Answer:
Cullumber Company
The bonds should be reported in the December 31, 2021 balance sheet at a carrying value of:
= $3,949,000
Explanation:
a) Data and Calculations:
October 1, 2021:
Face value of bonds = $4,100,000
Cash payment for bonds = $4,010,000
Accrued interest on bonds = $61,000
Unamortized Bonds Discount = $151,000 ($4,100,000 - $4,010,000 + $61,000)
Carrying value = Face Value - Unamortized discounts
= $3,949,000 ($4,100,000 - $151,000) or ($4,010,000 - $61,000)
Amortization of discount using the straight-line method on March 31:
Interest Revenue = $205,000
Semi-annual amortized discount = $7,550 ($151,000/20)
what is the yearly salary or hourly wage of a librarian?
Answer:
$61,920, or $29.77
Explanation:
Answer:
The average hourly rate for Librarian ranges from $27 to $38 with the average hourly pay of $32.
Explanation:
The average salary for a Librarian is $58515 per year in United States.
Salaries start from $34630 and go up to $93050.
the second level of conceptual framework includes each of the following except: a. fundamental qualities b. enhancing qualities c. principles d. elements
If a $5,000 coupon bond has a coupon rate of 13 percent, then the coupon payment every year is (a) $650. (b) $1,300.
After researching Best Buy common stock, Sally Jackson is convinced the stock is overpriced. She contacts her account executive and arranges to sell short 150 shares of Best Buy. At the time of the sale, a share of common stock had a value of $53. Three months later, Best Buy is selling for $55 a share, and Sally instructs her broker to cover her short transaction. Total commissions to buy and sell the stock were $82. What is her profit for this short transaction
Answer:
Total profit after commission will be "$218".
Explanation:
The given values are:
Share of common stock,
= $53
Total commissions to sell and buy,
= $82
Now,
The profit from buying and selling will be:
= [tex]55-53[/tex]
= [tex]2[/tex] ($)
Total profit will be:
= [tex]2\times 150[/tex]
= [tex]300[/tex] ($)
hence,
The profit after reducing commission will be:
= [tex]300-82[/tex]
= [tex]218[/tex] ($)
The Wilmoths plan to purchase a house but want to determine the after-tax cost of financing its purchase. Given their projected taxable income, the Wilmoths are in the 24% Federal income tax bracket and the 8% state income tax bracket (i.e., an aggregate marginal tax bracket of 32%). Assume that the Wilmoths will benefit from itemizing their deductions for both Federal and state purposes. The total cash outlay during the first year of ownership will be $33,200 ($3,320 principal payments, $29,880 qualified residence interest payments).
As a result, the annual after-tax cost of financing the purchase of the home will be $_____________?
Answer:
the annual after-tax cost of financing the purchase of the home is $23,638.40
Explanation:
The computation of the annual after-tax cost of financing the purchase of the home is shown below:
= Installment amount - tax saving
= $33,200 - ($29,880 × 32%)
= $33,200 - $9,561.60
= $23,638.4
hence, the annual after-tax cost of financing the purchase of the home is $23,638.40
We simply applied the above formula
Hilton Company manufactures two products: Product A100 and Product X500. The company currently uses a plantwide overhead rate based on direct labor-hours. The Hilton Company is considering implementing an activity-based costing (ABC) system that allocates its manufacturing overhead to four cost pools. The following additional information is available for Hilton Company as a whole and for Products A100 and X500.
Activity Cost Pool Activity Measure Estimated Overhead Cost Expected Activity
Machining Machine-hours $231,000 11,000 MHs
Machine setups Number of setups $180,000 300 setups
Production design Number of products $94,000 2 products
General factory Direct labor-hours $260,000 13,200 DLHs
Activity Measure Product Y Product Z
Machine-hours 8,000 3,000
Number of setups 60 240
Number of products 1 1
Direct labor-hours 7,000 6,200
Required:
a. What is the company’s plantwide overhead rate?
b. Using the plantwide overhead rate, how much manufacturing overhead cost is allocated to Product Y and Product Z?
c. What is the activity rate for the Machining activity cost pool?
d. What is the activity rate for the Machine Setups activity cost pool?
e. What is the activity rate for the Product Design activity cost pool?
Answer:
Results are below.
Explanation:
First, we need to calculate the predetermined overhead rate:
Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base
Predetermined manufacturing overhead rate= 765,000 / (7,000 + 6,200)
Predetermined manufacturing overhead rate= $57.95 per direct labor hour
Now, we can allocate overhead to each product:
Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base
Product Y:
Allocated MOH= 57.95*7,000= $405,650
Product Z:
Allocated MOH= 57.95*6,200= $359,390
Finally, the allocation rates based on ABC:
Machining= 231,000 /11,000= $21 per machine hour
Machine setups= 180,000/300= $600 per setup
Production design= 94,000 / 2= $47,000 per product
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.
purchased a truck at a cost of $67,200. It has an estimated useful life of five years and estimated residual value of $6,200. At the beginning of year three, Ripple decided that the total useful life would be four years, rather than five years. There was no change in the estimated residual value. What is the amount of depreciation that Ripple should record for year 3 under the straight-line depreciation method
Answer:
Ripple Corporation
The amount of depreciation that Ripple should record for year 3 under the straight-line depreciation method is:
= $18,300.
Explanation:
a) Data and Calculations:
Cost of truck = $67,200
Estimated useful life = 5 years
Estimated residual value = $6,200
Depreciable amount = $61,000 ($67,200 - $6,700)
Annual depreciation expense = $12,200 ($61,000/5)
Accumulated depreciation after two years = $24,400
Net book value = $42,800 ($67,200 - $24,400)
Revised Estimates:
Re-estimated Useful life = 4 years
Remaining useful life = 2 years
Salvage value = unchanged
Depreciable amount = $36,600 ($42,800 - $6,700)
Annual depreciation expense = $18,300 ($36,600/2)
OS Environmental provides cost-effective solutions for managing regulatory requirements and environmental needs specific to the airline industry. Assume that on July 1 the company issues a one-year note for the amount of $5.0 million. Interest is payable at maturity. Required: Determine the amount of interest expense that should be recorded in a year-end adjusting entry under each of the following independent assumptions: (Enter your answers in dollars, not in millions (i.e. 5 should be entered as 5,000,000).)
Answer:
December 31 $300,000
September 30 $125,000
October 31 $ 150,000
January 31 $ 175,000
Explanation:
Calculation to determine the amount of interest expense that should be recorded in a year-end adjusting entry
Calculation for December 31 Interest expense at interest rate of 12 %
Interest expense=$ 5,000,000 × (12/100) × (6 /12)
Interest expense=$5,000,000 × 0.12 × 0.5
Interest expense= $ 300,000
Calculation for September 30 Interest expense at interest rate of 10 %
Interest expense=$5,000 000 × (10/100) × (3/12)
Interest expense=$5,000 000 × 0.10 × 0.25
Interest expense= $ 125,000
Calculation for October 30 Interest expense at interest rate of 9%
Interest expense=$5,000 000 × (9/100) × (4/12)
Interest expense=$5,000 000 × 0.09 × 0.33
Interest expense= $ 150,000
Calculation for January 31 Interest expense at interest rate of 6%
Interest expense= $5,000 000 × (6/100) × (7/12)
Interest expense=$5,000 000 × 0.06 × 0.583
Interest expense= $ 175,000
Therefore the amount of interest expense that should be recorded in a year-end adjusting entry are:
Interest rate Fiscal year-end Interest expense
12% December 31 =$300,000
10% September 30 =$125,000
9% October 31 =$150,000
6% January 31 =$175,000
Wall Drugs offered an incentive stock option plan to its employees. On January 1, 2021, options were granted for 75,000 $1 par common shares. The exercise price equals the $6 market price of the common stock on the grant date. The options cannot be exercised before January 1, 2024, and expire December 31, 2025. Each option has a fair value of $1 based on an option pricing model. Which is the correct entry to record compensation expense for the year 2021
Answer:
Dr Compensation expense $12,500
Cr Paid-in capital - stock options $12,500
Explanation:
Preparation of the correct entry to record compensation expense for the year 2021
Based on the information given the correct journal entry to record compensation expense for the year 2021 is :
Dr Compensation expense $12,500
Cr Paid-in capital - stock options $12,500
[(75,000 x $1)/6]
(Being to record compensation expense for the year 2021)
Kray Inc., which produces a single product, has provided the following data for its most recent month of operations: Number of units produced 5,500 Variable costs per unit: Direct materials $ 39 Direct labor $ 27 Variable manufacturing overhead $ 11 Variable selling and administrative expense $ 5 Fixed costs: Fixed manufacturing overhead $ 401,500 Fixed selling and administrative expense $ 451,000 There were no beginning or ending inventories. The variable costing unit product cost was:
Answer:
the variable costing unit product cost is $77
Explanation:
The computation of the variable costing unit product cost is shown below:
= Direct material + direct labour + variable manufacturing overhead
= $39 + $27 + $11
= $77
hence, the variable costing unit product cost is $77
We simply added the three items so that the variable costing unit could come
The same would be relevant
Wildhorse Corporation has pretax financial income (or loss) from 2015 through 2021 as follows.
Income (Loss) Tax Rate
2015 $65,280 25%
2016 (95,200) 20%
2017 122,400 20%
2018 40,800 20%
2019 142,800 20%
2020 (81,600) 25%
2021 173,200 25%
Pretax financial income (loss) and taxable income (loss) were the same for all years since Wildhorse has been in business. In recording the benefits of a loss carryforward, assume that it is more likely than not that the related benefits will be realized.
Required:
a. What entries for income taxes should be recorded for 2015? .
b. Indicate what the income tax expense portion of the income statement for 2016 should look like. Assume all income (loss) relates to continuing operations.
c. What entry for income taxes should be recorded in 2017?
d. How should the income tax expense section of the income statement for 2018 appear?
e. What entry for income taxes should be recorded in 2019?
f. How should the income tax expense section of the statement for 2020 appear to be ?
?
Answer:
Wildhorse Corporation
a. Entry for income taxes for 2015:
Debit Income Taxes Expense $16,320
Credit Taxes Payable $16,320
To record income taxes expense for the year.
b. Income Tax Expense Portion of the Income Statement for 2016:
Income before taxes (Loss) ($95,200)
Income taxes expense $0
Net Income (Loss) ($95,200)
c. Entry for income taxes for 2017:
Debit Income Taxes Expense $5,440
Credit Taxes Payable $5,440
To record income taxes expense for the year.
d. Income Tax Expense Portion of the Income Statement for 2018:
Income before taxes (Loss) $40,800
Income taxes expense 8,160
Net Income (Loss) $32,640
e. Entry for income taxes for 2019:
Debit Income Taxes Expense $28,560
Credit Taxes Payable $28,560
To record income taxes expense for the year.
f. Income Tax Expense Portion of the Income Statement for 2020:
Income before taxes (Loss) (81,600)
Income taxes expense $0
Net Income (Loss) (81,600)
Explanation:
a) Data and Calculations:
Pretax financial income (or loss) from 2015 through 2021 as follows.
Year Income (Loss) Tax Rate Taxable Taxes Net Income
Income Expense (Loss)
2015 $65,280 25% $65,280 $16,320 $48,960
2016 (95,200) 20% $0 $0 (95,200)
2017 122,400 20% $27,200 $5,440 $116,960
2018 40,800 20% $40,800 $8,160 $32,640
2019 142,800 20% $142,800 $28,560 $114,240
2020 (81,600) 25% $0 $0 (81,600)
2021 173,200 25% $91,600 $22,900 $150,300
URGENT, PLEASE HELP!
Rhea works the following hours for the week: Monday 8/2, Tuesday 11, Wednesday 8 % Thursday 8,
Friday 7 1/2 and Saturday 7. She gets paid overtime based on more than 8 hours a day and double time
pay on Saturdays. If she gets paid $18.35 an hour, what is her gross pay?
The answer I am getting it for this question is 146.8
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
Increased skepticism about the role of the Federal Reserve as well as the spread of misinformation (e.g., that increasing the money supply devalues the dollar and amounts to counterfeiting) have led some politicians to propose that the Federal Reserve be abolished. If this happens, monetary policy would essentially cease to exist as the money supply would no longer be flexible. This was the case about 50 years ago when the money supply was still tied to the amount of gold in reserves.
Given your knowledge of the role of the Federal Reserve (the Fed), identify potential risks to the economy if the Fed is abolished.
Choose each statement that represents a potential risk to the economy if the Fed is abolished.
a. There would be a lack of management of cash in circulation.
b. During a panic, banks could be forced into insolvency.
c. Fluctuations in the business cycle could increase in frequency and severity.
d. There would be an inability to increase or decrease government spending.
Answer:
a. There would be a lack of management of cash in circulation.
b. During a panic, banks could be forced into insolvency.
c. Fluctuations in the business cycle could increase in frequency and severity.
Explanation:
The Fed manages the money supply and if there is absence so it would create a serious mismanagement of the money supply. In addition to this, fed is the last resort lender and if it is not present than there would be the high chances of failure of banks. Also, the Fed would help in smoothening the business cycles via having monetary policies
Therefore the above 3 statements represent the potentital risk
What is the best way to prevent the transmission of Hepatitis B?
Vaccination
Avoidance of situations where the virus could be present
Improper disposal of sharps
None of the above, because Hepatitis B is not a communicable
disease
Answer:
A! But in addition to vaccination, there are other simple ways to help stop the spread of hepatitis B:
Wash your hands thoroughly with soap and water after any potential exposure to blood
Use condoms with sexual partners
Avoid direct contact with blood and bodily fluids
Clean up blood spills with a fresh diluted bleach solution (mix 1 part bleach with 9 parts water)
Cover all cuts carefully
Avoid sharing sharp items such as razors, nail clippers, toothbrushes, and earrings or body rings
Discard sanitary napkins and tampons into plastic bags
Avoid illegal street drugs (injecting, inhaling, snorting, or popping pills)
Make sure new, sterile needles are used for ear or body piercing, tattoos, and acupuncture
Explanation:
Better Health Inc. is evaluating two capital investments, each of which requires an up-front (Year 0) expenditure of $1.5 million. The projects are expected to produce the following net cash inflows: Year Project A Project B 1 $500,000 $2,000,000 2 $1,000,000 $1,000,000 3 $2,000,000 $600,000 The Discount Rate is 10% assuming a normal risk project. You may use Excel on your computer to answer this Question. Respondus has been removed from this Exam so you have access to Excel. Assume Project B is more 30% more risky than Project A and therefore would have a Discount Rate of 13% rather than 10%. What is the new NPV for Project B
Answer:
$1,468,888.29
Explanation:
Net present value is the present value of after-tax cash flows from an investment less the amount invested.
NPV can be calculated using a financial calculator
Cash flow in year 0 = $-1.5 million
Cash flow in year 1 = $2,000,000
Cash flow in year 2 = $1,000,000
Cash flow in year 3 = $600,000
I = 13%
NPV = $1,468,888.29
To find the NPV using a financial calculator:
1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.
2. after inputting all the cash flows, press the NPV button, input the value for I, press enter and the arrow facing a downward direction.
3. Press compute
what is the yearly salary and hourly wage for a novel author? it's for a project.
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
Suppose today is May 1, 2016, and your firm produces breakfast cereal and needs 200,000 bushels of corn in July 2016 for an upcoming promotion. You would like to lock in your costs today because you are concerned that corn prices might rise between now and July. Each contract is for 5,000 bushels; the settle price for July 2016 is $5.18 per bushel. Suppose corn prices are $5.14 per bushel in July. What will your cumulative mark to market be
Answer: -$8000
Explanation:
Based on the information given in the question, the cumulative mark to market will be calculate as:
= (5.14 - 5.18) ×
= 0.04 × 200,000
= 8000
The cumulative mark to market is gotten as - $8000 and since it's negative, it implies that a loss was incur by the investor in the future contracts.
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
Twins graduate from college together and start their careers. Twin 1 invests $1500 at the end of each year for 10 years only (until age 33) in an account that earns 7%, compounded annually. Suppose that twin 2 waits until turning 40 to begin investing. How much must twin 2 put aside at the end of each year for the next 25 years in an account that earns 7% compounded annually in order to have the same amount as twin 1 at the end of these 25 years (when they turn 65)
Answer:
Annual investment= $2,855.71
Explanation:
First, we will determine the future value of the investment of Twin 1 at the end of the firsts 10 years.
Twin 1:
Annual investment= $1,500
Number of periods= 10 years
Interest rate= 7%
FV= {A*[(1+i)^n-1]}/i
A= annual deposit
FV= {1,500*[(1.07^10) - 1]} / 0.07
FV= $20,724.67
Now, the value of the account of Twin 1 after 32 years (65 - 33), if he leaves the money to gain interest:
FV= PV*(1+i)^n
FV= 20,724.67*(1.07^32)
FV= $180,621.11
Finally, the annual deposit that Twin 2 must make to equal the amount earned by Twin 1:
FV= {A*[(1+i)^n-1]}/i
A= annual deposit
Isolating A:
A= (FV*i)/{[(1+i)^n]-1}
A= (180,621.11*0.07) / [(1.07^25) - 1]
A= $2,855.71
Twin 2 must make an annual deposit of $2,855.71 to match the amount earned by Twin 1, which is the annual investment.
How do you calculate the Annual investment of Twin 2?First, we'll calculate the future value of Twin 1's investment at the conclusion of the first ten years.
[tex]\text{Twin 1}:\\\text{Annual investment}= $1,500\\\text{Number of periods= 10 years}\\\text{Interest rate= 7} \text{percent}\\FV= {A\text{x}[(1+i)^n-1]}/i\\\text{A= annual deposit}FV= {1,500 \text{x} [(1.07^{10} ) - 1]} / 0.07FV= $20,724.67[/tex]
The following is the worth of Twin 1's account after 32 years (65 - 33), assuming he leaves the money to earn interest:
[tex]\text{FV= PV} \text{x}(1+i)^n\\FV= 20,724.67\text { x }(1.07^{32})\\FV= 180,621.11[/tex]
Finally, Twin 2 must make an annual deposit equivalent to the amount generated by Twin 1:
[tex]\text{FV}= {\text{A} \text{x}{[(1+i)^n-1]}/\text{i}\\\text{A= annual deposit}[/tex]
[tex]\text{Isolating A}:\\A= (FV \text{x} i)/{[(1+i)^n]-1}\\A= (180,621.11 \text{x} 0.07) / [(1.07^{25} ) - 1]\\A= 2,855.71[/tex]
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Which do you feel is the best organization form for a political speech and why?
Answer:
is there any options
Explanation:
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.
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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.
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.
Splish Company began operations on January 2, 2019. It employs 12 individuals who work 8-hour days and are paid hourly. Each employee earns 10 paid vacation days and 6 paid sick days annually. Vacation days may be taken after January 15 of the year following the year in which they are earned. Sick days may be taken as soon as they are earned; unused sick days accumulate. Additional information is as follows.
Actual Hourly Wage Rate Vacation Days Used by Each Employee Sick Days Used by Each Employee 2019 2020 2019 2020 2019 2020 $6 $7 0 9 4 5
Splish Company has chosen to accrue the cost of compensated absences at rates of pay in effect during the period when earned and to accrue sick pay when earned.
Prepare journal entries to record transactions related to compensated absences during 2019 and 2020.
vacation Days Used by Each Employc 2019 Actual Hourly Sick Days Used by Each Employcoc 017 Wagc Ratc 2019 2020. 01 7 2019 57 58
Answer: what is the question being asked?
Marks Corporation has two operating departments, Drilling and Grinding, and an office. The three categories of office expenses are allocated to the two departments using different allocation bases. The following information is available for the current period: Office Expenses Total Allocation Basis Salaries $ 39,000 Number of employees Depreciation 29,000 Cost of goods sold Advertising 68,000 Net sales Item Drilling Grinding Total Number of employees 1,800 2,700 4,500 Net sales $ 368,000 $ 552,000 $ 920,000 Cost of goods sold $ 121,600 $ 198,400 $ 320,000 The amount of depreciation that should be allocated to Drilling for the current period is:
Answer: $53820
Explanation:
The amount of depreciation that should be allocated to Drilling for the current period will be:
Salaries = (39000 × 1800/4500) = 15600
Add: Depreciation = (29000 × 121600/320000) = 11020
Add: Advertising = (68000 × 368000/920000) = 27200
Total = 53820
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
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.
