Answer:
false. it is Prospecting. The first of the seven steps in the sales process is prospecting. In this stage, you find potential customers and determine whether they have a need for your product or service—and whether they can afford what you offer.Explanation:
what is a Value Stream
Answer:
A value stream is the set of actions that take place to add value to a customer from the initial request through realization of value by the customer. The value stream begins with the initial concept, moves through various stages of development and on through delivery and support. A value stream always begins and ends with a customer.
Explanation:
Factory Overhead Rates, Entries, and Account Balance Sundance Solar Company operates two factories. The company applies factory overhead to jobs on the basis of machine hours in Factory 1 and on the basis of direct labor hours in Factory 2. Estimated factory overhead costs, direct labor hours, and machine hours are as follows:
Factory 1 Factory 2
Estimated factory overhead cost for fiscal year beginning March 1 $12,900,000 $10,200,000
Estimated direct labor hours for year 250,000
Estimated machine hours for year 600,000
Actual factory overhead costs for March $1,082,500 $840,833
Actual direct labor hours for March 20,416
Actual machine hours for March 50,833
Required:
a. Determine the factory overhead rate for Factory 1.
b. Determine the factory overhead rate for Factory 2.
c. Journalize the entries to apply factory overhead to production in each factory for March.
d. Determine the balances of the factory overhead accounts for each factory as of March 31,and indicate whether the amounts represent overapplied factory overhead or underapplied factory overhead.
Answer:
a.
$21.50
b.
$40.80
c.
Work In Process : Factory 1 $ 1, 092,910 (debit)
Work In Process : Factory 2 $832,973 (debit)
Overheads $1,925,883 (credit)
d.
Factory 1 : $10,410 (Over-applied)
Factory 2 : $7,860 (Under-applied)
Explanation:
Application of Overheads = Predetermined overhead rate × Actual Activity
Where,
Predetermined overhead rate = Estimated Overheads ÷ Estimated Activity
Factory 1
Overheads are applied on the basis of machine hours
Predetermined overhead rate = $12,900,000 ÷ 600,000
= $21.50
therefore,
Application of Overheads = 50,833 × $21.50
= $ 1, 092,910
Factory 2
Overheads are applied on the basis of direct labor hours
Predetermined overhead rate = $10,200,000 ÷ 250,000
= $40.80
therefore,
Application of Overheads = 20,416 × $40.80
= $832,973
Overhead Account - Factory 1
Debit :
Bank $1,082,500
Over - applied (Balance) $10,410
Total $ 1, 092,910
Credit :
Work In Process $ 1, 092,910
Total $ 1, 092,910
Overhead Account - Factory 2
Debit :
Bank $840,833
Total $840,833
Credit :
Work In Process $832,973
Under-applied (Balance) $7,860
Total $840,833
If Samatha finances the entire cost of a $700 bike at an APR of 2.95%, how much will she end up paying in total for the bike after paying off her loan in 2 years
Based on the interest rate, the cost of the bike, and the period of payment, Samatha will pay $721.71.
What will Samatha pay?Samatha will pay a certain amount monthly. That amount can be found as:
Loan amount = Amount x ( 1 - ( 1 + rate) ^-number of periods) / rate
Solving gives:
700 = Amount x ( 1 - (1 + 2.95%/12) ⁻²⁴ / 2.95%/12 months)
Amount = 700 / ( 1 - (1 + 2.95%/12) ⁻²⁴ / 2.95%12 months)
= $30.07
Total amount paid by Samatha:
= 30.07 x 24 months
= $721.71
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Annenbaum Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 1,100 units. The costs and percentage completion of these units in beginning inventory were: Cost Percent Complete Materials costs $ 6,400 65% Conversion costs $ 7,500 45% A total of 7,900 units were started and 6,600 units were transferred to the second processing department during the month. The following costs were incurred in the first processing department during the month: Cost Materials costs $ 126,200 Conversion costs $ 207,700 The ending inventory was 50% complete with respect to materials and 35% complete with respect to conversion costs. The cost per equivalent unit for conversion costs for the first department for the month is closest to: Multiple Choice $24.83 $29.76 $26.96 $28.92
Answer:
d. $28.92
Explanation:
Ending inventory units = 1,100 + 7,900 - 6,600
Ending inventory units = 2,400
Equivalent unit for conversion costs = 6,600 + (2,400*35%)
Equivalent unit for conversion costs = 6,600 + 840
Equivalent unit for conversion costs = 7,440
Cost per equivalent unit for conversion costs = ($7,500 + $207,700) / 7,440
Cost per equivalent unit for conversion costs = $215,200 / 7,440
Cost per equivalent unit for conversion costs = $28.92473
Cost per equivalent unit for conversion costs = $28.92.
There are 713 identical plastic chips numbered 1 through 713 in a box.
What is the probability of reaching into the box and randomly drawing the chip numbered 564? Express your answer as a simplified fraction or a decimal rounded to four decimal places.
Answer:
0.0014
Explanation:
There are 713 chips.
Only one chip is numbered 564.
Finding the probability of picking no. 564 will be
=1/713
=0.0014
HELP PLEASE
Some businesses require federal licenses because Blank Space __________.
Choose the answer.
Question 19 options:
federal agencies regulate their business
have federal employees
they cross state lines
they have different tax brackets
Answer:
federal agencies regulate their business
Explanation:
It is not very common for businesses to get a federal license. It only happens once their business is regulated by federal agencies. The application fee will largely depend on the type of activities your business have and your issuing agency.
Business activities that require federal license include the following: alcoholic beverages, aviation, fish and wildlife, agriculture, firearms, maritime transportation, TV and radio broadcasting, mining, nuclear energy, etc.
Develop a personal strategic plan as a business graduate in today’s globalized world that defines the key skills /attributes that give you a competitive advantage in the global pool. What are the unique skills that will make a company want to hire you in the ever increasing global market. Using the tools explored by businesses to maintain their competitive advantage devise your individual personal strategic plan.
Answer:
In a globalized world, there are many skills that a business major should have in order to be competitive, among these skills:
Problem-solving abilitiesInterpersonal skillsSoft skillsProfessional skillsIt would also be important to add a unique bent to your formation, for example, learning a bit of data science and programming as a business major would add a lot of value, and make you stand out.
One benefit of obtaining your bachelor degree over your associate degree is
Answer:
hiring potential will be more not just in money but amount of and type of opportunities open to you.
Answer:
Being able to dive deeper into your area of study.
Explanation:
An associate degree is usually is two-year program while a bachelor's degree is a four-year program.
Other things being equal, the aggregate demand curve is downward-sloping because Multiple Choice people buy fewer goods and services at lower average incomes. people buy more goods and services at lower average prices. a higher average price level will induce producers to offer more output than otherwise. people buy more goods and services at higher average prices.
The aggregate demand curve will be downward-sloping when: People buy more goods and services at lower average prices.
What is aggregate demand curve?Aggregate demand curve can be defined as the curve that help to show how the price of product in the market increase and decrease.
A download -slope demand curve means that consumer prefer to buy more product when the price is low.
Demand principle state that the higher the price the lower the demand and the lower the price the higher the demand.
Inconclusion people buy more goods and services at lower average prices.
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North Star prepared the following unadjusted trial balance at the end of its second year of operations ending December 31.
Account Titles Debit Credit
Cash $13,000
Accounts Receivable 7,000
Prepaid Rent 2,600
Equipment 22,000
Accumulated Depreciation $1,100
Accounts Payable 1,100
Income Tax Payable 0
Common Stock 25,800
Retained Earnings 3,100
Sales Revenue 53,000
Salaries and Wages Expense 26,000
Utilities Expense 13,500
Rent Expense 0
Depreciation Expense 0
Income Tax Expense 0
Totals $84,100 $84,100
Other data not yet recorded at December 31:
a. Rent expired during the year, $1,300.
b. Depreciation expense for the year, $1,100.
c. Utilities used and unpaid, $10,000.
d. Income tax expense, $490.
Required:
a. Indicate the accounting equation effects of each required adjustment.
b. Prepare the adjusting journal entries required at December 31.
Answer:
North Star
a. Accounting equation effects of each required adjustment:
1. Assets (Prepaid Rent decrease by $1,300) = Liabilities + Equity (Retained Earnings decreased by $1,300).
2. Assets ( with Accumulated Depreciation - a contra account - decreased by $1,100) = Liabilities + Equity (Retained Earnings decreased by $1,100).
3. Assets = Liabilities (Utilities Payable increased by $10,000) + Equity (Retained Earnings decreased by $10,000)
4. Assets = Liabilities (Income Tax Payable increased by $490) + Equity (Retained Earnings decreased by $490).
b. Adjusting Journal Entries at December 31:
1)
Debit Rent Expense $1,300
Credit Prepaid Rent $1,300
To record rent expense for the year.
2)
Debit Depreciation Expense $1,100
Credit Accumulated Depreciation $1,100
To record depreciation expense for the year.
3)
Debit Utilities Expense $10,000
Credit Utilities Payable $10,000
To accrue utilities expense for the year.
4)
Debit Income Tax Expense $490
Credit Income Tax Payable $490
To accrue income tax expense for the year.
Explanation:
a) Data and Calculations:
Account Titles Debit Credit
Cash $13,000
Accounts Receivable 7,000
Prepaid Rent 2,600
Equipment 22,000
Accumulated Depreciation $1,100
Accounts Payable 1,100
Income Tax Payable 0
Common Stock 25,800
Retained Earnings 3,100
Sales Revenue 53,000
Salaries and Wages Expense 26,000
Utilities Expense 13,500
Rent Expense 0
Depreciation Expense 0
Income Tax Expense 0
Totals $84,100 $84,100
Recently, a Domino's pizza franchise in Upstate New York made the strategic decision to stay open for 24 hours a day. The manager made this decision in response to increased demand for Domino's pizza. Other Domino's franchise owners are now considering adopting a similar strategy. In this activity, you will categorize a set of statements regarding activities in the internal and external environments as they relate to Domino's pizza, and the potential initiative of staying open 24 hours a day. These statements will identify Strengths, Weaknesses, Opportunities, or Threats.
These questions are part of SWOT analysis, which analyzes the organization's strengths and weaknesses, and the opportunities and threats it faces. This tool is a critical planning tool that allows firms to assess both the internal environment in regards to its Strengths and Weaknesses and the external environment in regards to its Opportunities and Threats. This planning analysis can be a foundation to carry the organization through later management functions such as organizing, leading, and controlling operations.
Based on these descriptions, decide if the statement is reflective Of a Strength, Weakness, Opportunity, or Threat. Drop the statement in the correct position.
a. Staffing
b. Health
c. Strong Brand Name
d. Demand
e. Inventory Management
f. Competitors
g. Excellent Location
h. Late Night Eating
Answer and Explanation:
The matching is shown below:
For Strength:
Strong Brand Name
Good Location
For Weakness:
Staffing
Inventory Management
For Opportunity:
Demand
Late Night Eating
For Threat:
Health
Competitors
Like this way it is to be matched
And the same is to be considered
It basically performs the SWOT Analysis
When a bank evaluates a person for a loan, what does the word "capacity" refer to? Question options: A) The ability to make payments on time B) The amount of the loan in question C) Property that can be pledged to protect the lender D) The willingness to repay debts
Illiad Inc. has decided to raise additional capital by issuing $170,000 face value of bonds with a coupon rate of 10%. In discussions with investment bankers, it was determined that to help the sale of the bonds, detachable stock warrants should be issued at the rate of one warrant for each $100 bond sold. The value of the bonds without the warrants is considered to be $136,000, and the value of the warrants in the market is $24,000. The bonds sold in the market at issuance for $152,000.(a) What entry should be made at the time of the issuance of the bonds and warrants? (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)(b) Prepare the entry if the warrants were nondetachable. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Answer:
A. Dr Cash 152,000
Dr Discount on bonds payable 40,800
Cr Bond Payable 170,000
Cr Paid-in Capital-Stock Warrants 22,800
B. Dr Cash 152,000
Dr Discount on bonds payable 18,000
Cr Bond Payable 170,000.00
Explanation:
A. Calculation for the Journal entry that should be made at the time of the issuance of both the bonds and warrants
Dr Cash 152,000
Dr Discount on bonds payable 40,800
($170,000 - $129,200)
Cr Bond Payable 170,000
Cr Paid-in Capital-Stock Warrants 22,800
(b) Preparation of the journal entry in a situation were the warrants were nondetachable.
Dr Cash 152,000
Dr Discount on bonds payable 18,000
(170,000-152,000)
Cr Bond Payable 170,000.00
Workings:
Value assigned to bonds=136,000/160,000
*152,000
Value assigned to bonds=129,200
Value assigned to warrants=24,000/160,000*152,000
Value assigned to warrants=22,800
One benefit of obtaining your bachelor degree over your associate degree is
Home produces two goods: computers and wheat. Capital is specific to computers, land is specific to wheat, and labor is mobile between the two industries. Home has 100 workers and 100 units of capital but only 10 units of land. Foreign also produces computers and wheat. Capital is specific to computers; land is specific to wheat; and labor is mobile between the two sectors. Foreign also has 100 workers, but instead has 100 units of land and only 10 units of capital. It has the same production functions as Home. If trade is opened, the relative price of wheat will _____ in Home and _____ in Foreign.
Answer:
The appropriate answer is "capital intensive, land intensive".
Explanation:
Throughout Home than anything in Abroad, the whole no-trade income of farmers would be significantly greater, even though Home has fewer land assets than International. Throughout Home, then it does in International, the whole no-trade rate of electronics would be smaller, as Home does have more capital resources than International. If the market is established, the comparative commodity price throughout the home will be decreased through trade as well as rise throughout foreign trade. If an exchange is expanded, the capital demand would rise at home as well as the rent overland throughout foreign countries will rise.This will take effect even though the international availability of land will increase but instead international demand for resources will keep increasing.
Consider a mail order business in which employees take orders or parts from customers. Create a conceptual using the following information.
a. The mail order company has employees, each identified by a unique employee number, first and last name, and Zip Code.
b. Each customer of the company is identified by a unique customer number, first and last name, and Zip Code.
c. Each part sold by the company is identified by a unique part number, a part name, price and quantity in stock.
d. Each order placed by a customer is taken by an employee and is give a unique order number. Each order contains specified quantities of one or more parts. Each order has a date of receipt as well as an expected ship date. The actual ship date is also recorded.
Required:
Design an ER (Entity-Relationship) diagram for the mail order database and build the design using a data modeling tool such as ERwin or Rational Rose.
Answer:
attached below is the Entity-Relationship diagram
Explanation:
Designing an ER ( Entity-Relationship ) Diagram for the mail order database using a data modelling tool
attached below is the an Entity-Relationship diagram created using all the information provided above
Consider two neighboring island countries called Euphoria and Bellissima. They each have 4 million labor hours available per month that they can use to produce rye, jeans, or a combination of both. The following table shows the amount of rye or jeans that can be produced using 1 hour of labor.
Rye Jeans
Country (Bushels per hour of labor) (Pairs per hour of labor)
Euphoria 4 16
Bellissima 6 12
Initially, suppose Bellissima uses 1 million hours of labor per month to produce jeans and 3 million hours per month to produce rye, while Euphoria uses 3 million hours of labor per month to produce jeans and 1 million hours per month to produce rye. Consequently, Euphoria produces 15 million pairs of jeans and 20 million bushels of rye, and Bellissima produces 8 million pairs of jeans and 48 million bushels of rye. Assume there are no other countries willing to trade goods, so, in the absence of trade between these two countries, each country consumes the amount of jeans and rye it produces.
Bellissima's opportunity cost of producing 1 pair of jeans is_________ of rye, and Euphoria's opportunity cost of producing 1 pair of jeans is _____________ of rye. Therefore, ___________ has a comparative advantage in the production of jeans, and __________ has a comparative advantage in the production of rye.
Suppose that each country completely specializes in the production of the good in which is has a comparative advantage, producing only that good. In this case, the country that produces jeans will produce _________ million pairs per month, and the country that produces rye will produce _________-- million bushels per month.
Answer:
Bellisima's opportunity cost:
Production of rye per million hours of labor = 12 / 6 = 2 pairs of jeans Production of jeans per million hours of labor = 6 / 12 = 0.5 bushels of ryeEuphoria's opportunity cost:
Production of rye per million hours of labor = 16 / 4 = 4 pairs of jeans Production of jeans per million hours of labor = 4 / 16 = 0.25 bushels of ryeEuphoria has a comparative advantage in the production of jeans while Bellisima has a comparative advantage in the production of rye.
If both countries specialize:
Euphoria will produce 64 million pairs of jeans. Bellisima will produce 24 million bushels of rye.Total production of rye has increased by 6 million bushels.
Total production of jeans has increased by 12 million pairs.
Emo Incorporated is reviewing the following projects for next year's capital program. Project Initial Investment Length in Years Annual Cash Flow A $3.0 million 6 $719,374 B 3.5 million 5 970,934 C 4.0 million 7 904,443 D 5.0 million 4 1,716,024 E 6.0 million 6 1,500,919 F 7.0 million 5 1,941,868 G 8.0 million 7 1,725,240 Projects A and B are mutually exclusive and so are Projects D and E. Griffin-Kornberg has 10.5% cost of capital and a maximum of $14 million to spend on capital projects next year. Use capital rationing to determine which projects should be included in Emo's capital program.
Answer:
Projects C, D and B should be carried out since they yield the highest profits. Total investment = $12.5 million.
I based my decision on how much value each project generated (NPV) and how profitable they were. If the company really needed to invest as much of the $14 million as possible, then you could change project D for E, fro a total investment of $13.5 million. Projects B and F yield basically the same gains, but the investment for project F is too high and there are better alternatives.
Explanation:
Project Initial Investment Length in Years Annual Cash Flow
A $3.0 million 6 $719,374
B $3.5 million 5 $970,934
C $4.0 million 7 $904,443
D $5.0 million 4 $1,716,024
E $6.0 million 6 $1,500,919
F $7.0 million 5 $1,941,868
G $8.0 million 7 $1,725,240
NPV
A = -$3.0 million + (4.29218 x $719,374) = -$3.0 million + $3,087,682.70 = $87,682.70
B = -$3.5 million + (3.74286 x $970,934) = -$3.5 million + $3,634,070.03 = $134,070.03
C = -$4.0 million + (4.7893 x $904,443) = -$4.0 million + $4,331,648.86 = $331,648.86
D = -$5.0 million + (3.13586 x $1,716,024) = -$5.0 million + $5,381,211.02 = $381,211.02
E = -$6.0 million + (4.29218 x $1,500,919) = -$6.0 million + $6,442,214.51 = $442,214.51
F = -$7.0 million + (3.74286 x $1,941,868) = -$7.0 million + $7,268,140.06 = $268,140.06
G = -$8.0 million + (4.7893 x $1,725,240) = -$8.0 million + $8,262,691.93 = $262,691.93
Profitability index
A = NPV / initial investment = $87,682.70 / $3,000,000 = 2.92%
B = NPV / initial investment = $134,070.03 / $3,500,000 = 3.83%
C = NPV / initial investment = $331,648.86 / $4,000,000 = 8.28%
D = NPV / initial investment = $381,211.02 / $5,000,000 = 7.62%
E = NPV / initial investment = $442,214.51 / $6,000,000 = 7.37%
F = NPV / initial investment = $268,140.06 / $7,000,000 = 3.83%
G = NPV / initial investment = $262,691.93 / $8,000,000 = 3.28%
ranking of projects based on profitability
C = $4 million investment, 8.28%
D = $5 million investment, 7.62% mutually exclusive with E
E = $6 million investment, 7.37% mutually exclusive with D
B = $3.5 million investment, 3.83% mutually exclusive with A
F = $7 million investment, 3.83%
G = $8 million investment, 3.28%
A = $3 million investment, 2.92% mutually exclusive with B
Projects C, D and B should be carried out since they yield the highest profits. Total investment = $12.5 million.
. Bobby was researching the economic growth of Denmark between 2009 and 2018. Using 2009 as the base year, he calculated a 15% increase for real GDP and a 10.5% increase for nominal GDP. His results indicate that ____. A. the quantity of outputs produced decreased over the period. B. the quantity of outputs produced did not change and prices decreased over the period. C. the quantity of outputs produced and prices both decreased over the period. D. the quantity of outputs increased and prices decreased over the period. E. he need more information to calculate nominal GDP.
Answer:
Option "D" is the correct answer to the following answer.
Explanation:
True Gdp increases as production increases. Nominal Gdp < real Gdp since prices have dropped such that production volumes have risen and prices have declined over the duration.
Cereal entrepreneurs focus only on agricultural investments.
O True
O False
Answer:
O False
Explanation:
A cereal entrepreneur is an experienced businessperson who generates a business idea, initiates the business, but hand over its management to a different person. A cereal entrepreneur starts and runs businesses at once. Before they succeed or fail, the entrepreneur sells them or hands them over and moves on to create other ventures.
A cereal entrepreneur will have created many businesses in their careers. They contrast ordinary entrepreneurs who start, oversee the growth, and manage their business success for many years.
Job 243 was recently completed. The following data have been recorded on its job cost sheet:______.
Direct materials $ 56,870
Direct labor-hours 485 labor-hours
Direct labor wage rate $ 13 per labor-hour
Machine-hours 566 machine-hours
Number of units completed 4,300 units
The company applies manufacturing overhead on the basis of machine-hours. The predetermined overhead rate is $11 per machine-hour.
Required:
Compute the unit product cost that would appear on the job cost sheet for this job. (Round your answer to 2 decimal places.)
Answer:
$16.14
Explanation:
Computation for the unit product cost that would appear on the job cost sheet
First step is to find the Total cost
Direct Material Cost 56,870
Direct Labor 6,305
Manufacturing Overhead Cost 6,226
Total Cost $69,401
Second step is to find the unit product cost
Using this formula
Unit product cost= Total Cost ÷ Number of units
Unit product cost= $69,401÷ 4,300
Unit product cost= $16.14
1) Calculation for Direct Labor Cost
Wage rate = $13 per labor hour
Direct Labor hours = 485
Direct Labor Cost = 485 * $13
Direct Labor Cost = $6,305
2) Calculation for Manufacturing Overhead Cost
Overhead rate = $11 per machine hour
Total machine hours = 566
Manufacturing Overhead Cost = $566*11
Manufacturing Overhead Cost =$6,226
Therefore the unit product cost that would appear on the job cost sheet will be $16.14
Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances were as follows:
Raw materials $75,000
Work in process $19,600
Finished goods $59,400
The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company's predetermined overhead rate of $14.00 per direct labor-hour was based on a cost formula that estimated $560,000 of total manufacturing overhead for an estimated activity level of 40,000 direct labor-hours. The following transactions were recorded for the year:
a. Raw materials were purchased on account, $606,000.
b. Raw materials used in production, $561,200. All of of the raw materials were used as direct materials.
c. The following costs were accrued for employee services: direct labor, $510,000; indirect labor, $150,000; selling and administrative salaries, $257,000.
d. Incurred various selling and administrative expenses (e.g., advertising, sales travel costs, and finished goods warehousing), $382,000. Incurred various manufacturing overhead costs (e.g., depreciation, insurance, and utilities), $410,000.
e. Manufacturing overhead cost was applied to production. The company actually worked 41,000 direct labor-hours on all jobs during the year.
f. Jobs costing $1,558,300 to manufacture according to their job cost sheets were completed during the year.
g. Jobs were sold on account to customers during the year for a total of $3,075,000. The jobs cost $1,568,300 to manufacture according to their job cost sheets.
Required:
a. What is the journal entry to record raw materials used in production?
b. What is the ending balance in Raw Materials?
c. What is the journal entry to record the labor costs incurred during the year?
d. What is the total amount of manufacturing overhead applied to production during the year?
e. What is the total manufacturing cost added to Work in Process during the year?
Answer:
a
Work In Process $561,200 (debit)
Raw Materials $561,200 (credit)
Being raw materials used in production
b
Ending balance in Raw Materials = $119,800
c
Work In Process : Direct Labor $510,000 (debit)
Work In Process : Indirect Labor $150,000 (debit)
Salaries Payable $660,000 (credit)
d
Overhead applied to production = $574,000
Being labor costs incurred during the year
e
total manufacturing cost added = $1,645,200
Explanation:
For the balance in Raw Materials, open a Raw Materials T- Account
Raw Materials T- Account
Debit :
Beginning Balance $75,000
Purchases $606,000
Total $681,000
Credit:
Transfer to Production $561,200
Ending Balance $119,800
Total $681,000
Overheads Application
Overheads are applied as follows : Application Rate/ Predetermined rate × Actual Activity.
Predetermined overhead rate is $14.00.
Actual Direct labor hours worked are 41,000
Therefore,
Applied Overheads = $14.00 × 41,000
= $574,000
Total Manufacturing Costs Added during the year [Calculation]
Note : Only Applied overheads instead of actual overheads incurred are accounted for.
Raw materials $561,200
Direct labor $510,000
Applied Overheads $574,000
Total $1,645,200
11. Which statement regarding the importance of human relations is false? A. People accomplish more in their work and personal lives when practicing good human relations. B. People work better together when practicing good human relations. C. People feel better about themselves when practicing good human relations. D. In general, people accomplish less when practicing good human relatio
Answer:
D
Explanation:
Its false. Because human relations within any organization there wouldn't be proper verbal communication
1. Determine the price of the bonds issued on February 1, 2021. 2-a. Prepare amortization schedules that indicate Cromley’s effective interest expense for each interest period during the term to maturity. 2-b. Prepare amortization schedules that indicate Barnwell’s effective interest revenue for each interest period during the term to maturity. 3. Prepare the journal entries to record the issuance of the bonds by Cromley and Barnwell’s investment on February 1, 2021. 4. Prepare the journal entries by both firms to record all subsequent events related to the bonds through January 31, 2023.
Answer:
The question is missing the first part:
On February 1, 2021, Cromley Motor Products issued 6% bonds, dated February 1, with a face amount of $65 million. The bonds mature on January 31, 2025 (4 years). The market yield for bonds of similar risk and maturity was 8%. Interest is paid semiannually on July 31 and January 31. Barnwell Industries acquired $65,000 of the bonds as a long-term investment. The fiscal years of both firms end December 31.
1. Determine the price of the bonds issued on February 1, 2021.
the market value of each bond:
PV of face value = $1,000 / (1 + 4%)⁸ = $730.69 PV of coupon payments = $30 x 6.7327 (PV annuity factor, 4%, 8 periods) = $201.98market price per bond = $932.67
2-a. I used an excel spreadsheet since there is not enough room here: Cromley Motors PDF
2-b. Again I used an excel spreadsheet since there is not enough room here:
3. February 1, 2021, bonds issued at a discount
Dr Cash 60,623,550
Dr Discount on bonds payable 4,376,450
Cr Bonds payable 65,000,000
4. Cromley's records:
July 31, 2021, first coupon payment
Dr Interest expense 2,424,942
Cr Cash 1,950,000
Cr Discount on bonds payable 474,942
January 31, 2022, second coupon payment
Dr Interest expense 2,443,940
Cr Cash 1,950,000
Cr Discount on bonds payable 493,940
July 31, 2022, third coupon payment
Dr Interest expense 2,463,697
Cr Cash 1,950,000
Cr Discount on bonds payable 513,697
January 31, 2023, fourth coupon payment
Dr Interest expense 2,484,245
Cr Cash 1,950,000
Cr Discount on bonds payable 534,245
Barnwell's records:
July 31, 2021, first coupon payment
Dr Cash 1,950
Dr Discount on bonds payable 2,425
Cr Interest revenue 475
January 31, 2022, second coupon payment
Dr Cash 1,950
Dr Discount on bonds payable 494
Cr Interest revenue 2,444
July 31, 2022, third coupon payment
Dr Cash 1,950
Dr Discount on bonds payable 514
Cr Interest revenue 2,464
January 31, 2023, fourth coupon payment
Dr Cash 1,950
Dr Discount on bonds payable 556
Cr Interest revenue 2,484
Give me some tips!
How do we get all A+ on a test?
1. Get a time schedule of what you need to do every day
I.e - a planner that you handwrite in or an app2. Read your textbook of what the teacher will teach ahead of time
it sounds painful but as you progress into more challenging classes, it will help a lot3. Make sure to relax
sounds counterintuitive to working hard, but if you feel tired and unhappy, your work will show that4. Work efficiently not necessarily hard
don't just work hard for the sake of working hard, organize your task into smaller chunks (ex. with a planner) and the day will fly by fasterHope that helps!
Bims Corporation uses the weighted-average method in its process costing system. The Assembly Department started the month with 4,800 units in its beginning work in process inventory that were 70% complete with respect to conversion costs. An additional 68,000 units were transferred in from the prior department during the month to begin processing in the Assembly Department. There were 32,000 units in the ending work in process inventory of the Assembly Department that were 60% complete with respect to conversion costs. What were the equivalent units for conversion costs in the Assembly Department for the month?
Answer:
Equivalent units for conversion costs = 60,000 units
Explanation:
Units transferred to the next department = Units in beginning work in process + Units started into production - Units in ending work in progress inventory
Units transferred to the next department = 4,800 + 68,000 - 32,000
Units transferred to the next department = 40,800
Ending work in progress for conversion = 32,000 * 60%
Ending work in progress for conversion = 19,200
Equivalent units for conversion costs = Units transferred to the next department + Ending work in progress for conversion
Equivalent units for conversion costs = 40,800 + 19,200
Equivalent units for conversion costs = 60,000 units
What is the effect of KFC in the economy of the world?
Answer:
There are many effects. They equate for a large portion in the fast food industry
Explanation:
risk is the risk of a decline in a bond's value due to an increase in interest rates. This risk is higher on bonds that have long maturities than on bonds that will mature in the near future. Reinvestment risk is the risk that a decline in interest rates will lead to a decline in income from a bond portfolio. This risk is obviously high on callable bonds. It is also high on short-term bonds because the shorter the bond's maturity, the fewer the years before the relatively high old-coupon bonds will be replaced with new low-coupon issues. Which type of risk is more relevant to an investor depends on the investor's investment horizon , which is the period of time an investor plans to hold a particular investment.
Answer:
Price risk is the risk of a decline in a bond's value due to an increase in interest rates. This risk is higher on bonds that have long maturities than on bonds that will mature in the near future.
Reinvestment risk is the risk that a decline in interest rates will lead to a decline in income from a bond portfolio. This risk is obviously high on callable bonds. It is also high on short-term bonds because the shorter the bond's maturity, the fewer the years before the relatively high old-coupon bonds will be replaced with new low-coupon issues.
Which type of risk is more relevant to an investor depends on the investor's investment horizon, which is the period of time an investor plans to hold a particular investment.
Jill and George are married and file a joint return. They expect to have $410,000 of taxable income in the next year and are considering whether to purchase a personal residence that would provide additional tax deductions of $80.000 for mortgage interest and real estate taxes.
Not over $17,850.............. 10% of taxable income.
Over $17,850 but not over $72,500 $1,78500 + 15% of the excess over $17,850.
Over $72,500 but not over $146,400 $9,982.50 + 25% of the excess over $72,500.
Over $146,400 but not over $223,050..... $28,45780 + of the excess over $146,400.
Over $223,050 but not over $398,350..... S49,919S0 + of the excess over $223,050.
Over $398,350 but not over $450,000..... $107,76840 + of the excess over $398,350.
Over $450,000..................... $125,846ff + 39.6 of the excess over $450,000.
Required:
a. What is their marginal tax rate for purposes of making this decision?
b. What is the tax savings if the residence is acquired?
Answer:
a. What is their marginal tax rate for purposes of making this decision?
the %s are missing, so I looked for a similar question.
Since their income is between $398,350 and $450,000, their marginal tax rate is 35%
b. What is the tax savings if the residence is acquired?
if they buy their home, they could save up to $80,000 x 35% = $28,000 in taxes
Explanation:
Tax schedules are progressive, meaning that taxpayers that earn higher income will pay higher marginal tax rates.
Two independent companies, Sheridan Co. and Pharoah Co., are in the home building business. Each owns a tract of land held for development, but each would prefer to build on the other's land. They agree to exchange their land. An appraiser was hired, and from her report and the companies' records, the following information was obtained:
Sheridan's Land Pharoah's Land
Cost and book value $581400 $356400
Fair value based upon appraisal 810000 650700
The exchange was made, and based on the difference in appraised fair values, Pharoah paid $159300 to Sheridan. The exchange lacked commercial substance. For financial reporting purposes, Sheridan should recognize a pre-tax gain on this exchange of:
a. $159300.
b. $228600.
c. $0.
d. $44958.
Answer: d. $44,958.
Explanation:
Gain = Fair Value of Sheridan land - Cost and book value of Sheridan land
= 810,000 - 581,400
= $228,600
Pre-tax gain = Gain * Cash paid/ Fair value
= 228,600 * (159,300/810,000)
= $44,958