There are different kinds of skills. One of the skills that most leads to success in the workplace is working well as part of a team.
It is very essential to note that when one work with others in a work place, it is good to depends on others sometimes and this can bee done through interaction.
Positive interactions in the workplace often increase good feelings, increase morale and boast work satisfaction. Success in the workplace is not based on intelligent you are or your qualifications.
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Assume that three identical units of merchandise are purchased during October, as follows: Units Cost October 5 Purchase 1 $ 5 12 Purchase 1 7 28 Purchase 1 9 Total 3 $21 Assume one unit is sold on October 31 for $15. Determine Cost of Merchandise Sold, Gross profit, and Ending Inventory under the FIFO method.
Answer:
Cost of merchandise sold = $5
Closing inventory=$16
Gross profit =$20
Explanation:
Under the FIFO system , inventories are priced using the price of the oldest batch in the stock, after which the price of the next oldest batch and this is done in turn. It is based on the principle that the first batch that arrives the store should be issued first.
Using the FIFO method of the perpetual inventory, the 1 unit sold by the company will be priced as follows:
1 units at a price of $5 = 1× $5= $5
Cost of merchandise sold = $5
Closing inventory = Total cost of golds in stock less the cost of goods sold
= 21 - 5= 16
Gross profit = Sales value - cost of goods sold
= $15-$5= $20
Cost of merchandise sold = $5
Closing inventory=$16
Gross profit =$20
Three magazines—Car Fancier, Automobeat, and Autos Illustrated—direct their messages at a similar target audience. The following data show the number of ad pages sold for each magazine last year:
Car Fancier: 337.5
Automobeat: 604
Autos Illustrated: 408.5
Calculate the percentage share Car Fancier has for the time period.
Answer: 25%
Explanation:
First find the total number of ad pages sold for all the magazines:
= 337.5 + 604 + 408.5
= 1,350 pages
Car Fancier has 337.5 pages out of that so their percentage share is:
= 337.5 / 1,350
= 25%
Friar's Corporation expects to sell 22,000 pool cues for $12 each. Direct materials costs are $3, direct manufacturing labor is $4, and manufacturing overhead is $0.84 per pool cue. The following inventory levels apply to 2019: Beginning inventory Ending inventory Direct materials 33,000 units 33,000 units Work-in-process inventory 0 units 0 units Finished goods inventory 1,400 units 2,500 units 21) On the 2019 budgeted income statement, what amount will be reported for cost of goods sold
Answer:
see explanation
Explanation:
Cost of goods sold = Opening Finished Goods + Cost of Goods Manufactured - Ending Finished Goods
Therefore apply the 22,000 to determine the Cost of Goods Manufactured and then the Cost of goods sold.
Should a room attendant share information with others about a guest if he/she thinks what the guest is doing is morally wrong?
Answer:
No, a room attendant should not share information with others about a guest if he/she thinks what the guest is doing is morally wrong.
Explanation:
Morality is a subjective issue. Even at that, what may be morally wrong can still be legal. Hence, there is no reason for a room attendant to share information with others about a guest if he/she thinks what the guest is doing is morally wrong.
For example, smoking shisha or drinking alcohol may be morally wrong to a room attendant, but it is legal for the guest to do in a guest house or hotel, hence the guest is within his rights to do so. Therefore, there is no need for a room attendant to inform others in as much it is legal.
How much interest (to the nearest dollar) would be saved on the following loan if the condominium were financed for 15 rather than 30 years? A $256,000 condominium bought with a 30% down payment and the balance financed for 30 years at 3.05%
Answer:
The interest saved is $49569.228 or $49569.
Explanation:
Total price of Condominium=$256,000
Downpayment=30% of total price=30%x$256,000= 76800
Amount Financed=Total Payment-Downpayment
Amount Financed=256000-76800=179200
Annual Interest rate=3.05%
Monthly interest rate =[tex]\frac{3.05\%}{12}[/tex]=0.25146%
The montly installment is calculated as follows:
[tex]M=\dfrac{P}{\dfrac{1-\left(\dfrac{1}{1+\dfrac{r}{100}}\right)^{nt}}{\dfrac{r}{100}}}[/tex]
Here
M is the montly installmentP is the amount financedr is the montly rate in percentagen is the number of yearst is the number of months in a yearCase 1 when the number of years is 30.
So the equation becomes
[tex]M=\dfrac{P}{\dfrac{1-\left(\dfrac{1}{1+\dfrac{r}{100}}\right)^{nt}}{\dfrac{r}{100}}}\\\\M=\dfrac{179200}{\dfrac{1-\left(\dfrac{1}{1+\dfrac{0.25146}{100}}\right)^{30*12}}{\dfrac{0.25146}{100}}}\\\\M=\dfrac{179200}{\dfrac{1-\left(\dfrac{1}{1+0.0025146}\right)^{30*12}}{0.0025146}}\\\\M=\dfrac{179200}{\dfrac{1-\left(\dfrac{1}{1.0025146}\right)^{30*12}}{0.0025146}}\\\\M=\dfrac{179200\times {0.0025146}}{1-\left(\dfrac{1}{1.0025146}\right)^{30*12}}\\M=\dfrac{450.61632}{0.59510 }\\M=\$757.2087[/tex]
So the total amount paid in installments is
[tex]T=M\times n\times t[/tex]
So the equation becomes
[tex]T=M\times n\times t\\T=757.2087\times 30\times 12\\T=\$272595.132[/tex]
So the interest is given as
[tex]I=T-P\\I=272595.132-179200\\I=\$93395.132[/tex]
So a total interest of $93395.132 is paid when the amount is financed for 30 years.
Case 2 when the number of years is 15.
So the equation becomes
[tex]M=\dfrac{P}{\dfrac{1-\left(\dfrac{1}{1+\dfrac{r}{100}}\right)^{nt}}{\dfrac{r}{100}}}\\\\M=\dfrac{179200}{\dfrac{1-\left(\dfrac{1}{1+\dfrac{0.25146}{100}}\right)^{15*12}}{\dfrac{0.25146}{100}}}\\\\M=\dfrac{179200}{\dfrac{1-\left(\dfrac{1}{1+0.0025146}\right)^{15*12}}{0.0025146}}\\\\M=\dfrac{179200}{\dfrac{1-\left(\dfrac{1}{1.0025146}\right)^{15*12}}{0.0025146}}\\\\M=\dfrac{179200\times {0.0025146}}{1-\left(\dfrac{1}{1.0025146}\right)^{15*12}}\\M=\dfrac{450.61632}{0.36368 }\\M=\$1239.0328[/tex]
So the total amount paid in installments is
[tex]T=M\times n\times t[/tex]
So the equation becomes
[tex]T=M\times n\times t\\T=1239.0328\times 15\times 12\\T=\$223025.904[/tex]
So the interest is given as
[tex]I=T-P\\I=223025.904-179200\\I=\$43825.904[/tex]
So a total interest of $43825.904 is paid when the amount is financed for 15 years.
The savings on interest if the condominium is financed for 15 years is given as
[tex]S=I_{30}-I_{15}\\S=93395.132-43825.904\\S=49569.228[/tex]
The interest saved is $49569.228 or $49569.
Crane, Inc. a manufacturer of gourmet potato chips, employs activity-based costing. The budgeted data for each of the activity cost pools is provided below for the year 2020.
Activity Cost Pools Estimated Overhead Estimated Use of Cost Drivers per Activity
Ordering and receiving $117,600 16,000 orders
Food processing 530,625 62,500 machine hours
Packaging 1,701,120 443,000 labor hours
For 2020, the company had 11,600 orders and used 50,900 machine hours, and labor hours totaled 490,000.
Required:
Calculate the overhead rates for each activity.
Answer:
Ordering and receiving = $7.35 per order
Food processing = $8.49 per machine hour
Packaging = $3.84 per labor hour
Explanation:
According to the scenario, computation of the given data are as follows,
We can calculate overhead rate by using following formula,
Overhead Rate = Estimated Overhead ÷ Estimated Use of Cost Drivers per Activity
So, by putting the value in the formula, we get
Overhead rate of Ordering and receiving = $117,600 ÷ 16,000 = $7.35 per order
Overhead rate of Food processing = 530,625 ÷ 62,500 = $8.49 per machine hour
Overhead rate of Packaging = 1,701,120 ÷ 443,000 = $3.84 per labor hour
Tara incorporates her sole proprietorship, transferring it to newly formed Black Corporation. The assets transferred have an adjusted basis of $290,000 and a fair market value of $300,000. Also transferred by Tara was $50,000 in liabilities, all related to the business. In return for these transfers, Tara receives all of the stock in Black Corporation.
a. Black Corporation has a basis of $241,000 in the property.
b. Black Corporation has a basis of $240,000 in the property.
c. Tara’s basis in the Black Corporation stock is $241,000.
d. Tara’s basis in the Black Corporation stock is $249,000.
e. None of the above.
Answer:
Black Corporation
e. None of the above.
Explanation:
a) Data and Calculations:
Adjusted basis of assets = $290,000
Fair market value of assets = $300,000
Liabilities transferred = $50,000
Black Corporation's basis = $250,000 ( $300,000 - $50,000)
Tara's basis in the Black Corporation = $240,000
b) According to U.S. Code 351, no gain or loss shall be recognized for Tara if property is transferred to Black Corporation by Tara solely in exchange for stock in Black Corporation, and immediately after the exchange, Tara comes into the control of Black Corporation.
Extreme Adventurer, an outdoor nature magazine, marketed to potential customers who recently purchased camping equipment and four-wheel drive trucks. At the end of its marketing message pitch, the magazine exclaimed, “Tired of sitting in front of your computer? Explore the exciting outdoor world of nature. Subscribe today!” What does this call to action have the potential to do?
Answer:
potential customers who recently purchased camping equipment and four-wheel drive trucks.
Explanation:
The call to action has a huge potential hidden in reaching out to the customers and making them call for outdoor nature and adventure. The magazine tries to catch the reader's attention by making claims such as tired of sitting in front of your computer. Those people who usually stay at home and are unable to move out due to some reason can use their purchased camping equipment and four-wheel-drive trucks.A credit signifies a decrease in
a. revenue
b. liabilities
c. assets
d. capital
Answer:
A
Explanation:
Desmond is 25 years old and he participates in his employer’s 401(k) plan. During the year, he contributed $3,000 to his 401(k) account. What is Desmond’s 2016 saver’s credit in each of the following alternative scenarios?
a) Desmond is not married and has no dependents. His AGI after deducting his 401(k) contribution is $34,000.
b) Desmond is not married and has no dependents. His AGI after deducting his 401(k) contribution is $17,500.
c) Desmond files as a head of household and has an AGI of $44,000.
d) Desmond and his wife file jointly and report an AGI of $30,000 for the year.
Answer: See explanation
Explanation:
The savers credit is mostly used to motivate taxpayers so that they'll contribute to their retirement plans.
a. Desmond is not married and has no dependents. His AGI after deducting his 401(k) contribution is $34,000.
In this case, there'll be no credit that's available for Desmond as he'll be all under files AGI and his maximum savers credit will be $0.
b) Desmond is not married and has no dependents. His AGI after deducting his 401(k) contribution is $17,500.
Since he's single and doesn't have dependents, and his AGI is $17500, therefore, the saver's credit of Desmond will be 50% of $2000 which will be:
= 50% × $2000.
= 0.5 × $2000
= $1000
c) Desmond files as a head of household and has an AGI of $44,000.
Here, his percentage of saver's credit will be 10% of $2000 because he AGI of $44,000 which falls between $30001 - $46125. Therefore savers income will be:
= 10% × $2000
= 0.1 × $2000
= $200
d) Desmond and his wife file jointly and report an AGI of $30,000 for the year.
Here, the saver's percentage used will be 50% of $2000 and this will be:
= 50% × $2000
= 0.5 × $2000
= $1000
Getaway Travel Company reported net income for 2021 in the amount of $68,000. During 2021, Getaway declared and paid $18,000 in cash dividends on its nonconvertible preferred stock. Getaway also paid $28,000 cash dividends on its common stock. Getaway had 58,000 common shares outstanding from January 1 until 28,000 new shares were sold for cash on July 1, 2021. A 2-for-1 stock split was granted on July 5, 2021. What is the 2021 basic earnings per share
Answer:
$0.35 per share
Explanation:
According to the scenario, computation of the given data are as follows,
Net income = $68,000
Preferred cash dividend = $18,000
So, we can calculate the basic earning per share by using following formula,
Basic Earning per share = ( Net income - Preferred cash dividend) ÷ Outstanding common shares
= ($68,000 - $18,000) ÷ [( 58,000 × 2) + (28,000 × 2 × 6/12)
= $50,000 ÷ [ 116,000 + 28,000]
= $50,000 ÷ 144,000
= $0.35 per share
Why is it important to reconcile your bank statements?
Answer:
hen you reconcile your business bank account, you compare your internal financial records against the records provided to you by your bank. A monthly reconciliation helps you identify any unusual transactions that might be caused by fraud or accounting errors, and the practice can also help you spot inefficiencies.
Explanation:
Answer:
When you reconcile your business bank account, you compare your internal financial records against the records provided to you by your bank. A monthly reconciliation helps you identify any unusual transactions that might be caused by fraud or accounting errors, and the practice can also help you spot inefficiencies.
On January 3, 2020, Hanna Corporation signed a lease on a machine for its manufacturing operation and the lease commences on the same date. The lease requires Hanna to make six annual lease payments of $12,000 with the first payment due December 31,2020. Hanna could have financed the machine by borrowing the purchase price at an interest rate of 7%. a. Prepare the journal entries that Hanna Corporation would make on January 3 and December 31, 2020, to record this lease assuming. i. the lease is reported as an operating lease. ii. the lease is reported as a finance lease. b. Post the journal entries of part a to the appropriate T-accounts. c. Show how the entries posted in part b would affect the financial statements using the financial statement effects template.
Answer:
Hanna Corporation
a. Journal entries that Hanna Corporation would make on January 3 and December 31, 2020 to record this lease assuming:
i. the lease is reported as an operating lease:
January 3, 2020: No journal entry
December 31, 2020:
Debit Lease Expense $12,000
Credit Cash $12,000
To record the payment for the operating lease.
ii. the lease is reported as a finance lease:
January 3, 2020:
Debit Right to Use Asset $57,198.48
Credit Lease Liability $57,198.48
To recognize the right to the leased asset and establish the related liability.
December 31, 2020:
Debit Lease Liability $7,996,11
Debit Interest Expense $4,003.89
Credit Cash $12,000
To record the payment for the lease liability and interest expense.
b. T-accounts;
Operating lease:
Cash Account
Date Account Titles Debit Credit
Dec. 31, 2020 Lease Expense $12,000
Lease Expense
Date Account Titles Debit Credit
Dec. 31, 2020 Cash $12,000
Finance Lease:
Right to Use Asset
Date Account Titles Debit Credit
Jan. 3, 2020 Lease Liability $57,198.48
Lease Liability
Date Account Titles Debit Credit
Jan. 3, 2020 Right to Use Asset $57,198.48
Dec. 31, 2020 Cash $7,996.11
Cash Account
Date Account Titles Debit Credit
Dec. 31, 2020 Lease Liability $7,996.11
Interest Expense $4,003.89
Interest Expense
Date Account Titles Debit Credit
Dec. 31, 2020 Cash $4,003.89
c. Financial Statement Effects:
Balance Sheet Income Statement Statement of
Assets = Liabilities + Equity Revenue-Expenses=Profit
a. Cash -$12,000
= Liabilities + Equity (Retained -$12,000 Operating activity
Earnings - $12,000) $12,000
b. Assets +$57,198.48
= Liabilities +$57,198.48
Cash -$12,000
= Liabilities -$7,996,11 + Equity -$4,003.89 Operating activity
(Retained earnings -$4,003.89) $4,003.89
Explanation:
a) Data and Calculations:
Lease for a manufacturing machine:
Annual lease payment = $12,000
Lease period = 6 years
Lease date = January 3, 2020
First payment date = December 31, 2020
Relevant interest rate = 7%
From an online financial calculator:
N (# of periods) 6
I/Y (Interest per year) 7
PMT (Periodic Payment) 12000
FV (Future Value) 0
Results
PV = $57,198.48
Sum of all periodic payments $72,000.00
Total Interest $14,801.52
Payment Schedule
Period PV PMT Interest FV
1 $57,198.48 $12,000.00 $4,003.89 $49,202.37
2 $49,202.37 $12,000.00 $3,444.17 $40,646.54
3 $40,646.54 $12,000.00 $2,845.26 $31,491.79
4 $31,491.79 $12,000.00 $2,204.43 $21,696.22
5 $21,696.22 $12,000.00 $1,518.74 $11,214.95
6 $11,214.95 $12,000.00 $785.05 $0.00
The Pines Company, which manufactures office equipment, is ready to introduce a new line of portable copiers. The following copier data are available:
Variable manufacturing cost $ 180
Variable selling and administrative cost 90
Applied fixed manufacturing cost 60
Allocated fixed selling and administrative cost 75
What price will the company charge if the firm uses cost-plus pricing based on total manufacturing cost and a markup percentage of 160%?
Answer:
$ 624
Explanation:
Given :
Variable manufacturing cost = $ 180
Applied fixed manufacturing cost = $ 60
Therefore, total manufacturing cost = 180 + 60
= $ 240
Mark up percentage = 160%
Price to be charged = 240 + 160% of 240
= 240 + 384
= $ 624
Your best friend Sue has always wanted to be an FBI agent for the U.S. government. However, because of the recent restructured changes in the FBI (due to the in creased terrorism threat), Sue is uncertain whether she wants to pursue an FBI career. She feels that the FBI does not provide as much career security as she once thought that it did. Sue is excellent with numbers, taxes, law, and communication.
Required:
a. Explain the purpose and mission of the CI Division.
b. Explain what other governmental agencies the CI Division works with.
c. Explain the requirements for an entry-level CI spe cial agent.
Answer:
Explanation:
a)
The purpose of Criminal Investigation Division, or popularly called the CI Division is to be able investigate tax related frauds, to bring to justice citizens who one way or the other do not file tax returns m(whether or not this is intentional) or those who refuse to pay their taxes or do not play complete taxes. Remember, paying of taxes is the civic responsibility of citizens. CI also looks into other cases that are related to money laundering crimes.
c)
One of the major requirements is a bachelor's degree and a minimum of at least three years of experience in high-level investigative work or even in criminology. This is what is required.
On January 1, 2019, the ledger of Whispering Winds Corp. contains the following liability accounts.
Accounts Payable $56,000
Sales Taxes Payable 8,800
Unearned Service Revenue 16,100
During January, the following selected transactions occurred.
Jan. 5 Sold merchandise for cash totaling $20,520, which includes 8% sales taxes.
12 Performed services for customers who had made advance payments of $11,500. (Credit Service Revenue.)
14 Paid state revenue department for sales taxes collected in December 2018 ($8,800).
20 Sold 900 units of a new product on credit at $50 per unit, plus 8% sales tax.
21 Borrowed $22,500 from Girard Bank on a 3-month, 8%, $22,500 note.
25 Sold merchandise for cash totaling $12,420, which includes 8% sales taxes.
Required:
Journalize the January transactions.
Answer:
Whispering Winds Corp.
Journal Entries:
Jan. 5 Debit Cash $20,520
Credit Sales Revenue $19,000
Credit Sales Taxes Payable $1,520
To record the sale of goods for cash, including 8% sales tax.
Jan. 12 Debit Unearned Service Revenue $11,500
Credit Service Revenue $11,500
To record service revenue earned.
Jan. 14 Debit Sales Tax Payable $8,800
Credit Cash $8,800
To record the payment of December Sales Taxes.
Ja. 20 Debit Accounts Receivable $48,600
Credit Sales Revenue $45,000
Credit Sales Taxes Payable $3,600
To record the sale of goods on credit, including sales tax of 8%.
Jan. 21 Debit Cash $22,500
Credit 8% Notes Payable (Girard Bank) $22,500
To record the borrowing of cash for a 3-month, 8%, note.
Jan. 25 Debit Cash $12,420
Credit Sales Revenue $11,500
Credit Sales Taxes Payable $920
To record the sale of goods for cash, including 8% sales tax.
Explanation:
a) Data and Calculations:
Liability account balances:
Accounts Payable $56,000
Sales Taxes Payable 8,800
Unearned Service Revenue 16,100
Analysis of January transactions:
Jan. 5 Cash $20,520 Sales Revenue $19,000 Sales Taxes Payable $1,520
Jan. 12 Unearned Service Revenue $11,500 Service Revenue $11,500
Jan. 14 Sales Tax Payable $8,800 Cash $8,800
Ja. 20 Accounts Receivable $48,600 Sales Revenue $45,000 Sales Taxes Payable $3,600
Jan. 21 Cash $22,500 8% Notes Payable (Girard Bank) $22,500 a 3-month, 8%, note.
Jan. 25 Cash $12,420 Sales Revenue $11,500 Sales Taxes Payable $920
On January 1, 2019, the stockholders' equity section of Green Mountains Corporation's balance sheet reported the following: Common stock, par $1, authorized 100,000 shares, issued 10,000 shares $10,000 Additional paid-in capital 150,000 Retained earnings 160,000 During 2019, the following selected transactions occurred (assume they occurred in the order given):
April 1 Issued a 10% stock dividend when the market price was $20. The stock dividend is considered small.
May 1 200 shares of treasury stock were purchased at $18 per share.
September 1 Announced 2 for 1 stock split
December 1 Declared and paid a cash dividend of $0.5 per share.
Required: Journalize all the transactions listed above for equity during 2019.
Answer:
Date Account Titles and Explanation Debit Credit
Apr 1 Retained earnings $20,000
[10000*10%]*$20
To common stock $1,000
{1000*$1]
To additional Paid-in-capital $19,000
-Common stock [1000*(20-1)
(To record stock dividends)
May 1 Cash $3,600
(200*$18)
To treasury stock $3,600
(To record purchase of treasury stock)
Sept 1 No entry
Dec 1 Retained earnings $10,800
[(10000+1000-200)*2]*$0.5
To cash $10,800
(To record declaration and payment of cash dividends)
XYZ Inc. is seeking an investment of $64,000 from your venture capital firm. After extensive economic analysis, you estimate that the exit value of the company will be $307,000 4 years from now. Because of the risk, you will only invest if you can generate of return of 14% per year on your investment. The founders want to have 100,000 shares of the company. What is the post-money valuation of the company
Answer:
$181,768.65
Explanation:
Post-money valuation = Exit value / (1 + Required return)^years
Post-money valuation = $307,000 / (1+14%)^4
Post-money valuation = $307,000 / (1.14)^4
Post-money valuation = $307,000 / 1.68896016
Post-money valuation = $181768.6451526482
Post-money valuation = $181,768.65
So, the post-money valuation of the company is $181,768.65.
Your client took a complete physical inventory count under your observation as of December 15 and adjusted the inventory control account (perpetual tory method) to agree with the physical inventory count. After considering the count adjust ments as of December 15 and after reviewing the transactions recorded from December 16 to December 31, you are almost ready to accept the inventory balance as fairly stated. However, your review of the sales cutoff as of December 15 and December 31 disclosed the following items not previously considered Sales Date Cost Price Shipped Billed Credited to Inventory Control $28,400 $36,900 12/14 12/16 12/16 39,100 50,200 12/10 12/19 12/10 18,900 21,300 1/2 12/31 12/31
Required: what adjusting journal entries, if any, would you make for each of these items? Explain why each adjustment is necessary. (AICPA adapted)
Answer:
The adjustments made are as attached in the excel sheet. As the goods are entered prior to shipment in the first item, the inventory control variation is to be made.
Explanation:
As the goods are shipped before taking the physical inventory, the inventory control is not made. As the shipment got prior to the physical inventory, the control amount is credited. However, the auditee credited Inventory Control for the cost of these goods on December 16, one of these two credits must be removed.
For the third item, similar situation happened where the inventory control is made.
what is human resource managment
Explanation:
Human resource management, or HRM, is defined as the process of managing employees in a company and it can involve hiring, firing, training and motivating employees.
An example of human resource management is the way in which a company hires new employees and trains those new workers.
noun
27
3
Answer:Human aid management is the strategic approach to the powerful management of people in a agency or corporation such that they assist their business gain a competitive benefit. it's far designed to maximise employee overall performance in provider of an corporation's strategic targets.
Explanation:
What is the relationship between organizational design and human resources?
Answer:
There is a clear relationship between organizational design and human resources. Thus, the main purpose of organizational design is to organize the human resources of a certain project or business, with the aim of maximizing the performance of each of the human components that are part of the organization.
Therefore, between organizational design and human resources there is a structural dependency relationship, by means of which human resources are organized and therefore function according to the organizational design proposed by the managers of the organization.
The following items were selected from among the transactions completed by Aston Martin Inc. during the current year:
Apr. 15 Borrowed $225,000 from Audi Company, issuing a 30-day 6% not for that amount.
May 1. Purchased equipment by issuing a $320,000, 180-day not to Spyder Manufacturing Co., which disconted the not at the rate of 6%.
15. Paid Audi Company the interest due on the note of April 15 and renewed the loan by issuing a new 60-day, 8% not for $225,000. (Record both the debit and credit to the notes payable account.)
July 14. Paid Audi Company the amount due on the note of May 15.
Aug. 16. Purchased merchandise on the account for Exige Do., $90,000, terms, n/30.
Sept. 15. Issued a 45-day, 6% not for $90,000 to Exige Co., on account.
Oct. 28. Paid Spyder Manufacturing Co. the amount due on the note of May 1.
30. Paid Exige Co. the amount owed on the not of September 15.
Nov. 16. Purchased store equipment for Gallardo Co. for $20,000 each, coming due at 30-day intervals. Dec. 16. Paid the amount due Gallardo Co. on the first note in the series issued on November 16.
28. Settled a personal injoury lawsuit with a customer for $87,500, to be paid in January. Aston Martin Inc. accrued the loss in a litigation claims payable account.
Instructions
1. Journalize the transactions.
2. Journalize the adjusting entry for each of the following accrued expenses at the end of the current year:
a. Product warranty cost, %$26,800.
b. Interest on the 19 remaining notes owed to Gallardo Co.
Question Completion:
November 16 - Purchased store equipment from Gallardo Co. for $450,000, paying $50,000 and issuing a series of twenty 9% notes for $20,000 each, coming due at 30-day intervals.
Answer:
Aston Martin, Inc.
Apr. 15 Debit Cash $225,000
Credit 6% Notes payable (Audi Company) $225,000
To record the amount borrowed by issuing a 30-day 6% note.
May 1. Debit Equipment $320,000
Credit 6% Notes Payable (Spyder Manufacturing Co.) $320,000
To record the purchase of equipment by issuing a $320,000, 180-day note at the rate of 6%.
May 15. Debit Interest expense $1,125
Credit Cash $1,125
To record the payment of interest on note.
May 15 Debit 6% Notes payable (Audi Company) $225,000
Credit 8% Notes payable (Audi Company) $225,000
To record the exchange of notes, by issuing a new 60-day, 8% note for $225,000
July 14 Debit 8% Notes payable (Audi Company) $225,000
Credit Interest expense $3,000
Credit Cash $228,000
To record the full settlement of note with interest.
Aug. 16. Debit Inventory $90,000
Credit Accounts payable (Exige Co.) $90,000
To record the purchase of merchandise on account, terms, n/30.
Sept. 15. Debit Accounts payable (Exige Co.) $90,000
Credit 6% Note Payable (Exige Co.) $90,000
To record the settlement of account by issuing a 45-day, 6% note to Exige Co.
Oct. 28. Debit 6% Notes Payable (Spyder Manufacturing Co.) $320,000
Debit Interest expense $9,600
Credit Cash $329,600
To record the settlement of notes with interest.
30. Debit 6% Note Payable (Exige Co.) $90,000
Debit Interest Expense $675
Credit Cash $90,675
To record the settlement of notes with interest.
November 16 Debit Store equipment $450,000
Credit 9% Note payable (Gallardo Co.) $400,000
Credit Cash $50,000
To record the issuing of a series of twenty 9% notes for $20,000 each, coming due at 30-day intervals.
Dec. 16. Debit 9% Note payable (Gallardo Co.) $20,000
Debit Interest expense $3,000
Credit Cash $23,000
To record the settlement of the first note with interest on all the notes.
Dec. 28. Debit Litigation Claims Loss $87,500
Credit Litigation Claims Payable $87,500
To record the litigation loss.
Explanation:
a) Data and Calculations:
Apr. 15 Cash $225,000 6% Notes payable (Audi Company) $225,000
, issuing a 30-day 6% note for that amount.
May 1. Equipment $320,000 6% Notes Payable (Spyder Manufacturing Co.) $320,000 by issuing a $320,000, 180-day note at the rate of 6%.
15. Interest expense $1,125 Cash $1,125
6% Notes payable (Audi Company) $225,000 8% Notes payable (Audi Company) $225,000
issuing a new 60-day, 8% not for $225,000
July 14. 8% Notes payable (Audi Company) $225,000 Interest expense $3,000 Cash $228,000
Aug. 16. Inventory $90,000 Accounts payable (Exige Co.) $90,000
, terms, n/30.
Sept. 15. Accounts payable (Exige Co.) $90,000 6% Note Payable (Exige Co.) $90,000 Issued a 45-day, 6% not for $90,000 to Exige Co., on account.
Oct. 28. 6% Notes Payable (Spyder Manufacturing Co.) $320,000 Interest expense $9,600 Cash $329,600
30. 6% Note Payable (Exige Co.) $90,000 Interest Expense $675 Cash $90,675
November 16 - Store equipment $450,000 9% Note payable (Gallardo Co.) $400,000 Cash $50,000
issuing a series of twenty 9% notes for $20,000 each, coming due at 30-day intervals.
Dec. 16. 9% Note payable (Gallardo Co.) $20,000 Interest expense $3,000 Cash $23,000
28. Litigation Claims Loss $87,500 Litigation Claims Payable$87,500
contribution marginJayleen Company makes two products: Carpet Kleen and Floor Deodorizer. Operating information from the previous year follows. Carpet Kleen Floor Deodorizer Units produced and sold 5,000 4,000 Machine hours used 5,000 2,000 Sales price per unit $ 7 $ 10 Variable cost per unit $ 4 $ 8 Fixed costs of $20,000 per year are presently allocated equally between both products. If the product mix were to change, total fixed costs would remain the same. The contribution margin per machine hour for Floor Deodorizer is:
Answer:
Contribution per machine hour = $4 per machine hour
Explanation:
The contribution per machine is the total contribution made divided by the total machine hours consumed.
Contribution per machine hour = Total contribution/Total machine hours
The total contribution made = Unit contribution × unit sold
unit contribution = selling price - variable cost
= 10-8= $2 per unit
Total contribution = $2× 4,000= $8,000
Total machine hour = 2,000
Contribution per machine hour= 8,000/2,000 = $4 per machine hour
Contribution per machine hour = $4 per machine hour
Digital Solutions Inc. uses flexible budgets that are based on the following data:
Sales commissions 6% of sales
Advertising expense 14% of sales
Miscellaneous administrative expense $8,500 per month plus 5% of sales
Office salaries expense $54,000 per month
Customer support expenses $18,000 per month plus 32% of sales
Research and development expense $75,000 per month
Prepare a flexible selling and administrative expenses budget for October for sales volumes of $500,000, $750,000, and $1,000,000.
Answer:
Digital Solutions Inc.
Selling and Administrative Expenses Budget for October:
Sales volumes $500,000 $750,000 $1,000,000
Selling expenses:
Sales commissions 6% $30,000 $45,000 $60,000
Advertising expense 14% 70,000 105,000 140,000
Customer support expenses:
Fixed 18,000 18,000 18,000
Variable 32% of sales 160,000 240,000 320,000
Total selling expenses $278,000 $408,000 $538,000
Administrative expenses:
Miscellaneous administrative expense:
Fixed 8,500 8,500 8,500
Variable 5% of sales 25,000 37,500 50,000
Office salaries expense 54,000 54,000 54,000
Research and
development expense 75,000 75,000 75,000
Total administrative exp. $162,500 $175,000 $187,500
Total $440,500 $583,000 $725,500
Explanation:
a) Data and Calculations:
Sales commissions 6% of sales
Advertising expense 14% of sales
Miscellaneous administrative expense $8,500 per month plus 5% of sales
Office salaries expense $54,000 per month
Customer support expenses $18,000 per month plus 32% of sales
Research and development expense $75,000 per month
Sales volumes of $500,000, $750,000, and $1,000,000
Sales volumes $500,000 $750,000 $1,000,000
Selling and administrative expenses:
Sales commissions 6% $30,000 $45,000 $60,000
Advertising expense 14% 70,000 105,000 140,000
Miscellaneous administrative expense:
Fixed 8,500 8,500 8,500
Variable 5% of sales 25,000 37,500 50,000
Office salaries expense 54,000 54,000 54,000
Customer support expenses:
Fixed 18,000 18,000 18,000
Variable 32% of sales 160,000 240,000 320,000
Research and
development expense 75,000 75,000 75,000
Total $440,500 $583,000 $725,500
Branch Adjustment account is in the nature of :
Real account
O Nominal account
Personal account
>
O None of these
Answer:
B. Nominal Account.
Explanation:
Branch accounting is a system of bookkeeping that uses a system of separate branch accounting. This branch is also known as the operating locations of an organization.
The account which uses branch adjustment accounting is a nominal account. The nominal account is the general ledger account that closes its account at the end of every year, using branch accounting.
Therefore, option B is correct.
how market forces would act to return the market to state of equilibrium at the new equilibrium position.
Answer:
market forces would shift upwards or downwards
Explanation:
during a situation of high demand, supply would shift to the right in order to achieve more sales or in a situation of high supply the demand can be shifted to the right by decreasing prices. At low supply demand can be shifted leftwards by increasing prices and when demand is lower, supply falls due to lower sales
Market factors would change to the upside or downside would act to return the market to state of equilibrium at the new equilibrium position.
What do you mean by equilibrium?When economic forces are in balance, there is said to be an economic equilibrium. In the absence of outside influences, economic variables essentially hold true to their equilibrium levels. Market equilibrium and economic equilibrium are two different concepts.
The set of economic factors that the economy is normally driven toward by supply and demand and other conventional economic processes is known as economic equilibrium.
The concept of economic equilibrium can also be used to describe a wide range of elements, including interest rates or overall consumer spending.
The point of equilibrium denotes a theoretical state of rest where all economic activities that "should" occur have actually happened, given the initial conditions of all significant economic variables.
Economists who think of economic processes as akin to physical phenomena like velocity, friction, heat, or fluid pressure draw the notion of equilibrium from the physical sciences. Nothing else changes once a system's physical forces are in equilibrium.
Learn more about equilibrium, here
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In preparing a company's statement of cash flows for the most recent year, the following information is available:
Loss on the sale of equipment $14,500
Purchase of equipment 150,000
Proceeds from the sale of equipment 131,000
Re-payment of outstanding bonds 89,500
Purchase of treasury stock 64,500
Issuance of common stock 98,500
Purchase of land 120,000
Increase in accounts receivable
during the year 45,500
Decrease in accounts payable
during the year 77,500
Payment of cash dividends 37,500
Net cash flows from investing activities for the year were:_____.
a. $262,000 of net cash used.
b. $228.500 of net cash provided.
c. $139,000 of net cash used.
d. $124,500 of net cash used.
e. $139,000 of net cash provided.
Answer:
c. $139,000 of net cash used.
Explanation:
Investing Activities shows results from Purchase or Sales of Assets or Investments.
Cash flow from Investing Activities
Purchase of equipment (150,000)
Proceeds from the sale of equipment 131,000
Purchase of land (120,000)
Net Cash used by Investing Activities (139,000)
Net cash flows from investing activities for the year were: ($139,000)
When the Federal Reserve decreases bank's reserves through an open-market operation: ____________
a. deposits increase, currency in circulation increases, and the monetary base remains the same.
b. the monetary base decreases, the money multiplier decreases, and the money supply increases.
c. loans increase, the federal funds rate rises, and the discount rate rises.
d. the monetary base decreases, loans decrease, and the money supply decreases.
Answer:
d. the monetary base decreases, loans decrease, and the money supply decreases.
Explanation:
In the case when the federal reserve reduce the reserve of the bank via open market operation so it would be resulted in decrease in the monetary base, reduction in the loan and the reduction in the money supply. Overall, all three things would be decrease
Therefore as per the given situation, the option d is correct
And the same would be relevant
The Federal Reserve Board in the United States of America's banking system. After a series of financial panics, the desire for central control of the monetary system to ameliorate debt meltdown led to the passing of the Federal Reserve Act on December 23, 1913.
The correct option is d. the monetary base decreases, loans decrease, and the money supply decreases.
When the Federal Reserve decreases a bank's reserve through an open market operation, the monetary base, loan volume, and money supply are all reduced. All three things would be reduced in total.
As a result, option d is right in the current situation.
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Production Budget and Direct Materials Purchases Budget
Jani Subramanian, owner of Jani's Flowers and Gifts, produces gift baskets for various special occasions. Each gift basket includes fruit or assorted small gifts (e.g., a coffee mug, deck of cards, novelty cocoa mixes, scented soap) in a basket that is wrapped in colorful cellophane. Jani has estimated the following unit sales of the standard gift basket for the rest of the year and for January of next year.
September 250
October 200
November 230
December 380
January 100
Jani likes to have 10% of the next month's sales needs on hand at the end of each month. This requirement was met on August 31.
Two materials are needed for each fruit basket:
Fruit 1 pound
Small gifts 6 items
The materials inventory policy is to have 10% of the next month's fruit needs on hand and 30% of the next month's production needs of small gifts. (The relatively low inventory amount for fruit is designed to prevent spoilage.) Materials inventory on August 31 met this company policy.
Required:
1. Prepare a production budget for September, October, November, and December for gift baskets. (Note: Round all answers to the nearest whole unit.)
Jani's Flowers and Gifts
Production Budget for Gift Baskets
For September, October, November, and December
September October November December
Sales
Desired ending inventory
Needed
Less: Beginning inventory production
Total
2. Prepare a direct materials purchases budget for the two types of materials used in the production of gift baskets for the months of September, October, and November. (Note: Round answers to the nearest whole unit.)
Jani's Flowers and Gifts
Direct Materials Purchases Budget
For September, October, and November
Fruit: September October November
Production
Pounds of fruit
Required for production
Desired ending inventory
Total needs
Less: Beginning inventory
Pounds purchased
Small gifts:
Production
Items required
Needed for production
Desired inventory
Total needs
Less: Beginning inventory
Items purchased
Answer:
Jani's Flowers and Gifts
1. Jani's Flowers and Gifts
Production Budget for September, October, November, and December for Gift Baskets:
Sept Oct. Nov. Dec.
Estimated sales units 250 200 230 380
Estimated ending inventory 20 23 38 10
Units available for sale 270 223 268 390
Beginning inventory 25 20 23 38
Production required 245 213 245 352
2. Jani's Flowers and Gifts
Direct Materials Purchases Budget
For September, October, and November
Sept Oct. Nov.
Fruit (1 pound):
Production requirement 245 213 245
Ending inventory: 21 25 35
Total needs 266 238 280
Beginning inventory: 25 21 25
Pounds purchased 241 217 255
Small Gifts (6 items each):
Production requirement 1,470 1,278 1,470
Ending inventory: 383 441 634
Total needs 1,853 1,719 2,104
Beginning inventory: 441 383 441
Items Purchased 1,412 1,336 1,663
Explanation:
a) Data and Calculations:
Sept Oct. Nov. Dec. Jan.
Estimated sales units 250 200 230 380 100
Estimated ending inventory 20 23 38 10
Units available for sale 270 223 268 390
Beginning inventory 25 20 23 38 10
Production required 245 213 245 352
Jani's Flowers and Gifts
Direct Materials Purchases Budget
For September, October, and November
Sept Oct. Nov. Dec.
Fruit 1 pound:
Production requirement 245 213 245 352
Ending inventory: 21 25 35 106
Total needs 266 238 280 458
Beginning inventory: 25 21 25 35
Pounds purchased 241 217 255 423
Small Gifts 6 items each:
Production requirement 1,470 1,278 1,470 2,112
Ending inventory: 383 441 634 1,899
Total needs 1,853 1,719 2,104 4,011
Beginning inventory: 441 383 441 634
Items Purchased 1,412 1,336 1,663 3,377
When donating non-cash items to a charity, which of the following is not
recommended?
Donating the items locally
Donating the items to non-local charities
Considering selling the items and donating cash instead
Determining whether or not the items you wish to donate are useful
Answer:
Considering selling the items and donating cash instead
Answer:
Considering selling the items and donating cash instead.
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