Answer:
COGS= $15,000
Explanation:
Giving the following information:
Purchase= 500 grills
Unitary cost= $75
Units sold= 200
To calculate the cost of goods sold, we need to use the following formula:
COGS= beginning finished inventory + cost of goods purchased - ending finished inventory
COGS= 0 + 500*75 - 300*75
COGS= $15,000
or;
COGS= 200*75= $15,000
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
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
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
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
A company issues $15,000,000, 7.8%, 20-year bonds to yield 8% on January 1, 2020. Interest is paid on June 30 and December 31. The proceeds from the bonds are $14,703,108. Using effective-interest amortization, what will be the approximate carrying value of the bonds on Dec 31, 2020 balance sheet?
a. $14, 709, 481.
b. $15,000,000.
c. $14, 718, 844.
d. $14, 706, 232.
Answer:
Using effective-interest amortization, the approximate carrying value of the bonds on Dec 31, 2020 balance sheet is:
a. $14, 709, 481.
Explanation:
a) Data and Calculations:
Face value of bonds = $15,000,000
Bonds price = 14,703,108
Bonds discount = $296,892
Coupon interest rate = 7.8%
Effective interest rate = 8%
Interest payments on June 30 and December 31
June 30, 2020:
Interest expense = $588,124 ($14,703,108 * 4%)
Cash payment = $585,000 ($15,000,000 * 3.9%)
Amortization of discount = $3,124 ($588,124 - $585,000)
Bonds payable = $14,706,232 ($14,703,108 + $3,124)
December 31, 2020:
Interest expense = $588,249 ($14,706,232 * 4%)
Cash payment = $585,000 ($15,000,000 * 3.9%)
Amortization of discount = $3,249 ($588,249 - $585,000)
Bonds payable = $14,709,481 ($14,706,232 + $3,249)
The chart shows the lowest price of the Microsoft stock over the last year and the highest price. If you had purchased the stock at the low point and sold it as the high point, what percent increase (to the nearest whole percent) in the price of the stock would you have experienced
Answer:
The percent increase (to the nearest whole percent) in the price of the stock you would have experienced is 34%.
Explanation:
Note: This question is not complete as the Chart is not included. To complete the question, the chart is therefore provided before answering the question. See the attached image for the chart.
The explanation of the answer is now provided as follows:
From the chart, we can identify the following:
52 week range 55.61 - 74.42
The above implies that:
The low point = 55.61
The high point = 74.42
Therefore, we have:
Percent increase in the price of the stock = ((The high point - The low point) / The low point) * 100 = ((74.42 - 55.61) / 55.61) * 100 = 34%
Therefore, the percent increase (to the nearest whole percent) in the price of the stock you would have experienced is 34%.
Sommers Co.'s bonds currently sell for $1,080 and have a par value of $1,000. They pay a $100 annual coupon and have a 15-year maturity, but they can be called in 5 years at $1,125. What is their yield to maturity (YTM)
Answer:
9.01%
Explanation:
Calculation to determine their yield to maturity (YTM)
We would be using financial calculation to determine their yield to maturity (YTM)
N =15 years
PV=$1,080
PMT=$100
FV=$1,000
Hence,
I/YR=YTM=9.01%
Therefore their yield to maturity (YTM) is 9.01%
For Team Andrews calculate both Market Capitalization and Earnings per Share (EPS) in the last round. Show calculations. In the next round, what would EPS be for Team Andrews be if Profits increased by 10% relative to this year and Andrews bought back 679,391 shares
Answer:
$14.32
Explanation:
Note: See below for attached picture for the question
Market Capitalization = Total outstanding shares * Last closing price of share
Market Capitalization = 2,679,391*$86.73
Market Capitalization = $232,383,581.43
Earning Per share = Profit after tax and Dividend / Total outstanding shares
Earning Per share = $26,054,226 / 2,679,391
Earning Per share = $9.72
The EPS when profits are increased by 10% ans shares are bought back is calculated as follows:
New profits = $26,054,226 + (10%*$26,054,226)
New profits = $26,054,226 + $2,605,422.60
New profits = $28,659,648.60
Total outstanding shares = 2,679,391 - 679,391
Total outstanding shares = 2,000,000
EPS = New profits / Total outstanding shares
EPS = $28,659,648.60/2,000,000
EPS = $14.32
The idea of rational expectations suggests that :_________
a) It is unrealistic for Congress to balance the federal budget during a recession.
b) Discretionary policies and fine-tuning can move the economy to full employment.
c) Economic policies are ineffective if the policies are anticipated.
Answer:C
Explanation:The theory believes that because people make decisions based on the available information at hand combined with their past experiences, most of the time their decisions will be correct.
Here are incomplete financial statements for Cullumber Company. Calculate the missing amounts.
CULLUMBER COMPANY
Balance Sheet
Assets
Cash $ 14,000 Inventory 17,000 Buildings 38,000 Total assets $69,000 Liabilities and Stockholders' Equity Liabilities Accounts payable $ 5,600 Stockholders' Equity Common stock enter a dollar amount
(a) Retained earnings enter a dollar amount
(b) Total liabilities and stockholders' equity $69,000 CULLUMBER COMPANY Income Statement Revenues $85,400 Cost of goods sold enter a dollar amount
(c) Salaries and wages expense 10,270 Net income $enter a dollar amount
(d) CULLUMBER COMPANY Retained Earnings Statement Beginning retained earnings $19,000 Add: Net income enter a dollar amount
(e) Less: Dividends 4,770 Ending retained earnings $34,000
Answer:
(a) Common Stock = $29,400. (b) Retained earnings = $34,000, (c) Cost of goods sold = $55,360, (d) Net Income = $19,770, (e) Net Income =$19,770
Explanation:
Note: See organized question as attached below to aid understanding
Net income = Ending retained earnings + Dividends - Beginning retained earnings
Net income = $34,000 + $4,770 - $19,000
Net income = $19,770
Net income = Revenue - Cost of goods sold - Salaries and wages expense
$19,770 = $85,400 - Cost of goods sold - $10,270
Cost of goods sold = $85,400 - $19,770 - $10,270
Cost of goods sold = $55,360
Total liabilities and stockholders equity = Accounts payable + Common stock + Retained earnings
$69,000 = $5,600 + Common stock + $34,000
Common stock = $69,000 - $5,600 - $34,000
Common stock = $29,400
Missing amounts :
Common Stock = $29,400
Retained earnings = $34,000,
Cost of goods sold = $55,360
Net Income = $19,770
Net Income = $19,770
Net income
= Ending retained earnings + Dividends - Beginning retained earnings
= $34,000 + $4,770 - $19,000
= $19,770
Net income
= Revenue - Cost of goods sold - Salaries and wages expense
$19,770 = $85,400 - Cost of goods sold - $10,270
Cost of goods sold
= $85,400 - $19,770 - $10,270
= $55,360
Total liabilities and stockholders equity
= Accounts payable + Common stock + Retained earnings
$69,000 = $5,600 + Common stock + $34,000
= $69,000 - $5,600 - $34,000
= $29,400
Learn more about calculation of retained earnings here: https://brainly.com/question/5709809
Roy Micky wants to open a new nakamal (kava bar) in port villa. He knows he is entering a highly competitive market but is determined to give it a ago as it is something his family have always wanted.
There are 96 other Nakamals in port vila that Roy will have to compete with. In addition to this, he does not have an established presence in the market. There are just 2 of his concerns. The others are required to come from you.
1) List and justify (from an operations perspective) 5 key things that he should consider in setting up his business. In answering this question, this of the different chapters that have ccomprised this course - you should get a point from each chapter. 20 marks
NB : This question is asking for 5 points of concern - each carries 4 marks.
Answer:
a) The financial return on investment
b) Demand curve, Is the demand of nakamal is rising or is constant
c) Develop a strategy to create a customer base
d) Devise marketing strategy
e) Value addition in his product and service in order to stand out of others.
Explanation:
a) The financial return on investment
b) Demand curve, Is the demand of nakamal is rising or is constant
c) Develop a strategy to create a customer base
d) Devise marketing strategy
e) Value addition in his product and service in order to stand out of others.
roles of competition policy authorities in south Africa
Answer:
I hope you understand please follow me
On January 2013, Pennington Bancorp acquired $100,000 of marketable securities and classified them as Available for Sale. On March 31, 2013, Pennington prepared its 10-Q and marked the securities down to their market value of $85,000. On April 4, 2013, Pennington sold the securities for $93,000 cash. Which of the following items would be increased by the sale of the marketable securities?
a. Cash from Financing Activities
b. Net Income
c. Marketable Securities
d. Accumulated Other Comprehensive Income
e. Cash from Investing Activities
Answer:
b. Net Income
e. Cash from Investing Activities
Explanation:
Calculation to determine Which of the following items would be increased by the sale of the marketable securities
Using this formula
Gain from investment = Selling price of the security - Value of the security
Let plug in the formula
Gain from investment= $93,000 - $85,000
Gain from investment= $8,000
Based on the above calculation The sell of marketable security will INCREASE CASH which means that CASH FROM INVESTING ACTIVITIES will increase and NET INCOME will increase.
Therefore the items that would be increased by the sale of the marketable securities are :
b. Net Income
e. Cash from Investing Activities
Phil Morris holds an executive position at The Martin Group. Phil has improved the quality of the data gathered by the organization and has also created a model to decrease the cost of managing data while increasing the value of the data gathered. Based on this description, what position does Phil hold at The Martin Group
Answer:
chief data officer (CDO)
Explanation:
A chief data officer is a person in an organisation that uses information as an asset through various practices like analysis, data processing, data mining, or information trading.
He is responsible for data governance within an organisation.
Valuable insights that will be profitable to the organisation are made by the Chief Data Officer.
In the given instance Phil has improved the quality of the data gathered by the organization and has also created a model to decrease the cost of managing data while increasing the value of the data gathered.
Perggy's Bakes, a bakery in New Orleans that exclusively sells its confectionery products online, makes its products only when it receives an order. The bakery produces the products as per the order and delivers to the customer's homes. It does not produce any excess products. In the given scenario, the price associated with the demand and supply of the products at Perggy's Bakes reflects the _____. a. equilibrium price b. skimmed price c. grounded price d. parity price
Answer:
A)equilibrium price
Explanation:
From the question we are informed about Perggy's Bakes, a bakery in New Orleans that exclusively sells its confectionery products online, makes its products only when it receives an order. The bakery produces the products as per the order and delivers to the customer's homes. It does not produce any excess products. In the given scenario, the price associated with the demand and supply of the products at Perggy's Bakes reflects the equilibrium price. The equilibrium price can be reffered to as only price in which both desires of consumers and that of producers agree, this can be explained as a situation where by quantity demanded is been equal to quantity supplied. The theory stressed that movement of market tends toward this price, it can also be regarded as "market-clearing price"
When Elle's Espresso Bar increased its price by 10 percent, the quantity of coffee that Elle sold decreased by 40 percent.
When Elle and all her competitors cut their prices by 10 percent, the quantity of coffee sold by Elle increased by only 4 percent.
The price elasticity of demand for Elle's Espresso Bar coffee is
nothing.
Answer:
4
Explanation:
Price elasticity of demand measures the responsiveness of quantity demanded to changes in price of the good.
Price elasticity of demand = percentage change in quantity demanded / percentage change in price
40 / 10 = 4
If the absolute value of price elasticity is greater than one, it means demand is elastic. Elastic demand means that quantity demanded is sensitive to price changes.
Demand is inelastic if a small change in price has little or no effect on quantity demanded. The absolute value of elasticity would be less than one
Demand is unit elastic if a small change in price has an equal and proportionate effect on quantity demanded.
Infinitely elastic demand is perfectly elastic demand. Demand falls to zero when price increases
Perfectly inelastic demand is demand where there is no change in the quantity demanded regardless of changes in price.
Janitor Supply produces an industrial cleaning powder that requires 50 grams of material at $0.40 per gram and 0.15 direct labor hours at $14.00 per hour. Overhead is applied at the rate of $18 per direct labor hour. What is the total standard cost for one unit of product that would appear on a standard cost card?
a. $7.00.
b. $8.50.
c. $11.50.
d. $7.50.
e. $25.00.
Answer:
e. $25
Explanation:
Given the above information,
The first step is to calculate the cost of direct materials
Cost of direct materials = Material × Per gram rate
= 50 × $0.40
= $20
The next step is to compute the direct labor cost
Direct labor cost
= Direct labor rate × Direct labor hours
= $14 × 0.15
= $2.1
Then,
Overhead per unit cost = Overhead labor cost × labor hours
= $18 × 0.15
= $2.7
Now, add up the above costs
Total standard cost for one unit = $20 + $2.1 + $2.7
= $24.8
= $25
You're trying to save to buy a new $200,000 Ferrari. You have $45,000 today that can be invested at your bank. The bank pays 5.0 percent annual interest on its accounts. How long will it be before you have enough to buy the car
Answer:
n= 30.57 years
Explanation:
Giving the following information:
Future Value (FV)= $200,000
Present value (PV)= $45,000
Interest rate (i)= 5%
To calculate the number of years required to reach the objective, we need to use the following formula:
n= ln(FV/PV) / ln(1+i)
n= ln(200,000 / 45,000) / ln(1.05)
n= 30.57 years
The College Bookstore sells a unique calculator to college students. The demand for this calculator is constant at 20 units per day. The lead time for this calculator is variable at an average of 9 days with a standard deviation of 2 days. Compute the statistical reorder point that results in a 95 percent in-stock probability. Choose the closest answer.
a. 182 units
b. 226 units
c. 246 units
d. 26 units
e. 46 units
Answer:
c. 246 units
Explanation:
Daily demand, d = 20 units
Service Level = 95 % = 0.95. Z (according to Standardized Normal Curve) = 1.65
Average Lead Time, LT-bar = 9 days
Standard deviation of Lead Time, σLT = 2 days
Reorder Point = Expected Demand during Lead time + Safety Stock
Reorder Point = d*LT-bar + z*d*σLT
Reorder Point = (20*9) + (1.65*20*2)
Reorder Point = 180 + 66
Reorder Point = 246 units
Explain why production and logistics decisions are of central importance to many multinational businesses.
Explanation:
This is due to the fact that the MNC must choose where to manufacture products in order to get the optimum mix of productivity and transportation costs. Firms must decide which nation or countries they will produce in. They must, however, consider the difficulties of transporting commodities from one nation to another.
Assume that the Peanut Division of Trail Mix Foods wants to purchase an additional 20,000 pounds of raisins from the Raisin Division. Raisin will be able to increase its profit by accepting any transfer price above:
State 3 advantages in setting up a business in Maldives?
Answer:
1. No restrictions on sending their earning profit to their own country
2. It takes maximum of 30 days to complete the entire process of company registration in Maldives
3. The government encourages projects that are environmentally friendly
Cost of direct materials used in production $18,573 Direct labor 23,083 Factory overhead 33,632 Work in process inventory, March 1 24,104 Work in process inventory, March 31 18,188 Finished goods inventory, March 1 23,172 Finished goods inventory, March 31 26,346 a. Determine the cost of goods manufactured. $fill in the blank 1 b. Determine the cost of goods sold.
Answer:
cost of goods manufactured= $81,204
Explanation:
Giving the following information:
Cost of direct materials used in production $18,573
Direct labor 23,083
Factory overhead 33,632
Work in process inventory, March 1 24,104
Work in process inventory, March 31 18,188
To calculate the cost of goods manufactured, we need to use the following formula:
cost of goods manufactured= beginning WIP + direct materials + direct labor + allocated manufacturing overhead - Ending WIP
cost of goods manufactured= 24,104 + 18,573 + 23,083 + 33,632 - 18,188
cost of goods manufactured= $81,204
The process mapping is a
____ diagram.
Answer:
I hope u understand and thank you for your questions
