Answer and Explanation:
The computation of the total manufacturing cost is shown below:
As we know that
Total manufacturing cost is
= Direct raw material used + direct labor cost + manufacturing overhead cost
= ($260,000 + $800,000 - $310,000) + $670,000 + $640,000
= $2,060,000
2. The management of exception means examining the financial and operational business results and considered the issues that faced by the company by having attention on it. ALso it considered teh differences arise from the expected amount
So here means that non-favorable difference would be investigated or material difference would be investigated
BSW Corporation has a bond issue outstanding with an annual coupon rate of 5.4 percent paid quarterly and four years remaining until maturity. The par value of the bond is $1,000. Determine the fair present value of the bond if market conditions justify a 11 percent, compounded quarterly, required rate of return. (Do not round intermediate calculations. Round your answer to 2 decimal places. (e.g., 32.16))
Answer:
$820.74
Explanation:
Rate = 11%/4 = 0.0275
Nper = 4*4 = 16
Pmt = 1000*5.4%*1/4 = $13.50
Fv = $1,000.00
Present value of bond = PV (Rate, Nper, Pmt, Fv)
Present value of bond = PV(0.0275, 16, 13.50, 1000)
Present value of bond = $820.74
So, the fair present value of the bond if market conditions justify a 11 percent, compounded quarterly is $820.74
You start a new business in town that is very successful. However, you find out after the first year of operation that you must have a safety permit, and that safety permit must be obtained upon commencement of your business. Obviously you have violated the law. You never had any training in running a business nor did anyone tell you about this law. You can tell the judge you did not know what the law was and he will dismiss your case because of that.
a. True
b. False
Answer:
b. False
Explanation:
False, the judge will not dismiss your case because the fact that you did not know about the safety permit does not exonerate you from fulfilling or breaching the law. As an entrepreneur, it is your legal responsability to meet all license requirements and permits that opening a business in your state requires.
It is false that the judge will dismiss your case because of ignorance.
What is ignorance of the law?It is a legal principle that binds a person that is not aware of law and such individual may not escape the liability for violating the law merely by not being aware of its content.
Although ignorance of the law, is not a defence for violating a principle or law.
It is important as an entrepreneur, to meet all license and permits requirements for opening a business in your state.
Therefore, It is false that the judge will dismiss your case because of ignorance.
Learn more on Law here,
https://brainly.com/question/13383200
On January 1, 2019, Cullumber Corporation acquired machinery at a cost of $1650000. Cullumber adopted the straight-line method of depreciation for this machine and had been recording depreciation over an estimated life of ten years, with no residual value. At the beginning of 2022, a decision was made to change to the double-declining balance method of depreciation for this machine. Assuming a 30% tax rate, the cumulative effect of this accounting change on beginning retained earnings, is
Answer:
$0
Explanation:
Since in the given situation there is a depreciation method change i.e. from the straight-line method to double-declining method so there would be no impact restrospectively.
Hence, there would be no cumulative impact as it creates the impact prospectively
So the impact would be zero
Sales for the year were $83,000. The balance sheet at the end of the year is given below:
Assets Liabilities and Equity
Cash 12,000 Accounts payable 19,000
Marketable securities 2,000 Notes payable 6,000
Accounts receivable 6,000 Current liabilities 25,000
Inventory 41,000 Long-term debt 95,000
Current assets 61,000 Total liabilities 120,000
Machines 34,000 Paid-in capital 20,000
Real estate 80,000 Retained earnings 35,000
Net fixed assets 114,000 Equity 55,000
Total assets 149,000 Total lib. & equity 149,000
Required:
What is the firm's days' sales in inventory?
Answer:
See below
Explanation:
The above is an incomplete question. From a similar question, we were given cost of goods sold to be $60,800.
Firm's day sales in inventory is computed as;
= (Ending inventory / Cost of goods sold) × 365
Given that;
Ending inventory = $41,000
Cost of goods sold = $60,800
= ($41,000/$60,800) × 365
= 246days
This information relates to Ayayai Real Estate Agency.
Oct. 1 Stockholders invest $29,100 in exchange for common stock of the corporation.
2 Hires an administrative assistant at an annual salary of $30,000.
3 Buys office furniture for $3,610, on account.
6 Sells a house and lot for E. C. Roads; commissions due from Roads,
$10,000 (not paid by Roads at this time).
10 Receives cash of $130 as commission for acting as rental agent renting an
apartment.
27 Pays $600 on account for the office furniture purchased on October 3.
30 Pays the administrative assistant $2,500 in salary for October.
Prepare the debit-credit analysis for each transaction.
Answer:
Oct. 1
Dr Increase Assets
Dr Cash $29,100
Cr Increase stockholders'equity
Cr Common stock $29,100
Oct. 2
Dr No Effect
Dr No Effect $0
Cr No Effect
Cr No Effect $0
Oct. 3
Dr Increase Assets
Dr Office furniture $3,610
Cr Increase Liabilities
Cr Accounts payable $3,610
Oct. 6
Dr Increase Assets
Dr Accounts receivable $10,000
Cr Increase Revenues
Cr Service revenue $10,000
Oct. 10
Dr Increase Assets
Dr Cash $130
Cr Increase Revenues
Cr Service revenue $130
Oct. 27
Dr Decrease Liabilities
Dr Accounts payable $600
Cr Decrease Assets
Cr Cash $600
Oct. 30
Dr Increase Expenses
Dr Salaries and wages expense $2,500
Cr Decrease Assets
Cr Cash $2,500
Explanation:
Preparation of the debit-credit analysis for each transaction.
Oct. 1
Dr Increase Assets
Dr Cash $29,100
Cr Increase stockholders'equity
Cr Common stock $29,100
(Being To record common stock)
Oct. 2
Dr No Effect
Dr No Effect $0
Cr No Effect
Cr No Effect $0
Oct. 3
Dr Increase Assets
Dr Office furniture $3,610
Cr Increase Liabilities
Cr Accounts payable $3,610
( Being To record purchase of office furniture)
Oct. 6
Dr Increase Assets
Dr Accounts receivable $10,000
Cr Increase Revenues
Cr Service revenue $10,000
( Being To record service revenue)
Oct. 10
Dr Increase Assets
Dr Cash $130
Cr Increase Revenues
Cr Service revenue $130
(Being To record service revenue)
Oct. 27
Dr Decrease Liabilities
Dr Accounts payable $600
Cr Decrease Assets
Cr Cash $600
(Being To record payment of office furniture)
Oct. 30
Dr Increase Expenses
Dr Salaries and wages expense $2,500
Cr Decrease Assets
Cr Cash $2,500
(Being To record salaries expense)
You wish to retire in 20 years, at which time you want to have accumulated enough money to receive an annual annuity of $24,000 for 25 years after retirement. During the period before retirement you can earn 10 percent annually, while after retirement you can earn 12 percent on your money. What annual contributions to the retirement fund will allow you to receive the $24,000 annuity
Answer:
$3,286.52
Explanation:
Interest rate per annum = 12.00%
Number of years = 25
Number of compounding per per annum = 1
Interest rate per period (r) = 12.00%
Number of periods (n) = 25
Payment per period (P) = $24,000
PV of $24,000 payments after 20 years = P * [1 - (1/(1+r)^n)]/ r
PV of $24,000 payments after 20 years = 24000*[1-(1/(1+12%)^25]/12%
PV of $24,000 payments after 20 years = $188,235.34
Interest rate per annum = 10.00%
Number of years= 20
Number of payments per per annum = 1
Interest rate per period (r) = 10.00%
Number of periods (n) = 20
Future value of annuity (FVA) = $188,235
Annual contribution (P) = FVA/ ([ (1+r)^n - 1] / r)
Annual contribution (P) = 188235/(((1+10%)^20-1)/10%)
Annual contribution (P) = $3,286.52
At the beginning of 2019, Donna Company had $1,000 of supplies on hand and this amount was properly recorded as a debit in a Supplies (asset) account. During 2019, the company purchased supplies amounting to $6,200 (paid for in cash and debited to the supplies account). At December 31, 2019, a count of supplies revealed that $1,600 of supplies were on hand. The adjusting entry that Donna Company made on December 31, 2019 to adjust the Supplies account would include
Answer:
Credit to Supplies for $5,200
Explanation:
Based on the information given if At the beginning of 2019 the Company had the amount of $1,000 of supplies on hand in which the amount was recorded properly as a debit in a Supplies account, which means that i During 2019, the company purchased supplies amounting to the amount of $6,200 The adjusting journal entry that Donna Company would record at the end of the current year to adjust the Supplies account would include a:
Credit to Supplies for $5,200.
($6,200-$1,000)
The following information is related to Splish Company for 2020.
Retained earnings balance, January 1, 2020 $1,332,800
Sales Revenue 34,000,000
Cost of goods sold 21,760,000
Interest revenue 95,200
Selling and administrative expenses 6,392,000
Write-off of goodwill 1,115,200
Income taxes for 2020 1,691,840
Gain on the sale of investments 149,600
Loss due to flood damage 530,400
Loss on the disposition of the wholesale division (net of tax) 598,400
Loss on operations of the wholesale division (net of tax) 122,400
Dividends declared on common stock 340,000
Dividends declared on preferred stock 108,800
Splish Company decided to discontinue its entire wholesale operations (considered a discontinued operation) and to retain its manufacturing operations. On September 15, Splish sold the wholesale operations to Rogers Company. During 2020, there were 500,000 shares of common stock outstanding all year.
Required:
Prepare a multiple—step income statement.
Answer:
Net income is $2,034,560.
Explanation:
The multiple-step income statement refers to an income statement that segregates operating revenues and operating expenses of an organisation from its nonoperating revenues, nonoperating expenses, gains, and losses. In addition, gross profit which is net sales revenue minus the cost of goods sold.
The multiple-step income statement is an alternative to the single-step income statement which reports uses just one equation to calculate profits by deducting total revenue from total expenses from segregating them.
The multiple step income statement of Splish Company for 2020 will look as follows:
Splish Company
Income Statement
For the Year Ended December 31, 2020
Particulars $ $
Sales Revenue 34,000,000
Cost of goods sold (21,760,000)
Gross profit 12,240,000
Selling and administrative expenses (6,392,000)
Income from operation 5,848,000
Other revenues and gains
Interest revenue 95,200
Gain on the sale of investments 149,600
Total other revenues and gains 244,800
6,092,800
Other expenses and losses
Write-off of goodwill (1,115,200)
Loss due to flood damage (530,400)
Total other expenses and losses (1,645,600)
Income from continuing op. b4 tax 4,447,200
Income taxes (1,691,840)
Income from continuing operation 2,755,360
Discontinued operation
Loss on disposal (net of tax) (598,400)
Loss on operations (net of tax) (122,400)
(720,800)
Net income 2,034,560
The outstanding capital stock of Coronado Corporation consists of 1,900 shares of $100 par value, 9% preferred, and 5,400 shares of $50 par value common. Assuming that the company has retained earnings of $87,500, all of which is to be paid out in dividends, and that preferred dividends were not paid during the 2 years preceding the current year, state how much each class of stock should receive under each of the following conditions. (a) The preferred stock is noncumulative and nonparticipating. (Round answers to 0 decimal places, e.g. $38,487.) Preferred Common $enter a dollar amount rounded to 0 decimal places 17100 $enter a dollar amount rounded to 0 decimal places 70400 (b) The preferred stock is cumulative and nonparticipating. (Round answers to 0 decimal places, e.g. $38,487.) Preferred Common $enter a dollar amount rounded to 0 decimal places 51300 $enter a dollar amount rounded to 0 decimal places 36200 (c) The preferred stock is cumulative and participating. (Round the rate of participation to 4 decimal places, e.g.1.4278%. Round answers to 0 decimal places, e.g. $38,487.) Preferred Common $enter a dollar amount rounded to 0 decimal places 61332 $enter a dollar amount rounded to 0 decimal places 38556
Answer:
Coronado Corporation
a) The preferred stock is noncumulative and nonparticipating:
Allocation Preferred Stock Common Stock
of Dividends
$87,500 $17,100 ($190,000 * 9%) $70,400 ($87,500 - 17,100)
b) The preferred stock is cumulative and nonparticipating:
Allocation Preferred Stock Common Stock
of Dividends
$87,500 $51,300 ($190,000 * 9%)*3 $36,200 ($87,500 - 51,300)
c) The preferred stock is cumulative and participating
Allocation Preferred Stock Common Stock
of Dividends
$87,500 $48,944 $38,556
Amount due $17,100 ($190,000 * 9%)
Participation $31,844 = $31,844/$87,500 * 100 = 36.4%
Participation = $87,500 - ($17,100 + $38,556) = $31,844
Explanation:
a) Data and Calculations:
Outstanding capital stock:
9% Preferred stock = 1,900 shares of $100 par value ($190,000)
Common stock = 5,400 shares of $50 par value ($270,000)
Assuming retained earnings = $87,500 to be paid out in dividends.
No preference stock dividends were paid out during the last 2 years.
1) The preferred stock is noncumulative and nonparticipating:
Allocation Preferred Stock Common Stock
of Dividends
$87,500 $17,100 ($190,000 * 9%) $70,400 ($87,500 - 17,100)
2) The preferred stock is cumulative and nonparticipating:
Allocation Preferred Stock Common Stock
of Dividends
$87,500 $51,300 ($190,000 * 9%)*3 $36,200 ($87,500 - 51,300)
3) The preferred stock is cumulative and participating
Allocation Preferred Stock Common Stock
of Dividends
$87,500 $48,944 $38,556
Amount due $17,100 ($190,000 * 9%)
Participation $31,844 = $31,844/$87,500 * 100 = 36.4%
Participation = $87,500 - ($17,100 + $38,556) = $31,844
Which type of marketing intermediary are sales representatives of manufacturers and wholesalers?
A. Industrial distributors
B. Service providers
C. Agents
D. Brokers
Answer:
C. Agents
Explanation:
They are sales representatives for manufacturers or wholesalers and usually are hired on a commission basis.
Mutual interdependence occurs when
a. all firms in an industry are affected by the same macro economic conditions, such as a recession, inflation, interest rates, exchange rates, etc.
b. the actions of firms are independent of each other.
c. the actions of one firm in an industry are easily recognized and perhaps copied by others.
d. monopolists recognize that they must face eventual competition in the long run.
Answer:
See below
Explanation:
Mutual interdepence means that action of one firm is seen and copied by others.
Select the sentence that best demonstrates professional writing skills. Group of answer choices
a. If you forget to clock in or out, please let Melanie Smith or I know, and we will correct your timesheet.
b. If you forget to clock in or out, please let Melanie Smith or me know, and we will correct your timesheet.
c. If you forget to clock in or out, please let Melanie Smithor myself know, and we will correct your timesheet.
Answer:
b. If you forget to clock in or out, please let Melanie Smith or me know, and we will correct your timesheet.
Explanation:
Here me represent that it would be referred to ourselves while on the other hand, the myself and I are used for reflecting an action back to ourselved and the sentence subject
Therefore according to the given scenario, the option b is correct
And, the remaining of the options are incorrect
Fiji, Inc. started 2025 with $12,000 in assets and $2,500 in liabilities. Fiji had issued 50 shares of stock when it went into business in 2019 for $10 per share, and not stock has been issued since that time. At December 31, 2025, Fiji had $23,000 in assets and $4,000 in liabilities. How much was Fiji's net income during 2025 if the company paid $1,000 in dividends during the year?
a $11,500
b $12,000
c $10,500
d $11,000
e None of the above
Answer:
$See below
Explanation:
Fuji Net income in 2025 is computed as
= Beginning asset + Dividend - Beginning liabilities
Given that;
Beginning asset = $12,000
Dividend = $1,000
Beginning liabilities = $2,500
Net income
= $12,000 + $1,000 - $2,500
= $10,500
A company produces and sells hair dryers in a market where price (p) and demand (D) are related follows: p = $35+ (3,000)/D-(4,800)/D2 The fixed cost (Ct) is $800 per month and the variable cost per hair dryer (c.) is $38. - Add to % E Q
With reference to the company in Question 1, assume price and demand are unrelated. The company sells the hair dryers for $80 each if they spend $8,000 per month on advertising (C.). CF and c, remain as indicated in Question 1. The maximum production capacity is 5,000 hair dryers per month.
a) What is the demand breakeven point?
b) Is the company's demand breakeven point (in %) more sensitive to 10% increase in sales price or 20% reduction in variable costs? Explain your answer.
Answer:
Explanation:
Given that:
[tex]p = 35 + \dfrac{3000}{D}- \dfrac{4800}{D^2}[/tex]
The total revenue = p × D
∴
multiplying both sides by D; we have:
[tex]p\times D = 35 \times D + \dfrac{3000}{D} \times D- \dfrac{4800}{D^2}\times D[/tex]
[tex]= 35 D +3000}{D} - \dfrac{4800}{D}[/tex]
The total cost = (Per unit Variable cost × D) + Advertising cost
The total cost = 38D + 8000
The selling price = 80
From D units, the total revenue = 80D
∴
The break-even will take place when total revenue equals total cost.
So;
8000 + 38D = 80D
8000 = 80 D - 38D
8000 =42D
D = 8000/42
D = 190.48
(b)
Suppose the new sales price
Then;
8000 + 38D = 88D
8000 = 88D - 38D
8000 = 50D
D = 160
Hence, the break-even decreases by:
[tex]\Big(\dfrac{190.48-160}{190.48}\times 100\Big) = 16\%[/tex]
However; suppose the variable cost = 30.4
Then;
8000 + 30.4D = 80D
8000 = 80D - 30.4D
8000 = 49.6D
D = 8000/49.6
D = 161.29
Therefore;
This implies that the break-even decreased by:
[tex]\Big(\dfrac{190.48-161.29}{190.48}\times 100\Big) = 15.32\%[/tex]
Hence, the break-even is more likely to change by 10% in its selling price.
Recently, a group of university students decided to incorporate for the purposes of selling a process to recycle the waste product from manufacturing cheese. Some of the initial costs involved were legal fees and office expenses incurred in starting the business, state incorporation fees, and stamp taxes. One student wishes to charge these costs against revenue in the current period. Another wishes to defer these costs and amortize them in the future. Which student is correct
Answer:
The student wishing to defer these costs and amortize them in the future.
Explanation:
Indeed, according to standard regulatory requirements, all the initial costs associated with incorporating a business cannot be deducted all at once in the first year of operation.
However, these costs are spread over a long period of time. And one way to do this is to amortize them in the future. Therefore, the second student deferring cost is correct.
the balance in the supplies account, before adjustment at the end of the year is 2750. the inventory of supplies at the end of the year was determined to be 600. the estimated depreciation on equipment at the end of the year is 1600. journalize the adjusting entries required at the end of the year to recognize
A. supplies used during the year and
B. depreciation expense for the year.
Answer and Explanation:
The adjusting entries are shown below:
a. Supplies Expense Dr ($2,750 - $600) $2,150
To Supplies $2,150
(being supplies expense is recorded)
Here supplies expense is debited as it increased the expense and credited the supplies as it decreased the assets
b. Depreciation expense $1,600
To Accumulated depreciation $1,600
(being depreciation expense is recorded)
Here depreciation expense is debited as it increased the expense and credited the accumulated depreciation as it decreased the assets
look at the screenshot
a,b, or c
Answer:
A
Explanation:
i don't know basta A ang napili ko
Your division has been asked to compile a recommendation for the price point for an innovative software application. You need to know how much customers will be willing to pay and under what circumstances. Conduct a scientific experiment. Access traditional sources and electronic sources. Conduct primary research for firsthand information. Routine tasks often require informal research methods.
Answer:
:Conduct a Scientific experiment
Explanation:
From the question, we are given an instance, whereby Your division has been asked to compile a recommendation for the price point for an innovative software application. You need to know how much customers will be willing to pay and under what circumstances. In this case you need to
Conduct a scientific experiment. An experiment can be regarded as
a procedure that is been carried out so that an hypothesis can be validated or refuted. It gives an insight about cause-and-effect so that the outcomes can be known if some of the favors in the experiment is manipulated.
Which of the following events would cause a bank to reduce a depositor's account?
The depositor orders new checks through the bank at a cost of $50.
The bank collects a note receivable and related interest on the depositor's behalf.
There are outstanding checks drawn on the account at month-end.
There are deposits in transit on the account at month-end.
The bank corrects an error from previous month by adding $75 to the depositor account
Answer:
There are two events that would reduce a depositor's account:
- the depositor orders new checks through the bank for $50
- there are outstanding checks drawn on the account at the month-end
Explanation:
These situations will decrease the depositor's account balance by $50 and for the amount of the outstanding checks (which amounts were not stated).
You work in the finance division of a company listed in the Stock Exchange. You have just learned that your supervisor has been using infomation on quarterty retums, prior to the time they are made public, to trade in the company's stock. Is this unethical? If yes, name the elhical issue. Explain why you think there is or not an ethical issue
Answer:
Yes it is. Ethical issue ⇒ Insider Trading.Explanation:
Trading on the stock exchange is supposed to be as fair as possible so that every investor has a fair chance of making returns. If a person - like this supervisor - is using information that is material but not publicly disclosed yet to trade on markets, the fairness of the market is compromised because the person will have an edge over other investors which will enable them make unfair profits.
Information on quarterly returns is usually material so we can expect it to be material here as well which means that the supervisor is engaged in insider trading.
Insider trading is not only unethical but also highly illegal. Reporting your supervisor can get them sent to jail.
Use the following items to determine the total assets, total liabilities, net worth, total cash inflows, and total cash outflows.
Rent for the month: $1,300
Monthly take-home salary: $2,835
Spending for food: $670
Cash in checking account: $580
Savings account balance: $2,020
Balance of educational loan: $2,940
Current value of automobile: $9,650
Telephone bill paid for month: $130
Credit card balance: $300
Loan payment: $210
Auto insurance: $360
Household possessions: $4,700
Video equipment: $2,675
Payment for electricity: $155
Lunches/parking at work: $245
Donations: $290
Personal computer: $1,850
Value of stock investment: $1,185
Clothing purchase: $175
Restaurant spending: $195
Answer:
Follows are the solution to this question:
[tex]\text{Total liabilities}= \$3,240\\\\\text{Net worth}=\$19,420\\\\\text{Total cash outflows}= \$3,730\\\\[/tex]
Explanation:
Calculating the values:
[tex]\text{Total assets} = \$22,660 (580 + 2,020 + 9,650+ 2,675+ 1,850+ 4,700 + 1185) \\\\\text{Total liabilities} = \$3,240 (300 + 2,940) \\\\\text{Net worth} = \$19,420 (\$22,660 - \$3,240) \\\\\text{Total cash inflows} = \$3,730\\\\\text{Total cash outflows} = \$3,730 (1300+ 670+ 360+ 245+ 175+ 130+ 210 + 155+ 290 + 195)[/tex]
Bond Yields are:_________
a. quoted as the average monthly rate of return and assume the bond is purchased today at the quoted price and held for twelve months.
b. quoted as annual rates of return and assume the bond is purchased today at the stated price and sold one year from today.
c. stated as a percentage of the maturity value and assume the bond is held to maturity.
d. stated as an annual rate of return and assume the bond is purchased today and held until maturity
Answer:
d. stated as an annual rate of return and assume the bond is purchased today and held until maturity
Explanation:
Bonds are financial debt instruments that are sold to investors in exchange for the interest or yeild they will generate over time.
Yield to maturity is the total yield that a bond will have from point of sale till maturity.
The yield is stated as an annual rate of return. For example 7% per year.
Usually the longer the maturity period of bonds the higher the yield of the bond
Keuka Studies does custom metal sculptures of horses and other animals. A horse sculpture is composed of numerous parts. They use a lathe to construct two types of parts. The "Body" part is used to support the torso of the horse and the "Leg" part is used to support the legs. Each horse sculpture needs 1 Body part and 4 Leg parts. Switching between either of the types of parts requires 12 minutes. Once ready to produce, the lathe produces a Body part in 3 minutes and a single Leg part in 3 minutes. The lathe only makes horse parts. For parts (a)-(d) assume Keuka operates a cyclic schedule in which they make 100 Body parts and then 400 Leg parts. Furthermore, assume the lathe is the bottleneck. Round your answer to 3 decimal places.
a. What is the maximum number of horse sculptures Keuka can make per hour? Do not round intermediate calculations. Enteryour answer as a percentage rounded to 2 decimal places.
b. What is the utilization (%) of the lathe?
Answer and Explanation:
a. The computation of the maximum number of horse sculptures can make per hour is shown below:
= (12 × 2) + (100 × 3) + (400 × 3)
= 24 + 300 + 1200
= 1524 minutes
Now cycle time in hours
= 1524 ÷ 60
= 25.40 hours
Number of horse scupltures could made is
= 400 ÷ 4
= 100
In per hour, it would be
= 100 ÷ 25.40 hours
= 3.94 hours
b. The utilization rate is
= (100 × 3) + (400 × 3) ÷ 1524 minutes
= 300 + 1200 ÷ 1524 minutes
= 1500 ÷ 1524 minutes
= 98.43%
The board of directors of Milligan Company has decided to dispose of an unneeded parcel of land through a property dividen to their shareholders. Invidivdual homesites have been identified on the land, and those individual sites will be deeded to the shareholders in proportion to their stock holdings. On december 31, 2013, the board of directors declares the property dividend. The land is to be officially deeded to the shareholders as of January 15, 2014 (i.e., pay date).
The board estimates the land to be worth approximately $200,000 on December 31, 2013. The book value of the land prior to the declaration is $175,000. On January 5, 2014, however, the city of Green Valley announces that the adjoining land will become the home of new recreational area, which will cause the value of the Milligan land to increase in value by an additional $100,000.
Required:
Prepare below journal entries to record the declaration of the property dividend on December 31, 2013 and the payment of the dividend on January 15, 2014.
Solution :
The declaration date of the dividends of Milligan Company is Dec,31 2013 on which the loss or the profit on the property will be booked. The book value in this case is $ 175,000 while the FMV is 200,000 dollars. Therefore the gain or the profit is = 200,000 - 150,000 = $ 500,00.
Therefore to gain a profit on the land appreciation of $500,00.
Declaring the dividends on Dec 31, 2013 from the retained earnings, that is the value of FMV of the land is given as :
The earnings retained = 200,000
To the dividends payable = 200,000
On the dividend payment date, Jan 5 2014
Dividends payable at = $200,000
To the land = 200,000
So the FMV or the value of the land is not relevant after Dec 31.
In the manufacture of car tires, a particular production process is known to yield 10 tires with defective walls in every batch of 100 tires produced. From a production batch of 100 tires,
a sample of 4 is selected for testing to destruction
Find the probability that the sample contains 1 defective tire.
Answer:
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Melissa Shallowford contributed a patent, accounts receivable, and $22,340 cash to a partnership. The patent had a book value of $8,650. However, the technology covered by the patent appeared to have significant market potential. Thus, the patent was appraised at $92,840. The accounts receivable control account was $34,300, with an allowance for doubtful accounts of $2,200. The partnership also assumed a $9,010 account payable owed to a Shallowford supplier.
Required:
On December 31, provide the journal entry for Shallowford's contribution to the partnership Rotor to the chart of accounts for the exact wordino of the account titles ONOW journals do not use ines for journal explanations. Every Ave on a journal page is used for debitor credil entries CNOW journals wol automatically indont a credit entry when a credit amount is entered.
Answer:
Date General Journal Debit Credit
Dec. 31 Cash $22,340
Patent $92,840
Accounts receivable $34,300
Allowance for doubtful accounts $2,200
Accounts payable $9,010
Holly Shallowford's , Capital $138,270
(To record capital brought in by Shallowford's)
For each of the following scenarios, show how each market is affected. Label the initial equilibrium price P1, and the original quantity Q1. Label the new equilibrium price P2 and the quantity Q2.Due to perfect weather conditions, there is a larger than expected crop of oranges this year. The weather conditions do not affect the crop of tangerines. Citrus juice is made from either oranges or tangerines and consumers have no preference for one or the other. Lastly, citrus juice and oatmeal are complements and oats are required to make oatmeal.a. Market for oranges,b. Market for citrus juice,c. Market for tangerines,d. Market for oatmeal,e. Market for oats.
Answer:
See answers below; in details.
Explanation:
A rephrase of the question:
Consider the following conditions and describe what happens to equilibrium price and quantity in each of the listed markets.
(A) MARKET FOR ORANGES
- There are better (or perfect) weather conditions this year
- This will bring about a larger harvest of oranges
- Q2 > Q1
- P2 < P1 , owing to the law of demand and supply. Truly, in this case, 'all other things' such as consumer taste are constant and the weather conditions didn't increase or reduce the turnout of tangerines.
(B) MARKET FOR CITRUS JUICE
- The information given (where consumer taste is constant) shows that the law of rationality applies. Customers/Consumers are rational. They'll go for the cheaper type of citrus juice and this price depends on the magnitude of raw materials such as the tangerines or oranges themselves.
- Given a higher output of oranges, the market for citrus juice will boom. Hence Q2 of citrus juice > Q1 of citrus juice
- P2 of citrus juice < P1 of citrus juice
(C) MARKET FOR TANGERINES
- The information given about absence of consumer preference shows that oranges & tangerines are perfect substitutes.
- Substitution here means that one can perfectly replace the other and/or both fruits give the same value to end users.
- This means that there'll be less purchase of tangerines (either raw or juice) owing to the increased availability of oranges. Keep in mind that the quantity of tangerines harvested or produced did not fall in the year.
- So Q2 = Q1
- There is less purchase of tangerines this year and tangerine is a perishable good (it spoils or loses value with time) so, to encourage consumer purchase, producers in the market for tangerine will reduce the price. So P2 < P1
(D) MARKET FOR OATMEAL & (E) MARKET FOR OATS
- Citrus juice and oatmeal are complements. This means that they go together; in consumption. Just like the consumption of PMS is complementary to the consumption of car tires.
- The markets for oats and oatmeal will boom because the market for citrus juice is booming.
- As people consume more citrus juice, they'll purchase and consume more oatmeal.
- The output of oats under this weather condition isn't given so, we'll assume it to be constant.
- So the quantity of oats is constant but the price of oats will rise because its demand will rise or has risen. Q2 = Q1 ; P2 > P1
- In the market for oatmeal, quantity will increase and price will rise, due to higher demand. Q2 > Q1 ; P2 > P1
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Answer:
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Explanation:
At the time a $400 petty cash fund is being replenished, the company's accountant finds vouchers totaling $300 and petty cash of $100. The vouchers include: postage, $80; business lunches, $120; delivery fees, $60; and office supplies, $40. Which of the following is not recorded when recognizing expenditures from the petty cash fund?
A. Debit petty cash, $300
B. Credit petty cash, $300
C. Debit office supplies, $40
D. Debit postage expense, $80
Answer:
A. Debit petty cashier at the end of the
The toy buyer had the option of ordering stuffed animals directly from the manufacturer or from a nearby wholesaler. The manufacturer will not ship orders for less than $1,200 total list price. Delivery typically requires five weeks, and freight averages 2.5% of total billed cost. Trade discounts on this merchandise are 40% and 10%; terms are 2/10, n/30.
A wholesaler, located in the retailer's area, stocks many of the same stuffed animals. He does not require a minimum order and will deliver at no charge in the area if the order has a billed cost of at least $500. The manufacturer and wholesaler base cost on the same list price; however, the wholesaler sells with trade discounts of 40% and 8% and terms of 1/15. n/30.
Required:
What is the difference in the total net cost (including freight) of merchandise with a total list price of $1, 200 from these two vendors?
Answer:
difference between supplies = $4.68
Explanation:
cost of merchandise from manufacturer if paid within discount period:
$1,200 x (1 - 40%) = $720
$720 x (1 - 10%) = $648
freight cost = $648 x 2.5% = $16.20
discount for early payment = $648 x 2% = $12.96
total cost = $651.24
cost of merchandise from wholesaler if paid within discount period:
$1,200 x (1 - 40%) = $720
$720 x (1 - 8%) = $662.40
discount for early payment = $648 x 1% = $6.48
total cost = $655.92
difference between supplies = $4.68
Cost of merchandise from manufacturer if paid within discount period:
$1,200 x (1 - 40%) = $720 and $720 x (1 - 10%) = $648
Cost of merchandiseFreight cost = $648 x 2.5% = $16.20
Discount for early payment = $648 x 2% = $12.96
Then Total cost is = $651.24
Then the price of merchandise from wholesaler if paid within discount period: $1,200 x (1 - 40%) = $720 and $720 x (1 - 8%) = $662.40
After that discount for early payment is= $648 x 1% = $6.48
Then the full cost is = $655.92
Thus, the right answer is that the difference between supplies = $4.68
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