Answer:
Reported for Year 2 will be :
Depreciation Expense = $12,000
Accumulated Depreciation = $24,000
Book Value = $28,000
Explanation:
Straight line method charges a fixed amount of depreciation for the period that the asset is in use in the business.
Depreciation Charge = (Cost - Salvage Value) ÷ Estimated Useful Life
therefore,
Depreciation Charge = ($52,000 - $4,000) ÷ 4
= $12,000
we know that,
Accumulated depreciation = Sum of all depreciation to date
and
Book Value is the Costs less Accumulated depreciation
thus,
Balances for the Next 2 years will be as follows
Year 1
Depreciation Expense = $12,000
Accumulated Depreciation = $12,000
Book Value = $40,000
Year 2
Depreciation Expense = $12,000
Accumulated Depreciation = $24,000
Book Value = $28,000
What are the main tools organizations use to track the progress of a plan?
A. Goals and objectives
O B. Schedules and budgets
C. Customer satisfaction surveys
O D. Sales and revenue
Answer:
schedules and budgets
Explanation:
Von Bora Corporation is expected pay a dividend of $1.40 per share at the end of this year and a $1.50 per share at the end of the second year. You expect Von Bora's stock price to be $25.00 at the end of two years. Von Bora's equity cost of capital is 10%. The price you would be willing to pay today for a share of Von Bora stock, if you plan to hold the stock for two years is closest to:
Answer:
Price of share today = $23.17
Explanation:
The value of a stock using the dividend valuation model, is the present value of the expected cash inflows discounted at the required rate of return. The required rate of return is the cost of equity.
The cost of equity is 10% in this scenario
The price of the share will be determined as follows:
$
Present value of Dividend in yr 1 = 1.40× 1.1^(-1)= 1.27
Present value of Dividend in yr 2 = 1.50 × 1.1^(-2)=1.24
Present value of share in yr 2 = 25× 1.1^(-2) = 20.66
Present value of total cash inflow 23.17
Price of share today = $23.17
Stocks are considered as a financial instruments that represents a firm's ownership stake. Stocks are tool for investors to grow their money and surpass inflation over time.
The computation of the capital gain for the first year is shown below;
Current value = Future dividend and value × Present value of discounting factor(rate%, time period)
= $1.4 ÷ 1.1 + $1.5 ÷ 1.1^2 + $25 ÷ 1.1^2
= $23.15
Hence, the capital gain for the first year is $23.15
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Given the information below, answer the following two questions. Firm A Firm B Q 1000 1000 P 1 1 V 0.7 0.2 FC 200 700 A given change in Q will result in a larger change in EBIT for Firm ___ A. A B. B C. More information is needed to answer this question
Answer:
Firm A and Firm B
C. More information is needed to answer this question
Explanation:
a) Data and Calculations:
Firm A Firm B
Q 1000 1000
P 1 1
V 0.7 0.2
Contr 0.3 0.8
FC 200 700
EBIT 100 100
b) More information is certainly required to answer this question. Specifically, the direction of the given change in Q is not indicated. The answer will become clearer with this information. The question to ask is this: is the given change in Q an increase or a decrease?
A machine that cost $400,000 has an estimated residual value of $40,000 and an estimated useful life of 20,000 machine hours. The company uses units-of-production depreciation and ran the machine 3,000 hours in year 1, 8,000 hours in year 2, and 6,000 hours in year 3.
Answer:
The depreciation expense for year 1 is $54,000, for year 2 is $144,000, and for year 3 is $108,000.
Explanation:
To calculate the depreciation expense using the units-of-production method, we need to determine the depreciation rate per machine hour.
Step 1: Calculate the depreciable cost.
Depreciable cost = Cost of the machine - Residual value
Depreciable cost = $400,000 - $40,000
Depreciable cost = $360,000
Step 2: Calculate the depreciation rate per machine hour.
Depreciation rate per machine hour = Depreciable cost / Estimated machine hours of useful life
Depreciation rate per machine hour = $360,000 / 20,000 machine hours
Depreciation rate per machine hour = $18
Step 3: Calculate the depreciation expense for each year.
Year 1: 3,000 machine hours
Depreciation expense = Depreciation rate per machine hour * Hours in year 1
Depreciation expense = $18 * 3,000
Depreciation expense = $54,000
Year 2: 8,000 machine hours
Depreciation expense = Depreciation rate per machine hour * Hours in year 2
Depreciation expense = $18 * 8,000
Depreciation expense = $144,000
Year 3: 6,000 machine hours
Depreciation expense = Depreciation rate per machine hour * Hours in year 3
Depreciation expense = $18 * 6,000
Depreciation expense = $108,000
Therefore, the depreciation expense for year 1 is $54,000, for year 2 is $144,000, and for year 3 is $108,000.
Hope this helps!
Identify the term being described for each of the following: A - sequence of activities in a project. B - The longest time sequence of activities in a project C - Used when two activities have the same starting and finishing points. D - The difference in time length of any path and the critical path. E - The statistical distribution used to describe variability of an activity time. F - The statistical distribution used to describe path variability an activity by allocating additional resources.
Answer: See explanation
Explanation:
A - sequence of activities in a project. = A path
B - The longest time sequence of activities in a project = Critical path
C - Used when two activities have the same starting and finishing points. = Critical activity
D - The difference in time length of any path and the critical path. = The path slack
E - The statistical distribution used to describe variability of an activity time. = Beta distribution.
F - The statistical distribution used to describe path variability an activity by allocating additional resources. = Normal distribution
Zoom Enterprises expects that one year from now it will pay a total dividend of million and repurchase million worth of shares. It plans to spend million on dividends and repurchases every year after that forever, although it may not always be an even split between dividends and repurchases. If Zoom's equity cost of capital is and it has million shares outstanding, what is its share price today?
Answer:
The share price is $15.67 per share
Explanation:
The above mentioned question is missing few components. I have added them to explain on how the question would be solved if all the variables were provided. Please note the additions in bold text below. The answer of which is given afterwards.
Zoom Enterprises expects that one year from now it will pay a total dividend of $4.7 million and repurchase $4.7 million worth of shares. It plans to spend $9.4 million on dividends and repurchases every year after that forever, although it may not always be an even split between dividends and repurchases. If Zoom's equity cost of capital is 12.5% and it has $4.8 million shares outstanding, what is its share price today?
Solution mentioned below:
First we calculate the value of the enterprise by dividing the amount planned to be spent on dividends from cost of capital.
= $9.4 million / 0.125
= $75.2 million
Now to calculate price per share we divide the Enterprise value from the share outstanding.
= $75.2 million / $4.8 million
= $15.67 per share
An essay about umntu ngumntu ngabantu
Langley Clinics, Inc., buys $400,000 in medical supplies each year (at gross prices) from its major supplier, Consolidated Supplies, which offers Langley terms of 2.5/10, net 45. Currently, Langley is paying the supplier the full amount due on day 45, but it is considering taking the discount, paying on day 10, and replacing the costly trade credit with a bank loan that has a 10 percent annual cost.
Required:
a. What is the amount of free trade credit that langley obtains from Consolidated Services?(assume 360 days per year throughout this problem)
b. What is the amount of costly trade credit?
c. What is the approximate annual cost of the costly trade credit?
d. Should Langley replace its trade credit with the bank loan? explain your answer.
e. If the bank loan is used, how much of the trade credit should be replaced?
Answer:
Explanation:
a. What is the amount of free trade credit that langley obtains from Consolidated Services?
Since there's a 2.5% discount, amount paid will be:
= $400000 - (2.5% × $400000)
= $400000 - $10000
= $390000
The amount of free trade credit that langley obtains from Consolidated Services since payment was made within 10 days will be:
= ($390000/360) × 10
= $1083 × 10
= $10833
b. What is the amount of costly trade credit?
Assuming Langley pays by day 45, the increase in its accounts payable will be:
= 45 x $1,083
= $48,735
Therefore, the amount of costly trade credit will be:
= Total trade credit – Free trade credit = $48,735 – $10,833
= $37,902
c. What is the approximate annual cost of the costly trade credit?
The percentage cost will be:
= 10000 / 37902
= 26.38%
d. Should Langley replace its trade credit with the bank loan?
Langley should replace the trade credit with a bank loan if it can get a bank loan that's can less than 26.38%, then the trade credit of $37902 should be replaced.
e. If the bank loan is used, how much of the trade credit should be replaced?
Only the trade credit of $37902 should be replaced.
Can you Help me with this question.
Stoltenberg Co. had the following information for the month of June: Work in process beginning inventory, June 12,300units Units transferred in16,900units Work in process ending inventory, June 304,300units Beginning work-in-process inventory is 30 percent complete as to conversion. Ending work-in-process inventory is 50 percent complete as to conversion. Materials are added at the end of the process. How many units were started and completed in June
Answer:
the number of units started and completed in June is 24,900 units
Explanation:
The computation of the number of units started and completed in June is shown below;
= Opening work in process inventory + transferred units - ending work in process units
= 12,300 units + 16,900 units - 4,300 units
= 24,900 units
hence, the number of units started and completed in June is 24,900 units
Nicole’s Getaway Spa (NGS) purchased a hydrotherapy tub system to add to the wellness programs at NGS. The machine was purchased at the beginning of the year at a cost of $16,000. The estimated useful life was five years and the residual value was $1,000. Assume that the estimated productive life of the machine is 10,000 hours. Expected annual production was year 1, 2,400 hours; year 2, 2,300 hours; year 3, 2,200 hours; year 4, 2,100 hours; and year 5, 1,000 hours.
Required:
1. Complete a depreciation schedule for each of the alternative methods.
A. Straight-line.
B. Units-of-production.
C. Double-declining-balance.
2. Assume NGS sold the hydrotherapy tub system for $3,000 at the end of year 3. Prepare the journal entry to account for the disposal of this asset under the three different methods.
1) Record the disposal of the hydrotherapy tub system for $3,000 in year 3 assuming depreciation was calculated using the straight line method.
2) Record the disposal of the hydrotherapy tub system for $3,000 in year 3 assuming depreciation was calculated using the units-of-production method.
3) Record the disposal of hydrotherapy tub system for $3,000 in year 3 assuming depreciation was calculated using the double-declining method.
Answer:
Nicole's Getaway Spa (NGS)
1. Depreciation Schedules:
A. Straight-line method:
Year Depreciation Book Value Accumulated Net Book Value
Expense of asset Depreciation
Year 1 $3,000 $16,000 $3,000 $13,000
Year 2 3,000 16,000 6,000 10,000
Year 3 3,000 16,000 9,000 7,000
Year 4 3,000 16,000 12,000 4,000
Year 5 3,000 16,000 15,000 1,000
B. Units-of-production method:
Year Depreciation Book Value Accumulated Net Book Value
Expense of asset Depreciation
Year 1 $3,600 $16,000 $3,600 $12,400
Year 2 3,450 16,000 7,050 8,950
Year 3 3,300 16,000 10,350 5,650
Year 4 3,150 16,000 13,500 2,500
Year 5 1,500 16,000 15,000 1,000
C. Double-declining-balance method:
Year Depreciation Book Value Accumulated Net Book Value
Expense of asset Depreciation
Year 1 $6,400 $16,000 $6,400 $9,600
Year 2 3,840 16,000 10,240 5,760
Year 3 2,304 16,000 12,544 3,456
Year 4 1,382 16,000 13,926 2,074
Year 5 1,074 16,000 15,000 1,000
2. Sale of machine for $3,000 at the end of year 3:
Journal Entry of disposal:
1) Straight-line method:
Debit Cash $3,000
Credit Sale of Equipment $3,000
To record the disposal of the equipment.
Debit Sale of Equipment $16,000
Credit Equipment $16,000
To transfer equipment to sale of equipment.
Debit Accumulated Depreciation $9,000
Credit Sale of Equipment $9,000
To close accumulated depreciation.
Debit Income Summary $4,000
Credit Sale of Equipment $4,000
To record the loss from sale of equipment.
2) Units-of-production method:
Debit Cash $3,000
Credit Sale of Equipment $3,000
To record the disposal of the equipment.
Debit Sale of Equipment $16,000
Credit Equipment $16,000
To transfer equipment to sale of equipment.
Debit Accumulated Depreciation $10,350
Credit Sale of Equipment $10,350
To close accumulated depreciation.
Debit Income Summary $2,650
Credit Sale of Equipment $2,650
To record the loss from sale of equipment.
3) Double-declining method:
Debit Cash $3,000
Credit Sale of Equipment $3,000
To record the disposal of the equipment.
Debit Sale of Equipment $16,000
Credit Equipment $16,000
To transfer equipment to sale of equipment.
Debit Accumulated Depreciation $12,544
Credit Sale of Equipment $12,544
To close accumulated depreciation.
Debit Income Summary $456
Credit Sale of Equipment $456
To record the loss from sale of equipment.
Explanation:
a) Data and Calculations:
Cost of machine = $16,000
Residual value = 1,000
Depreciable amount $15,000
Estimated useful life = 5 years
Annual depreciation expense/rate:
A. Straight-line method = $3,000 ($15,000/5)
B. Unit of production method = $1.50 per unit ($15,000/10,000)
Year 1 = $3,600 (2,400 * $1.50)
Year 2 = $3,450 (2,300 * $1.50)
Year 3 = $3,300 (2,200 * $1.50)
Year 4 = $3,150 (2,100 * $1.50)
Year 5 = $1,500 (1,000 * $1.50)
C. Double-declining balance method:
Straight-line method rate = 20% (100/5)
Double-declining rate = 40% (20% * 2)
Year 1 = $6,400 ($16,000 * 40%) Balance $9,600
Year 2 = $3,840 ($9,600 * 40%) Balance $5,760
Year 3 = $2,304 ($5,760 * 40%) Balance $3,456
Year 4 = $1,382 ($3,456 * 40%) Balance $2,074
Year 5 = $1,074 ($2,078 - $1,000) Balance $1,000
Esquire Company needs to acquire a molding machine to be used in its manufacturing process. Two types of machines that would be appropriate are presently on the market. The company has determined the following
Machine A could be purchased for $69,000. It will last 10 years with annual maintenance costs of $2,200 per year. After 10 years the machine can be sold for $7,245.
Machine B could be purchased for $57,500. It also will last 10 years and will require maintenance costs of $8,800 in year three, $11,000 in year six, and $13,200 in year eight. After 10 years, the machine will have no salvage value.
Required:
Assume an interest rate of 8% properly reflects the time value of money in this situation and that maintenance costs are paid at the end of each year. Calculate the present value of Machine A & Machine B. Which machine Esquire should purchase?
Answer:
Esquire should purchase Machine B
Explanation:
Below is the calculation of the present values of Machine A & Machine B.
Machine A Period Amount Present Value Factor Present Value
Purchase Cost 0 ($69,000) 1 ($69,000)
Maintenance Cost 1 - 10 ($2,200) 6.71008 ($14,762)
Salvage Value 10 $7,245 0.46319 $3,356
Present Value of A ($80,406)
Machine B Period Amount Present Value Factor Present Value
Purchase Cost 0 ($57,500) 1 ($57,500)
Maintenance Cost
Year 3 3 ($8,800) 0.79383 ($6,986)
Year 6 6 ($11,000) 0.63017 ($6.932)
Year 8 8 ($13,200) 0.54027 ($7,132)
Present Value of B ($78,550)
Note the Following:
The Net Present Value of B is lower than the Value of Machine A. So, Machine B should be opted.For the Present Value Factor of Machine A's Maintenance Cost, the 10 year annuity value of 8% was calculated.Machine B has no salvage value after the 10th year period.1. Imagine yourself as a manager of a struggling local suburban regional shopping mall. What do you think the mall should do to improve its performance
Explanation:
There are several possibilities that can help a local suburban shopping mall in difficulty to improve its performance. Some options could be the hiring of surveys with the local community to identify consumption trends and preferences, as well as the search for the implementation of more anchor stores that are consistent with the financial situation and preferences of the target audience.
A shopping center also needs to have a lure for the public, something that differentiates it from competing stores, so another option for attracting customers would be to attract unique stores in the region to the mall, which are directly aligned with the values and preferences of the community. An interesting option is also to hold regional fairs, small artist shows, thematic space for children, etc.
The Occupational Safety and Health Administration (OSHA) has determined that the probability of a worker dying from exposure to a hazardous chemical used in the production of fertilizer is 0.008. The cost of imposing a regulation that would ban the chemical is $31 million. If the value of a human life is equal to $8 million, how many people must the policy affect in order for the benefits to exceed the costs
Answer: More than 484 person
Explanation:
The expected benefit for one person will be:
= probability of death × value of life
= 0.008 × 8 million = 0.064 million
The number of people that the policy must the affect in order for the benefits to exceed the costs will be:
= 31 million / 0.064 million
= 484.755
Therefore, the people should be more than 484 persons to exceed costs
Paul, a calendar year single taxpayer, has the following information for 2019 (not 2020): AGI State income taxes State sales tax Real estate taxes Gambling losses (gambling gains were $ 12,000) $ 175,000 13,500 3,000 18,900 6,800 Paul's allowable itemized deductions for 2019 are: a. $ 10,000 b. $ 16,800 C. $ 39,200 d. $ 42,200 e. None of these.
Answer:
C. $ 39,200
Explanation:
Calculation to determine what Paul's allowable itemized deductions for 2019 are
Using this formula
Itemized deduction = State income taxes + Real state taxes + Gambling losses
Let plug in the formula
Itemized deduction = $13,500 + $18,900+ $6,800
Itemized deduction =$39,200
Therefore Paul's allowable itemized deductions for 2019 are $39,200
Assume the following: The standard labor rate per hour is $17.00. The standard labor-hours allowed per unit of finished goods is 3 hours. The actual quantity of labor hours worked during the period was 44,000 hours. The total actual direct labor cost for the period was $726,000. The company produced 15,000 units of finished goods during the period. What is the labor efficiency variance
Answer: $17,000
Explanation:
Labour efficiency variance = Standard rate * (Standard hours - Actual hours )
Standard hours:
= Standard labor-hours allowed per unit * Number of units produced in period
= 3 * 15,000
= 45,000 hours
Labor efficiency variance = 17 * (45,000 - 44,000)
= $17,000 Favorable
Favorable because the standard amount is higher than the actual amount.
Use T-accounts to record the transactions below, which occur on March 12, 2020, close the T-accounts, and construct a balance sheet to answer the question. 1. Purchase equipment for $50,000 in cash 2. Borrow $67,000 from a bank 3. Issue $80,000 in stock 4. Buy $16,000 worth of manufacturing supplies on credit 5. Pay $7,000 owed to a supplier What is the final amount in Total Equity?
Answer:
Stock Issue $80,000
Less : Purchase of equipment $50,000
Add: Borrowing from bank $67,000
Less: Manufacturing Supplies $16,000
Less: Payment to Supplier $7,000
Ending Balance $83,000
Explanation:
Total equity is the part of a business which is the main financing source. Liabilities are deducted from assets to derive equity of a business. Equity is the main source of financing for any business. Equity can be raised from various means, borrowing, stock issues, cash investments and other similar transactions.
In 3 sentences. Why are open-ended questions helpful when landing a sale? (this is for customer service)
Answer:
By using open-ended questions, participants are able to express and articulate opinions that may be extreme, unusual, or simply ones that the researcher did not think about when creating the survey. This often provides researchers rich, relevant data for their studies
Explanation:
(hope this helps)
Mountain High Ice Cream Company transferred $79,000 of accounts receivable to the Prudential Bank. The transfer was made without recourse. Prudential remits 90% of the factored amount to Mountain High and retains 10%. When the bank collects the receivables, it will remit to Mountain High the retained amount (which Mountain estimates has a fair value of $6,900) less a 3% fee (3% of the total factored amount).
Required:
Prepare the journal entry to record the transfer on the books of Mountain High assuming that the sale criteria are met.
Answer:
Debit Cash for $68,730; Debit Receivable from factor for $6,900; Debit Loss on sale of receivables for $3,370; and Credit Accounts receivable $79,000.
Explanation:
Factored amount = $79,000
Cash = Factored amount * (100% - Percentage of he factored amount retained - Rate of fee = $79,000 * (100% - 10% - 3%) = $68,730
Receivable from factor = $6,900
Loss on sale of receivables = Factored amount - Cash - Receivable from factor = $79,000 - $68,730 - $6,900 = $3,370
The journal entry will therefore look as follows:
Details Debit ($) Credit ($)
Cash 68,730
Receivable from factor 6,900
Loss on sale of receivables 3,370
Accounts receivable 79,000
(To record factoring of accounts receivable.)
Dellarocco Incorporated makes a single product--a cooling coil used in commercial refrigerators. The company has a standard cost system in which it applies overhead to this product based on the standard labor-hours allowed for the actual output of the period. Data concerning the most recent year appear below: Budgeted fixed manufacturing overhead $ 355,740 Budgeted hours 49,000 labor-hours Actual fixed manufacturing overhead $ 372,740 Actual hours 45,600 labor-hours The fixed overhead budget variance is:
Answer:
the fixed overhead budget variance is $17,000 unfavorable
Explanation:
The computation of the fixed overhead budgeted variance is shown below:
= Budgeted overhead - actual overhead
= $355,740 - $372,740
= $17,000 unfavorable
Since the budgeted overhead is less than the actual overhead so it is an unfavorable variance
Hence, the fixed overhead budget variance is $17,000 unfavorable
Which of the following is/are true about kanban? A. The purpose of the kanban system is to ensure that parts are produced JIT to support subsequent processes. B. Some companies control the movement of the containers by using two types of kanban cards, production cards and withdrawal cards. C. Kanban cards take the place of shop paperwork used in traditional repetitive mass production. D. a and b are true
Answer:
c
Explanation:
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Stanley-Morgan Industries adopted a defined benefit pension plan on April 12, 2021. The provisions of the plan were not made retroactive to prior years. A local bank, engaged as trustee for the plan assets, expects plan assets to earn a 10% rate of return. The actual return was also 10% in 2021 and 2022\.\* A consulting firm, engaged as actuary, recommends 6% as the appropriate discount rate. The service cost is $250,000 for 2021 and $380,000 for 2022. Year-end funding is $260,000 for 2021 and $270,000 for 2022. No assumptions or estimates were revised during 2021. * We assume the estimated return was based on the actual return on similar investments at the inception of the plan and that, since the estimate didn't change, that also was the actual rate in 2022. Required: Calculate each of the following amounts as of both December 31, 2021, and December 31, 2022: (Enter your answers in thousands (i.e., 200,000 should be entered as 200).)
Answer:
Details Dec. 31, 2021 Dec. 31, 2022
1. Projected benefit obligation $250 $645
2. Plan assets $260 $556
3. Pension expense $250 $369
4. Net pension asset or net pension liability $10* $89**
Where:
* implies asset
*** implies liability
Note: The figure above are in thousands buy entered as required in the question (Enter your answers in thousands (i.e., 200,000 should be entered as 200).)
Explanation:
Note: See the attached excel file for the calculations Projected benefit obligation, Plan assets, Pension expense, and Net pension asset or net pension liability for December 31, 2021 and December 31, 2022 respectively.
Cisco Systems Inc. reported the following in its income statement for the year ended July 30, 2016: Basic earnings per share of $2.13 and diluted earnings per share of $2.11. There were 5,053 million weighted average basic shares were outstanding during the year. What approximate net income, did the company report for 2016
Answer:
$10,762,890
Explanation:
Earnings per Share = Net Income attributable to Common Stock holders ÷ Weighted Average Number of Common Stocks
Now, since we have basic earnings per share we an use that to find net income. Net Income is Profit after tax and interest and only available in basic earnings per share calculation.
Net Income attributable to Common Stock holders = Earnings per Share x weighted average basic shares = ($2.13 x 5,053,000) = $10,762,890
TaeHwan Company accrues bad debt expense during the year at an amount equal to 3% of credit sales. At the end of the year, a journal entry adjusts the allowance for uncollectible accounts to a desired amount based on an aging of accounts receivable. At the beginning of 2018, the allowance account had a credit balance of $18,000. During 2018, credit sales totaled $480,000 and receivables of $14,000 were written off. The year-end aging indicated that a $21,000 allowance for uncollectible accounts was required. TaeHwan's bad debt expense for 2018 would be:
Answer: $17000
Explanation:
TaeHwan's bad debt expense for 2018 would be calculated as the difference between the desired year end balance and the beginning balance written off. This will be:
= $21000 - ($18000 - $14000)
= $21000 - $4000
= $17000
Therefore, TaeHwan's bad debt expense for 2018 would be $17000.
Whispering Winds Corp. had the following transactions. 1. Sold land (cost $7,200) for $9,000. 2. Issued common stock at par for $22,900. 3. Recorded depreciation on buildings for $16,600. 4. Paid salaries of $7,000. 5. Issued 1,100 shares of $1 par value common stock for equipment worth $9,200. 6. Sold equipment (cost $14,400, accumulated depreciation $10,080) for $1,728. (a) For each transaction above, prepare the journal entry.
Answer and Explanation:
The journal entries are shown below:
1 Cash $9,000
To Land $7,200
To Gain on Disposal $1,800
(Being the land is sold is recorded)
2 Cash $22,900
To Common Stock $22,900
(being the issuance of the common stock is recorded)
3 Depreciation Expense $16,600
To Accumulated Depreciation - Buildings $16,600
(being depreciation expense is recorded)
4 Salaries and Wages Expense $7,000
To Cash $7,000
(being salary paid is recorded)
5 Equipment $9,200
To Common Stock $1,100
To Paid in capital in excess of par-Common stock $8,100
(Being the common stock issued for the equipment)
6 Cash $1,728
Accumulated Depreciation-Equipment $10,080
Loss on Disposal $2,592
To Equipment $14,400
(being equipment sold is recorded)
Problem 15-04A a-c (Video) Oriole Company uses a job order cost system in each of its three manufacturing departments. Manufacturing overhead is applied to jobs on the basis of direct labor cost in Department D, direct labor hours in Department E, and machine hours in Department K. In establishing the predetermined overhead rates for 2020, the following estimates were made for the year. Department D E K Manufacturing overhead $1,260,000 $1,625,000 $960,000 Direct labor costs $1,800,000 $1,375,000 $495,000 Direct labor hours 110,000 125,000 44,000 Machine hours 440,000 550,000 120,000 During January, the job cost sheets showed the following costs and production data. Department D E K Direct materials used $154,000 $138,600 $85,800 Direct labor costs $132,000 $121,000 $41,250 Manufacturing overhead incurred $108,900 $136,400 $86,900 Direct labor hours 8,800 12,100 3,850 Machine hours 37,400 49,500 10,390 Compute the predetermined overhead rate for each department
Answer and Explanation:
The computation of the predetermined overhead rate for each department is given below:
For department D
= Estimated manufacturing overhead ÷ direct labor cost
= $1,260,000 ÷ $1,800,000
= 70% of direct labor cost
For department E
= Estimated manufacturing overhead ÷ direct labor hours
= $1,625,000 ÷ 125,000
= $13 per direct labor hours
For department K
= Estimated manufacturing overhead ÷ machine hours
= $960,000 ÷ 120,000
= $8 per machine hours
If Argentina imposes a 20 percent tax on natural gas exports to be paid by suppliers. Other things equal, this causes the:
Select one:
a. supply of natural gas exports to shift to the right.
b. quantity of natural gas exports produced to increase.
c. demand for natural gas exports to shift to the right.
d. supply of natural gas exports to shift to the left.
Answer:
supply of natural gas exports to shift to the left.
Use the information provided to answer the questions. Actual price paid per pound of material $14.50 Total standard pounds for units produced this period 12,400 Pounds of material used 13,350 Direct materials price variance favorable $3,337.50 All material purchased was used in production. Enter all amounts as positive numbers. A. What is the standard price for materials
Answer:
$14.75= standard price
Explanation:
Giving the following information:
Actual price paid per pound of material $14.50
Total standard pounds for units produced this period 12,400
Pounds of material used 13,350
Direct materials price variance favorable $3,337.50
To calculate the standard cost for materials, we need to use the following formula:
Direct material price variance= (standard price - actual price)*actual quantity
3,337.5 = (standard price - 14.5)*13,350
3,337.5 = 13,350standard price - 193,575
196,912.5 = 13,350standard price
$14.75= standard price
All details related to an employee's earnings deductions and net pay throughout the year would be found in
Answer:
All details related to an employee's earnings deductions and net pay throughout the year would be found in the individual earnings record.
Explanation:
A random Quizlet had the answer when I searched the question up lol
Ray's Pizzeria is considering the addition of a 5th worker if this increases profit. Pizza sales increased from 300 per day to 360 per day when the 4th worker was added, indicating that the marginal product of the 4th worker was equal to blank1 - Numeric Answer Type your answer here Please type your answer to submit pizzas. If adding a 5th worker increases sales from 360 to 400, the marginal product of the fifth worker is blank2 - Numeric Answer Type your answer here pizzas.
Answer:
60 pizzas
40 pizzas
Explanation:
Marginal product measures the change in output as a result of a change in input by one unit
Marginal product = change in output / change in input
Marginal product for the 4th worker
Change in output = 360 - 300 = 60 pizzas
Change in input = 4 - 3 = 1 worker
Marginal product = 60 / 1 = 60
Marginal product for the 5th worker
Change in output = 400 - 360 = 40 pizzas
Change in input = 5 - 4 = 1
Marginal product = 40 / 1 = 40
It can be seen that marginal product decreased from 60 to 40 when the 5th worker was added. This illustrates diminishing marginal returns.
The law of diminishing returns says as more units of a variable input is added to a fixed income of production, output might increase at a point but after some time total output would increase at a decreasing rate and marginal product would be decreasing.