North Company designs and manufactures machines that facilitate DNA sequencing. Depending on the intended purpose of each machine and its functions, each machine is likely to be unique. The job costing system in its Norfolk plant has five activity cost pools, in addition to direct materials and direct labor. Job TPY—2306 requires 1,000 printed-circuit boards. The cost per board that passes the final inspection is $240. On average, only 50% of the completed units pass the final inspection. The prime costs per completed board include $26 for direct materials and $8 for direct labor

Required:
Information pertaining to manufacturing overhead for printed-circuit boards follows: Fill in the missing amount.


Activity Cost Driver Activity Driver Rate Activity Consumption per Board Factory Overhead per Board
Axial insertion Number of axial insertions $0.27 10.0
Hardware insertion Number of hardware insertions 4.00 110.0
Hand load Boothroyd time 8.00 48.24
Masking Number of points masked 0.30 170.00
Final test Test time 10.00 10.00

Answer:

1. Axial insertion

Factory overhead per board 2.70

2. Hand load

Activity consumption per board 27.50

3. Hand load

Activity driver rate 6.03

4. Masking

Factory overhead per board 51

5. Final test Test time 1

Explanation:

Calculation to Determine the missing amount

Activity Cost Driver Activity driver rate Activity consumption per board Factory overhead per board

1. Axial Insertion Number of axial insertions 0.27 10 10*.27 = 2.70

2. Hardware Insertion Number of hardware

insertions 4.00 (110/4 = 27.50) 110

3. Hand load Boothroyd time (48.24/8 = 6.03) 8 48.24

4. Masking Number of points masked 0.30 170 (170*.30 = 51)

5. Final test Test time (10/10=1) 10 10

Problem 5-15 Comprehensive Problem-Weighted-Average Method [LO5-2, LO5-3, LO5-4, LO5-5] Sunspot Beverages, Ltd., of Fiji uses the weighted-average method in its process costing system. It makes blended tropical fruit drinks in two stages. Fruit juices are extracted from fresh fruits and then blended in the Blending Department. The blended juices are then bottled and packed for shipping in the Bottling Department. The following information pertains to the operations of the Blending Department for June. Percent Completed Units Materials Conversion Work in process, beginning 20,000 100% 75% Started into production 180,000 Completed and transferred out 160,000 Work in process, ending 40,000 100% 25% Materials Conversion Work in process, beginning $ 25,200 $ 24,800 Cost added during June $ 334,800 $ 238,700 Required: 1. Calculate the Blending Department's equivalent units of production for materials and conversion in June. 2. Calculate the Blending Department's cost per equivalent unit for materials and conversion in June. 3. Calculate the Blending Department's cost of ending work in process inventory for materials, conversion, and in total for June. 4. Calculate the Blending Department's cost of units transferred out to the Bottling Department for materials, conversion, and in total for June. 5. Prepare a cost reconciliation report for the Blending Department for June.

Juan would like to give his
newly born grandson a gift of
$10,000 on his 18th birthday.
Juan can earn 7% annual
interest on a certificate of
deposit How much must he
deposit now in order to achieve
his goal?

Suppose that you borrow $18,000 for a new car. You can select one of the following loans, each requiring regular monthly payments: Installment Loan A: three-year loan at 5.3% Installment Loan B: five-year loan at 6.3%.

Required:
Find the monthly payments and the total interest for both Loan A and Loan B. Compare the monthly payments and the total interest for the two loans.

upply and demand
Question 8 of 10
Which situation would cause the price of a product to fall the most?
A. Both the demand and the supply fall.
B. Both the demand and supply rise.
C. The demand falls while the supply rises.
D. The demand rises while the supply falls.

The following events took place for Digital Vibe Manufacturing Company during January, the first month of its operations as a producer of digital video monitors:a. Purchased $168,500 of materialsb. Used $149,250 of direct materials in production.c. Incurred $360,000 of direct labor wages.d. Incurred $120,000 of factory overhead.e. Transferred $600,000 of work in process to finished goods.f. Sold goods for $875,000.g. Sold goods with a cost of $525,000.h. Incurred $125,000 of selling expense.i. Incurred $80,000 of administrative expense.Required:Using the information given, complete the following:A. Prepare the January income statement for Digital Vibe Manufacturing Company. Refer to the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. Be sure to complete the statement heading.B. Determine the Materials Inventory, Work in Process Inventory, and Finished Goods Inventory balances at the end of the first month of operations.Labels and Amount description:LabelsFor the Month Ended January 31For the Year Ended January 31January 31Amount DescriptionsAdministrative expensesCost of goods soldGross profitNet incomeRevenuesSelling expenses

To compose simple messages, you may need only to make a scratch list of your ideas before writing. Many messages, however, may require you to make an outline to organize your thoughts.

Use the scratch list to answer the question that follows.
The Boston Hotel
High-end linens
600-thread-count sheets
Coffee maker with selected teas
Imported beer
Fresh-squeezed juices
Affordability
Food and drink
Double-thick bath towels
Silk pillowcases
Raw silk curtains with gold embellishments
$100/night four-star rooms
Free snacks, shampoo, and conditioner
Free wireless Internet

You have been asked to organize the items on the scratch list into an outline for your supervisor. You have completed the outline when your supervisor sends you a quick e-mail with the additional scratch list that follows. Your supervisor wants you to include the items on the new scratch list that fit into your existing outline.


Evening wine tasting
Sparkling water
Safety
Communication
Four-star hotel restaurant
Cleanliness
Proximity to downtown shopping
Indoor pool

Which subpoints should you include in your outline?

a. [removed]Sparkling water, evening wine tasting, four-star hotel restaurant
b. [removed]Safety, indoor pool, proximity to downtown shopping
c. [removed]Safety, communication, cleanliness

On January 1, 2021, the general ledger of Dynamite Fireworks includes the following account balances:

Accounts Debit Credit
Cash $23,900
Accounts Receivable 5,300
Supplies 3,200
Land 51,000
Accounts Payable $3,300
Common Stock 66,000
Retained Earnings 14,100
Totals $83,400 $83,400

During January 2021, the following transactions occur:

January 2 Purchase rental space for one year in advance, $6,300 ($525/month).
January 9 Purchase additional supplies on account, $3,600.
January 13 Provide services to customers on account, $25,600.
January 17 Receive cash in advance from customers for services to be provided in the future, $3,800.
January 20 Pay cash for salaries, $11,600.
January 22 Receive cash on accounts receivable, $24,200.
January 29 Pay cash on accounts payable, $4,100.

Required:
a. Record each of the transactions listed above in the 'General Journal' tab (these are shown as items 1 - 7). Review the 'General Ledger' and the 'Trial Balance' tabs to see the effect of the transactions on the account balances.
b. Record the adjusting entries.
c. Rent for the month of January has expired.
d. Supplies remaining at the end of January total $3,500.

Sigma Corporation applies overhead cost to jobs on the basis of direct labor cost. Job V, which was started and completed during the current period, shows charges of $5,000 for direct materials, $8,000 for direct labor, and $6,000 for overhead on its job cost sheet. Job W, which is still in process at year-end, shows charges of $2,500 for direct materials and $4,000 for direct labor. Required: 1a. Should any overhead cost be applied to Job W at year-end? Yes No 1b. How much overhead cost should be applied to Job W? 2. How will the costs included in Job W’s job cost sheet be reported within Sigma Corporation’s financial statements at the end of the year? Raw Materials Work-in-Process Finished Goods

g Money is best defined as whatever serves society in three functions: medium of exchange, store of value, and unit of account. whatever the government allows money to be. paper bills and coins. Barter is best defined as a situation where two individuals each want some or service that the other can provide. literally trading one good for another without using money. an informal market such as a flea market. A double coincidence of wants is a situation in which money is used to facilitate economic transactions. a situation where two individuals each want some or service that the other can provide. literally trading one good for another without using money.

Vistakon, the maker of Acuvue brand contact lenses, is working on a new product launch. They are best known for their Acuvue 2 contact lenses, but are planning to launch Acuvue 3, which will provide 40% more moisture than Acuvue 2. The extra moisture will make the lenses more comfortable and cause less irritation. Vistakon has been in the new product planning process for a year. Currently, they are trying to determine the cannibalization rate of Acuvue 3. They believe that 30% of Acuvue 3 sales will come from Acuvue 2. Which stage of the new product planning process are they in

Information used to examine the profit margin management path comes from the retailer's income statement, which summarizes a firm's financial performance over a period of time. The information used to analyze a retailer's asset management path primarily comes from the retailer's balance sheet. Whereas the income statement summarizes the financial performance over a period of time, the balance sheet summarizes a retailer's financial position at a given point in time, typically at the end of the fiscal year.

The strategic profit model is a method for summarizing the factors that affect a firm's financial performance, as measured by return on assets. Return on assets is an important performance measure for a firm and its stockholders because it measures the profits that a firm makes relative to the assets it possesses. The strategic profit model decomposes ROA into two components: (1) operating profit margin percentage and (2) asset turnover. These two components illustrate that ROA is determined by two sets of activitiesâprofit margin management and asset turnover managementâand that a high ROA can be achieved by various combinations of operating profit margins and asset turnover levels.


1. Net Sales minus cost Of Goods sold
2. Net Profit Margin Percentage divided by Asset Turnover
3. Total Current Assets plus Total Fixed Assets
4. Net Profit before Taxes minus Taxes
5. Net Profit after Taxes divided by Net Sales
6. Gross Margin minus Operating Expenses
7. Net Sales divided by Total Assets


Match each of the options above to the items below.

a. Total Assets (All of the retailers combined assets)
b. Asset Turnover (This financial measure assesses the productivity of a firm's investment in its assets and indicates how many dollars are generated for each dollar Of assets)
c. Gross Margin (This measure indicates how much profit the retailer is making on merchandise sold, without considering the expenses associated with operating the store)
d. Net Operating Profit before Taxes (This measure Indicates how much profit a retailer is making before taxes are taken out)
e. Net Profit after Taxes (This measure indicates how much profit a retailer is making after taxes are taken out)
f. Net Profit Margin Percent (This financial measure is expressed as a percentage of net sales to facilitate comparisons across items, categories, and departments)
g. Return on Assets (This financial measure evaluates the profit generated by the assets possessed by the firm)

Frieling Company installs granite countertops in customers' homes. First, the customer chooses the particular granite slab, and then Frieling measures the countertop area at the customer's home, cuts the granite to that shape, and installs it. The Tramel job calls for direct materials of $1,900 and direct labor of $900. Overhead is applied at the rate of 150 percent of direct labor cost. Unfortunately, one small countertop breaks during installation and Frieling must cut another piece and install it to properly complete the job. The additional rework required direct materials costing $400 and direct labor costing $100. Assume that the spoilage was due to the inherently fragile nature of the piece of stone picked out by the Tramels. Frieling had warned them that the chosen piece could require much more care and potentially additional work. As a result, Frieling considers this spoilage to be caused by the Tramels' job.

Required:
a. Calculate the cost of the Tramel job.
b. Make any needed journal entry to the overhead control account. If an amount box does not require an entry, leave it blank.
c. What if the additional rework required $200 of direct labor? What would be the effect on the cost of the Tramel job?

If you wanted to purchase ownership interests in diversified portfolios of investments which type of financial product provider should you contact

Suppose at December 31 of a recent year, the following information (in thousands) was available for sunglasses manufacturer Oakley Inc.: ending inventory $150,221; beginning inventory $109,841; cost of goods sold $349,744 and sales revenue $694,487. Calculate the inventory turnover for Oakley, Inc. (Round inventory turnover to 2 decimal places, e.g. 5.12.) Inventory turnover enter Inventory turnover rounded to 2 decimal places times eTextbook and Media List of Accounts Calculate the days in inventory for Oakley, Inc. (Round days in inventory to 0 decimal places, e.g. 125.) Days in inventory enter Days in inventory rounded to 0 decimal places days

(a) A business pays weekly salaries of $22,000 on Friday for a five-day week ending on that day. Journalize the necessary adjusting entry at the end of the fiscal period, assuming that the fiscal period ends (1) on Tuesday, (2) on Wednesday. (b) The balance in the prepaid insurance account before adjustment at the end of the year is $18,000. Journalize the adjusting entry required under each of the following alternatives: (1) the amount of insurance expired during the year is $5,300, (2) the amount of unexpired insurance applicable to a future period is $2,700. (c) On July 1 of the current year, a business pays $54,000 to the city for license taxes for the coming fiscal year. The same business is also required to pay an annual property tax at the end of the year. The estimated amount of the current year's property tax allocated to July is $4,800. (1) Journalize the two adjusting entries required to bring the accounts affected by the taxes up to date as of July 31. (2) What is the amount of tax expense for July

CP4-1 Preparing an Adjusted Trial Balance, Closing Journal Entry, and Post-Closing Trial Balance [LO 4-3, LO 4-5][The following information applies to the questions displayed below.]The following is a list of accounts and amounts reported for Rollcom, inc., for the fiscal year ended September 30, 2015. The accounts have normal debit or credit balances. Accounts Payable $ 39,000 Accounts Receivable 66,400 Accumulated Depreciation—Equipment 21,400 Cash 80,200 Common Stock 94,700Equipment 90,600 Income Tax Expense 10,490 Notes Payable (long-term) 1,490 Office Expense 6,290 Rent Expense 164,100 Retained Earnings 99,790 Salaries and Wages Expense 128,600 Sales Revenue 325,400 Supplies 35,100ReferencesSection BreakCP4-1 Preparing an Adjusted Trial Balance, Closing Journal Entry, and Post-Closing Trial Balance [LO 4-3, LO 4-5]11.value:8.33 pointsRequired informationCP4-1 Part 22. Prepare the closing entry required at September 30, 2015. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)12.value:8.33 pointsRequired informationCP4-1 Part 33. Prepare a post-closing trial balance at September 30, 2015.

Roger Hillcrest owns 100 shares of $10 par, 5% noncumulative preferred stock. During the current year, there are no dividends
declared or paid. If there is a large cash dividend paid in the following year, Roger would be entitled to up to for the previous year before common shareholders are paid.

Famous Furniture Manufacturing Company reported the following information for 2019:

Beginning work-in-process inventory $130,000
Beginning raw materials inventory 47,500
Ending work-in-process inventory 112,500
Ending raw materials inventory 60,000
Direct material used 75,000
Direct labor 93,000
Applied manufacturing overhead 70,000
Actual manufacturing overhead cost 62,000

Any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold.

Required:
How much would Famous Furniture Manufacturing report as cost of goods manufactured at year-end?

Albert established a qualified tuition program for each of his twins, Kim and Jim. He started each fund with $20,000 when the children were five years old. Albert made no further contributions to his children's plans. Thirteen years later, both children have graduated from high school. Kim's fund has accumulated to $45,000, and Jim's has accumulated to $42,000. Kim decides to attend a state university, which will cost $60,000 for four years (tuition, fees, room and board, and books). Jim decides to going to work instead of going to college. During the current year, $7,500 is used from Kim's plan to pay the cost of her first semester in college. Because Jim is not going to college now or in the future, Albert withdraws the $42,000 plan balance and gives it to Jim to start his new life after high school.

Required:
a. During the period since the plans were established, should Albert or the twins have been including the annual plan earnings in gross income?
b. What are the tax consequences to Kim and Albert of the $7,500 being used for the first semester's higher education costs?
c. Because of her participation in the qualified tuition program, Kim received a 10% reduction in tuition charges; so less than $7,500 was withdrawn from her account. Is either Albert or Kim required to include the value of this discount in gross income?
d. What are the tax consequences to Albert of Jim's qualified tuition program being closed?

Based on your reading of the following, choose the best answer to the question.

The Maverick Motel recently had to shut down operations for two days to get rid of bedbugs. A paying guest complained about getting bitten about a week ago, but as far as management can tell, the bedbugs are an isolated problem and were found only in three rooms. What can the motel do to minimize the damage to its reputation as a result of a guest finding bedbugs?

A. Create a banner ad on the motel’s web site announcing that the bedbug situation is now under control.
B. Call the paying guest and explain the problem has been addressed and is not widespread, and then offer the customer free stays for an entire year.
C. Call the paying guest and beg her not to tell anybody that she was bitten by bedbugs at the motel.
D. Call the paying guest and offer her money if she promises not to tell anyone about the bedbugs.

The ledger of Shamrock, Inc. on March 31, 2022, includes the following selected accounts before adjusting entries.

Debit Credit
Supplies 2,780
Prepaid Insurance 2,240
Equipment 25,500
Unearned Service Revenue 14,700

An analysis of the accounts shows the following.

1. Insurance expires at the rate of $280 per month.
2. Supplies on hand total $890.
3. The equipment depreciates $170 per month.
4. During March, services were performed for two-fifths of the unearned service revenue.

Required:
Prepare the adjusting entries for the month of March.

Cone Corporation is in the process of preparing its December 31, 2018, balance sheet. There are some questions as to the proper classification of the following items:

a. $70,000 in cash restricted in a savings account to pay bonds payable. The bonds mature in 2022.
b. Prepaid rent of $44,000, covering the period January 1, 2019, through December 31, 2020.
c. Note payable of $240,000. The note is payable in annual installments of $40,000 each, with the first installment payable on March 1, 2019.
d. Accrued interest payable of $32,000 related to the note payable.
e. Investment in marketable securities of other corporations, $120,000.
f. Cone intends to sell one-half of the securities in 2019.

Required:
Prepare a partial classified balance sheet to show how each of the above items should be reported.

Bond X is a premium bond making semiannual payments. The bond pays a coupon rate of 10 percent, has a YTM of 8 percent, and has 14 years to maturity. Bond Y is a discount bond making semiannual payments. This bond pays a coupon rate of 8 percent, has a YTM of 10 percent, and also has 14 years to maturity. The bonds have a $1,000 par value. What is the price of each bond today? If interest rates remain unchanged, what do you expect the price of these bonds to be one year from now? In four years? In nine years? In 13 years? In 14 years? (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.)

Since the end of the recession in 2009. small businesses have
a. decreased in number:
b. contributed an average of $2 billion per year to the U.S. economy.
c. struggled more than large businesses
d. generated the majority of new jobs.​

Cammie received 100 NQOs (each option provides a right to purchase 10 shares of MNL stock for $10 per share). She started working for MNL Corporation four years ago (5/1/Y1) when MNL’s stock price was $8 per share. Now (8/15/Y5) that MNL’s stock price is $40 per share, she intends to exercise all of her options. After acquiring the 1,000 MNL shares with her stock options, she held the shares for over one year and sold (on 10/1/Y6) them at $60 per share.

Required:
a. What are Cammie's taxes due on the grant date (5/1/ Y 1), exercise date (8/15/Y5) , and sale date (10/1/Y6), assuming her ordinary marginal rate is 30 percent and her long-term capital gains rate is 15 percent?
b. What are MNL Corporation's tax savings on grant date (5/1/Y6), exercise date (8/15/Y5), and sale date (10/1/Y6), assuming its marginal tax rate is 35 percent?
c. Complete Cammie's Form 8949 and Schedule D for the year of sale. Also assume that the sale transaction of the MNL Corporation stock was not reported to Cammie on a Form 1099-8.

what message is this price tag telling shoppers? (other than it is on sale)

JJ Construction Inc. entered into a contract with a customer to build a movable storage facility on January 1, 2020, for $1,500,000. JJ Construction Inc. owns the work in process and constructs this type of storage unit for a number of customers. The customer made a down payment of 10% of the project, with an additional 10% due at the end of year one and the remaining due when it takes control of the facility. The facility is expected to be completed in two years for a total cost of $1,200,000. Actual costs incurred through December 31, 2020, are $500,000. Determine the amount of revenue to record in 2020.

As a group, U.S. consumers have no income response for their consumption of ice cream so that the income elasticity of demand for ice cream equals zero. Does this mean that the change in ice cream consumption that results from a price increase is entirely composed of the substitution effect? No, the income and substitution effects in this case move in opposite directions and completely offset one another, so it only appears that the income effect is zero No, any price change moves the point of consumption to a new indifference curve, so there must be a non-zero income effect We need more information about the goods to answer this question Yes, the income effect associated with a price change is zero

CASE 5–32 Break-Even Analysis for Individual Products in a Multiproduct Company LO5–5, LO5–9

Cheryl Montoya picked up the phone and called her boss, Wes Chan, the vice president of marketing at Piedmont Fasteners Corporation: “Wes, I’m not sure how to go about answering the questions
that came up at the meeting with the president yesterday.”
“What’s the problem?”
“The president wanted to know the break-even point for each of the company’s products, but I am having trouble figuring them out.”
“I’m sure you can handle it, Cheryl. And, by the way, I need your analysis on my desk tomorrow morning at 8:00 sharp in time for the follow-up meeting at 9:00.”
Piedmont Fasteners Corporation makes three different clothing fasteners in its manufacturing facility in North Carolina. Data concerning these products appear below:

Velcro Metal Nylon
Annual sales volume 100,000 200,000 400,000
Unit selling price $1.65 $1.50 $0.85
Variable expense per unit $1.25 $0.70 $0.25

Total fixed expenses are $400,000 per year.
All three products are sold in highly competitive markets, so the company is unable to raise prices without losing an unacceptable numbers of customers.
The company has an extremely effective lean production system, so there are no beginning or ending work in process or finished goods inventories.
Required:
1. What is the company’s over-all break-even point in dollar sales?
2. Of the total fixed expenses of $400,000, $20,000 could be avoided if the Velcro product is dropped, $80,000 if the Metal product is dropped, and $60,000 if the Nylon product is dropped. The remaining fixed expenses of $240,000 consist of common fixed expenses such as administrative salaries and rent on the factory building that could be avoided only by going out of business entirely.
a. What is the break-even point in unit sales for each product?
b. If the company sells exactly the break-even quantity of each product, what will be the overall profit of the company? Explain this result.

Stellar Corporation was organized on January 1, 2020. It is authorized to issue 9,100 shares of 8%, $100 par value preferred stock, and 525,800 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year.

Jan. 10 Issued 80,170 shares of common stock for cash at $6 per share.
Mar. 1 Issued 5,410 shares of preferred stock for cash at $112 per share.
Apr. 1 Issued 24,730 shares of common stock for land. The asking price of the land was $91,570; the fair value of the land was $80,170.
May 1 Issued 80,170 shares of common stock for cash at $9 per share.
Aug. 1 Issued 9,100 shares of common stock to attorneys in payment of their bill of $50,100 for services rendered in helping the company organize.
Sept. 1 Issued 9,100 shares of common stock for cash at $11 per share.
Nov. 1 Issued 1,010 shares of preferred stock for cash at $106 per share.

Required:
Prepare the journal entries to record the above transactions.