#2 - You are organizing an exploratory meeting with engineering representatives from a dozen manufacturers from around the world to discuss updates to a technical standard that all the companies' products must adhere to. The representatives have a wide range of firmly held opinions on the subject because the changes could help some companies and hurt others. They can't even agree on what should be addressed in the first meeting, so you need to develop a minimum level of consensus on what should be on the agenda. Which combination of media and channels would you use to move the conversation forward and finalize the agenda? Each company has one representative, and any discussions need to be kept confidential. PreviousNext
Answer:
Written media and digital channel
Explanation:
In the stated problem been faced by the organizing committee or the convener of the meeting, the best combination of media and channel would be the use of written media and Digital channel.
This combination is the best because in the use of written media the ideas about the updates to a technical standards would be better represented and the advantages and disadvantages can also be highlighted clearly for the various representative to study and come to a consensus as well.
The digital channel is the best channel because it provides more security to data and easy access as well.
note : every confidential document must as well be written and stored using a digital channel hence the above choice.
eck Manufacturing reports the following information in T-account form for 2019. Raw Materials Inventory Begin. Inv. 10,300 Purchases 47,500 Avail. for use 57,800 DM used 51,000 End. Inv. 6,800 Work in Process Inventory Begin. Inv. 17,000 DM used 51,000 Direct labor 34,500 Overhead 64,000 Manuf. costs 166,500 Cost of goods manuf. 153,000 End. Inv. 13,500 Finished Goods Inventory Begin. Inv. 20,200 Cost of goods manuf. 153,000 Avail. for sale 173,200 Cost of Goods Sold 152,300 End. Inv. 20,900 Required: 1. Prepare the schedule of cost of goods manufactured for the year. 2. Compute cost of goods sold for the year.
Answer:
A.$153,000
B.152,300
Explanation:
A. Preparation for the schedule of cost of goods manufactured for the year
Schedule cost of goods manufactured
Direct material 51,000
Direct labor 34,500
Overhead 64,000
Total manufacturing cost 149,500
Beginning work in process 17,000
Total Cost of work in process 166,500
Less: Ending work in process (13,500)
Cost of goods manufactured $153,000
(166,500-13,500)
B. Computation for cost of goods sold for the year.
Schedule of cost of goods sold
Beginning finished goods 20,200
Cost of goods manufactured 153,000
Cost of goods available for sale 173,200
(153,000+20,200)
Less; Ending finished goods (20,900)
Cost of goods sold $152,300
(173,200-20,900)
Therefore the schedule of cost of goods manufactured for the year will be $153,000 while the cost of goods sold for the year will be $152,300
At Bargain Electronics, it costs $32 per unit ($19 variable and $13 fixed) to make an MP3 player at full capacity that normally sells for $46. A foreign wholesaler offers to buy 3,180 units at $26 each. Bargain Electronics will incur special shipping costs of $4 per unit. Assuming that Bargain Electronics has excess operating capacity, indicate the net income (loss) Bargain Electronics would realize by accepting the special order.
Reject Accept Net Income
Order Order Increase (Decrease)
Revenues
Costs-Manufacturing
Shipping
Net income
Answer and Explanation:
The computation is shown below:
Particulares Reject accept increase
order order (decrease)
Revenues 0 $82,680 $82,680
(3,180 × $26)
Cost- manufacturing 0 -$60,420 -$60420
(3,180 × $26)
shipping 0 -$12,720 -$12,720
(3,180 × $4)
net income 0 $9,540 $9,540
Therefore the special order is accepted
on
Student loans can!
your options on
what you want to do in your life.
Answer:
try to get a high paying job to get that student loan out
What is the difference between real and nominal gross domestic product (GDP)?
Answer:
the difference between real GDP and nominal GDP is that real GDP is a adjustment for inflation since nominal GDP is calculated using current prices
Explanation:
On December 31, 2022, Monty Company prepared an income statement and balance sheet and failed to take into account three adjusting entries. The incorrect income statement showed net income of $44,000. The balance sheet showed total assets, $166,400; total liabilities, $66,000; and stockholders’ equity, $100,400. The data for the three adjusting entries were: (1) Depreciation of $9,720 was not recorded on equipment. (2) Salaries and wages amounting to $10,720 for the last two days in December were not paid and not recorded. The next payroll will be in January. (3) Rent of $7,520 was paid for two months in advance on December 1. The entire amount was debited to Prepaid Rent when paid.
Answer:
Salaries and Wages are owed so they are now liabilities. They are also expenses and will reduce the Net Income.
Rent Revenue was in advance for 2 months meaning one of those months will be December which is in the current period so;
= 7,520/2
= $3,760 will be added to net income for the year
The same amount will be removed from Liabilities as the revenue has now been recognized.
Depreciation reduces the value of Fixed assets so will be deducted from Assets.
It is also an expense so it will reduce Net Income.
Whatever happens to Net Income will happen to Stockholders' equity as well because Net Income is an Equity account.
You have 24 cups of milk.
You need 1.25 cups to make one serving of deep-fried chicken.
How many servings can you make? Whole servings only - round down
rather than using partial servings.
Answer:
to make a servings of roast beef gravy.
Answer:
19.2 serving
Explanation:
Because if you have 24 cups of milk and need 1.25 cups to make 1 serving we would have to divide.
24 cups of milk - 1.25 cups of milk per serving = 19.2
Pirates Incorporated had the following balances at the beginning of September.
PIRATES INCORPORATED
Trial Balance
Accounts Debits Credits
Cash $5,500
Accounts Receivable 1,500
Supplies 6,600
Land 10,200
Accounts Payable 6,500
Notes Payable 2,000
Common Stock 8,000
Retained Earnings 7,300
The following transactions occur in September:
September 1 Provide services to customers for cash, $3,700.
September 2 Purchase land with a long-term note for $5,400 from Crimson Company.
September 4 Receive an invoice for $400 from the local newspaper for an advertisement that appeared on September 2.
September 8 Provide services to customers on account for $5,000.
September 10 Purchase supplies on account for $1,000.
September 13 Pay $3,000 to Crimson Company for a long-term note.
September 18 Receive $4,000 from customers on account.
September 20 Pay $800 for September's rent.
September 30 Pay September's utility bill of $1,500.
September 30 Pay employees $3,000 for salaries for the month of September.
September 30 Pay a cash dividend of $1,000 to shareholders.
Record each transaction. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Answer:
Journal Entries:
September 1:
Debit Cash $3,700
Credit Service Revenue $3,700
To record the provision of services for cash.
September 2:
Debit Land $5,400
Credit Long-term Note Payable $5,400
To record the purchase of land from Crimson company.
September 8:
Debit Accounts Receivable $5,000
Credit Service Revenue $5,000
To record the provision of services on account.
September 10:
Debit Supplies $1,000
Credit Accounts Payable $1,000
To record the purchase of supplies on account.
September 13:
Debit Long-term Notes Payable $3,000
Credit Cash Account $3,000
To record the payment to Crimson Company on long-term note.
September 18:
Debit Cash Account $4,000
Credit Accounts Receivable $4,000
To record the cash receipt from customers.
September 20:
Debit Rent Expense $800
Credit Cash Account $800
To record the payment of September's rent.
September 30:
Debit Utilities Expense $1,500
Credit Cash Account $1,500
To record the payment of September's utility bill.
September 30:
Debit Salaries Expense $3,000
Credit Cash Account $3,000
To record the payment of salaries for the month.
September 30:
Debit Dividend $1,000
Credit Cash Account $1,000
To record the payment of cash dividend to shareholders.
Explanation:
a) PIRATES INCORPORATED
Trial Balance
As of September 1
Accounts Debits Credits
Cash $5,500
Accounts Receivable 1,500
Supplies 6,600
Land 10,200
Accounts Payable 6,500
Notes Payable 2,000
Common Stock 8,000
Retained Earnings 7,300
Totals $23,800 $23,800
b) Pirates' Journal entries are made as business transactions occur on a daily basis. They are the first set of records in the accounting books. They identify the accounts to be debited and the accounts to be credited in the general ledger.
g A company is evaluating a project requiring an initial cash outflow of $2 million. The investment will generate cash flows for a period of 5 years. If the firm launches the project immediately, then the after-tax cash flows will be $1 million per year. Alternatively, if the firm delays the launch by one year, then there is a 65% likelihood that the annual after-tax cash flows will be $1.5 million and a 35% likelihood that they will be $500,000. Using a discount rate of 10%, what is the value of the option to wait
Answer:
Explanation:
NPV of first option = - 2 + 1 / 1.1 + 1 / 1.1² + 1 / 1.1³ + 1 / 1.1⁴ + 1 / 1.1⁵
= -2 + .909 + .826+ .751+.683+ .620 = $1.789
NPV of the second option :--
NPV when annual cash flow is 1.5 million
-2 / 1.1 + 1.5 /1.1² + 1.5/1.1³ + 1.5 / 1.1⁴ + 1.5 / 1.1⁵ + 1.5 / 1.1⁶
= -1.818 + 1.239 + 1.127+1.024+.931+.846
= -1.818 + 5.167
= 3.349
NPV when annual cash flow is 0.5 million
-2 / 1.1 + .5 /1.1² + .5/1.1³ + .5 / 1.1⁴ + .5 / 1.1⁵ + .5 / 1.1⁶
= - 1.818 + 1.722 = $ -0 .096
NPV = .65 x 3.349 - .35 x .096
= 2.177 - .0336
= $2.1434
value of option wait = $2.1434 - $1.789
= $ 0.3544
onald owns a two-family home. He rents out the first floor and resides on the second floor. The following expenses attributable to the total building were incurred by Donald for the year ended December 31, 2019: Real estate taxes $1,800 Mortgage interest 1,600 Utilities 1,200 Repairs (first floor) 1,400 Painting (second floor) 400 In addition, the depreciation attributable to the entire building would be $2,000. What is the total amount of the expenses that Donald can deduct on Schedule E of Form 1040 (before any limitations)
Answer:
$3,300
Explanation:
The computation of the total amount of the expenses is shown below:-
Total amount of the expense = Real estate taxes + Mortgage interest + Utilities + Repairs + Paintings + Repairing
= ($1,800 ÷ 2) + ($1,600 ÷ 2) + ($1,200 ÷ 2) + 0 + ($2,000 ÷ 2)
= $900 + $800 + $600 + $0 + $1,000
= $3,300
So, we have applied the above formula.
Bosques Corporation has in stock 35,800 kilograms of material L that it bought fiveyears ago for $5.55 per kilogram. This raw material was purchased to use in a productline that has been discontinued. Material L can be sold as is for scrap for $1.67 perkilogram. An alternative would be to use material L in one of the company's currentproducts, Q08C, which currently requires 2 kilograms of a raw material that isavailable for $9.15 per kilogram. Material L can be modified at a cost of $0.78 perkilogram so that it can be used as a substitute for this material in the production ofproduct Q08C. However, after modification, 4 kilograms of material L is required forevery unit of product Q08C that is produced. Bosques Corporation has now received arequest from a company that could use material L in its production process. Assumingthat Bosques Corporation could use all of its stock of material L to make productQ08C or the company could sell all of its stock of the material at the current scrapprice of $1.67 per kilogram, what is the minimum acceptable selling price of materialL to the company that could use material L in its own production process
Answer:
material L should be sold for at least $3.80 per kg
Explanation:
alternative 1, sell material L at scrap value:
35,800 kg x $1.67 = $59,786
alternative 2, process material L and use it to produce Q08C:
processing costs = 35,800 x $0.78 = $27,924
modified L will replace 17,900 of another material that is worth 17,900 x $9.15 = $163,785
net additional income = $163,785 - $27,924 = $135,861
alternative 2 generates the highest additional income = $135,861 / 35,800 = $3.795 per kg.
the minimum acceptable price ≥ to the additional revenue generated by alternative 2, therefore, material L should be sold for at least $3.80 per kg
Lynwood, Inc. produces two different products (Product A and Product X) using two different activities: Machining, which uses machine hours as an activity driver, and Inspection, which uses number of batches as an activity driver. The activity rate for Machining is $140 per machine hour, and the activity rate for Inspection is $510 per batch. The activity drivers are used as follows: Product A Product X Total Machine hours 1,800 3,100 4,900 Number of batches 46 19 65 What is the amount of Machining cost assigned to Product X
Answer:
$434,000
Explanation:
Total machining cost = Number of machine hour * Rate per machine hour
= 3,100 * $140
= $434,000
Hence, The total machining cost allocated to product X is $434,000.
In 2021, Ryan Management collected rent revenue for 2022 tenant occupancy. For financial reporting, the rent is recorded as deferred revenue and then recognized as revenue in the period tenants occupy rental property. For tax reporting, the rent is taxed when collected in 2021. The deferred portion of the rent collected in 2021 was $50 million. No temporary differences existed at the beginning of the year, and the tax rate is 25%. Suppose the deferred portion of the rent collected was $40 million at the end of 2022. Taxable income is $200 million. Prepare the appropriate journal entry to record income taxes in 2022. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).)
Answer:
Journal Entries - Ryan Management (In millions)
Date Particulars and Explanation Debit Credit
31-Dec-22 Income tax expense $ 52.5
To Income tax payable $50.0
($200 * 25%)
To Deferred tax asset $2.5
[($50 - $40)*25%]
(To record income tax expense and reversal of DTA)
GDP is calculated as the total market value of all final goods and services produced in a country during a year. (1) Suppose that in 2019, geologists discover large reserves of oil in Alaska which have a market value estimated at $50 billion at current oil prices. (2) Oil companies rush in and spend $1 billion to hire workers and position equipment to begin exploratory pumping during the same year. (3) One company accidentally spills some oil into a bay and by the end of the year pays $1 billion to other companies to clean it up. (4) The oil spill kills thousands of birds, seals, and other wildlife. What would be the effect of each of these 4 events on the US GDP for 2019 and why
Answer:
$2 billion
The amounts that would be included in GDP include the cost of hiring workers and the cost of cleaning up the spill.
1 billion + 1 billion = $2 billion
The negative effects of the oil spill would not be included in GDP because effects of population is not included in GDP.
Also, the value of the oil discovered would not be included in GDP because it was not sold in the current year.
Explanation:
Gross domestic product is the total sum of final goods and services produced in an economy within a given period which is usually a year
GDP calculated using the expenditure approach = Consumption spending by households + Investment spending by businesses + Government spending + Net export
Net export = exports imports
When exports exceed import there is a trade deficit and when import exceeds import, there is a trade surplus.
Items not included in the calculation off GDP includes:
services not rendered to oneself
Activities not reported to the government
illegal activities
sale or purchase of used products
sale or purchase of intermediate products
Nominal GDP is GDP calculated using current year prices while Real GDP is GDP calculated using base year prices. Real GDP has been adjusted for inflation.
Identify at least five different careers in the Education and Training or Government and Public Administration clusters you could pursue in your home state, and choose the three that appeal to you the most. Out of the three, write a one-page essay describing which one would be your career choice and the educational pathway that you would have to follow in order to obtain that career. Finally, identify at least three colleges, universities, or training programs that are suited to that career choice. You can use the following resources to help you:
Answer:
Hydrologist
Architect
Naval architect
Architectural or civil drafter
Materials lab and supply technician
Explanation:
During 2021, Erin Corporation had 9,000,000 shares of common stock and 500,000 shares of 6% preferred stock outstanding. The preferred stock does not have cumulative or convertible features. Erin declared and paid cash dividends of $3,000,000 and $1,500,000 to common and preferred shareholders, respectively, during 2021. On January 1, 2020, Erin issued $20,000,000 of convertible 5% bonds at face value. Each $1,000 bond is convertible into five common shares. Erin's net income for the year ended December 31, 2021, was $60 million. The income tax rate is 20%. 20. What is Erin's basic earnings per share for 2021, rounded to the nearest cent
Answer:
Erin's basic earnings per share for 2021 is $6.50 per share.
Explanation:
Basic earnings per share (EPS) refers to a measure that show investors the amount of the net income of a company that is allotted to one share of the common stock of the company.
In the calculation of the basic EPS, the dilutive effects of convertible securities are not to be considered.
Therefore, Erin's basic earnings per share for 2021 can be calculated using the following formula:
Earnings per share (EPS) = (Net income - Preferred dividend) / Number of shares of common stock ...................... (1)
Where;
Net income = $60,000,000
Preferred dividend = $1,500,000
Number of shares of common stock = 9,000,000
Substituting the values into equation (1), we have:
Earnings per share (EPS) = ($60,000,000 - $1,500,000) / 9,000,000 = $58,500,000 / 9,000,000 = $6.50 per share.
Therefore, Erin's basic earnings per share for 2021 is $6.50 per share.
Below is the production possibilities frontier for the United States. It shows that the United States is able to produce either 100 barrels of oil or 25 bushels of corn using all of its available resources. Also suppose that the United States decides to produce at point A : 60 barrels of oil and 10 bushels of corn. If the United States engages in international trade and trades 20 barrels of oil for 20 bushels of corn with another country, it will be able to consume outside of its production possibilities frontier. How many bushels of corn will it have at the end of the exchange
Answer:
30 bushels of corn
Explanation:
opportunity cost of producing 1 barrel of oil = 25/100 = 0.25 bushels of corn
opportunity cost of producing 1 bushel of corn = 100/25 = 4 barrels of oil
current production:
60 barrels of oil
10 bushels of corn
if it trades 20 barrels of oil in exchange for 20 bushels of corn, it will be gaining 20 - (20 x 0.25) = 15 bushels of corn
after the exchange, the US will have 30 bushels of corn and 40 barrels of oil
this level is outside the PPF curve because if the US produced 40 barrels of oil, its maximum production of corn would have been 15 bushels (remember the 15 bushels of corn gained).
El Centro Company began the year with owner's equity of $30000. During the year, El Centro received additional owner
investments of $42000 recorded expenses of $120000, and had owner drawings of $8000. If El Centro's ending owner's equity was
$112000, what was the company's revenue for the year?
Answer:
$168,000
Explanation:
Equity = Assets - liabilities.
In the case of El Centro, the increase in equity will be a result of profits or losses realized in the year. Since equity increased to $112,000, then revenue for the period will be determined as follows.
$112,000 = (30,000 + 42,000)( equity) + revenue -( 120,000+ 8,000) expenses
$112,000 = $72,000 + revenue - $128,000
$112,000 = -56,000 + revenue
Revenue = 112,000 + 56,000
Revenue =$168,000
Glassworks Inc. produces two types of glass shelving, rounded edge and squared edge, on the same production line. For the current period, the company reports the following data.
Rounded Edge Squared Edge Total
Direct materials $ 9,500 $ 21,600 $ 31,100
Direct labor 6,200 11,800 18,000
Overhead (300% of direct labor cost) 18,600 35,400 54,000
Total cost $ 34,300 $ 68,800 $ 103,100
Quantity produced 10,500 ft. 14,000 ft.
Average cost per ft. (rounded) $ 3.27 $ 4.91
Glassworks's controller wishes to apply activity-based costing (ABC) to allocate the $54,000 of overhead costs incurred by the two product lines to see whether cost per foot would change markedly from that reported above. She has collected the following information.
Overhead Cost Category (Activity Cost Pool) Cost
Supervision $ 2,160
Depreciation of machinery 28,840
Assembly line preparation 23,000
Total overhead $ 54,000
She has also collected the following information about the cost drivers for each category (cost pool) and the amount of each driver used by the two product lines. (Round activity rate and cost per unit answers to 2 decimal places.)
Usage
Overhead Cost Category (Activity Cost Pool) Driver Rounded Edge Squared Edge Total
Supervision Direct labor cost ($) $ 6,200 $ 11,800 $ 18,000
Depreciation of machinery Machine hours 400 hours 800 hours 1,200 hours
Assembly line preparation Setups (number) 32 times 93 times 125 times
Required:
Use this information to (1) assign these three overhead cost pools to each of the two products using ABC, (2) determine average cost per foot for each of the two products using ABC, and (3) compare the average cost per foot under ABC with the average cost per foot under the current method for each product. For part 3, explain why a difference between the two cost allocation methods exists.
Answer:
Overhead Cost Category (Activity Cost Pool) Cost
Supervision $2,160
Depreciation of machinery $28,840
Assembly line preparation $23,000
Total overhead $54,000
Supervision
Direct labor cost ($) $6,200 $11,800 $18,000
Depreciation of machinery
Machine hours 400 hours 800 hours 1,200 hours
Assembly line preparation Setups (number)
32 times 93 times 125 times
1)
overhead costs assigned to Rounded Edge
supervision = $2,160 x ($6,200 / $18,000) = $744
depreciation = $28,840 x (400 / 1,200) = $9,613
assembly line preparation = $23,000 x (32/125) = $5,888
total overhead costs = $16,245
overhead costs assigned to Squared Edge
total overhead costs = $54,000 - $16,245 = $37,755
2)
total costs assigned to Rounded Edge
materials $9,500
direct labor $6,200
overhead $16,245
total $31,945
cost per foot = $31,945 / 10,500 = $3.0424 per foot
total costs assigned to Squared Edge
materials $21,600
direct labor $11,800
overhead $37,755
total $71,155
cost per foot = $71,155 / 14,000 = $5.0825 per foot
3) The average cost per foot of Rounded Edge decreased because lower overhead costs were allocated to their production.
The average cost per foot of Squared Edge increased because higher overhead costs were allocated to their production.
a store at the mall having a minimum age requirment for workers is an example of which catagory of employee rights
Answer:
wages and hours
Explanation:
A store at the mall having a minimum age requirement for workers is a wages and hours is the example of category of employee rights.
What is employee rights?Because of your race, color, religion, sexual orientation, gender identity, national origin, handicap, age, or genetic information, you won't encounter bullying or unfair treatment. For equivalent work, equal compensation is given.
Three rights for employees are established and made explicit by the Act: the "right to know" information about the risks related to their employment, the right to report workplace hazards to OSHA, and the right to be shielded from retribution for exercising OSHA-protected rights.
Elimination of all forms of forced or compulsory labor, effective outlawment of child labor, the elimination of employment and occupation-based discrimination, the right to associational freedom, and.
Thus, it is wages and hours.
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Andrew lives in New York City and runs a business that sells boats. In an average year, he receives $793,000 from selling boats. Of this sales revenue, he must pay the manufacturer, a wholesale cost of $430,000; he also pays wages and utility bills totaling $301,000. He owns his showroom; if he chooses to rent it out, he will receive $15,000 in rent per year. Assume that the value of this showroom does not depreciate over the year. Also if Andrew does not operate this boat business, he can work as a financial advisor, receive an annual salary of $50,000 with no additional monetary costs, and rent out his showroom a the $15,000 per year rate. No other costs are incurred in running this boat business.
Identify each of Andrew's costs in the following table as either an implicit cost or an explicit cost of selling boats.
Implicit Cost Explicit Cost
The wages and utility bills that Andrew pays
The rental income Andrew could receive if he choose to rent out his showroom
The salary Andrew could earn if he worked as a financial advisor
The wholesale cost for the boats that Andrew pays the manufacturer
Complete the following table by determining Andrew's accounting profit of his boat business.
Profit (Dollars)
Accounting Profit
Economic Profit
Answer:
the solutions are below.
Explanation:
1. The wages and utility bills that Andrew pays is explicit cost
2. The rental income Andrew could receive if he choose to rent out his showroom is implicit cost
3. The salary Andrew could earn if he worked as a financial advisor s an implicit cost
4. The wholesale cost for the boats that Andrew pays the manufacturer is an explicit cost.
accounting profit = revenue - explicit cost
= 793000-[430000+301000]
=$62000
Economic profit = revenune - [explicit cost + implicit cost]
= 793000-[430000+301000+50000+15000]
= 793000-796000
= -$3000
Magic Realm, Inc., has developed a new fantasy board game. The company sold 45,500 games last year at a selling price of $65 per game. Fixed expenses associated with the game total $819,000 per year, and variable expenses are $45 per game. Production of the game is entrusted to a printing contractor. Variable expenses consist mostly of payments to this contractor. Required: 1-a. Prepare a contribution format income statement for the game last year. 1-b. Compute the degree of operating leverage. 2. Management is confident that the company can sell 57,330 games next year (an increase of 11,830 games, or 26%, over last year). Given this assumption: a. What is the expected percentage increase in net operating income for next year
Answer:
1.a. Magic Realm
Income Statement
For the year ended December 31, 202x
Sales revenue $2,957,500
Variable costs ($2,047,500)
Contribution margin $910,000
Period costs ($819,000)
Operating income $91,000
1.b. degree of operating leverage = contribution margin / operating income = $910,000 / $91,000 = 10
2.a. a 26% increase in net sales should increase operating income by 26% x 10 (operating leverage) = 260%
total operating income for next year = $91,000 + ($91,000 x 260%) = $327,600
Two products, QI and VH, emerge from a joint process. Product QI has been allocated $28,300 of the total joint costs of $49,000. A total of 2,300 units of product QI are produced from the joint process. Product QI can be sold at the split-off point for $12 per unit, or it can be processed further for an additional total cost of $10,300 and then sold for $14 per unit. If product QI is processed further and sold, what would be the financial advantage (disadvantage) for the company compared with sale in its unprocessed form directly after the split-off point?
Answer:
Gain from selling at the split-off point = $12 * 2,300
Gain from selling at the split-off point = $27,600
Gain from Processing further = $14 * 2,300 - Processing cost ($10,300)
Gain from Processing further = $ 32,200 - $10,300
Gain from Processing further = $21,900
Overall profit
= $27,600 - $21,900
= $5,700 (Decrease in overall profit )
Hence, if product QI is processed further and sold, then overall profit will be decreased by $5,700
A production department's output for the most recent month consisted of 12,500 units completed and transferred to the next stage of production and 12,500 units in ending Work in Process inventory. The units in ending Work in Process inventory were 65% complete with respect to both direct materials and conversion costs. There were 1,500 units in beginning Work in Process inventory, and they were 85% complete with respect to both direct materials and conversion costs. Calculate the equivalent units of production for the month, assuming the company uses the weighted average method.
Answer:
20,625 units
Explanation:
Calculation for the equivalent units of production
Using this formula
Equivalent units of production=Units completed+Ending work in process inventory
Let plug in the formula
Equivalent units of production=12,500+(12,500×65%)
Equivalent units of production=12,500+8,125
Equivalent units of production=20,625 units
Therefore the equivalent units of production for the month is 20,625 units.
Suppose it is decided that rent control in New York City will be abolished and that market rents will now prevail. Assume that all rental units are identical and so are offered at the same rent. To address the plight of residents who may be unable to pay the market rent, an income supplement will be paid to all low - income households equal to the difference between the old controlled rent and the new market rent. Are tenants better or worse off as a result of these policies?
Answer:
The answer is "Landlords are clearly worse off as a result of these two policies".
Explanation:
As both a consequence of such two policies, homeowners were become obviously better apart: increased owners' rent residences for increased rentals a month. Throughout fact, people who did never receive their benefit supplement who always used to rent reasonable price residences were becoming much worse.
Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions.
May 11 Sydney accepts delivery of $29,000 of merchandise it purchases for resale from Troy: invoice dated May 11; terms 3/10, n/90; FOB shipping point. The goods cost Troy $19,430. Sydney pays $655 cash to Express Shipping for delivery charges on the merchandise.
12 Sydney returns $1,300 of the $29,000 of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had cost Troy $871.
20 Sydney pays Troy for the amount owed. Troy receives the cash immediately.
(Both Sydney and Troy use a perpetual inventory system and the gross method.)
1. Prepare journal entries that Sydney Retailing (buyer) records for these three transactions.
2. Prepare journal entries that Troy Wholesalers (seller) records for these three transactions.
Sydney accepts delivery of $29,000 of merchandise it purchases for resale from Troy: invoice dated May 11; terms 3/10, n/90; FOB shipping point. The goods cost Troy $19,430.Sydney pays $655 cash to Express Shipping for delivery charges on the merchandise.Sydney returns $1,300 of the $29,000 of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had cost Troy $871.Sydney pays Troy for the amount owed. Troy receives the cash immediately.
The following transactions occurred during the month of June 2013 for the Stridewell Corporation. The company owns and operates a retail shoe store.a. Issued 100,000 shares of common stock in exchange for $500,000 cash.b. Purchased furniture and fixtures at a cost of $100,000. $40,000 was paid in cash and a note payable was signed for the balance owed.c. Purchased inventory on account at a cost of $200,000. The company uses the perpetual inventory system.d. Credit sales for the month totaled $280,000. The cost of the goods sold was $140,000.e. Paid $6,000 in rent on the store building for the month of June.f. Paid $3,000 to an insurance company for fire and liability insurance for a one-year period beginning June 1, 2013.g. Paid $120,000 on account for the merchandise purchased in transaction c.h. Collected $55,000 from customers on account.i. Paid shareholders a cash dividend of $5,000.j. Recorded depreciation expense of $2,000 for the month on the furniture and fixtures.k. Recorded the amount of prepaid insurance that expired for the month.Required:Prepare journal entries to record each of the transactions and events listed above. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field.)
Answer and Explanation:
The Journal entries are prepared below:-
1. Cash Dr, $500,000
To Common stock $100,000
To Paid in capital of par $400,000
(Being issue of shares in excess of par is recorded)
2. Furniture and fixtures Dr, $100,000
To Cash $40,000
To Notes payable $60,000
(Being purchase of furniture and fixtures is recorded)
3. Inventory Dr, $200,000
To accounts payable $200,000
(Being inventory on account is recorded)
4. Accounts receivable Dr, $280,000
Cost of goods sold Dr, $140,000
To Sales $280,000
To Inventory $140,000
(Being credit sales is recorded)
5. Rent expenses Dr, $6,000
To Cash $6,000
(Being rent paid is recorded)
6. Prepaid insurance Dr, $3,000
To Cash $3,000
(Being insurance paid for one year is recorded)
7. Accounts payable Dr, $120,000
To Cash $120,000
(Being purchase of goods is recorded)
8. Cash Dr, $55,000
To Accounts receivable $55,000
(Being collection from customers on account is recorded)
9. Dividend Dr, $5,000
To Cash $5,000
(Being cash dividend to shareholders is recorded)
10. Depreciation expense Dr, $2,000
To Furniture and fixtures $2,000
(Being depreciation furniture and fixtures is recorded)
11. Insurance expense Dr, $250
To Prepaid insurance $250
(Being insurance expense for the month is recorded)
7. Problems and Applications Q7 A dozen eggs cost $0.96 in December 2000 and $2.75 in December 2015. The average wage for workers in private industries was $14.28 per hour in December 2000 and $21.26 in December 2015. By what percentage did the price of a dozen eggs rise? 65% 179% 186% By what percentage did the wage rise? 15% 49% 134% In order to earn enough to buy a dozen eggs, a worker had to work minutes in December 2000 and minutes in December 2015. Workers' purchasing power in terms of eggs between 2000 and 2015. g
Answer:
By what percentage did the price of a dozen eggs rise?
[($2.75 - $0.96) / $0.96] x 100 = 186.46%By what percentage did the wage rise?
[($21.26 - $14.28) / $14.28] x 100 = 48.88%In order to earn enough to buy a dozen eggs, a worker had to work 4.04 minutes in December 2000 and 7.76 minutes in December 2015.
($0.96 / $14.28) x 60 = 4.04 minutes($2.75 / $21.26) x 60 = 7.76 minutesWorkers' purchasing power in terms of eggs between 2000 and 2015.
purchasing power in terms of eggs in 2000 = 14.875 dozens of eggs per hourpurchasing power in terms of eggs in 2015 = 7.76 dozens of eggs per hourTamarisk, Inc. began operations on April 1 by issuing 51,000 shares of $4 par value common stock for cash at $20 per share. On April 19, it issued 2,000 shares of common stock to attorneys in settlement of their bill of $26,300 for organization costs. In addition, Tamarisk issued 900 shares of $2 par value preferred stock for $6 cash per share. Journalize the issuance of the common and preferred shares, assuming the shares are not publicly traded.
Answer:
Tamarisk, Inc.
Journal Entries:
April 1:
Debit Cash Account $1,020,000
Credit Common Stock $204,000
Credit Paid-in Capital In Excess $816,000
To record the issue of 51,000 $4 par value common stock shares at $20 per share.
April 19:
Debit Organization Expense $26,300
Credit Common Stock $8,000
Credit Paid-in Capital In Excess - Common Stock $18,300
To record the issue of 2,000 shares in settlement of attorneys' organization costs.
April 19:
Debit Cash Account $5,400
Credit Preferred Stock $1,800
Credit Paid-in Capital In Excess -Preferred Stock $3,600
To record the issue of 900 shares of $2 par value preferred stock for $6 cash.
Explanation:
Tamarisk, Inc. uses the general journal entries to record business transactions as they occur on a daily basis. Journal entries are the first set of records in the accounting books. They identify the accounts to be debited and the accounts to be credited in the general ledger.
whats your purpose of living?
Answer:
you can you know the purpose of living when you know the meaning of living