Answer:
1) Using the 3 qualitative forecasting methods
Executive opinions,
Delphi method,
Salesforce polling.
2) Using the 2 quantitative forecasting methods:-
The straight-line method,
The average approach.
Explanation:
1) Using the 3 qualitative forecasting methods
Executive opinions- In this method, he could seek subjective views from experts concerning his sales. this might be viewed on his purchasing, finance, and future sales. However, it's utilized in conjunction with other quantitative forecasting methods so as to realize the simplest forecasts.
Delphi method- He could question a gaggle of experts about their views individually. they are doing not meet to avoid manipulation in judgments. Forecasts during this case might be compiled and analyzed by an external observer and returned to the experts for further questioning.
Salesforce polling- he could use this approach whereby he reaches bent people that are in touch with the regular customers and who can correctly predict the trends of the customers' consumption so as to offer him insights on how and when to restock counting on demand. This method is sweet for future forecasting since it gives the expected consumption trends of the purchasers that would be employed by the owner to make a decision on the quantity of inventory to stock in the future.
2) Using the 2 quantitative forecasting methods:-
The straight-line method- This is the only method of calculating future sales supported past data. It involves the utilization of a straight-line equation this measures the expansion or future predictions in sort of percentages. Here, past data is collected and a few analysis is completed to work out the trend that customers might adopt in their subsequent purchases. once they're known, the forecast on increasing or decreasing the inventory is predicated on percentage increase or reduction respectively. for instance, once demand is forecasted to grow, the vendor will decide the share they might order to hide the rise in demand.
The average approach- Here, the owner of a business conducts a mean of the past sales they need to be made to customers over a selected period. the most assumption is that the longer-term forecast is that the average of the past data. Since the owner has been making overstocking and understocking methods, it's assumed that the type of the orders is adequate to the longer-term forecast. for instance, if the owner decided within the past to order 100 units of a specific product and therefore the customers demanded quite 100 units maybe 150 units, there's an understocking decision. The owner might plan to increase subsequent stock to 200 units and at this point, the purchasers only demand 175 units making him to possess more stock than it had been required. On learning this concerning the market, the owner then decides to conduct a mean and order 150 units to require care of the overstocking and under-stocking problems.
Erin, a shareholder of Finance Inc., demands the right to inspect corporate records to determine whether management has engaged in self-dealing that impacts the company. The firm refuses the request. On Erin’s challenge, a court is most likely to hold that her request constitutes:________
a. harassment.
b. unreasonable access to trade secrets and other confidential information.
c. a proper purpose.
d. potential abuse.
Answer:
c. a proper purpose.
Explanation:
Proper purpose is an action taken by a shareholder or member of a corporation that is reasonable related to his position or rights.
With the proper purpose rule there is a constraint on a director's autonomy within an organisation and it provides checks to excesses by the management team.
Erin demands the right to inspect corporate records to determine whether management has engaged in self-dealing that impacts the company.
As a shareholder she is enforcing proper right and the court will uphold this.
Convert each of the following estimates of useful life to a straight-line depreciation rate, stated as a percentage, assuming that the residual value of the fixed asset is to be ignored: (a) 4 years, (b) 8 years, (c) 10 years, (d) 16 years, (e) 25 years, (f) 40 years, (g) 50 years. If required, round your answers to two decimal places.
All-A-Buzz makes three products from a joint production process using honey. Joint cost for the process for the year is $221,760.
Per Unit Incremental
Units of Selling Price Processing Final Sales
Product Output at Split-Off Cost Price
Honey butter 18,000 4.00 $3.00 $6.00
Honey jam 36,000 6.40 4.00 14.00
Honey syrup 1,800 3.00 0.40 3.60
Each container of honey butter, jam, and syrup, respectively, contains 16 ounces, 8 ounces, and 3 ounces of product.
a. Determine which products should be processed beyond the split-off point.
b. Assume honey syrup should be treated as a by-product. Allocate the joint cost based on units produced, weight, and sales value at split-off. Use the net realizable value method in accounting for the by-product. (Round to nearest whole percentage.)
Answer:
All-A-Buzz Company
a. The products that should processed beyond the split-off point are Honey jam and Honey syrup.
b. Allocation of Joint Cost
Honey butter Honey jam Honey syrup Joint Cost
Units produced $71,535 $143,071 $7,154 $221,760
Weight $109,850 $109,850 $2,060 $221,760
Sales value at split-off $51,874 $165,996 $3,890 $221,760
Explanation:
a) Data and Calculations:
Joint cost for the year = $221,760
Per Unit Incremental
Units of Weight Selling Price Processing Final Sales
Product Output at Split-Off Cost Price
Honey butter 18,000 16 4.00 $3.00 $6.00
Honey jam 36,000 8 6.40 4.00 14.00
Honey syrup 1,800 3 3.00 0.40 3.60
Total 55,800
Cost based on units = $3.97
Units produced:
Honey butter = $71,535 ($221,760 * 18,000/55,800)
Honey jam = $143,071 ($221,760 * 36,000/55,800)
Honey syrup = $7,154 ($221,760 * 1,800/55,800)
Weight:
Honey butter = 288,000 (18,000 * 16)
Honey jam = 288,000 (36,000 * 8)
Honey syrup = 5,400 (1,800 * 3)
Total weight = 581,400
Honey butter = $109,850 ($221,760 * 288,000/581,400)
Honey jam = $109,850 ($221,760 * 288,000/581,400)
Honey syrup = $2,060 ($221,760 * 5,400/581,400)
Sales value at split-off:
Honey butter = $72,000 (18,000 * $4.00)
Honey jam = $230,400 (36,000 * $6.40)
Honey syrup = $5,400 (1,800 * $3.00)
Total sales value at split-off = $307,800
Honey butter = $51,874 ($72,000/$307,800 * $221,760)
Honey jam = $165,996 ($230,400/$307,800 * $221,760)
Honey syrup = $3,890 ($5,400/$307,800 * $221,760)
The products should be processed beyond the split-off point:
Part a)
The products that should be processed beyond the split-off point are :
Joint cost for the year = $221,760
Per Unit Incremental
Units of Weight Selling Price Processing Final Sales
Product Output at Split-Off Cost Price
Honey butter 18,000 16 4.00 $3.00 $6.00
Honey jam 36,000 8 6.40 4.00 14.00
Honey syrup 1,800 3 3.00 0.40 3.60
Total 55,800
Cost based on units = $3.97
Part b : Allocation of Joint Cost
Honey butter Honey jam Honey syrup Joint Cost
Units produced $71,535 $143,071 $7,154 $221,760
Weight $109,850 $109,850 $2,060 $221,760
Sales value at split-off $51,874 $165,996 $3,890 $221,760
Working notes :
Units produced:Honey butter = $71,535 ($221,760 * 18,000/55,800)
Honey jam = $143,071 ($221,760 * 36,000/55,800)
Honey syrup = $7,154 ($221,760 * 1,800/55,800)
Weight:
Honey butter = 288,000 (18,000 * 16)
Honey jam = 288,000 (36,000 * 8)
Honey syrup = 5,400 (1,800 * 3)
Total weight = 581,400
Honey butter = $109,850 ($221,760 * 288,000/581,400)
Honey jam = $109,850 ($221,760 * 288,000/581,400)
Honey syrup = $2,060 ($221,760 * 5,400/581,400)
Sales value at split-off:Honey butter = $72,000 (18,000 * $4.00)
Honey jam = $230,400 (36,000 * $6.40)
Honey syrup = $5,400 (1,800 * $3.00)
Total sales value at split-off = $307,800
Honey butter = $51,874 ($72,000/$307,800 * $221,760)
Honey jam = $165,996 ($230,400/$307,800 * $221,760)
Honey syrup = $3,890 ($5,400/$307,800 * $221,760)
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The Play It Again Sports chain carries all kinds of sports equipment at much lower prices than the typical sporting goods store. Typically, merchandise sold in the store has little, if any, wear. Being both a place for people to get rid of unwanted equipment and a source for people to buy affordable equipment and a source of new-to-you equipment,what is Play It Again Sports emphasizing? A) geographic lifestyles.B) public relations.C) the family life cycle.D) positioning.
Answer:
D) positioning.
Explanation:From the question we are informed about The Play It Again Sports chain who carries all kinds of sports equipment at much lower prices than the typical sporting goods store. Typically, merchandise sold in the store has little, if any, wear. Being both a place for people to get rid of unwanted equipment and a source for people to buy affordable equipment and a source of new-to-you equipment. In this case, Play It Again Sports is emphasizing positioning.
Positioning can be regarded as concept used by companies which involves association as well as development of a mental position in public consciousness concerning their brand as well as their products and services. minds of are usually been stuffed with different information, therefore it is important to choose a unique position in peoples mind.
Aziz company sells two types of products, Baste and Deluxe . The company provides technical support for users of its products at an expected cost of $150,000 per year. The company expects to process 10,000 customer service calls per year.
Required:
1. Determine the company's cost of technical support per customer service call.
2. During the month of January Aziz received 520 calls for customer service on its deluxe model and 220 calls for customer service on its basic model. Assign technical support costs to each model using activity based costing (ABC).
Answer:
1.$25
2. Deluxe $13,000
Basic $5,500
Explanation:
1. Calculation to determine the company's cost of technical support per customer service call.
Using this formula
Cost of technical support per customer service call = Expected cost / Expected customer service call
Let plug in the formula
Cost of technical support per customer service call = $150,000 / 10,000
Cost of technical support per customer service call = $25 per customer service call
Therefore the company's cost of technical support per customer service call is $25 per customer service call
2. Calculation to Assign technical support costs to each model using activity based costing
Model Activity Rate (a) Cost driver quantity incurred (b) Allocated Cost (a*b)
Deluxe $25 *520calls = $13,000
Basic $25* 220 calls = $5,500
Therefore the technical support costs assign to each model using activity based costing (ABC) is:
Deluxe $13,000
Basic $5,500
Consider adopting a cost-reducing technology that lowers annual production costs by $1000 per year (into perpetuity, starting in year 1). If your opportunity cost of time is captured by a discount rate of 5%, what is the present) value of adopting the technology?
Answer:
$20,000
Explanation:
Present Value of Perpetuity = Annuity / ( Interest rate-Growth rate). Where Annuity=1000, Interest rate=5%, Growth rate=0
Present Value of Perpetuity = $1,000/(0.05-0)
Present Value of Perpetuity = $1,000/0.05
Present Value of Perpetuity = $20,000
So, the present) value of adopting the technology is $20,000.
A bond with a face value of $1,000 has 10 years until maturity, carries a coupon rate of 7.3%, and sells for $1,170. Interest is paid annually.a. If the bond has a yield to maturity of 10.7% 1 year from now, what will its price be at that time? (Do not round intermediate calculations. Round your anser to nearest whole number.)b. What will be the annual rate of return on the bond? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places. Negative amount should be indicated by a minus sign.)c. Now assume that interest is paid semiannually. What will be the annual rate of return on the bond?Slightly greater than your part b answerSlightly less than your part b answerd. If the inflation rate during the year is 3%, what is the annual real rate of return on the bond? (Assume annual interest payments.) (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places. Negative amount should be indicated by a minus sign.)
Answer:
a. Price 1 year later = $810
b. Annual rate of return on the bond = -24.53%
c. Since -24.79% is lower than -24.53% obtained part b, this implies that annual rate of return is slightly less than our part b answer.
d. Annual real rate of return on the bond = -26.73%
Explanation:
a. If the bond has a yield to maturity of 10.7% 1 year from now, what will its price be at that time? (Do not round intermediate calculations. Round your answer to nearest whole number.)
This can be calculated as follows:
Price 1 year later = Coupon rate * Par value / Yield to maturity * (1 - 1 / (100% + Yield to maturity)^Years to maturity) + Par value / (100% + Yield to maturity)^Years to maturity = 7.3% * 1000 / 10.7% * (1 - 1 / (100% + 10.7%)^9) + 1000 / (100% + 10.7%)^9 = $810
b. What will be the annual rate of return on the bond? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places. Negative amount should be indicated by a minus sign.)
This can be calculated as follows:
Annual rate of return on the bond = (Price 1 year later + Coupon rate * Par value) / Price now - 1 = (810 + 7.3% * 1000) / 1170 - 1 = -24.53%
c. Now assume that interest is paid semiannually. What will be the annual rate of return on the bond?Slightly greater than your part b answer Slightly less than your part b answer
This can be determined as follows:
Price 1 year later = (Coupon rate / 2) * Par value / (Yield to maturity / 2) * (1 - 1 / (100% + (Yield to maturity / 2))^(Years to maturity * 2)) + Par value / (100% + (Yield to maturity / 2))^(Years to maturity * 2) = (7.3% / 2) * 1000 / (10.7% / 2) * (1 - 1 / (100% + (10.7% / 2))^(9 * 2)) + 1000 / (100% + (10.7% / 2))^(9 * 2) = $807
Annual rate of return on the bond = (Price 1 year later + Coupon rate * Par value) / Price now - 1 = (807 + (7.3% / 2) * 1000) / 1170 - 1 = -24.79%
Since -24.79% is lower than -24.53% obtained part b, this implies that annual rate of return is slightly less than our part b answer.
d. If the inflation rate during the year is 3%, what is the annual real rate of return on the bond? (Assume annual interest payments.) (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places. Negative amount should be indicated by a minus sign.)
This can be calculated as follows:
Annual real rate of return on the bond = (1 + nominal return) / (1 + inflation)-1 = (1 - 24.53%) / (1 +3 %) - 1 = -26.73%
The Financial Accounting Standards Board (FASB) is the body authorized to establish accounting principles for all colleges and universities and health care entities.
a. True
b. False
Answer:
The given statement is "False".
Explanation:
The agency or institution including all businesses, profit-oriented accept or reject, once again to create accountability guidelines, is determined as FASB.These are predicated on the notion that sometimes business, as well as the profession of investment products, function efficiently when there is trustworthy, succinct, as well as straightforward contact reporting.Thus the above is the correct answer.
Suppose that the price of apples increases by 10%. Within a short amount of time, apple producers are able to increase the quantity of apples supplied by 2%. The higher price has made it worthwhile to use extra labor to reduce waste and spoilage. Is this short run adjustment showing elastic or inelastic supply? Explain.
Answer:
inelastic
Price elasticity of supply = 2% / 10% = 0.2
the coefficient of elasticity is less than 1. this means that supply is inelastic. the percentage increase in quantity supplied is less than the percentage increase in price
Explanation:
Price elasticity of supply measures the responsiveness of quantity supplied to changes in price of the good.
Price elasticity of supply = percentage change in quantity supplied / percentage change in price
If the absolute value of price elasticity is greater than one, it means supply is elastic. Elastic supply means that quantity supplied is sensitive to price changes.
Supply is inelastic if a small change in price has little or no effect on quantity supplied. The absolute value of elasticity would be less than one
supply is unit elastic if a small change in price has an equal and proportionate effect on quantity supplied.
Shen is concerned that a decline in interest rates might lead to annual income from his investments. If interest rates ______________, the value of earnings from his investments will _________________. If his goal is to save for retirement, which bonds poses the biggest risk?
Answer:
Decline
Increase
Increase
Bond with low interest rate.
Explanation:
A decline in interest rates might lead to a decline of annual income
and if interest rates increase the value of earnings from his investments will Increase
Given that his goal is to save for retirement and not to sell off, The bonds that poses the biggest risk is the bond with a low interest rate
A Mike’s Milk estimates gallon milk sales for the first quarter as 12,000 gallons in January, 15,000 in February and 10,000 in March. Mike sells milk for $3.00 per gallon. Complete the following schedule for the first quarter sales budget.
Forecasted gallons January February March
Price Per gallon
Sales Budget
Answer:
Results are below.
Explanation:
Giving the following information:
A Mike’s Milk estimates gallon milk sales for the first quarter as 12,000 gallons in January, 15,000 in February, and 10,000 in March.
January:
Forecasted gallons= 12,000
Price per gallon= 3
Sales Budget= $36,000
February:
Forecasted gallons= 15,000
Price per gallon= 3
Sales Budget= $45,000
March:
Forecasted gallons= 10,000
Price per gallon= 3
Sales Budget= $30,000
Kinds of managers An example of a position that a team leader would hold is: vice president. department manager. group facilitator. divisional manager Using your knowledge of the different levels of management in organizations·indicate whether each statements most middle-level, top-level managers, or team leaders. el, to aaay to ist ere Statement Project managers and others who bring people together from various parts of the organization to perform a task are in this layer of management. Having titles like chief executive officer (CEO), president, chairperson, and director general, these managers report directly to the board of directors. These managers are responsible for guiding and coaching the employees who actually do the work of the organization Level Middle managers Top managers First-line managers
Answer:
a. A Team leader would be a group facilitator.
Team leaders are meant to coordinate the activities of small groups in a company to achieve certain short term targets. They are therefore most suited to be group facilitators.
b.
Project managers and others who bring people together from various parts of the organization to perform a task are in this layer of management. ⇒ MIDDLE MANAGERS
Middle level managers are in charge of departments and divisions and have the goal of achieving the mandate set by the Top management. They do so by bringing together various parts of the organization under a division and work to achieve the set goals.
Having titles like chief executive officer (CEO), president, chairperson, and director general, these managers report directly to the board of directors. ⇒ TOP LEVEL MANAGERS
Top level managers sit on top of the hierarchy of the entire organization and report directly to the Board of Directors. They include positions like the CEO, President, CFO, Director-General, etc. They set the overall strategic goals of the company.
These managers are responsible for guiding and coaching the employees who actually do the work of the organization ⇒ FIRST-LINE MANAGERS.
First-line managers are the closest to the employees and so supervise them to carry out the goals passed onto them by first level managers. They include positions like office managers and plant supervisors.
vThe profit for a product is increasing at a rate of $5600 per week. The demand and cost functions for the product are given by p = 6000 − 25x and C = 2400x + 5200, where x is the number of units produced per week. Find the rate of change of the sales with respect to Larson, Ron. Algebra and Trigonometry (p. 158). Cengage Learning. Kindle Edition.
Answer:
4 units per week
Explanation:
Calculation to Find the rate of change of sales
First step
dP/dt=5600
Second step
Since the revenue is the product of demand and sales
Hence,
R(x)=px
=(6000-25x)x
=6000x-25x²
Third step is to determine the profit which is the difference of revenue and cost.
Hence,
P(x)=R(x)-C(x)
=6000x-25x²-(2400x+ 5200)
=6000x- 25x² -2400x-5200
=3600x-25x²-5200
Fourth step is to Differentiate the profit with respect to time
dP/dt=3600 dx/dt- 50 dx/dt-0
=50(3600/50-x) dx/dt
=50(72-x) dx/dt
Now let Find the rate of change of sales when dP/dt=5600 and x =44
5600=50(72-44) dx/dt
5600=50(28) dx/dt
5600=1400 dx/dt
dx/dt=5600/1400
dx/dt= 4 units per week
Therefore the rate of change of sales is 4 units per week
The following changes took place last year in Pavolik Company’s balance sheet accounts:
Asset and Contra-Asset Accounts Liabilities and Stockholders' Equity Accounts
Cash and cash equivalents $ 20 D Accounts payable $ 62 I
Accounts receivable $ 24 I Accrued liabilities $ 24 D
Inventory $ 58 D Income taxes payable$ 29 I
Prepaid expenses $ 19 I Bonds payable $ 204 I
Long-term investments $ 21 D Common stock $ 96 D
Property, plant, and equipment$ 395 I Retained earnings $ 82 I
Accumulated depreciation $ 82 I
D = Decrease; I = Increase.
Long-term investments that cost the company $21 were sold during the year for $46 and land that cost $45 was sold for $24. In addition, the company declared and paid $18 in cash dividends during the year. Besides the sale of land, no other sales or retirements of plant and equipment took place during the year. Pavolik did not retire any bonds during the year or issue any new common stock.
The company’s income statement for the year follows:
Sales $ 1,020
Cost of goods sold 446
Gross margin 574
Selling and administrative expenses 420
Net operating income 154
Nonoperating items:
Loss on sale of land $ (21 )
Gain on sale of investments 25 4
Income before taxes 158
Income taxes 58
Net income $ 100
The company’s beginning cash balance was $128 and its ending balance was $108.
Required:
1. Use the indirect method to determine the net cash provided by operating activities for the year.
2. Prepare a statement of cash flows for the year.
Answer:
1. $260
2. $103
Explanation:
1. Calculation to determine the net cash provided by operating activities for the year
PAVOLIK COMPANY
STATEMENT OF CASH FLOWS PARTIAL (USING INDIRECT METHOD)
FOR THE YEAR ENDED
Particulars Amount
Cash flow from operating activities
Net Income $100
Adjustments to reconcile net income to net cash provided by operating activities
Adjustment for non cash effects
Depreciation $82
Loss on sale of land $21
Gain on sale of investments -$25
Change in operating assets & liabilities
Increase in accounts receivable -$24
Decrease in inventory $58
Increase in prepaid expenses -$19
Increase in accounts payable $62
Decrease in accrued liabilities -$24
Increase in income taxes payable $29
Net cash flow from operating activities (a) $260
Therefore Using the indirect method the net cash provided by operating activities for the year is $260
2. Preparation of a statement of cash flows for the year
PAVOLIK COMPANY
STATEMENT OF CASH FLOWS (USING INDIRECT METHOD)
FOR THE YEAR ENDED
Particulars Amount
$
Cash flow from operating activities (a) $260
Cash Flow from Investing activities
Property,plant and equipment purchased -$395
Long term investment sold $46
Land sold $24
Net cash Flow from Investing activities (b) -$325
(-$395+$46+$24)
Cash Flow from Financing activities
Cash dividends paid -$18
Common stock purchased -$96
Bonds issued $204
Net cash Flow from Financing activities (c) $90
(+$204-$18-$96)
Net Change in cash c=a+b+c -$25
Beginning cash balance $128
Closing cash balance $103
($128-$25)
Therefore the statement of cash flows for the year is $103
Lisa Carson has the opportunity to receive $12,000 now or $15,000 in four years. If Lisa can earn 6 percent on her investments, what is the present value of the $15,000 payment?
Answer:
$11881.4
Explanation:
Given :
Future value, FV = $15,000
Interest rate, r = 6%
Period, n = 4 years
Using the Present Value formula :
PV = FV(1 ÷ (1 + r)^n)
15000(1 ÷ (1 + r)^n)
15000(1 ÷ (1 + 0.06)^4)
15000(1 ÷ 1.06^4)
15000(1 ÷ 1.26247696)
15000(0.7920936)
= $11,881.4
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You purchased a 20-year par value bond with semiannual coupons at a nominal annual rate of 8% convertible semiannually at a price of 1722.25. The bond can be called at par value X on any coupon date starting at the end of year 15 after the coupon is paid. The price guarantees that you will receive a nominal annual rate of interest convertible semiannually of at least 6%. Calculate X.
a. 1400
b. 1420
c. 1440
d. 1400
e. 1480
Answer:
1400
Explanation:
The concept par value bond refers to a bond that may be redeemed for its face value. From the coupon nominal annual rate of 8%, it means the coupon is 4% for half of the year is higher than the effective yield of 3% for 6 month period. As such, the bond sells at a higher premium price.
As a result, the minimum yield rate that contributes to the potential of the bond being called is computed at the initial conceivable call date, which is precisely 15 years after the date of purchase, because it is the most unfavorable period for the bondholder if the call occurs. As a result, the par value X fulfills the following condition:
[tex]1722.25 = 0.04*X*a_{|30|3\%|}+\dfrac{X}{1.03^{30}}[/tex]
Making X the subject:
[tex]X = \dfrac{1722.25}{0.04*a_{|30|3\%|}+1.03^{-30}}[/tex]
Using financial Calculator:
X = 1400.01
X ≅ 1400
DL variances
Logen Construction builds standard prefabricated wooden frames for walls. Each frame requires five direct labor hours and the standard hourly direct labor rate is $18. During July, the company produced 670 frames and worked 3,310 direct labor hours. Payroll records indicate that workers earned $60,407.50.
a. What were the standard hours for July production?
hours
b. What was the actual hourly wage rate? Round your answer to the nearest cent.
$ per hour
c. Calculate the direct labor variances. Round your answers to the nearest cent.
Labor Rate Variance $
Labor Efficiency Variance $
Total Labor Variance $
Answer:
Logen Construction
a. Standard hours for July Production = 3,350
b. Actual hourly wage rate = $18.25
c. Direct labor variances:
i. Labor Rate Variance = $827.50 U
ii. Labor Efficiency Variance = $720 F
iii. Total Labor Variance = $107.50 U
Explanation:
a) Data and Calculations:
Direct labor hours per frame = 5 hours
Standard hourly labor rate = $18
Standard direct labor cost per frame = $90 ($18 * 5)
Number of frames produced in July = 670
Actual direct labor hours = 3,310
Actual wages earned by workers = $60,407.50
a. Standard hours for July Production = Actual production unit multiplied by standard hours per unit
= 3,350 (670 * 5) hours
b. Actual hourly wage rate = Actual direct labor cost divided by actual direct labor hours
= $18.25 ($60,407.50/3,310)
c. Direct labor variances:
i. Labor Rate Variance = Standard direct labor rate - Actual direct labor rate * Actual direct labor hours
= $827.50 U ($18 - $18.25) * 3,310
ii. Labor Efficiency Variance = Standard direct labor hours - Actual direct labor hours * Standard Direct Labor Rate
= $720 F (3,350 - 3,310) * $18
iii. Total Labor Variance = Standard Direct Labor Cost - Actual Direct Labor Cost
= $107.50 U ($60,300 - $60,407.50)
A service provided by a business to the final user is known as:
consideration.
investments.
implied warranty.
economic services.
capital goods.
Answer:
economic services.
Explanation:
An economy is a function of how money, means of production and resources (raw materials) are carefully used to facilitate the demands and supply of goods and services to meet the unending needs or requirements of the consumers.
Hence, a region's or country's economy is largely dependent on how resources are being allocated and utilized, how many goods and services are to be produced, what should be produced, for whom they are to be produced for and how much money are to be spent by the consumers to acquire these goods and services.
Basically, there are four (4) main types of economy and these are;
I. Mixed economy.
II. Free market economy.
III. Traditional economy.
IV. Command economy.
A service provided by a business to the final user is known as economic services.
Basically, economic services are considered to be intangible, inconsistent and perishable in nature. Thus, some examples of economic services are banking, hospitality, transportation, telecommunication, marketing, legal, rentals, insurance, security, public relations, etc.
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Answer: 12132313 cool
Explanation:
A flexible-budget variance is $800 favorable for unit-related costs. This indicates that costs were: _____________
a. $800 more than the master budget
b. $800 less than for the planned level of activity
c. $800 more than standard for the achieved level of activity
d. $800 less than standard for the achieved level of activity
Answer: $800 less than standard for the achieved level of activity
Explanation:
A flexible budget variance refers to the difference that occurs between the results that are gotten by a flexible budget model and the actual results gotten.
Since the flexible-budget variance is $800 favorable for unit-related costs, this indicates that costs were $800 less than standard for the achieved level of activity.
Therefore, the correct option is D.
The Menswear Department of Major's Department Store had sales of $198,000, cost of goods sold of $137,500, indirect expenses of $14,250, and direct expenses of $28,500 for the current period. The Menswear Department's contribution to overhead as a percent of sales is:
Answer:
the contribution to overhead as a percent of sales is 16.16%
Explanation:
The computation of the contribution to overhead as a percent of sales is given below;
Sales $198,000
Less: Cost of goods sold $137,500
Less: Direct Expenses $28,500
Contribution $32,000
Now the percentage should be
= $32,000 ÷ $198,000
= 16.16%
Hence, the contribution to overhead as a percent of sales is 16.16%
Robert Solomon and Fernando Flores argue that trust is a choice to believe the trusted person is telling the truth, without independent verification. If bluffing is an accepted rule of business negotiation, can the Solomon and Flores form of trust exist in business?
Does your answer (whatever it is) imply anything about the morality of bluffing?
Answer:
Yes.
Explanation:
Yes, the Solomon and Flores form of trust exist in business if bluffing is an accepted rule of business negotiation because bluffing is acceptable in the business. If bluffing is an accepted rule of business negotiation then there is no trust formed between Solomon and Flores and the reason for this is that bluffing is a bad act which makes relationship worse between the partners but in this case trust exist in business due to the rule of bluffing.
A company had net sales of $30,200 and ending accounts receivable of $4,000 for the current period. Its days' sales uncollected equals:_________ (Use 365 days a year.)a) 7.55 days.b) 59.54 days.c) 63.64 days.d) 48.34 days.e) 40.34 days.
Answer:
d) 48.34 days
Explanation:
Calculation to determine what Its days' sales uncollected equals
Using this formula
Days' sales uncollected=Ending accounts receivable÷Net sales *365 days
Let plug in the formula
Days' sales uncollected=$4,000÷$30,200*365 days
Days' sales uncollected=48.34 days
Therefore Its days' sales uncollected equals:48.34 days
Kingston Co. uses the percentage-of-receivables basis to record bad debt expense. It estimates that 1% of accounts receivable will become uncollectible. Accounts receivable are $420,000 at the end of the year, and the allowance for doubtful accounts has a credit balance of $1,500. (a) Prepare the adjusting journal entry to record bad debt expense for the year. (b) If the allowance for doubtful accounts had a debit balance of $800 instead of a credit balance of $1,500, determine the amount to be reported for bad debt expense
Answer:
a. Dr Bad Debts Expense $2,700
Cr Allowance for doubtful accounts $2,700
b. $5000
Explanation:
(a) Prepare the adjusting journal entry to record bad debt expense for the year.
Debit Bad Debts Expense [($420,000 x 1%) – $1,500] $2,700
Credit Allowance for doubtful accounts $2,700
(b) If the allowance for doubtful accounts had a debit balance of $800 instead of a credit balance of $1,500, determine the amount to be reported for bad debt expense
Bad debt expense = $4200 + $800 = $5000
Cordell Inc. experienced the following events in Year 1, its first year of operation:
Received $59,000 cash from the issue of common stock.
Performed services on account for $81,000.
Paid a $5,900 cash dividend to the stockholders.
Collected $65,000 of the accounts receivable.
Paid $59,000 cash for other operating expenses.
Performed services for $19,000 cash.
Recognized $2,900 of accrued utilities expense at the end of the year.
Required:
a. Identify the events that result in revenue or expense recognition and those which affect the statement of cash flows.
b. Based on your response to Requirement a, determine the amount of net income reported on the 2018 income statement.
Answer:
Cordell Inc.
a. Events that result in revenue or expense recognition:
Performed services on account for $81,000.
Paid $59,000 cash for other operating expenses.
Performed services for $19,000 cash
Recognized $2,900 of accrued utilities expense at the end of the year.
b. Events that affect the Statement of Cash Flows:
Received $59,000 cash from the issue of common stock.
Paid a $5,900 cash dividend to the stockholders.
Collected $65,000 of the accounts receivable.
Paid $59,000 cash for other operating expenses.
Performed services for $19,000 cash
b. The amount of the net income reported on the 2018 income statement is:
= $38,100.
Explanation:
a) Data and Analysis:
Cash $59,000 Common stock $59,000
Accounts Receivable $81,000 Service Revenue $81,000
Cash Dividend $5,900 Cash $5,900
Cash $65,000 Accounts receivable $65,000
Operating $59,000 Cash $59,000
Cash $19,000 Service Revenue $19,000
Utilities Expense $2,900 Utilities Payable $2,900
Revenue:
Accounts Receivable $81,000
Cash $19,000 $100,000
Expenses:
Operating $59,000
Utilities Expense $2,900 $61,900
Net income $38,100
A company has total fixed costs of $180,000 and a contribution margin ratio of 30%. How much sales are necessary to break even?
a) $540,000
b) $600,000
c) $54,000
d) $126,000
Answer:
b) $600,000
Explanation:
The break-even sales can be regarded as sales value in which the result makes the firm to report zero profit.
Total fixed costs was given from the question as ( $180,000)
The Contribution margin ratio was give from the question as ( 30%)= 0.3
✓break even point can be calculated as ratio of Total fixed costs to Contribution margin ratio. This can be expressed as
break even point=[Total fixed costs ]/ [ Contribution margin ratio.]
Substitute,
break even point= [ $180,000]/ [0.3]
=$600,000
Three times a year previous donors receive donation cards in the mail from the local zoo. This organization also markets to visitors by sponsoring Make-A-Wish visits from the regional hospitals. What type of marketing did the zoo use
Question Completion with Options;
a. business-to-consumer (B2C) emphasis
b. business-to-business (B2B) emphasis
c. dual emphasis
Answer:
The type of marketing the zoo used is called:
dual emphasis marketing.
Explanation:
The dual marketing emphasis that the zoo uses embraces both business-to-consumer (B2C) and business-to-business (B2B) emphasis. While business-to-consumer takes the marketing effort directly to the consumers of the zoo's services, the business-to-business emphasis markets the zoo's services to organizations. Using a dual emphasis means that the local zoo markets her services to donors and visitors, individual and corporate.
Total assets were $78,000 and total liabilities were $42,000 at the beginning of the year. Net income for the year was $15,500, and dividends of $5,000 were declared and paid during the year.
Required:
Calculate total stockholders' equity at the end of the year.
Answer:
$46,500
Explanation:
Accounting equation is stated as :
Assets = Equity + Liabilities
therefore,
Equity = Assets - Liabilities
Equity at Beginning of the Period :
Equity = Assets - Liabilities
= $78,000 - $42,000
= $36,000
Equity at end of the Period
Closing Equity Balance = Opening Balance + Net Income - Dividends
= $36,000 + $15,500 - $5,000
= $46,500
Pet Supply purchased some fixed assets two years ago at a cost of $43,800. It no longer needs these assets so it is going to sell them today for $32,500. The assets are classified as five-year property for MACRS. The MACRS rates are 20%, 32% 19.2%, 11.52%, 11.52%, 5.76%, for years 1 to 6, respectively. What is the net cash flow (A-T Salvage Value) from this sale if the firm's tax rate is 35 percent
Answer:
$28,483.4
Explanation:
The computation of the net cash flow is shown below;
Asset cost $43,800
MACRS Rate 0.2 0.32
8760 14016
So total depreciation is
= $8,760 + $14,016
= $22,776
Now
Book Value of the company is
= oriignal value - depreication
= $43,800 - $22,776
= $21,024
And,
Sale price = 32500
So,
Gain is
= $32,500 - $21,024
= $11,476
So,
Tax = 0.35% of 11476
= $4,016
And, finally
Net cashflows is
= Sale price - tax
= $28,483.4
Answer:
The correct solution is "28483".
Explanation:
According to the question,
Given:
Sales price,
= 32500
MARCS rates,
= [tex]43800\times 0.2[/tex]
= [tex]8760[/tex]
Or,
= [tex]43800\times 0.32[/tex]
= [tex]14016[/tex]
Now,
The total depreciation will be:
= [tex]8760+14016[/tex]
= [tex]22776[/tex]
The company's book value will be:
= [tex]Original \ value-Depreciation[/tex]
= [tex]43800-22776[/tex]
= [tex]21024[/tex]
Gain will be:
= [tex]32500-21024[/tex]
= [tex]11476[/tex]
Tax,
= [tex]35\times 11476[/tex]
= [tex]4016[/tex]
hence,
The net cashflows will be:
= [tex]Sale \ price-Tax[/tex]
= [tex]32500-4016[/tex]
= [tex]28483[/tex]