Answer:
Predetermined manufacturing overhead rate= $22 per machine hour
Explanation:
Giving the following formula:
Denominator level of activity 2,400 MHs
Variable overhead cost $ 25,430
Fixed overhead cost $ 27,370
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= (25,430 + 27,370) / 2,400
Predetermined manufacturing overhead rate= $22 per machine hour
The following partially completed process cost summary describes the July production activities of the Molding department at Ashad Company. Its production output is sent to the next department. All direct materials are added to products when processing begins. Beginning work in process inventory is 20% complete with respect to conversion.
Equivalent Units of Production Direct Materials Conversion
Units transferred out 40,000 EUP 40,000 EUP
Units of ending work in process 4,500 EUP 2,700 EUP
Equivalent units of production 44,500 EUP 42,700 EUP
Costs per EUP Direct Materials Conversion
Costs of beginning work in process $43,950 $5,360
Costs incurred this period 490,050 280,730
Total costs $534,000 $286,090
Units in beginning work in process (all completed during July) 4,000
Units started this period 40,500
Units completed and transferred out 40,000
Units in ending work in process 4,500
Required:
Prepare its process cost summary using the FIFO method.
Answer:
Ashad Company
Molding Department
Process Cost Summary using the FIFO Method:
Costs per EUP Direct Materials Conversion
Costs of beginning work in process $43,950 $5,360
Costs incurred this period 490,050 280,730
Total costs $534,000 $286,090
Equivalent units of production 44,500 EUP 45,900 EUP
Cost per equivalent unit $12 $6.233
Units in beginning work in process Units Degree of Completion
Materials Conversion
(all completed during July) 4,000 100% 20%
Units started this period 40,500
Units completed & transferred out 40,000 100% 100%
Units in ending work in process 4,500 100% 60%
Cost assigned to: Direct Materials Conversion Total
Beginning work in process 3,200 $0 $19,946 $19,946
Completed & transferred out 40,000 480,000 249,320 729,320
Ending work in process 4,500 54,000 16,829 70,829
Total costs assigned $534,000 $286,095 $820,095
Cost Reconciliation: Direct Materials Conversion Total
Costs of beginning work in process $43,950 $5,360 $49,310
Costs incurred this period 490,050 280,730 770,780
Total costs $534,000 $286,090 $820,090
Explanation:
a) Data and Calculations:
Equivalent Units of Production Direct Materials Conversion
Beginning Work in Process 0 EUP 3,200 EUP (4,000*80%)
Units transferred out 40,000 EUP 40,000 EUP
Units of ending work in process 4,500 EUP 2,700 EUP
Equivalent units of production 44,500 EUP 45,900 EUP
Oregon Outfitters issues 1,700 shares of $1 par value common stock at $20 per share. Later in the year, the company decides to purchase 240 shares at a cost of $19 per share.
Required:
a. Record the original issue of the 1,700 shares.
b. Record the purchase of 240 shares
c. Record the entry if Oregon Outfitters resells the 240 shares of treasury stock at $27 per share.
Answer:
A. Dr Cash $34,000
Cr Common Stock $1,700
Cr Paid in capital in excess of par-Common Stock $32,300
B. Dr Treasury stock $4,560
Cr Cash $4,560
C. Dr Cash $6,480
Cr Treasury stock $4,560
Cr To Paid in capital-Treasury stock $1,920
Explanation:
a. Preparation of the journal entry to Record the original issue of the 1,700 shares
Dr Cash $34,000
(1,700 shares × $20)
Cr Common Stock $1,700
(1,700 shares × $1)
Cr Paid in capital in excess of par-Common Stock $32,300
($34,000-$1,700)
(Being issue of common stock is recorded)
b. Preparation of the journal entry to Record the purchase of 240 shares
Dr Treasury stock $4,560
(240 shares × $19 per share)
Cr Cash $4,560
(Being repurchase of treasury stock is recorded)
C. Preparation to record the Journal entry if Oregon Outfitters resells the 240 shares of treasury stock at $27 per share.
Dr Cash $6,480
(240 shares × $27 per share.)
Cr Treasury stock $4,560
(240 shares × $19 per share)
Cr To Paid in capital-Treasury stock $1,920
($6,480-$4,560)
(Being reissue of treasury stock is recorded)
purchased book shelves from laily enterprise 15 600 at listed price with 20 % trade discount journal entry
Explanation:
purchased book shelves from laily enterprise 15 600 at listed price with 20 % trade discount journal entry.
Required information Use the following information for the Exercises below. Skip to question [The following information applies to the questions displayed below.] Hudson Co. reports the contribution margin income statement for 2019. HUDSON CO. Contribution Margin Income Statement For Year Ended December 31, 2019 Sales (10,300 units at $375 each) $ 3,862,500 Variable costs (10,300 units at $300 each) 3,090,000 Contribution margin 772,500 Fixed costs 600,000 Pretax income $ 172,500 Exercise 18-16 Break-even LO P2 1. Compute Hudson Co.'s break-even point in units. 2. Compute Hudson Co.'s break-ev
Answer:
See
Explanation:
1. Break even point in units
= Fixed cost / Selling price per unit - Variable cost per unit
Given that
Fixed cost = $600,000
Selling price per unit = $375
Variable cost per unit = $300
Break even point in units = $600,000 / ($375 - $300)
= $600,000 / $75
= 8,000 units
2. Break even in sales
= Fixed cost / Selling price unit - Variable cost per unit × Selling price per unit.
=[ $600,000 / ($375 - $300) ] × $375
= 8,000 × $375
= $3,000,000
Aulman Inc. has a number of divisions including a Furniture Division and a Motel Division. The Motel Division owns and operates a line of budget motels located along major highways. Each year, the Motel Division purchases furniture for the motel rooms. Currently, it purchases a basic dresser from an outside supplier for $40. The manager of the Furniture Division has approached the manager of the Motel Division about selling dressers to the Motel Division. The full product cost of a dresser is $29. While the Furniture Division has been operating at capacity (50,000 dressers per year) and selling them for $40 each, it expects to produce and sell only 40,000 dressers for $40 each next year. The Furniture Division incurs variable costs of $13 per dresser. The company policy is that all transfer prices are negotiated by the divisions involved.
Required:
a. What is the maximum transfer price?
b. Which division sets it?
c. What is the minimum transfer price?
d. Which division sets it?
Answer:
correct answer is A I hope it helped you
Record the adjusting entries for the month of December. Explanations are not required.
a. Accrued Salaries Expense of $1,700
b. Depreciation in the amount of $200 was recorded on the furniture
c. Prepaid Insurance for the month expired. Remember, a four month insurance policy of $1,400 was paid for on December1.
d. Office Supplies used during the month, $110.
e. Unearned revenue earned during the month $400.
f. Accrued service revenue $900.
Answer:
Item a
Debit : Salaries Expense $1,700
Credit : Salaries Payable $1,700
Item b
Debit : Depreciation expense $200
Credit : Accumulated depreciation $200
Item c
Debit : Insurance expense $350
Credit : Prepaid Insurance $350
Item d
Debit : Supplies expenses $110
Credit : Office Supplies $110
Item e
Debit : Unearned revenue $400
Credit : Revenue Earned $400
Item f
Debit : Accounts Receivable $900
Credit : Service Revenue $900
Explanation:
The adjusting entries for the month of December have been prepared above.
in a general partnership, ________. (2pts) Question 39 - In a general partnership, ________. Select no decision is binding unless all partners agree to it in writing as your answer no decision is binding unless all partners agree to it in writing Select each partner is held responsible for an agreement/decision made by any one of the partners as your answer each partner is held responsible for an agreement/decision made by any one of the partners Select no partner can be held legally responsible for decisions since the partnership itself is a legal entity as your answer no partner can be held legally responsible for decisions since the partnership itself is a legal entity Select partners can be held responsible only for decisions they make personally as your answer partners can be held responsible only for decisions they make personally
Answer:
each partner is held responsible for an agreement/decision made by any one of the partners
Explanation:
A partnership can be defined as a type of business ownership in which two or more individuals come together to start up a business and share the profits made together.
Limited partnerships have two classes of partners. These two (2) classes are;
1. Limited partner: it is a type of partnership in which people come together and have an agreement to do business but the involved partners only contribute financially and solely responsible to the amount of money they invested.
2. General partner: it is a type of partnership in which two or more people come together and have an agreement to do business by sharing profits, assets, debts or financial and legal liabilities.
In a general partnership, each partner is held responsible for an agreement or decision made by any one of the partners.
Marilyn entered into a contract and sold equipment to Sam who claimed to be acting on behalf of ABC Corporation. Marilyn was not paid, and upon investigation, she learned that while the articles of incorporation were filed for ABC Corporation, they were never issued. Which of the following is the applicable law in regard to her position in a majority of states?
a. The majority of states follow the old MBCA which follows the approach that only promoters who assume to act as a corporation when the certificate of incorporation has not been issued are jointly and severally liable for the business debts.
b. The majority of states follow the old MBCA which follows the approach that all persons who assume to act as a corporation when the certificate of incorporation has not been issued are jointly and severally liable for the business debts.
c. The majority of states follow the revised MBCA under which the filing of the articles of incorporation, regardless of whether there is a return copy stamped by the secretary of state, is conclusive proof of incorporation; and the corporation itself is liable for business debts from that point forward.
d. The majority of states follow the revised MBCA under which the filing of the articles of incorporation, evidenced by the return of the copy stamped by the secretary of state, is conclusive proof of incorporation; and the corporation itself is liable for business debts from that point forward.
Answer:
The applicable law in regard to her position in a majority of states is:
b. The majority of states follow the old MBCA which follows the approach that all persons who assume to act as a corporation when the certificate of incorporation has not been issued are jointly and severally liable for the business debts.
Explanation:
MBCA means the Model Business Corporation Act. It is noteworthy that majority of the states have not adopted fully the Revised Model Business Corporation Act, 2016. This is because some of their Corporation Acts still rely on the old MBCA. This implies that Marilyn has a favorable position and can recover from ABC Corporation the value of the equipment sold to Sam.
what is the starting salary of an entry level librarian? it could hour wage or yearly.
Answer:
$46k–84kper year
Explanation:
Answer:
Which city, though?
Explanation:
Highest Paying Cities for Entry Level Librarian Jobs.
City Richmond, CA
Annual Salary $46,419
Monthly Pay $3,868
Weekly Pay $893
Hourly Wage $22.32
write expanded notation of 752 863
Suppose there are a large number of men who used to work or seek work who now no longer do either. Other things the same, this makes a. the number of people unemployed rise but does not change the labor force. b. the number of people unemployed rise but makes the labor force fall. c. both the number of people unemployed and the labor force fall. d. the number of people unemployed fall but does not change the labor force.
Answer: c. both the number of people unemployed and the labor force fall.
Explanation:
Unemployed people in an economy refers to those who do not have work but are actively seeking work. As the men above who did not have work are no longer seeking it, they do not qualify to be classified as unemployed any longer which would lead to a fall in the unemployment rate.
The labor force includes both unemployed and employed people in the economy. As the number of people who were classified as unemployed has reduced, so also will the labor force.
Explain the purposes for which of control accounts are
prepared in a business organization
The purpose of the control account is to keep the general ledger nice and clean without any details, yet contain the correct balances to be used in the financial statements.
Lower-of-Cost-or-Market
Stalberg Company's beginning inventory and purchases during the fiscal year ended December 31, 20--, were as follows:
Units Unit Price Total Cost
Jan. 1 Beginning inventory 10 $20 $200
Mar. 5 1st purchase 10 22 220
Sept. 9 2nd purchase 10 25 250
Dec. 8 3rd purchase 10 30 300
40 $970
There are 10 units of inventory on hand on December 31.
1. Calculate the total amount to be assigned to the ending inventory under each of the following periodic inventory methods:
a. FIFO $
b. Weighted-average (round calculations to two decimal places.) $
2. Assume that the market price per unit (cost to replace) of Stalberg's inventory on December 31, 20--, was $26. Calculate the total amount to be assigned to the ending inventory on December 31 under each of the following methods:
a. FIFO lower-of-cost-or-market $
b. Weighted-average lower-of-cost-or-market $
Answer:
1-a. The total amount to be assigned to the ending inventory under FIFO is $300.
1-b. The total amount to be assigned to the ending inventory under Weighted-average is $242.50.
2-a. The total amount to be assigned to the ending inventory under FIFO lower-of-cost-or-market is $260.
2-b. The total amount to be assigned to the ending inventory under weighted-average lower-of-cost-or-market is $242.50.
Explanation:
1-a. Calculate the total amount to be assigned to the ending inventory under FIFO.
First In First Out (FIFO) method, the units purchased first are sold first and the units purchased last are sold last.
Since there are 10 units of inventory on hand on December 31 and Dec. 8 3rd purchase has 10 units, this implies that the total amount to be assigned to the ending inventory is $300 which is total amount of units of Dec. 8 3rd purchase.
Therefore, the total amount to be assigned to the ending inventory under FIFO is $300.
1-b. Calculate the total amount to be assigned to the ending inventory under Weighted-average (round calculations to two decimal places.).
Total cost = $970
Total units = 40
Weighted-average per unit = Total cost / Total units = $970 / 40 = $24.25
Cost of ending inventory = Weighted-average per unit * Units of ending inventory = $24.25 * 10 = $242.50
Therefore, the total amount to be assigned to the ending inventory under Weighted-average is $242.50.
2-a. Calculate the total amount to be assigned to the ending inventory under FIFO lower-of-cost-or-market.
Market price per unit = $26
Total amount of ending inventory using market price per unit = Market price per unit * Units of ending inventory = $26 * 10 = $260
Total amount of ending inventory using FIFO = $300
FIFO lower-of-cost-or-market = Total amount of ending inventory using market price per unit = $260
Therefore, the total amount to be assigned to the ending inventory under FIFO lower-of-cost-or-market is $260.
2-b. Calculate the total amount to be assigned to the ending inventory under Weighted-average lower-of-cost-or-market.
Market price per unit = $26
Total amount of ending inventory using market price per unit = Market price per unit * Units of ending inventory = $26 * 10 = $260
Total amount of ending inventory using weighted-average = $242.50
Weighted-average lower-of-cost-or-market = Total amount of ending inventory using weighted-average = $242.50
Therefore, the total amount to be assigned to the ending inventory under weighted-average lower-of-cost-or-market is $242.50.
10. You manage a home improvement store. Your area has just been hit by a flood.
Building supplies quickly become in short supply. Would you raise prices to profit
from this shortage? Why or why not?
Suppose two pizza parlors employ drivers whose job it is to deliver pizzas to those who order over the phone. One company pays its drivers an hourly wage, and the other pays them by the number of pizzas delivered each day (which can be affected by efforts of drivers to deliver and hurry back for the next order). Which company is more likely to experience higher rates of traffic accidents among its drivers? Why?
Answer:
The second company which pays as per delivery.
Explanation:
In simple words, the company paying their employees as per the deliveries made have incentive their employees to work in speedy manner. It is definite that employees, in intention to earn more, will try to deliver more and more pizzas and that could lead to major accidents.
The other company employees might not work in an hurry as they are being paid on hourly wages hence extra work is not going to get them anything.
Two investment centers at Marshman Corporation have the following current-year income and asset data: Investment Center A Investment Center B Investment center income $ 470,000 $ 590,800 Investment center average invested assets $ 2,560,000 $ 2,110,000 The return on investment (ROI) for Investment Center B is:
Answer:
28 %
Explanation:
The Return On Investment (ROI) is synonymous with the Accounting Rate of Return (ARR). Where the ARR is focused on future estimates (an e ante measure), ROI is focused on historic after the event (ex post) performance measure.
Return On Investment (ROI) = Divisional Profit Contribution / Assets employed in the division x 100
therefore,
Investment Center B
Return On Investment (ROI) = $ 590,800 / $ 2,110,000 x 100
= 28 %
The return on investment (ROI) for Investment Center B is 28 %
The End Co issued preferred stock for proceeds of $19,000 during 2014. The company paid dividends of $3,500 on the preferred stock. The company issued a long-term note payable for $75,000 in exchange for a building during the year and bought $16,000 of new equipment. The company also purchased treasury stock for $5,000. The financing section of the statement of cash flows will report net cash inflows of
Answer:
The financing section of the statement of cash flows will report net cash inflows of $10,500
Explanation:
The financing section of the statement of cash flows shows results of cash resulting from capital invested by owners, debt issued and repayments to capital and debt.
Cash Flow from Financing Activities
Preferred Stock Issued $19,000
Dividends Paid ($3,500)
Treasury Stock Purchased ($5,000)
Net Cash Provided by Financing Activities $10,500
Red Rock Bakery purchases land, building, and equipment for a single purchase price of $440,000. However, the estimated fair values of the land, building, and equipment are $189,000, $297,000, and $54,000, respectively, for a total estimated fair value of $540,000. Required: Determine the amounts Red Rock should record in the separate accounts for the land, the building, and the equipment.
Answer and Explanation:
The computation of the amount that recorded in each separate account is shown below:
Asset Estimated fair value Allocated % Purchase price Recorded amount
Land $189,000 0.35 $440,000 $154,000
Building $297,000 0.55 $440,000 $242,000
Equipment $54,000 0.10 $440,000 $44,000
Total $540,000 100
Dockside Enterprises Incorporated operates two divisions: (1) a management division that owns and manages bulk carriers on the Great Lakes and (2) a repair division that operates a dry dock in Tampa, Florida. The repair division works on company ships and outside large-hull ships. The repair division has an estimated variable cost of $37 per labor-hour, has a backlog of work for outside ships, and charges $77 per hour for labor, which is standard for this type of work. The management division complained that it could hire its own repair workers for $47 per hour, including leasing an adequate work area. What is the minimum transfer price per hour that the repair division should obtain for its services, assuming it is operating at capacity
Answer:
Dockside Enterprises
The minimum transfer price per hour that the repair division should obtain for its services, assuming it is operating at capacity is:
= $47.
Explanation:
Repair division's estimated variable cost per labor-hour = $37
Standard selling price per labor-hour = $77
Labor cost of the hire of outside repair workers per hour = $47
Minimum transfer price = the variable costs plus a calculated opportunity cost
Minimum transfer price = $47 ($37 + $10)
Calculated opportunity cost = $10 ($47 - $37)
The cost object(s) of the departmental overhead rate method is: Multiple Choice The time period. The production departments of the company. The production departments in the first stage and the unit of product in the second stage. The unit of product in the first stage and the production departments in the second stage. The production activities of the company.
Answer:
The production departments in the first stage and the unit of product in the second stage.
Explanation:
Managerial accounting also known as cost accounting is an accounting technique focused on identification, measurement, analyzing, interpretation, and communication of financial information to managers for better decisions making and pursuit of the organization's goals.
This ultimately implies that, managerial accounting is specific to a particular business organization i.e the managerial accounting model used by a company would be different from the one used by another.
In Managerial accounting, the departmental overhead rate method is an accounting technique used for calculating the expense rate for each department in the manufacturing (production) process of a factory. Thus, it is solely based on breaking up overhead costs for each department rather than a factory-wide rate. The unit of activities in each segment of a business firm or factory determines the departmental overhead rate.
Generally, the cost object of the departmental overhead rate method is the production departments in the first stage and the unit of product in the second stage.
Company ABC has an existing debt of 2,000,000 on which it makes annual payments at an annual effective rate of LIBOR plus 0.5%. ABC decides to enter into a swap with a notional amount of 2,000,000, on which it makes annual payments at a fixed annual effective rate of 3% in exchange for receiving annual payments at the annual effective LIBOR rate. The annual effective LIBOR rates over the first and second years of the swap contract are 2.5% and 4.0%, respectively. ABC does not make or receive any other payments. Calculate the net interest payment that ABC makes in the second year.
Answer:
$70,000
Explanation:
Calculation to determine the net interest payment that ABC makes in the second year
First step is to calculate interest payments on the existing debt
Interest payments on the existing debt =$2,000,000*(4.0%+.5%)
Interest payments on the existing debt =$2,000,000*4.5%
Interest payments on the existing debt =$90,000
Second step is to calculate the Fixed Payment
Fixed Payment=$2,000,000*3%
Fixed Payment=$60,000
Third step is to calculate the amount received
from swap counterparty
Amount received =$2,000,000*4%
Amount received =$80,000
Now let calculate the net interest payment
Net Interest payment=$60,000+($90,000-$80,000)
Net Interest payment=$60,000+$10,000
Net Interest payment=$70,000
Therefore the net interest payment that ABC makes in the second year is $70,000
Cox Electric makes electronic components and has estimated the following for a new design of one of its products:
Fixed Cost = $10,000
Material cost per unit = $0.15
Labor cost per unit = $0.10
Revenue per unit = $0.65
These data are given in the file CoxElectric. Note that fixed cost is incurred regardless of the amount produced. Per-unit material and labor cost together make up the variable cost per unit. Assuming Cox Electric sells all that it produces, profit is calculated by subtracting the fixed cost and total variable cost from total revenue.
a. Build an influence diagram that illustrates how to calculate profit.
b. Using mathematical notation similar to that used for Nowlin Plastics, give a mathematical model for calculating profit.
c. Implement your model from part b in Excel using the principles of good spreadsheet design.
d. If Cox Electric makes 12,000 units of the new product, what is the resulting profit?
Answer:
a) attached below
b) P( profit ) = TR(q) - TC(q)
c) attached below
d) -$5000 ( loss )
Explanation:
Given data:
Fixed Cost = $10,000
Material cost per unit = $0.15
Labor cost per unit = $0.10
Revenue per unit = $0.65
a) Influence diagram to calculate profit
attached below
b) derive a mathematical model for calculating profit.
VC = variable cost per unit , LC = per unit labor cost , MC = per unit marginal cost, TC = Total cost of manufacturing , FC = Fixed cost, q = quantity, TR = Total revenue, R = revenue per unit
VC = LC + MC
TC (q) = FC + ( VC * q )
TR (q) = R * q
P( profit ) = TR(q) - TC(q) ------------ ( 1 )
c) attached below
d) If Cox Electrics makes 12,000 units of the new product
The resulting profit = -$5000
q = 12
P = TR ( q ) - TC ( q )
= ( R * q ) - ( Fc + ( Vc * q ) )
= ( 0.65 * 12000 ) - ( 10,000 + ( 0.25 * 12000 )
= -$5200
Fixed Cost is given $10,000 , material cost per unit is given $0.15 , labor cost per unit is $0.10 , and revenue per unit is $0.65.
a. The profit is derived when the total cost gets deducted from the total revenue. The total bifurcation of cost and revenue is shown in the diagram below:
b. The mathematical model for computation of profit is:
[tex]VC = LC + MC\\TC (q) = FC + (VC * q)\\TR (q) = R * q\\P = TR(q) - TC(q)[/tex]
Here, VC is the variable cost per unit, LC is labor cost per unit, MC is per unit marginal cost, TC is the total cost of manufacturing, FC is fixed cost, q is quantity, TR refers to total revenue, and R is the revenue per unit.
c. The implementation of the above model in Excel is shown below:
d. The profits when 12,000 units of new products are made would be:
[tex]P = TR ( q ) - TC ( q )\\ = ( 0.65 * 12000 ) - ( 10,000 + ( 0.25 * 12000 )\\=-5200[/tex]
Hence, the company would face a loss of $5200.
Learn more about the calculation of profits here:
https://brainly.com/question/15562293
The following T-account is a summary of the Cash account of Cuellar Company. Cash (Summary Form) Balance, Jan. 1 8,300 Receipts from customers 361,000 Payments for goods 220,400 Dividends on stock investments 5,300 Payments for operating expenses 140,300 Proceeds from sale of equipment 36,500 Interest paid 11,700 Proceeds from issuance of Taxes paid 8,600 bonds payable 500,500 Dividends paid 60,100 Balance, Dec. 31 470,500 What amount of net cash provided (used) by financing activities should be reported in the statement of cash flows
Answer:
the amount of net cash provided or used by the financing activities is $440,400
Explanation:
The computation of the amount of net cash provided or used by the financing activities is shown below:
Proceeds from issuance of bonds payable $500,500
Less Dividends paid -$60,100
Net cash provided by financing activities $440,400
Hence, the amount of net cash provided or used by the financing activities is $440,400
The positive amount represent the cash inflow and the negative amount represent the cash outflow
Suppose the marginal cost curve in the short run first decreases and then increases. If marginal cost is decreasing, _____ must be _____ and _____ must be _____.
Answer: D. marginal product; increasing; average variable cost; decreasing
Explanation:
The Marginal product curve is hump-shaped and the marginal cost curve is U-shaped because these two move in opposite directions to each other.
If the marginal cost is decreasing therefore, the marginal product must be increasing. If the marginal cost is decreasing and the marginal product is increasing, average variable cost will have to fall because every additional unit produced incurs less cost so the average has to fall as well.
2. Consider this game described in strategic form, where Player 1 chooses strategy, A,B,C, or D and Player 2 chooses W,X,Y or Z. W X Y Z A 5,4 4,4 4,5 12,2 B 3,7 8,7 5,8 10,6 C 2,19 7,6 4,6 9,5 D 4,4 5,9 4,10 10,9 A) What strategies can be eliminated if both players are rational and both know the payoffs to each player from all strategies, but neither player knows if the other player is rational?
Income Statement, Retained Earnings Statement, and Balance Sheet The following information relates to Ashton Appliances for 2019.
Accounts payable $16,800
Income tax expense $16,650
Accounts receivable 69,900
Income taxes payable 12,000
Accumulated depreciation (building) 104,800
Insurance expense 36,610
Accumulated depreciation (furniture) 27,600
Interest expense 15,500
Bonds payable (due in 7 years) 192,000
Inventory 59,850
Building 300,000
Other assets 92,800
Cash 41,450
Rent expense (store equipment) 80,800
Common shares 243,610
Retained earnings, 12/31/2018 54,000
Cost of goods sold 511,350
Salaries expense 228,710
Depreciation expense (building) 11,050
Salaries payable 7,190
Depreciation expense (furniture) 12,000
Sales revenue 948,670
Furniture 130,000
Required:
Prepare a single-step income statement for 2019.
Answer:
Ashton Appliances
Single-step income statement for the year ended 2019
Sales revenue 948,670
Less Cost of goods sold (511,350)
Gross Profit 437,320
Less Expenses
Income tax expense 16,650
Insurance expense 36,610
Interest expense 15,500
Rent expense 80,800
Salaries expense 228,710
Depreciation expense (building) 11,050
Depreciation expense (furniture) 12,000 (401,320)
Net Income / Loss $36,000
Explanation:
A single-step income statement does not separate expenses from Primary Activities and Secondary Activities. It also does not calculate Operating Income. Instead it calculates Net Income/loss.
Remember only Income and expenses are accounted in an income statement.
Nevis Motors manufactures a product requiring 0.5 ounces of platinum per unit. The cost of platinum is approximately $360 per ounce; the company maintains an ending platinum inventory equal to 10% of the following month's production usage. The following data were taken from the most recent quarterly production budget: July August September Planned production in units 1,000 1,100 980 The cost of platinum to be purchased to support August production is: Multiple Choice $195,840. Correct $198,000. $200,160. $391,680. None of the answers is correct.
Answer:
$195,840
Explanation:
A purchases budget is is usually prepared to determine material requirements to meet the production targets.
Nevis Motors
Materials Purchases Budget for the Month of August
Material requirement for production (1,100 x 0.5) 550
Add Budgeted Closing Materials Inventory (980 x 0.5 x 10%) 49
Total Required Materials 599
Less Budgeted Opening Materials Inventory (1,100 x 0.5 x 10%) (55)
Budgeted Purchases 544
Cost per ounce $360
Total Budgeted Purchases cost $195,840
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Advancing technology has made life easier for people and businesses today. Imagine that you have to work for an entire day without being connected to the Internet. Discuss the challenges you and your business would face in such a situation.
Answer:
The challenges my business would face would be that we would have trouble communicating and producing products. We use the internet so much every day and it is essential in emailing and other methods of communication. We have to communicate with customers, contractors and installers among many others. We also need the internet for sending orders and order designs to the machines that do the cut-outs needed for the products. Production time would slow down dramatically if we were to try to cut out the products on our own or if we were to have to input the designs manually. Communication between different areas would take much more time because we would have to make landline phone calls to them instead of sending out emails. Our drawing staff, the people who create the designs would also have difficulties working. This is because we draw using an online webspace so that it can be easily looked over then transferred to the machines. Drawers would have to create by hand and then walk the design over to the other areas to be produced. Those are some challenged that our company would face if we had to work without power for an entire day.
Explanation:
Onslow Co. purchased a used machine for $240,000 cash on January 2. On January 3, Onslow paid $8,000 to wire electricity to the machine and an additional $1,600 to secure it in place. The machine will be used for six years and have a $28,800 salvage value. Straight-line depreciation is used. On December 31, at the end of its fifth year in operations, it is disposed of sed machine. Prepare journal entries to record the machine’s disposal under each separate situation: (a) it is sold for $24,500 cash; (b) it is sold for $98,000 cash; and (c) it is destroyed in a fire and the insurance company pays $35,000 cash to settle the loss claim.
Answer and Explanation:
The journal entries are shown below:
Cash $24,500
Accumulated dep (36800 × 5) $184,000
loss on sale of machine $41,100
To Machine $249,600
(being the sale of the machine is recorded)
Cash $98,000
Accumulated dep (36800 × 5) $184,000
To Machine $249,600
To gain on sale of machine $32,400
(being the sale of the machine is recorded)
Cash $35,000
Accumulated dep (36800 × 5) $184,000
loss on sale of machine $30,600
To Machine $249,600
(being the sale of the machine is recorded)
Working note:
Accumulated depreciation
= ($240,000 + $8,000 + $1,600 - $28,800) ÷6 years
= $36,800
You were unable to attend all of the training, but your coworker has offered to fill you in on the details that you missed. Identify which of the following statements your coworker is likely to indicate as diversity principles discussed during your absence. Check all that apply. Do not lower hiring standards to promote diversity in the workplace. Surface-level diversity should not be treated as more important than deep-level diversity. Keep trying to accomplish as much as possible, even if implementing the diversity program becomes difficult.
Answer:
Surface-level diversity should not be treated as more important than deep-level diversity
Do not lower hiring standards to promote diversity in the workplace.
Keep trying to accomplish as much as possible, even if implementing the diversity program becomes difficult.
Explanation:
According to the given situation, in the case when the employee is not able to attend the training program but at the same time the coworker wants to take initiative to train the employee so the co worker should inform that the deep level diversity i.e higher significant as compared with the surface level. In addition to this, the performance & skills represent more significance as compared with the diversity in the workplace. Also, the hiring standard should not be less
So the above are the answers
