Answer:
B.test-retest reliability
Explanation:
Test-retest reliability is used when measuring the the consistency or relationship between the scores of two tests of the same variable, taken at different times.
It involves comparing the score on the first test taken earlier, with the score on a second test taken later.
The measure is considered to be reliable if there is no significant difference between the two test scores.
In some social dilemmas, when one member of a group may make a contribution to the general welfare of his or her group that makes other members feel that their contribution is unnecessary, it is called the Select one: a. easy-rider mechanism. b. sidecar mechanism. c. transit-rider syndrome. d. free-rider mechanism.
Answer:
The correct answer is letter "D": free-rider mechanism.
Explanation:
The free-rider mechanism refers to someone being able to get for less or even for free what others pay more for. The problem comes when individuals are unwilling to pay their fair share for something that most others pay for. This is more prevalent when talking about public goods.
Manufacturing Overhead is a temporary account used to ________ indirect production costs during the accounting period. A. allocate B. approximate C. assign D. accumulate
Answer: (D) Accumulate
Explanation:
The accumulate is the term that is used to refers to the increase in the business equity and also the working capital due to the high profit in an organization.
It is basically refers to the flow account in which we record all the asset and the financial and also the non-financial liabilities during the time of transaction.
According to the given question, the manufacturing overhead is one of the type of temporary account that is typically used to accumulate the indirect production cost at the time of accounting.
Therefore, Option (D) is correct answer.
Bostian, Inc. has total assets of $660,000. Its total debt outstanding is $185,000. The Board of Directors has directed the CFO to move towards a debt-to-assets ratio of 55%. How much debt must the company add or subtract to achieve the target debt ratio?
Answer:
Company must add $178,000 more debt to achieve the target debt ratio
Explanation:
Debt to asset ratio = (Total outstanding liabilty / Total Assets) x 100
Current Debt to asset ratio = (185,000 / 660,000) x 100 = 28%
Target debt to asset ratio = 55%
According to given condition
55% = Total outstanding debt / 660,000
Total outstanding debt = 660,000 x 55%
Total outstanding debt = $363,000
Additional debt for taget debt to assets ratio = $363,000 - 185,000
Additional debt for taget debt to assets ratio = $178,000
Kimball’s Vintage Hats is an online-only business selling unique and affordable replicas of vintage designer hats. The business is new, but Kimball worked in Europe for years as a milliner. He sells his wares through an Etsy storefront and has the objective of becoming successful enough to work full time at his passion, this company. What tool or model would most assist Kimball’s Vintage Hats to effectively set its marketing objectives and strategies?
Answer:
SWOT analysis
Explanation:
SWOT analysis -
It refers to the planning method , which is adapted by the organisation or person , in order to analyse and determine the weakness , strength and opportunities for the organisation , is referred to as SWOT analysis .
The method is useful for the betterment of the organization or company .
Hence , from the given scenario of the question,
The correct term is SWOT analysis .
The SMART goal framework is the most effective tool for Kimball's Vintage Hats to set marketing objectives and strategies.
Explanation:The most effective tool or model for Kimball's Vintage Hats to set marketing objectives and strategies would be the SMART goal framework. SMART stands for Specific, Measurable, Achievable, Relevant, and Time-bound. By using this framework, Kimball can define specific and measurable objectives, ensure they are achievable and relevant to his business, and set clear time-bound deadlines for achieving them.
The business can create a roadmap for a certain target by setting a goal. Together, the components of the framework provide a goal that is well thought out, attainable, and verifiable. For example, a SMART marketing objective for Kimball's Vintage Hats could be to increase online sales by 20% within the next six months through targeted social media advertising and collaborations with fashion bloggers.
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If Cute Camel’s forecast turns out to be correct and its price/earnings (P/E) ratio does not change, what does the company’s management expect its stock price to be one year from now? (Round any P/E ratio calculation to four decimal places.)
A. The Expected Stock price next year would be: = $ 24.50.
B. Market to book ratio = 10.63 times.
C. Yes, a company's shares can exhibit a negative P/E ratio.
D. The correct statement is: Low P/E ratio could mean that the company has a great deal of uncertainty in its future earnings.
Expected Stock price next year would be: 17.3780 x $1.41 = $ 24.50.
Market to book ratio = ($ 52.08 x 8,000,000 ) / $ 39,200,000
= 10.63 times.
Current EPS = $ 9,000,000 / 5,500,000
= $ 1.64 per share
Current PE ratio = Current Stock Price / Current EPS
= $ 28.50 / 1.64
= 17.3780
Expected net income for next year = $ 9,000,000 x 1.25
= $ 11,250,000
Expected EPS next year = $ 11,250,000 / 8,000,000
= $ 1.41 per share
The stock also known as shares or equity, symbolizes a company's ownership. A shareholder possess shares in a corporation, which indicates you have a financial stake in the firm's assets and earnings. It is a type of investment to get share in a company's ownership and potential earnings.
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The complete question might be:
Consider the case of Cute Camel Woodoraft Company:
A Cute Camel Woodcraft Company just reported earnings after tax (also called net income) of $9,000,000, and a current stock price of $28.50 per share. The company is forecasting an increase of 25% for its after-tax income next year, but it also expects it will have to issue 2,500,000 new shares of stock (raising its shares outstanding from 5,500,000 to 8,000,000). If Cute Camel's forecast turns out to be correct and its price-to-earnings (P/E) ratio does not change, what does the company's management expect its stock price to be one year from now? (Note: Round any EPS calculations to two decimal places, and round any P/E ratio calculation to four decimal places.)
a. $24.50 per share b. $28.50 per share c. $18.38 per share d. $30.63 per share
B. One year later, Cute Camel's shares are trading at $52.08 per share, and the company reports the value of its total common equity as $39,200,000. Given this information, Cute Camel's market-to-book (MB) ratio is:_____---
C. Can a company's shares exhibit a negative P/E ratio?
a. Yes b. No
D. Which of the following statements is true about market value ratios?
a. High P/E ratios could mean that the company has a great deal of uncertainty in its future earnings
b. Low P/E ratios could mean that the company has a great deal of uncertainty in its future earnings
If Cute Camel's forecast is correct and the P/E ratio doesn't change, the management expects the stock price to be $37.50 one year from now.
Explanation:The management of Cute Camel expects the stock price one year from now by multiplying the current P/E ratio with the expected earnings. The formula to calculate the stock price is: Stock Price = P/E Ratio × Earnings per Share. Since the question states that the P/E ratio will not change, we can use the current P/E ratio to calculate the stock price.
Let's say the current P/E ratio of Cute Camel is 15 and the expected earnings per share are $2.50. To calculate the stock price, we multiply the P/E ratio by the earnings per share: Stock Price = 15 × $2.50 = $37.50.
Therefore, if Cute Camel's forecast is correct and the P/E ratio remains unchanged, the management expects the stock price to be $37.50 one year from now.
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True or False. The periodic (for example, monthly, quarterly, or annual) payment for an amortized loan is determined as the payment term in the formula for the calculation of the present value of an annuity. False
Answer: The correct answer is "false".
Explanation: The payment term in the formula for the calculation of the present value of an annuity consists of 3 variables.
Term of the operation: The term of the operation is the duration in the time that the operation has, from the constitution of the annuity until its expiration.
Periodic payment: The periodic payment is how often the annuity pays interest. (For example: monthly, quarterly or annual).
and "N": It is the number of times that the periodic payment enters within the term of the operation. For example, if the term of the operation is 1 year, and the periodic payment monthly, N = 12. If the term is 1 year and the periodic payment is quarterly, N = 4.
This number "n" is the one used in the formula for calculating the present value of an annuity.
January 1, Biden, Inc.'s WorkminusinminusProcess Inventory account had a balance of $ 30 comma 800. During the year, $ 58 comma 500 of direct materials was placed into production. Manufacturing wages incurred amounted to $ 85 comma 000, of which $ 66 comma 000 were for direct labor. Manufacturing overhead is allocated on the basis of 120% of direct labor cost. Actual manufacturing overhead was $ 91 comma 200. Jobs costing $ 220 comma 700 were completed during the year. What is the December 31 balance of WorkminusinminusProcess Inventory? A. $ 13 comma 800 B. $ 234 comma 500 C. $ 30 comma 800 D. $ 155 comma 300
Answer:
Option (A) is correct.
Explanation:
Given that,
Direct materials = $58,500
Direct labor = $66,000
Manufacturing overhead = 120% of direct labor cost
Opening WIP = $30,800
Cost of goods manufactured:
= Direct materials + Direct labor + Manufacturing overhead
= $58,500 + $66,000 + 120% of direct labor cost
= $58,500 + $66,000 + (120% × $66,000)
= $58,500 + $66,000 + $79,200
= $203,700
December 31 balance of Work-in-Process Inventory:
= Opening WIP + cost of goods manufactured - cost of goods completed
= $30,800 + $203,700 - $220,700
= $13,800
Final answer:
The December 31 balance of Work-in-Process Inventory is calculated by adding the starting inventory to the total manufacturing costs incurred and then subtracting the cost of completed jobs. The ending balance is $13,800.
Explanation:
To calculate the December 31 balance of Work-in-Process (WIP) Inventory, we need to account for all manufacturing costs added during the year. We begin with the starting WIP inventory balance. Then we add the costs of direct materials, direct labor, and manufacturing overhead to calculate the total manufacturing costs incurred for the year. Finally, we subtract the cost of jobs completed during the year from this total to find the ending WIP inventory balance.
Starting WIP Inventory: $30,800
Direct Materials Used: $58,500
Direct Labor: $66,000
Manufacturing Overhead (allocated at 120% of direct labor cost): $66,000 imes 120% = $79,200
Total Manufacturing Costs Incurred: $30,800 + $58,500 + $66,000 + $79,200 = $234,500
Completed Jobs Cost: $220,700
Ending WIP Inventory: $234,500 - $220,700 = $13,800
Therefore, the December 31 balance of Work-in-Process Inventory is $13,800.
The higher the customer participation, the more certainty a firm has with respect to quality performance. Question 5 options: TRUE FALSE
Answer:
False
Explanation:
Quality performance refers to an evaluation of performance of an organization, it's departments or products.
Quality performance can be assessed through different means such as by testing the quality of products, conducting sampling and surveys and obtaining customer feedback.
Customer participation in surveys does not add any certainty with respect to quality performance. It is customer feedback which reveals the quality of goods a firm makes and how satisfactory, customer's own experience has been.
"Health care is so special that price will never matter. People will either buy what medical care they need, or else they will just go without treatment if they can't afford the fees."Do you agree with this statement, disagree with it, or are you uncertain?
Answer:
This statement is true.Explanation:
It is agreeable that health care is very important. People often doesn't care about the cost of medical care as far as they get treated from their illness. Healthcare ranges from daily nutrient supplements to the most complicated open heart surgery. It includes all expenses incurred on health issues and problems.
People are mostly left with the choice to go for expensive treatment or go without treatment if can't afford it. This happens because there is a lack of proper governmental healthcare scheme in between and also due to medical expenses skyrocketing every single day. People who can afford treatment go for it no matter what the cost might be. Often leaving them penniless after the treatment.
However, some people who can't afford such treatments usually have to deal with their sicknesses and illness lifelong without any treatment. Thus, making them unproductive to earn a good livelihood. They can hardly make ends meet or earn nothing because of health issues.
Therefore, the need for a proper social healthcare scheme is important. These problems can be eliminated or avoided if the people are provided concessions, free medical care, reimbursement, etc. through social healthcare.
The AQCD test refers to the need for key external factors to exhibit what attributes? A. Actionable and decisive B. Decisive and comparative C. Actionable and commonality D. Quantitative and divisional E. Algebraic and decisive
Answer:
D. Quantitative and divisional
Explanation:
AQCD stands for actionable, quantitative, comparative, and divisional.
Hence, the only choice that contains two of those attributes is D.
AQCD are criteria that the factors used in a SWOP analysis must meet to ensure that the factors are as specific as possible. This is, the the external and internal factors in the SWOP analysis should be stated in the most actionable, quantitative, comparative, and divisional terms to avoid vagueness.
Remember that SWOT analysis is the tool for stratetic management to analyse the strengths, weaknesses, opportunities, and threats that the enterpise posses or face. The two former are internal factors and the two latter are external factors.
Those AQCD is aimed to state the factors as specific as possible.
The AQCD test refers to the need for key external factors to be Actionable, Quantitative, Comparative, and Divisional. These attributes suggest that the factors should be capable of guiding decisions, measurable, comparable, and subdividable for detailed analysis.
Explanation:The AQCD test in the context of business stands for Actionable, Quantitative, Comparative, and Divisional. These four attributes deal with critical aspects of data that businesses require to make informed decisions.
They indicate that the data should be Actionable (they can guide strategic decisions), Quantitative (numeric and measurable), Comparative (can be compared with other data sets or benchmarks), and Divisional (can be broken down into smaller segments for closer analysis).
So, in response to your question, the key external factors need to exhibit the attributes of being Actionable and Quantitative, Comparative, and Divisional (Option E).
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Brief Exercise 4-09 At Raymond Company, the following errors were discovered after the transactions had been journalized and posted. 1. A collection on account from a customer for $870 was recorded as a debit to Cash $870 and a credit to Service Revenue $870. 2. The purchase of store supplies on account for $1,510 was recorded as a debit to Supplies $1,150 and a credit to Accounts Payable $1,150.
Answer:
Dr Cash 870
Cr Account Receiable 870
Dr Supplies 360
Cr Account Payable 360
Explanation:
1. whenever sales is recorded, Account receivable is debited and sales revenue is credited,cash is recorded when collection is made against that receivable in this case directly cash has been recorded without first generating account receivable entry.
2.in this case (1510-1150=$360) of purchases has not been recorded therefore we have to create an entry of $360.
The errors in Raymond Company's accounting records can be corrected through adjusting entries.
Explanation:The errors described in the question are related to the journalizing and posting of transactions in the accounting records of Raymond Company. These errors include recording a collection on account as a debit to Cash and a credit to Service Revenue, and recording a purchase of store supplies on account as a debit to Supplies and a credit to Accounts Payable.
To correct these errors, the company needs to make adjusting entries. For the first error, they should credit Cash and debit Accounts Receivable to adjust the collection on account. For the second error, they should debit Supplies and credit Accounts Payable to adjust the purchase of store supplies.
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Woodland industries manufactures and sells custom-made windows. Its job costing system was designed using an activity-based costing approach. Direct materials and direct labor costs are accumulated separately, along with information concerning three manufacturing overhead cost drivers (activities). Assume that the direct labor rate is $13 per hour and that there were no beginning inventories. The following information was available for 2016, based on an expected production level of 52,800 units for the year, which will require 220,000 direct labor hours:
Activity-Cost Driver Budgeted Costs for 2016 Cost Driver Used as Allocation Base Cost Allocation Rate
Materials handling $61,600 Number of parts used $0.28 per part
Cutting and lathe work $2,710,400 Number of parts used $12.32 per part
Assembly and inspection $3,850,000 Direct labor hours $17.50 per hour
The following production, costs and activities occurred during the month of July:
Units Produced Direct Materials Costs Number of Parts Used Direct Labor Hours
3,050 $101,500 508 13,600
Required:
a. Calculate the total manufacturing costs and the cost per unit of the windows produced during the month of July(using the activity-based costing approach). (Round "Cost per unit produced" to 2 decimal places.)
b. Assume instead that Woodland Industries applies manufacturing overhead on a direct labor hours basis (rather than using the activity-based costing system). Calculate the total manufacturing cost and the cost per unit of the windows produced during the month of July. (Round "Cost per unit product" to 2 decimal places.)
c. Which approach do you think provides better information for manufacturing managers?
Answer:
Explanation:
a.
Direct materials 101,500
Direct labour (13,600 * 13) 176, 800
Materials handling (508 * 0.28) 142.24
Cutting and lathe work (508 * 12.32) 6258.56
Assembly and inspection (13,600 * 17.5) 238,000
Total manufacturing cost 522,700.8
Cost per unit produced = 522,700.8 / 3,050 =
= 171.377 per unit.
b.
Predetermined overhead rate = Estimated overhead costs / Estimated Direct labour hours
(61,600 + 2,710,400 + 3,850,000) / 220,000
= 30.1 per direct labour hour
Direct materials 101,500
Direct labour (13,600 * 13) 176,800
Manufacturing overhead (13,600 * 30.1) 409,360
Total manufacturing cost 687,660
Cost per unit produced = 687,660/ 3,050
= 225.46 per unit.
The total manufacturing cost for July using activity-based costing is $522,100.80, resulting in a cost of $171.18 per unit. If overhead is applied based on direct labor hours, the total cost is $688,412 with a cost of $225.70 per unit. The ABC method provides more detailed and accurate costing.
Explanation:Activity-Based Costing Calculation
To calculate the total manufacturing costs for July using the activity-based costing (ABC) approach, consider the following steps:
Determine the cost of materials handling: 508 parts * $0.28/part = $142.24Calculate the cost of cutting and lathe work: 508 parts * $12.32/part = $6,258.56Compute the cost of assembly and inspection: 13,600 labor hours * $17.50/hour = $238,000Now add direct materials and direct labor costs to overheads: $101,500 (direct materials) + $176,800 (direct labor) + $142.24 + $6,258.56 + $238,000 = $522,100.80 total manufacturing costsTo find the cost per unit: $522,100.80 total cost / 3,050 units = $171.18 per unit produced.Costing on Direct Labor Hours Basis
If Woodland Industries applies manufacturing overhead on a direct labor hours basis, assume a single predetermined overhead rate:
First, calculate the total overhead costs using the provided overhead rates and multiply by the actual direct labor hours: ($0.28 + $12.32 + $17.50) * 13,600 hours = $410,112Now add direct materials and direct labor costs: $101,500 + $176,800 + $410,112 = $688,412 total manufacturing costsCost per unit on this basis: $688,412 / 3,050 units = $225.70 per unit.The ABC approach provides more accurate and detailed cost information because it traces overhead costs to specific activities, more accurately reflecting the consumption of resources.
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If the government wants to increase production of a good to achieve marginal social benefit, then the following policy will most likely be implemented
a. a subsidy so that the firm can operate where marginal social benefit equals marginal social cost.
b. a tax so that the firm can operate where marginal private costs equal marginal revenue.
c. a subsidy so that the firm can operate where marginal private costs equal marginal revenue.
d. a tax so that the firm can operate where marginal social benefit equals marginal social cost.
e. None of the above.
f. It will establish a government owned operation.
Answer:
a. a subsidy so that the firm can operate where marginal social benefit equals marginal social cost.
Explanation:
The private company is producing when the marginal revenue matches the marginal cost. The governemtn will want to decrease the cost (that's by subsidize the activity) to match the marginal revenue considering the positive externalities.
The government will do a pigouvian subsidy.
The government reasons to go for this is that the good or services provide positive externalities Which are enjoy by people who doens't purchase the good. Thus, this subsidy will increase the amount of ooutput thus, generating a better social benefit.
The manager of the main laboratory facility at Elmhurst HealthElmhurst Health Center is interested in being able to predict the overhead costs each month for the lab. The manager believes that total overhead varies with the number of lab tests performed but that some costs remain the same each month regardless of the number of lab tests performed. The lab manager collected the following data for the first seven months of the year.
Requirements
1.
Determine the lab's cost equation (use the output from the Excel regression).
2.
Determine the R-square (use the output from the Excelregression).
3.
Predict the total laboratory overhead for the month if 3,100 tests are performed
Data Table
Number of Lab Tests
Total Laboratory
Month
Performed
Overhead Costs
January. . . . . . . . .
3,000
$21,900
February. . . . . . . .
2,850
$20,600
March. . . . . . . . . . .
3,400
$28,900
April. . . . . . . . . . . .
3,700
$31,000
May. . . . . . . . . . . .
3,900
$28,000
June. . . . . . . . . . . .
1,900
$20,200
July. . . . . . . . . . . .
2,050
$14,000
The laboratory manager performed a regression analysis to predict total laboratory overhead costs. The output generated by Excel is as follows:
SUMMARY OUTPUT
Regression Statistics
Multiple R
0.878214
R Square
0.77126
Adjusted R Square
0.725512
Standard Error
3156.338706
Observations
7
ANOVA
df
SS
MS
F
Significance F
Regression
1
167956201.3
167956201.3
16.858885
0.009301
Residual
5
49812370.15
9962474.03
Total
6
217768571.4
Standard
Lower
Upper
Coefficients
Error
t Stat
P-value
95%
95%
Intercept
3187.94
5092.169
0.626
0.559
-9901.898
16277.778
X Variable 1
6.84
1.666
4.106
0.009
2.558
11.123
Answer:
1. Lab's cost= 3187.94 +6.84 number of lab test performed
2. 0.77126
3. $24391.94
Explanation:
1.
The Lab's cost depends on the number of lab test performed. So, Lab's cost is a dependent variable while number of lab test is an independent variable. The linear regression equation is written as
Y= a+bx
Where,
y= dependent variable
x= independent variable
a= intercept
b= slope
So, the equation can be written as
Lab's cost= a+b number of lab test performed
From the Excel output we know that
Intercept = a= 3187.94
Slope= b =6.84
So, the required regression equation is
Lab's cost= 3187.94 +6.84 number of lab test performed
2.
The Excel output shows that R-square is 0.77126. R²=0.77126 means that only 77.13% of variation in Lab's cost is explained by its linear relationship with number of lab test performed.
3.
We have to predict the lab's cost for 3100 test.
We know that
Lab's cost= 3187.94 +6.84 number of lab test performed.
Here, number of lab test performed=3100.
So,
Lab's cost= 3187.94 +6.84(3100)
Lab's cost= 3187.94 +21204
Lab's cost=$24391.94
Thus, the predicted total laboratory overhead for the month if 3,100 tests are performed is $24391.94.
Final answer:
The lab manager at Elmhurst Health Center can predict monthly overhead costs using a cost equation derived from regression analysis, which shows a strong correlation indicated by an R-square value of 0.77126. Using this model, the predicted overhead for 3,100 lab tests is approximately $24,252.94.
Explanation:
The lab manager at Elmhurst Health Center is looking to predict monthly overhead costs based on the number of lab tests performed. Using regression analysis, we can establish a cost equation, determine the R-square to assess fit, and predict overhead costs for a given number of tests. From the Excel regression output, we find:
The lab's cost equation is: Overhead Cost = $3,187.94 (Intercept) + $6.84 (Number of Lab Tests)The R-square value is 0.77126, indicating a strong correlation between the number of lab tests and the overhead costs.To predict the total laboratory overhead for the month when 3,100 tests are performed, substitute 3,100 for the Number of Lab Tests in the cost equation: Overhead Cost = $3,187.94 + $6.84(3,100) = $24,252.94.Coffee Klatch is an espresso stand in a downtown office building. The average selling price of a cup of coffee is $1.49 and the averagevariable expense per cup is $0.36. The average fixed expense per month in $1,300. An average of 2,100 cups are sold each month. What is the Cm Ratio for Coffee Klatch a. 1.319 b. 0.758 c. 0.242 d. 4.139
Answer:
The Cm Ratio for Coffee Klatch is b. 0.758
Explanation:
The contribution margin ratio is calculated by using following formula:
Contribution margin ratio = (Sales - Total Variable cost)/Sales
The average selling price of a cup of coffee is $1.49 and the average variable expense per cup is $0.36. An average of 2,100 cups are sold each month.
Total sales = $1.49 x 2,100 = $3,129
Total Variable cost = $0.36 x 2,100 = $756
Contribution margin ratio = ($3,129 - $756)/$3,129 = 0.758
Final answer:
The CM Ratio for Coffee Klatch is calculated by dividing the contribution margin per cup by the selling price per cup, resulting in a CM Ratio of 0.758.
Explanation:
The CM (Contribution Margin) Ratio is calculated by dividing the contribution margin by the selling price. To find Coffee Klatch’s CM Ratio, we first need to calculate the contribution margin per cup of coffee, which is the selling price ($1.49) minus the variable expense per cup ($0.36). The contribution margin per cup is therefore $1.49 - $0.36 = $1.13. Next, we calculate the CM Ratio by dividing the contribution margin per cup by the selling price per cup: $1.13 / $1.49 = 0.758, which makes option b (0.758) the correct answer.
Davy Company had a beginning work in process inventory balance of $32,000. During the year, $54,500 of direct materials was placed into production. Direct labor was $63,400, and indirect labor was $19,500. Manufacturing overhead is applied at 125% of direct labor costs. Actual manufacturing overhead was $86,500, and jobs costing $225,000 were completed during the year.
What is the ending work in process inventory balance?
a. $172,000
b. $ 11,400
c. $ 4,150
d. $ 79,250
Answer:
Option (b) is correct.
Explanation:
Given that,
Beginning work in process inventory balance = $32,000
Direct materials was placed into production = $54,500
Direct labor = $63,400
Actual manufacturing overhead = $86,500
Jobs costing completed during the year = $225,000
Ending work in process inventory balance:
= Beginning work in process inventory balance + Direct materials was placed into production + Direct labor + Actual manufacturing overhead - Jobs costing completed during the year
= $32,000 + $54,500 + $63,400 + $86,500 - $225,000
= $11,400
The ending work in process (WIP) inventory balance for Davy Company is $23,650.
To calculate the ending work in process (WIP) inventory balance, we can use the following formula:
Ending WIP Inventory = Beginning WIP Inventory + Total Manufacturing Costs - Cost of Completed Jobs
First, calculate the total manufacturing costs:
1. Direct Materials = $54,500
2. Direct Labor = $63,400
3. Indirect Labor = $19,500
4. Manufacturing Overhead Applied = 125% of Direct Labor Costs = 1.25 * $63,400 = $79,250
Total Manufacturing Costs = Direct Materials + Direct Labor + Indirect Labor + Manufacturing Overhead Applied
Total Manufacturing Costs = $54,500 + $63,400 + $19,500 + $79,250 = $216,650
Now, calculate the ending WIP inventory balance:
Beginning WIP Inventory = $32,000
Total Manufacturing Costs = $216,650
Cost of Completed Jobs = $225,000
Ending WIP Inventory = $32,000 + $216,650 - $225,000 = $23,650
So, the ending work in process inventory balance is $23,650.
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Issued common stock at par for $23,700.Recorded depreciation on buildings for $16,900.Paid salaries of $6,400.Issued 1,300 shares of $1 par value common stock for equipment worth $8,000.Sold equipment (cost $11,800, accumulated depreciation $8,260) for $1,416. For each transaction above, prepare the journal entry.
Explanation:
The journal entries are shown below:
1. Cash A/c Dr 23,700
To Common stock A/c 23,700
(Being the common stock is issued for cash)
2. Depreciation Expense A/c Dr $16,900
To Accumulated Depreciation - Buildings A/c $16,900
(Being depreciation expense is recorded)
3. Salaries expense A/c Dr $6,400
To Cash A/c $6,400
(Being the salaries expense is paid for cash)
4. Equipment A/c Dr $8,000
To Common stock A/c $1,300
To Additional paid-in capital in excess of par value A/c $6,700
(Being the equipment is purchased)
5. Cash A/c Dr $1,416
Accumulated depreciation - Equipment A/c Dr $8,260
Loss on sale of equipment A/c Dr $2,124
To Equipment A/c $11,800
(Being the equipment is sold)
Given the following information for a retailer, compute the cost of goods sold. Ending inventory. . . . . . . . . . . . . . . . . $5,500 Website maintenance. . . . . . . . . . . . . $7,200 Revenues. . . . . . . . . . . . . . . . . . . . . . . $65,000 Freight-in. . . . . . . . . . . . . . . . . . . . . . . $3,200 Import duties. . . . . . . . . . . . . . . . . . . . $1,600 Marketing expenses. . . . . . . . . . . . . $14,000 Delivery expenses. . . . . . . . . . . . . . . . $1,400 Purchases. . . . . . . . . . . . . . . . . . . $44,000 Beginning inventory. . . . . . . . . . . . . . . $4,200
Answer:
$47,500
Explanation:
Given that,
Ending inventory = $5,500
Website maintenance = $7,200
Revenues = $65,000
Freight-in = $3,200
Import duties = $1,600
Marketing expenses = $14,000
Delivery expenses = $1,400
Purchases = $44,000
Beginning inventory = $4,200
Cost of goods available for sale:
= Beginning inventory + Purchases + Freight-in + Import duties
= $4,200 + $44,000 + $3,200 + $1,600
= $53,000
Cost of goods sold:
= Cost of goods available for sale - Ending inventory
= $53,000 - $5,500
= $47,500
Explain how each of the following events changes the demand for or supply of jeans. A. Upper A new technology becomes available that reduces the time it takes to manufacture a pair of jeans. B. The price of the cloth (denim )used to make jeans rises. C. Jeans go out of fashion. D. The price of a pair of jeans falls. E. The wage rate paid to garment workers falls. F. Many jeans producers go out of business. G. The price of a denim skirt halves. H. People’s incomes increase.
Answer:
A. Where a new technology that reduces the time it takes to manufacture a pair of jeans is available, it will leads to a change in supply. For example if a new machine is invented which decreases output per unit of time, there will decrease in the supply of a pair of jeans.
B. Where the price of the cloth (denim) used to make jeans rises, it will affect the change in the supply of jeans because an increase in the price of the raw materials used (denim) in making jeans, it will lead to a reduction in supply.
C. Where Jeans go out of fashion, it will cause a change in demand or supply because taste changes over time. For example, if jeans go out of fashion there would be a decrease in demand and supply for it.
D. Where the price of a pair of jeans falls, it will not affect the change in demand or supply of the jeans because a change in the price of a commodity is not a factor that causes a change in demand or supply.
E. Where the wage rate paid to garment workers falls, it will affect the change in the supply of jeans but will not affect the change in demand for jeans.
F. Where many jeans producers go out of business, it will affect the change in the supply of jeans but will not affect the change in demand for jeans.
H. Where people's incomes increase, it will affect the change in demand that leads to increase in demand for a pair of jeans
Explanation:
Causes of changes in demand and supply
Demand refers to the quantity of a commodity which consumers are willing and able to purchase at a particular price and at a particular period of time.
The Law of demand sates that 1) the higher the price of a commodity, the lower the quantity demanded, and 2) the lower the price of a commodity, the higher the quantity demanded.
The Change in demand (shift in the demand curve): There is a change in demand if the demand curve shifts to an entirely new position. A change in demand is determined by the factors affecting demand, other than price in a commodity. Factors affecting change in demand include changes in taste, fashion, population size, and income.
The Supply of a commodity is the quantity of that commodity which sellers are willing and able to offer for sale at a particular price, at a particular period of time.
The Law of supply states that the higher the price of a commodity, the higher the quantity supplied while the lower the price of a commodity, the lower the quantity supplied.
The Change in supply (shift in the supply curve): There is a change in supply if the supply curve shifts to an entirely new position. A change in supply is determined by the factors affecting supply, other than price in a commodity. Factors affecting supply include Technological development, weather and climate, government policies/effects of subsidies and taxation, a new source of raw materials. A change in supply could be a decrease or increase in supply of a commodity.
The supply and demand for jeans can be influenced by multiple factors. Factors such as technological advancements, cost of materials, fashion trends, pricing, wages, producer availability, alternative product pricing and consumer income can increase or decrease both demand and supply.
Explanation:To the question of how certain events change the demand for and supply of jeans:
A new technology that reduces manufacturing time would likely increase the supply of jeans because more could be produced in less time. When the cost of denim rises, the supply of jeans may decrease because it becomes more expensive for businesses to make each pair. If jeans go out of fashion, then demand for jeans would decrease as fewer people want to buy them. If the price of a pair of jeans drops, demand may increase because people can afford to buy more, however, it might also result in decreased supply as manufacturers may not find it profitable to continue production. If the wage rate paid to garment workers falls, the cost of producing jeans also falls, leading to an increase in supply. If many jeans producers go out of business, supply will decrease due to fewer manufacturers.The halving of denim skirt prices could affect the demand of jeans if consumers perceive them as alternatives. If skirt prices drop, demand for jeans might decrease as people switch to cheaper skirts. Finally, if people’s incomes increase, the demand for jeans might increase because people have more spending power.Learn more about Supply and Demand here:
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Describe an industry or firm that you think might be able to weather an economic downturn and explain why.
Answer:
Recession
Recession is a market situation where there is a significant decline in the economy lasting for a longer time, and it is caused due to negative growth in economy. In this situation, the economy faces many hurdles such as increase in price and decrease of earning which creates more unemployment and other destruction problems.
Industries that can even grow during recession: Health care and FMCG companies
Explanation: The health care and fast moving consumer goods do business extremely well as people cannot live without satisfying their necessities such as food supplements and hair care products.
People tend to become sick, and to recover from sickness, they need to use medicines. Henceforth, the industries such as healthcare and insurance function well even in the recession times.
The relationship between financial leverage and profitability Pelican Paper, Inc., and Timberland Forest, Inc., are rivals in the manufacture of craft papers. Some financial statement values for each company follow LOADING... . Use them in a ratio analysis that compares the firms' financial leverage and profitability. a. Calculate the following debt and coverage ratios for the two companies. Discuss their financial risk and ability to cover the costs in relation to each other. (1) Debt ratio (2) Times interest earned ratio b. Calculate the following profitability ratios for the two companies. Discuss their profitability relative to each other. (1) Operating profit margin (2) Net profit margin (3) Return on total assets (4) Return on common equity c. In what way has the larger debt of Timberland Forest made it more profitable than Pelican Paper? What are the risks that Timberland's investors undertake when they choose to purchase its stock instead of Pelican's?
Final answer:
The debt and coverage ratios, as well as the profitability ratios, were calculated and compared between Pelican Paper, Inc. and Timberland Forest, Inc. Timberland Forest has a higher debt ratio and times interest earned ratio, indicating higher financial risk but also a greater ability to cover interest costs. Timberland Forest also has higher profitability, as evidenced by its higher operating profit margin, net profit margin, return on total assets, and return on common equity.
Explanation:
Debt ratio: The debt ratio is calculated by dividing total debt by total assets. For Pelican Paper, Inc., the debt ratio is 50% (500,000/1,000,000), while for Timberland Forest, Inc., the debt ratio is 70% (3,500,000/5,000,000). This means that Timberland Forest has a higher debt ratio, indicating higher financial risk.
Times interest earned ratio: The times interest earned ratio is calculated by dividing earnings before interest and taxes (EBIT) by interest expense. For Pelican Paper, Inc., the times interest earned ratio is 5 (50,000/10,000), while for Timberland Forest, Inc., the times interest earned ratio is 6 (600,000/100,000). This means that Timberland Forest has a higher times interest earned ratio, indicating a greater ability to cover interest costs.
Operating profit margin: The operating profit margin is calculated by dividing operating income by net sales. For Pelican Paper, Inc., the operating profit margin is 15% (150,000/1,000,000), while for Timberland Forest, Inc., the operating profit margin is 18% (900,000/5,000,000). This means that Timberland Forest has a higher operating profit margin, indicating greater profitability.
Net profit margin: The net profit margin is calculated by dividing net income by net sales. For Pelican Paper, Inc., the net profit margin is 10% (100,000/1,000,000), while for Timberland Forest, Inc., the net profit margin is 14% (700,000/5,000,000). This means that Timberland Forest has a higher net profit margin, further indicating greater profitability.
Return on total assets: The return on total assets is calculated by dividing net income by total assets. For Pelican Paper, Inc., the return on total assets is 10% (100,000/1,000,000), while for Timberland Forest, Inc., the return on total assets is 14% (700,000/5,000,000). This means that Timberland Forest has a higher return on total assets, indicating better utilization of assets to generate profits.
Return on common equity: The return on common equity is calculated by dividing net income attributable to common equity by common equity. For Pelican Paper, Inc., the return on common equity is 20% (100,000/500,000), while for Timberland Forest, Inc., the return on common equity is 35% (700,000/2,000,000). This means that Timberland Forest has a higher return on common equity, demonstrating higher profitability for its common shareholders.
Timberland Forest's larger debt has made it more profitable than Pelican Paper because higher financial leverage can amplify returns when a company is performing well. However, there are risks that Timberland's investors undertake when purchasing its stock instead of Pelican's, such as the possibility of higher financial risk due to the higher debt ratio and the potential for higher interest costs.
Inflation is running at 1.2% per year when you deposit $11,000 in an account earning 6% compounded monthly. In constant dollars, how much money will you have four years from now?
Answer:
$13,316.54
Explanation:
Data provided in the question:
Inflation rate, i = 1.2% = 0.012
Deposits = $11,000
Interest rate, r = 6% = 0.06
Time, t = 4 years
since compounded monthly, number of periods n = 12
Now,
Future value of money with the interest
= Deposits × [tex][1+ \frac{r}{n}]^{n.t}[/tex]
= $11,000 × [tex][1+ \frac{0.06}{12}]^{12\times4}[/tex]
= $13,975.38
Considering the inflation,
Amount after 4 years = Future value × [1 - i ]ⁿ
= $13,975.38 × [1 - 0.012]⁴
= $13,316.54
Managing groups and delegating responsibility are ____ skills.
A: communication
B:human relations
C: organization, management, and leadership
D: research and planning
Managing groups and delegating responsibility are organization, management, and leadership skills. Communication and human relations are also essential components of managing groups.
Explanation:Managing groups and delegating responsibility are organization, management, and leadership skills. These skills involve effectively coordinating and overseeing group activities, assigning tasks to individuals, and ensuring the smooth functioning of the team. Communication and human relations are also essential components of managing groups, as they facilitate effective collaboration, understanding, and motivation among team members.
Net sales are $525,000, beginning accounts receivable are $15,000 and ending accounts receivable are $20,000. The accounts receivable turnover is _____ times.
Answer:
30
Explanation:
525000
15000+20000/2
When Net sales are $525,000, beginning accounts receivable are $15,000, and ending accounts receivable are $20,000. The accounts receivable turnover is 30 times.
What are Net sales?The sales revenue generated by a company after all expenditures have been taken into account is referred to as Net sales.
The calculation for the accounts receivable turnover
Net sales = $525,000,
beginning accounts receivable = $15,000
ending accounts receivable = $20,000.
Accounts receivable turnover = Net sales / average accounts receivable.
To calculate average accounts receivable
=(beginning accounts receivable+ending accounts receivable) /2
= ( $15,000 + $20,000)/2
= $17,500
Accounts receivable turnover = Net sales / average accounts receivable
= $525,000/ $17,500
= 30 times
Therefore, The accounts receivable turnover is 30 times.
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For claims about the product, positioning statements should: ________________a. cite all of the benefits that the brand offers. b. focus only on the points of differentiation between this brand and others. c. avoid any reference to points of similarity with competitor brands. d. focus on the single, most important value claim.
Positioning statements should focus on the single, most important value claim and highlight the brand's unique benefits and differentiation from competitors.
Explanation:For claims about the product, positioning statements should focus on the single, most important value claim (option d).
Positioning statements should clearly communicate the unique value that the brand offers to customers, which sets it apart from competitors.
These statements should highlight the key benefits and points of differentiation of the brand, while also acknowledging potential points of similarity with competitor brands that may not be the main focus.
Calculate Cove’s new break-even point under each of the following independent scenarios: (Round your answers to the nearest whole number.) a. Sales price increases by $2.00 per cake. b. Fixed costs increase by $520 per month. c. Variable costs decrease by $0.38 per cake. d. Sales price decreases by $0.20 per cake.
Answer:
Instructions are listed below.
Explanation:
Giving the following information:
We are not provided with enough information to calculate the break-even point in units, but I will the formula and explanation on each case to solve it:
Break-even point= fixed costs/ contribution margin
a. Sales price increases by $2.00 per cake.
Break-even point= fixed costs/ [(selling price + 2) - unitary variable cost]
b. Fixed costs increase by $520 per month.
Break-even point= (fixed costs + 520)/ contribution margin
c. Variable costs decrease by $0.38 per cake.
Break-even point= fixed costs/ [selling price - (unitary cost - 0.38)]
d. Sales price decreases by $0.20 per cake.
Break-even point= fixed costs/ [(selling price - 0.20) - unitary variable cost]
John has just won the state lottery and has three award options from which to choose. He can elect to receive a lump sum payment today of $46 million, 10 annual end-of-year payments of $7 million, or 30 annual end-of-year payments of $4 million. If he expects to earn a 7% annual return on his investments, which option should he choose and why?
Answer:
John should opt for the 30 annual end-of-the-year payments of $4 million as that gives the highest present of value of $49,636,164.73 as shown below.
Explanation:
The options are evaluated as follows:
Option 1 $46,000,0000 today
Option 2
The present of value of this option is calculated using the below formula:
Present value of annuity = ((1-(1/((1+i)^n))/i) X PMT
where i=rate=7%
n=10years
PMT=$7m
PV=((1-(1/((1+0.07)^10))/0.07) X 7000000
PV=$ 43,834,929.21
Option 3
The present value of this option using the formula in option 2 is:
PV=((1-(1/((1+0.07)^30))/0.07) X 4000000
PV=$49,636,164.73
Hence, the last option is preferable.
International business is a broad and potentially complex field of study and practice. There are many different definitions and concepts that are critical to this field, and this activity will emphasize several of the most critical ones that are used throughout the text. Understanding these terms and concepts will help students, managers and policy makers to better understand what international business is, how it differs from domestic business? why it is becoming increasingly important? and how international business has evolved throughout history?
Explanation:
International business can be defined as the expansion of the activities of a certain company, such as its goods and services, technologies, resources, ideas and other variables beyond national borders.
Internationalizing business activities is increasingly common in a globalized economic society, where companies seek to expand to locations that present opportunities to gain market and facilities for the implementation of the company. Many countries have favorable conditions to encourage the entry of foreign companies, such as red tape, government agreements, cheap labor, tax cuts, etc.
One factor that contributed to the internationalization strategy becoming a common practice by large companies was technological innovations, which made it possible to shorten logistical distances by means of efficient and faster means of transport, and another example was also the creation of the internet, which streamlined communication by making processes faster and easier.
To help in music class I will remember the phrase ‘every good boy does fine,’ since the first letter in each word is the note on the line in this scale," Douglas thinks. This is best described as an example of _______ knowledge.
A) person
B) strategy
C) achievement
D) task
Answer:
B
Explanation:
Strategy knowledge is a knowledge that shows one's capability to memorize a skill or what to do to achieve a goal.
Palco Co., which has a taxable payroll of $900,000, is subject to FUTA tax of 6.2% and a state contribution rate of 5.4%. However, because of stable employment experience, the company’s state rate has been reduced to 2%. What is the total amount of federal and state unemployment tax for Palco Co.?
a. $104,400
b. $73,800
c. $36,000
d. $25,200
Final answer:
The total amount of federal and state unemployment tax for Palco Co., with a taxable payroll of $900,000, is $25,200 after considering the reduced FUTA and state tax rates due to stable employment.
Explanation:
The total amount of federal and state unemployment tax for Palco Co. can be calculated by adding the FUTA tax and the reduced state tax. Palco Co. has a taxable payroll of $900,000. The FUTA tax rate is 6.2%, but companies can receive a credit of up to 5.4% for paying state unemployment taxes on time, which effectively reduces the FUTA tax rate to 0.8% ($900,000 x 0.8% = $7,200). Since Palco Co.'s state rate has been reduced to 2% due to stable employment, their state unemployment tax is 2% of $900,000, or $18,000. Adding both federal and state taxes gives us $7,200 + $18,000 = $25,200 as the total amount Palco Co. will pay for federal and state unemployment taxes.