Answer: See explanation
Explanation:
Based on the information that has been given in the question, the MRP will be calculated as the multiplication of the total packages that was delivered by the revenue that was gotten from one package. This will be:
MRP = 1750 × 0.25
= $437.5
The MRC based on the question = $250
Based on the above, a profit of $187.5 ($437.5 - $250) will be earned.
when you hear the words financial literacy and financial wellness, what do they mean to you? (i’m not sure if it’s in the right subject but it would be nice to help?)
Answer:
Being Financial Literate means you can read and comprehend financial statements, such as a balance sheet or income statement. You understand business terminology and can understand business writings. Financial wellness is having a strong and diverse financial portfolio, eg owning stocks, bonds, making good investments. Essentially being smart with money, and building up your wealth.
Explanation:
Which of the following steps is most effective in protecting yourself from identity theft?
a. Throw away credit card applications in the garbage.
b. Shred all mail with personal information before discarding it.
C. Place your old bank statements in the recycle bin.
d. Carry all your passwords in your wallet or purse.
Answer:b shred all mail with personal info before discarding it.
The step that is most effective for protecting yourself from identity theft is option b. Shred all mail with personal information before discarding it.
What is meant by protection?As the name suggests, protection means defense or shielding something from the viruses so that no one could impact in it.
So based on this, we can say that it shreds all mail having the personal information prior to discarding it.
hence, the option b is correct.
Learn more about theft here: https://brainly.com/question/15252417
Hart Company has the following activities in 2012. The company had total cash sales of $2,000. During the year they incurred and paid wages of $500 and salaries of $400. They borrowed $600 from the bank that will be paid back in 2013. This borrowing incurred interest in 2012 of $60. However, this interest will be paid to the bank in 2013. Finally, the company declared and paid cash dividends of $20 during 2012. How much Net Income will the company show on the 2012 Income Statement?
Answer:
$500
Explanation:
2012 Income Statement
Revenue $2,000
Expenses
Wages incurred and paid $500
Salaries $400
Interest on bank loans $600 $1,500
Net Income $500
So, the amount of $500 will be shown as Net Income on the 2012 Income Statement.
Crane Construction Company had a contract starting April 2021, to construct a $22800000 building that is expected to be completed in September 2023, at an estimated cost of $20800000. At the end of 2021, the costs to date were $7072000 and the estimated total costs to complete had not changed. The progress billings during 2021 were $3600000 and the cash collected during 2021 was 3080000. Crane uses the percentage-of-completion method. For the year ended December 31, 2021, Crane would recognize gross profit on the building of:____.a. $680000. b. $0. c. $13728000. d. $620351.
Answer: a. $680,000
Explanation:
Gross profit to be recognized from entire project;
= Value of building - cost
= 22,800,000 - 20,800,000
= $2,000,000
In 2021, a cost of $7,072,000 was incurred out of the total cost of $20,800,000.
Percentage complete is therefore;
= 7,072,000/20,800,000
= 34%
The gross profit recognized is therefore;
= 34% * Total gross profit
= 34% * 2,000,000
= $680,000
The search for and qualification of potential customers during the personal selling process is referred to as:_____.
Answer:
Prospecting.
Explanation:
This is known to be the first step that is been taken in a bid to get potential customers in a marketing process. Its made by of these marketers is firstly to qualify a recipient as a prospect and is other cases, someone who may have a need for your business products or services, or not. Its goal of is to develop a database of likely customers and then systematically communicate with them in the hopes of converting them from potential customer to current customer.
Sralbn620 Corporation has two divisions: Domestic Division and Foreign Division. Last month, the corporation reported a contribution margin of $47,800 for Domestic Division. Foreign Division had a contribution margin ratio of 25% and its sales were $235,000. Net operating income for the Sralbn620 Corporation was $35,700 and traceable fixed expenses were $55,400.
(ID#32648)
What were Sraibn 620 Corporation's common fixed expenses?
a) $15,450
b) $106,550
c) $55,400
d) $70,850
Answer:
Common fixed expense= $15,450
Explanation:
First, we need to calculate the total contribution margin from the two divisions:
Domestic Division= $47,800
Foreign Division= 235,000*0.25= $58,750
Total contribution margin= $106,550
Now, we can determine the common fixed expense using the following formula:
Net operating income= total contribution margin - traceable fixed expense - common fixed expense
35,700 = 106,550 - 55,400 - common fixed expense
common fixed expense= 51,150 - 35,700
common fixed expense= $15,450
differences between generic and enterprise competition
Explanation:
Generic competition is competition among different products that solve the same purpose while enterprise competition is am orderly established business with limited liability of another person.
hope it helps!
Bramble Corp. purchased a truck at the beginning of 2020 for $109000. The truck is estimated to have a salvage value of $3700 and a useful life of 121000 miles. It was driven 21000 miles in 2020 and 29000 miles in 2021. What is the depreciation expense for 2021
Answer:
2020 = 18275.206
2021 = 25237.190
Explanation:
Cost of truck at beginning of 2020 = $109,000
Salvage value = $3700
Useful life = 121,000 miles
Miles driven in 2020 = 21000
Miles driven in 2021 = 29000
Depreciation expense 2020:
((Cost of asset - salvage value) / useful life) * miles driven in 2020
((109,000 - 3700) / 121000) * 21000
0.8702479 * 21000 = 18275.206
Depreciation expense 2021:
((109,000 - 3700) / 121000) * 29000
= 25237.190
Justin Company's budget includes the following credit sales for the current year: September, $27,000; October, $38,000; November, $32,000; December, $34,000. Credit sales are collected as follows: 10% in the month of sale, 65% in the first month after sale, 23% in the second month after sale, and 2% is uncollectible. How much cash can Justin expect to collect in November as a result of current and past credit sales
Answer:
Total Cash to collect in November is $34,110.
Explanation:
To determine how much cash can Justin expect to collect in November, we prepare a Trade Receivables Budget.
Trade Receivables Budget
September October November
Balance b/d $0 $24,300 $40,950
Credit Sales $27,000 $38,000 $32,000
Cash Received - 10% ($2,700) ($3,800) ($3,200)
Cash Received - 65% $0 ($17,550) ($24,700)
Cash Received - 23% $0 $0 ($6,210)
Balance c/d $24,300 $40,950 $38,840
Therefore,
Total Cash to collect in November is $34,110 ($3,200 + $24,700 + $6,210).
Blossom Inc. uses the conventional retail method to determine its ending inventory at cost. Assume the beginning inventory at cost (retail) were $403500 ($604000), purchases during the current year at cost (retail) were $3608000 ($5393600), freight-in on these purchases totaled $169500, sales during the current year totaled $4866000, and net markups were $424000. What is the ending inventory value at cost
Answer:
$1,012,696
Explanation:
The computation is shown below:
At Cost method:
Merchandise available for sale is :
= Beginning inventory + Purchases + Fright-in
= $403,500 + $3,608,000 + $169,500
= $4,181,000
At Retail method:
Merchandise available for sale:
= Beginning inventory + Purchases + Markups
= $604,000 + $5,393,600 + $424,000
= $6,421,600
Now
Ending inventory at retail is
= Retail - Markdowns - Net sales
= $6,421,600 - $0 - $4,866,000
= $1,555,600
Now
Cost to retail ratio is
= $4,181,000÷ ($4,866,000 + $1,555,600)
= 65.10%
And finally the ending inventory at cost is
= $1,555,600 × 65.10%
= $1,012,696
In 2017, Kerry Corp's financial statement showed accrued losses on disposal of unused plant facilities of $3,600,000. The facilities were sold in December 2018 and a $3,600,000 loss was recognized for tax purposes then. Also in 2018, Kerry Corp's paid $150,000 for a two-year life insurance policy for their CEO Kerry, and the company was the beneficiary. Assuming that the enacted tax rate is 35% in both 2017 and 2018.
Question: the amount reported as net deferred income taxes on Kerry's balance sheet at December 31, 2017 should be an asset or liability?
Answer:
$1,260,000 Asset
Explanation:
The amount that Kerry Corp should report is as follows:
Amount to be reported = $3,600,000 * 35% = $1,260,000 asset.
Deferred tax arises because of temporary differences which results in future deductible amount. Future deductible amount leads to reduce taxable income and will provide future economic benefits of the company.
Differential analysis can aid management in making decisions on a variety of alternatives, including whether to discontinue an un-profitable segment and whether to replace usable plant assets.
A. True
B. False
Budgeting, ethics, pharmaceutical company. Chris Jackson was recently promoted to Controller of Research and Development for BrisC or, a Fortune 500 pharmaceutical company that manufactures prescription drugs and nutritional supplements. The company’s total R& ; D cost for 2017 was expected (budgeted) to be $5 billion. During the company’s midyear budget review, Chris realized that current R& ; D expenditures were already at $3.5 billion, nearly 40% above the midyear target. At this current rate of expenditure, the R& ; D division was on track to exceed its total year-end budget by $2 billion!
In a meeting with CFO Ronald Meece later that day, Jackson delivered the bad news. Meece was both shocked and outraged that the R&D spending had gotten out of control. Meece wasn’t any more understanding when Jackson revealed that the excess cost was entirely related to research and development of a new drug, Vyacon, which was expected to go to market next year. The new drug would result in large profits for BrisCor, if the product could be approved by year-end. Meece had already announced his expectations of third-quarter earnings to Wall Street analysts. If the R&D expenditures weren’t reduced by the end of the third quarter, Meece was certain that the targets he had announced publicly would be missed and the company’s stock price would tumble. Meece instructed Jackson to make up the budget shortfall by the end of the third quarter using "whatever means necessary." Jackson was new to the controller’s position and wanted to make sure that Meece’s orders were followed. Jackson came up with the following ideas for making the third-quarter budgeted targets:
1. Stop all research and development efforts on the drug Vyacon until after year-end. This change would delay the drug going to market by at least 6 months. It is possible that in the meantime a BrisCor competitor could make it to market with a similar drug.
2. Sell off rights to the drug Martek. The company had not planned on doing this because, under current market conditions, it would get less than fair value. It would, however, result in a one-time gain that could offset the budget shortfall. Of course, all future profits from Martek would be lost. Capitalize some of the company’s R&D expenditures, reducing R&D expense on the income statement. This transaction would not be in accordance with GAAP, but Jackson thought it was justifiable because the Vyacon drug was going to market early next year. Jackson would argue that capitalizing R&D costs this year and expensing them next year would better match revenues and expenses.
3. Referring to the "Standards of Ethical Behavior for Practitioners of Management Accounting and Financial Management,"
4. Which of the preceding items are acceptable to use? Which are unacceptable? What would you recommend Jackson do?
Answer:
BrisCor
Budgeting, ethics, pharmaceutical company
a. Referring to the "Standards of Ethical Behavior for Practitioners of Management Accounting and Financial Management,"
none of the preceding items are acceptable to use.
b. I would recommend Jackson to go ahead with the R&D throughout the year to ensure that the drug Vyacon was successfully brought to the market next year before the competitor. He can try to keep to the budget going forward. A budget remains a budget and not the actual. Budget overrun can result. What is important is its effectiveness in achieving business goals.
Explanation:
The announced expectations of third-quarter earnings to Wall Street analysts should not prevent the R&D on the drug Vyacon from continuing, provided Jackson is certain that the envisaged success would be attained. They remain expectations. They are not the actual results of operations for the year. Even if the company's stock price would tumble, it would still recover after the drug had received approval and gone to market, raking in large profits. After all, the projected increase in R&D cost might not result, and the drug Vyacon could be fully developed and ready for the market before year-end, thereby not exceeding its budget.
You are working as a communication specialist for BMW which is releasing a new luxury car in March 2021. BMW have already carried out a market survey and have already determined the price of the product and the targeted audience.
Now that your company have to start a sale campaign, you have been asked to elaborate with your team the communication strategy for conducting this campaign during spring and summer (From March to August).
Answer:
Here is the answer!
Explanation:
You are working as a communication specialist for BMW which is releasing a new luxury car in March 2021. BMW have already carried out a market survey and have already determined the price of the product and the targeted audience.
You are working as a communication specialist for BMW which is releasing a new luxury car in March 2021. BMW have already carried out a market survey and have already determined the price of the product and the targeted audience. Now that your company have to start a sale campaign, you have been asked to elaborate with your team the communication strategy for conducting this campaign during spring and summer (From March to August). Write your strategy in almost five pages
Big Fork Lumber Company incurs a cost of $402 per hundred board feet (hbf) in processing certain "rough-cut" lumber, which it sells for $540 per hbf. An alternative is to produce a "finished cut" at a total processing cost of $523 per hbf, which can be sold for $668 per hbf. Prepare a differential analysis dated August 9 on whether to sell rough-cut lumber (Alternative 1) or process further into finished-cut lumber (Alternative 2).
Answer and Explanation:
The preparation of the differential analysis is presented below:
Particulars Sell Rough cut Process Differential
(Alternative 1) Further into Effect on income
Finished cut (Alternative 2)
(Alternative 2)
Revenues
per 100 board feet $540 $668 $128
Cost per $100
Board ft -$402 -$523 -$121
Income
or loss
per 100 board $138 $145 $7
In the case when the product would get process further so there is an increase in revenue by $7
In the challenging world of retail sales, Macy's, Inc.'s (M's) revenues are declining while expenses are generally flat. Based on recent conversations with management at Macy's, analysts believe that dividends will decline at a rate of 7% perpetually. The firm just paid a dividend of $5.10 per share and the required return on the stock is 3%
a) At what price should a share of M stock sell today? (2 pts.)
b) Calculate what the stock should sell for 8 years from now. 12 pts.)
c) Briefly explain, perhaps with the aid of a single calculation, why an investor would still be interested in buying the stock today even though the stock price is predicted to fall acrosats time. (2 pts.)
Answer
a) Gordon's Constant Growth model : P0 = D1 / (r-g)
r = 3% =0.03 , g= -7% = -0.07 , D0 = $5.1
D1 = D0*(1+g)
D1 = 5.1*(1-0.07)
D1 = $4.743
P0 = 4.743/(0.03- (-0.07))
P0 = 4.743/0.10
P0 = $47.43
So, Stock M should sell at a price of $47.43 today
b) Price 8 years from now
==> P8 = D9/(r-g)
P8 = D0*(1+g)^9/(r-g)
P8 = 5.1* (1-0.07)^9 / (0.03- (-0.07))
P8 = 5.1*0.52041108298 / (0.03- (-0.07))
P8 = 2.65410
P8 = $26.54
c) Investor may want to buy the stock today for the Dividends. If the dividends paid are high enough, the present value of the dividends is also high and may more than compensate the fall in stock price. This type of stocks work and give cash flows like a project where the initial cashflows are higher and later cashflows are less because of market factors.
What strategies can we use to listen actively? Responses should include five techniques.
Answer:
1. Pay Attention
-Look at the speaker directly.
-Put aside distracting thoughts.
-Don't mentally prepare a rebuttal!
-Avoid being distracted by environmental factors. For example, side -conversations.
-"Listen" to the speaker's body language
2. Show That You're Listening
-Nod occasionally.
-Smile and use other facial expressions.
-Make sure that your posture is open and interested.
-Encourage the speaker to continue with small verbal comments like yes, and "uh huh."
3. Provide Feedback
-Reflect on what has been said by paraphrasing. "What I'm hearing is... ," and "Sounds like you are saying... ," are great ways to reflect back.
-Ask questions to clarify certain points. "What do you mean when you say... ." "Is this what you mean?"
-Summarize the speaker's comments periodically.
4. Defer Judgment
-Allow the speaker to finish each point before asking questions.
-Don't interrupt with counter arguments.
5. Respond Appropriately
-Be candid, open and honest in your response.
-Assert your opinions respectfully.
-Treat the other person in a way that you think she would want to be treated.
Explanation:
Mary saw a bangle bracelet at an accessories shop that she liked and told her friend Susan that the most she would pay for it was $38.00. When she found out the price was $33.50, she immediately bought it and gained $
nothing in consumer surplus. (Enter your response rounded to two decimal places)
If Mary was to buy another bangle bracelet, her additional consumer surplus would
▼
.
Answer:
$4.50 and =$9.00
Explanation:
Consumer surplus is the difference between what a consumer is willing to pay for a good or service and its market price.
i.e., Consumer surplus = maximum willing price - actual price
Mary is willing to pay $38.00, and the market price is $33.50 .
The consumer surplus = $38 - $33.50
=$4.50
If Mary buys a second bracelet, total consumer surplus would be
=$4.50 x 2
=$9.00
A Corporation produces shiny discs. A special order has been placed by the customer to Rick for 2,200 units of the shiny disc for $38 a unit. While the disc would be modified slightly for the special order, the normal unit product cost for each disc is $16.90:
Direct materials $ 4.60
Direct labor 4.00
Variable manufacturing overhead 1.70
Fixed manufacturing overhead 6.60
Unit product cost $ 16.90
Assume that direct labor is a variable cost. The special order would have no effect on the company's total fixed manufacturing overhead costs.
The customer would like modifications made to each disc that would increase the variable costs by $1.90 per unit and that would require an investment of $16,000 in special equipment that would have no salvage value.
This special order would have no effect on Rick Corp.'s other sales. The company has enough spare capacity for producing the special order.
What would be the annual financial advantage (disadvantage) for Rick as a result of accepting this special order?
a) $40,760
b) $15,700
c) $2,000
d) $16,200
Answer:
Rick Corporation
The annual financial advantage (disadvantage) for Rick as a result of accepting this special order is:
a) $40,760
Explanation:
a) Data and Calculations:
Special order for 2,200 units of shiny disc at $38 a unit
Normal product cost: Special order:
Direct materials $ 4.60 $ 4.60
Direct labor 4.00 4.00
Variable manufacturing overhead 1.70 1.70
Additional variable cost 1.90
Total variable costs $10.30 $12.20
Fixed manufacturing overhead 6.60 0
Investment in special equipment ($16,000/2,200) 7.273
Unit product cost $ 16.90 $19.473
Annual Financial Advantage (Disadvantage) for the special order:
Sales Revenue ($38 * 2,200) = $83,600
Variable costs ($12.20 * 2,200) 26,840
Contribution ($25.80 * 2,200) $56,760
Special equipment 16,000
Financial Advantage $40,760
Problems and Applications Q4 Suppose that the government imposes a tax on heating oil. True or False: The deadweight loss from this tax would likely be larger in the fifth year after it is imposed than in the first year as demand for heating oil becomes more elastic. True False The tax revenue collected from a tax on heating oil is likely to be in the first year after it is imposed than in the fifth year.
Answer:
TrueTrueExplanation:
The deadweight loss in the fifth year will indeed be higher in the fifth year than in the first because deadweight loss has been shown to increase with elasticity.
As demand becomes more elastic as a result of the oil becoming more expensive, tax revenue will decrease in future which means that tax revenue will be less in five years than in the first.
If a large, undiversified oil company used information technology in order to manage organizational coordination, it is likely trying to offset problems with
Answer: diseconomies of scale
Explanation:
Diseconomies of scale is a scenario that occurs when the growth of a particular company brings about an increase in the company's cost per unit. A rise in output in turn, leads to a rise in cost.
Therefore, if a large, undiversified oil company used information technology in order to manage organizational coordination, it is likely trying to offset problems with diseconomies of scale.
Wildhorse Co. took a physical inventory on December 31 and determined that goods costing $198,500 were on hand. Not included in the physical count were $25,000 of goods purchased from Waterway Industries, FOB, shipping point, and $26,000 of goods sold to Oriole Company for $30,000, FOB destination. Both the Waterway purchase and the Oriole sale were in transit at year-end.What amount should Wildhorse report as its December 31 inventory
Answer:
$249,500
Explanation:
Calculation for the amount that Sheridan should report as its December 31 inventory
Using this formula
December 31 inventory=Goods costing+Goods purchased +Goods sold
December 31 inventory=$198,500+$25,000+$26,000
December 31 inventory=$249,500
Therefore the amount that Sheridan should report as its December 31 inventory will be $249,500
Frankenstein Enterprises received two notes from customers for sales that Frankenstein made in 2021. The notes included: Note A: Dated 5/31/2021, principal of $135,000 and interest due 3/31/2022. Note B: Dated 7/1/2021, principal of $227,000 and interest at 8% annually, due on 4/1/2022. Frankenstein had accrued a total of $16,300 interest receivable from these notes in its 12/31/2021 balance sheet. The annual interest rate on Note A is closest to:
Answer:
9.17%
Explanation:
Interest on Note B = $227,000 * 8% * 6/12
Interest on Note B = $9,080
Remaining Interest = $16,300 - $9,080 = $7,220
Annual Interest Rate = $7,220 / $135,000 * 12/7
Annual Interest Rate = 0.0916825397
Annual Interest Rate = 9.16825397
Annual Interest Rate = 9.17%
We can express a firm in terms of a call/put option. In this context, the equity in the firm is like the (a) with its strike price being the face value of debt. From another perspective, stockholders position is equivalent to holding a portfolio of a long
2 position of the (b), a short position of the (c), and a long position of the (d). Which of the following has the correct answers for blanks (a)-(d) in that order?
A. futures on the firm; firm; put option on the firm; risk-free zero-coupon bond
B. put option on the firm; firm; call option on the firm; risk-free zero-coupon bond
C. call option on the firm; firm; put option on the firm; risk-free zero-coupon bond
D. put option on the firm; firm; risk-free zero-coupon bond; call option on the firm
E. call option on the firm; firm; risk-free zero-coupon bond; put option on the firm
Answer:
E. call option on the firm; firm; risk-free zero-coupon bond; put option on the firm
Explanation:
As we know that
If we add the stock price and the put i.e. equivalent to the call and the risk free bond
In an equation form, it can be presented below
Put + stock price = call + PV(risk free bond)
So according to the above equation form, the option E is correct as it fits to the current situation given in the question
Hence, the correct option is E
And, the rest of the options are wrong
In deciding whether to drop or keep a product line, all of the following are relevant to the decision except: a. Whether dropping the product line today would eliminate future options for growth and expansion. b. Demand interdependencies across product lines of the company. c. The level of unavoidable fixed costs. d. Effect of the decision on overall company morale. e. The segment margin generated by the product line.
Answer:
c. The level of unavoidable fixed costs.
Explanation:
Product line in marketing is considered as a group of different products that are related to each other and often targets to the same thing. They are marketed and created under a single brand and sold by the same company. An example of it is product line hair care like shampoo, hair gel, hair wax, hair oil, etc.
Deciding a product lining is very essential to the organization. The growth and the expansion of the company depends upon the product lining of the future options. Therefore, dropping off a product line or keeping it should be decided properly. It also affects the overall morale of the company.
The relevant margin that is generated by the product line of the company should also be checked before deciding.
Boots Plus has two product lines: Hiking boots and Fashion boots. Income statement data for the most recent year follow: Total Hiking Fashion Sales revenue $520,000 $380,000 $140,000 Variable expenses 365,000 245,000 120,000 Contribution margin 155,000 135,000 20,000 Fixed expenses 81,000 40,500 40,500Operating income (loss) $74,000 $94,500 $(20,500)Assuming the Fashion line is discontinued, total fixed costs remain unchanged, and the space formerly used to produce the line is rented for per year, how will operating income be affected?A. Increase $157,000.B. Decrease $49,500.C. Increase $6,000.D. Increase $83,000.
Question Completion:
Assuming that the rent received from the Fashion line space is $40,500.
Answer:
Boots Plus
The operating income will be increased by $20,500.
Explanation:
a) Data and Calculations:
Boots Plus Income Statement before the discontinuation of Fashion line:
Total Hiking Fashion
Sales revenue $520,000 $380,000 $140,000
Variable expenses 365,000 245,000 120,000
Contribution margin 155,000 135,000 20,000
Fixed expenses 81,000 40,500 40,500
Operating income (loss) $74,000 $94,500 $(20,500)
Elimination of the Fashion line
Boots Plus Income Statement after the discontinuation of Fashion line::
Total
Sales revenue $380,000
Variable expenses 245,000
Contribution margin 135,000
Fixed expenses 81,000
Rent income 40,500
Operating income (loss) $94,500
There are 5,000 shares of $50 par value preferred stock outstanding l, and 25,000 shares of common stock outstanding. Preferred stock has an 8 percent guaranteed rate return. Dividends are declared of $1.25 per share of common stock, together with the guaranteed rate for preferred stock
Answer:
common shares: $31,250
preferred stocks: $20,000
Explanation:
There are 5000 outstanding preferred stocks with a par value of $50
The common shares are 25,000
Divided for preferred stock are at 8%
the actual dividends will be
=(8/100 x $50) x 5000
=$4 x 5000
=$20,000
Dividends for common shares are at $1.25 per share.
Total dividends = $1.25 x 25,000
=$31,250
Answer:
the answer above me is correct
Explanation:
i got it right
Pina Company began operations on January 2, 2019. It employs 10 individuals who work 8-hour days and are paid hourly. Each employee earns 11 paid vacation days and 7 paid sick days annually. Vacation days may be taken after January 15 of the year following the year in which they are earned. Sick days may be taken as soon as they are earned; unused sick days accumulate. Additional information is as follows.
Actual Hourly Wage Rate Vacation Days Used by Each Employee Sick Days Used by Each Employee
2019 2020 2019 2020 2019 2020
$11 $12 0 10 4 6
Pina Company has chosen not to accrue paid sick leave until used, and has chosen to accrue vacation time at expected future rates of pay without discounting. The company used the following projected rates to accrue vacation time. Year in Which Vacation Time Was Earned Projected Future Pay Rates Used to Accrue Vacation Pay 2019 $11.83 2020 12.76
Prepare journal entries to record transactions related to compensated absences during 2019 and 2020
Answer:
2019
Dr Salaries and wages expense 9,680
Cr Salaries and wages payable 9,680
Dr Salaries and wages expense 6,160
Cr Salaries and wages payable 6,160
Dr Salaries and Wages Payable 3,520
Cr Cash 3,520
2020
Dr Salaries and wages expense 10,560
Cr Salaries and wages payable 10,560
Dr Salaries and wages expense 6,720
Cr Salaries and wages payable 6,720
Dr Salaries and wages expense
800
Dr Salaries and wages payable 8,800
Cr Cash 9,600
Dr Salaries and Wages Expense 240
Dr Salaries and Wages Payable 5,520
Cr Cash 5,760
B. 2019 $10,410
2020 $12,175
Explanation:
(a) Preparation of journal entries to record transactions related to compensated absences during 2019 and 2020
2019
Dr Salaries and wages expense 9,680
Cr Salaries and wages payable 9,680
(10 employees * $11.00/hr. * 8 hrs./day * 11 days)
(Being to record accrue expense and liability for vacation)
Dr Salaries and wages expense 6,160
(10 employees * $11.00/hr. * 8 hrs./day * 7days)
Cr Salaries and wages payable 6,160
(Being to record accrue expense and liability for sick pay)
Dr Salaries and Wages Payable 3,520
Cr Cash 3,520
(10 employees * $11.00/hr. * 8 hrs./day*4 days)
2020
Dr Salaries and wages expense 10,560
(10 employees * $12/.00/hr. * 8 hrs./day * 11 days)
Cr Salaries and wages payable 10,560
(Being to accrue expense and liability for vacation)
Dr Salaries and wages expense 6,720
Cr Salaries and wages payable 6,720
(10 employees * $12.00/hr. * 8 hrs./day * 7 days)
(Being to record accrue expense and liability for sick pay)
Dr Salaries and wages expense
800
(9,600-800)
Dr Salaries and wages payable 8,800
(10 employees * $11.00/hr. X 8 hrs./day *10days)
Cr Cash 9,600
(10 employees * $12.00/hr. * 8 hrs./day X 10days)
(Being to record vacation time period))
Dr Salaries and Wages Expense 240
(10 employees * ($11-12) /hr. * 8 hrs./day * (7-4) last yr)
Dr Salaries and Wages Payable 5,520
(10 employees * $11.00/hr. * 8 hrs./day * (7-4) days) + (10 employees * $12.00/hr. * 8 hrs./day *(6-3) days)
=(2,640+2,880=5520)
Cr Cash 5,760
(10 employees * $12.00/hr. * 8 hrs./day * 6 days)
(Being to record sick leave paid)
B) Computation for the amounts of any liability for compensated absences that should be reported on the balance sheet at December 31, 2019, and 2020
1. December 31, 2019
10 employees * $11.83/hr. * 8 hrs./day * 11 days =$10,410
2. December 31, 2020
10 employees * $11.83/hr. * 8 hrs./day * 1 day =$946
Add: 10 employees * $12.76/hr. * 8 hrs./day * 11 days = 11,229
Total $12,175
($11,229+$946)
Therefore the amounts of any liability for compensated absences that should be reported on the balance sheet at December 31, 2019 will be $10,410 and 2020 will be $12,175
All of the following are true of Transportation EXCEPT: A. Transportation systems link geographically separated partners, facilities and customers B. Transportation facilitates the creation of time and place utility in the supply chain C. Transportation managers choose modes of transportation based only on cost D. Transportation has a major impact on company financial performance E. Transportation involves the physical movement of goods between origin and destination points
Answer:
C. Transportation managers choose modes of transportation based only on cost
Explanation:
Supply chain management can be defined as the effective and efficient management of the flow of goods and services as well as all of the production processes involved in the transformation of raw materials into finished products that meet the insatiable want and need of the consumers. Generally, the supply chain management involves all the activities associated with planning, execution and supply of finished goods and services to the consumers.
The fundamentals of supply chain management are best summed up as a strategic collaboration between multiple firms. These multiple firms include a company that is saddled with the responsibility of manufacturing, a wholesaler, and a retailer who typically sells the products to the customers or consumers.
Basically, these three (3) firms or individuals are required to collaborate with each other so as to meet the needs of the customers in a timely manner or fashion and at a fair price too.
Basically, in supply chain management, transportation plays a significant part in the movement of goods or services from the point of production to the end users or consumers.
Hence, all of the following are true of Transportation;
A. Transportation systems link geographically separated partners, facilities and customers
B. Transportation facilitates the creation of time and place utility in the supply chain
C. Transportation has a major impact on company financial performance
D. Transportation involves the physical movement of goods between origin and destination points
Supply chain management is termed as the effectiveness and efficiency of the management of the goods and services and the production involved in the process of the transformation of the goods and services from the raw materials.
The correct option is C. Transportation managers choose modes of transportation based only on cost.
Option C. Transportation managers choose modes of transportation based only on cost is wrong because the transportation or the transmission of the materials of the consumption is not as per the cost of it but as per the demand and the supply of the goods and services.
It is decided by the supply chain management that looks for the management of the supply of the goods and the services to the consumers for their satisfaction and their satisfaction.
To know more about the true statement of the transportation, refer to the link below:
https://brainly.com/question/14700258
On January 1, 2020, Novak Corp. had inventory of $56,500. At December 31, 2020, Novak had the following account balances.
Freight-in $4,800
Purchases 509500
Purchase discounts 8000
Purchase returns and allowances 2700
Sales revenue 807000
Sales discounts 6000
Sales returns and allowances 10,900
At December 31, 2020, Novak determines that its ending inventory is $66,500.
Required:
Compute Novak's 2020 gross profit.
Compute Novak's 2020 operating expenses if net income is $143,000 and thre are no nonoperating activities.
Answer:
Gross Profit ⇒ $296,500Operating expenses ⇒ $153,500Explanation:
Gross Profit;
= Net sales - Cost of Goods sold
Net sales = Sales revenue - sales discounts - sales returns and allowances
= 807,000 - 6,000 - 10,900
= $790,100
Cost of Goods sold
= Opening balance + Purchases + Freight-in - Purchase discounts - Purchase returns and allowances -closing balance
= 56,500 + 509,500 + 4,800 - 8,000 - 2,700 - 66,500
= $493,600
Gross Profit = 790,100 - 493,600
= $296,500
Operating Expense
Net Income = Gross profit - operating expenses
143,000 = 296,500 - operating expenses
Operating expenses = 296,500 - 143,000
= $153,500