Answer:
A) -0.55
B) The negativity in the estimated elasticity suggests that for every 1% increase in the price of transport there will be a corresponding 0.55% decrease in the number of Commuters
Explanation:
Given data:
current fare (P0) = $4
hiked fare (P1) = $6
change in fare = $2
number of rides before increase ( Q0 ) = 10000
number of rides after increase ( Q1 ) = 8000
change in rides = 2000
A) The estimated elasticity of demand for MRT rides using the midpoint /ARC method
Mid point method = [ ( Q1 - Q0 ) / ( Q1 + Q0 ) ] / [ (P1 - P0 ) / (P1 + P0 ) ]
= [ - 2000 / 18000 ] / [ 2 / 10 ]
= - 1000 / 1800 = - 5 / 9 ( estimated elasticity )
= - 0.55
B) The negativity in the estimated elasticity suggests that for every 1% increase in the price of transport there will be a corresponding 0.55% decrease in Commuters
Boursaw Corporation has provided the following data concerning last month’s operations. Purchases of raw materials $33,000 Indirect materials included in manufacturing overhead $ 4,000 Direct labor cost $58,000 Manufacturing overhead applied to Work in Process $78,000 Underapplied overhead $ 5,000 Beginning Ending Raw materials inventory $10,000 $15,000 Work in process inventory $56,000 $72,000 Finished goods inventory $41,000 $49,000 Any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold. How much is the unadjusted cost of goods sold on the Schedule of Cost of Goods Sold?
Answer:
COGS= $136,000
Explanation:
First, we need to calculate the cost of goods manufactured:
cost of goods manufactured= beginning WIP + direct materials + direct labor + allocated manufacturing overhead - Ending WIP
We deduct the indirect material from the direct material purchase, so we don't sum it twice.
Because it is the unadjusted cost of goods sold, we take into account the allocated overhead.
cost of goods manufactured= 56,000 + (10,000 + 33,000 - 4,000 - 15,000) + 58,000 + 78,000 - 72,000
cost of goods manufactured= $144,000
To calculate the unadjusted cost of goods sold, we need to use the following formula:
COGS= beginning finished inventory + cost of goods manufactured - ending finished inventory
COGS= 41,000 + 144,000 - 49,000
COGS= $136,000
Faz, Inc, manufactures and sells two products: Product X0 and Product W7. Data concerning the expected production of each product and the expected total direct labor-hours (DLHs) required to produce that output appear below:
Expected Production Direct Labor-Hours Per Unit Total Direct Labor-Hours
Product X0 1,000 6 6,000
Product W7 590 3 1,770
Total direct labor-hours 7,770
The direct labor rate is $38.60 per DLH. The direct materials cost per unit is $163.50 for Product X0 and $145 for Product W7. The company is considering adopting an activity-based costing system with the following activity cost pools, activity measures, and expected activity:
Expected Activity
Activity Cost Pools Activity Measures Estimated Overhead Cost Product X0 Product W7 Total
Labor-related DLHs $291,078 6,000 1,770 7,770
Production orders orders 20,848 690 890 1,580
Order size MHs 258,314 4,190 4,290 8,480
$570,240
If the company allocates all of its overhead based on direct labor-hours using its traditional costing method, the overhead assigned to each unit of Product X0 would be closest to: ____________
Answer:
$106.36 per unit
Explanation:
Total overhead assigned to product X0
= [Total overhead / Total direct labor hours ] × Labor hours of product XO
= [$570,240 / 7,770] × 1,000
= $73,390
Overhead assigned to each unit of product X0
= $73,390 / Units of product X0
= $73,390 / 690
= $106.36 per unit
Most P2P apps or services can be linked to checking accounts, debit cards or _____
It should be noted that most P2P apps or services can be linked to checking accounts, debit cards or payment options
What is Peer-to-peer payment systems?Peer-to-peer payment systems can be regarded as the money transfer apps platform like Venmo.
It allows users to send money to people or organization.
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Taxes go to pay for the following as what percentage of the GDP: a) Social Security 2.7%, National Defense 11.9%, and Medicare 4.9% b) Social Security 30.1%, National Defense 10.5%, and Medicare 4.2% c) Social Security 4.9%, National Defense 3.1%, and Medicare 2.9% d) Social Security 6.6%, National Defense 5.7%, and Medicare 12.1%
Answer: c) Social Security 4.9%, National Defense 3.1%, and Medicare 2.9%
Taxes go to pay for GDP in the following way:
Social Security 4.9%, National Defense 3.1%, and Medicare 2.9%
What are taxes?These are the amounts that businesses and individuals that are paid workers pay to the government on a monthly business.
Taxes are a way that the country is able to fund a lot of its social security programs.
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In the 21st century, the city of Ashkelon is an Israeli resort community. The city government is concerned with its security. Many centuries ago, the Egyptian sultan Saladin pulled down the last of Ashkelon's defensive walls. Perhaps raising new walls would increase its security. This would be a public works project, so it would be best to spread payments over time. The total purchase price is 20 million dollars (U.S.). The city can get a loan for this amount from a bank, with an interest rate of 10%, with payments being made at the end of each year, over 25 years. What is the minimum annual loan payment the city must pay to the bank
Answer:
$2,203,371.58
Explanation:
we can use the present value of an annuity formula to calculate the annual payment:
present value = annual payment x annuity factor
annual payment = present value / annuity factor
present value = $20,000,000PV annuity factor, 10%, 25 periods = 9.0770annual payment = $20,000,000 / 9.0770 = $2,203,371.58
On March 1, Terrell & Associates provides legal services to Whole Grain Bakery regarding some recent food poisoning complaints. Legal services total $10,500. In payment for the services, Whole Grain Bakery signs a 8% note requiring the payment of the face amount and interest to Terrell & Associates on September 1.
Required:
For Terrell & Associates, record the acceptance of the note receivable on March 1 and the cash collection on September 1.
Answer:
March 1
Note Receivable $10500 Dr
Accounts Receivable $10500 Cr
September 1
Cash 10920 Dr
Note Receivable 10500 Cr
Interest Revenue 420 Cr
Explanation:
March 1.
The acceptance of note receivable by Terrell would mean that Terrell would create a new asset in the book namely Note receivable for $10500 and write off the asset named Accounts receivable against this amount. Thus, the entry would be to debit the note receivable and credit the accounts receivable.
September 1.
The Note pays interest at 8% annual rate. The note remains outstanding for 6 months from March to August. Thus, Terrell would receive the interest on note at 8% annual interest rate for 6 months. The amount of Interest revenue would be,
Interest revenue = 10500 * 0.08 * 6/12 = $420
Terrell would receive cash equal to the value of note receivable plus the interest on note receivable.
So, cash received would be = 10500 + 420 = 10920
Terrell will debit cash as it is received and credit the asset note receivable for 10500 to write it off and record interest revenue of $420
For the following scenario, decide whether you agree or disagree and explain your answer. If the elasticity of demand for cocaine is 0.20 and the Drug Enforcement Administration succeeds in reducing supply substantially, causing the street price of the drug to rise by 50%, buyers will spend less on cocaine. A. Disagree: When price increases and demand is inelastic, total revenue will rise. B. Agree: When price increases and demand is inelastic, total revenue will rise. C. Disagree: When price increases and demand is elastic, total revenue will rise. D. Agree: When price increases and demand is elastic, total revenue will fall.
Answer:
A. Disagree: When price increases and demand is inelastic, total revenue will rise.
Explanation:
A price elasticity of demand of 0.20 is a very low price elasticity, this means that cocaine users do not respond to price changes with equivalent changes in demand. In other words, if the price of cocaine increases, most of them will still buy the product, because demand will not fall as much as the price rises according to the price elasticity of demand.
For this reason, if the price of cocaine increases, the total amount spent on cocaine will increase.
Countries benefit from trade by importing goods in which their opportunity costs are relatively _____ and exporting goods in which their opportunity costs are relatively _____. low; high low; low high; low high; high
A country will benefit from trade when they import goods they have a high opportunity cost in while exporting those they have a low opportunity cost in.
How can a country benefit from trade?The country should produce and export the goods that will be cheaper when it comes to opportunity costs as this would allow them to produce more of those goods.
They should then import the goods that will be too expensive to produce in terms of opportunity costs.
In conclusion, option C is correct.
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g Overhead costs are assigned to production using an overhead application rate, whereas no such "application rate" is used to assign the costs of direct materials and direct labor to production. The reason for this difference in procedures is that: Group of answer choices Overhead is always equal to a constant percentage of direct labor costs. Overhead is always larger in dollar amount than either direct materials or direct labor. Overhead is an indirect cost which cannot be traced easily and directly to specific units of product. The amounts of direct material and direct labor applicable to each unit of production cannot be determined as easily as the amount of overhead. None is correct.
Answer:
Overhead costs are assigned to production using an overhead application rate, whereas no such "application rate" is used to assign the costs of direct materials and direct labor to production. The reason for this difference in procedures is that:
Overhead is an indirect cost which cannot be traced easily and directly to specific units of product.
Explanation:
Manufacturing overhead costs are not direct costs. They are not generally traceable to units of products. They include such indirect costs as Depreciation Expense, Property Taxes, Indirect Labor, Indirect Materials, etc. No unit of product can be ascribed such costs except as an approximation.
Compute the charitable contribution deduction (ignoring the percentage limitation) for each of the following C corporations.
a. Amber Corporation donated inventory of clothing (basis of $138,500, fair market value of $173,125) to a qualified charitable organization that operates homeless shelters.
b. Brass Corporation donated stock held as an investment to Western College (a qualified organization). Brass acquired the stock three years ago for $70,800, and the fair market value on the date of the contribution is $113,280. Western College plans on selling the stock.
c. Ruby Corporation donates a sculpture held as an investment and worth $200,800 to a local museum (a qualified organization), which exhibits the sculpture. Ruby acquired the sculpture four years ago for $80,320.
Answer:
a. Amber Corporation donated inventory of clothing (basis of $138,500, fair market value of $173,125) to a qualified charitable organization that operates homeless shelters.
charitable donations are valued at fair market value, in this case that equals $173,125b. Brass Corporation donated stock held as an investment to Western College (a qualified organization). Brass acquired the stock three years ago for $70,800, and the fair market value on the date of the contribution is $113,280. Western College plans on selling the stock.
Again, we must use the fair market value to record donations, in this case = $113,280.c. Ruby Corporation donates a sculpture held as an investment and worth $200,800 to a local museum (a qualified organization), which exhibits the sculpture. Ruby acquired the sculpture four years ago for $80,320.
use fair market once more, = $200,800Explanation:
When you donate assets to qualifying charities, it is always better to do it by donating the itself, not selling it before and then giving the money. If you sell the asset, you will owe capital gains taxes (either long or short term). By donating the asset directly, you avoid capital gains taxes.
Two companies, Ghost and Phantom manufacture similar printer color cartridges. The following data for the two companies for the year 2020 are provided below:
Ghost ($) Phantom ($)
Sales revenue 90,000 108,000
Total costs 63,000 72,000
Variable Costs 40 % of sales revenue 40%
Required:
1- Calculate the Break Even Point (BEP) in dollars for each company.
2- Calculate the percentage margin of safety for each company.
3- If sales of the product in Ghost company are equal to 3,000 units, determine the BEP (in units), and present the Break-even chart.
4- In 2020, Phantom plans to increase the variable cost by $4 while the fixed cost and the selling price will remain constant. Calculate the number of units to be sold in order to earn the same profit as Ghost in 2020 (the number of units for both Phantom and Ghost is equal to 3000).
5- Based on your answers to parts 1 and 2, Discuss which company has a safer financial position, and why.
1. The calculation of the break-even point in dollars is
Ghost ($) Phantom ($)
Break-even Point in dollars $45,000 $48,000
($27,000/60%) ($28,800/60%)
2. The calculation of the percentage margin of safety is as follows:
Ghost ($) Phantom ($)
Percentage margin of safety 50% 55.6%
($45,000/$90,000 x 100) ($60,000/$108,000 x 100)
The margin of safety = Sales revenue - break-even revenue
= $45,000 $60,000
3. The determination of the break-even units in Ghosts Company is as follows:
= Fixed costs/Contribution margin per unit
= 1,500 units ($27,000/$18)
4. The calculation of the number of units to be sold for Phantom Company to increase its variable cost by $4 ($18 from $14) with the fixed cost and the selling price remaining constant is 1,600 units ($28,800/$18).
What is a break-even chart?A breakeven chart shows the sales volume level at which total costs equal sales revenue.
In a break-even chart, losses are incurred below the break-even point, and profits are earned above the break-even point
Thus, the break-even chart plots revenue, fixed costs, and variable costs on the vertical axis, and volume on the horizontal axis.
Data and Calculations:Ghost ($) Phantom ($)
Sales revenue 90,000 108,000
Total costs 63,000 72,000
Variable Costs 40 % of sales revenue 40%
Variable costs = $36,000 $43,200 ($108,000 x 40%)
Contribution margin $54,000 $64,800
Fixed costs = $27,000 $28,800 ($72,000 - $43,200)
Contribution margin ratio 60% 60% (100% - 40%)
1. Break-even Point in dollars $45,000 $48,000 ($28,800/60%)
2. Percentage margin of safety 50% 55.6% ($60,000/$108,000 x 100)
The margin of safety = Sales revenue - break-even revenue
= $45,000 $60,000
3. Break-even units in Ghosts Company = Fixed costs/Contribution margin per unit
= 1,500 units ($27,000/$18)
Sales price per unit = $30 ($90,000/3,000)
Variable cost per unit = $12 ($36,000/3,000)
Contribution margin per unit = $18 ($30 - $12)
4. The calculation of the number of units to be sold for Phantom Company to increase its variable cost by $4 ($18 or $14 + $4) with the fixed cost and the selling price remaining constant is 1,600 units ($28,800/$18).
Sales price per unit = $36 ($108,000/3,000)
Variable cost per unit = $18.40 ($55,200/3,000)
Contribution margin per unit = $18 ($36 - $18)
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Explain why natural resources need to be conserved
Explanation:
As the population of the world is increasing at an alarming rate, the consumption of natural resources is also increasing. Hence, these resources should be conserved to maintain ecological balance and save them for future generations.
please rate........
Answer:
natural resources need to be conserved because it give us many useful things or materials like shelter,natural beauty,source of food,alternative energy and so on
Proactiv and George Foreman Grill became successful after appearing in television commercials that asked customers to call a toll-free number or go to a website to order the products. This is an example of _____. Not Telemarketing
The given scenario of making use of television commercials to make sales is known as Infomercials
What is Advertising?This refers to the practice of creating awareness for a group of products so that people can buy the goods.
Hence, we can note that because Proactiv and George Foreman Grill became successful after appearing in television commercials, and persuading people to buy their products, this is an example of infomercials.
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The definition of input , out put and processing please
The best definitions of input, output and processing are as follows:
Input refers to the resources that are used up in production to create further value, finished goods, or more input for further processing.Processing is the intervening activity that changes the input to output.Output is the product of processing input or resources. Output is typically the finished outcome from a processing activity.What is the relationship between input, output, and processing?Processing is at the center of input and output.
Processing involves changing, manipulating, or transforming input resources into output or finished products.
Thus, the definitions of input, output and processing are as given above.
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Wildhorse Inc. wishes to accumulate $1,092,000 by December 31, 2030, to retire bonds outstanding. The company deposits $168,000 on December 31, 2020, which will earn interest at 10% compounded quarterly, to help in the retirement of this debt. In addition, the company wants to know how much should be deposited at the end of each quarter for 10 years to ensure that $1,092,000 is available at the end of 2030. (The quarterly deposits will also earn at a rate of 10%, compounded quarterly.) (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 458,581.)
Answer:
Quarterly deposit= $9,508.68
Explanation:
First, we need to calculate the future value of the initial investment:
FV= PV*(1+i)^n
PV= $168,000
i= 0.10/4= 0.025
n= 10*4= 40
FV= 168,000*(1.025^40)
FV= $451,090.73
Difference= 1,092,000 - 451,090.73= $640,909.27
Now, to calculate the quarterly deposit, we need to use the following formula:
FV= {A*[(1+i)^n-1]}/i
A= quarterly deposit
Isolating A:
A= (FV*i)/{[(1+i)^n]-1}
A= (640,909.27*0.025) / [(1.025^40) - 1]
A= $9,508.68
Reconciling and Computing Operating Cash Flows from Net Income
Petroni Company reports the following selected results for its current calendar year.
Net income $130,000
Depreciation expense 28,000
Accounts receivable increase 10,000
Accounts payable increase 6,000
Prepaid expenses decrease 3,000
Wages payable decrease 4,000
(a) Prepare the operating section only of Petroni Company's statement of cash flows for the year.
Hint: Remember to use negative signs with answers when appropriate.
Petroni Company
Statement of Cash Flows
(operating section)
Operating activities
Net income $Answer
Adjustments to reconcile net income to operating cash flow
Depreciation Answer
Changes in operating assets and liabilities
Accounts receivable Answer
Prepaid expense Answer
Accounts payable Answer
Wages payable Answer Answer
Net cash provided from operating activities
$Answer
In respect of questions that follow (1) give reasons for your choice (2) Give reasons why other choices are not appropriate
(b) Which of the following statements best describes the sign (positive or negative) on depreciation expense?
The sign on depreciation is positive because depreciation lowers the tax liability of the company. A decrease in tax liability generates an increase in net income since less tax is paid.
The sign on depreciation is positive because the computation of net income included a noncash depreciation expense. The noncash expense is removed by adding depreciation.
The sign on depreciation is negative because expenses are always subtracted from net income in cash flow statements to reflect the true amount of cash generated from operating activities.
The sign on depreciation is negative because cash is paid for equipment used in operations that are not yet reflected in the cost of goods sold. This increase in the cost of goods sold is subtracted from net income.
(c) Which of the following statements best describes the reason that accounts receivable is listed on the statement of cash flows?
An increase in accounts receivable means Sales have also increased. Sales are an increase in cash and contribute a positive cash flow. Therefore, an increase in accounts receivable is listed on the cash flow statement as a positive adjustment to net income.
An increase in accounts receivable means more cash has been received than has been reported in Sales. This surplus is an increase in cash and contributes a positive cash flow. Therefore, an increase in accounts receivable is listed on the cash flow statement as a negative adjustment to net income.
An increase in accounts receivable means less cash has been received than has been reported in Sales. This deficit is a decrease in cash and contributes a negative cash flow. Therefore, an increase in accounts receivable is listed on the cash flow statement as a negative adjustment to net income.
An increase in accounts receivable means Sales have also increased. Sales have increased, but cash has not yet been received. Therefore, an increase in accounts receivable is listed on the cash flow statement as a negative adjustment to net income.
(d) Which of the following statements best describes the reason that prepaid expense is listed on the statement of cash flows?
Since prepaid expense is an asset, a decrease in prepaid expense means assets have decreased causing cash to decrease. This contributes a negative cash flow. Therefore, a decrease in prepaid expense is listed on the cash flow statement as a negative adjustment to net income.
Since prepaid expense is a liability, a decrease in prepaid expense means liabilities have decreased causing cash to increase. This contributes a positive cash flow. Therefore, a decrease in prepaid expense is listed on the cash flow statement as a negative adjustment to net income.
Prepaid expense is an asset because Cash had been paid, but the expense had not yet been realized. A decrease in this asset means an expense has been recognized in the current period, decreasing net income, but not affecting cash. Therefore, decrease in prepaid expense is listed on the cash flow statement as a positive adjustment to net income.
Prepaid expense is a liability because expense has been realized, but Cash has not yet been paid. A decrease in liabilities leads to an increase in Cash and positive cash flow. Therefore, a decrease in prepaid expense is listed on the cash flow statement as a positive adjustment to net income.
Answer:
Net Income $130,000
Depreciation Expense $28,000
Accounts Receivable -$10,000
Accounts Payable -$6,000
Prepaid Expenses $3,000
Wages Payable $4,000
Cash from Operating Activities $149,000
The Ascent, a mountain bicycle manufacturer, has been in the bicycle industry for a year now. The CEO wishes to better the company. He starts by looking at the sales records of the year that they have been in business and notices that the company's sales have been declining at a steady pace for the past six months and that at present they are selling only half as many bicycles as they want to. In an attempt to increase sales, he either wants to bring down the prices of his bicycles or expand the company by opening a new branch in another area. The CEO shares his views with the sales manager and finance managers. Together they decide that reducing the prices would definitely increase sales, although the profits would come down. They also determine that opening a new branch would only increase expenses. They conclude that they will reduce the prices of the bicycles. The plan is implemented and the CEO keeps a record of the sales every month to make sure the change is effective.Which of the following steps in formal planning process is the CEO performing when he debates between opening a new branch and reducing the prices?
a. engaging in situational analysis
b. monitoring and controlling
c. implementing the plan
d. selecting the goals and plans
e. generating alternative goals and plans
Answer: e. generating alternative goals and plans.
Explanation:
The step in formal planning process is the CEO performing when he debates between opening a new branch and reducing the prices is referred to as generating alternative goals and plans.
Here, the CEO wants to increase the sales of the company and in an attempt to do that he's considering different alternatives in order to know and decide which one will be best for the company to undertake. This means he is generating alternative goals and plans.
Options A-D are wrong as the CEO isn't monitoring, controlling or implementing any plan. Option E is the right answer.
"Poverty as structure" argues that: a. Poverty is caused by temporary weakness in the economy, by which people are often caught in the "wrong place at the wrong time" b. None of the other answers c. Poverty is caused by the ordinary functioning of capitalism, whereby companies seek to maximize their profits by paying workers as little as they can. d. Poverty is caused by individuals' character flaws and problematic behaviors
Poverty as structure is caused by the ordinary functioning of capitalism, whereby companies seek to maximize their profits by paying workers as little as they can.
What is Poverty?Poverty refer to situation in which an individual or group donot haveenough money to meet basic needs like food, clothing and shelter. The World Bank Organization describes poverty as hunger or lack of shelter.
Therefore, Poverty as structure is caused by the ordinary functioning of capitalism, whereby companies seek to maximize their profits by paying workers as little as they can because when workers are pay a little, they won't be able to meet their basic needs effectively.
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Can someone answer this pls?:)
Answer:
Explanation:
Okay assuming each textbox is A,B,C,D,E,F from left to right:
A - 6
B - 5
C - 2
D - 3
E - 4
F - 1
Which of the following might help you avoid financial stress?
A. Spending as little time thinking about your finances as possible
B. Deciding not to ask for help managing your finances
C. Sticking to your financial plan, even when things change
D. Learning financial skills
Answer:
I would put down C as the answer
As you progress from projects to continuous processes, all of the following statements are true, EXCEPT: Group of answer choices Supplier ties are more formal and of longer duration Degree of worker control over the pace of the process increases Finished goods inventories are larger Long-term sales forecasts become increasingly important for planning purposes
When we progress from projects to continuous processes, it is not true that Degree of worker control over the pace of the process increases.
What happens when we move to continuous processes?Because the processes of production in a company are now continuous, it means that workers will be needed to work repeatedly overtime.
This means that workers will have less control over the times they have to work and the pace of production.
In conclusion, option B is correct.
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Thornton Camps, Inc. leases the land on which it builds camp sites. Thornton is considering opening a new site on land that requires $3,300 of rental payment per month. The variable cost of providing service is expected to be $5 per camper. The following chart shows the number of campers Thornton expects for the first year of operation of the new Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Total 390 380 390 410 730 650 790 800 490 520 590 460 6,600 Required Assuming that Thornton wants to earn $9 per camper, determine the price it should charge for a camp site in February and August.
Answer:
$20.
Explanation:
So, we have the following important data or parameters the are going to help us or assist us in solving this particular Question or problem.
(1). Total number of customers served campers = 6600.
(2). Rental payment per month = $3,300.
(3). Total number of months = 12 months( that is January to December).
(4). "The variable cost of providing service is expected to be $5 per camper"
So, let us delve right into the solution of the question.
Step one: determine the fixed cost per unit. The fixed cost per unit can be determined by following the formula below;
Fixed cost per unit = (rental payment pee month × number of months) ÷ total number of campers.
Thus, the fixed cost per unit = $3,300 × 12) ÷ 6,600.
The fixed cost per unit = 6.
STEP TWO: The next thing to do now is to determine the price it should charge for a camp site in February and August.
Kindly note that this the price that it should charge for a camp site in February and August are going to be the same.
Therefore, the price it should charge for a camp site in February and August = $6 + $5 + $9 = $20.
The June 1 work in process inventory consisted of 4,000 units with $13,020 in materials cost and $11,980 in conversion cost. The June 1 work in process inventory was 100% complete with respect to materials and 60% complete with respect to conversion. During June, 36,500 units were started into production. The June 30 work in process inventory consisted of 9,600 units that were 100% complete with respect to materials and 50% complete with respect to conversion. Foundational 4-6 (Algo) 6. What is the cost of beginning work in process inventory plus the cost added during the period for materials
Answer: $170,100
Explanation:
Materials cost in beginning WIP = $13,020
Materials cost during the month = $157,080
Cost of beginning work in process inventory plus the cost added during the period for materials
= 13,020 + 157,080
= $170,100
Using the information provided, analyze the affects of Lawry Lawn Service's transactions on the accounting equation.
May 1 Received $3,400 and issued common stock
May 3 Purchased a mower on account, $1,600
May 5 Performed lawn services for client on account $1,000
May 17 Paid $100 cash for gas used in mower.
May 28 Paid cash dividends of $700
Analyze the events chronologically, one transaction at a time. Beginning with the transaction on May 3rd, calculate the balance in each account after analyzing the effect of the transaction on the accounting equation.
Answer:
Common Stock $3,400 (credit)
Mower $1,600 (debit)
Revenue Service $1,000 (credit)
Cash $2,600 (debit)
Gas Expense $100 (debit)
Dividends $0
Explanation:
See below the posting i have done to the ledger accounts.
Mower T - Account
Debit :
Accounts Payable $1,600
Credit :
Balance c/d $1,600
Revenue Service T - Account
Debit :
Balance c/d $1,000
Credit :
Account Receivable $1,000
Cash T - Account
Debit :
Common Stock $3,400
Credit :
Gas Expense $100
Dividends $700
Balance c/d $2,600
Gas Expense T - Account
Debit :
Cash $100
Credit :
Balance c/d $100
Dividends - T Account
Debit :
Shareholders for dividends $700
Credit :
Cash $700
According to Orthodox monetary theory, when the FED buys a bond from the banking sector this is an example of Group of answer choices an open market purchase and contractionary monetary policy an open market sale and expansionary monetary policy an open market sale and contractionary monetary policy none of the above an open market purchase and expansionary monetary policy
Answer:
yes
Explanation:
so if the dessel will remain price the other product will the same also. depends the category every yearly income tax that will rate for market purchace.
Bridgeport Inc. has negotiated the purchase of a new piece of automatic equipment at a price of $10,080 plus trade-in, f.o.b. factory. Bridgeport Inc. paid $10,080 cash and traded in used equipment. The used equipment had originally cost $78,120; it had a book value of $52,920 and a secondhand fair value of $60,228, as indicated by recent transactions involving similar equipment. Freight and installation charges for the new equipment required a cash payment of $1,386.
Required:
a. Prepare the general journal entry to record this transaction, assuming that the exchange has commercial substance.
b. Assuming the same facts as in (a) except that fair value information for the assets exchanged is not determinable. Prepare the general journal entry to record this transaction.
Answer:
a. Price = $10,080
Cash = $10,080
Original Cost = $78,120
Book Value= $52,920
Second hand Market Value = $60,228
Freight and installation charges = $1,386
Total Cost of Equipment = Cash + Second hand Market Value + Freight and installation charges = $10,080 + $60,228 + $1,386 = $71,694
Depreciation = Original Cost - Book value = $78,120 - $52,920 = $25,200
Total cash paid = Cash + Freight and installation charges = $10,080 + $1,386 = $11,466
Journal Entries
Item Debit Credit
New Equipment $71,694
Depreciation $25,200
Old Equipment $78,120
Cash $11,466
Gain on Equipment Disposal $7,308
b. Price = $10,080
Cash = $10,080
Original Cost = $78,120
Book Value= $52,920
Second hand Market Value = $60,228
Freight and installation charges = $1,386
Total Cost of Equipment = Cash + Second hand Market Value + Freight and installation charges = $10,080 + $52,920 + $1,386 = $64,386
Depreciation = Original Cost - Book value = $78,120 - $52,920 = $25,200
Total cash paid = Cash + Freight and installation charges = $10,080 + $1,386 = $11,466
Journal Entries
Item Debit Credit
New Equipment $64,386
Depreciation $25,200
Old Equipment $78,120
Cash $11,466
Which of the following is not a relevant factor in computing depreciation? Multiple Choice Cost. Salvage value. Useful life. Depreciation method. Market value.
The factor that is not a relevant factor in computing depreciation is: market value.
What is market value?Market value can be defined as the value at which an assets will be sold in the market.
All the following factor listed above above are relevant or important when calculating depreciation which can be defined as the wear and tear of an assets.
CostSalvage valueUseful lifeDepreciation methodInconclusion the factor that is not a relevant factor in computing depreciation is: market value.
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Taveras Corporation is currently operating at 50% of its available manufacturing capacity. It uses a job-order costing system with a plantwide, predetermined overhead rate based on machine-hours. At the beginning of the year, the company made the following estimates:
Machine-hours required to support estimated production 240,000
Fixed manufacturing overhead cost 4,320,000
Variable manufacturing overhead cost per machine-hour 2.00
Required:
1. Compute the plantwide predetermined overhead rate.
2. During the year, Job P90 was started, completed, and sold to the customer for $4,000. The following information was available with respect to this job:
Direct materials $1,840
Direct labor cost $1,320
Machine-hours used 87
Determine the total cost of Job P90
Answer:
Results are below.
Explanation:
To calculate the predetermined manufacturing overhead rate we need to use the following formula:
Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base
Predetermined manufacturing overhead rate= (4,320,000/240,000) + 2
Predetermined manufacturing overhead rate= $12.29 per machine hour
Job P90:
Direct materials $1,840
Direct labor cost $1,320
Machine-hours used 87
Total cost= 1,840 + 1,320 + (12.29*87)
Total cost= $4,229.23
You have a very efficient and reliable team member on your team, but they are infamous for treating symptoms rather than root causes. What is the likely outcome of using their quick assistance
Because the team member are infamous for treating symptoms rather than root causes, then, the likely outcome of their quick assistance will be that any fix provided will be short-lived.
What is treatment of symptoms rather than root causes?Basically, a symptom means the an indication of the existence of something while the root cause means the core issue or reason behind the symptoms.
The treatment of the symptoms rather than root cause means that the symptom will be reoccur after initial treatment because the root cause have not been treated.
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Two computers each produced 43,000 public utilities bills in a day. One computer printed bills at the rate of 8,600 an hour and the other at the rate of 7,800 an hour. When the first computer finished its run, how many bills did the other computer still have to print?
Based on the rate at which the computers are printing bills, the number of bills that the second computer was still to print was 4,000 bills.
How long did the first computer take to finish?= Number of bills / Bills per hour
= 43,000 / 8,600
= 5 hours
How many bills was the second computer left with?This can be found by the formula:
= Number of bills to print - Bills printed in 5 hours
= Number of bills to print - ( Bills printed per hour x Number of hours)
Solving gives:
= 43,000 - (7,800 x 5)
= 4,000 bills
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