Answer:
Answer is explained in the explanation section below.
Explanation:
1.
To comply with EMTALA (Emergency Medical Care and Labor Act), NSA Memorial Hospital should take the following measures once Tracey has been triaged and told to wait in the waiting room for treatment:
Within the scope of the hospital's structure and ability for treating emergencies, a medical screening test should be arranged. This includes the emergency department's access to supplemental resources. This should be done to rule out the possibility of a medical emergency.
2.
If an emergency medical condition is found in the hospital, the following steps should be taken in accordance with EMTALA.
If medication to stabilize the condition is beyond the reach and capability of the facility, it should begin immediately, or the patient should be moved to another hospital with the appropriate treatment facilities.
The hospital should strictly follow EMTALA's guidelines and restrictions when moving the patient, which states that the condition of transfer must be purely medical necessity.
Regardless of whether the patient has insurance coverage or not, EMTALA enforcement is required. To summarize, the hospital should comply with EMTALA.
Select screening to determine whether an emergency situation exists.
Stabilize the situation with care.
If possible, make arrangements for a suitable move.
Accept the move if it is necessary.
A chain of video stores sells three different brands of DVD players. Of its DVD player sales, 50% are brand 1 (the least expensive), 30% are brand 2, and 20% are brand 3. Each manufacturer offers a 1-year warranty on parts and labor. It is known that 25% of brand 1's DVD players require warranty repair work, whereas the corresponding percentages for brands 2 and 3 are 20% and 10%, respectively.If a customer returns to the store with a DVD player that needs warranty repair work, what is the probability that it is a brand 1 DVD player
Answer: 60.98%
Explanation:
Probability that it is a brand 1 DVD player that needs repair work = Probability of brand 1 DVD needing repairs / Probability that a DVD player will need fixing while under warranty
Probability of brand 1 DVD needing repairs = Brand 1 sales percentage * Percentage of brand 1 needed repair
= 50% * 25%
= 12.5%
Probability that a DVD player will need fixing while under warranty = (50%* 25%) + (30% * 20%) + (20% * 10%)
= 20.5%
Probability that it is a brand 1 DVD player that needs repair work = 12.5% / 20.5%
= 60.98%
ystem anticipates that spending $300,000 on an advertising campaign will increase bed days by 650. The marketing department anticipates that each additional bed day will yield $2,100 in additional revenue and will increase costs by $1,700. The campaign Group of answer choices will reduce profits by $40,000. will increase profits by $40,000. will increase profits by $90,000. will increase profits by $210,000.
Answer:
Effect on income= -$40,000
Explanation:
First, we need to calculate the unitary contribution margin:
Unitary contribution margin= 2,100 - 1,700= $400
To calculate the effect on income, we need to use the following formula:
Effect on income= total contribution margin - increase in fixed costs
Effect on income= 650*400 - 300,000
Effect on income= -$40,000
Determine the amount to be paid in full settlement of each of two invoices, (a) and (b), assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. If required, round the answers to the nearest dollar. Merchandise (Invoice Amount) Freight Paid by Seller Freight Terms Returns and Allowances (Invoice Amount) a. $5,300 $400 FOB destination, 2/10, n/30 $1,250 b. 2,700 200 FOB shipping point, 1/10, n/30 800 a. $fill in the blank 1 b. $fill in the blank 2
Answer:
a. Amount to be paid = $4,369
b. Amount to be paid = $1,881
Explanation:
Note: Thee data in this question are merged together. They are therefore sorted before answering the question. See the attached pdf file for the complete question with the sorted data.
a. Invoice (a)
Amount to be paid = (Invoice amount - Returns and Allowances) - ((Invoice amount - Returns and Allowances) * 2%) + Freight Paid by Seller = ($5,300 - $1,250) - (($5,300 - $1,250) * 2%) + $400 = $4,369
b. Invoice (b)
Amount to be paid = (Invoice amount - Returns and Allowances) - ((Invoice amount - Returns and Allowances) * 1%) = ($2,700 - $800) - (($2,700 - $800) * 1%) = $1,881
Windsor Company reports the following financial information before adjustments. Dr. Cr. Accounts Receivable $145,600 Allowance for Doubtful Accounts $3,350 Sales Revenue (all on credit) 834,000 Sales Returns and Allowances 53,540 Prepare the journal entry to record bad debt expense assuming Windsor Company estimates bad debts at (a) 4% of accounts receivable and (b) 4% of accounts receivable but Allowance for Doubtful Acc
Answer:
See below
Explanation:
1.
Bad debts ($145,600 × 4/100) = $5,824 - $3,350 = $4,000 Dr
...................To Allowance for doubtful account $4,000 Cr
(To record the estimation of 4% of bad debts on gross account receivable after adjusting the credit balance)
2.
Bad debts ($145,600 × 4/100) = $5,824 + $3,350 = $9,174 Dr
..............To Allowance for doubtful accounts $9,184 Cr
(To record 4% of account receivable but allowance for doubtful account).
The governor has proposed to clean up all the trash on the side of the highway. The project is estimated to cost the tax payers and additional $15,000. The city will benefit by having a clean highway which will entice tourists to stop along their routes. The project is estimated to bring in $12,000 of revenue from the highway being cleaned. Should the governor continue with the project
Answer:
No, the project will not bring in enough benefit to cover the costs.
Explanation:
In a project or business enterprise there is a need to do a cost-revenue analysis with the aim of maximising profit.
If the revenue generated by a project is more than the cost, then it is viable and profitable.
However if the revenue is less than cost then the project will not be sustainable.
In the given scenario the clean up project is estimated to cost the tax payers an additional $15,000.
The city will have an estimated revenue of $12,000 from the highway being cleaned.
As the revenue is less than the cost it is better to discontinue the project.
Chuck Wagon Grills, Inc., makes a single productâa handmade specialty barbecue grill that it sells for $210. Data for last yearâs operations follow:
Units in beginning inventory 0
Units produced 20,000
Units sold 19,000
Units in ending inventory 1,000
Variable costs per unit:
Direct materials $ 50
Direct labor 80
Variable manufacturing overhead 20
Variable selling and administrative 10
Total variable cost per unit $ 160
Fixed costs:
Fixed manufacturing overhead $ 700,000
Fixed selling and administrative 285,000
Total fixed costs $ 985,000
Required:
1. Assume that the company uses absorption costing. Compute the unit product cost for one barbecue grill.
2. Assume that the company uses absorption costing. Prepare an income statement.
1. The computation of the unit product cost for one barbecue grill for Chuk Wagon Grills, Inc., using absorption costing, is $185.
2. The preparation of the income statement for Chuk Wagon Grills, Inc., using absorption costing, is as follows:
Chuk Wagon Grills, Inc.
Income StatementFor the year ended December 31,
Sales revenue $3,990,000
Cost of goods sold 3,515,000
Gross profit $475,000
Selling and Admin. Costs:
Variable 190,000
Fixed 285,000 $475,000
Net income $0
What is absorption costing?The absorption costing method captures the total cost of production, including direct and indirect costs.
The costs of selling and administration, whether variable or fixed, are treated as period costs and not assigned to products.
Data and Calculations:Selling price per unit = $210
Total sales revenue = $3,990,000 ($210 x 19,000)
Beginning inventory = 0 units
Units produced = 20,000
Units sold = 19,000
Ending inventory = 1,000
Variable costs per unit:Direct materials $ 50
Direct labor 80
Variable manufacturing overhead 20
Variable selling and administrative 10
Total variable cost per unit $ 160
Fixed costs:Fixed manufacturing overhead $ 700,000
Fixed selling and administrative 285,000
Total fixed costs $ 985,000
Absorption Costing:Direct materials $ 50
Direct labor 80
Variable manufacturing overhead 20
Total variable production cost per unit = $150
Total variable production cost = $3,000,000 ($150 x 20,000)
Fixed manufacturing overhead $ 700,000
Total manufacturing costs = $3,700,000 ($3,000,000 + $700,000)
Unit product cost = $185 ($3,700,000/20,000)
Cost of goods sold = $3,515,000 ($185 x 19,000)
Cost of ending inventory = $185,000 ($185 x 1,000)
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On January 1, 2019, Metco Inc. reported 268,000 shares of $5 par value common stock as being issued and outstanding. On March 24, 2019, Metco Inc. purchased for its treasury 3,000 shares of its common stock at a price of $38.00 per share. On August 19, 2019, 610 of these treasury shares were sold for $46.50 per share. Metco's directors declared cash dividends of $0.40 per share during the second quarter and again during the fourth quarter, payable on June 30, 2019, and December 31, 2019, respectively. A 2% stock dividend was issued at the end of the year. There were no other transactions affecting common stock during the year. Calculate the number of shares of stock issued in the stock dividend.
Answer:
The number of shares of stock issued in the stock dividend is 5,312.20 shares.
Explanation:
This can be determined as follows:
Number of shares before stock dividend = Number of shares reported on January 1, 2019 - Number of shares purchased for its treasury on March 24, 2019 + Number of treasury shares were sold on August 19, 2019 = 268,000 - 3,000 + 610 = 265,610
Number of dividend shares = Number of shares before stock dividend * Rate of stock dividend issued = 265,610 * 2% = 5,312.20
Therefore, the number of shares of stock issued in the stock dividend is 5,312.20 shares.
The following cost information pertained to the Violin Division of Stringing Music Co. and was based on monthly demand and sales of 100 units:
Per-Unit Costs Variable production costs:
Direct materials $140
Direct labor 170
Variable factory overhead 80
Fixed production costs:
Depreciation (equipment) 40
Factory rent 68
Other 16
Total production cost $514
Variable selling & administrative costs $24 per unit
Fixed selling & administrative costs $36 per unit
Assume that the Violin Division was evaluating whether or not it would accept a special sales order for 10 violins at $390 per unit. For this purpose, total relevant cost per unit (given the costs stated above) is:
a. $330
b. $342
c. $390
d. $366
e. $354
Answer:
Total relevant costs= $390
Explanation:
I will assume that the company has unused capacity and that the special offer will not affect the current sales. Given these assumptions, the fixed costs would not be taken into account.
Relevant costs:
Direct materials $140
Direct labor 170
Variable factory overhead 80
Total relevant costs= $390
A data mining routine has been applied to a transaction dataset and has classified 88 records as fraudulent (30 correctly so) and 952 as non-fraudulent (920 correctly so). Construct the classification matrix and calculate the error rate, sensitivity, and specificity.
Answer:
1. Classification Matrix:
Actual Class 1 0
1 30 58
0 32 920
2.Overall error rate (err) 8.65%
Accuracy% 91.35%
Explanation:
To Construct the classification matrix and to calculate the error rate
1.CONSTRUCTION OF THE CLASSIFICATION MATRIX
Classification Matrix:
Classification Confusion Matrix
Predicted Class
Actual Class 1 0
1 30 58
(88-30=58)
0 32 920
(952-920)
Calculation for the error rate
Using this formula
Overall error rate (err) = Sum of Misclassification transactions/Total transaction
Let plug in the formula
Overall error rate (err) =[(88-30)+(952-920)]/(952+88)
Overall error rate (err) = (58+32)/1040
Overall error rate (err) =0.08653*100
Overall error rate (err) = 8.65 %
Accuracy% = 1-err
Accuracy%=100%-8.65%
Accuracy%= 91.35%
The accountant for Eva's Laundry prepared the following unadjusted and adjusted trial balances. Assume that all balances in the unadjusted trial balance and the amounts of the adjustments are correct. Identify the errors in the accountant's adjusting entries, assuming that none of the accounts were affected by more than one adjusting entry.
Eva's Laundry
Trial Balances
May 31, 2018
Unadjusted Adjusted
Debit Balances Credit Balances Debit Balances Credit Balances
Cash . 7,500 7,500
Accounts Receivable . 18,250 23,250
Laundry Supplies 3,750 6,750
Prepaid Insurance* 5,200 1,600
Laundry Equipment . . 190,000 177,000
Accumulated Depreciation—Laundry
48,000 48,000
Accounts Payable 9,600 9,600
Wages Payable 1,000
Capital Stock . . 35,000 35,000
Retained Earnings 75,300 75,300
Dividends 28,775
Laundry Revenue 182,100 182,100
Wages Expense 49,200 49,200
Rent Expense . . 25,575 25,575
Utilities Expense . 18,500 18,500
Depreciation Expense 13,000
Laundry Supplies Expense 3,000
Insurance Expense 600
Miscellaneous Expense .3,250 3,250
350,000 350,000 358,000 351,000
Answer:
See the errors identified below.
Explanation:
Note: The data in this question are merged together. They are therefore sorted before answering the question. See the attached pdf file for the complete question with the sorted data.
The explanation of the answer is now given as follows:
The following errors can be identified in the accountant's adjusting entries:
1.The accountant debited the account receivable for $5,000 (i.e. $23,250 - $18,250 = $5,000) without crediting laundry revenue.
Therefore, we should have:
Correct amount of laundry revenue = Laundry revenue in trial balance + (Adjusted account receivable - Unadjusted account receivable) = $182,100 + ($23,250 - $18,250) = $187100
2. The accountant debited laundry suppliers expense instead of crediting laundry suppliers for $3,000.
3. The the accountant credited Prepaid insurance for $3,600 (i.e. $5,200 - $1,600 = $3,600). However, the insurance expense was debited for $600.
4. Instead of crediting accumulated depreciation, the laundry equipment for depreciation expense was erroneously credited by the accountant for $13,000.
5. A debit of $1,000 to wages expense was not made by the accountant.
Additional Note:
After correcting the errors identified above, the correct adjusted trial balance will look as the one in the attached photo.
Jackson, a self-employed taxpayer, uses his automobile 90% for business and during 2020 drove a total of 14,000 business miles. Information regarding his car expenses is listed below.
Business parking $140
Auto insurance 1,300
Auto club dues (includes towing service) 180
Toll road charges (business-related) 200
Oil changes and engine tune-ups 210
Repairs 160
Depreciation allowable 2,850
Fines for traffic violations (incurred during business use) 320
Gasoline purchases 2,800
1. What is Jackson's deduction in 2018 for the use of his car if he uses:
a. The actual cost method?
b. The automatic mileage method?
2. What records must Jackson maintain?
Answer:
A. $7,090
B. $8,390
C. The records that Jackson must maintain is to keep a LOG file that contain the copies of all the receipts for (a) as well as a mileage logs file for (b)
Explanation:
a) Calculation for What is Jackson's deduction for the use of his car if he uses The actual cost method
Jackson's deduction
= 140+200+(90%*1300+180+210+160+2,850+2,800)
Jackson's deduction=140+200+6,750
Jackson's deduction=$7,090
Therefore Jackson's deduction for the use of his car if he uses The actual cost method will be $7,090
b)Calculation for What is Jackson's deduction for the use of his car if he uses The automatic mileage method
Jackson's deduction=( 57.5%* 14,000)+140+200
Jackson's deduction= 8,050 + 140 +200
Jackson's deduction=$8,390
Therefore Jackson's deduction for the use of his car if he uses The automatic mileage method will be $8,390
c) Based on the information given the records
that Jackson must maintain is to keep a LOG file that contain the copies of all the receipts for (a) as well as a mileage logs file for (b)
Following is the stockholders’ equity section of the balance sheet for The Procter & Gamble Company along with selected earnings and dividend data. For simplicity, balances for noncontrolling interests have been left out of income and shareholders' equity information.
$ millions except per share amounts 2014 2013
Net earnings attributable to Procter $10,956 $11,797
& Gamble shareholders
Common dividends 5,883 5,534
Preferred dividends 256 233
Basic net earnings per common share $3.82 $4.12
Diluted net earnings per common share $3.66 $3.93
Shareholders' equity:
Convertible class A preferred stock, $1,195 $1,234
stated value $1 per share
Common stock, stated value $1 per share 4,008 4,008
Additional paid-in capital 63,181 62,405
Treasury stock, at cost (shares held: (69,604) (67,278)
2014--1260.8; 2013--1242.6)
Retained earnings 75,349 70,682
Accumulated other comprehensive (9,333) (2,054)
income/(loss)
Other (761) (996)
Shareholders' equity attributable to $64,035 $68,001
Procter & Gamble shareholders
a. Compute the number of common shares outstanding at the end of each fiscal year. Estimate the average number of shares outstanding during 2014. Round to one decimal place.
2014 million
2013 million
2014 Average million
b. Calculate the average cost per share of the shares held as treasury stock at the end of each fiscal year. Round to two decimal places.
2014
2013
c. In 2014, preferred shareholders elected to convert 40 million shares of preferred stock into common stock. Rather than issue new shares, the company granted 40 million shares held in treasury stock to the preferred shareholders. Prepare a journal entry to illustrate how this transaction would have been recorded. (Hint: use the cost per share for 2013 determined in b.) Enter answers in millions. Round to the nearest million.
Description Debit Credit
Preferred stockTreasury stockAdditional paid-in capital
Additional paid-in capital
Preferred stockTreasury stockAdditional paid-in capital
d. Calculate P&G's return on common equity (ROCE) for fiscal 2014. Round to one decimal place.
2014
Answer:
See below
Explanation:
a.
2014 $2,747.2 Million
2013 $2,765.4 Million
2014 Average $2,756.3 Million
Working
2014 4,008.0 - 1,260.8 = $2,747.2
2013 4,008.0 - 1,242.6 = $2,765.4
b.
2014 $54.14
2013 $55.21
c.
Account title
Preferred stock A/c Dr. $40.0
Additional paid in capital A/c Dr. $2,128.4
To Treasury stock A/c Cr. $2,168.4
d.
Net earnings attributable to P and G shareholders
$10,956
Shareholder's equity attributable to P and G shareholders $64,035
ROCE
($10,956 / $64,035) × 100
17.1%
Judge made laws are known as
Bob lives in Philadelphia and runs a business that sells guitars. In an average year, he receives $704,000 from selling guitars. Of this sales revenue, he must pay the manufacturer a wholesale cost of $404,000; he also pays wages and utility bills totaling $286,000. He owns his showroom; if he chooses to rent it out, he will receive $3,000 in rent per year. Assume that the value of this showroom does not depreciate over the year. Also, if Bob does not operate this guitar business, he can work as an accountant, receive an annual salary of $20,000 with no additional monetary costs, and rent out his showroom at the $3,000 per year rate. No other costs are incurred in running this guitar business.
Identify each of Charles's costs in the following table as either an implicit cost or an explicit cost of selling guitars
Implicit Cost Explicit Cost
1. The wholesale cost for the guitars that Charles pays the manufacturer
2. The wages and utility bills that Charles pays
3. The salary Charles could earn if he worked as an accountant
4. The rental income Charles could receive if he chose to rent out his showroom
Complete the following table by determining Charles's accounting and economic profit of his guitar business.
Profit (Dollars)
Accounting Profit
Economic Profit
Answer:
Explicit Cost
1. The wholesale cost for the guitars that Charles pays the manufacturer
2. The wages and utility bills that Charles pays
Implicit cost
3. The salary Charles could earn if he worked as an accountant
4. The rental income Charles could receive if he chose to rent out his showroom
$14,000
Economic profit = $-9000
Explanation:
Accounting profit= total revenue - explicit cost
Total revenue =price x quantity sold
Explicit cost includes the amount expended in running the business. They include rent , salary and cost of raw materials
Economic profit = accounting profit - implicit cost
Implicit cost is the cost of the next best option forgone when one alternative is chosen over other alternatives
Accounting profit = $704,000 - ( $404,000 + $286,000) = $14,000
Economic profit = $14,000 - ($3000 + $20,000) =$-9000
For each example presented in the following table, identify the self-efficacy dimension being illustrated.
Example Magnitude Strength Generality
You believe that you will be able to perform in at least the 70th percentile in sales in the next quarter compared to the rest of your company's sales force.
You are not sure that you will be able to earn employee of the month given how well Peggy is doing.
Although you were one of the top students in your high school, now that you are in college you are not sure if you will continue to perform in the top 20% of your class.
Use your knowledge of the different motivation theories to answer the question.
If your manager assumed that you are motivated by money and offered incentive pay so that you would earn more money if you did more work, what approach to motivation is being illustrated?
A. Expectancy theory
B. Maslow's hierarchy of needs
C. Scientific management
D. The human relations approach
Answer:
1) A) MAGNITUDE
B) STRENGTH
C) GENERALITY
2) Option A: Expectancy Theory
Explanation:
A) The correct self-efficacy dimension in this statement is "MAGNITUDE" because you believe that you can complete the task.
B) The correct self-efficacy dimension in this statement is "STRENGTH" because you are reflecting on your previous confidence you had to claim the employee of the month.
C) The correct self-efficacy dimension in this statement is "GENERALITY" because you are estimating the difference in two tasks which are your performance at the top in high school to the performance at top in college now.
2) Answer is expectancy theory because you are motivated to start working hard because of the extra money the manager is offering as incentive to make you work harder.
Tonya, who lives in California, inherited a $100,000 State of California bond in 2020. Her marginal Federal tax rate is 35%, and her marginal state tax rate is 5%. The California bond pays 3.3% interest, which is not subject to California income tax. She can purchase a corporate bond of comparable risk that will yield 5.2% or a U.S. government bond that pays 4.6% interest. What is the after-tax income from each bond
Answer: See explanation
Explanation:
The after-tax income from each bond is given below:
• California bond
This will be calculated as the inherited amount of California bond multiplied by the interest rate
= $100,000 × 3.30%
= $100,000 × 0.033
After tax interest revenue = $3300
Note that there are no deduction for Federal income, and California tax here.
• Corporate bond.
Inherited amount of corporate bond = $100,000
Multiply: Interest rate = 5.20%
Before tax interest revenue = ($100,000 × 5.20%) = $5,200
Less: Federal income tax = ($5,200 × 35%) = ($1,820)
Less: California tax = $5,200 × 5% = $260
Less: Federal tax benefit = ($260 × 35%) = $91
After tax interest revenue = $3,211
• U.S Government bond
Inherited amount of U.S. government bond = $100,000
Multiply: Interest rate = 4.60%
Before tax interest revenue = $4,600
Less: Federal income tax = $4,600 × 35% = $1,610
Less: California tax = $0
Less: Federal tax benefit on the state income tax paid = $0
After tax interest revenue = $4600 - $1610 = $2,990
A stock index currently stands at 280. The risk-free interest rate is 10% per annum (with semiannual compounding) and the dividend yield on the index is 5% per annum (continuously compounded). The futures price for a six-month contract is closest to the which of following value:________
a. $235.07
b. $287.09
c. $277.11
d. $340.21
Answer:
b. $287.09
Explanation:
The computation of the future price of a six month contract is shown below;
Given that
Current stock index = 280
Risk free rate = 10% or 0.10
Dividend yield = 5% or 0.05
Periods (n) = 6 months or 0.5 year
now
Futures price = Current stock index × e^(risk free rate - dividend yield) × n
= 280 × e^(0.10 - 0.05) × 0.5
= 280 × e^(0.05) × 0.5
= 280 × e^(0.025)
= 280 × 1.025315
= $287.09
Materials used by Square Yard Products Inc. in producing Division 3's product are currently purchased from outside suppliers at a cost of $5.00 per unit. However, the same materials are available from Division 6. Division 6 has unused capacity and can produce the materials needed by Division 3 at a variable cost of $3.00 per unit. A transfer price of $3.20 per unit is established, and 40,000 units of material are transferred, with no reduction in Division 6's current sales. Square Yard Products Inc.'s total operating income will increase by
Answer: $80,000
Explanation:
First, we'll need to calculate division 3's income from the increase in operations and this will be:
= (40000 × $5) - ($40000 × $3.20)
= $200,000 - $128,000
= $72000
Division 6 income from operation increase will be:
= 40000 × ($3.20 - $3.00)
= 40000 × 0.2
= $8000
Therefore, Square Yard Products Inc.'s total operating income will increase by:
= $72000 + $8000
= $80000
A new investment project currently under consideration has a negative net present value of $85,000. The project has a life of 10 years and the minimum required rate of return is 8%. The present value factor for an annuity at 8% for 10 periods is 6.71. What is the amount of annual additional cash flow that is required to make this investment attractive
Answer:
$12,668
Explanation:
Calculation to determine the amount of annual additional cash flow that is required to make this investment attractive
Using this formula
Annual additional cash flow required=Negative net present value /Present value factor for an annuity at 8% for 10 periods
Let plug in the formula
Annual additional cash flow required= $85,000/6.71
Annual additional cash flow required= $12,668
Therefore the amount of annual additional cash flow that is required to make this investment attractive is $12,668
The following information pertains to Flaxman Manufacturing Company for April. Assume actual overhead equaled applied overhead. April 1 Inventory balances Raw materials $ 123,700 Work in process 119,900 Finished goods 77,800 April 30 Inventory balances Raw materials $ 85,500 Work in process 145,200 Finished goods 81,700 During April Costs of raw materials purchased $ 118,500 Costs of direct labor 100,100 Costs of manufacturing overhead 61,700 Sales revenues 353,000 Required Prepare a schedule of cost of goods manufactured and sold. Calculate the amount of gross margin on the income statement.
Answer:
Cost of goods manufactured $293,200
Gross margin $63,700
Explanation:
Flaxman manufacturing company
Income statement for April
Sales revenue $353,000
March 1, Inventory balance raw materials
$123,700
Add: raw materials purchased
$118,500
Less April 31, Inventory balance raw materials
$85,500
Raw materials used $156,700
Cost of direct labor
$100,100
Cost of manufacturing overhead
$61,700
Total manufacturing costs $318,500
Add work in process
$119,900
Cost of goods available for manufacturing
$438,400
Less ending work in process
$145,200
Cost of goods manufactured
$293,200
Add finished goods at the beginning
$77,800
Cost of goods available for sale
$371,000
Less finished goods at ending
$81,700
Cost of goods sold
$289,300
Gross margin
$63,700
We arrived at the gross margin by deducting cost of goods sold from sales revenue
The purpose of charging different prices to different groups of customers is to multiple choice decrease costs and in turn increase profits. Student discounts are an example of this type of pricing. increase revenue, but not profits. Higher holiday airfares are an example of this type of pricing. increase revenue and in turn costs. Senior citizen discounts are an example of this type of pricing. increase revenue and in turn profits. Lower afternoon movie prices are an example of this type of pricing.
Answer:
increase revenue and in turn profits. Lower afternoon movie prices are an example of this type of pricing.
Explanation:
Price discrimination is defined as the situation where the same product is being sold to different customers at different prices.
This is mostly based in the ability of the customers to pay at the varying amounts.
In the given instance when afternoon movie tickets are sold at lower prices, that rational is that there is lower demand for movies in the afternoon.
As such the price will need to be lowered to encourage people to buy tickets.
However at night people are less busy and demand for movies will be high. Tickets can now be sold at higher prices with the assurance that people will buy
Student discounts are an example of this type of pricing of increase revenue and in turn profits. Lower afternoon movie prices are an example of this type of pricing.
The following information should be considered;
Price discrimination is defined as the situation where the same product is being sold to different customers at different prices. This is mostly based in the ability of the customers to pay at the varying amounts.Learn more: brainly.com/question/16911495
supply a reason for a decline in the balance of the current account
Briefly describe a purchase you made where the customer service level had an effect on the product you selected or where you purchased it?
Answer:
pick 'n pay through daily promotions
Chino Company reported net income of $23,000 for the current year. During the year, Inventory decreased by $7,500, Accounts Payable decreased by $8,250, Depreciation Expense was $10,500, and Accounts Receivable increased by $7,000. If the indirect method is used, what is the net cash provided by operating activities?
A). $25,750.
B). $56,250.
C). $42,250.
D). $11,000.
Answer: A). $25,750.
Explanation:
Cash from operating activities refers to cash from the business operations of the company.
Formula is:
= Net Income + Depreciation + Decrease in inventory - Accounts payable decrease - Accounts receivable increase
= 23,000 + 10,500 + 7,500 - 8,250 - 7,000
= $25,750
Explanation:
A). $25,750.
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Braun Company has one service department and two operating (production) departments. Maintenance Department costs are allocated to the two operating departments based on square feet occupied. Listed below are the operating data for the current period:
Department Direct Expenses Square Feet
Maintenance $52,500 23,000
Milling 94,500 46,000
Assembly 123,400 69,000
The total cost of operating the Assembly Department for the current period is:_____.
Answer:
$154,900
Explanation:
The computation of the total cost of operating the assembly department as follows:
= Direct expenses of assembly department + allocated amount
= $123,400 + $52,500 × 69,000 ÷ (69,000 + 46,000)
= $123,400 + $52,500 × 69,000 ÷ 115,000
= $123,400 + $31,500
= $154,900
The gaming commission is introducing a new lottery game called Infinite Progresso. The winner of the Infinite Progresso jackpot will receive $1,000 at the end of January, $1,900 at the end of February, $2,800 at the end of March, and so on up to $10,900 at the end of December. At the beginning of the next year, the sequence repeats starting at $1,000 in January and ending at $10,900 in December. This annual sequence of payments repeats indefinitely. If the gaming commission expects to sell a minimum of 800,000 tickets, what is the minimum price they can charge for the tickets to break even, assuming the commission earns 12.00 %/year/month on its investments and there is exactly one winning ticket
Answer:
$0.73
Explanation:
Interest = 12% = 1% per month
The sequence of monthly payment for indefinite years
$1000, $1900, $28000......... $10900
This means that the monthly payment increases by $900
The equivalent monthly payment can be calculated as
= 1000 + 900 ( A/G , 1% , 12 )
= 1000 + 900 * 5.3814
= 1000 + 4843.26
= $5843.26
present worth of withdrawal = 5843.26 / 1% = $584326
The minimum price that the company will have to sell its ticket to breakeven
= 584326 / 800000
= $0.73
can integrity be situational
Explanation:
Hope it will help you to solve your doubt.
g Marlboro Construction enters into a contract with a customer to build a warehouse for $725,000 on April 15, 2021 with a completion date of September 15, 2021. The contract contains a performance clause such that Marlboro will receive a $12,000 bonus for each week the contract is completed early. Likewise, the agreed contract price will be reduced by $12,000 for each week the contract is completed after the due date. These clauses are commonly included in Marlboro contracts and, based on prior experience, estimates the following completion outcomes: Completed by Probability September 1 10% September 8 30% September 15 25% September 22 20% September 29 15% The transaction price for this transaction, using the most likely amount method is A. $471,250 B. $725,000 C. $737,000 D. $713,000
Answer:
B. $725,000
Explanation:
The expected value for the contract will be :
10% ($725,000 + 12,000 + 12,000 ) + 30% ($725,000 + 12,000 ) + 25% ($725,000 ) + 20% ($725,000 - 12,000 ) + 15% ($725,000 - 12,000 - 12,000 )
= $ 74,900 + $221,100 +$181,250 + $142,600 + $105,150 = $725,000
Marlboro constructions expected value of the contract is 725,000 based on the given probability estimates of contract completion.
Kelly owns 500 shares of Boston Corporation common stock which was purchased on March 20, 2000, for $70,000. On August 8 of the current year, she receives a distribution of 500 stock rights. Each stock right has a $10 FMV and the FMV of the Boston common stock is $40 per share. With each stock right, she may acquire on share of Boston common stock for $110.
a. How much gross income must Kelly recognize?
b. What is the basis of each stock right received?
c. If she sells the 100 stock rights for $9,000, what is her gain?
d. If she exercises the 100 stock rights on September 8, what is the basis of the 100 shares she receives and when does the holding period for those shares start?
Answer:
a. How much gross income must Kelly recognize?
$0, the distribution will not increase her gross income.
b. What is the basis of each stock right received?
{[(500 x $10)/ (500 x $10 + 500 x $40)] x $70,000} / 500 shares= $14,000 / 500 = $28
c. If she sells the 100 stock rights for $9,000, what is her gain?
gain = $9,000 - (100 x $28) = $6,200
d. If she exercises the 100 stock rights on September 8, what is the basis of the 100 shares she receives and when does the holding period for those shares start?
basis = $2,800 + (100 x $110) = $13,800
Bruin Company received a $100,000 insurance payment on the death of its company president. The company annually paid $1,000 of non-deductible insurance premiums on the policy. Bruin reported the insurance receipt as income and deducted the premium payments on its books. For ASC 740 purposes, the income and deduction are characterized as:
Answer:
The description as per the given scenario is explained in the segment below.
Explanation:
The receipt of benefits would be a mandatory beneficial improvement as well as the premium charge seems to be a permanently undesirable distinction to be made.Besides ASC 740 considerations, the profits earned as initial deposit mostly on the dissolution of the organization's president as well as higher price loss on either the policy shall be defined as a permanent insurance gain as well as a constant unfavorable premium gap.