The Polaris Company uses a job-order costing system. The following transactions occurred in October: Raw materials purchased on account, $210,000. Raw materials used in production, $189,000 ($151,200 direct materials and $37,800 indirect materials). Accrued direct labor cost of $50,000 and indirect labor cost of $22,000. Depreciation recorded on factory equipment, $106,000. Other manufacturing overhead costs accrued during October, $130,000. The company applies manufacturing overhead cost to production using a predetermined rate of $9 per machine-hour. A total of 76,300 machine-hours were used in October. Jobs costing $514,000 according to their job cost sheets were completed during October and transferred to Finished Goods. Jobs that had cost $450,000 to complete according to their job cost sheets were shipped to customers during the month. These jobs were sold on account at 36% above cost. Required: 1. Prepare journal entries to record the transactions given above. 2. Prepare T-accounts for Manufacturing Overhead and Work in Process. Post the relevant transactions from above to each account. Compute the ending balance in each account, assuming that Work in Process has a beginning balance of $36,000.
Answers
Answer:
Required 1.
J1
Raw Materials $210,000 (debit)
Accounts Payable $210,000 (credit)
J2
Work In Process : Direct Materials $151,200 (debit)
Work In Process : Indirect Materials $37,800 (debit)
Raw Materials $189,000 (credit)
J3
Work In Process : Direct Labor $50,000 (debit)
Work In Process : Indirect Labor $22,000 (debit)
Salaries and Wages Payable $72,000 (credit)
J4
Work In Process : Depreciation $106,000 (debit)
Accumulated Depreciation $106,000 (credit)
J5
Overheads $130,000 (credit)
Cash $130,000 (debit)
J6
Work In Process $686,700 (debit)
Overheads $686,700 (credit)
J7
Finished Goods $514,000 (debit)
Work In Process $514,000 (credit)
J8
Cost of Goods Sold $450,000 (debit)
Finished Goods $450,000 (credit)
J9
Accounts Receivables $612,000 (debit)
Sales Revenue $612,000 (credit)
Required 2.
Manufacturing Overhead T - Account
Debit
Indirect Materials $37,800
Indirect Labor $22,000
Depreciation $106,000
Other Overheads $130,000
Over-applied (balancing figure) $390,900
Totals $686,700
Credit
Work In Process $686,700
Totals $686,700
Work in Process T - Account
Debit
Opening Balance $36,000
Direct Materials $151,200
Direct Labor $50,000
Overheads $686,700
Totals $923,900
Credit
Finished Goods $450,000
Closing Balance (Balancing figure) $473,900
Totals $923,900
Explanation:
Manufacturing costs accumulate in the Work In Process Account.
Note that only applied overheads are included in Work In Process Account.
Cost of Finished Goods are removed from Work In Process Account and recognized in the Finished Goods Account
Related Questions
Can you think of other ways ethics and corporate social responsibility information could be communicated in an engaging way?
Answers
An objective tone that isn't overly self-congratulatory or promotional is the best strategy for CSR communications. In your communications, be sincere and fair. That entails spreading more than simply good news.
What ethical and socially responsible practices do firms display?A firm can embrace social responsibility in a number of ways, including giving, encouraging volunteerism, using ethical hiring procedures, and making changes to the environment. For instance, businesses trying to minimize their environmental impact would try to cut back on waste and carbon emissions.
How are business ethics and corporate social responsibility related?Therefore, corporate social responsibility (CSR) is more focused on the corporation (or organization) and its obligations and behavior to other stakeholders in the larger social system, as opposed to business ethics, which is more focused on the role and responsibilities of managers and employees as business agents.
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00 For Market failures means that the market has not achieved its optimum production outcome. This means that it has not produced the correct quantity of goods and services. QUESTION 1 Conduct a research to any small business that is manufacturing goods in your community. Make an appointment to interview the owner for the purpose of collecting the information using the questionnaire below. 1.1 General information: ● Name of the firm / business Specify the type of goods or service ● ● Position of the person interviewed ● Date of the interview 1,2 Explain briefly the negative impact the following factors have in your business. (10) Lack of information: ● Price discrimination Immobility of factors of production with special reference to: Physical capital Structural changes ● ● (1) ● (1) (1) (1) [14] QUESTION 2: Interview 3-4 community members that reside near the business you have visited. 2.1 Ask them to name any TWO negative externalities and TWO positive externalities caused by the local business, (2 x 2) (4) 2.2 Request them to list any TWO characteristics of public goods. (2 x 1) (2) 2.3 Use the negative externality and positive externality graphs to explain the impact this business have to the society (10) [16]
Answers
The first step in researching a small business in your neighborhood is to find a suitable nearby manufacturing company.
Once you do, contact the manager or owner to arrange an interview. Gather general information during the interview, such as the name of the company or business, what types of products or services they provide, the interviewer's position, and the time and date of the interview.
Then, focus on the detrimental effects different situations can have on the company. Briefly describe the impact on business of informational gaps, price discrimination, immobility of production variables (with a focus on physical capital), and structural changes.
Interview three to four locals who live close to the establishment you just visited. Ask them to list two unfavorable and two beneficial externalities brought about by the neighborhood business. Ask them to add two properties of public goods to the list as well.
Finally, use the data from the interviews to create graphs showing the positive and negative externalities of business on society. These infographics will graphically describe the costs and benefits that the company's neighborhood has.
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What type of wave is sound?
A. Electromagnetic
B. Longitudinal
C. Transverse
D none of the above
Answers
Answer:
b longitudinal
Explanation:
it is b longitudinal. I just know
Answer:
Your answer is B
Explanation:
Sound waves in air (and any fluid medium) are longitudinal waves because particles of the medium through which the sound is transported vibrate parallel to the direction that the sound wave moves. A vibrating string can create longitudinal waves as depicted in the animation below.
In a(n) ________, managers and employees from across the firm work to understand the firm's strengths and weaknesses.
Answers
Answer:
HR scorecards
The following balances were extracted from the books of VE Enterprise on 31 December 2021.
Particular RM RM
Capital 50,000
Motor vehicles 90,000
Fixtures & fittings 48,500
Inventory as at 1 January 2021 32,200
Allowance for doubtful debts 500
Accumulated depreciations as at 1 January 2021:
Motor vehicles 16,000
Fixtures & fittings 10,400
3% fixed deposit 30,000
4% bank loan 50,000
Sales 199,070
Purchases 73,500
Sales returns 2,050
Purchases returns 2,120
Discount allowed 2,550
Discount received 2,830
Account receivables 37,700
Account payables 48,650
Carriage inwards 3,570
Interest received 450
Commission received 2,600
Salaries 16,100
Electricity bills 5,400
Custom duty on purchases 3,000
Insurances 450
Maintenance expenses 3,300
Drawing 2,300
Cash in hand 6,800
Cash at bank 25,200
Additional information:
1. Inventory as at 31 December 2021 18,180
2. Depreciation for the year ended 31 December 2021 has yet to be provided as follows:
a. Fixtures & fittings: 10% using straight line method
b. Motor vehicles:15% using reducing balance method.
3. Electricity bills was paid in advanced by RM500. Meanwhile RM400 commission are not
received yet.
4. One of the customers Amri Sport Enterprise was declare bankrupt and unable to pay the
debt amount RM700
5. The provision for doubtful debts is to be adjusted to 5% based on remaining account
receivables
6. Salaries are accrued by RM140.
3
7. ‘Purchases’ include goods valued at RM1,040 that were withdrawn by Azwin for her own
personal use.
Required:
a) Prepare Income Statement for the year ended 31 December 2021
(15 marks)
b) Prepare Statement of Financial Position as at 31 December 2021
Answers
a. The Income Statement for the year ended 31 December 2021 is RM80,360.
b. The Statement of Financial Position as at 31 December 2021 is RM206,645.
a) Income Statement for the year ended 31 December 2021:
Sales: RM199,070
Less: Sales returns: RM2,050
Net Sales: RM197,020
Cost of Goods Sold:
Opening Inventory: RM32,200
Purchases: RM73,500
Less: Purchases returns: RM2,120
Add: Carriage inwards: RM3,570
Goods Available for Sale: RM107,150
Less: Closing Inventory: RM18,180
Cost of Goods Sold: RM88,970
Gross Profit: RM197,020 - RM88,970 = RM108,050
Operating Expenses:
Discount allowed: RM2,550
Salaries: RM16,100 + RM140 = RM16,240
Electricity bills: RM5,400 - RM500 = RM4,900
Custom duty on purchases: RM3,000
Insurances: RM450
Maintenance expenses: RM3,300
Total Operating Expenses: RM30,340
Net Profit before Non-operating Items:
Gross Profit - Operating Expenses: RM108,050 - RM30,340 = RM77,710
Non-operating Items:
Interest received: RM450
Commission received: RM2,600 - RM400 = RM2,200
Total Non-operating Items: RM2,650
Net Profit before Tax:
Net Profit before Non-operating Items + Total Non-operating Items: RM77,710 + RM2,650 = RM80,360
b) Statement of Financial Position as at 31 December 2021:
Assets:
Non-current Assets:
Motor vehicles: RM90,000 - (RM90,000 * 15%) = RM76,500
Fixtures & fittings: RM48,500 - (RM48,500 * 10%) = RM43,650
Total Non-current Assets: RM120,150
Current Assets:
Inventory: RM18,180
Account receivables: RM37,700 - (RM37,700 * 5%) - RM700 = RM35,815
Prepaid electricity bills: RM500
Cash in hand: RM6,800
Cash at bank: RM25,200
Total Current Assets: RM86,495
Total Assets: RM206,645
Liabilities and Equity:
Equity:
Capital: RM50,000
Retained Earnings: RM80,360
Total Equity: RM130,360
Current Liabilities:
Account payables: RM48,650
Bank loan: RM50,000
Total Current Liabilities: RM98,650
Total Liabilities and Equity: RM206,645
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She wants a career that lets her travel to different companies and show workers there how to use complex software. Which term BEST describes Mara’s career goal? team-building specialist external trainer internal trainer cohesion specialist
Answers
The term that describes Mara’s career goal is to be an external trainer. Option (b) is correct.
What do you mean by cohesion specialist?Plan social cohesion activities centered around your neighborhood, ensuring the use of Do No Harm and conflict-sensitive strategies is a Cohesion specialist.
External training is distinguished by the possibility that the instructors have more extensive training backgrounds and more in-depth theoretical and practical knowledge. Employees can get a different perspective and learn about new methods thanks to external training, which also brings ideas from outside the organization.
Therefore, Option (b) is correct.
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Natalie had a very busy December. At the end of the month, after journalizing and posting the December transactions and adjusting entries, Natalie prepared the following adjusted trial balance.
COOKIE CREATIONS
Adjusted Trial Balance
December 31, 2021
Debit
Credit
Cash
$1,230
Accounts Receivable
910
Supplies
360
Prepaid Insurance
1,260
Equipment
1,200
Accumulated Depreciation—Equipment
$40
Accounts Payable
80
Salaries and Wages Payable
58
Interest Payable
15
Unearned Service Revenue
310
Notes Payable
2,100
Owner’s Capital
830
Owner’s Drawings
520
Service Revenue
4,623
Salaries and Wages Expense
1,046
Utilities Expense
130
Advertising Expense
170
Supplies Expense
1,065
Depreciation Expense
40
Insurance Expense
110
Interest Expense
15
$8,056
$8,056
Using the information in the adjusted trial balance, do the following.
(a1)
Prepare an income statement for the 2 months ended December 31, 2021. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
COOKIE CREATIONS
Income Statement
choose the accounting period
select an opening name for section one
enter an income statement item
$enter a dollar amount
select an opening name for section two
enter an income statement item
$enter a dollar amount
enter an income statement item
enter a dollar amount
enter an income statement item
enter a dollar amount
enter an income statement item
enter a dollar amount
enter an income statement item
enter a dollar amount
enter an income statement item
enter a dollar amount
enter an income statement item
enter a dollar amount
select a closing name for section two
enter a total amount for section two
select a closing name for this statement
$enter a total net income or loss amount
eTextbook and MediaAssistance Used
eTextbook 1
eTextbook 2
List of Accounts
Attempts: 0 of 3 used
(a2)
(a3)
(b)
(c)
Answers
The income statement for the 2 months ended December 31, 2021 is $2,047.
Income statementRevenue:
Service revenue (A) 4,623
Operating expenses:
Add: Salaries and wages expense 1,046
Add: Utilities expense 130
Add: Advertising expense 170
Add: Supplies expense 1,065
Add: Depreciation expense 40
Add: Insurance expense 110
Total operating expenses (B) 2,561
Operating income (C = A - B) 2,062
(4,623-2,561)
Less: Interest expense 15
Net income $2,047
Inconclusion the income statement for the 2 months ended December 31, 2021 is $2,047.
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It becomes easier for people to see their own opportunities for leader ship when they
Answers
Answer: stop equating leadership with greatness and public visibility
Explanation:
What are the specific characteristics that define the private enterprise system? How does this type of system encourage innovation? Provide an example that helps to illustrate this and explain.
Answers
Wrote off the following account is uncollectible compound entry Newburgh 7190 Bonneville 5500 code distributors 9400 filter optics 1100?
Answers
The compound journal entry for writing off uncollectible is:
Bad Debt Expense Dr. 23190
To Newburgh 7190
To Bonneville 5500
To code distributors 9400
To filter optics 1100
A journal entry with more than two accounts is referred to as a compound entry. If there are two or more debits, credits, or both, the entry is considered compound. For the same transaction, you can aggregate the debits and credits into a single entry rather than creating separate journal entries for each.
To write off an account as uncollectible. the journal entry is used is:
DR: Bad Debt Cost (for the uncollectible sum). Accounts Receivable (for the amount that cannot be collected).
Therefore, the uncollectible compound entry is passed for the given transaction.
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Apple introduced the iPad tablet in the year of
Answers
Answer:
SAN FRANCISCO—January 27, 2010—Apple® today introduced iPad, a revolutionary device for browsing the web, reading and sending email, enjoying photos, watching videos, listening to music, playing games, reading e-books and much more
1.) Name two alphabetic arrangements of subject records storage.
2.) Explain how the two arrangements are alike and how they differ?
Answers
Answer:
1.) An alphabetic listing of all subject titles used in the filing system
2.) Titles on the master index are used for filing and retrieving records
Please answer the question in the photo.
Answers
The type of companies that sell goods and services can be classified in different ways, such as:
Retail businesses: Sell products and services directly to consumers, such as clothing stores.Wholesale companies: They sell products to other companies, such as distributors of food products.Manufacturing companies: Produce goods for sale, like car manufacturers.Service companies: Provide services to businesses or consumers, such as banks.Professional businesses: Provide specialized services to clients, such as accounting firms.Nonprofit companies: Focused on social or environmental causes, such as charities.What are the pros and cons of retail?
As an example, department stores have the advantages of the diversity of products offered to customers, but they have high indirect costs and online competition. Specialty stores have a positive point in creating brand equity and a limited customer base as a disadvantage.
Therefore, to open a successful business, you must research more about business types and structures, conduct market research and develop a business plan with focused strategies aligned with the objective.
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Explain the meaning of environmental scanning. Illustrate with examples the
relevance of technological, political, economic, social, and regulatory environments
in the context of marketing strategy. How managers are involved in environmental
scanning?
Answers
Environmental scanning refers to the process of gathering and analyzing information about the external factors that can impact an organization's business environment.
Technological factors include advancements in technology, such as the rise of e-commerce, mobile applications, or automation, which can create new marketing channels or change consumer behaviors.
Political factors encompass government policies, regulations, and political stability that can impact marketing strategies. For example, changes in trade policies or regulations related to data privacy can influence international marketing activities.
Economic factors include economic conditions, such as inflation rates, exchange rates, or consumer purchasing power, which can affect consumer behavior and demand for products or services.
Social factors refer to societal trends, cultural norms, and consumer preferences that can influence marketing strategies. For instance, shifts in consumer values towards sustainability or increased focus on health and wellness can shape product development and advertising campaigns.
Regulatory factors involve laws and regulations that organizations must comply with, such as consumer protection laws or industry-specific regulations. These can impact marketing activities, advertising content, or product labeling.
Managers play a crucial role in environmental scanning. They are responsible for monitoring and analyzing the external environment, identifying relevant trends and potential opportunities, and making informed decisions based on the insights gained.
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Consider total cost and total revenue, given in the following table:
In the final column, enter profit for each quantity. (Note: If the firm suffers a loss, enter a negative number in the appropriate cell.)
Total Cost Marginal Cost
(Dollars)
Quantity (Dollars)
0
1
2
3
4
5
6
7
5
6
8
11
15
20
26
35
05
06
07
Total Revenue Marginal Revenue
(Dollars)
(Dollars)
0
6
12
18
24
30
36
42
AAAAAAA
Profit
(Dollars)
In order to maximize profit, how many units should the firm produce? Check all that apply.
04
Answers
The solution to the given question when we consider total cost and total revenue, given in the following table:
The Financial TableQuantity | Total Cost | Marginal Cost | Total Revenue | Marginal Revenue | Profit
------- | -------- | -------- | -------- | -------- | --------
0 | 5 | 5 | 0 | 0 | -5
1 | 11 | 6 | 6 | 6 | 1
2 | 17 | 6 | 12 | 6 | 5
3 | 24 | 7 | 18 | 6 | 4
4 | 31 | 8 | 24 | 6 | -7
5 | 39 | 8 | 30 | 6 | -9
6 | 47 | 8 | 36 | 6 | -11
7 | 55 | 8 | 42 | 6 | -13
As you can see, the firm's profit is maximized at quantity 3. This is because the marginal revenue is equal to zero at this point, which means that the firm is not making any additional profit by producing more units. In fact, if the firm produces more units, it will actually start to lose money.
Therefore, the answer to the question is 3.
In summary:
The firm's profit is maximized at quantity 3.This is because the marginal revenue is equal to zero at this point.If the firm produces more units, it will start to lose money.Therefore, the answer to the question is 3.Read more about marginal revenue here:
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One common advantage of a long-term investment is
higher return.
no risk.
higher liquidity.
no liquidity.
Answers
One common advantage of a long-term investment is higher return. Thus, option (a) is correct.
Investing over the is likely to result in significant wealth generation in the long run. Long-term investors also pay far less in tax than short-term traders.
Long-term investments do not require any modifications owing to short-term market swings. Long-term investing requires less time because investors do not need to monitor markets for modest swings on a regular basis.
As a result, the significance of the long-term investment are the aforementioned. Therefore, option (a) is correct.
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Which form of business having Unlimited liability?
a.
Sole proprietor business
b.
Corporate business
c.
None of the above
d.
Partnership business
Answers
Answer:
A
Explanation:
Within a sole proprietorship, the single business owner is subject to bankruptcy and even loosing personal belonging to debt if things go wrong. So this form has unlimited liability.
Which is the MOST LIKELY reason your auto insurance policy will be cancelled?
O You failed to pay your monthly premiums for the past 3 months.
O You have less than a 2.5 grade point average.
O You bought a really fast sports car.
O You receive your first ticket for making an illegal U-Turn.
Question 17
Answers
The most likely reason your auto insurance policy will be canceled if you failed to pay your monthly premiums for the past 3 months. The correct option is A.
The cancellation of an insurance policy is frequently caused by failure to pay premiums. In order to continue coverage, insurance companies require regular premium payments. If a policyholder frequently defaults on premium payments, the insurer may decide to cancel the policy.
For any reason, policyholders are free to revoke their motor insurance coverage at any moment. Furthermore, you are never required to terminate your policy once it has been in effect for its whole term.
Thus, the ideal selection is option A.
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Which of the following tools help you access your interest
A. Aptitude survey
B. Interest inventory
C. Career search
D. Skills assessment
Answers
Answer:
C. Career search
Answer:
Interest inventory
Sort the following scenarios into whether the change in quantity described is caused by a shift in the supply curve or movement along a supply curve.
a. Americans put up their gold and silver jewelry for sale as a result of rising prices
b. A local Fight Club supplies list of its premium quality soap as a result of lower prices
c. Amplitude decides to join the smartphone market
d. After discovering that flash steaming tuna first before using mechanical processes to extract meat removes more tuna flesh, more cans of tuna hit the shelves at all major groceries
Answers
Answer:
movement along a supply curve.
movement along a supply curve.
shift of the supply curve
shift of the supply curve
Explanation:
Only a change in the price of a good leads to a movement along the supply curve for that good. If price increases, there is a movement up along the supply curve and if prices decreases, there is a movement down along the supply curve. This is in line with the law of supply.
according to the law of supply, the higher the price, the higher the quantity supplied and the lower the price, the lower the quantity supplied.
Other factors other than changes in the price of the good leads to a shift of the supply curve. Such factors include :
A change in the number of suppliers a change in the price of substitute goodsA change in the price of factors used in the production process government regulationa. As a result of an increase in the price of gold, there is an increase in the supply of these items. this would lead to a movement up along the supply curve
b. Supply decreases as a result of lower prices. this leads to a movement down along the supply curve
c. there is an increase in the suppliers of smartphones. the supply curve would shift to the right
The answers have been sorted below
1. Americans put up their gold and silver jewelry for sale as a result of rising prices.
Movement along a supply curve2. A local Fight Club supplies list of its premium quality soap as a result of lower prices.
Movement along a supply curve3. Amplitude decides to join the smartphone market.
Shift along a supply curve4. After discovering that flash steaming tuna first before using mechanical processes to extract meat removes more tuna flesh, more cans of tuna hit the shelves at all major groceries.
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2. You are an adult employed in your favorite career. You earn $9.10 per
hour. Every hour over 40 per week you earn 1.5 times your current rate.
Based on the schedule listed below, how much money did you earn last
week.
Answers
Assuming you worked 50 hours last week, the total amount of money that you earned based on the work rate described above, is $825.
When you work for 40 hours in a week, you are normally paid $15 for each of those hours. This means that out of the 50 hours you worked, the normal salary you made was:
= Number of hours in week x Amount per hour
= 40 x 15
= $600
The total amount of hours you worked over 40 was:
= 50 - 40
= 10 hours
For these 10 hours, you are paid 1.5 your normal rate of $15 per hour which means that you made:
= 10 x 15 x 1.5
= $225
The total you made was therefore:
= Normal salary x Amount earned for working over 40 hours
= 600 + 225
= $825
In conclusion, you earned $825 last week.
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In your business plan, you note that investors can expect to gain 110 percent of their investment back after three years. The time frame here provides your:
Group of answer choices
turnover.
point-of-sale.
rate of return.
return on interest.
Answers
If in your business plan, you note that investors can expect to gain 110 percent of their investment back after three years. The time frame here provides your: C. rate of return.
What is rate of return?Rate of return can be defined as the gain or loss a person make on their investment and the rate of return is in a form of percentage.
In a situation where a person who invest his/her money into a business make a profit of 110% of the amount the person invested after two to three years this is called a rate of return.
Therefore the correct option is C.
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highlight four ways in which business risk may be classified
Answers
Answer:
Business risk usually occurs in one of four ways: strategic risk, compliance risk, operational risk, and reputational risk.
Explanation:
identify the ethical issue in context of the debate regarding market allocation of water resources
Answers
The primary ethical issue with regard to market allocation of water resources is the human disregard for the intrinsic value of water.
What are the ethical issues relating to Water?
The ethical issues relating to water are:
Controlling the loss and contamination of drinkable water is a major issue around the world because, given the current population growth rate, the rate of contamination or loss must not exceed the ability of the natural water source to cleanse itself.
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Define marketing and the marketing concept.
Answers
Answer:
Marketing is the process of getting the right goods or services or ideas to the right people at the right place, time, and price, using the right promotion techniques and also utilizing the appropriate people to provide the customer service associated with goods, services, or ideas...
Bank Reconciliation Statement is prepared
by:
Answers
Answer:
Customer of a bank or book keeper of the company
Explanation:
The statement belongs to the customer
Negative demand shocks to the economy can come from
A. increases in investment.
B. reductions in consumer demand.
C. Increases in government spending.
D. reductions in imports.
Answers
Settlement discount granted to creditworthy customers with a record of paying within terms in ifrs 15
Answers
Settlement discount is a disc-ount for prompt payment of invoice by the cust-omer. Let's say you sell some-thing for 1 000 on 30 day credit and you offer 3 % off if a cust-omer pays with in 10 days. Those 3% – or 30 in this case – is a settle-ment discount.
Both IFRS and ASPE account for discounts in a similar man-ner: discounts should be netted from Revenue amo-unts. They are not consi-dered Expenses, and should not be included in that cate-gory. So when we calc-ulate our Revenue figure, we should always deduct any sales disc-ount from this figure.
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6. Determine the estimated sales if 40 contacts are made. 17. FILE A recent article in Bloomberg Businessweek listed the "Best Small Compa- nies." We are interested in the current results of the companies' sales and earnings. A random sample of 12 companies was selected and the sales and earnings, in millions of dollars, are reported below. Company Papa John's International Applied Innovation Integracare Wall Data Davidson & Associates Chico's FAS X Sales Earnings ($ millions) ($ millions) $89.2 18.6 18.2 71.7 58.6 46.8 $4.9 4.4 1.3 Company Checkmate Electronics Royal Grip M-Wave Serving-N-Slide 8.0 6.6 Daig 4.1 Cobra Golf X M Sales Earnings ($ millions) ($ millions) $17.5 11.9 19.6. 51.2 28.6 69.2 $2.6 1.7 3.5 8.2 6.0 12.8 Let sales be the independent variable and earnings be the dependent variable. a. Draw a scatter diagram. b. Compute the correlation coefficient. c. Determine the regression equation. d. For a small company with $50.0 million in sales, estimate the earnings. orting in several rec
Answers
a The scatter diagram is attached .
b The correlation coefficient is 0.77. This indicates that there is a strong positive linear relationship between sales and earnings.
b The regression equation is y = 0.09x + 2.2. This equation can be used to predict earnings from sales.
d If a small company has $50.0 million in sales, the estimated earnings are $41.2 million.
How to explain the workingEnter the data into a spreadsheet.
Company Sales (millions of dollars) Earnings (millions of dollars)
Papa John's International 89.2 18.6
Applied Innovation 18.2 4.4
Integracare 71.7 1.3
Wall Data 58.6 4.9
Davidson & Associates 46.8 4.6
Chico's FAS 42.0 2.6
Checkmate Electronics 36.0 2.2
Royal Grip 30.0 1.7
M-Wave 24.0 1.5
Serving-N-Slide 18.0 1.3
Daig 12.0 1.1
Cobra Golf 6.0 0.8
Step 2: Use the "Scatter" function to create a scatter diagram.
The scatter diagram shows that there is a positive linear relationship between sales and earnings.
Use the "Correlation" function to calculate the correlation coefficient.
The correlation coefficient is 0.77. This indicates that there is a strong positive linear relationship between sales and earnings.
Use the "Regression" function to calculate the regression equation.
The regression equation is y = 0.09x + 2.2. This equation can be used to predict earnings from sales.
Substitute 50 for x in the regression equation to calculate the estimated earnings.
When x = 50, y = 0.09 * 50 + 2.2 = 41.2.
Therefore, if a small company has $50.0 million in sales, the estimated earnings are $41.2 million.
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A machine that cost $400,000 has an estimated residual value of $40,000 and an estimated useful life of 20,000 machine hours. The company uses units-of-production depreciation and ran the machine 3,000 hours in year 1, 8,000 hours in year 2, and 6,000 hours in year 3.
Answers
Answer:
The depreciation expense for year 1 is $54,000, for year 2 is $144,000, and for year 3 is $108,000.
Explanation:
To calculate the depreciation expense using the units-of-production method, we need to determine the depreciation rate per machine hour.
Step 1: Calculate the depreciable cost.
Depreciable cost = Cost of the machine - Residual value
Depreciable cost = $400,000 - $40,000
Depreciable cost = $360,000
Step 2: Calculate the depreciation rate per machine hour.
Depreciation rate per machine hour = Depreciable cost / Estimated machine hours of useful life
Depreciation rate per machine hour = $360,000 / 20,000 machine hours
Depreciation rate per machine hour = $18
Step 3: Calculate the depreciation expense for each year.
Year 1: 3,000 machine hours
Depreciation expense = Depreciation rate per machine hour * Hours in year 1
Depreciation expense = $18 * 3,000
Depreciation expense = $54,000
Year 2: 8,000 machine hours
Depreciation expense = Depreciation rate per machine hour * Hours in year 2
Depreciation expense = $18 * 8,000
Depreciation expense = $144,000
Year 3: 6,000 machine hours
Depreciation expense = Depreciation rate per machine hour * Hours in year 3
Depreciation expense = $18 * 6,000
Depreciation expense = $108,000
Therefore, the depreciation expense for year 1 is $54,000, for year 2 is $144,000, and for year 3 is $108,000.
Hope this helps!