Final answer:
When buying equipment on account, a business debits the asset account for equipment and credits the liability account, reflecting an increase in assets and liabilities respectively. This maintains the balance in the T-account and adheres to the accounting equation.
Explanation:
Understanding T-Accounts and Transactions
When a business bought equipment on account, it means that the business acquired equipment without immediate cash payment, promising to pay the supplier in the future. In accounting, this transaction is recorded in T-accounts by debiting the asset account for the equipment, as it represents something of value the business now owns. Simultaneously, the liability account is credited, reflecting the business's obligation to pay the supplier. Debiting increases the asset's balance, while crediting increases the liabilities, keeping the accounting equation (Assets = Liabilities + Owner's Equity) in balance.
For example, if a company purchases a $5,000 piece of equipment on account, the equipment account (asset) is debited by $5,000, and accounts payable (liability) is credited by $5,000.
T-Account Structure and Bank's Balance Sheet
The T-account layout includes assets on the left and liabilities and owner's equity (net worth) on the right. A bank uses T-accounts to manage and track its financial instruments such as loans, reserves, and securities. A bank's balance sheet also reflects these categories with assets like cash and loans made, liabilities such as customer deposits, and the net worth which is the difference between total assets and total liabilities and is also known as bank capital.
Jilk Inc.'s contribution margin ratio is 61% and its fixed monthly expenses are $47,500. Assuming that the fixed monthly expenses do not change, what is the best estimate of the company's net operating income in a month when sales are $137,000?
Answer:
$36,070
Explanation:
Given that,
Contribution margin ratio = 61%
Fixed monthly expenses = $47,500
sales = $137,000
Contribution margin:
= Sales × Contribution margin ratio
= $137,000 × 61%
= $83,570
Net income = Contribution margin - Fixed monthly expenses
= $83,570 - $47,500
= $36,070
Therefore, the best estimate of the company's net operating income in a month is $36,070.
Millie is using a behavior checklist strategy as well as a prompted praise strategy when working with her second grade behavior disordered student, Kent. She uses both strategies within the same day going back and forth randomly between the two approaches, while recording his on-task behavior. Which of the following designs is Millie employing? Select one:
a. Alternating-treatments
b. Static group comparison
c. Multiple baseline
d. Control group time series
Answer:
Alternating treatments
Explanation:
Alternating treatment design involves a single participant where there is random or semi random alternation between treatments. The change in treatment is done as frequently as possible to obtain behavioural results from the subject.
Millie switching between behavioural checklist strategy and checklist strategy bis an example of alternating treatment.
Millie is using an alternating-treatments design to compare the effectiveness of a behavior checklist and prompted praise strategy by alternating between them and recording the on-task behavior of her student, Kent.
Explanation:Millie is employing an alternating-treatments design. This design is utilized when two or more interventions are alternated to determine their effectiveness on a subject's behavior. In Millie's case, she is recording Kent's on-task behavior while alternating between a behavior checklist and a prompted praise strategy. By comparing the on-task behaviors during these different strategies, she can assess which one is more effective for managing Kent's behavior.
This is in contrast to other experimental designs such as static group comparison, which compares different groups, a multiple baseline design, which observes behavior across different settings or behaviors over time, and a control group time series, which would involve repeated measures over time with a control group for comparison.
On June 30, 2021, the Esquire Company sold some merchandise to a customer for $40,000. In payment, Esquire agreed to accept a 5% note requiring the payment of interest and principal on March 31, 2022. The 5% rate is appropriate in this situation.
Required:
1. Prepare journal entries to record the sale of merchandise (omit any entry that might be required for the cost of the goods sold), the December 31, 2021 interest accrual, and the March 31, 2022 collection.
2. If the December 31 adjusting entry for the interest accrual is not prepared, by how much will income before income taxes be over-or understated in 2021 and 2022?
Answer:
Notes Receivables 40,000 debit
Sales revenue 40,000 credit
-- to record the sale and the accepted promissory note--
interest receivables 1,000 debit
interest revenue 1,000 credit
--to adjust for interest at year-end ---
Cash 41,500 credit
Notes Receivables 40,000 credit
Interest receivables 1,000 credit
Interest revenue 500 credit
--to record the maturity and honor of the note--
If we didn't make the adjusting entr. the 2021 income will be understated by 1,000 and the 2022 overstated by 1000
as we assing the 6 month of interest from 2021 into 2022 accounting period.
Explanation:
We record the sales reveneu for the nominal. over time we are going to accrue interest.
principal x rate x time = interest
we should express rate and time in the same metric, in this case as teh rate is annual we express time in portion of a year (X month / 12)
Adjusting entry at year-end
40,000 x 5% x 6 /12 = 1,000 interest revenue
At maturity:
40,000 x 5% x 3/12 = 500 interest revenue
And we have to write-of the note receivable and the interest receivables.
1) Journal Entry to Record Sale of Merchandise on June 30, 2021: Accounts Receivable - 40,000, Sales – 40,000. 2. Journal Entry for December 31, 2021 Interest Accrual: Interest Receivable - 1000, Notes Receivable - 40000 and Cash – 41000. 2) Income before income taxes will be understated by $1,000 in 2021 and there will be no impact on income before income taxes in 2022.
Part 1: Prepare Journal Entries
1. Journal Entry to Record Sale of Merchandise:
[tex]\[ \text{Accounts Receivable} \quad \quad \quad 40,000 \][/tex]
[tex]\[ \text{Sales} \quad \quad \quad \quad \quad \quad \quad 40,000 \][/tex]
To record the sale of merchandise on June 30, 2021.
2. Journal Entry for December 31, 2021 Interest Accrual:
To calculate interest accrued from June 30, 2021, to December 31, 2021:
[tex]\[ \text{Interest} = \text{Principal} \times \text{Annual Interest Rate} \times \text{Time} \][/tex]
Where:
Principal = $40,000
Annual Interest Rate = 5% = 0.05
Time = 6/12 = 0.5 year (from June 30 to December 31)
[tex]\[ \text{Interest Accrued} = 40,000 \times 0.05 \times 0.5 = 1,000 \][/tex]
Journal entry to record the interest accrual:
[tex]\[ \text{Interest Receivable} \quad \quad \quad 1,000 \][/tex]
[tex]\[ \text{Interest Revenue} \quad \quad \quad \quad 1,000 \][/tex]
To accrue interest revenue for the period from June 30, 2021, to December 31, 2021.
3. Journal Entry for March 31, 2022 Collection:
On March 31, 2022, the note plus accrued interest will be collected:
[tex]\[ \text{Accounts Receivable} \quad \quad \quad 41,000 \][/tex]
[tex]\[ \text{Interest Receivable} \quad \quad \quad \quad \quad \quad (1,000) \][/tex]
[tex]\[ \text{Notes Receivable} \quad \quad \quad \quad \quad \quad (40,000) \][/tex]
[tex]\[ \text{Cash} \quad \quad \quad \quad \quad \quad \quad \quad \quad 41,000 \][/tex]
To record the collection of the note and interest on March 31, 2022.
Part 2: Impact on Income Before Income Taxes
If the adjusting entry for the interest accrual on December 31, 2021, is not prepared, the impact on income before income taxes in 2021 and 2022 would be as follows:
2021:
Without the interest accrual entry, interest revenue of $1,000 would not be recognized.
Income before income taxes in 2021 would be understated by $1,000.
2022:
If the interest accrual is not adjusted, there would be no impact on 2022 since the interest would be recognized upon collection.
Vera Ernst is a licensed dentist. During the first month of the operation of her business, the following events and transactions occurred.April 1 Invested $23,000 cash in her business.1 Hired a secretary-receptionist at a salary of $800 per week payable monthly.2 Paid office rent for the month $1,1003 Purchased dental supplies on account from Dazzle Company $4,900.10 Performed dental services and billed insurance companies $4,600.11 Received $1,300 cash advance from Leah Mataruka for an implant.20 Received $2,500 cash for services performed from Michael Santos.30 Paid secretary-receptionist for the month $3,200.30 Paid $3,140 to Dazzle for accounts payable due.Journalize the transactions.
Answer:
The journal entry for each transaction is given below.
April 1 Invested $23,000 cash in her business.
Debit Cash Asset $ 23,000
Credit Capital Account $ 23,000
1 Hired a secretary-receptionist at a salary of $800 per week payable monthly.
(No entry required)
2 Paid office rent for the month $1,100
Debit Rent Expense $ 1,100
Credit Cash Asset $ 1,100
3 Purchased dental supplies on account from Dazzle Company $4,900.
Debit Supplies Inventory $ 4,900
Credit Account Payable $ 4,900
10 Performed dental services and billed insurance companies $4,600
Debit Receivables account $ 4,600
Credit Service Revenue $ 4,600
.11 Received $1,300 cash advance from Leah Mataruka for an implant.
Debit Cash Asset $ 1,300
Credit Advance Income Liability $ 1,300
20 Received $2,500 cash for services performed from Michael Santos.
Debit Cash Asset Account $ 2,500
Credit Receivable Account $ 2,500
30 Paid secretary-receptionist for the month $3,200.
Debit Salary Expense $ 3,200
Credit Cash Asset $ 3,200
30 Paid $3,140 to Dazzle for accounts payable due
Debit Account Payable $ 3,140
Credit Cash Asset $ 3,140
Vera Ernst journal entries for the transactions are:
April 1
Debit Cash $ 23,000
Credit Owner's Equity $23,000
(To record owner's Investment)
April 1
No journal entry
April 2
Debit Rent Expense $ 1,100
Credit Cash $ 1,100
(To record office rent)
April 3
Debit Supplies $ 4,900
Credit Account Payable-Dazzle company $ 4,900
(To record supplies on account)
April 10
Debit Account Receivables -Insurance company $ 4,600
Credit Service Revenue $ 4,600
(To record services performed)
April 11
Debit Cash $ 1,300
Credit Unearned revenue $ 1,300
(To record Cash received for future services)
April 20
Debit Cash $ 2,500
Credit Service revenue $ 2,500
(To record Cash received for services performed)
April 30
Debit Salary Expense $ 3,200
Credit Cash $ 3,200
(To record salary expense)
April 30
Debit Account Payable $ 3,140
Credit Cash $ 3,140
(To record amount paid to Dazzle on account)
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A borrower takes out an interest-only loan at 6% for $1,000,000 with a 10 year term. What is the monthly payment on this loan? (State your answer as a positive number, rounded to two decimal places.)
Answer:
The answer is $500
Explanation:
a: 1,000,000 the amount of the loan
r: 0.06 (6% expressed as 0.06)
n: 120 (based on monthly payments * 10 years)
monthly payment = (amount * r )/ 12
monthly payment = ($1,000,000* 0.06) /120 = $500
You've just learned that tuition and fees for the next semester are expected to increase by 15%. How do you think this will impact demand for Moondogs Coffee?
The demand for the coffee will decrease with the rise in the fee because of decrease in the money in hand of the student.
Explanation:
Demand of a particular product is related to many factors. Some of the factors affecting the demand of a good are price of the good, income of the consumers, taste, fashion, availability of substitutes and so on.
In the above given example, since with the rise in the tuition and the fee of the student, the money in the hand of the student decreases, so he will have less money to spend. Therefore the demand of the coffee will also decrease with this increase.
The increase in tuition and fees for the next semester is likely to impact the demand for Moondogs Coffee.
Explanation:The increase in tuition and fees for the next semester by 15% is likely to have an impact on the demand for Moondogs Coffee. When the cost of attending college increases, students may look for ways to cut down on expenses, potentially including reducing spending on non-essential items such as coffee. However, it is important to consider that the impact on Moondogs Coffee demand will also depend on factors such as the availability of alternative coffee options on campus and the extent to which students value their coffee consumption.
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1. Managerial economics A. describes how pay for managers is set. B. ensures managers always make good decisions. C. helps managers make decisions in the face of scarcity. D. explains which products consumers will buy.
Answer:
The correct answer is C
Explanation:
Managerial economics is the term which is defined as the amalgamation of the theory of economic with the practices of the business in order to ease the decision making as well as future planning through management. This assist the managers of the business in the rational solution of problems faced in the activities of the firm.
The purpose or motive of the managerial economics is that to increase the decision making efficiency in order to increase the profit of the business. Therefor,e it is best defined as the one which helps the managers in taking decisions while in facing the scarcity.
International trade:Question 20 options:a) reduces resource consumption.b) increases consumption possibilities.c) increases consumer prices.d) reduces production possibilities.
Answer:
Option B, increases consumption possibilities.Explanation:
Trade increases the amount of goods that are available for each country to consume. The consumption possibilities point of an economy is derived from its opportunities of international trade, production capacity and consumer behavior.
International trade increases competition in the market which ultimately leads to lower prices of commodities. It provides the consumers the purchasing power capacity of their own income, and leads a rise in consumer surplus and consumption.
A company assigns overhead cost to completed jobs on the basis of 115% of direct labor cost. The job cost sheet for Job 413 shows that $23,085 in direct materials has been used on the job and that $10,100 in direct labor cost has been incurred. A total of 1,400 units were produced in Job 413. Required: a. What is the total manufacturing cost assigned to Job 413? b. What is the unit product cost for Job 413?
Answer:
Instructions are listed below.
Explanation:
Giving the following information:
A company assigns overhead costs to completed jobs based on 115% of direct labor cost.
Job 413:
Direct materials= $23,085
Direct labor= $10,100
A total of 1,400 units were produced in Job 413.
A) To calculate the total cost of Job 413, we need to use the following formula:
Total cost= total direct material + total direct labor + total overhead
TC= 23,085 + 10,100 + (10,100*1.15)= $44,800
B) The unitary cost is calculated by the division of the total cost on the number of units:
Unitary cost= total cost/Q= 44,800/1,400= $32
How will you close skill gaps between what you feel you possess and what employers perceive you have? Multiple Choice be motivated to learn share diverse experiences have a high level of energy and an orientation toward action believe in personal control of destiny seek high levels of achievement
Explanation:
be motivated to learn : This would be right choice. The reason is that, the gap is because we need to learn some more to reach the expectation of employer. So learning should be life long.
share diverse experiences: Sharing experience does not fill the gap, only proving fills it.
have a high level of energy and an orientation toward action: This seems to be closer, but learning stands first and then putting into action.
believe in personal control of destiny: Self-belief is always essential, but only learning can fill the gap.
seek high levels of achievement: High level of achievement can be done only through learning.
Closing skill gaps involves being motivated to learn, sharing diverse experiences and maintaining a high level of energy and action orientation. It also means believing in your personal control over destiny, and seeking high levels of achievement.
Explanation:Closing skill gaps between what you perceive you possess and what employers think you have involves a multi-faceted approach. The key components are self-motivation to learn, understanding and acknowledging the need for diverse experiences, and maintaining a high level of energy with an action-oriented approach.
Firstly, be motivated to learn. Constant learning and adapting to new skills is crucial. Find resources and training to improve in areas you feel deficient. Consider online courses, books, and seminars that can help you learn and refine your skills.
Secondly, share diverse experiences. This can be achieved by taking up different roles, responsibilities or projects that not only build your skills but also enhance your ability to adapt and innovate.
Thirdly, maintain a high energy level and an orientation towards action. This essentially means being proactive and showing your eagerness to put your skills to use. Employers appreciate individuals who are action-oriented and ready to contribute.
Furthermore, believing in your personal control of destiny and seeking high levels of achievement will also help to bridge this gap. It's about being accountable and showing a commitment to achieving results.
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Which of the following techniques encourages the use of "art" through drawing to facilitate finding connections between ideas? Brainsketching Speedstorming Role playing Interviewing
Answer:
Brain Sketching.
Explanation:
Brain Sketching: With this technique a person draws the idea he is having a as a way to communicate their ideas to other people. This technique can do two things:
Art gives a peace of mind, so this technique will provide you exactly that.Sketching your thoughts is easy to gather and understand even after a month or a year.Tyler purchased and placed in service a rental house in May 2011 for $135,000, of which $35,000 was attributed to the land. Tyler sold the rental house in August 2018. How much will he deduct for depreciation in 2018
Answer:
$2,425
Explanation:
Value of House = $135,000
Value of Land = $35,000
Value of Building = $135,00 - $35,000
Value of Building = $100,000
As There is no depreciation on the Land, so value of building will be depreciated
Assumption:
Year end date is not mention in the question so I have assumed it as December 31, 2018.
Option for the question are also missing so for you reference original question's picture is attached please find that.
As depreciation percentage or useful life of the building is not given so I just copied this from the internet and solved the question accordingly.
Copied: "Research the MACRS recovery period for the property by determining its class. Residential rental property can be depreciated for 27.5 years. Commercial rental property can be depreciated over 39 years. You cannot depreciate a residential property that you have rented for more than 27.5 years."
Considering this House as residential rental property.
Depreciation for a year = 100,000/27.5 = $3,636
Depreciation for the year = (3,636/12) x 8 = $2,424
Nearest option is $2,425
The Conity Corporation has an Electric Mixer Division and an Electric Lamp Division. Of a $ 13 comma 000 comma 000 bond issuance, the Electric Mixer Division used $ 9 comma 500 comma 000 and the Electric Lamp Division used $ 3 comma 500 comma 000 for expansion. Interest costs on the bond totaled $ 975 comma 000 for the year. What amount of interest costs should be allocated to the Electric Lamp Division? (Round any intermediary calculations two decimal places and your final answer to the nearest dollar.)
Answer:
Explanation:
Bond payable ratio:
Electric Mixer Division = 9,500,000 / 13,000,000 = 73%
Electric Lamp division = 3,500,000 /13,000,000 = 27%
Interest Expesens Allocated to Electric Lamp Division = 975,000*27% = $263250
The Operations definition emphasizes decision, function and process elements of the organization. Briefly discuss the need to address these fundamental elements.
Answer:
When you see the operations of an organization, it is composed of different factors, one of them is the decision process because people who have obligations must have the ability to make the best decisions, then each person in the organization is in the role which should know the functions they fulfill and therefore, must always keep updating their capabilities and finally, the processes are very relevant because the definition of each of the processes efficiently, makes the organization controls are complied with if These are not efficient, there would be a failure in what the objectives are.
Consider the supply of peanut butter.1) Which of the following would cause a movement along the supply curve (a change in the quantity supplied) for peanut butter?
Check all that apply.a) A change in the price of peanut butterb) A change in the number of producersc) A change in the price of labor (used in the production of peanut butter)2) Which of the following would cause a shift in the supply curve for peanut butter?
Check all that apply.a) A change in the number of producersb) A change in expectations about the future price of peanut butterc) A change in the price of peanut butter
Answer:
1. a) A change in the price of peanut butter
c) A change in the price of labor (used in the production of peanut butter)
2. b) A change in expectations about the future price of peanut butter
c) A change in the price of peanut butter
Explanation:
1. As we know in Economics that increase in demand lead to increase in supply and vice versa. But this increase in demand can arise if the price is low. therefore, a change in quantity supply can be due to a change in price of the peanut.
(increase price will lead to decrease in supply and vice versa)
a) A change in the price of peanut butter
c) A change in the price of labor (used in the production of peanut butter)
A change is price of labor can be one determinant of price of peanut. therefore, a change in price of labor can also be a determinant to the movement of supply curve.
2.Which of the following would cause a shift in the supply curve for peanut butter?
A shift in supply curve can be cause by the following:
b) A change in expectations about the future price of peanut butter: Seller expectation that may be at a particular period, the goods tends to be expensive. this is common in seasonal goods.
c) A change in the price of peanut butter: as explain above
A movement along the supply curve for peanut butter is caused by a change in the price of peanut butter. A shift in the supply curve can be caused by a change in the number of producers, a change in expectations about the future price of peanut butter, or a change in the price of peanut butter.
Explanation:1) A movement along the supply curve, or a change in the quantity supplied, can be caused by a change in the price of peanut butter. When the price of peanut butter increases, producers are willing to supply more because they can make a higher profit. On the other hand, if the price of peanut butter decreases, producers may reduce the quantity supplied.
2) A shift in the supply curve for peanut butter can be caused by several factors. A change in the number of producers, such as new companies entering or existing companies exiting the market, can lead to a shift in supply. Expectations about the future price of peanut butter can also impact the supply. For example, if producers expect the price to increase in the future, they may decrease supply now to take advantage of higher prices later. Additionally, a change in the price of peanut butter can affect the supply curve. If the price of peanut butter input (e.g., peanuts) increases, it can lead to a decrease in supply as it becomes more expensive to produce peanut butter.
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The average worker in China makes $5,000/year. Wages are keeping up with GDP growth of 7%/year. Assuming a constant growth rate, how long will it take for the average worker in China to be paid $20,000/year?
Answer:
it will take 20.75 year to reach amount $20000
Explanation:
It is given that average worker in China makes $5000 per year
So principal amount P = $5000
It is given that wage are keeping up with a rate of 7%
So rate of interest r = 7 %
We have to find the time in which amount will become $20000 per year
We know that total amount is given by [tex]A=P(1+\frac{r}{100})^n[/tex], here n is time period and r is rate of interest
So [tex]20000=5000(1+\frac{7}{100})^n[/tex]
So [tex]4=1.07^n[/tex]
Taking log both side
[tex]log4=nlog1.07[/tex]
[tex]0.6020=n\times 0.029[/tex]
n = 20.75 year
So it will take 20.75 year to reach amount $20000
If a tax shifts the demand curve downward (or to the left), we can infer that the tax was levied on A. sellers of the good. B. We cannot infer anything because the shift described is not consistent with a tax. C. buyers of the good. D. both buyers and sellers of the good.
Answer:
C. buyers of the good
Explanation:
A tax is an amount levied on a good or service by the government which increases its price. A tax increases the price of a good.
If a tax shifts the demand curve to the left ,it means the tax affects buyers of a good.
If a tax shifts the supply curve to the left, it means the tax affects sellers of a good.
I hope my answer helps you
Why do religious economists believe that competition among secular viewpoints and many religions leads to increased participation in religion in modern societies?
Answer:
Because competition makes each religion group try harder to win followers and the presence of numerous religions means that there is likely to be something for just about everyone.
Explanation:
The economics of religion is an area of study whose objectives are to analyze the historical and sociological aspects of the development of religions and to investigate certain religious aspects around the world.
This type of economy is impacted by several factors, and seeks to understand the influence of religions on economic society, such as the regulation of economic growth in religious markets, religious pluralism, the study of different religions, the donation of resources, the creation of religious conflicts, cooperation with the development of societies, etc.
Therefore, studies of religious economics are relevant to understand how historical religious facts were relevant to the growth of adherents and the emergence of new religions that justified different beliefs and values of groups.
Jones Enterprises was started when it acquired $3,900 cash from creditors and $9,100 from owners. The company immediately purchased land that cost $11,000.
Required:
Record the events under an accounting equation. (Enter any decreases to account balances with a minus sign.)
Final answer:
To record Jones Enterprises' transactions in the accounting equation, $3,900 was received from creditors as a liability, and $9,100 was contributed by owners as owner's equity. The company then purchased land for $11,000, which leaves the final accounting equation balanced with total assets of $13,000 – including $2,000 in cash and $11,000 in land – equating to the sum of liabilities and owner's equity.
Explanation:
To record the events under an accounting equation, we must consider the impact on the company's assets, liabilities, and owner's equity. Jones Enterprises started by acquiring cash from two sources: creditors and owners. Here's how the accounting equation would be represented:
Initial Transactions:
Cash from creditors: $3,900 (Liability)Cash from owners: $9,100 (Owner's Equity)As a result, the cash account (an asset) increases by ($3,900 + $9,100) = $13,000.
Jones Enterprises then purchases land for $11,000, which is another asset.
Accounting Equation:
Assets = Liabilities + Owner's EquityLand: $11,000Cash: $2,000 ($13,000 cash received - $11,000 spent on land)Total Assets after purchase: Land $11,000 + Cash $2,000 = $13,000
Total Liabilities after cash from creditors: $3,900
Total Owner's Equity after cash from owners: $9,100
Final Accounting Equation: $13,000 (Assets) = $3,900 (Liabilities) + $9,100 (Owner's Equity)
All the transactions recorded affect the accounting equation and maintain the balance, which is a fundamental concept in accounting.
Martin wants to provide money in his will for an annual bequest to whichever of his living relatives is oldest. That bequest will provide $4000 in the first year, and will grow by 7% per year, forever. If the interest rate is 9%, how much must Martin provide to fund this bequest
Answer:
=$66,666.67
Explanation:
The question is asking to determine the amount of money Martin requires to fund his desired bequest in his will.
First, how much is the cash flow martin expects to flow out in the first year of the bequest = $4000
Secondly, what is the expected growth the bequest is to experience yearly and forever= 4% yearly
Thirdly, what is the interest rate expected = 10%
Based on these figures,
The amount to be provided = The Cash flow/ (Expected growth rate- Interest rate)
=$4,000/ (0.10-0.04)
=$66,666.67
Alpha Company manufactures computers. On July 1, Alpha had $75,000 of materials in inventory. During the month of July, the company purchased $320,000 of materials. On July 31, materials inventory equaled $43,000. Determine the cost of direct materials used in production for the month of July.
Answer:
$352,000
Explanation:
Alpha Company reported the following figures:
Inventory on July 1 = $75,000
Inventory on July 31 = $43,000
Purchases for the month = $320,000
Cost of Direct material used = Inventory on July 1 + Purchases for the month - Inventory on July 31
Cost of Direct material used = $75,000 + $320,000 - $43,000
Cost of Direct material used = $352,000
Job 215 was started and completed during the year. What price would have been charged to the customer if the job required $3,600 in direct materials and $4,900 in direct labor cost and the company priced its jobs at 45% above the job’s cost according to the accounting system? (Round your answer to the nearest dollar.)
To determine the price that a company would charge a customer for a job completed, you need to first calculate the total cost of the job, then add 45% of that total cost to find the final price. In this case, the company would have charged the customer $12,325.
Explanation:First, we need to calculate the total cost of the job. This is the sum of the cost of direct labor and the cost of direct materials. In this case, the cost of direct labor is $4,900 and the cost of direct materials is $3,600. So the total cost is $4,900 + $3,600 = $8,500.
The company prices its jobs at 45% above the job’s cost. So we need to calculate 45% of the total cost, which is $8,500 × 0.45 = $3,825.
Then, we add the total cost and the additional 45% to find the price that would have been charged to the customer. That would be $8,500 + $3,825 = $12,325. Rounded to the nearest dollar, the price charged would have been $12,325.
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The total of all outputs produced by the transformation process divided by the total of the inputs is: A. utilization. B. defined only for manufacturing firms. C. multifactor productivity. D. greater in manufacturing than in services. E. single-factor productivity.
Answer:
The correct answer is letter "C": multifactor productivity.
Explanation:
Multifactor productivity refers to how the combination of labor and capital is translated in the maximization of manufacturing goods or rendering services. Changes in the factor of multifactor productivity reflect fluctuations in management, adjustment costs, and economies of scale.
Answer: C. multifactor productivity.
Explanation: Multifactor productivity measures the efficiency of all inputs used in the production process, considering multiple factors rather than a single input.
As referenced in the Left-to-Right Economic Spectrum of Faces in the Economy chapter, which of the following peeps is the furthest left on that economic scale? Select one: a. King Abdullah of Saudi Arabia b. Nicolas Maduro of Venezuela c. Xi Jinping of China d. Vladimir Putin of Russia e. The flag of Sweden f. Emmanuel Macron of France g. Donald Trump of USA
Answer:
The correct answer is letter "B": Nicolas Maduro of Venezuela.
Explanation:
The left-wing in politics is characterized by following pure communism, socialism, fascism, and anarchy ideas to rule a country. Even if the economy is regulated by the government under these societies promoting equal treatment moreover among the lowest economical stratus, human rights tend to be violated.
Dictator Nicolas Maduro (born in 1962) took Venezuela's government after the decease of his predecessor Hugo Chavez (1954-2013). Under Maduro's mandate, Venezuela has an inflation rate of 200,000% and the country's economy has contracted 35%. Millions of Venezuelans have left the country because of the shortage of basic staples in the country and the lack of assistance to the masses' needs.
Final answer:
Nicolas Maduro of Venezuela would be the furthest left on the economic scale as Venezuela follows a command socialist economy, according to the spectrum of economic systems.
Explanation:
The question "Which of the following peeps is the furthest left on that economic scale?" refers to the position on the economic spectrum where different economic systems are placed, ranging from market capitalism to command socialism.
Based on the information presented, Nicolas Maduro of Venezuela would be the furthest left, as Venezuela is known for its command socialist economy, which is characteristically more to the left on the economic scale compared to market capitalist or mixed economies.
Indicate whether it would appear on the statement of cash flows as a(n): operating activity, investing activity, or financing activity. a. Cash receipts from customers. b. Issuance of common stock for cash. c. Payment of cash dividends. d. Cash purchase of equipment. e. Cash payments to suppliers. f. Sale of old machine for cash
Answer:
a. Cash receipts from customers - operating activity
b. Issuance of common stock for cash - financing activity
c. Payment of cash dividends- financing activity
d. Cash purchase of equipment- investing activity
e. Cash payments to suppliers- operating activity
f. Sale of old machine for cash- investing activity
Explanation:
Activities such as cash receipts from customers and payments to suppliers fall within operating activities. Issuance of common stock for cash and payment of cash dividends are financing activities while cash purchase of equipments and sale of old machine for cash are investing activities.
Explanation:The categorization of these activities in the statement of cash flows would be as follows: a. Cash receipts from customers - This falls under operating activities because it is a regular business activity. b. Issuance of common stock for cash - This is a financing activity as it involves raising capital. c. Payment of cash dividends - This is also a financing activity as it relates to paying returns to shareholders. d. Cash purchase of equipment - This activity is an investing activity as it involves the acquisition of a long-term asset. e. Cash payments to suppliers - This falls under operating activities as it is a regular business activity. f. Sale of old machine for cash - This is an investing activity because it involves disposal of a long-term asset.
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Longitude Company borrowed on a two-year, 10%, $150,000 note on May 1, with interest and principal to be paid at maturity. How much interest will Longitude report on its income statement for the year ending December 31?a .$10,000b. $15,000c. $5,000d. $30,000
Answer:
Option (a) is correct.
Explanation:
Given that,
Note value = $150,000
Rate of interest = 10%
Time period: May 1 to December 31 = 8 months
Therefore, the interest amount upto December 31 is calculated as follows:
= Note value × Rate of interest × Time period
= $150,000 × 10% × (8 ÷ 12)
= $150,000 × 0.1 × 0.67
= $10,000
Hence, interest of $10,000 will Longitude report on its income statement for the year ending December 31.
Wii Brothers, a game manufacturer, has a new idea for an adventure game. It can market the game either as a traditional board game or as an interactive DVD, but not both. Consider the following cash flows of the two mutually exclusive projects for the company. Assume the discount rate is 9 percent.
Year Board Game DVD
0 -$1,200 -$2,700
1 690 1,750
2 950 1,570
3 210 800
What is the payback period for each project?
Answer:
The payback period of DVD is 1.61 years and for base game is 1.537 years.
Explanation:
Payback period is the period of time taken by a project to recover its initial outflow.
BOARD GAME
the initial outflow is $1200,
payback period
= 1 year (to recover $690) + 0.537 years [(1200-690)/950]
= 1.537 years.
DVD
the initial outlay is $2700
period to recover the same
= 1 yr (to recover $1750) + 0.6051 yrs [(2700-1750)/1570]
= 1.6051 years.
Therefore, The payback period of DVD is 1.61 years and for base game is 1.537 years.
A seller uses a perpetual inventory system, and on April 18, a customer discovers that merchandise previously purchased is defective The buyer decides to keep the defective merchandise and the seller allows a $15 price reduction, paid in cash to the buye Complete the journal entry to record the allowance granted to the buyer by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns
Answer:
accounts payable 15 debit
merchandise inventory 15 credit
Explanation:
the price deduction will reduce the amount due to the supplier. Also this will represent the decrease in the value of the merchandise so the merchandise inventory account should decrease in the magnitude.
The account payable is a liability to make it decrease we post on debit
while, the merchandise is an asset therefore it should be credited.
Answer - Sales Returns and allowances debit 15
Cash credit 15
Explanation:
its ocrrect
The real risk-free rate is 3.25%, and inflation is expected to be 2.25% for the next 2 years. A 2-year Treasury security yields 9.00%. What is the maturity risk premium for the 2-year security? Round your answer to two decimal places.
Answer:
Maturity risk premium 3.50%
Explanation:
Yield rate = 9%
Risk free risk = 3.25%
Inflation rate = 2.25%
Formula for yield rate:
Yield rate = Risk free risk + Inflation rate + Maturity risk premium
r= rfr+ir+Mrp
9.00% = 3.25% + 2.25% + Mrp
0.09 = 0.0325 + 0.0225 + Mrp
0.09 = 0.055 + Mrp
Mrp = 0.09 - 0.055
Mrp = 0.035
Mrp = 3.5%
So the Maturity risk premium is 3.5%
Laner Company has the following data for the production and sale of 2,000 units. Sales price per unit $800 per unit Fixed costs: Marketing and administrative $400,000 per period Manufacturing overhead $200,000 per period Variable costs: Marketing and administrative $ 50 per unit Manufacturing overhead $ 80 per unit Direct labor $ 100 per unit Direct materials $ 200 per unit What is the contribution margin per unit?
Answer:
The contribution margin per unit is $370
Explanation:
Contribution margin per unit is the amount that each additional unit sold contributes towards a company’s fixed costs and profit and calculated by following formula:
Contribution Margin per Unit = Sales Price – Variable Cost per Unit
Variable Cost per Unit = Marketing and administrative cost per unit + Manufacturing overhead cost per unit + Direct labor cost per unit + Direct materials cost per unit = $50 + $80 + $100 + $200 = $430
Contribution Margin per Unit = $800 - $430 = $370