Answer: See explanation
Explanation:
a. Calculate the productivity for navy and army contracts in units produced per labor hour.
Based on the information given, for the navy contract, the total man hours to make 3380 devices will be:
= 34 × 40 × 2
= 2720 hours
Therefore, the devices per man hour will be:
= 3380/2720
= 1.24 devices per labor hour.
For the army contract, the total man hours to make 7480 devices will be:
= 44 × 40 × 2
= 3520 hours
Therefore, the devices per labor hour will be:
= 7480/3520
= 2.125 devices per labor hour
b. On which contract were the workers more productive?
The workers were more productive on the Army contract as they produced more devices per labor hour.
21. Website: https://www.responsibletravel.com/
Responsibletravel.com (RT) was launched in April 2001, with backing from Anita Roddick (the
founder of the Body Shop). It is the first and largest business promoting and selling responsible
and eco-travel globally. RT likes to get the inside track on places, to discover travel secrets away
from the tourist crowds. It has found specialists who know places intimately to run the tours help
you to travel like a local'. RT wants to ensure the place its customers travel to remain special
unspoilt by tourism.
RT bases its entire operation on a socially and ecologically sustainability model that aims to help
rein invent the tourism industry for the long-term benefit of local people, the environment,
travelers and the tourism industry. The entire premise of RT's business is to market and distribute
more responsible holidays, thereby creating more jobs for local people, greater income for local
people and increased benefits for conservation, whilst at the same time minimizing negative
impacts on local environments and cultures.
A) Formulate a definition for the term 'social sustainability in your own words (RAK) *
Suppose that 57% of all people with credit records improve their credit rating within three years. Suppose that 22% of the population at large have poor creditratings within three years. What percentage of then people who will improve their credit records within the next three years are the ones who currently have good credit ratings? ratings, and of those only 25% will improve their credit
Answer:
(a) The percentage of people currently have poor credit ratings and will improve their credit records within the next three years is 12.54%.
(b) The percentage of the people who will improve their credit records within the next three years are the ones who currently have good credit ratings is 44.46%.
Explanation:
Note: This question is not properly arranged. It is therefore, properly rearranged before answering the question as follows:
Suppose that 57% of all people with credit records improve their credit ratings within three years. Suppose that 22% of the population at large have poor credit records, and of those only 25% will improve their credit ratings within three years. (a) What percentage of people currently have poor credit ratings and will improve their credit records within the next three years? (b) What percentage of the people who will improve their credit records within the next three years are the ones who currently have good credit ratings?
The explanation of the answers is now provided as follows:
Based on the question, we have:
Percentage that improve credit rating = 57%
Percentage that do NOT improve credit rating = 100% - Percentage that improve credit rating = 100% - 57% = 43%
Percentage with poor credit rating = 22%
Percentage with good credit rating = 100% - Percentage with poor credit rating = 100% - 22% = 78%
Therefore, we have:
(a) What percentage of people currently have poor credit ratings and will improve their credit records within the next three years?
Percentage with poor credit rating that will improve credit records = Percentage with poor credit rating * Percentage that improve credit rating = 57% * 22% = 12.54%
Therefore, the percentage of people currently have poor credit ratings and will improve their credit records within the next three years is 12.54%.
(b) What percentage of the people who will improve their credit records within the next three years are the ones who currently have good credit ratings?
Percentage with good credit rating that will improve credit rating = Percentage that improve credit rating * Percentage with good credit rating = 57% * 78% = 44.46%
Therefore. the percentage of the people who will improve their credit records within the next three years are the ones who currently have good credit ratings is 44.46%.
What should be the function of money? What do you mean by M2?
subject Macroeconomics, please please help...
Money is any object in which you can exchange for goods or services. We consider this currency. Money is also a store of value so that you can get those goods and services at a later time (so you don't have to immediately use up the currency right away if you don't need to).
If at some future date, the unit of money isn't able to purchase as much as it used to, then we say that inflation has occurred. For example, if a loaf of bread costs $1 today but then $5 ten years from now, then we say inflation has kicked in.
-------------------------
Before we talk about M2, it helps to start with M0. That's a zero and not the letter 'oh'. In economics, M0 is the total collection of all cash (bills and coins) that are in circulation. This means we're just talking about physical things people can touch. Building to M1, it involves everything M0 talks about plus things like travelers checks and demand deposits. So if you're talking about M1, then you involve all physical cash as well.
Then finally moving to M2, it involves everything M0 and M1 does, plus savings accounts and time deposits. By "time deposits", I mean things like mutual funds and money market accounts. Basically things you may hear about when talking about wall street.
In short, M2 involves all physical cash plus other electronic stores of value (this is a fairly vague definition but it may work in many settings). It does not involve large time deposits as that is what M3 handles.
Solve for the unknown interest rate in each of the following (Do not round intermediate calculations and enter your answers as a percent rounded to 2 decimal places, e.g., 32.16.):
Present Value Years Interest Rate Future Value
181 5 $ 317
335 17 1,080
48,000 13 185,382
40,353 30 531,618
Answer:
11.86%
7.13%
19.95%
8.97%
Explanation:
interest rate = [tex]\frac{future value}{present value}}^{\frac{1}{n} } - 1[/tex]
(317/181)^ (1/5) - 1 = 11.86%
1080/335)^(1/17) - 1 = .13%
(185,382/48,000)^(1/13) - 1 = 19.95%
(531,618 / 40,353)^(1/30) - 1 = 8.97%
The interest rate in the 1 case is 5.01%, 2 case is 5.79%, 3 case is 8.05%, 4 case is 10.60%.
What is interest rate?An interest rate is the amount of interest owed per period, as a quotient of the amount lent, deposited, or borrowed.
Computation of the interest rates :The formula for future value is:
[tex]\text{FV}= \text{PV} \ (1+r)^n[/tex]
where,
PV=present value
r=interest rate
n =number of periods/ years
FV = future value.
Then, the formula for finding r is :
[tex]\text{FV}= \text{PV} \ (1+r)^n\\\\r= (\dfrac{\text{FV}}{\text{PV}})^\dfrac{1}{\text{n}-1}[/tex]
case1:put the above formula in case 1 we get:
[tex]r= (\dfrac{\text{\$231}}{\text{\$190}})^\dfrac{1}{4}-1}\\\\r= (\dfrac{\text{\$231}}{\text{\$190}})^{0.25-1}\\\\r=(1.21578947)^{0.25-1}\\\\r=1.05006116 -1\\\\r=0.05006116\times100\\\\r=5.01%[/tex]
case2:Put the above formula in case 2 we get:
[tex]r= (\dfrac{\text{\$854}}{\text{\$310}})^\dfrac{1}{18}-1}\\\\r= (\dfrac{\text{\$854}}{\text{\$310}})^{0.0555-1}\\\\r=(2.75483871)^{0.0555-1}\\\\r=1.05785304 -1-1\\\\r=0.05785304\times100\\\\r=5.79%.[/tex]
case3:Put the above formula in case 3 we get:
[tex]r= (\dfrac{\text{\$1,48,042}}{\text{\$34,000}})^\dfrac{1}{19}-1}\\\\r= (\dfrac{\text{\$1,48,042}}{\text{\$34,000}})^{0.0526-1}\\\\r=(4.35417647)^{0.0526-1}\\\\r=1.08045444 -1\\\\r=0.08045444\times100\\\\r=8.05%[/tex]
case4:Put the above formula in case 4 we get:
[tex]r= (\dfrac{\text{\$412,862}}{\text{\$36,261}})^\dfrac{1}{25}-1}\\\\r= (\dfrac{\text{\$412,862}}{\text{\$36,261}})^{0.04-1}\\\\r=(12.4127958)^{0.04-1}\\\\r=1.10599913 -1\\\\r=0.10599913\times100\\\\r=10.60%.[/tex]
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A machine that cost $644,000 has an estimated residual value of $28,000 and an estimated useful life of 28,000 machine hours. The company uses units-of-production depreciation and ran the machine 8,000 hours in year 1, 10,000 hours in year 2, and 7,000 hours in year 3. Calculate its book value at the end of year 3.
Answer:
94,000
Explanation:
Activity method based on output = (output produced that year / total output of the machine) x (Cost of asset - Salvage value)
( $644,000 - $28,000) / 28,000 = 22
1 = 22 x 8000 = 176,000
2= 22 x 10,000 = 220,000
3 22 x 7000 = 154,000
Book value = cost of asset - accumulated depreciation
$644,000 - (176,00 + 220,000 + 154,000)
Type an I beside the items that are used for state income and an E for those that are state expenses.
public welfare i or e
insurance trusts i or e
sales i or e
corporate income i or e
debt interest i or e
education i or e
Answer:
e, e ,i, i, i, e is the order from top to bottom
Public welfare -e, insurance trusts -e, sales- i, corporate income- i, debt interest- i, education- e, are the type a beside the items that are used for state income and an E for those that are state expenses.
What is state expenses?
The majority of state and local government expenses is classified into different categories: elementary and secondary education.
Public welfare which involves most Medicaid spending, postsecondary learning, health and hospitals, highways and roads, and criminal justice which involves police, corrections, and courts spending.
Thus, it is mentioned above.
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Journalize the six December 31 adjusting entries for Cole Designs that adjusted the accounts to arrive at the financial statements in the Adjusted Financial Statements panel. Refer to the Chart of Accounts for exact wording of account titles. Journalize each adjustment as a separate entry.
Cole Designs
Income Statement
For the Year Ended December 31, 2018
Fees earned $77,000.00
Expenses:
Wages expense $47,200.00
Supplies expense 3,515.00
Insurance expense 2,900.00
Depreciation expense 2,000.00
Total expenses 55,615.00
Net income $21,385.00
CHART OF ACCOUNTS
Cole Designs
General Ledger
ASSETS
Cash
Accounts Receivable
Supplies
Prepaid Insurance
Equipment
Accumulated Depreciation-Equipment
LIABILITIES
Wages Payable
Unearned Fees
EQUITY
Ann Cole, Capital
Ann Cole, Drawing
REVENUE
Fees Earned
EXPENSES
Wages Expense
Supplies Expense
Insurance Expense
Depreciation Expense
Answer:
1- Accounts Receivable (Dr.) $500
Fees Earned (Cr.) $500
2- Unearned Fees (Dr.) $4,500
Accounts Receivable (Cr.) $4,500
3- Insurance Expense (Dr.) $1,600
Prepaid Insurance (Cr.) $1,600
4- Depreciation Expense (Dr.) $1,700
Accumulated Depreciation (Cr.) $ 1,700
5- Office Supplies Expense (Dr.) $3,530
Office Supplies (Cr.) $3,530
6- Wages Expense (Dr.) $1,850
Wages Payable (Cr.) $1,850
Explanation:
Adjusting entries are prepared at the month end to adjust the transaction which occur after the recording or if there is any change in already recorded transaction. The liabilities and assets accounts are adjusted at the month end to reflect true expense or liability.
U.S. manufacturing company operating a subsidiary in an LDC (less-developed country) shows the following results: U.S. LDC Sales (units) 98,000 19,980 Labor (hours) 20,600 15,600 Raw materials (currency) $ 19,950 19,750 (FC) Capital equipment (hours) 59,250 5,600 *Foreign Currency unit a. Calculate partial labor and capital productivity figures for the parent and subsidiary. (Round your answers to 2 decimal places.) b. Compute the multifactor productivity figures for labor and capital together. (Round your answers to 2 decimal places.) c. Calculate raw material productivity figures (units/$ where $1
Answer:
a. Productivity = Sales /Labour Hour
U.S
Productivity = 98000 units/20600 hours
Productivity = 4.76
LDC
Productivity = 19980 units/15600 hours
Productivity = 1.28
Capital Productivity = Sales / Capital Equipment (Hours)
U.S
Capital Productivity = 98000 units/59250 hours
Capital Productivity = 1.65
LDC
Capital Productivity = 19980 units/5600 hours
Capital Productivity = 3.57
b. Multi-factor Productivity = Total Output (Sales) / (Labour Hours + Capital Equipment Hours)
U.S
Multi-factor Productivity = 98000 units/(20600+59250)
Multi-factor Productivity = 98000 units / 79850 hours
Multi-factor Productivity = 1.23
LDC
Multi-factor Productivity = 19980 units / (15600+5600)
Multi-factor Productivity = 19980 units / 21200 hours
Multi-factor Productivity = 0.94
c. Raw Material Productivity = Sales / Raw Materials Currency
U.S
Raw Material Productivity = 98000 units/$19950
Raw Material Productivity = 4.91
LDC
Raw Material Productivity = 19980 units / (19750 /10)
Raw Material Productivity = 19980 units / $1975
Raw Material Productivity = 10.12
Owner's equity at the start of the period is $35,000; net income for the period is $30,000; the total investments by the owner is $15,000; and total withdrawals by the owner is $5,000. The owner's equity at the end of the period is a.$75,000. b.$85,000. c.$80,000. d.$40,000.
Answer:
The answer is A
Explanation:
Balance b/f - $35,000
Add: Net income - $30,000
Add: Total investment - $15,000
Minus: owner's withdrawal- ($5,000)
Total-. $75,000
Therefore, the owner's equity at the end of the period is $75,000(option A)
Which one of the following items is not generally used in preparing a statement of cash flows? Group of answer choices Adjusted trial balance Comparative balance sheets Current income statement Additional information
Answer:
Adjusted trial balance
Explanation:
In financial accounting, statement of cash flow can be regarded as a financial statement which give details of how changes that occur in balance sheet accounts as well as income have effect on cash as well as cash equivalents, it also helps in breaking down of analysis to operating as well as investing and other financing activities.
It should be noted that the following items are generally used in preparing a statement of cash flows;
✓Comparative balance sheets
✓Current income statement
✓Additional information
A process costing system is employed in those situations where: Group of answer choices full or absorption cost approach is not employed. many different products, jobs, or batches of production are being produced each period. a service is performed such as in a law firm or an accounting firm. where manufacturing involves a single, homogeneous product that flows evenly through the production process on a continuous basis.
Answer:
where manufacturing involves a single, homogeneous product that flows evenly through the production process on a continuous basis.
Explanation:
Process costing can be regarded as accounting methodology which helps in tracing and accumulation of direct costs, s well s allocation of indirect costs of a manufacturing process. In this method, Costs are been assigned to products, and this is usually in a large batch, and could encompass an entire month's production.
It should be noted that process costing system is employed in those situations where where manufacturing involves a single, homogeneous product that flows evenly through the production process on a continuous basis.
13. Social Entrepreneurs identify social needs such as
a. The arts and education
c. Shipping and operations
b. Internet and technology
d. Profit and loss
Help
) Jack asked Jill to marry him, and she has accepted under one condition: Jack must buy her a new $ Rolls-Royce Phantom. Jack currently has $ that he may invest. He has found a mutual fund with an expected annual return of % in which he will place the money. How long will it take Jack to win Jill's hand in marriage? Ignore taxes.
Answer: 47.8 years
Explanation:
Jack is trying to make up to $330,000 from $50,680 at a rate of 4% in the future so the relevant formula is a future value formula.
330,000 = 50,680 * ( 1 + 4%) ^ number of years
1.04 ^ number of years = 330,000 / 50,680
1.04 ^ N = 6.5114
Use the Natural logarithm, In, to solve for N
N * In (1.04) = In (6.5114)
N * 0.0392 = 1.87356
N = 1.87356/ 0.0392
= 47.8 years
The Molding Department of Sunland Company has the following production data: beginning work in process 25200 units (70% complete), started into production 474000 units, completed and transferred out 449700 units, and ending work in process 49500 units (30% complete). Assuming all materials are entered at the beginning of the process, equivalent units of production for materials are:____.
a. 459150.
b. 499200.
c. 464550.
d. 449700.
Answer:
b. 499200
Explanation:
Calculation to determine what the equivalent units of production for materials are:
Using this formula
Equivalent units of production for materials=Completed and transferred out units+ Ending work in process units
Let plug in the formula
Equivalent units of production for materials=449700units+ 49500units
Equivalent units of production for materials=499200
Therefore Assuming all materials are entered at the beginning of the process, equivalent units of production for materials are:499200
When a perfectly competitive firm decides to shut down, Group of answer choices marginal cost is above average variable cost.
Answer:
price is below average variable cost
Explanation:
A perfect competition is characterized by many buyers and sellers of homogenous goods and services. Market prices are set by the forces of demand and supply. There are no barriers to entry or exit of firms into the industry.
In the long run, firms earn zero economic profit. If in the short run firms are earning economic profit, in the long run firms would enter into the industry. This would drive economic profit to zero.
Also, if in the short run, firms are earning economic loss, in the long run, firms would exit the industry until economic profit falls to zero.
firms should shutdown when price is less than average variable cost and exit when price is less than average total cost
Job A3B was ordered by a customer on September 25. During the month of September, Jaycee Corporation requisitioned $2,000 of direct materials and used $3,500 of direct labor. The job was not finished by the end of September, but needed an additional $2,500 of direct materials in October and additional direct labor of $6,000 to finish the job. The company applies overhead at the end of each month at a rate of 200% of the direct labor cost. What is the amount of job costs added to Work in Process Inventory during October
Answer:
the amount of job costs added to Work in Process Inventory during October is $20,500
Explanation:
The computation of the amount of job costs added to Work in Process Inventory during October is shown below;
= Direct material + direct labor + overhead applied
= $2,500 + $6,000 + 200% of $6,000
= $2,500 + $6,000 + $12,000
= $20,500
Hence, the amount of job costs added to Work in Process Inventory during October is $20,500
A _____ is a systematic, critical, and unbiased review and appraisal of the basic objectives and policies of the marketing function and of the organization, methods, procedures, and people employed to implement the policies.
Answer:
Marketing audit
Explanation:
Marketing audit is defined as a thorough review of a company's marketing plan, strategies, objectives, and various activities being carried out to identify areas of improvement.
Audit can be conducted in 4 focus areas: pricing strategy, distribution strategy, product strategy, and promotional strategy.
Marketing audit is needed to make the marketing process of a business more efficient.
Gross profit is the extra amount the company receives from the customer for merchandise sold over what the company paid to the vendor. True False
Answer:
True
Explanation:
Gross profit can be regarded as profit
that is made by a company after the deduction of the costs that is associated with producing and selling its products, it can also be explained as the costs that is associated with a company to provide its services. Gross profit usually show income statement of the company, and this is calculated by finding the difference between the cost of goods sold (COGS) as well as revenue (sales).
It should be noted that Gross profit is the extra amount the company receives from the customer for merchandise sold over what the company paid to the vendor.
Galvatron Metals has a bond outstanding with a coupon rate of 6.3 percent and semiannual payments. The bond currently sells for $949 and matures in 25 years. The par value is $1,000 and the company's tax rate is 39 percent. What is the company's aftertax cost of debt
Answer:
The right response is "4.102%".
Explanation:
Given:
Number of half years,
n = [tex]25\times 2[/tex]
= [tex]50[/tex]
Coupon per half years,
c = [tex]1000\times \frac{6.3 \ percent}{2}[/tex]
= [tex]31.5[/tex]
Price,
pv = 949
Par value,
= 1000
Now,
The YTM will be:
= [tex]rate(n,c,-pv,fv)\times 2[/tex]
= [tex]rate(50,31.5,-949,1000)\times 2[/tex]
= [tex]6.724[/tex] (%)
hence,
After tax cost of debt will be:
= [tex]YTM\times (1-tax \ rate)[/tex]
= [tex]6.724\times (1-39)[/tex]
= [tex]4.102[/tex] (%)
A seller uses a periodic inventory system, and on April 4, it sells $5,000 in merchandise on credit (when its cost is $2,400) to a customer on credit terms of 3/10, n/30. On April 5, the customer returns merchandise for a cash refund of $500.
Required:
Complete the seller's necessary journal entry.
Answer:
Periodic Inventory System
Journal Entries
April 4 Debit Accounts receivable $5,000
Credit Sales revenue $5,000
To record the sale of goods on credit, terms of 3/10, n/30.
April 5 Debit Sales returns $500
Credit Accounts receivable (cash) $500
To record the return of goods for a cash refund.
Explanation:
a) Data and Analysis:
April 4 Accounts receivable $5,000 Sales revenue $5,000 credit terms of 3/10, n/30.
April 5 Sales returns $500 Accounts receivable (cash) $500
b) The seller uses a periodic inventory system. Therefore, the cost of goods sold will not be recorded on April 4 until April 30, when there will be a physical count of inventory to determine the closing inventory. With the beginning and ending inventories together with the purchases account, the cost of goods sold can then be calculated.
A patent gives the inventor Multiple Choice property rights for 10 years. the right to keep the patented process but not the product for five years. the right to use the invention until development costs are recouped. exclusive right to manufacture, exploit, use, and sell the invention for a given time period.
Answer:
Explanation:
famoys
Berlin Ltd. uses a combined overhead rate of $2.90 per machine hour to apply overhead to products. The rate was developed at an annual expected capacity of 264,000 machine hours; each unit of product requires two machine hours to produce. At 264,000 machine hours, expected fixed overhead for Munich Ltd. is $250,800.
During November, the company produced 11,960 units and used 24,700 machine hours. Actual variable overhead for the month was $ 47,100 and fixed overhead was $ 20,000. Calculate the overhead spending, efficiency, and volume variances for November.
Answer:
Berlin Ltd.
1. Overhead spending variance
= $4,530 F
2. Overhead efficiency variance
= $2,262 U
3. Overhead volume variance
= $741 U
Explanation:
a) Data and Calculations:
Combined overhead rate per machine hour = $2.90
Annual expected capacity = 264,000
Machine hours required per unit of product = 2 hours
Total combined expected overhead = $765,600 ($2.90 * 264,000)
Expected fixed overhead = $250,800
Expected variable overhead = $514,800 ($765,600 - $250,800)
Fixed overhead per machine hour = $0.95 ($250,800/264,000)
Variable overhead per machine hour = $1.95 ($514,800/264,000)
November Usage and Production:
Production units = 11,960 units
Standard machine hours = 23,920 (11,960 * 2)
Actual machine hours used = 24,700
Actual variable overhead for the month = $47,100
Variable overhead per machine hour = $1.90688
Standard variable overhead cost = $48,165 ($1.95 * 24,700)
Actual fixed overhead = $20,000
Standard fixed overhead = $23,465 ($0.95 * 24,700)
1. Overhead spending variance = Standard overhead - Actual overhead
= ($2.90 * 24,700 - ($47,100 + $20,000))
= ($71,630 - $67,100
= $4,530 F
2. Overhead efficiency variance = (standard machine hours allowed for production – actual machine hours used) × standard overhead absorption rate per hour
= (23,920 - 24,700) * $2.90
= $2,262 U
3. Overhead volume variance = (Standard machine hours - Actual machine hours) * Standard Fixed Overhead Rate
= (23,920 - 24,700) * $0.95
= $741 U
Following the imposition of a price floor $2 above the equilibrium price, irate buyers convince Congress to repeal the price floor and to impose a price ceiling $1 below the former price floor. The resulting shortage is
Answer:
$3
Explanation:
A price floor is when the government or an agency of the government sets the minimum price of a product. A price floor is binding if it is set above equilibrium price.
Price ceiling is when the government or an agency of the government sets the maximum price for a product. It is binding when it is set below equilibrium price.
Equilibrium price is the price at which quantity demand equal quantity supplied. Above equilibrium price there is a surplus - quantity supplied exceeds quantity demanded.
Below equilibrium price there is a shortage - quantity demanded exceeds quantity supplied
Shortage = $12 - $9 = $3
Foster Manufacturing uses a job order cost accounting system. On April 1, the company has Work in Process Inventory of $7,600 and two jobs in process: Job No. 221, $3,600, and Job No. 222, $4,000. During April, a summary of source documents reveals the following:
For Materials Requisition Slips Labor Time Tickets
Job No. 221 $1,200 $2,100
222 1,700 2,200
223 2,400 2,900
224 2,600 2,800
General use 600 400
Totals $8,500 $10,400
Foster Manufacturing uses a job order cost accounting system. On April 1, the company has Work in Process Inventory of $7,600 and two jobs in process: Job No. 221, $3,600, and Job No. 222, $4,000. During April, a summary of source documents reveals the following:
For Materials Requisition Slips Labor Time Tickets
Job No. 221 $1,200 $2,100
222 1,700 2,200
223 2,400 2,900
224 2,600 2,800
General use 600 400
Totals $8,500 $10,400
Foster applies manufacturing overhead to jobs at an overhead rate of 70% of direct labor cost. Job No. 221 is completed during the month.
Required:
Prepare summary journal entries to record the raw materials requisitioned, factory labor used, the assignment of manufacturing overhead to jobs, and the completion of Job No. 221.
Answer:
A. Dr Work in Process Inventory $7,900
Dr Manufacturing Overhead $600
Cr Raw Materials Inventory $8,500
B. Dr Work in Process Inventory $10,000
Dr Manufacturing Overhead $400
Cr Factory Labor $10,400
C. Dr Work in Process Inventory $7,000
Cr Manufacturing Overhead $7,000
D. Dr Finished Goods Inventory $8,370
Cr Work in Process Inventory $8,370
Explanation:
Preparation of summary journal entries to record the raw materials requisitioned, factory labor used, the assignment of manufacturing overhead to jobs, and the completion of Job No. 221.
a)Preparation of summary journal entries to record the raw materials requisitioned,
April 30
Dr Work in Process Inventory $7,900
($8,500+$600)
Dr Manufacturing Overhead $600
Cr Raw Materials Inventory $8,500
(To record the raw materials requisitioned)
B. Preparation of summary journal entries to record factory labor used
Dr Work in Process Inventory $10,000
($10,400-$400)
Dr Manufacturing Overhead $400
Cr Factory Labor $10,400
(To record factory labor used)
C. Preparation of summary journal entries to record the assignment of manufacturing overhead to jobs
Dr Work in Process Inventory $7,000
Cr Manufacturing Overhead $7,000
($10,000 × 70% = $7,000)
(To record the assignment of manufacturing overhead to jobs)
4. Preparation of summary journal entries to record the completion of Job No. 221.
Dr Finished Goods Inventory $8,370
Cr Work in Process Inventory $8,370
($3,600 + $1,200 + $2,100 + $1,470 = $8,370)
(To record the completion of Job No. 221)
Mystery, Inc. is contemplating selling bonds. The issue is to be composed of 800 bonds, each with a face amount of $750. How much is Mystery, Inc. able to borrow (in total) if each bond is sold at 95% of par
Answer:
$570,000
Explanation:
Calculation to determine How much is Mystery, Inc. able to borrow (in total) if each bond is sold at 95% of par
Using this formula
Total Amount borrowed=Bonds*Face value*95% of par
Let plug in the formula
Total Amount borrowed=800*$750*0.95
Total Amount borrowed=$570,000
Therefore the amount the Mystery, Inc. will be able to borrow (in total) if each bond is sold at 95% of par is $570,000
Samson Corporation had sales of $1,000,000 during 2012, of which 60 percent were on credit. On December 31, 2012, Accounts Receivable totaled $80,000, and Allowance for Bad Debts had a credit balance of $1,200. Given this information, if uncollectible receivables are estimated to be 1/2 of 1 percent of credit sales, the adjusting entry to account for uncollectible receivables as of December 31, 2012, would include a:________
A) Debit to Bad Debt Expense of $3,000
B) Debit to Bad Debt Expense of $1,800
C) Credit to Bad Debt Expense of $3,000
D) Credit to Allowance for Bad Debts of $5,000
Answer:
A) Debit to Bad Debt Expense of $3,000
Explanation:
Based on the information given the appropriatethe adjusting journal entry to ACCOUNT FOR UNCOLLECTIBLE RECEIVABLES as of December 31, 2012, would include a DEBIT TO BAD DEBT EXPENSE OF $3,000
BAD DEBT EXPENSE=$1,000,000 *.6*0.005
BAD DEBT EXPENSE=$3,000
To avoid potential liability for misconduct in corporate operations, directors can refrain from reasonable supervision of work delegated to a. none of the choices. b. corporate employees. c. corporate officers. d. board committees.
Answer:
c. corporate officers.
Explanation:
In the case when the potential obligation is to be avoided for any misconduct while having operations in the corporate so the directors could refrain from the supervision of the delegated work to the corporate officers so that the work could not harm that result in help in attains the goals & objectives
Therefore the option c is correct
The Up and Coming Corporation's common stock has a beta of 1.5. If the risk-free rate is 6 percent and the expected return on the market is 10 percent, what is the company's cost of equity capital
Answer:
12%
Explanation:
Calculation to determine the company's cost of equity capital
Using this formula
Cost of equity = risk free rate + beta*(expected return on market - risk free rate)
Let plug in the formula
Cost of equity = 6% + 1.5*(10% - 6%)
Cost of equity =6%+1.5*(4%)
Cost of equity =6%+6%
Cost of equity = 12%
Therefore the company's cost of equity capital is 12%
You estimate that you will owe $28,000 in student loans by the time you graduate. The interest rate is 5.00 percent. If you want to have this debt paid in full within 10 years, how much must you pay each month?
Answer:
the monthly payment is $296.98
Explanation:
The computation of the monthly payment is given below:
Given that
Future value be $0
The present value be $28,000
NPER is 10 × 12 = 120
RATE = 5% ÷ 12 = 0.4166%
The formula is given below:
=PMT(RATE,NPER,-PV,FV,TYPE)
After applying the above formula, the monthly payment is $296.98
Sal’s satellite company broadcasts TV to subscribers in Los Angeles and New York. The demand functions for each of these two groups are QNY = 60 - 0.25PNY QLA = 100 - 0.50PLA where Q is in thousands of subscriptions per year and P is the subscription price per year. The cost of providing Q units of service is given by C =1000 +40Q where Q=QNY +QLA What are the profit-maximizing price and quantity for the New York?
Answer:
For New York, the profit-maximizing price is $100 and the profit-maximizing quantity is 25.
Explanation:
For both Los Angeles and New York, we have:
C = 1000 + 40Q where Q=QNY +QLA
MC = dC/dQ = 40 ………………………. (1)
For New York, we have:
QNY = 60 - 0.25PNY ……………… (2)
Solving for PNY, we have:
0.25PNY = 60 - QNY
PNY = (60 / 0.25) - (1/0.25)QNy
PNY = 240 - 4QNY ………………. (3)
RNY = Revenue in New York = PNY * QNY = (240 - 4QNY)QNY = 240QNY – 4QNY^2 ………. (5)
MRNY = dRNY/dQNY = 240 - 8QNY ……….. (5)
Since profit is maximized when MC = MR, we therefore equate equations (1) and (5) and solve for QNY as follows:
40 = 240 - 8QNY
8QNY = 240 - 40
8QNY = 200
QNY = 200 / 8 = 25
Substituting QNY = 25 into equation (3), we have:
PNY = 240 - (4 * 25) = 240 - 100 = 100
Therefore, the profit-maximizing price is $100 and the profit-maximizing quantity is 25 for the New York.
