Exercise 21-15 Direct materials and direct labor variances LO P2 The following information describes production activities of Mercer Manufacturing for the year.
Actual direct materials used 16,000 lbs. at $4.05 per lb.
Actual direct labor used 5,545 hours for a total of $105,355
Actual units produced 30,000
Budgeted standards for each unit produced are 0.50 pounds of direct material at $4.00 per pound and 10 minutes of direct labor at $20 per hour.
Compute the direct materials price and quantity variances
Answers
Answer:
Instructions are below.
Explanation:
Giving the following information:
Actual direct materials used 16,000 lbs. at $4.05 per lb.
Actual units produced 30,000
Budgeted standards for each unit produced are 0.50 pounds of direct material at $4.00 per pound.
To calculate the direct material price and quantity variance, we need to use the following formulas:
Direct material price variance= (standard price - actual price)*actual quantity
Direct material price variance= (4 - 4.05)*16,000
Direct material price variance= $800 unfavorable
Direct material quantity variance= (standard quantity - actual quantity)*standard price
Standard quantity= 30,000*0.5= 15,000
Direct material quantity variance= (15,000 - 16,000)*4
Direct material quantity variance= $4,000 unfavorable
Answer:
Direct materials price variance = $800 Unfavorable
Direct materials quantity variance = $4,000 Unfavorable
Explanation:
Direct materials price variance = Aq×Ap-Aq×Sp
= (16,000×$4.05) - (16,000×$4.00)
= $800 Unfavorable
Direct materials quantity variance = Aq×Sp - Sq×Sp
= (16,000×$4.00) - (30,000×0.50 pounds×$4.00 )
= $4,000 Unfavorable
Related Questions
Why are visually interesting effects, such as WordArt, to be used sparingly? How does understanding your intended audience’s expectations inform how and when you use a visual effect, such as WordArt? Would you approach using WordArt in the same way in a presentation directed to young adults and a presentation directed to business professionals?
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If the total cost function is given by TC=1500+20Q-3Q^2+Q^3, where Q stands for the
level of output produced so find The level of output that minimize marginal cost?
Answers
Q = 1 is the output level with the lowest marginal cost.
What is Marginal Cost?The cost of producing an additional unit of output or increasing production by one unit is referred to as marginal cost. It is calculated by dividing the change in output quantity by the change in total costs. To put it another way, it is the price of making one more unit of a good or service. In economics, margin cost is important because it helps businesses decide on production levels and pricing strategies. Firms are able to determine the most profitable production level by comparing the marginal cost to the marginal revenue.
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(Economics)
In an essay of at least two well-developed paragraphs, explain the global benefits of international trade and multinational corporations.
Answers
International trade refers to the exchange of goods and services across national borders. It plays a significant role in promoting economic growth and providing several global benefits.
One of the primary advantages of international trade is that it allows countries to specialize in producing goods and services in which they have a comparative advantage. This means that countries can focus on producing goods that they can produce more efficiently and at a lower cost compared to other countries. As a result, resources are allocated more efficiently, leading to increased productivity and higher standards of living.Furthermore, international trade enables countries to access a wider variety of goods and services that may not be available domestically. This increases consumer choices and provides opportunities for individuals to enjoy a higher quality of life. For example, consumers in a landlocked country can still enjoy fresh seafood by importing it from coastal countries. Similarly, individuals in colder climates can purchase tropical fruits from countries where they are grown.Multinational corporations (MNCs) also contribute to the global benefits of international trade. These are companies that operate in multiple countries, with business activities ranging from production to distribution. MNCs play a crucial role in facilitating international trade by establishing global supply chains, investing in foreign markets, and creating jobs. They bring capital, technology, and managerial expertise to host countries, which can lead to economic development and improved living standards.Moreover, MNCs often engage in research and development (R&D) activities, driving innovation and technological advancements. This can have far-reaching benefits for both the host country and the global economy. For instance, a multinational pharmaceutical company conducting R&D in a developing country may discover new drugs or medical treatments that can benefit people worldwide.In conclusion, international trade and multinational corporations provide numerous global benefits. They promote specialization, resource allocation efficiency, and access to a wider variety of goods and services. Additionally, MNCs contribute to economic development, job creation, innovation, and technological advancements. Overall, international trade and MNCs play a crucial role in fostering economic growth and improving the well-being of individuals and nations around the world.
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O’Brien Industries Inc. is a book publisher.
The available-for-sale investments at cost and fair value on December 31, 20Y4, are as follows:
Issuing Company Cost Fair Value
Bernard Co. $38,250 $37,500
Chadwick Co. 65,520 63,770
$103,770 $101,270
The investment in Jolly Roger Co. stock represents 30% of the outstanding shares of Jolly Roger Co.
The following selected transactions occurred during 20Y5:
Jan. 2. Purchased $94,400 of Gozar Inc. 5%, 10-year bonds at 100. The bonds are classified as an available-for-sale investment. The bonds pay interest on June 30 and December 31.
June 30. Received interest for 6 months on the Gozar Inc. bonds purchased on January 2.
Oct. 1. Purchased $40,000 of Nightline Co. 6%, 10-year bonds at 100. The bonds are classified as an available-for-sale investment. The bonds pay interest on October 1 and April 1.
9. Dividends of $12,500 are received on the Jolly Roger Co. investment.
Dec. 31. Jolly Roger Co. reported a total net income of $112,000 for 20Y5, which O’Brien Industries Inc. recorded using the equity method.
31. Received interest for 6 months on the Gozar Inc. bonds purchased on January 2.
31. Accrued 3 months of interest on the Nightline bonds.
31. Adjusted the available-for-sale investment portfolio to fair value, using the following fair values:
Issuing Company Fair Value
Bernard Co. $34,650
Chadwick Co. 57,960
Gozar Inc. 98,560
Nightline Co. 39,200
For the year ending December 31, 20Y5, O’Brien Industries Inc. reported net income of $148,230 and paid no dividends.
Required:
The comparative unclassified balance sheets for December 31, 20Y4 and 20Y5 are provided below. Selected balances are missing. Determine the missing amounts. Use minus sign to indicate the negative amounts. Do not round interim calculations. Round final answers to nearest dollar.
O'Brien Industries Inc.
Partial Balance Sheets
December 31Investment in Jolly Roger Co. stock fill in the blank 5 $77,000
Answers
The missing amount in the Investment in Jolly Roger Co. stock account on December 31, 20Y4, is $31,900.
How to Solve the Problem?To decide the missing amount in the Investment in Jolly Roger Co. stock account, we need to resolve the likely information and undertakings.
We see that the Investment in Jolly Roger Co. stock represents 30% of the superior shares of Jolly Roger Co. We are more given that Jolly Roger Co. stated a total pay after deductions of $112,000 for 20Y5, which O'Brien Industries Inc. written utilizing the equity plan.
Let's reckon the missing amount gradual:
1. Start accompanying the balance at the beginning of the old age (December 31, 20Y4):
Investment in Jolly Roger Co. stock (December 31, 20Y4) = $?
We are likely that the fair value of the Jolly Roger Co. financing on December 31, 20Y4, is $101,270.
2. Add profits received all the while the old age:
Dividends received on the Jolly Roger Co. asset = $12,500
3. Add the share of pay after deductions recorded utilizing the impartiality method:
Share of Jolly Roger Co.'s pay after deductions (written using the impartiality system) = $112,000 × 30% = $33,600
4. Subtract the balance at the end of the period (December 31, 20Y5):
Investment in Jolly Roger Co. stock (December 31, 20Y5) = $77,000
Now, allow's calculate the absent amount:
Investment in Jolly Roger Co. stock (December 31, 20Y4) + Dividends taken on the Jolly Roger Co. investment + Share of Jolly Roger Co.'s pay after deductions - Investment in Jolly Roger Co. stock (December 31, 20Y5) = Missing amount
Using the likely information, we have:
(Blank) + $12,500 + $33,600 - $77,000 = $0
Solving for the blank, we receive:
(Blank) = $77,000 - $12,500 - $33,600
(Blank) = $31,900
Therefore, the missing amount in the Investment in Jolly Roger Co. stock account on December 31, 20Y4, is $31,900.
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(Process Analysis with Multiple Flow Units) Consider a process consisting of five
resources that are operated eight hours per day. The process works on three different products,
A, B, and C:
Demand for the three different products is as follows: product A, 40 units per day; product
B, 50 units per day; and product C, 60 units per day.
What is the bottleneck? What is the flow rate for each flow unit assuming that demand
must be served in the mix described above (i.e., for every four units of A, there are five units of B and six units of C)?
Answers
Answer: We can identify the bottleneck in the process by calculating the processing times for each product at each resource. Assuming that each resource can process one unit of a product per hour, we can use the following table to calculate the processing times
Explanation: Using the table, we can calculate the processing times for each product at each resource by adding up the time required for each resource to process one unit of the product. For example, the processing time for product A at resource 1 is 1 hour, resource 2 is 2 hours, and so on.
Based on the table, we can see that the bottleneck resource is resource 4, which has the longest processing time for all three products. The maximum capacity of the process is therefore limited by the capacity of resource 4, which operates for 8 hours per day.
We also need to determine the maximum flow rate for each flow unit, taking into account the demand mix specified in the problem. For every four units of product A, we need to produce five units of product B and six units of product C.
Given the demand mix and the maximum capacity of the bottleneck resource, we can calculate the maximum flow rates for each product as follows:
For product A, the flow rate is 40 units per day, or 5 units per hour (40/8). Since the processing time for product A at the bottleneck resource is 3 hours, the maximum flow rate for product A is 5/3 = 1.67 units per hour.
For product B, the flow rate is 50 units per day, or 6.25 units per hour (50/8). Since the processing time for product B at the bottleneck resource is 3 hours, the maximum flow rate for product B is 6.25/3 = 2.08 units per hour.
For product C, the flow rate is 60 units per day, or 7.5 units per hour (60/8). Since the processing time for product C at the bottleneck resource is 3 hours, the maximum flow rate for product C is 7.5/3 = 2.5 units per hour.
The technique used to conclude about the population on the basis of a sample is called
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10. Net Income (or Loss) and Retained Earnings
The following information is available from the records of Buena Vista Corp. at the end of the year:
Accounts payable $5,000 Landscaping revenues $24,000
Accounts receivable 4,500 Office equipment 7,500
Capital stock 8,000 Rent expense 6,500
Cash 12,000 Retained earnings, beginning of year 8,500
Dividends paid during the year 3,000 Salary and wage expense 12,000
Required:
Use the above information to answer the following questions.
1. What is Buena Vista's net income for the year?
$fill in the blank 1
2. What is Buena Vista's Retained Earnings balance at the end of the year?
$fill in the blank 2
3. What is the total amount of Buena Vista's assets at the end of the year?
$fill in the blank 3
4. What is the total amount of Buena Vista's liabilities at the end of the year?
$fill in the blank 4
5. How much owners' equity does Buena Vista's have at the end of the year?
$fill in the blank 5
6. What is Buena Vista's accounting equation at the end of the year?
= + $fill in the blank 9 = $fill in the blank 10 + $fill in the blank 11
Answers
To answer these questions, we will use the basic accounting equation: Assets = Liabilities + Owners' Equity. We will also use the formula for calculating net income: Revenues - Expenses = Net Income.
Net Income = Revenues - Expenses
Net Income = $24,000 - ($6,500 + $12,000)
Net Income = $24,000 - $18,500
Net Income = $5,500
So, Buena Vista's net income for the year is $5,500.
Retained Earnings (end of year) = Retained Earnings (beginning of year) + Net Income - Dividends
Retained Earnings (end of year) = $8,500 + $5,500 - $3,000
Retained Earnings (end of year) = $11,000
So, Buena Vista's Retained Earnings balance at the end of the year is $11,000.
Assets = Cash + Accounts Receivable + Office Equipment + Land
Assets = $12,000 + $4,500 + $7,500 + $0
Assets = $24,000
So, the total amount of Buena Vista's assets at the end of the year is $24,000.
Liabilities = Accounts Payable
Liabilities = $5,000
So, the total amount of Buena Vista's liabilities at the end of the year is $5,000.
Owners' Equity = Capital Stock + Retained Earnings
Owners' Equity = $8,000 + $11,000
Owners' Equity = $19,000
So, Buena Vista's has $19,000 of owners' equity at the end of the year.
Assets = Liabilities + Owners' Equity
$24,000 = $5,000 + $19,000
So, Buena Vista's accounting equation at the end of the year is $24,000 = $5,000 + $19,000.
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5. Patrice is creating a report that will contain financial information for each month in the last fiscal year, including
sales, cost of goods sold, fixed costs, variable costs, and scrap costs. This information is quantitative, and he doesn't
want to use a lot of space. What visual aid is best for this?
Answers
The best visual aid for creating a report that will contain financial information for each month in the last fiscal year, including sales, cost of goods sold, fixed costs, variable costs, and scrap costs will be a graph.
What is visual aid?Visual aids are visual elements such as graphics, photos, and video clips that are used in addition to audio information. Visual aids are selected according to their purpose of Summarize InformationDescriptive material, such as a movie, slide, or model, is designed to supplement plainly written or spoken information.Mainly visual aids such as charts, maps, models,educational films or film strips.it is the representation of the relationships between data, ideas, information, and concepts that is easy to understand and one of the most important learning strategies. This type of presentation is more effective for understanding and comparing data than a tabular format.Also, it helps to qualify, sort, and present your data in a way that is understandable to a wider audience. Charts allow us to explore of causal relationships between two variables through both time series and frequency distributions. Data from various surveys are charted using symbols such as lines in line charts, bars in bar charts, or slices in pie charts. This visual representation helps clarify, compare, and understand numerical data.to know more about visual representation refer here
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During 2018 Carlton network, inc. which designs network servers, earned revenues of $720 million
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Under accrual accounting, the amount of revenue that Farrison Network should report is $720 million.
Revenue reportedBased on the information given the amount of revenue that should be reported for the year is $720 million.
The reason why the amount of $720 million which is the revenue amount that Farrison earned was reported was simply because the principle of revenue states that regardless of when cash was collected revenue amount should be recorded or reported when it has been earned.
Inconclusion under accrual accounting, the amount of revenue that Farrison Network should report is $720 million.
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Your friend, Cindy Brady has come to your for advice. She graduated from college three years ago. She was hired right out of college by a firm she had interned with the summer before her senior year. Her salary is $50,000/year. She has health and dental insurance through her employer (premiums are deducted from paycheck). They also offer a 401(k) that she is eligible for. During college, she had always planned to begin contributing to a 401(k) with her first paycheck, but she was not eligible with this employer until she worked there for one full year. By the time she was eligible, she had purchased a new car, so still didn't begin contributing. She was able to pay her credit cards off, but shortly after that, she moved to a nicer (and more expensive) apartment with some friends, so she still doesn't seem to have any of her paycheck left, and still has not started saving for retirement. She knows that the longer she waits to begin saving, the harder it will be so she has come to you for advice on how she can get her budget under control and start saving. Cindy has previously written out her budget and expects to have almost $300 leftover that she would use to begin saving, but her savings accounts never seems to grow. Also, a few years ago Cindy found herself with rising credit card debt and she was beginning to have difficulty making even the minimum monthly payments. She made some spending changes and began making higher than minimum payments a few months ago and had reduced the balance somewhat, but they are taking longer to pay off than she expected.
Monthly Paycheck
Gross Salary 4,167
FICA Tax 319
Fed w/h 225
State w/h 80
Health Insurance 200
Dental Insurance 50
Net Paycheck 3,293
Budget
Paycheck 3,293
Less expenses:
Rent 1,200
Student Loan Payment 300
Auto Payment 300
Auto Insurance & Fuel 250
Utilities 350
Groceries 300
Misc Exp/Entertainment 300 3,000
Surplus 293
Statement Balances
Auto Loan 17,000
Student Loan 12,000
Credit Card Balance 2,500
Checking Account 1,500
Savings Account 500
Other Assets (Market Value)
Car 15,000
Personal Property 5,000
Cindy has tracked her spending using her checking account and credit card statements. Below are her ACTUAL average monthly expenses:
Rent 1,200
Student Loan Payment (income driven-plan) 140
Car Payment 400
Auto Insurance & Fuel 250
Renters Insurance 50
Food (groceries) 350
Utilities 350
Entertainment/Miscellaneous (including eating out) 500
Clothing 125
ATM withdrawals 160
Credit Card payment 100
(more than minimum, but doesn't pay in full)
Please answer these questions:
1) Assemble Cindy's net worth statement. Be sure to label categories, subcategories, and accounts as appropriate.
2) Assemble Cindy's monthly budget.
3) What is Cindy's net worth?
4) Current ratio?
5) Debt ratio?
6) What is Cindy's monthly surplus/deficit?
7) Is Cindy's monthly rent payment in-line with accepted recommendations? Explain.
8) Savings rate? (use gross income)
9) Is Cindy meeting her stated monthly budgeting goals? Support your answer.
10) If not, give at least two specific suggestions to correct this.
11) Is Cindy's emergency fund sufficient? If not, what amount should she be working towards?
12) Why is it taking Cindy so long to pay off her credit cards? (give at least 2 primary reasons)
13) Comment on Cindy's student loan repayment plan and any concerns or suggestions you have for her.
14) Since Cindy was not eligible for her company's 401(k) during her first year of employment, what could she have done to stick with her plan of beginning to save for retirement with her first paycheck?
THANK YOU
Answers
Answer:
Explanation:
can i get the answer
Promises Made in Consideration of Marriage. After twenty-nine years of marriage, Robert and Mary Lou Tuttle were divorced. They admitted in court that before they were married, they had signed a prenuptial agreement. They both acknowledged that the agreement had stated that each would keep his or her own property and anything derived from that property. Robert came into the marriage owning farmland, while Mary Lou owned no real estate. During the marriage, ten different parcels of land, totaling about six hundred acres, were acquired, and two corporations, Tuttle Grain, Inc., and Tuttle Farms, Inc., were formed. A copy of the prenuptial agreement could not be found.
Required:
Can the court enforce the agreement without a writing? Why or why not?
Answers
Answer:
Explanation:
From the question, we are informed about Promises Made in Consideration of Marriage. And After twenty-nine years of marriage, Robert and Mary Lou Tuttle were divorced. They admitted in court that before they were married, they had signed a prenuptial agreement.
In this case with the rest information from the question, that A copy of the prenuptial agreement could not be found, then the court cannot enforce the agreement without a writing Prenuptial agreements.
Reason behind this is that a Prenuptial agreements can only be enforced if it is writing.Prenuptial agreements is usually signed before two people marry each other, so in case of death or divorce in the future, the ownership of their asset would have been defined.
According to the Moral Choices textbook, Christian ethics blends both virtues and moral principles.
Answers
Christian ethics combines both principles and virtues. The Euthyphro paradox argues against God serving as the basis for morality. The basic normative framework of ethics presented in the Bible is comprised of the attributes of God's character and the instructions that flow from them.
What is virtue ethics and Christian ethics?
According to Christian virtue ethics, every Believer's primary purpose (telos) is to imitate Christ and so bring God honour via our sanctification. The ultimate goal of those who are not Christians is to glorify God.
One may contend, for instance, that although murdering is morally wrong, it is OK to kill one person if it means saving five others. Rather than using verbal logic, instinctive, emotive responses frequently guide moral judgements and decisions.
Theoretical ethics and applied ethics are the two primary subfields of ethical investigation. Understanding the nature of ethics, ethical language, and ethical reasoning are important topics in theoretical ethics.
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1. Some businesspeople believe that elimination agents and wholesalers reduce their operating expenses. Discuss the opportunity costs associated with eliminating intermediaries.
Answers
1. While eliminating intermediaries may result in reduced operating expenses, businesses need to weigh these savings against the associated opportunity costs. These costs may include the loss of expertise and value-added services, additional responsibilities and expenses, and reduced customer access to products.
Eliminating intermediaries such as elimination agents and wholesalers reduce operating expenses, but it also has associated opportunity costs that businesses need to consider. One of the primary costs is the loss of the expertise and value-added services that intermediaries offer to businesses and customers. Eliminating intermediaries may result in businesses taking on additional responsibilities and expenses such as marketing, distribution, and logistics.
This may result in the need for additional staff and resources to ensure that products reach customers on time. Furthermore, eliminating intermediaries may also result in reduced customer access to products, as intermediaries are often responsible for finding new markets and customer segments. In this case, businesses may need to invest additional resources to market and promote their products to reach new customers.
In conclusion, while eliminating intermediaries may result in reduced operating expenses, businesses need to weigh these savings against the associated opportunity costs. These costs may include the loss of expertise and value-added services, additional responsibilities and expenses, and reduced customer access to products.
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Selma Inc. is comparing several alternative capital budgeting projects as shown below.
Projects A B C
Initial Investment $40,000 $60,000 $80,000
Present value of cash inflows $60,000 $55,000 $100,000
Using the profitability index, rank the projects, starting with the most attractive.
Answers
Answer:
A
C
B
Explanation:
1.5
0.9
Match the design thinking stage to its description.
Question 14 options:
The design team creates multiple inexpensive versions of the product, known as minimum viable products (MVPs)
Spend time gaining an understanding by observing, engaging, and empathizing with customers to understand their experiences and their needs better
Analyze observations and information to identify the core problem
The design team comes up with solution ideas
The design team identifies any additional problems and refines the final solution before the final product is produced and released to customers
1.
Empathize
2.
Define
3.
Ideation
4.
Prototype
5.
Test
Answers
The design team creates multiple inexpensive versions of the product, known as minimum viable products (MVPs) - Prototype.
Spend time gaining an understanding by observing, engaging, and empathizing with customers to understand their experiences and their needs better - Empathize
Analyze observations and information to identify the core problem - Ideation
The design team comes up with solution ideas - Ideation
The design team identifies any additional problems and refines the final solution before the final product is produced and released to customers - Test
What is a Design thinking?Generally, a design thinking means the set of cognitive, strategic and practical procedures used by designers in the process of designing and to body of knowledge that has been developed about how people reason when engaging with design problems. A design thinking is also associated with the prescriptions for the innovation of products and services within business and social contexts.
The term "design thinking" is been used to refer to specific cognitive style, a general theory of design (which is way of understanding how designers work), and a set of pedagogical resources (through which organisations or inexperienced designers can learn to approach complex problems in a designerly way).
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The accountant for Murphy Company prepared the following analysis of its inventory at year end: Item Units Cost per Unit Net Realizable Value RSK-89013 550 $38 $44 LKW-91247 329 49 45 QEC-57429 462 25 33 Required: 1. Compute the carrying value of the ending inventory using the lower of cost or market method applied on an item-by-item basis. $ 2. Prepare the journal entry required to value the inventory at lower of cost or market. (Inventory adjustment to market value)
Answers
Answer:
1. $47,255
2. Dr Cost of goods sold account $1,316
Cr Inventory account $1,316
Explanation:
Please find attached detailed solution to the above questions and answers.
What is the purpose of accounting in society? Identify four kinds of external users and describe how they use accounting information. Identify three actual businesses that offer services and three actual businesses that offer products. What information is reported in an income statement? What does the concept of objectivity imply for information reported in financial statements? Why? Why is the revenue recognition principle needed? What does it demand? Describe the three basic forms of business organization and their key attributes. Define (a) assets, (b) liabilities, (c) equity, and (d) net assets. Identify the following users of accounting information as either an internal (I) or an exter- nal (E) user. _______ A. Shareholders _______ E. Purchasing manager _______ B. Creditors _______ F. Human resources director _______ C. Nonexecutive employee _______ G. Production supervisors _______ D. Research and development director _______ H. Distribution managers Indicate in which financial statement each item would most likely appear: income statement (I), balance sheet (B), statement of owner’s equity (OE), or statement of cash flows (CF). a. Assets d. Equipment g. Total liabilities and equity b. Revenues e. Withdrawals h. Cash from operating activities c. Liabilities f. Expenses i. Net decrease (or increase) in cash Provide an example of a transaction that creates the described effects for the separate cases a through g. a. Increases an asset and decreases an asset. e. Decreases an asset and decreases equity. b. Decreases an asset and decreases a liability. f. Increases a liability and decreases equity. c. Decreases a liability and increases a liability. g. Increases an asset and increases equity. d. Increases an asset and increases a liability Lena Gold began a professional practice on June 1 and plans to prepare financial statements at the end of each month. During June, Gold (the owner) completed these transactions: A. Owner invested $50,000 cash in the company along with equipment that had a $10,000 market value. B. The company paid $1,600 cash for rent of office space for the month. C. The company purchased $12,000 of additional equipment on credit (payment due within 30 days). D. The company completed work for a client and immediately collected the $2,000 cash earned. E. The company completed work for a client and sent a bill for $7,000 to be received within 30 days. F. The company purchased additional equipment for $8,000 cash. G. The company paid an assistant $2,400 cash as wages for the month. H. The company collected $5,000 cash as a partial payment for the amount owed by the client in trans- action e. I. The company paid $12,000 cash to settle the liability created in transaction c. J. Owner withdrew $500 cash from the company for personal use. Required Create a table using the following headings for columns: Cash; Accounts Receivable; Equipment; Accounts Payable; L. Gold, Capital; L. Gold, Withdrawals; Revenues; and Expenses. Then use additions and subtractions to show the effects of the transactions on individual items of the accounting equation. Show new balances after each transaction. The following are selected business transactions for business called W/o Mihret Company during its first year of operation. The assets and liabilities of White dry cleaners on December 1, 2016 of the current year are as follows: Cash Br.1,000, Accounts Receivable, Br.2,200, Supplies Br. 850, Equipment Br. 3,500, Land Br. 11,450. Accounts Payable, Br 4,030. A white dry cleaner is a sole proprietor owned and managed by W/o Mihret. Currently the building, and delivery truck, is being rented, pending expansion to new facilities. Another company at wholesale rates of does the company work of dry cleaning. Business transactions during December are summarized as follows. Received cash from customers for dry cleaning service Br. 4,928. Paid creditors on account Br. 1,755. Received cash from W/o Mihret as additional investment Br. 3,700. Paid rent for the month Br. 1,200. Charged customers for dry cleaning service delivered on account Br.1, 025. Purchased supplies on account, Br. 245 Received cash from customers on account Br. 2,000 Received a monthly bill for electricity for the month December(To be paid on January 2, Br. 1,635, Paid the following: Wages expense, Br. 850, Truck Expense, Br. 250, Utilities Expense, Br.325, miscellaneous expense.Br. 75 W/o Mihret the owner withdraws cash Br. 1,800 for her personal use. Determined by taking an inventory count, the cost of supplies used during the month Br. Required: Journalize the above transactions using General Journal. Post from Journa
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The purpose of accounting in society is to provide useful financial information about an organization that can be used by various stakeholders, including investors, creditors, management, government, and the public. Few of them are Record-keeping, Financial reporting, Decision-making, Compliance, Performance evaluation.
What is an income statement?Partners share profits and losses and are personally responsible for the debts and liabilities of the business. Partnerships are easy to form and are flexible in terms of management structure.
A single individual owns and runs the company in a sole proprietorship kind of structure. All the company's liabilities and debts are personally owed by the owner. This type of business is simple to establish and has few legal requirements.
Partnership: In a partnership, two or more persons share responsibility for the company's ownership and management.
Shareholders are not personally responsible for the debts and liabilities of the corporation. Corporations have more legal requirements and are more complex to form than sole proprietorships or partnerships.
(a) Assets: Resources owned by a business, such as cash, accounts receivable, inventory, property, and equipment.
(b) Liabilities: Debts owed by a business, such as accounts payable, loans, and taxes owed.
(c) Equity: The residual interest in the assets of a business after deducting liabilities. It represents the ownership interest of the owners or shareholders.
(d) Net assets: The difference between a company's total assets and total liabilities.
Users of accounting information:
A. Shareholders (E)
B. Creditors (E)
C. Nonexecutive employee (I)
D. Research and development director (I)
E. Purchasing manager (I)
F. Human resources director (I)
G. Production supervisors (I)
H. Distribution managers (I)
Financial statements:
Income statement (I): Reports a company's revenues and expenses over a specific period. Balance sheet (B): Reports a company's assets, liabilities, and equity at a specific point in time.
Therefore, Statement of owner's equity (OE): Reports the changes in a company's equity over a specific period. Statement of cash flows (CF): Reports a company's cash inflows and outflows over a specific period.
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In a binomial distribution, n = 4 and π=0.27 . Find the probabilities of the following events. (Round your answers to 4 decimal places.)
a. x = 2.
b. x ≤ 2.
c. x ≥ 3.
Answers
Answer:
Explanation:
a. Using the formula for the probability mass function of a binomial distribution:
P(x=2) = (4 choose 2) * (0.27)^2 * (0.73)^2 = 0.3185
b. Using the cumulative distribution function:
P(x ≤ 2) = P(x=0) + P(x=1) + P(x=2) = (4 choose 0) * (0.27)^0 * (0.73)^4 + (4 choose 1) * (0.27)^1 * (0.73)^3 + (4 choose 2) * (0.27)^2 * (0.73)^2 ≈ 0.7575
c. Using the complementary probability:
P(x ≥ 3) = 1 - P(x ≤ 2) = 1 - [(4 choose 0) * (0.27)^0 * (0.73)^4 + (4 choose 1) * (0.27)^1 * (0.73)^3 + (4 choose 2) * (0.27)^2 * (0.73)^2] ≈ 0.2425
choosing a computer that costs_______ instead of one that costs ________ means that you'll have less money available for other purchases. $1800;$1900. $1700; $1900. $1800; $1700. $1700; $1800
Answers
Answer:
$1800; $1700.
Explanation:
The scenario presented is that a customer had a choice between two computers. The client spent much money by opting for the high priced computer, leaving little for other requirements. The options will a high figure comes first in the equation. If the customer could have picked a low-priced computer, somebody would have selected the options that start with a relatively low figure followed by a high
Answer: 1800 1700
Explanation:
what are multiple ways a company can hold a competitive advantage over another company like apple or samsung.
Answers
Answer: here you go
Explanation:
There are multiple ways a company can hold a competitive advantage over other companies like Apple or Samsung. Here are some common strategies:
Product Differentiation: Offering unique features, designs, or functionalities in products or services that differentiate the company from competitors. This can include innovative technology, superior quality, or exclusive features.
Branding and Reputation: Building a strong brand identity and reputation in the market. A positive brand image can attract customers and create a sense of trust and loyalty.
Cost Leadership: Implementing efficient processes, economies of scale, and cost-effective operations to offer products or services at a lower price than competitors. This strategy aims to attract price-conscious customers.
Customer Service and Support: Providing exceptional customer service, timely support, and personalized experiences to enhance customer satisfaction. Building strong customer relationships can result in customer loyalty and repeat business.
Innovation and Research & Development: Investing in continuous research and development efforts to bring new and improved products or services to the market. Staying ahead of the competition through innovation can create a significant competitive advantage.
Supply Chain Management: Developing efficient supply chain networks to ensure timely delivery, cost-effective sourcing, and quality control. Streamlining the supply chain can result in cost savings and faster response times.
Marketing and Advertising: Implementing effective marketing and advertising strategies to create brand awareness, reach target audiences, and influence customer purchasing decisions.
Intellectual Property and Patents: Owning valuable intellectual property rights, such as patents, copyrights, or trademarks, that provide legal protection and prevent competitors from copying or replicating products or technologies.
Strategic Alliances and Partnerships: Collaborating with other companies, suppliers, or distributors to leverage complementary strengths, expand market reach, or gain access to new technologies or resources.
Talent and Human Resources: Attracting and retaining top talent, fostering a culture of innovation and excellence, and providing opportunities for employee growth and development. Skilled and motivated employees can contribute to a competitive advantage.
It's important to note that competitive advantages may vary depending on the industry, market dynamics, and specific business strategies. Companies often employ a combination of these strategies to differentiate themselves and gain an edge over their competitors.
Answer:
Explanation:
some information on how a company can hold a competitive advantage over another company like Apple or Samsung.
Innovation: Companies that are innovative and constantly come up with new products and services have a competitive advantage over their competitors. Apple, for example, is known for its innovative products like the iPhone and iPad.
Branding: A strong brand image can give a company a competitive advantage. Apple and Samsung are both well-known brands that have a loyal customer base.
Cost leadership: Companies that can produce goods at a lower cost than their competitors can offer lower prices to customers, giving them a competitive advantage. This is a strategy that companies like Walmart and Amazon use.
Customer service: Companies that provide excellent customer service can differentiate themselves from their competitors. This is an area where companies like Zappos and Nordstrom excel.
Distribution channels: Companies that have efficient distribution channels can get their products to customers faster and more efficiently than their competitors. Amazon, for example, has a vast distribution network that allows it to offer fast and reliable shipping to customers.
Overall, there are many ways a company can hold a competitive advantage over another company. It often comes down to finding a unique value proposition that sets them apart from their competitors.
Brainliest pls
Raymond Co. has $1.1 million of debt, $2 million of preferred stock, and $2.1 million of common equity. What would be its weight on preferred stock?
Answers
Answer:
0.3846
Explanation:
Given that :
Amount of debt = $1.1 million
Amount of preferred stock = $2 million
Amount of common equity = $2.1 million
Total value of company's finance funds :
(Amount of debt + Amount of Preffered stock + Amount of common equity)
(1.1 million + 2 million + 2.1 million)
= $5.2 million
Hence, weight on preferred stock:
Amount of preferred stock / total value of company's finance
$2 million / $5.2million
= 0.3846
Hence, weight of Preffered stock = 0.3846
Problem 4-54 (LO. 4, 5) Linda and Don are married and file a joint return. In 2020, they received $12,000 in Social Security benefits and $35,000 in taxable pension benefits and interest. The applicable higher/lower bases for Social Security computations for married filing jointly are $32,000 and $44,000. a. Compute the couple's adjusted gross income on a joint return. $fill in the blank 7fe2a4f7afc4f82_1 b. Don would like to know whether they should sell for $100,000 (at no gain or loss) a corporate bond that pays 8% in interest each year and use the proceeds to buy a $100,000 nontaxable State of Virginia bond that will pay $6,000 in interest each year. Assume that their marginal tax rate is 12%. Although the interest received on the state bond is , it still is in modified adjusted gross income, impacting the taxability of the Social Security benefit. Their AGI would be $fill in the blank c572caf67feefd0_3 . c. In the preceding situation part (a), if Linda works part-time and earns $30,000, by how much would Linda and Don's adjusted gross income increase
Answers
Answer:
The answer to this question can be defined as follows:
Explanation:
For point a:
Chargeable advantages to social welfare:
\(=0.5(\$35000+0.5(\$12000)-\$32000)\\\\ =0.5(9000)\\\\=\$4500\)
Pension benefits etc $35 thousand
Total AGI= \(\$39,500\)
For point b:
Additional revenue \((\$3,500-\$8,000) = \$27,000\)
Taxable \(SSB0.5(27000+\$6000+0.5\times 12000-\$32000)=\$3500\)
AGI = \(\$30,500\)
Less: AGI in (a) \((\$39,500)\)
Decrease \((\$9000)\)
Tax payers' financial income has been down by \(\$2000\), but taxable AGI is down by $9,000. The reduction of \(\$650(\$2000-\$9000\times 15 \%)\) with a \(15\%\)MTR after the tax income.
For point c:
The least of follows \(1). \ \ 0.85( \$65000+0.5 \times 12000-\$44000) = \$22950\)
Smaller than that one
Calculated amount with the first formula
Less:
\(0.5\times 12000 = \$6000\\\\0.5(\$65000+0.5 \times 12000-\$32000)= \$19500 \ \ or \ \ \$6000\\\\\$22950 +\$6000 = \$28950 \\\\2.0.85 \times 12000 = \$10200\)
That is why Linda and Don have \(85\%\)of their gross income from the SSB \(\$10200\).
The benefits of social security \(\$10200\)
Additional revenues \(=\$35000+\$30000 \ \ (addl.inc)= \$ 65000\)
AGI \(\$75,200\)
Less (a) AGI (\(\$39,500\))
Increases \(\$ 35,700\)
AGI growth exceeds earnings increases because more SSB is taxed.
What is the main problem here for technology companies?
Answers
Answer:
they lack appropriate tools
Explanation:
due to lack of money
Lack of ethics is the main problem for technology companies. So, option d. is correct.
Tech companies are actually experiencing a tricky and singular situation that Lack of ethics is the main challenge they are facing. As the tech industry continues to grow, especially after the covid 19, it is important for tech companies to be mindful of this issue and to take steps to address them.
for example, Data privacy and security. Tech companies have been criticized for their handling of user data, and for not doing enough to protect user privacy.
So, only lack of ethics is a common problem in technology companies. The correct option is d. lack of ethics.
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This is an incomplete question. so, probably the complete quetion is given below:
What is the main problem here for technology companies?
a. Hostile work environments
b.Poor growth
c.Ambiguous performance evaluations
d.Lack of ethics
e.Skewed employee demographics
A regulatory agency that protects workers is
A. OSHA
B. EPA
C. FDA
D. SEC
Answer- A. OSHA
Answers
Answer:Its A
Explanation:
Just took the quiz
Answer: A. OSHA
Explanation: This is the correct answer on Edge 2020 (just took the quiz and made a 100% ^-^).
Your grandmother is choosing between investing in two alternative securities. One
investment pays 4% simple interest, and the other pays 3.75% interest, compounded
annually. Both investments are for 10 years and are similar in every other way (i.e.
risk level). She is leaning towards the 4% investment because of the higher interest
rate. In your efforts to help her decide, how would you explain why the 3.75%
investment is the better choice?
Answers
The best way to explain why the 3.75% option is a better choice would be to show a demonstration which explains the concept of compound interest.
Show her an example using an investment of $100 for 10 years.
Investment using simple interest= Amount x ( 1 + rate x time)
= 100 x ( 1 + 4% x 10)
= $140
Investment using compound interest= Amount x ( 1 + rate) ^ number of periods
= 100 x ( 1 + 3.75%)¹⁰
= $144.50
The investment using compound interest yields more returns because the interest earned increases every year on account of the interest being reinvested. This is as opposed to simple interest that is the same every year.
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The following is an extract of Webee Ltd.’s balance sheet. What is its current ratio?
Particulars $
Cash 5,000
Accounts Receivable 5,000
Inventory 10,000
Prepayments 4,000
Long term Assets 100,000
Accounts Payable 2,000
Notes payable within 10 months 2,000
Wages Payable 4,000
Long term Liabilities 16,000
Stockholder's Equity 100,000
a. 2:1
b. 3:1
c. 6:1
d. 4:1
Answers
The current ratio of Webee Ltd is b. 3:1.The current ratio of Webee Ltd can be calculated by dividing its current assets by its current liabilities. Given that we have the company's balance sheet, we can easily find the current ratio.
Current assets are: Cash + Accounts Receivable + Inventory + Prepayments = $5,000 + $5,000 + $10,000 + $4,000 = $24,000Current liabilities are:
Accounts Payable + Notes payable within 10 months + Wages Payable = $2,000 + $2,000 + $4,000 = $8,000Now that we have both figures, we can calculate the current ratio as follows:
Current Ratio = Current Assets / Current Liabilities = $24,000 / $8,000 = 3:1.Therefore, the current ratio of Webee Ltd is b. 3:1.
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sandra would like to organize lab (a legal corporation) as either an s corporation or a c corporation for tax purposes. in either form, the entity is expected to generate an 8 percent annual before-tax return on a $775,000 investment. sandra's marginal income tax rate is 37 percent and her tax rate on qualified dividends and net capital gains is 20 percent. lab's income is not qualified business income (qbi), so sandra is not allowed to claim the qbi deduction. assume that lab will distribute all of its earnings after entity-level taxes every year. ignore the additional medicare tax and the net investment income tax when computing your answers.
Answers
The tax implications of organizing Lab as an S Corporation or a C Corporation would depend on the type of income generated by the corporation and the tax rates applicable to that income.
For an S Corporation, the business income is passed through to the shareholders, and they are taxed on their personal tax returns at their marginal tax rate. In this case, Sandra would be taxed on her share of Lab's income at a 37% marginal tax rate.
For a C Corporation, the business income is taxed at the corporate level before being distributed to the shareholders as dividends. The corporate tax rate is 21%, and the qualified dividends and net capital gains are taxed at a rate of 20% for individual taxpayers.
Assuming an 8% return on a $775,000 investment and ignoring entity-level taxes, the annual income would be $62,000. If Lab is organized as an S Corporation, Sandra would pay $22,940 in personal income taxes ($62,000 * 37%). If Lab is organized as a C Corporation, the corporate taxes would be $12,930 ($62,000 * 21%) and Sandra would pay $12,400 in individual taxes on the dividends received ($62,000 * 20%).
In this case, organizing Lab as an S Corporation would result in a higher tax liability for Sandra compared to organizing it as a C Corporation. However, the best option would depend on Sandra's personal financial situation and other factors, such as the type of income generated by the corporation and the tax implications of the different forms of business organization.
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Ruiz Engineering Contractors incurred employee payroll costs of $36,000 ($28,000 direct and $8,000 indirect) on an engineering project. The company applies overhead at a rate of 25% of direct labor cost. Record the entries to assign payroll liabilities and to apply overhead.
Answers
The entries are to assign payroll liabilities and apply the overhead given below.
What are entries?A transaction is formally recorded in an accounting entry. Most of the time, an accounting entry is made using the double-entry bookkeeping method, which necessitates the formation of both a debit and credit entry and ultimately results in the production of a full set of financial statements.
Service Contracts in Process: 36300 (Dr)
Operating Overhead: 10500 (Dr)
Service salaries and wages: (Cr) 46800
(To record service salary and wages)
Service Contracts in Process: 10164 (dr)
Operating Overhead: 10164 (cr)
Therefore, the entry is written above.
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5. John has two ATM transactions but only one of them has a fee (Interac). Why? ____________
Answers
Some of the reasons may be different ATM networks, Transaction details, different ATM cards, etc.
There can be several reasons why one of John's ATM transactions doesn't have a fee (Interac) while the other one does. A few of them are here:
Usage of Different ATM Networks: The two transactions might have been conducted using different ATM networks, hence why there was a fee for one and not for the other. Transaction details: The two ATM transactions might have been different or one might have crossed a limit and hence the charge. Usage of Different ATM cards: John might have used two different ATM cards, hence that's why he was charged a fee for one and not the other.Learn more about ATM transactions here:
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do you think legal sanction is fair and effective in business?
Answers
No, legal sanctions are not effective and fair in business. While supporters contend that sanctions have become more effective in recent years and continue to be an essential tool for foreign policy .
What Are Economic Sanctions?Economic sanctions have become the tool of choice for many policymakers to respond to major geopolitical issues like terrorism and conflict.
The removal of customary financial and trade ties for the purpose of foreign and security policy is known as economic sanctions. The U.S. embargo on Cuba, which has been in place for a very long time, is an example of a comprehensive type of sanctions. On the other hand, sanctions can be targeted and prevent transactions with specific businesses, organizations, or individuals.
critics claim that they are frequently poorly designed and rarely succeed in changing a target's behavior.
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