lloyd Inc. has sales of $450,000, a net income of $36,000, and the following balance sheet:Cash $148,770 Accounts payable $117,450Receivables 244,035 Notes payable to bank 71,775Inventories 613,350 Total current liabilities $189,225Total current assets $1,006,155 Long-term debt 207,495Net fixed assets 298,845 Common equity 908,280Total assets $1,305,000 Total liabilities and equity $1,305,000The new owner thinks that inventories are excessive and can be lowered to the point where the current ratio is equal to the industry average, 2.5x, without affecting sales or net income.If inventories are sold and not replaced (thus reducing the current ratio to 2.5x); if the funds generated are used to reduce common equity (stock can be repurchased at book value); and if no other changes occur, by how much will the ROE change? Do not round intermediate calculations. Round your answer to two decimal places.What will be the firm's new quick ratio? Do not round intermediate calculations. Round your answer to two decimal places.
Answers
Answer:
Desired current asset for current ratio to be 2.5x
=> 2.5*Total current liabilities
=> 2.5*$189,225
=> $473,063
Reduction in equity = Reduction in current assets = Reduction in inventory
= Old Current assets - New current assets
= $1,006,155 - $473,063
= $533,093
New book value of equity = Old book value - Reduction in equity
New book value of equity = $908,280 - $533,093
New book value of equity = $375,188
Change in ROE = ROE now - ROE before
Change in ROE = (Net income / New book value of equity) - (Net income / Old book value of equity)
Change in ROE = (36,000 / 375,188) - (36,000 / 908,280)
Change in ROE = 0.0959519 - 0.0396354
Change in ROE = 0.0563165
Change in ROE = 5.63%
Hence, ROE will increase by 5.63%
Firm's new quick ratio = (Cash + Receivables ) / Current liabilities
Firm's new quick ratio = ($148,770 + $244,035) / $189,225
Firm's new quick ratio = $392,805 / $189,225
Firm's new quick ratio = 2.0758621
Firm's new quick ratio = 2.08
A company issues a bank-accepted bill to fund a short-term business project. The bill is issued for 180 days, with a face value of $200 000 and a yield of 9 per cent per annum. (a)What amount will the company raise to fund the project? After 33 days, the bank bill is sold by the original discounter into the money market for $193 015.90. The purchaser holds the bill to maturity. What is the return to: (b) the original discounter? (c) the holder at maturity?
Answers
A. The amount raised is $191.552.5
B. The return to the original discounter is 8.44%
C. The return to the holder at maturity is 8.98%
a. The company is going to raise $191,552.5 to fund the project
Fv = 200000
yield = 9%
Days = 180
for 180 days = 0.09 * 180/365
= 0.044
Amount raised = Fv/(1+i)= 200000/(1+0.044)
= 200000/1.044= $191.552.5
b. The return to the original discounter is 8.44%
\([(193 015.90-191,552.5)/191,552.5]*\frac{365}{33}\)
= 0.00763*11.06= 8.44%
Therefore the return to the original discounter is 8.44 percent.
c. The return to the holder at maturity is 8.98%
\([(200000-193015.9)/193015.9]*\frac{365}{180-33}\)
=0.0362*2.483
=0.08988
=8.98 percent
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scientific management.
management by objectives (MBO).
the program evaluation and review technique (PERT).
programmed management.
Answers
Answer:
im bored soo hi
Explanation:
Define the concept management from functional perspective and clearly explain each of its
major functions
Answers
Answer:
Management refers to the ability or art of setting objectives, organizing, motivating the people resources, devising systems of measurement, and building human capacity towards the attainment of all organization objectives.
Explanation:
1. Defining Objectives: This flows down from the Founder and Chief Vision Officer. The objectives of an organization is the purpose for which an organization was set up. An example could be to give people living with a disability the opportunity to live inclusively, attaining their highest selves.
2. Organizing: When objectives are taken and put in form of goals, these goals are devolved through to management in the form of achievable tasks who then delegate them to staff. The process of ensuring that each staff know their tasks, who they are accountable to, and work together harmoniously is called Organising.
3. Motivating team: It is not enough to have human resources. It is critical that they be willing to work together, harmoniously and happily. This way, the company enjoys the highest performance possible.
4. Defining Performance Indicators
What is not measured can not be managed. Performance Indicators are systems of measurement that enable the organization to keep track of whether or not the goals are being met and in what measure they are.
5. Building Capacity
Organizations that build leaders the fastest are the ones that win. Building human capacity is the equivalent of upgrading machinery or opting for higher manufacturing technology in the industrial age. People are able to solve problems to the extend that they know how to. The more they know, the better and faster they are at solving such problems. Hence, increasing organizational competency and effectiveness.
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TRUE/FALSE.The top managers in a business are involved in planning, but first-level managers such as supervisors are not.
Answers
It is inappropriate to have the involvement of only the top-level managers in a business planning, and not the first-level managers, such as supervisors. Therefore, the statement given above is false.
The process of business planning can be referred to or considered as the initial step involved in the functions of management. Moreover, it is also to be noted that a business planning is performed by managers at different levels, although there may be differences in authorities in the different levels of management in the organization.
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A student is setting up an experiment. The student has twenty identical young plants and will try to answer this question: How does the amount of water given to these plants each day affect how tall the plant will grow? Identify one condition, other than identical young plants, that should be held constant during the experiment.
Answers
Researcher is comparing to multiple choice is tests with different conditions in the first test a typical multiple choice cescis administered in the second test alternative choices incorrect answers a randomly assigned to test takers the results from these two test are given below mean of regular test is 59.9 and randomise answers is 44.8 standard deviations of regular test is 10.2 and answers is 12.7
Answers
The regular test is 59.9 and randomize answers is 44.8 standard deviations of regular test is 10.2 and answers is 12.7 the scattered of the two distributions be compared Yes, as the S.D. is given. Thus, option (a) is correct.
What is standard deviation?A standard deviation is a measure and the calculate the dispersed of the data is the relation to the mean. The standard deviation was to indicate the slope was the upper and the lower.
Regular test Randomized
Mean 59.9 44.8
SD 10.2 12.7
CV = (SD/Mean) * 100
CV = Coefficient of Variation
CV is Measures of Relative Dispersion or relative scattered of Data
SD = Standard Deviation
As a result, the S.D. is given are the two distributions be compared.
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Your question is incomplete, but most probably the full question was.
Question 1 : Can the scattered of the two distributions be compared, just by looking at the given figures? Select one: a. Yes, as the S.D. is given b. No, as the mean is not same c. May be d. Can't sayWhen submitting the completed project, please show all work and number each answer accordingly.
When calculating the NPV use the following five columns (use for ALL NPV calculations):
Item
Year(s)
Cash Flow
Discount Factor
Present Value of Cash Flows
1. Tony Skateboards is considering building a new plant. James Bott, the company’s marketing manager, is an enthusiastic supporter of the new plant. Michele Martinez, the company’s chief financial officer, is not so sure that the plant is a good idea. Currently the company purchases its skateboards from foreign manufacturers. The following figures ere estimated regarding the construction of the new plant.
Cost of plant
$4,000,000.00
Estimated useful life
15 years
Annual cash inflows
$4,000,000.00
Salvage value
$2,000,000.00
Annual cash outflows
$3,550,000.00
Discount rate
11%
James Bott believes that these figures understate the true potential value of the plant. He suggests that by manufacturing its own skateboards the company will benefit from a “buy American” patriotism that he believes is common among skateboarders. He also notes that the firm has had numerous quality control problems with the skateboards manufactured by its suppliers. He suggests that the inconsistent quality has resulted in lost sales, increased warranty claims, and some costly lawsuits. Overall, he believes sales will be $200,000 higher than the projected above, and that the savings from lower warranty costs and legal costs will be $80,000 per year.
Required:
a. Compute the Cash Payback period for the project based on the original projections.
b. Compute the net present value of the project based on the original projections.
c. Compute the Cash Payback period for the project incorporating James’ estimates of the value of the intangible benefits.
d. Compute the net present value of the project incorporating James’ estimates of the value of the intangible benefits.
e. Comment on your findings.
2. The partnership of Michele and Mark is considering the following long-term capital investment proposal. Relevant data on the project is listed below. Salvage value is expected to be zero for the project. Depreciation is computed by the straight-line method. The company’s rate of return is the company’s cost of capital which 12%.
Brown
Capital Investment
$200,000.00
Annual Net Income:
Year 1
$25,000.00
Year 2
$16,000.00
Year 3
$13,000.00
Year 4
$10,000.00
Year 5
$8,000.00
Total
$72,000.00
Required:
a. Compute the cash payback period for the project. (round to two decimal places)
b. Compute the net present value for the project (round to the nearest dollar)
c. Compute the annual rate of return for the project.
d. Compute the profitability index for the project.
Answers
1 a. The cash payback period 8.89 years
b. The Net Present Value (NPV) is -346 487.187
c. The adjusted cash payback period 5.48 years
d. Considering potential intangible benefits, the investment could be worthwhile. However, it's important to note that James' estimates are uncertain and could be viewed as optimistic.
2. a. The cash payback period is 4.22 years.
b. The net present value is -$144,760
c. The Annual rate of return 14.4%
d. The profitability index is 0.2762
How do you calculate the Net Present Value (NPV)?When calculating the Net Present Value, you can organize the table like this
Tony Skateboard table
Item Year(s) Cash Flow Discount Factor PVCF
Investment 0 $450,000 (1 + 0.11)⁰ $450,000
Year 1 1 $450,000 (1 + 0.11)¹ $405,405.41
Year 2 2 $450,000 (1 + 0.11)² $365,045.87
Year 3 3 $450,000 (1 + 0.11)³ $328,833.15
.
.
Year 15 15 $450,000 (1 + 0.11)¹⁵ $94 051.956
Michele and Mark NPV table
Item Year(s) Cash Flow Discount Factor PVCF
Investment 0 $-200,000 (1 + 0.11)⁰ $200,000
Year 1 1 $25,000 1/(1+0.12)¹ $22,321
Year 2 2 $16,000 1/(1+0.12)² $12,723
Year 3 3 $13,000 1/(1+0.12)³ $9,273
Year 4 4 $10,000 1/(1+0.12)⁴ $6,355
Year 5 5 $8,000 1/(1+0.12)⁵ $4,568
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Timmy Tappan is single and had $207,000 in taxable income. Using the rates from Table 2.3 in the chapter, calculate his income taxes
Answers
The Bandeiras Corporation, a merchandising firm, has budgeted its activity for December according to the following information:Sales at $650,000, all for cash.Merchandise inventory on November 30 was $300,000.The cash balance at December 1 was $38,000.Selling and administrative expenses are budgeted at $120,000 for December and are paid in cash.Budgeted depreciation for December is $65,000.The planned merchandise inventory on December 31 is $330,000.The cost of goods sold is 70% of the sales price.All purchases are paid for in cash.There is no interest expense or income tax expense.The budgeted cash receipts for December are:
Answers
Answer:
See below
Explanation:
The budgeted cash disbursement for December are;
Beginning cash balance
$38,000
Sales
$650,000
Selling and admin
($120,000)
* Purchases (see calculation below)
($485,000)
Closing cash balance
$83,000
We will use the below to get purchases
Opening stock + Purchases - Closing stock = Cost of sales
Therefore,
$300,000 + Purchases - $330,000 = 70% × $650,000
Purchases = $455,000 + $330,000 - $300,000
Purchases = $485,000
The budgeted cash disbursement
= Purchases + Selling and admin
= $485,000 + $120,000
= $605,000
5.9 Robert works for Southern Consulting as a sales executive. He is paid a monthly salary of R3,350 plus a straight commission of 4.3% on all sales over R10,100. If he sells R15,300, what is his total gross pay for the month? a. R3,573.60 b. R3,784.30 c. R4,007.90 d. R8,550.00
Answers
Explanation: the 4.3% amount made from what he sold which was 15,300 is 657.9. Adding that to his monthly salary of 3,350 you get a total of 4,007.90. (What I had gotten from the information presented.)
Suppose the CPI was 110 last year and is 121 this year.
Instructions: In part a, enter your answer as a whole number. In part b, round your answer to 1 decimal place. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers.
a. What is this year’s inflation rate?
____ %
b. In contrast, suppose that the CPI was 110 last year and is 108 this year. What is this year’s inflation rate?
____ %
c. What term do economists use to describe this second outcome?
Inflation or Deflation
Answers
The inflation rate is 10%, which can be computed the second answer is -1.8%. third outcome called deflation.
How to calculate CPI?a) The formula to CPI is
\(CPI= \frac{current CPI-past CPI}{past CPI}\)
\(CPI= \frac{121-110}{110}\)
CPI= 0.1 or 10%
b) \(CPI= \frac{current CPI-past CPI}{past CPI}\)
\(CPI= \frac{108-110}{110}\)
CPI= -0.18%
A decrease in the economy's overall price level is referred to as deflation, whereas a temporary slowdown in price inflation is known as disinflation. A decrease in the money supply, reductions in government and consumer expenditure, and reductions in corporate investment can all contribute to deflation, which is bad for an economy.
A progressive drop in consumer prices for products and services is known as price deflation. This is frequently brought on by the deflationary gap, also referred to as the demand gap, which is characterized by high supply and low demand. Consumers and businesses hold on to their money rather than spending it because they anticipate a decrease in pricing.
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Which of the following clauses contained in a deed defines or limits the type of interest being conveyed?
O Recital of consideration
O Words of conveyance
OCovenant
O Habendum clause
Answers
Answer:
D. Habendum clause
Explanation:
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Please answer the questions in the photo. Do not copy and paste from the internet.
Answers
2. Businesses that market goods and services can be classified based on the types of products or services they offer. Here are some common classifications:
The businesses that would market goods and servicesConsumer goods: These are goods that are bought and used by individuals for their personal use. Examples include clothing, food, electronics, and household items. Businesses that sell consumer goods are often referred to as retailers, and they can be further classified based on the types of products they sell (e.g. clothing retailers, grocery stores, electronics stores).
Business-to-business (B2B): These are businesses that sell products or services to other businesses rather than to consumers. Examples include suppliers of raw materials, manufacturers of components, and consulting firms. B2B businesses can also be classified based on the types of products or services they offer (e.g. IT services, logistics companies, marketing agencies).
Service businesses: These are businesses that provide services rather than physical goods. Examples include healthcare providers, hairdressers, financial advisors, and consulting firms. Service businesses can be further classified based on the types of services they provide (e.g. healthcare services, professional services, personal services).
There are several types of retail businesses, each with its own advantages and disadvantages. Here are some examples:
Brick-and-mortar stores: These are traditional physical stores that customers visit to make purchases. Brick-and-mortar stores offer the advantage of providing a tactile and personal shopping experience, but they also require significant overhead costs (e.g. rent, utilities, inventory management).
Online retailers: These are businesses that sell products exclusively online, often through e-commerce platforms like Amazon or Shopify. Online retailers offer the advantage of lower overhead costs and a wider potential customer base, but they also face fierce competition and the need to constantly optimize their digital marketing efforts.
Pop-up shops: These are temporary physical stores that are set up in a specific location for a limited time (e.g. a holiday season). Pop-up shops offer the advantage of providing a unique and time-limited shopping experience, but they also require significant planning and logistical coordination.
Franchise stores: These are retail stores that operate under the brand and business model of a larger franchise organization (e.g. McDonald's, 7-Eleven). Franchise stores offer the advantage of a proven business model and brand recognition, but they also require significant initial investment and ongoing franchise fees.
Ultimately, the type of retail business that would be most interesting to pursue depends on factors such as personal preferences, financial resources, and market opportunities. For example, someone who is passionate about fashion and has a limited budget might consider starting an online boutique, while someone who has significant financial resources and is interested in owning multiple locations might consider investing in a franchise business.
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Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 8,000 pounds of oysters in August. The company’s flexible budget for August appears below: Quilcene Oysteria
Flexible Budget
For the Month Ended August 31
Actual pounds (q) 8,000
Revenue ($4.00q) $32,000
Expenses:
Packing supplies ($0.50q) 4,000
Oyster bed maintenance ($3,200) 3,200
Wages and salaries ($2,900 + $0.30q) 5,300
Shipping ($0.80q) 6,400
Utilities ($830) 830
Other ($450 + $0.05q) 850
Total expense 20,580
Net operating income $11,420
The actual results for August appear below:
Quilcene Oysteria
Income Statement
For the Month Ended August 31
Actual pounds 8000
Revenue 35,200
Expenses:
Packing supplies .4200
Oyster bed maintenance .3100
Wages and salaries .5640
Shipping . .6950
Utilities .810
Other .980
Total expense .21,680
Net operating income .13,520
Required:
Prepare a report showing the company's revenue and spending variances for August.
Answers
Answer:
$ 2,100.00 F
Explanation:
Preparation of the report showing the company's revenue and spending variances for August.
QUILCENE OYSTERIA
REVENUE AND SPENDING VARIANCES
For the Month Ended August 31
Actual Results Flexible Budget
Revenue and Spending Variances
Pounds 8,000 8,000
Revenue ($4.00q) $
35,200- $32,000 =$3,200 F
Expenses:
Packing supplies ($0.50q)
4,200-4,000=200 U
Oyster bed maintenance ($3,200)
3,100-3,200=100 F
Wages and salaries ($2,900 + $0.30q) 5,640-5,300=340 U
Shipping ($0.80q)
6,950-6,400=550 U
Utilities ($830) 810-830=20 F
Other
($450 + $0.05q) 980 -850=130 U
TOTAL EXPENSE
21,680 20,580 1,100 U
NET OPERATING INCOME
$ 13,520 $ 11,420 $ 2,100 F
(35,200-21,680=$ 13,520)
($32,000-20,580=$11,420)
($3,200-1,100=$2,100)
Summary:
Quilcene Oysteria
Revenues and Spending Variance
For the Month ended August 31
Revenue $ 3,200.00 F
Expenses:
Packing supplies $ 200.00 U
Oyster Bed Maintenance $ 100.00 F
Wages and Salaries $ 340.00 U
Shipping $ 550.00 U
Utilities $ 20.00 F
Other $ 130.00 U
Total Expenses $ 1,100.00 U
Net Operating Income $ 2,100.00 F
Therefore the company's revenue and spending variances for August will be :$ 2,100.00 F
The calculation of finding the revenue and spending variances and the net increase in Q Company’s operating income for Quilcene Oysteria in August, is shown in the attached image below.
Operating income, also known as operating profit or operating earnings, is a measure of a company's profitability that reflects the results of its core operations. It represents the income generated from the company's primary business activities, excluding non-operating items such as interest income, interest expense, and income taxes. Operating income provides insight into the profitability and efficiency of a company's core operations, independent of its financing and tax-related activities.
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Wickland Company installs a manufacturing machine in its production facility at the beginning of the year at a cost of $156,000. The machine's useful life is estimated to be 20 years, or 110,000 units of product, with a $1,000 salvage value. During its second year, the machine produces 4,400 units of product. Determine the machines' second-year depreciation under the straight-line method.
Multiple Choice
$7,800.
$6,240.
$6,200.
$7,850.
$7,750.
Answers
Answer:
Explanation:
Annual depreciation=(cost-salvage value)/useful life
Annual depreciation =(156,000-1000)/20
Annual depreciation =$7750/year
Hence Depreciation for second year=$7750.
Brian, Kirk, and Jim established a partnership with equal capital contributions. However, Kirk provided an additional contribution in the form of a loan to the company. Which of the following is true?
A) Brian can withdraw capital advances from the partnership
B) Jim and Brian can prevent Kirk from withdrawing advances from the partnership.
C) Kirk and Brian can prevent Jim from withdrawing advances from the partnership.
D) Jim can withdraw capital advances from the partnership.
Answers
Answer:
B)
Explanation:
In this specific scenario, the term that is true is that Jim and Brian can legally prevent Kirk from withdrawing advances from the partnership. This is because all three of them entered into a partnership with equal contributions meaning that they all own the same percentage of the company and must all agree on things before they are done. Even though Kirk provided an additional contribution, this was a loan which will be paid back eventually but does not give kirk any extra power in the company and must discuss decisions with Brian and Jim before it can be done.
With some exceptions, it is a criminal offense for a minor to:
Answers
With some exceptions, it is a criminal offense for a minor to engage in certain activities, such as:
1. Purchase or consume alcohol or tobacco products.
2. Drive a car without a valid driver's license.
3. Vote in an election.
4. Serve on a jury.
5. Work in certain hazardous occupations.
6. Enter into a binding contract.
7. Get a tattoo or piercing without parental consent.
8. Possess or use firearms.
9. Run away from home without parental consent.
10. Engage in sexual activity with an adult.
11. Commit certain crimes.
The specific laws and regulations regarding minors vary by state and country, so it is important to check the relevant laws in your area. Minors are individuals who are under the age of majority, which varies by location but is typically 18 years old. Because minors are considered to be legally incapable of making certain decisions, there are laws and regulations in place to protect them from harm and ensure that they are not taken advantage of.
For example, it is illegal for a minor to purchase or consume alcohol or tobacco products because these substances can be harmful to their health and development. Similarly, minors are not allowed to drive a car without a valid driver's license because they may not have the necessary skills and experience to operate a vehicle safely.
Other activities, such as voting, serving on a jury, or entering into a binding contract, require a certain level of maturity and responsibility that minors may not yet possess. In some cases, minors may be allowed to engage in these activities with the consent of a parent or legal guardian.
In general, the laws and regulations regarding minors are designed to protect their health, safety, and well-being, and to ensure that they have the opportunity to grow and develop into responsible adults.
Vincent corporation has 100,00 shares of 100 par common stock outstanding. on june30 ,Vincent corporation declared a 5% stock dividend to be issued on July 30 to stockholders of record july15. the market price of the stock was $132 a share on June 30. journalize the entries required on June 30 and july30
Answers
The common stock that is seen here would be $500000
What is the common stock outstanding?This is the term that would simply be used to refer to all of the shares that the shareholders of a company as well as the people that are the insiders in the company would own.
How to solve for the journal entriesThe retained earnings is given as
$132 * 0.05
= $6.6
= 6.6 x 100000
= 660000
The debit is $660000
The credit is 100000 x 5 = 500000
paid in capital in excess of par = 660000 - 500000
= $160000
The stock dividend distributable = $500000
common stock is given as $500000
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Listed below are a few events and transactions of Kodax Company.
Jan. 2 Purchased 92,000 shares of Grecco Co. common stock for $526,000 cash. Grecco has 276,000 shares of common stock outstanding, and its activities will be significantly influenced by Kodax.
Sept. 1 Grecco declared and paid a cash dividend of $1.50 per share.
Dec. 31 Grecco announced that net income for the year is $507,900. Year 2
June 1 Grecco declared and paid a cash dividend of $3.80 per share.
Dec. 31 Grecco announced that net income for the year is $735,400.
Dec. 31 Kodax sold 13,000 shares of Grecco for $96,500 cash.
Required:
Prepare journal to record the above transactions and events of kodax Company.
Answers
Answer:
Jan. 2
Investment in Associate $526,000 (debit)
Cash $526,000 (credit)
Sept. 1
Cash $138,000 (debit)
Dividend Received $138,000 (credit)
June 1
Cash $349,600 (debit)
Dividend Received $349,600 (credit)
Dec. 31
Cash $96,500 (debit)
Investment in Associate $96,500 (credit)
Explanation:
When Kodax Company purchased 92,000 shares of Grecco Co she had significant influence (more than 20% of shareholding in Grecco Co). We call this an Investment in an Associate.
The Investment in Associate is a Financial Asset to the Holder (Kodax Company) and an Equity Element to the Investee (Grecco Co) and should be recorded appropriately as above.
A free enterprise system provides individuals the opportunity to make their own economic decisions, without restrictions from the government. It allows the supply and demand of consumers to determine the success or failure of an economic endeavor. As a result, some business owners have become successful, while others have not.
In an essay, you will choose an entrepreneur and argue whether the free enterprise system was necessary for that individual to make an impact on the business world.
Answers
The entrepreneur that is chosen for this argument is Steve Jobs. Steve Jobs was one of the co-founders of Apple, which is now a trillion-dollar company.
The free enterprise system was necessary for Steve Jobs to make an impact on the business world. Steve Jobs did not come from a wealthy background, but he had a passion for technology. The free enterprise system allowed him to start a business without any restrictions from the government.
He was able to create innovative products, such as the iPhone and iPad, and sell them to consumers. The supply and demand of consumers determined the success or failure of his business endeavors. Steve Jobs was able to create a successful company and become a billionaire because of the free enterprise system.
Without the free enterprise system, Steve Jobs may not have been able to start a successful business and make an impact on the business world.
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Which of the following statements is true regarding project managers?
O a. Project managers have authority over the project but not over the people assigned to it.
O b. Project managers have authority over finances but not over the product assigned to them.
c. Project managers have authority over resources but not over the project assigned to them.
d. Project managers have authority over people but not over the project assigned to them.
O e. Project managers have authority over people but not over the other resources assigned to the project.
Answers
The truth regarding project managers is option a. Project managers have authority over the project but not over the people assigned to it.
As the leader of a project, a project manager is responsible for ensuring the project's success by overseeing various aspects such as planning, execution, monitoring, and closure. They are also in charge of managing the project's scope, time, cost, quality, and risks. However, a project manager's authority over the people assigned to the project is often limited.
While they can assign tasks and set deadlines, they may not have direct control over the team members, as these individuals usually report to their functional managers. Project managers work with functional managers to coordinate resources and ensure team members are engaged and contributing effectively to the project. This arrangement enables project managers to focus on the overall project objectives and delegate specific tasks to team members with relevant expertise.
Project managers rely on their communication, negotiation, and problem-solving skills to work effectively with team members and stakeholders to achieve project goals. In summary, project managers have authority over the project, but their authority over the people assigned to it is often limited, as team members usually report to their respective functional managers. Therefore, the correct answer is option a.
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WILL GIVE BRAINLIEST!! NEED ASAP
After the sale has been completed, what important step still remains for the
sales associate to do?
A. Ship the package to the physical location specified by the buyer
B. Follow up with the customer after an appropriate amount of time
C. Report the purchase to the Internal Revenue Service (IRS) for tax
purposes
D. Delete the records of customer interaction during the sales
process so privacy is not unintentionally compromised
Answers
Answer: Follow up with the customer after an appropriate amount of time
Explanation:
Burnside's has average accounts receivable of $33,700, average inventory of $54,200, sales of $364,200, and cost of goods sold of $193,400. How long does it take the firm to sell its inventory and collect payment on the sale?
Answers
It takes Burnside's approximately 102 days to sell its inventory and about 33.7 days to collect payment on the sale.
To calculate the inventory turnover and accounts receivable turnover, we can use the following formulas:
Inventory Turnover = Cost of Goods Sold / Average Inventory
Accounts Receivable Turnover = Sales / Average Accounts Receivable
Given the information provided:
Average Accounts Receivable = $33,700
Average Inventory = $54,200
Sales = $364,200
Cost of Goods Sold = $193,400
Calculating the turnover ratios:
Inventory Turnover = $193,400 / $54,200 = 3.57
Accounts Receivable Turnover = $364,200 / $33,700 = 10.81
The inventory turnover of 3.57 indicates that Burnside's sells its entire inventory approximately 3.57 times per year. This implies that, on average, it takes about 102 days (365 days divided by 3.57) for the firm to sell its inventory.
The accounts receivable turnover of 10.81 suggests that Burnside's collects payment on its sales approximately 10.81 times per year. This implies that, on average, it takes about 33.7 days (365 days divided by 10.81) for the firm to collect payment on the sale.
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Going with a National Distributor is always best!
Question 4 options:
True
False
Answers
Definition. Company owned or controlled by more than 50% by companies with headquarters in the country
2.- Regarding Money Laundering issues:
a) A cross-border intra-firm loan should be considered as a placement stage step
b) The transfer from a bank account for the buy-to-rent of a building, with the intention
to steadily report the income obtained, should be considered as a placement stage
c) Mixing unreported income from illegal sources with the legal profits of a business is
an example of the integration stage
d) All the previous options are TRUE
e) All the previous options are FALSE
Answers
As regards money laundering issues, d) All the previous options are TRUE
What is money laundering ?Money laundering refers to the process of disguising the proceeds of illegal activity as legitimate funds. It involves three stages: placement, layering, and integration.
A cross-border intra-firm loan should be considered as a placement stage step: Placement refers to the initial introduction of illicit funds into the financial system. In this stage, the launderer seeks to find a way to get the illicit funds into the financial system without attracting attention. A cross-border intra-firm loan, in which a company loans money to itself or to a related company in another country, could be used as a way to place illicit funds into the financial system without attracting attention.
The transfer from a bank account for the buy-to-rent of a building, with the intention to steadily report the income obtained, should be considered as a placement stage. Therefore, all the options are correct.
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What is one of the most profitable bank services offered by a bank?
A)Debit Cards
B)Credit Cards
C)Savings Accounts
D)Electronic Fund Transfers