Answer: 12840
Explanation:
Beginning work in process = 2/3 × 2880 = 1920
Add: Completed unit = 10520
Add: Ending work in process = 1/2 × 800 = 400
Total equivalent units = 1920 + 10520 + 400 = 12840
Therefore, the total number of units to be assigned costs on the cost of production report for Department W is 12840.
Note that:
Completed unit = 13400 - 2880 = 10520
B. In a time study, an analyst observed a worker who prepared hamburgers at the Blimpy Burger restaurant. The recorded average time for the worker to make a hamburger was 4 minutes. Using the Westinghouse performance rating system, the analyst wrote these codes: Skill C1, Effort E1, Conditions D, Consistency B. Assume the following time allowances: personal allowance 4%, fatigue allowance 3%, unavoidable equipment delays 5%. What is the standard time to prepare a hamburger at the Blimpy Burger restaurant
Answer:
4 minutes and 42 seconds is the standard time.
Explanation:
We observe 4 minutes
The employee has the following factors:
Good Skill(C1) + 0.06
Fair Effort(E1) - 0.04
Average Conditions: 0.00
Excellent Consistency: +0.03
Sum: 0.05
The worker is 5% above average
The allowance will be:
4% personal + 3% fatigue + 5% equipment = 12%
4.00 minutes x (1.05) x (1.12) = 4.704
We convert that in second: 0.704 x 60 = 42 seconds
4 minutes and 42 seconds is the standard time.
Assalam waliakum
How are you?
Answer:
oh wait ..... I know this language ... are you from Pakistan???...
On January 1, a company issued and sold a $320,000, 5%, 10-year bond payable, and received proceeds of $315,000. Interest is payable each June 30 and December 31. The company uses the straight-line method to amortize the discount. The carrying value of the bonds immediately after the first interest payment is:
Answer:
$315,250
Explanation:
total discount on bonds payable = $320,000 - $315,000 = $5,000
amortization of bond discount per coupon payment = $5,000 / 20 = $250
bonds carrying value after the first coupon payment is made = $315,000 + $250 = $315,250
Dr Interest expense 8,250
Cr Cash 8,000
Cr Discount on bonds payable 250
The advantages of cloud computing are security, possible instability, and data control.
t or f
The advantages of cloud computing are security, possible instability, and data control. True.
What is the meaning of cloud computing?
The distribution of various services, such as data storage, servers, databases, networking, and software, through the Internet is known as cloud computing. Cloud storage has become more and more popular among people who need more storage space and among companies looking for a reliable off-site data backup option.
In order to provide quicker innovation, adaptable resources, and scale economies, cloud computing, in its simplest form, is the supply of computing services via the Internet ("the cloud"), encompassing servers, storage, databases, networking, software, analytics, and intelligence.
Read more on cloud computing here: https://brainly.com/question/19057393
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Wade Company estimates that it will produce 6,000 units of product IOA during the current month. Budgeted variable manufacturing costs per unit are direct materials $5, direct labor $11, and overhead $17. Monthly budgeted fixed manufacturing overhead costs are $7,500 for depreciation and $3,500 for supervision. In the current month, Wade actually produced 6,500 units and incurred the following costs: direct materials $27,500, direct labor $65,000, variable overhead $110,000, depreciation $7,500, and supervision $3,700. Prepare a static budget report. Hint: The Budget column is based on estimated production while the Actual column is the actual cost incurred during the period. (List variable costs before fixed costs.) Wade Company Static Budget Report Difference Budget Actual Favorable Unfavorable Neither Favorable nor Unfavorable $ $ $ $ $ $
Explanation:
STATIC BUDGET ACTUAL VARIANCE
Units 6000 6500
variable costs
Direct material 30000 27500 2500 favorable
Direct labor 66000 65000 1000 favorable
Manufacturing overhead 102000 110000 8000 Unfavorable
Fixed costs
Depreciation 7500 7500 None
supervision 3500 3700 200 Unfavorable
Total expenses 209000 213700 4700 unfavorable
A U.S. bakery buys wheat from Canada and pays for it with US dollars. This transaction a. increases Canadian net exports, and increases U.S. net capital outflow. b. increases Canadian net exports, and decreases U.S. net capital outflow. c. decreases Canadian net exports, and increases U.S. net capital outflow. d. decreases Canadian net exports, and decreases U.S. net capital outflow.
Answer: b. increases Canadian net exports, and decreases U.S. net capital outflow.
Explanation:
Based on the information given, the net export of Canada will increase. Net exports measures the total trade of a country. It's the difference between the country's export and its import.
Since the U.S bakery is buying wheat from Canada, it means the export will increase thereby increasing the country net export. On the other hand, there's a reduction in the net capital outflow of the United States.
Therefore, the correct option is B
Thomlin Company forecasts that total overhead for the current year will be $13,502,000 with 157,000 total machine hours. Year to date, the actual overhead is $8,179,100, and the actual machine hours are 91,900 hours. If Thomlin Company uses a predetermined overhead rate based on machine hours for applying overhead, as of this point in time (year to date), the overhead is
Answer:
$275,700 underapplied
Explanation:
The computation of the overhead is shown below:
But before that following calculation need to be done
Applied overhead is
= Actual machine hours × predetermined overhead rate
= 91,900 hours × ($13,502,000 ÷ 157,000)
= $7,903,400
And, the actual overhead is $8,179,100
So, the under applied overhead is
= $8,179,100 - $7,903,400
= $275,700
Mention any two life domains which will help you when choosing a career?
Answer:
spiritual, community, personal, career, family
Explanation:
There are five life domains. When choosing a career (yes one of the life domains) it is imperitive to know what passion drives you.
explain root mean square speed in the context of gas laws
Answer:
The root-mean-square speed is the measure of the speed of particles in a gas, defined as the square root of the average velocity-squared of the molecules in a gas. ... The root-mean-square speed takes into account both molecular weight and temperature, two factors that directly affect the kinetic energy of a material.
Accounts payable, end of year $ 5,643 $ 9,588 Accounts receivable, net, end of year 21,325 16,438 Inventory, end of year 7,944 7,175 Net sales 202,000 167,000 Cost of goods sold 112,000 125,000 (1) Use the information above to compute the number of days in the cash conversion cycle for each year. (2) Did the company manage cash more effectively in the current yea
Answer:
(1) We have:
Current year cash conversion cycle = 46.03 days
Previous year cash conversion cycle = 28.88 days
(2) The company did NOT manage cash more effectively in the current year.
Explanation:
Cash conversion cycle (CCC) can be described as a metric that is employed to show the length of time, in days, that a company takes to convert inventory and resources into cash flows. The CCC can be calculated using the following formula:
Cash conversion cycle = Days inventory outstanding + Days Sales Outstanding - Days payable outstanding ............ (1)
Where:
Days inventory outstanding = (Ending inventory / Cost of goods sold) * 365
Days Sales Outstanding = (Ending accounts receivable / Net sales) * 365
Days payable outstanding = (Ending accounts payable / Cost of goods sold) * 365
(1) Use the information above to compute the number of days in the cash conversion cycle for each year
Using equation (1) above, we have:
For the Current year, we have:
Days inventory outstanding = (7,944 / 112,000) * 365 = 25.89 days
Days Sales Outstanding = (21,325 / 202,000) * 365 = 38.53 days
Days payable outstanding = (5,643 / 112,000) * 365 = 18.39 days
Therefore, we have:
Current year cash conversion cycle = 25.89 + 38.53 - 18.39 = 46.03 days
For the Previous year, we have:
Days inventory outstanding = (7,175 / 125,000) * 365 = 20.95 days
Days Sales Outstanding = (16,438 / 167,000) * 365 = 35.93 days
Days payable outstanding = (9,588 / 125,000) * 365 = 28.00 days
Therefore, we have:
Previous year cash conversion cycle = 20.95 + 35.93 - 28.00 = 28.88 days
(2) Did the company manage cash more effectively in the current year
Since the Current year cash conversion cycle of 46.03 days is greater than the Previous year cash conversion cycle of 28.88 days, this indicates that the company did NOT manage cash more effectively in the current year.
Problem 17-08A The following are the financial statements of Nosker Company. NOSKER COMPANY Comparative Balance Sheets December 31 Assets 2020 2019 Cash $36,600 $20,100 Accounts receivable 32,500 19,600 Inventory 30,100 20,100 Equipment 59,700 77,400 Accumulated depreciation—equipment (29,200 ) (23,000 ) Total $129,700 $114,200 Liabilities and Stockholders’ Equity Accounts payable $28,700 $ 16,800 Income taxes payable 7,400 8,400 Bonds payable 27,300 32,500 Common stock 17,700 13,000 Retained earnings 48,600 43,500 Total $129,700 $114,200 NOSKER COMPANY Income Statement For the Year Ended December 31, 2020 Sales revenue $243,000 Cost of goods sold 176,000 Gross profit 67,000 Operating expenses 24,600 Income from operations 42,400 Interest expense 3,900 Income before income taxes 38,500 Income tax expense 8,800 Net income $29,700 Additional data: 1. Dividends declared and paid were $24,600. 2. During the year, equipment was sold for $8,900 cash. This equipment cost $17,700 originally and had a book value of $8,900 at the time of sale. 3. All depreciation expense, $15,000, is in the operating expenses. 4. All sales and purchases are on account. Further analysis reveals the following. 1. Accounts payable pertain to merchandise suppliers. 2. All operating expenses except for depreciation were paid in cash.
Answer:
a. Net Increase in Cash = $16,500
b. Free Cash Flow = $8,100
Explanation:
Note: This question is not complete it does include the requirements. The two requirements of this question are therefore provided before answering the question as follows:
a. Prepare a statement of cash flows for Nosker Company using the direct method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
b. Compute free cash flow. (Enter negative amount using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
The explanation of the answers are now given as follows:
a. Prepare a statement of cash flows for Nosker Company using the direct method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
Note: See the attached excel file for the statement of cash flows for Nosker Company using the direct method.
From the attached excel file, we have:
Net Increase in Cash = $16,500
b. Compute free cash flow. (Enter negative amount using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
Free Cash Flow = Operating Activities - Dividend paid = $32,700 - $24,600 = $8,100
Synergy Corp. manufactures LED light bulbs. It applies manufacturing overhead to production on the basis of direct labor hours. A predetermined overhead application rate of $15 per direct labor hour was used for the current fiscal year. Actual manufacturing overhead incurred by Synergy during the year amounted to $100,000 against 9,100 hours, which was the expected number of direct labor hours to be used during the year. Calculate the amount of over- or underapplied overhead during the year.
Answer:
Under applied overhead of $36,500
Explanation:
With regards to the above , the over or under applied overhead is computed as;
Budgeted overhead = Predetermined overhead application rate per direct labor hour × Expected number of direct labor hours to be used
= $15 × 9,100
= $136,500
Actual manufacturing overhead incurred = $100,000
Budgeted overhead - Actual overhead incurred
= $136,500 - $100,000
= $36,500
The above is under applied over head because what was budgeted is less that what was actually incurred.
8. Percy Original caters to a market of individuals and households that
buys goods and services for personal consumption. Percy Original caters
market.
to a
OA) business
O B) reseller
OC) government
O D) consumer
E) marketing intermediary
Answer:
vsw vds vDS Vsdvds Vds VSD Vdsv dSVDS vd sV DS
Explanation:
Food and shelter are examples of a need.
False
True
Answer:
its ture 100% you need food and shelter
Answer:
TrueExplanation:
Food is the things that people and animals eat to stay alive.
Shelter is to protection from the weather or from danger or attack. Stay somewhere that protects you from the weather or from danger or attack.
It’s a small structure that protects you from the weather etc.
These statements are true.
Gray Corp. employees work 2 hours on each of the 200 units that they produce and are paid $8 per hour. The standards for Gray Corp. indicate that employees should be paid $7 per hour and should spend 1.75 hours working on each unit. What is the Direct Labor Efficiency Variance
Answer:
Direct labor time (efficiency) variance= $400 unfavorable
Explanation:
Giving the following formula:
Standard= $7 per hour and should spend 1.75 hours working on each unit.
Actual= 2 hours
To calculate the direct labor efficiency variance, we need to use the following formula:
Direct labor time (efficiency) variance= (Standard Quantity - Actual Quantity)*standard rate
Direct labor time (efficiency) variance= (200*1.75 - 200*2)*8
Direct labor time (efficiency) variance= $400 unfavorable
Consider a hypothetical economy where there are no taxes and no international trade. Households spend $0.50 of each additional dollar they earn and save the remaining $0.50. If there are no taxes and no international trade, the oversimplified multiplier for this economy is __________
Suppose that the price level in our economy remains the same and that there is still no international trade. Now, however, the government decides to implement an income tax of 5% on each dollar of income. The MPC and MPS, however, remain the same as before. In this case, after accounting for the impact of taxes, the multiplier in this economy is ___________, and a $200 billion decrease in investment spending will lead to a billion in output.
Answer:
i) 2
ii) 1.9
iii) $200 billion decrease in investment will lead to a $380 billion decrease in output
Explanation:
i) Determine the oversimplified multiplier for this economy
MPC value of the economy = 0.5
spending multiplier = 1 - / 1 - MPC VALUE )
∴ oversimplified multiplier = 1 / 0.5 = 2
ii) Given that the Government implement an income tax of 5%
The Multiplier of the economy = 1 / [ 1 - MPC (1-t) ]
= 1 / [ 1 - 0.5(1-0.05 )]
= 1 / ( 1 - 0.475 ) = 1.9
iii) $200 billion decrease in investment will lead to a $380 billion decrease in output
total change in output = 1.9 * 200 =$ 380
A Production costs computed and recorded; reports prepared LO P1, P2, P3, P4 Skip to question [The following information applies to the questions displayed below.] Marcelino Co.'s March 31 inventory of raw materials is $88,000. Raw materials purchases in April are $540,000, and factory payroll cost in April is $388,000. Overhead costs incurred in April are: indirect materials, $59,000; indirect labor, $25,000; factory rent, $38,000; factory utilities, $23,000; and factory equipment depreciation, $61,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $655,000 cash in April. Costs of the three jobs worked on in April follow.
Job 306 Job 307 Job 308
Balances on March 31
Direct materials $28,000 $44,000
Direct labor 23,000 17,000
Applied overhead 11,500 8,500
Costs during April
Direct materials 138,000 205,000 $115,000
Direct labor 104,000 155,000 104,000
Applied overhead ? ? ?
Status on April 30 Finished (sold) Finished (unsold) In process
Required:
Determine the total of each production cost incurred for April (direct labor, direct materials, and applied overhead), and the total cost assigned to each job (including the balances from March 31).
Answer:
Marcelino Co.
Total production cost incurred for April and the total cost assigned to each job:
Job 306 Job 307 Job 308 Total
Total production cost
incurred for April $294,000 $437,500 $271,000 $1,002,500
Total cost assigned $356,500 $507,000 $271,000 $1,134,500
Explanation:
a) Data and Calculations:
March 31 inventory of
raw materials = $88,000
April costs:
Raw materials purchases = $540,000
Factory payroll cost = $380,000
Overhead costs incurred = $206,000
Total costs = $1,214,000
April ending WIP inventory 271,000
Total cost incurred $943,000
Overhead costs incurred:
Indirect materials = $59,000
Indirect labor = $25,000
Factory rent = $38,000
Factory utilities = $23,000
Factory equipment depreciation = $61,000
Total factory overhead = $206,000
Predetermined overhead rate = 50% of DLC
Sales of Job 306 in April = $655,000 cash
Job 306 Job 307 Job 308 Total
Balances on March 31
Direct materials $28,000 $44,000 $72,000
Direct labor 23,000 17,000 40,000
Applied overhead 11,500 8,500 20,000
Total Beginning WIP $62,500 $69,500 $0 $132,000
Costs during April
Direct materials 138,000 205,000 $115,000 458,000
Direct labor 104,000 155,000 104,000 363,000
Applied overhead 52,000 77,500 52,000 181,500
Total production cost
incurred for April $294,000 $437,500 $271,000 $1,002,500
Total cost assigned $356,500 $507,000 $271,000 $1,134,500
Status on April 30 Finished (sold) Finished (unsold) In process
Job 306 Job 307 Job 308
In January 2017, Domingo, Inc., acquired 20 percent of the outstanding common stock of Martes, Inc., for $700,000. This investment gave Domingo the ability to exercise significant influence over Martes, whose balance sheet on that date showed total assets of $3,900,000 with liabilities of $900,000. Any excess of cost over book value of the investment was attributed to a patent having a remaining useful life of 10 years.
In 2017, Martes reported net income of $170,000. In 2018, Martes reported net income of $210,000. Dividends of $70,000 were declared in each of these two years. What is the equity method balance of Domingo’s Investment in Martes, Inc., at December 31, 2018?
a. $728,000
b. $748,000
c. $756,000
d. $776,000
Answer: $728000
Explanation:
The equity method balance of Doingo’s Investment in Martes, Inc. at December 31, 2018 will be:
Acquisition price = $700,000
Add: Income accruals in 2017 = $34000
Add: Income accruals in 2018 = $42000
Less: Ammortization in 2017 = $10000
Less: Ammortization in 2018 = $10000
Less: Dividends in 2017 = $14000
Less: Dividends in 2018 = $14000
Domingo Investment in Martes = $728000
Note:
Income accrual (2017) = $170000 × 20% = $34000
Income accrual (2018) = $210000 × 20% = $42000
Dividends = 20% × $70000 = $14000
Question 5 of 10
What are the disadvantages of a contract
for deed? Select two.
Snyder Painting is transitioning to an ABC system. So far, the company has traced its costs back to several different activities, including customer consultation, paint storage, onsite paint application, and site preparation and cleanup. If Snyder wants to reduce its non-value-added activities to the greatest extent possible, it should concentrate its efforts on reducing the amount of time and money it spends on
Answer:
Snyder Painting
If Snyder wants to reduce its non-value-added activities to the greatest extent possible, it should concentrate its efforts on reducing the amount of time and money it spends on
B. paint storage.
Explanation:
a) Identified Activities of Snyder Painting:
A. customer consultation.
B. paint storage.
C. site preparation and cleanup.
D. onsite paint application.
b) Non-value added activities are activities that are currently necessary and consume resources but do not add value to the company's product or service. For example, equipment set-up, parts inspection, recording job time, job scheduling, product storage, and customer billing. These activities should be reduced to the barest minimum in order to maximize value.
Harcourt Manufacturing (HM) has the capacity to produce 10,000 fax machines per year. HM currently produces and sells 7,000 units per year. HM currently leases its excess capacity for a rental fee of $12,000. The fax machines normally sell for $100 each. Modem Products has offered to buy 2,000 fax machines from HM for $60 each. Unit-level costs associated with manufacturing the fax machines are $15 each for direct labor and $40 each for direct materials. Product-level and facility-level costs are $50,000 and $65,000, respectively.
Based on this information (ignore qualitative characteristics) :________.
a. HM should reject the offer because accepting it will reduce profitability by $2,000.
b. HM should accept the offer because accepting it will contribute $10,000 to profit.
c. HM should reject the offer because accepting it will reduce profitability by $10,000.
d. HM should accept the offer because accepting it will contribute $12,000 to profit.
A company should accept a special order if: _______.
a. additional revenue is greater than relevant costs.
b. the avoidable cost of making the products is less than the sunk cost.
c. the company is operating at full capacity.
d. qualitative features are unfavorable.
Answer:
Harcourt Manufacturing (HM)
1. Based on this information (ignore qualitative characteristics) :________.
a. HM should reject the offer because accepting it will reduce profitability by $2,000.
2. A company should accept a special order if: _______.
a. additional revenue is greater than relevant costs.
Explanation:
a) Data and Calculations:
Production capacity for fax machines per year = 10,000
Current production units per year = 7,000
Excess capacity = 3,000 (10,000 - 7,000)
Rental fee for excess capacity = $12,000
Selling price of the fax machine per unit = $100
Unit-level costs:
Direct labor = $15
Direct materials = $40
Total cost per unit = $55
Special order = 2,000 units
Product-level costs= $50,000
Facility-level costs = $65,000
Total revenue from special order = $120,000 (2,000 * $60)
Total variable cost for special order = 110,000 (2,000 * $55)
Contribution margin from special order $10,000 (2,000 * $5)
Comparison with Rental fee $12,000 and $10,000
A new machine costing $1,800,000 cash and estimated to have a $60,000 salvage value was purchased on January 1. The machine is expected to produce 600,000 units of product during its 8-year useful life. Calculate the depreciation expense in the first year under the following independent situations: The company uses the units-of-production method and the machine produces 70,000 units of product during its first year. The company uses the double-declining-balance method. The company uses the straight-line method.
Answer:
Results are below.
Explanation:
Giving the following formula:
Purchase price= $1,800,000
Salvage value= $60,000
Useful life= 8 years or 600,000 units
To calculate the annual depreciation using the units-of-production method, we need to use the following formula:
Annual depreciation= [(original cost - salvage value)/useful life of production in units]*units produced
Annual depreciation= [(1,800,000 - 60,000) / 600,000]*70,000
Annual depreciation= $203,000
To calculate the annual depreciation using the double-declining balance, we need to use the following formula:
Annual depreciation= 2*[(book value)/estimated life (years)]
Annual depreciation= 2*[(1,800,000 - 60,000) / 8]
Annual depreciation= $435,000
Finally, the annual depreciation using the straight-line method:
Annual depreciation= (original cost - salvage value)/estimated life (years)
Annual depreciation= (1,800,000 - 60,000) / 8
Annual depreciation= $217,500
When a goal is not met, a manager should assume that Multiple Choice the control process was flawed. employees need to improve their performance. the set goal was too ambitious or employees need to improve their performance. expected performance was not effectively communicated to employees. the set goal was too ambitious and needs to be scaled back.
Answer:
the set goal was too ambitious or employees need to improve their performance.
Explanation:
A manager can be defined as an individual who is saddled with the responsibility of providing guidance, support, supervision, administrative control, as well as acting as a role model or example to the employees working in an organization by being morally upright.
Generally, managers are typically involved in taking up leadership roles and as such are expected to be build a strong relationship between their employees or subordinates by creating a fair ground for effective communication and sharing of resources and information. Also, they are required to engage their staff members (entire workforce) in the most efficient and effective manner.
Business strategy sets the overall direction for the business because it focuses on defining how a business would achieve its goals, objectives, and mission; as well as the funds and material resources required to implement or execute the business plan.
Hence, when a goal is not met, a manager should assume that the set goal was too ambitious or employees need to improve their performance. Thus, the set goals for an organization shouldn't be too ambitious while encouraging employees to be up and doing in performing their duties.
As the full-time bookkeeper, your job is to make any corrections to the general ledger accounts. Each correction needs the reason for the change and the effect on each account, whether it is an increase or decrease. For the third time this month, a co-worker has recorded a cash receipt twice and wants you to record a correcting entry that will reverse the mistakes. The correcting entry will record a credit to the Cash account and a debit to the Sales account. Your co-worker has offered to buy you dinner for fixing this mistake.
Required:
What should you investigate before making a decision about the correcting entry?
Answer: See explanation
Explanation:
Based on the information given, we are informed that the co-worker has recorded a cash receipt twice and wants the full time bookkeeper to record a correcting entry that will reverse the mistakes.
Before making a decision about the correcting entry, it is necessary to check the entry and cross check the balances for sales and cash. One has to also check the receipts and every other necessary details in order to make sure that the transaction is genuine and not fraudulent.
After the through check, if the person is sure and confident that everything is okay, then the correcting entry can be made.
Schedule of Cash Collections of Accounts Receivable Pet Place Supplies Inc., a pet wholesale supplier, was organized on May 1. Projected sales for each of the first three months of operations are as follows: May $290,000 June 410,000 July 520,000 All sales are on account. Of sales on account, 52% are expected to be collected in the month of the sale, 44% in the month following the sale, and the remainder in the second month following the sale. Prepare a schedule indicating cash collections from sales for May, June, and July.
Answer:
Results are below.
Explanation:
Giving the following formula:
Sales:
May $290,000
June 410,000
July 520,000
52% are expected to be collected in the month of the sale
44% in the month following the sale
4% in the second month following the sale
We need to calculate the cash collection for each month:
Cash collection May:
Cash collection from sales on account May= (290,000*0.52)= 150,800
Total cash collection May= $150,800
Cash collection June:
Cash collection from sales on account May= (290,000*0.44)= 127,600
Cash collection from sales on account June= (410,000*0.52)= 213,200
Total cash collection June= $340,800
Cash collection July:
Cash collection from sales on account May= (290,000*0.4)= 11,600
Cash collection from sales on account June= (410,000*0.44)= 180,400
Cash collection from sales on account July= (520,000*0.52)= 270,400
Total cash collection July= $462,400
If a bank that desires to hold no excess reserves and has just enough reserves to meet the required reserve ratio of 15 percent receives a deposit of $600, it has a a. $600 increase in excess reserves and no increase in required reserves. b. $600 increase in required reserves and no increase in excess reserves. c. $510 increase in excess reserves and a $90 increase in required reserves. d. $90 increase in excess reserves and a $510 increase in required reserves.
Answer:
c
Explanation:
Required reserves is the percentage of deposits required of banks to keep as reserves by the central bank
Required reserves = reserve requirement x deposits
0.2 x $100,000 = $20,000
Excess reserves is the difference between reserves and required reserves
Required reserves = 0.15 x 600 = 90
Excess reserves = 600 - 90 = 510
Micropolois Technology began a new development project in 2017. The project reached technological feasibility on September 1, 2018, and was available for release to customers at the beginning of 2019. Development costs incurred prior to September 1, 2018, were $4,200,000 and costs incurred from June 30 to the product release date were $1,800,000. The 2019 revenues from the sale of the new software were $3,000,000, and the company anticipates additional revenues of $12,000,000. The economic life of the software is estimated at three years. Amortization of the software development costs for the year 2019 would be:
Answer: $600,000
Explanation:
The Development costs prior to the project reaching technological feasibility are to be expensed according to U.S. GAAP.
Costs incurred after the point of technological feasibility was reached however, will be amortized over the life of the asset.
Life of asset is 3 years and costs incurred would be $1,800,000.
Amortization amount in 2019 would be:
= 1,800,000 / 3
= $600,000
For its fleet of trucks, Overland Transport, Inc., purchased 580 tires rated at 50 pounds each. The tires had a retail price of $85 each. The sales tax is 4.5%, and the federal excise tax is $0.15 per pound. What are the amount of sales tax per tire and the total sales tax
Answer:
The amount of sales tax per tire = $3.825
The total sales tax = $2,218.50.
Explanation:
These can be be calculated as follows:
Sales tax per tire = Retail price per tire * Sales tax rate = $85 * 4.5% = $3.825
Total sales tax = Number of tire purchased * Sales tax per tire = 580 * $3.825 = $2,218.50
Therefore, the amount of sales tax per tire is $3.825 and the total sales tax is $2,218.50.
discuss intrapreneurship and give 5 reasons for the beef of intrapreneurship in work places
Answer:
1. Growth: During the economic downturn most companies stopped investing in the future. Now they are sitting on piles of cash. They know they need to grow, they just aren’t sure how. Intrapreneurship answers the question of – HOW!
The goal of Intrapreneurship is to create the entrepreneurial mindset and infrastructure needed to support growth. It takes a systems view of growth. It is a framework for transformation.
Intrapreneurship helps organizations generate new business growth.
2. Innovation: Innovation is the key element in providing aggressive top line growth. But doing one or two innovation initiatives a year will not support or sustain innovation. Organizations need to be innovating all the time. Failure rates for innovation are still high, 50% to 90%.
Innovation alone is not enough. Organizations need to set the context for innovation; the right people, the right processes and the right environment. Innovation and intrapreneurship are entwined, they are tied together. You need both to be successful.
Intrapreneurship provides an environment to support and sustain innovation over time.
3. Leadership: Research has identified leadership as the key predictor of innovation success. Yet a majority of CEOs to not feel like they have the capabilities inside their organizations to achieve their growth agenda. The skills and capabilities that propelled most executives to the top in the past are not the skills required to build new growth businesses. Only 4% of leaders are intrapreneurial.
Intrapreneurship requires a new set of competencies and behaviors. Intrapreneurial leaders think and act differently, they have different motivations and aspirations, and they prefer working in different work environments. It is this differentiation that makes them the perfect candidate to lead new growth initiatives.
Intrapreneurship is the one of the best ways to attract and retain your most entrepreneurial leaders.
4. Change: Change is one of the least understood and under developed management disciplines. Most studies report a 60% – 70% failure rate when it comes to change initiatives. Risk adverse cultures and resistance to change impede an organizations ability to grow.
Intrapreneurial leaders are change agents. They blaze new trails. They become the very change they wish to see. Not just driving change, but modeling change so others can change as well.
Intrapreneurship enables organizations to effectively accelerate and manage change.
5. Engagement: Gallup Research estimates that disengaged employees cost US organizations over $450 billion in lost productivity. In 2012, only 30% of American workers were engaged and committed to their workplace. Lost productivity translates to slow or no growth.
Intrapreneurship provides a platform to engage employees in work that is challenging and meaningful. Intrapreneurs are highly engaged in their work. Their passion and determination inspire others to get involved and try new things. As they grow, the organization grows.
Intrapreneurship helps employees stretch and grow while keeping them engaged.
Intrapreneurship has become a critical imperative for all organizations and a survival strategy for others. Organizations that have embraced Intrapreneurship have achieved higher financial returns, increased productivity, more innovation and higher levels of employee engagement.
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Crane Company Ltd. publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine cost $28 per year. During November 2022, Crane sells 9,000 subscriptions for cash, beginning with the December issue. Crane prepares financial statements quarterly and recognizes subscription revenue at the end of the quarter. The company uses the accounts Unearned Subscription Revenue and Subscription Revenue. The company has a December 31 year-end.
Required:
a. Prepare the adjusting entry at December 31, 2022, to record subscription revenue in December 2022.
b. Prepare the adjusting entry at March 31, 2023, to record subscription revenue in the first quarter of 2023.
Answer:
A. Debit unearned subscription revenue $21,000
Credit Subscription Revenue $21,000
B. Debit Unearned Subscription Revenue $63,000
Credit Earned Subscription Revenue $63,000
Explanation:
A. Preparation of the adjusting entry at December 31, 2022, to record subscription revenue in December 2022.
Debit unearned subscription revenue $21,000
Credit Subscription Revenue $21,000
[($28 per year*9,000)/12]
(Being to record subscription revenue )
B. Preparation of the adjusting entry at March 31, 2023, to record subscription revenue in the first quarter of 2023.
Debit Unearned Subscription Revenue $63,000
Credit Earned Subscription Revenue $63,000
[($28 per year*9,000)/12*3]
(Being to record subscription revenue in the first quarter)
