The factors that will have positive impact on the success of a TQM program includes when:
Employees work at tasks that require high skillsTQM motivates employees and enriches jobs.What is a TQM program?This means a total quality management program and are asopted by management to achieve a long-term success through a consistent customer satisfaction.
When an employees work at tasks that require high skills and the program motivates employees and enriches jobs, this are factors that will impact positively on the success of a TQM program
Therefore, the Option A and D is correct.
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Benjamin Company produces two products from a joint process: X and Z. Joint processing costs for this production cycle are $8,000. Yards Sales price per yard at split-off Disposal cost per yard at split-off Further processing per yard Final sale price per yard X 1,500 $6.00 $3.50 $1.00 $7.50 Z 2,200 9.00 5.00 3.00 11.25 If X and Z are processed further, no disposal costs will be incurred or such costs will be borne by the buyer. Refer to Benjamin Company. Using sales value at split-off, what amount of joint processing cost is allocated to Product X (round to the nearest dollar)
Answer:
Benjamin Company
Using sales value at split-off, the amount of joint processing cost allocated to Product X is:
= $2,500.
Explanation:
a) Data and Calculations:
Joint Products X Y Total
Joint processing cost $8,000
Units 1,500 2,200 3,700
Sales price per yard $6.00 $9.00
Sales value at split-off $9,000 $19,800 $28,800
Disposal cost per yard 3.50 5.00
Further processing per yard 1.00 3.00
Final sales price per yard 7.50 11.25
Product X = $2,500 ($8,000 * $9,000/$28,800)
Jaheem's business sells a single product. The following information was gathered from Jaheem's records: Price $24.00 per unit Variable costs are 61% of sales price The company's fixed costs are $400,000 annually Current sales total is 41,000 units Target profit before tax $22,000 Budgeted sales total is 48,000 units By how much will profit increase with the sale of each unit in Jaheem's business
Answer:
See below
Explanation:
With regards to the above, Jaheem's business profit increase is calculated as
= Fixed cost + Desired profit/Contribution margin
Given that;
Fixed cost = $400,000
Desire profit = $22,000
Contribution margin = $9.4
= $400,000 + $22,000/($24 - $14.6)
= $422,000/$9.4
= $44,894
Therefore, increase on profit
= $44,894 - $22,000
= $22,894
Write an essay about the importance of clearances when applying for a job. need ASAP
Answer:
Background investigations are an essential aspect of the vetting process for both employees and potential employees of the US Federal, State, and Local governments and private sector companies that provide support, services and products to these government entities. These investigations are conducted to determine the suitability of the subject of the investigation to hold a security clearance for a position impacting our national security. Many of the individuals hired by the aforementioned organizations are placed in positions which require a security clearance. Based on the type of clearance, the person has access to information that is crucial to implementation of the missions of US government entities and private.
II. INSIDER THREATS
The purpose of US Federal Government background investigations is to determine if individuals are deemed acceptable for employment within the US government, and more importantly, prevent individuals of malafied intent from gaining access to a position impacting the US national security. Properly executed background investigations can greatly diminish the possibility of a potential insider threat obtaining access to classified information, which can cause the US great harm and the US government great embarrassment.
Prior to the founding of the United States of America, the insider threat has hindered the security of a nation. It is written that the outward destruction of a country results from the inward turmoil of its government. Numerous historical accounts of internal conflicts endangering the welfare of countries are present in the history books of most countries. In most instances, the conflict occurred within the governmental structure of the nation. Regarding internal threats, the US government is not immune from this imminent danger. Constantly, there are numerous threat to US government operations that are undetected. Although the US government Most recently, the breach of security of former National Security Agency (NSA) employee, Edward Snowden, and the ongoing saga of events surrounding his dubious departure from his home country have permeated the media of countries around the world. The Snowden case is “the latest.
Explanation:
Can you give me brainiest thanks
ative expense $ 20.00 The normal selling price of the product is $110.10 per unit. An order has been received from an overseas customer for 3,200 units to be delivered this month at a special discounted price. This order would not change the total amount of the company's fixed costs. The variable selling and administrative expense would be $2.40 less per unit on this order than on normal sales. Direct labor is a variable cost in this company. Suppose there is ample idle capacity to produce the units required by the overseas customer and the special discounted price on the special order is $88.40 per unit. The monthly financial advantage (disadvantage) for the company as a result of accepting this special order should be:
Answer:
$84,480
Explanation:
Calculation to determine what the monthly financial advantage (disadvantage) for the company as a result of accepting this special order should be:
First step is to calculate the Contribution margin
Selling price = $88.40
Less: Variable costs:
Direct material = $ 48.60
Direct labor = $ 9.30
Variable manufacturing overhead = $ 2.30
Variable selling & admin costs ($ 4.20 - $2.40) $1.80
Contribution margin = $26.4
Now let calculate the monthly financial advantage of accepting the special order
Monthly financial advantage of accepting the special order =($26.4 * 3200 units)
Monthly financial advantage of accepting the special order = $84,480
Therefore the monthly financial advantage (disadvantage) for the company as a result of accepting this special order should be:$84,480
Oriole Company sells office equipment on July 31, 2022, for $21,000 cash. The office equipment originally cost $73,600 and as of January 1, 2022, had accumulated depreciation of $42,300. Depreciation for the first 7 months of 2022 is $5,250. Prepare the journal entries to (a) update depreciation to July 31, 2022, and (b) record the sale of the equipment.
Answer:
(a) update depreciation to July 31, 2022
Debit : Depreciation expense $5,250
Credit : Accumulated depreciation $5,250
(b) record the sale of the equipment.
Debt : Cash $21,000
Debit : Accumulated depreciation $47,550
Debit : Profit and loss $5,050
Credit : Office equipment at Cost $73,600
Explanation:
It is important to remember that even in the year of sale, we still have to provide for depreciation of the asset for the period it was in use for that year. Hence the need to prepare a journal to update the depreciation.
After a disposal, the company incurs either a profit or a loss and this must be accounted for. The whole process of a sale can be shown in a journal.
Accumulated depreciation = $42,300 + $5,250 = $47,550
The Loss on sale of the asset is $5,050.
Dunn Sporting Goods sells athletic clothing and footwear to retail customers. Dunn's accountant indicates that the firm's operating cycle averages 6 months. At December 31, 2019, Dunn has the following assets and liabilities:
1. Prepaid rent in the amount of $8,500. Dunn's rent is $500 per month.
2. A $9,700 account payable due in 45 days.
3. Inventory in the amount of $46,230. Dunn expects to sell $38,000 of the inventory within 3 months. The remainder will be placed in storage until September 2020. The items placed in storage should be sold by November 2020.
4. An investment in marketable securities in the amount of $1,900. Dunn expects to sell $700 of the marketable securities in 6 months. The remainder are not expected to be sold until 2022.
5. Cash in the amount of $1,050.
6. An equipment loan in the amount of $60,000 due in March 2024. Interest of $4,500 is due in March 2020 ($3,750 of the interest relates to 2019, with the remainder relating to the first 3 months of 2020).
7. An account receivable from a local university in the amount of $2,850. The university has promised to pay the full amount in 3 months.
8. Store equipment at a cost of $9,200. Accumulated depreciation has been recorded on the store equipment in the amount of $1,250.
Required:
Identify Current Assets and Liabilities.
Answer:
Dunn Sporting Goods
Identifying Current Assets and Current Liabilities
Current Assets:
1. Prepaid Rent $6,000
3. Inventory $46,230
4. Marketable securities $700
5. Cash $1,050
7. Account receivable $2,850
Current Liabilities:
2. Accounts payable $9,700
6. Interest Payable $4,500
Explanation:
a) Data and Analysis:
1. Prepaid Rent (Current Assets) $6,000 Prepaid Rent (Long-term Assets) $2,500 in the amount of $8,500. Dunn's rent is $500 per month.
2. Account payable $9,700
3. Inventory (Current assets) $46,230.
4. Short-term marketable securities $700 Long-term Investments $1,200
5. Cash (current assets) $1,050.
6. Loan Payable (long-term) $60,000 due in March 2024. Interest Payable (current liabilities) $4,500
7. Account receivable (Current assets) $2,850
8. Store equipment $9,200. Accumulated depreciation $1,250.
b) Current assets are short-term assets expected to be used up within 12 months while current liabilities are short-term assets expected to be settled within 12 months.
The Car Service Center has the design capacity to perform an average of 60 repairs per day. The effective capacity of this repair shop is an average of 40 repairs day, while the actual repairs number an average of 36 per day. Given this information, the capacity efficiency percentage is ______.
Answer:
(36 /60 ) * 100
Explanation:
Based on the information given the capacity utilization percentage will be :
Capacity utilization percentage= (36 /60 ) * 100
Capacity utilization percentage=60%
Where,
36 per day represent Actual repairs number
60 repairs per day represent Design capacity
Therefore capacity utilization percentage is (36 /60 ) * 100
Below are the simplified current and projected financial statements for Decker Enterprises. All of Decker's assets are operating assets. All of Decker's current liabilities are operating liabilities. Income statement Current Projected Sales na 1,500 Costs na 1,080 Profit before tax na 420 Taxes (25%) na 105 Net income na 315 Dividends na 95 Balance sheets Current Projected Current Projected Current assets 100 115 Current liabilities 70 81 Net fixed assets 1,200 1,440 Long-term debt 300 360 Common stock 500 500 Retained earnings 430 650 If Decker had a financing deficit, it could remedy the situation by a. borrowing from retained earnings b. borrowing on its line of credit c. paying down its long-term debt d. buying back common stock e. paying a special dividend
Answer:
Decker Enterprises
If Decker had a financing deficit, it could remedy the situation by
b. borrowing on its line of credit
Explanation:
a) Data and Calculations:
Income statement Current Projected
Sales na 1,500
Costs na 1,080
Profit before tax na 420
Taxes (25%) na 105
Net income na 315
Dividends na 95
Balance sheets Current Projected Current Projected
Current assets 100 115 Current liabilities 70 81
Net fixed assets 1,200 1,440 Long-term debt 300 360
Common stock 500 500
Retained earnings 430 650
Total assets 1,300 1,555 Liabilities + Equity 1,300 1,591
Shortfall in projected assets = $36 ($1,591 - $1,555)
b) A company cannot borrow from retained earnings to remedy a financing deficit because financial deficits require external financing from stockholders, debt holders, or financial institutions. Ordinarily, options c, d, and e involve cash outflows. They cannot finance a financial deficit.
If Futura decides to make the starters, a supervisor would have to be hired (at a salary of $60,000) to oversee production. However, the company has sufficient idle tools and machinery such that no new equipment would have to be purchased. The rent charge above is based on space utilized in the plant. The total rent on the plant is $80,000 per period. Depreciation is due to obsolescence rather than wear and tear.
Answer:
$20,000
Explanation:
Calculation to determine the financial advantage (disadvantage) of making the 40,000 starters instead of buying them from an outside supplier
First step is to calculate the Relevant cost of making the starters
Relevant cost of making the starters=($3.1*40,000)+($2.70*40,000)+($0.6*40,000)+$60,000
Relevant cost of making the starters=$124,000+$108,000+$24,000+$60,000
Relevant cost of making the starters=$316,000
Second step is to calculate the Relevant cost of buying the starters
Relevant cost of buying the starters=(40,000*8.4)
Relevant cost of buying the starters=$336,000
Now let calculate the Financial advantage
Financial advantage=$336,000-$316,000
Financial advantage=$20,000
Therefore the financial advantage (disadvantage) of making the 40,000 starters instead of buying them from an outside supplier is $20,000
On September 30, 2017, Ericson Company negotiated a two-year, 2,800,000 dudek loan from a foreign bank at an interest rate of 4 percent per year. It makes interest payments annually on September 30 and will repay the principal on September 30, 2019. Ericson prepares U.S.-dollar financial statements and has a December 31 year-end. Prepare all journal entries related to this foreign currency borrowing assuming the following exchange rates for 1 dudek: September 30, 2017$0.170 December 31, 2017 0.175 September 30, 2018 0.190 December 31, 2018 0.195 September 30, 2019 0.220 Taking the exchange rate effect on the cost of borrowing into consideration, determine the effective interest rate in dollars on the loan in each of the three years 2017, 2018, and 2019.
Answer:
Explanation:
Preparation of all journal entries related to the foreign currency borrowing
A. 9/30/17
Dr Cash $476,000
Cr Note payable (dudek) [$2,800,000 x $0.170] $476,000
(To record the note and conversion of $2,800,000 dudeks into $0.170 at the spot rate.)
12/31/17
Dr Interest Expense $2,450 Cr Interest Payable (dudek) $2,450
[$2,800,000 x 2% x 3/12 = $14,000 dudeks x
0.175 spot rate]
(To accrue interest for the period 9/30 – 12/31/17.)
Dr Foreign Exchange Loss $14,000
Cr Note Payable (dudek) [$2,800,000 x ($0.175 – $0.170)] $14,000
(To revalue the note payable at the spot rate of
$0.175 and record a foreign exchange loss.)
9/30/18
Dr Interest Expense [$98,000 dudeks x $0.190] $18,620
($112,000-$14,000=$98,000)
Dr Interest Payable (dudek) $2,450
[$2,800,000 x 2% x 3/12 = $14,000 dudeks x
0.175 spot rate]
Dr Foreign Exchange Loss [14,000 dudeks x (0.190 – $.175)] $210
Cr Cash [$112,000 dudeks x 0.190] $21,280
(4%*$2,800,000=$112,000)
(To record the first annual interest payment, record interest expense for the period 1/1 – 9/30/18 and record a foreign exchange loss on the interest payable accrued at 12/31/17.)
12/31/18 Interest Expense 625
Interest Payable (dudek) [5,000 dudeks x $.125] 625
(To accrue interest for the period 9/30 – 12/31/18.)
12/31/18 Foreign Exchange Loss 20,000
Note Payable (dudek) [1 mn x ($.125 – $.105)] 20,000
(To revalue the note payable at the spot rate of
$.125 and record a foreign exchange loss.)
9/30/19 Interest Expense [15,000 dudeks x $.15] 2,250
Interest Payable (dudek) 625
Foreign Exchange Loss [5,000 dudeks x ($.15 – $.125)] 125
Cash [20,000 dudeks x $.15] 3,000
(To record the second annual interest payment,
record interest expense for the period 1/1 – 9/30/19,and record a foreign exchange loss on the interest payable accrued at 12/31/18.)
Note Payable (dudek) 125,000
Foreign Exchange Loss 25,000
Cash [1 mndudeks x $.15] 150,000
(To record payment of the 1 million dudek note.)
b. The effective interest rate on the loan can be determined by summing the total interest expense and foreign exchange losses related to the loan and comparing this with the amount borrowed:
2017
Interest expense $525
Foreign exchange loss 5,000
Total $5,525 / $100,000 = 5.525% for 3 months
5.525% x 12/3 = 22.1% for 12 months
2018
Interest expense $2,425
Foreign exchange losses 20,075
Total $22,500 / $100,000 = 22.5% for 12 months
2019
Interest expense $2,250
Foreign exchange losses 25,125
Total $27,375 / $100,000 = 27.38% for 9 months
27.38% x 12/9 = 36.5% for 12 months
Because of appreciation in the value of the dudek, the effective annual interest cost ranges from 22.1% – 36.5%.
The net cash flows from this borrowing are:
Cash outflows:
Interest ($2,400 + $3,000) $5,400
Principal 150,000
$155,400
Cash inflow:
Borrowing (100,000)
Net cash outflow $ 55,400
Ignoring compounding, this results in an average effective interest rate of approximately 27.7% per year [($55,400 / $100,000) = 55.4% over two years; 55.4% / 2 years = 27.7% per year].
On September 30, 2017, Ericson Company negotiated a two-year, 2,800,000 dudek loan from a foreign bank at an interest rate of 4 percent per year. It makes interest payments annually on September 30 and will repay the principal on September 30, 2019. Ericson prepares U.S.-dollar financial statements and has a December 31 year-end. Prepare all journal entries related to this foreign currency borrowing assuming the following exchange rates for 1 dudek:
September 30, 2017$0.170
December 31, 2017 0.175
September 30, 2018 0.190
December 31, 2018 0.195
September 30, 2019 0.220
Taking the exchange rate effect on the cost of borrowing into consideration, determine the effective interest rate in dollars on the loan in each of the three years 2017, 2018, and 2019.
Dubai Corporation is looking to purchase a building costing $830,000 by paying $265,000 cash on the purchase date, and agreeing to make payments every three months for the next five years. The first payment is due three months after the purchase date. Dubai's incremental borrowing rate is 16%. Each of the payments is closest to
Answer:
Each payment is closest to $41,573.69.
Explanation:
This can be calculated using the formula for calculating the present value of an ordinary annuity as follows:
PV = P * ((1 - (1 / (1 + r))^n) / r) …………………………………. (1)
Where;
PV = Present value or the balance to pay for the building = $830,000 - $265,000 = $565,000
P =Quarterly payment or payment after every three months = ?
r = Quarterly interest rate = Incremental borrowing rate / Number of quarters in a year = 16% / 4 = = 4%. or 0.04
n = number of quarters = Number of years * Number of quarters in a year = 5 * 4 = 20
Substitute the values into equation (1) and solve for P, we have:
$565,000 = P * ((1 - (1 / (1 + 0.04))^20) / 0.04)
$565,000 = P * 13.5903263449677
P = $565,000 / 13.5903263449677
P = $41,573.69
Therefore, each payment is closest to $41,573.69.
The Charade Corporation is preparing its Manufacturing Overhead budget for the fourth quarter of the year. The budgeted variable manufacturing overhead is $7 per direct labor-hour; the budgeted fixed manufacturing overhead is $87,000 per month, of which $16,200 is factory depreciation. If the budgeted direct labor time for November is 8,200 hours, then the total budgeted manufacturing overhead for November is:
Answer:
See below
Explanation:
Given the above information, the total budget manufacturing overhead is computed as
= Variable factory overhead rate per direct labor hour × Budgeted direct labor time for November + Fixed factory overhead per month
= $7 × 8,200 + $87,000
= $57,400 + $87,000
= $144,000
Therefore, the total budgeted manufacturing overhead for November is $144,000
A semiprofessional baseball team near your town plays two home games each month at the local baseball park. The team splits the concessions 50/50 with the city but keeps all the revenue from ticket sales. The city charges the team $100 each month for the three-month season. The team pays the players and manager a total of $1000 each month. The team charges $10 for each ticket, and the average customer spends $8 at the concession stand. Attendance averages 30 people at each home game.
The team earns $_________in revenue for each game and $_________ revenue each season. With total costs of $_________ each season, the team finishes the season with $_________ of profit.
Answer and Explanation:
The computation is shown below:
The revenue earned by team for each game is
= $10 + 50% of $8
= $10 + 4
= $14
Now the revenue for each session is
= $14 × 30 PEOPLE × 6 games
= $2,520
The total cost would be
= $100 × 3 + $1,000 × 3
= $300 + $3,000
= $3,300
And, the team would finished the season for profit of
= Revenue - cost
= $2,520 - $3,300
= $780 loss
For each of the following changes, determine whether there will be a movement along the demand curve (a change in quantity demanded) or a shift in the demand curve (a change in demand). a. a change in the price of a related good b. a change in tastes c. a change in the number of buyers d. a change in price e. a change in expectations f. a change in income
Answer: See explanation
Explanation:
We should note that a movement along the demand curve occurs when there's a change in the price of the product. On the other hand, a shift in the demand curve is due to other factors that affect demand except the price. Therefore, the questions given are answered below based on the explanation above.
a. change in the price of a related good.
There'll be a shift in the demand curve.
b. a change in tastes
There'll be a shift in the demand curve.
c. a change in the number of buyers
There'll be a shift in the demand curve.
d. a change in price
There'll be a movement along the demand curve.
e. a change in expectations
There'll be a shift in the demand curve
f. a change in income
There'll be a shift in the demand curve
Go Fly A Kite is considering making and selling custom kites in two sizes. The small kites would be priced at $11.90 and the large kites would be $24.90. The variable cost per unit is $5.75 and $12.50, respectively. Jill, the owner, feels that she can sell 3,300 of the small kites and 1,910 of the large kites each year. The fixed costs would be $2,120 a year and the depreciation expense is $1,600. The tax rate is 40 percent. What is the annual operating cash flow
Answer:
See below
Explanation:
Given the above information,
Sales
= ($11.90 × 3,300) + ($24.9 × 1,910)
= $39,270 + $4,7559
= $86,829
Total variable cost
= ($5.75 × 3,300) + ($12.5 × 1,910)
= $18,975 + $23,875
= $42,950
Contribution margin = $43,979
Fixed cost = ($2,120)
Depreciation = ($1,600)
EBIT = $40,259
Tax = ($40,259 × 0.40) = $16,104
Depreciation = $1,600
Net operating cash flow = $22,555
43) Which of the following statements is definitely true regarding environmental complexity?
A) Environmental richness and environmental dynamism are inversely proportional to each
other.
B) As a company begins to produce a wider variety of products for different groups of
customers, its environmental complexity begins to decrease.
C) Environmental complexity is a function of the organizational structure selected by a company.
D) The more interconnected the forces in an organization's specific and general environments,
the more uncertainty the organization faces.
Answer:
D) The more interconnected the forces in an organization's specific and general environments, the more uncertainty the organization faces.
Explanation:
Environmental complexity can be defined as organising and comparing how environmental variables are interdependent. When there is a low organisational complexity, this shows that the environment is defined by a few variables while a high complexity variable means that there are different important variables for the environment to consider.
Therefore, the statement that is definitely true regarding environmental complexity is, the more interconnected the forces in an organization's specific and general environments, the more uncertainty the organization faces.
D) The more interconnected the forces in an organization's specific and general environments, the more uncertainty the organization faces.
Environmental complexityThe number of environmental variables and their interrelation were termed as environmental complexity. Low organizational complexity suggests that the environment is described by only a few factors, whereas high complexity indicates that there are many essential variables to consider.D) The more interconnected the forces in an organization's specific and general environments, the more uncertainty the organization faces.For more information:
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Crystal Displays Inc. recently began production of a new product, flat panel displays, which required the investment of $1,500,000 in assets. The costs of producing and selling 5,000 units of flat panel displays are estimated as follows:
Variable costs per unit:
Fixed costs:
Direct materials $120
Factory overhead $250,000
Direct labor 30
Selling and administrative expenses 150,000
Factory overhead 50
Selling and administrative expenses 35
Total variable cost per unit $235
Crystal Displays Inc. is currently considering establishing a selling price for flat panel displays. The president of Crystal Displays has decided to use the cost-plus approach to product pricing and has indicated that the displays must earn a 15% return on invested assets.
Required:
Determine the amount of desired profit from the production and sale of flat panel displays.
Answer:
Crystal Displays Inc.
The amount of desired profit from the production and sale of the flat panel displays is:
= $225,000
Explanation:
a) Data and Calculations:
Investment in assets = $1,500,000
Production and sales units = 5,000
Cost of production and sales:
Variable costs per unit:
Direct materials $120
Direct labor 30
Factory overhead 50
Selling and
administrative expenses 35
Total variable cost per unit $235
Fixed costs:
Factory overhead $250,000
Selling and administrative expenses 150,000
Total fixed costs $400,000
Total production costs:
Variable production costs = $1,000,000 (5,000 * $200)
Fixed factory overhead 250,000
Total production costs $1,250,000
Total selling and administrative expenses:
Variable selling and admin. $175,000
Fixed selling and admin. 150,000
Total selling and admin. exp. $325,000
Total costs of production and sales = $1,575,000
Target return on invested assets = 225,000 ($1,500,000 * 15%)
Total expected sales revenue = $1,800,000
Price per unit = $360 ($1,800,000/5,000)
Journalizing Cash Payments Transactions
Enter the following cash payments transactions in a general journal:
Sept. 5 Issued Check No. 318 to Georgetown Inc. for merchandise purchased
August 28, $5,500, terms 2/10, n/30. Payment is made within the discount
period.
12 Issued Check No. 319 to Martin Company for merchandise purchased
September 2, $7,500, terms 1/10, n/30. A credit memo had been received
on September 8 from Martin Company for merchandise returned, $500.
Payment is made within the discount period after deduction for the return
dated September 8.
19 Issued Check No. 320 to Professional Partners for merchandise purchased
August 20, $4,000, terms n/30.
27 Issued Check No. 321 to Dynamic Data for merchandise purchased
September 17, $9,000, terms 2/10, n/30. Payment is made within the
discount period.
Answer:
Journalizing Cash Payments Transactions
General Journal
Sept. 5 Debit Accounts payable (Georgetown Inc.) $5,500
Credit Cash $5,390
Credit Cash Discounts $110
To record the issue of Check No. 318 for merchandise purchased August 28 on terms 2/10, n/30, including discounts.
Sept. 12 Debit Accounts payable (Martin Company) $7,000
Credit Cash $6,930
Credit Cash Discounts $70
To record the issue of Check No. 319 for merchandise purchased September 2 on terms 1/10, n/30.
Sept. 19 Debit Accounts payable (Professional Partners) $3,400
Credit Cash $3,400
To record the issue of Check No. 320 for merchandise purchased August 20 on terms n/30.
27 Debit Accounts payable (Dynamic Data) $9,000
Credit Cash $8,820
Credit Cash Discounts $180
To record the issue of Check No. 321 for merchandise purchased September 17 on terms 2/10, n/30.
Explanation:
a) Data and Analysis:
Sept. 5 Accounts payable (Georgetown Inc.) $5,500 Cash $5,390 Cash Discounts $110 Issued Check No. 318 for merchandise purchased August 28 on terms 2/10, n/30.
Sept. 12 Accounts payable (Martin Company) $7,000 Cash $6,930 Cash Discounts $70 Issued Check No. 319 for merchandise purchased September 2 on terms 1/10, n/30.
Sept. 19 Accounts payable (Professional Partners) $3,400 Cash $3,400 Issued Check No. 320 for merchandise purchased August 20 on terms n/30.
27 Accounts payable (Dynamic Data) $9,000 Cash $8,820 Cash Discounts $180 Issued Check No. 321 for merchandise purchased September 17 on terms 2/10, n/30.
New shale gas deposits are found in North Dakota :
A. Long-run aggregate supply shifts.
B. Short-run aggregate supply shifts,
C. Both shift.
D. Neither shifts
Hot weather leads to lower crop yields in the Midwest.
A. long run agregate supply shifts.
B. Short-run agregate supply shifts.
C. Both shift
D. Neither shifts
Answer and Explanation:
When the deposits with respect to new shale gas found in north dakota so there would be the both shifts i.e. long run aggregate supply and the short run aggregate supply
And on the other hand when the hot weather would lead to less crop in the midwest so there should be the shift in the short run aggregate supply
Therefore the same would be considered and relevant too
List three examples of fossil fuels are
Answer:
i Will help
Explanation:
dinosaur ones
Turtle ones and
fish fossils
your welcome my buddy
Answer:
Explanation:
Coal, crude oil, and natural gas are all considered fossil fuels because they were formed from the fossilized, buried remains of plants and animals that lived millions of years ago
Cullumber Company buys merchandise on account from Bramble Company. The selling price of the goods is $790, and the cost of the goods is $470. Both companies use perpetual inventory systems. Journalize the transaction on the books of both companies. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Account Titles and Explanation Debit Credit
Cullumber Company
(To record credit purchase of inventory)
Bramble Company
(To record credit sale)
(To record cost of merchandise sold)
Answer:
Cullumber Company
Dr Inventory $790
Cr Accounts Pay $790
Bramble Company
Dr Account receivable $790
Cr Sales Revenue $790
Dr Cost of goods sold $470
Cr Inventory $470
Explanation:
Preparation of the journal entries on the books of both companies
CULLUMBER COMPANY
Dr Inventory $790
Cr Accounts Pay $790
(To record credit purchase of inventory)
BRAMBLE COMPANY
Dr Account receivable $790
Cr Sales Revenue $790
(To record credit sale)
Dr Cost of goods sold $470
Cr Inventory $470
(To record cost of merchandise sold)
The following selected transactions were completed by Interlocking Devices Co., a supplier of zippers for clothing:
2017
Dec. 7 Received from Unitarian Clothing & Bags Co., on account, a $75,000, 60-day, 3% note dated December 7.
31 Recorded an adjusting entry for accrued interest on the note of December 7.
31 Recorded the closing entry for interest revenue.
2018
Feb. 5 Received payment of note and interest from Unitarian Clothing & Bags Co.
Journalize the entries to record the transactions. If no entry is required, simply skip to the next transaction. Refer to the Chart of Accounts for exact wording of account titles. Assume a 360-day year.
CHART OF ACCOUNTSInterlocking Devices Co.General Ledger
ASSETS
110 Cash
111 Petty Cash
121 Accounts Receivable-Unitarian Clothing & Bags Co.
129 Allowance for Doubtful Accounts
131 Interest Receivable
132 Notes Receivable
141 Merchandise Inventory
145 Office Supplies
146 Store Supplies
151 Prepaid Insurance
181 Land
191 Store Equipment
192 Accumulated Depreciation-Store Equipment
193 Office Equipment
194 Accumulated Depreciation-Office Equipment
LIABILITIES
210 Accounts Payable
211 Salaries Payable
213 Sales Tax Payable
214 Interest Payable
215 Notes Payable
EQUITY
310 Common Stock
311 Retained Earnings
312 Dividends
313 Income Summary
REVENUE
410 Sales
610 Interest Revenue
EXPENSES
510 Cost of Merchandise Sold
520 Sales Salaries Expense
521 Advertising Expense
522 Depreciation Expense-Store Equipment
523 Delivery Expense
524 Repairs Expense
529 Selling Expenses
530 Office Salaries Expense
531 Rent Expense
532 Depreciation Expense-Office Equipment
533 Insurance Expense
534 Office Supplies Expense
535 Store Supplies Expense
536 Credit Card Expense
537 Cash Short and Over
538 Bad Debt Expense
539 Miscellaneous Expense
710
Interest Expense
Journalize the entries to record the transactions for the year 2017. If no entry is required, simply skip to the next transaction. Refer to the Chart of Accounts for exact wording of account titles. Assume a 360-day year.
PAGE 1
JOURNAL
ACCOUNTING EQUATION
DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY
1
2
3
4
5
6
Journalize the entries to record the transactions for the year 2018. If no entry is required, simply skip to the next transaction. Refer to the Chart of Accounts for exact wording of account titles. Assume a 360-day year.
PAGE 1
JOURNAL
ACCOUNTING EQUATION
DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY
1
2
3
4
Answer and Explanation:
The journal entries are shown below:
On Dec 7
Notes receivable $75,000
To Accounts receivable $75,000
(being note receivable is recorded)
On Dec 31
Interest receivable ($75,000 × 3% × 24 ÷ 360 days) $150
To Interest revenue $150
(Being recording of accrued interest)
On Dec 31
Interest revenue $150
To Income summary $150
(Being interest revenue is closed)
On Feb 5
Cash ($75,000 + $75,000 × 3% × 60 ÷360) 75,375
To Notes receivable $75,000
To Interest receivable $150
To Interest revenue $225 ($75,000 × 3% × 36 ÷ 360 days)
(Being collection is recorded)
Finished goods inventory at the end of September was 3,000 units. Ending finished goods inventory is budgeted to equal 25 percent of the next month's sales. Asian Lamp expects to sell the lamps for $25 each. January sales is projected at 16,000 lamps. In going from the sales budget to the production budget, adjustments to the sales budget need to be made for
Answer: b. finished goods inventories,
Explanation:
To be able to come up with the Production budget, the sales budget will need to be adjusted for finished goods inventories to come up with the total production figure.
For instance:
Production Budget
Sales in units XXX
Add Ending finished goods inventories XXX
Less Opening finished goods inventories (XXX)
Production units for period XXX
Based on the following S&A expenses budgeted for October, prepare a S&A expenses budget for October, November and December.
Sales commissions (10% increase per month) $7,200
Supplies expense (10% increase per month) 1,800
Utilities (fixed) 2,200
Depreciation on store equipment (fixed) 1,600
Salary expense (fixed) 34,000
Rent (fixed) 6,000
Miscellaneous (fixed) 1,000
Cash payments for sales commissions and utilities are made in the month following the one in which the expense is incurred. Supplies and other operating expenses are paid in cash in the month in which they are incurred.
Answer and Explanation:
The preparation of the S&A expenses budget for October, November and December is presented below:
Particulars October November December
Variable expense :
Sales commission $7,200 $7,920 $8,712
($7,200 × 1.10) ($7,920 × 1.10)
Supplies expense $1,800 $1,980 $2,178
($1,800 × 1.10) ($1,920 × 1.10
Fixed Expenses:
Utilities expense $2,200 $2,200 $2,200
Depreciation on
Store equipment $1,600 $1,600 $1,600
Salary expense $34,000 $34,000 $34,000
Rent expense $6,000 $6,000 $6,000
Miscellaneous
expense-fixed portion $1,000 $1,000 $1,000
Total Selling and
Administrative Expenses $53,800 $54,700 $55,690
Ken was the only accountant for a small-town land devel opment company. He was terminated when the company fell on hard times. One year later, when the owner of the company was reviewing the payments received from a landowner for development cost, he discovered that the landowner was three payments behind for a total of $60,000. He contacted the landowner who showed him the check stubs and the canceled checks. After further re search, hefound that the account in which the checks were deposited belonged to Ken, his former accountant. 1. What type of fraud did Ken commit
Answer:
Asset misappropriation, especially stealing assets
Explanation:
Since in the question it is mentioned that owner discovered that there was three payments of total $60,000 due to this he contacted to the landowner where he showed the checks stubs and canceled checks after that he found that the account where the checks were deposited is of Ken so the fraud done by him is asset misappropriation where Ken steal the receipts of the company for his personal use
Builder Products, Inc., uses the weighted-average method in its process costing system. It manufactures a caulking compound that goes through three processing stages prior to completion. Information on work in the first department, Cooking, is given below for May:
Production data:
Pounds in process, May 1; materials 100% complete; conversion 80% complete 10,000
Pounds started into production during May 100,000
Pounds completed and transferred out ?
Pounds in process, May 31 ; materials 60% complete; conversion 20% complete 15,000
Cost data:
Work in process inventory, May 1 :
Materials cost $15,000
Conversion cost
Cost added during May:
Materials cost $154,500
Conversion cost $90,800
The company uses the weighted-average method.
Required:
a. Compute the equivalent units of production.
b. Compute the costs per equivalent unit for the month.
c. Determine the cost of ending work in process inventory and of the units transferred out to the next department.
d. Prepare a cost reconciliation report for the month.
Answer:
Part a
Materials = 104,000 units
Conversion Cost = 98,000 units
Part b
Materials = $1.50
Conversion Costs = $1.00
Part c
Cost of ending work in process inventory = $16,500
Cost units transferred out to the next department = $237,500
Part d
Cost Reconciliation Report
Cost of Beginning Work in Process Inventory $8,700
Cost added during the Period $245,300
Total $254,000
Cost of ending work in process inventory $16,500
Cost units transferred out to the next department $237,500
Total $254,000
Explanation:
Hi, there are some missing amounts from your question, however I managed to search for the full question online and I have attached it as an image below.
Units transferred out to the next department = 100,000 + 10,000 - 15,000 = 95,000
Equivalent units of production
Materials = 95,000 x 100% + 15,000 x 60 % = 104,000 units
Conversion Cost = 95,000 x 100% + 15,000 x 20 % = 98,000 units
Costs per equivalent
Materials = ($1,500 + $154,500) ÷ 104,000 units = $1.50
Conversion Costs = ($7,200 + $90,800) ÷ 98,000 units = $1.00
Total unit cost = $1.50 + $1.00 = $2.50
Cost of ending work in process inventory
Cost of ending work in process inventory = Materials cost + Conversion cost
= 9,000 x $1.50 + 3,000 x $1.00
= $16,500
Cost of units transferred out to the next department.
Cost units transferred out to the next department = units transferred out x total unit cost
= 95,000 x $2.50
= $237,500
g On January 1, Garcia Supply leased a truck for a three-year period, at which time possession of the truck will revert back to the lessor. Annual lease payments are $10,500 due on December 31 of each year, calculated by the lessor using a 4% discount rate. Negotiations led to Garcia guaranteeing a $27,400 residual value at the end of the lease term. Garcia estimates that the residual value after four years will be $26,300. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) What is the amount to be added to the right-of-use asset and lease liability under the residual value guarantee
Answer:
The amount to be added to the right-of-use asset and lease liability under the residual value guarantee is $904.12.
Explanation:
Guaranteed residual value = $27,400
Estimated residual value = $26,300
Difference in residual value = Guaranteed residual value - Estimated residual value = $27,400 - $26,300 = $1,100
Present value of difference in residual value = Difference in residual value / (100% + Discount rate)^Number of years = $1,100 / (100% + 4%)^5 = $904.12
Therefore, the amount to be added to the right-of-use asset and lease liability under the residual value guarantee is $904.12 which is the present value of difference in residual value.
Operating data for Sheffield Corp. are presented below.
2020 2019
Sales revenue $720,000 $600,000
Cost of goods sold 501,120 424,200
Selling expenses 111,600 75,000
Administrative expenses 59,040 43,800
Income tax expense 28,800 24,600
Net income 19,440 32,400
Required:
Prepare a schedule showing a vertical analysis for 2020 and 2019.
Answer:
2020 % 2019 %
Sales revenue 720000 100% 600000 100%
Cost of goods sold 501120 70% 424200 71%
Gross profit 218880 30% 175800 29%
Selling expenses 111600 16% 75000 13%
Administrative expenses 59040 8% 43800 7%
Operating income 48240 7% 57000 10%
Income tax expense 28800 4% 24600 4%
Net income 19440 3% 32400 5%
The time that an employee spends on a particular job determines his or her specialization of labor.
Answer:
MAde up of employes in an industry
Explanation:
Consumer Choice and Demand:
Suppose Karen is planning a trip to Hawaii. Her research indicates that the average price of a hotel room is $250 per night. Karen calls one hotel and they tell her that they are offering a special rate for rooms on the thirteenth floor. Karen is deeply superstitious and knows that staying on the thirteenth floor will cause her to experience negative utility. What is the maximum amount that Karen should pay for a room on the thirteenth floor? Now suppose that Karen books a room at a different hotel, but upon checking in they tell her there are only rooms available on the thirteenth floor. She paid $250 a night for the room and it is non-refundable. However, there is a hotel across the street where she can pay for a room on the tenth floor.
Answer:
She can pay a maximum of $212.50
Explanation:
Average price for hotel room is $250 per night
The hotel is offering a discount of 15% on the hotel room price.
If Karen chooses a room at thirteenth floor she can only pay up to $212 for a room per night.
When Karen has paid $250 for a hotel room she gets to know that there is no availability of a room on the floors below thirteenth floor. The price is non refundable. She can ask the hotel for any extra services which can compensate her stay at thirteenth floor.
