Answer:Please find answers in explanation column
Explanation:
1. Journal to record Short term borrowing
Date Account title Debit Credit
Feb. 1, 2018 Cash $400,000
Tax anticipation notes payable $400,000
2.Journal to record accrued interest payable on TAN)
Date Account title Debit Credit
Dec. 31, 2018 Expenditures – interest $3,666.67
Accrued interest payable $3,666.67
Calculation :Accrued interest= Principal x rate x period (time)
$400,000 x 1% x 11/12= $3,666.67
3. Journal to record investment in CD
Date Account title Debit Credit
April 1, 2018 Investments $100,000
Cash $100,000
4.Journal To record redemption of CD with interest
Date Account title Debit Credit
Sept. 30, 2018 Cash $100,400
Investments $100,000
Cash Revenues – interest income $400
Calculation
Accrued Interest
Principal x rate x period (time= )100, 000 x 0.8 %x 6/12)= $400
Cash = Investment + interest= $100,000 + $400 = $100,400
What ethical issues may arise during secondary data research?
Answer:
hope it helps..
Explanation:
For this to happen, use of secondary data must meet some key ethical conditions: Data must be de-identified before release to the researcher. Consent of study subjects can be reasonably presumed. Outcomes of the analysis must not allow re-identifying participants.
Meyer & Smith is a full-service technology company. They provide equipment, installation services as well as training. Customers can purchase any product or service separately or as a bundled package. Container Corporation purchased computer equipment, installation and training for a total cost of $144,000 on March 15, 2021. Estimated standalone fair values of the equipment, installation, and training are $90,000, $60,000, and $30,000 respectively. Determine The transaction price allocated to equipment is The transaction price allocated to installation is The transaction price allocated to training is Express your answer as an integer without $ sign (Round all computations to the nearest dollar. For example, input "100,000" if your answer is $100,000.22).
Answer & Explanation:
If the services were sold separately, their total cost would be;
= 90,000 + 60,000 + 30,000
= $180,000
They were instead bundled together and sold for $144,000
The cost of the individual services will therefore be a proportion of this bundled price based on their proportion were they sold alone.
The transaction price allocated to equipment;
= (90,000/180,000) * 144,000
= $72,000
The transaction price allocated to installation;
= (60,000/180,000) * 144,000
= $48,000
The transaction price allocated to training;
= (30,000/180,000) * 144,000
= $24,000
Lovely Company offers a 2-year warranty on its product and as of 1/1/2018 Lovely’s warranty liability had an overall balance of $415. During 2018 Lovely sold 1,600 units of inventory at a selling price of $125 per unit and repaired 62 units under warranty at a total repair cost to Lovely of $740. When accounting for warranty cost, Lovely studies prior year customer claims as well as projected labor and material costs and for 2018, Lovely estimated that 4% of the units sold in 2018 would break over the 2-year warranty period at an estimated repair cost of $12.50 per unit. What amount should Lovely report at 12/31/2018 as warranty liability
Answer:
$475
Explanation:
the summary journal entry to record sales revenue and warranty expense during 2018:
Dr Cash 200,000
Cr Sales revenue 200,000
Dr Warranty expense 800
Cr Warranty liability 800
The journal entry to account for actual warranty costs:
Dr Warranty liability 740
Cr Cash (or wages payable or inventory) 740
the December 31, 2018 balance of warranty liability = initial balance + warranty liability associated to 2018 sales - incurred warranty costs = $415 + $800 - $740 = $475
Leo Consulting enters into a contract with Highgate University to restructure Highgate’s processes for purchasing goods from suppliers. The contract states that Leo will earn a fixed fee of $25,000 and earn an additional $10,000 if Highgate achieves $100,000 of cost savings. Leo estimates a 50% chance that Highgate will achieve $100,000 of cost savings. Assuming that Leo determines the transaction price as the expected value of expected consideration, what transaction price will Leo estimate for this contract?
Answer:
The transaction price would Leo estimated for this contract is $30,000
Explanation:
The computation of the transaction price is shown below:
= (Fixed fee + additional amount) × chance + fixed fee × chance
= $35,000 × 50% + $25,000 × 50%
= $17,500 + $12,500
= $30,000
hence, the transaction price would Leo estimated for this contract is $30,000
We simply applied the above formula so that the correct answer could come
Write a SQL statement to display all the information of all salesmen.
Sample table:
salesman salesman_id | name | city | commission -------------+------------+----------+------------
5001 | James Hoog | New York | 0.15 5002 |
Nail Knite | Paris | 0.13 5005 |
Pit Alex | London | 0.11 5006 |
Mc Lyon | Paris | 0.14 5007 |
Paul Adam | Rome | 0.13 5003 |
Lauson Hen | San Jose | 0.12
Answer:
SELECT *
FROM salesman;
Explanation:
SQL is a structured query language used for database management, creation and manipulation.
The above statement is an SQL statement that can be used to display the information of all salesmen in the table.
"SELECT" is often times the start of every SQL query syntax which is used to indicate the information to be displayed.
" * " is a wildcard which indicates that you want all rows present in the table to be displayed.
"FROM" usually comes before the table name. It indicates the table from which you want your data to be selected.
"salesman" is the table name
" ; " indicates the end of an SQL statement and it is also an indication that you want your query to be executed.
Therefore, the statement is interpreted as "Select all rows(every individual) from the table salesman
Mr. and Mrs. Lay’s taxable income is $679,000, which includes a $22,030 dividend on their investment in Rexford Mutual Fund. Mr. and Mrs. Lay’s marginal rate on ordinary income is 37 percent, and their entire Rexford dividend is subject to the Medicare contribution tax. Use Individual tax rate schedules and Tax rates for capital gains and qualified dividends. Required: Compute the Lays' total tax on this dividend if their Form 1099 from Rexford reported that the entire $22,030 was an ordinary dividend. Compute the Lays' total tax on this dividend if their Form 1099 from Rexford reported that $17,540 was an ordinary dividend and $4,490 was a capital gain distribution. Compute the Lays' total tax on this dividend if their Form 1099 from Rexford reported that $6,920 was an ordinary dividend, $10,620 was a qualified dividend distribution, and $4,490 was a capital gain distribution.
Answer:
a. Compute the Lays' total tax on this dividend if their Form 1099 from Rexford reported that the entire $22,030 was an ordinary dividend.
tax liability = $22,030 x 37% = $8,151.10
b. Compute the Lays' total tax on this dividend if their Form 1099 from Rexford reported that $17,540 was an ordinary dividend and $4,490 was a capital gain distribution.
tax liability:
$17,540 x 37% = $6,489.80
$4,490 x 20% = $898
total = $7,387.80
Capital gains tax rate is 20% if the married couple's income is $496,601 or higher.
c. Compute the Lays' total tax on this dividend if their Form 1099 from Rexford reported that $6,920 was an ordinary dividend, $10,620 was a qualified dividend distribution, and $4,490 was a capital gain distribution.
$6,920 x 37% = $2,560.40
$15,110 x 20% = $3,022
total = $5,582.40
Qualified dividends are taxed at the same rate as capital gains.
Exercise 3-59 (Algorithmic) Preparation of Closing Entries Grand Rapids Consulting Inc. began 2019 with a retained earnings balance of $28,900 and has the following accounts and balances at year end: Sales Revenue $163,820 Salaries Expense 91,660 Rent Expense 10,550 Utilities Expense 8,415 Supplies Expense 4,348 Income Taxes Expense 13,800 Dividends (declared and paid) 8,400 Required: 1. Prepare the closing entries made by Grand Rapids Consulting at the end of 2019. If an amount box does not require an entry, leave it blank. Dec. 31 (Close revenue accounts) Dec. 31 (Close expense accounts) Dec. 31 (Close Income Summary) Dec. 31 (Close Dividends account) 2. Prepare Grand Rapids Consulting's retained earnings statement for 2019. Grand Rapids Consulting Inc. Retained Earnings Statement For the Year Ended December 31, 2019 $ $
Answer:
1) December 31, 2019, closing entry for revenue account
Dr Sales revenue 163,820
Cr Income statement 163,820
December 31, 2019, closing entry for expense accounts
Dr Income statement 128,773
Cr Salaries Expense 91,660
Cr Rent Expense 10,550
Cr Utilities Expense 8,415
Cr Supplies Expense 4,348
Cr Income Taxes Expense 13,800
December 31, 2019, closing entry for income statement account
Dr Income statement 35,047
Cr Retained earnings 35,047
December 31, 2019, closing entries for dividends account
Dr Retained earnings 8,400
Cr Dividends 8,400
2) Grand Rapids Consulting Inc.
Retained Earnings Statement
For the year ended December 31, 2019
Beginning balance January 1 ,2019 $28,900
Net profits $35,047
Sub-total $63,947
Dividends ($8,400)
Ending balance December 31 ,2019 $55,547
Selected information from Green Co.'s accounting records and financial statements is as follows:
Gain an sale of 1 Proceeds fron sales to custoners and s 12,802 21,s0a Purchase of Black, Inc. bonds (face amount $205,) 367,a0 Amortization of bond discount Cash dividends declared Cash dividends paid 4,800 98,000 72,800 157,600 Proceeds from sales of Green Co. comon stock
What are the net cash flows from financing activities that will be reported in the statement of cash flows? (Enter net cesh outflows with a minus sign.)
Answer:
$84, 200
Explanation:
Calculation for the net cash flows from financing activities that will be reported in the statement of cash flows
Using this formula
Net cash flows =Common stock Proceeds from sales - Cash dividends paid
Let plug in the formula
Net cash flows = 157,000-72,800
Net cash flows =$84, 200
Therefore the net cash flows from financing activities that will be reported in the statement of cash flows is $84, 200
Economic Order Quantity computes:
A: Cost of an order
B: Re-order level
C: Cost of stock
D: Optimum Order size
Answer:
D: Optimum Order size
Explanation:
Economic Order Quantity (EOQ) is a formula applied in logistic and supply chain management to calculate a business's ideal order size. As the name suggests, the order EOQ provides an order quantity that makes economic sense.
Economies of scale suggest that a bigger order size is better because the business will save transport costs. However, ordering in large quantities increases the cost of holding stock. The economic order quantity strikes a balance between these two important factors.
As organizations expand into global markets, business communicators need to become aware of their own culture and how it differs from other cultures. Cultural awareness allows professionals to communicate successfully with other cultures and to navigate the intercultural challenges of a globalized business world. The first step in overcoming intercultural obstacles is understanding the trends that drive globalization.
Identify the trend illustrated by the following example.
A U.S. retailer of high-tech products looks to open stores in Russia where there has been a surge in demand for smartphones and tablet computers.
A) Favorable trade agreements
B) Robust middle-class growth
C) Transportation advancements
Answer:
Option C (Robust middle-class growth) seems to be the correct option.
Explanation:
We will construct a convincing hypothesis of middle-class development by culling through canonical academics as well as contemporary scholars. Stable demand, confidence, political stability, and a collection of respectable, forward-looking liberal as well as proto-capitalist practices are the main structures of middle-class-led growth.Some other possibilities given weren’t connected to the instance given. So, the solution here is the best one.
what is business mathematics ? and what are the basics of business mathematics ?
Answer: Business calculation is mathematics used by industrial companies to record and maintain enterprise operations. Profit-making organizations use mathematics in accounting, catalog management, retailing, deals forecasting, and monetary analysis.
Answer: Business mathematics are mathematics used by commercial enterprises to record and manage business operations. Commercial organizations use mathematics in accounting, inventory management, marketing, sales forecasting, and financial analysis.
XYZ Corporation has a 6 1/2% convertible bond outstanding that is convertible into 40 shares of common stock. The bond is currently selling in the market at 85 ($850) and the common stock is selling at 21. The XYZ Corporation is offering its existing bondholders a new straight (nonconvertible) bond paying 6 1/2% that matures at the same time as the convertible bond. The effect of the successful completion of the proposal would be to:_________
a) Reduce interest costs
b) Reduce potential dilution
c) Have no effect on interest costs
d) Increase dilution
Answer:
b) Reduce potential dilution
c) Have no effect on interest costs
Explanation:
Since in the question it is mentioned that the corporation is offering its existing bondholders for paying 6 1/2% this matured at the same time just like the convertible bond.
So here if the proposal is completed so the impact would be reduction in the potential dilution also it would not have impact on the effect on the interest rate and the same is to be considered
You receive a credit card application from Shady Banks Savings and Loan offering an introductory rate of .6 percent per year, compounded monthly for the first six months, increasing thereafter to 17.5 percent compounded monthly. Assume you transfer the $6,500 balance from your existing credit card and make no subsequent payments. How much interest will you owe at the end of the first year? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
Answer:
Total interest paid = $606.63
Explanation:
First calculate the monthly payment for first six months
Monthly interest for first 6 months =.006/12=.0005
= 6500*(1.0005)^6
=6519.52
Interest rate for next six months
=17.37%/12=1.45%
(1.0145)^6=1.090054
=6519.52*(1+.0145)^6
=7106.63
Total interest paid = 7106.63-6500
Total interest paid = 606.63
Which comment is someone who has a conventional personality type likely to make?
"Don't tell me, show me."
"Just do it."
O "How can I help?"
"Status is important to me."
O " express myself, therefore I am."
Answer:
"how can i help"
Explanation:
customer service
Erics - Automotive Final Exam
Page 15 of 17
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Which of the following provides the correct sequence in the marketing research process? 1. defining the problem, analyzing the situation, getting problem-specific data, interpreting the data, solving the problem 2. analyzing the situation, defining the problem, getting problem-specific data, interpreting the data, solving the problem 3. getting problem-specific data, interpreting the data, defining the problem, solving the problem, analyzing the situation 4. analyzing the situation, getting problem-specific data, interpreting the data, defining the problem, solving the problem 5. getting problem-specific data, interpreting the data, analyzing the situation, defining the problem, solving the problem
Answer:
Marketing Research Process
The correct sequence is:
1. defining the problem, analyzing the situation, getting problem-specific data, interpreting the data, solving the problem
Explanation:
A good market research process requires a clear definition of the research problem. This definition is required to focus the research efforts on the identified problem.
Secondly, the situation must be analyzed to enable the development of a good marketing plan, which is the fulcrum of the research.
The third stage is the collection of relevant data that are problem-specific because only relevant data can solve the research questions.
At the fourth stage, the carefully selected and collected data are then analyzed and interpreted in order to create understanding of the issues and help point to solutions based on findings.
Finally, the need to put the identified solutions into action becomes imperative. Information discovered during the research must be put into action to resolve the problem.
Donald owns a two-family home. He rents out the first floor and resides on the second floor. The following expenses attributable to the total building were incurred by Donald for the year ended December 31, 2016. Real estate taxes $1,800 Mortgage interest $1,200 Utilities $1,000 Repairs (first floor) $ 300 Painting (second floor) $ 400 In addition, the depreciation attributable to the entire building would be $2,000. What is the total amount of the expenses that Donald can deduct on Schedule E of Form 1040 (before any limitations)
Answer:
$3,300
Explanation:
Calculation for the total amount of the expenses that Donald can deduct
Total amount of expenses=Repairs (first floor) $ 300+50%*($1,800 Real estate taxes+ Mortgage interest $1,200 +Utilities $1,000+Depreciation $2,000
Total amount of expenses=Repairs (first floor) $ 300+0.5*(6,000)
Total amount of expenses=Repairs (first floor) $ 300+3,000
Total amount of expenses=$3,300
Therefore the total amount of the expenses that Donald can deduct will be $3,300
Payback period computation; even cash flows LO P1
Compute the payback period for each of these two separate investments:
a. A new operating system for an existing machine is expected to cost $520,000 and have a useful life of six years. The system yields an incremental after-tax income of $150,000 each year after deducting its straight-line depreciation. The predicted salvage value of the system is $10,000.
b. A machine costs $380,000, has a $20,000 salvage value, is expected to last eight years, and will generate an after-tax income of $60,000 per year after straight-line depreciation.
Payback period
Choose Numerator: / Choose Denominator: = Payback period
/ = Payback period
a. =
b. =
Answer:
$520,000 / $235,000 = 2.2 years
$380,000 / $105,000 = 3.6 years
Explanation:
Payback period calculates how long it takes to recover the amount invested in a project from its cumulative cash flows
Payback period = amount invested / cash flow
Cash flow = net income + depreciation expense
Depreciation expense using the straight line depreciation expense = (cost of asset - salvage value) / number of years
A. ($520,000 - $10,000) / 6 = $85,000
cash flow = $150,000 + $85,000 = $235,000
$520,000 / $235,000 = 2.2 years
B. ($380,000 - $20,000) / 8 = $45,000
$45,000 + $60,000 = $105,000
$380,000 / $105,000 = 3.6 years
Market data indicates customers will buy 700 sprockets if they are prices at $13 each. If the price rises to $15 they will only buy 500. If the price is $12 a sprocket, the producers will make 400 sprockets. If the price rises to $13 a sprocket, they will produce 600 sprockets. (a) Find a linear model for the demand price. (b) Find a linear model for the supply price. (c) Use Desmos to find the equilibrium point. What number of units is supplied and demanded? What is the price?
Answer:
Demand = -100P + 2,000
Supply = 200P - 2200
Equilibrium: 600 units and $14 price
Explanation:
We solve for the linear formula of each:
Demand = aP + b
Demand
Quantity Price
700 13
500 15
(700 - 500) / (13 - 15) = 200 / -2 = -100
a = -100
(-100) x 13 + b = 700
(-100) x 15 + b = 500
b = 700 + 1,300 = 2,000
b = 500 + 1,500 = 2,000
Demand = -100P + 2,000
Supply
Quantity price
400 12
600 13
Supply = aP + b
(600 - 400) / ( 13 - 12) = 200
a = 200
400 = 200 x $13 + b
b = 400 + 2600 = -2200
Supply = 200P - 2200
Equilibrium
200P - 2200 = -100P + 2000
300P = 4200
P = 4200 / 300 = 14
Q = -100(14) + 2000 = 600
200 x (14) - 2200 = 600
Use the below information to answer the following question.
Income Statement
For the Year
Net sales $631,000
COGS 442,220
Depreciation 28,100
EBIT $160,700
Interest 14,900
Taxable income $145,800
Taxes 49,600
Net income 96,200
Balance Sheet
Beginning of Year End of Year
Cash $ 38,200 $43,700
Accounts receivable91,400 86,150
Inventory 203,900 214,600
Net fixed assets 516,100 537,950
Total assets 849,600 $882,400
Accounts payable $136,100 104,300
Long-term debt 329,500 298,200
Common stock ($1 par value)75,000 82,000
Retained earnings 309,000 397,900
Total Liab. & Equity $849,600 882,400
What is the quick ratio at the end of the year?
How many days of sales are in receivables at year-end?
What is the price-sales ratio if the market price is $43.20 per share? (Use end-of-year values)?
What is debt-equity ratio at year-end?
What is the return on equity using year-end values?
What is the amount of the dividends paid during the year?
What is the amount of the cash flow from investment activity for the year?
What is the net working capital to total assets ratio at year-end?
How many dollars of sales are being generated from every dollar of net fixed assets? (Use year-end values)?
What is the times interest earned ratio for the year?
What is the net cash flow to stockholders for the year?
Answer:
Follows are the solution to the given point:
Explanation:
The formula for calculating the Quick Ratio:
[tex]\text{Quick Ratio} = \frac{\text{Quick Assets}}{\text{Current Liabilities}}[/tex]
[tex]= \frac{43700+86150}{104300}\\\\=\frac{ 129850}{104300} \\\\= 1.24[/tex]
[tex]\text{Sales days Receivable at end of year} = (\frac{\text{Account receivables at the end}}{\text{Gross sales by loan}} ) \times \text{number of days}[/tex] [tex]= \frac{86150}{631000} \times 365 \\\\ = 49.833 \\\\ = 50\ days[/tex]
[tex]\text{Sales price ratio} = \frac{\text{Sales per share price}}{\text{ Sales Share price}}[/tex]
[tex]=\frac{43.20}{\frac{63100}{82000}}\\\\ = \frac{43.20}{0.769}\\\\ = 5.61[/tex]
[tex]\text{total equity Debt} = \frac{ \text{Complete Liabilities}}{\text{Stockholders}}[/tex]
[tex]= \frac{882400}{(397900+82000)}\\\\ = \frac{882400}{(479,900)}\\\\ = \frac{882400}{(479,900)}\\\\= 1.838[/tex]
[tex]\text{Equity Return} = \frac{\text{Net Sales}}{\text{Equity of Shareholder}} \times 100[/tex]
[tex]= \frac{96200}{(82000+397900)} \times 100 \\\\ = \frac{96200}{(479900)} \times 100 \\\\= 0.2004 \times 100\\\\= 200.4 \ \%[/tex]
Dividends received throughout the year = Restored earnings opening + Net Sales -Closing of restored profits
[tex]= 309000 + 96200 - 397900 \\\\= 7300[/tex]
Spaceley’s Sprockets has just developed a new product. George Jetson, the Head of Product Development, feels that the product is a winner, but he also feels it would be an even better product if waited six more months for further development before launching. Unfortunately, Spaceley’s closest competitor, Cogsley Cogs, has a similar product in the development pipeline. George feels that if he launches the product now to get a head start on Cogsley, he has a 50% chance of achieving a high level of sales, a 30% chance of a medium level of sales, and a 20% chance of a low level of sales. If he waits, he has a 30% chance of a high level of sales, and a 70% chance of a medium level of sales, with no chance of a low level of sales. High sales represents 100,000 units, medium sales represents 65,000 units, and low sales represents 10,000 units. If his objective is to maximize his expected number of units sold, what should George do and how many units would he be expected to sell
Answer:
George should wait for six more months for further development before launching.
Total units expected to be sold by this time is 75500 units
Explanation:
when launched early
Spaceley has : 50% of high level sale, 30% chance of medium level sale
20% chance of low level sale
When launched late
Spaceley has : 30% of high level sale, 70% of medium level sale, o% of low level sale
while
High sales = 100000
Medium sale = 65000
low level sale = 10000
A) when launched early
50% * 100000 = 50000
30% * 65000 = 19500
20% * 10000 = 2000
Total sales = 71500 units
B) when launched after 6 months
30% * 100000 = 30000
70% * 65000 = 45500
Total sales = 75500 units
George should wait for six more months for further development before launching.
Total units expected to be sold by this time is 75500 units
Thome and Crede, CPAs, are preparing their service revenue (sales) budget for the coming year (2020). The practice is divided into three departments: auditing, tax, and consulting. Billable hours for each department, by quarter, are provided below. Department Quarter 1 Quarter 2 Quarter 3 Quarter 4 Auditing 2,450 1,840 2,330 2,710 Tax 3,130 2,650 2,300 2,800 Consulting 1,640 1,640 1,640 1,640 Average hourly billing rates are auditing $84, tax $94, and consulting $105. Prepare the service revenue (sales) budget for 2020 by listing the departments and showing for each quarter and the year in total, billable hours, billable rate, and total revenue.
Answer and Explanation:
The Preparation of service revenue is prepared below:-
For Quarter 1
Billable Hours Billable rate Total
Auditing 2,450 84 205,800
Tax 3,130 94 294,220
Consulting 1,640 105 172,200
Total 672,220
For Quarter 2
Billable Hours Billable rate Total
Auditing 1,840 84 154,560
Tax 2,650 94 249,100
Consulting 1,640 105 172,200
Total 575,860
For Quarter 3
Billable Hours Billable rate Total
Auditing 2,330 84 195,720
Tax 2,300 94 216,200
Consulting 1,640 105 172,200
Total 584,120
For Quarter 4
Billable Hours Billable rate Total
Auditing 2,710 84 227,640
Tax 2,800 94 263,200
Consulting 1,640 105 172,200
Total 663,040
Now the total revenue is
= $575,860 + $584,120 + $663,040
= $1,823,020
For Quarter 1: The Preparation of service revenue is 672,220
For Quarter 2: 575,860
For Quarter 3: 584,120
For Quarter 4: The total revenue is = $1,823,020
Calculation of Total revenueWhen The Preparation of service revenue is prepared below:-
For Quarter:1 is
Billable Hours Billable rate Total
Auditing 2,450 84 205,800
Tax 3,130 94 294,220
Consulting 1,640 105 172,200
Total 672,220
For Quarter:2 is
Billable Hours Billable rate Total
Auditing 1,840 84 154,560
Tax 2,650 94 249,100
Consulting 1,640 105 172,200
Total 575,860
For Quarter:3 is
Billable Hours Billable rate Total
Auditing 2,330 84 195,720
Tax 2,300 94 216,200
Consulting 1,640 105 172,200
Total 584,120
For Quarter:4 is
Billable Hours Billable rate Total
Auditing 2,710 84 227,640
Tax 2,800 94 263,200
Consulting 1,640 105 172,200
Total 663,040
Now the total revenue is
= $575,860 + $584,120 + $663,040
Therefore, = $1,823,020
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Prepare summary journal entries to record the following transactions for a company in its first month of operations. a. Raw materials purchased on account, $98,000. b. Direct materials used in production, $41,500. Indirect materials used in production, $18,800. c. Paid cash for factory payroll, $45,000. Of this total, $33,000 is for direct labor and $12,000 is for indirect labor. d. Paid cash for other actual overhead costs, $8,125. e. Applied overhead at the rate of 125% of direct labor cost. f. Transferred cost of jobs completed to finished goods, $63,000. g1. Jobs that had a cost of $63,000 were sold. g2. Sold jobs on account for $90,000.
Answer and Explanation:
The Journal entries are prepared below:-
a. Raw materials inventory Dr, $98,000
To Accounts payable $98,000
(Being raw material is purchased on the account is recorded)
b. Work in process inventory Dr, 41,500
To Raw materials inventory $41,500
(Being direct material used is recorded)
Factory overhead Dr, 18,800
To Raw materials inventory $18,800
(Being indirect material used is recorded)
c. Work in process inventory Dr, $45,000
Factory overhead Dr, $33,000
To Cash $78,000
(Being cash paid is recorded)
d. Factory overhead Dr, $8,125
To Cash $8,125
(Being cash paid is recorded)
e. Work in process inventory Dr, $56,250 (45,000 × 125% )
To Factory overhead $56,250
(Being overhead is recorded)
f. Finished goods inventory Dr, $63,000
To Work in process inventory $63,000
(Being transferred cost is recorded)
g, Cost of goods sold Dr, $63,000
To Finished goods inventory $63,000
(Being cost of goods sold is recorded)
Accounts receivable Dr, $90,000
To Sales $90,000
(Being sales value is recorded)
Rearrange the following steps in the accounting cycle in proper sequence: a. A post-closing trial balance is prepared. 3 b. Adjustment data are asssembled and analyzed. c. Adjusting entries are journalized and posted to the ledger. d. An adjusted trial balance is prepared. e. An optional end-of-period spreadsheet is prepared. f. An unadjusted trial balance is prepared. g. Closing entries are journalized and posted to the ledger. h. Financial statements are prepared. i. Transactions are analyzed and recorded in the journal. j. Transactions are posted to the ledger.
Answer:
The Accounting Cycle of a Business refers to the entire process of accounting for the transactions in the business from the moment the company begins a new transaction to the end of the period where it is aggregated into other accounts and presented to relevant stakeholders.
There are 10 steps to this cycle and they are;
Transactions are analyzed and recorded in the journal. Transactions are posted to the ledger An unadjusted trial balance is prepared Adjustment data are assembled and analyzed An optional end-of-period spreadsheet is preparedAdjusting entries are journalized and posted to the ledger An adjusted trial balance is prepared Financial statements are prepared Closing entries are journalized and posted to the ledger A post-closing trial balance is preparedi ⇒ j ⇒ f ⇒ b ⇒ e ⇒ c ⇒ d ⇒ h ⇒ g ⇒ a
Which of the following statements about normal costing is not true? Group of answer choices Manufacturing overhead is allocated using budgeted rate and actual cost allocation base used. Direct costs and indirect costs are traced using an actual rate. Direct costs are traced using an actual rate, and indirect costs are allocated using a budgeted rate. Manufacturing overhead is allocated using budgeted rate and budgeted cost allocation base. Direct costs and indirect costs are traced using budgeted rates. Direct costs are traced using a budgeted rate, and indirect costs are allocated using an actual rate.
Answer:
Direct costs are traced using an actual rate, and indirect costs are allocated using a budgeted rate
Explanation:
Normal costing refers to the actual cost of direct materials, direct labor, and manufacturing overhead applied. This cost is calculated by using a predetermined annual overhead rate.
Direct costs are expenses involved in producing goods or providing services and indirect costs are general expenses that are involved in operating.
The statement about normal costing which is not true is ''Direct costs are traced using an actual rate, and indirect costs are allocated using a budgeted rate''
A market has four individuals, each considering buying a grill. Assume that grills come in only one size and model. Martina considers herself a grill-master, and finds a grill a necessity, so she is willing to pay $400 for a grill. Javier is a meat-lover, honing his grilling skills, and is willing to pay $350 for a grill. Kamal wants to impress his friends with his vegetable grilling skills and is willing to pay $320 for a grill. Lina loves grilled shrimp and thinks it might be cheaper in the long run if she grills her own shrimp instead of eating out at a restaurant, so she is willing to pay $200 for a grill. If the market price of grills is $300, who will participate in the market?
Answer:
Martina
Javier :
Kama
Explanation:
The people that would participate in the market are those whose willingness to pay is higher than the market price for the grill.
The willingness to pay is the highest amount a person would be willing to pay for a good
Martina : $400 > $300 would participate
Javier : $350 > $300 would participate
Kama : $320 > $300 would participate
Lina : $200 < $300 would not participate
I. Journalize the following transactions: 1. Madison Co. purchased $225,500 of raw materials on account. 2. Actual manufacturing overhead costs include: a. Utilities : $2,800 b. Depreciation on equipment: $12,650 c. Repairs on account: $3,200 d. Rent paid, $6,000 e. Insurance (prepaid policy): $3,350 3. Madison Co. issued $75,500 of material to Process A. 4. Assigned $18,000 is factory labor, of which $12,000 is indirect labor 5. Manufacturing Overhead costs are applied at 82% of material issued 6. Balance in WIP – A is transferred to Process –B 7. $51,000 of material is issued to Process – B 8. Assigned $22,000 of factory labor, of which $15,000 is indirect labor 9. Manufacturing overhead costs are applied to Process B at a rate of 62.5% of material issued (to process B) 10. Actual manufacturing overhead costs paid totaled $39,500; manufacturing overhead costs charged to accounts payable totaled $1,500 11. Balance of Process B is transferred to Finished Goods 12. The cost transferred to finished goods included 62,500 units. Calculate the cost per unit (round to hundredths); Madison Co. sold 13,250 units for $79,000 cash; they sold 4,125 units for $24,500 on account 13. Determine over or under-applied manufacturing overhead and prepare adjusting entry.
Answer and Explanation:
Dr raw materials 225000
Cr accounts payable 225000
Dr wages 40000
Cr materials 40000
Dr manufacturing overhead 28000
Cr cash 2800
Cr accumulated depreciation 12650
Cr rent 3200
Cr repairs 6000
Cr prepaid insurance 3350
Work in progress A Dr 75500
Raw material Cr 75500
Work in progress A Dr 6000
Manufacturing overhead Dr 12000
Wages Cr 18000
Work in progress A Dr 61910
Manufacturing overhead cr 61910
cash dr 79500
account receivable dr 24500
Sales cr 104000
cost of goods Dr 64853
Finished goods Cr 64853
Manufacturing overhead Dr 9785
Cost of goods sold Cr 9785
Note
Work in progress A to overhead calculated 82% of 79500=61910
In 2013, Space Technology Company modified its model Z2 satellite to incorporate a new communication device. The company made the following expenditures:
Basic research to develop the technology $ 2,000,000
Engineering design work 680,000
Development of a prototype device 300,000
Acquisition of equipment 60,000
Testing and modification of the prototype 200,000
Legal and other fees for patent application on the new
communication system 40,000
Legal fees for successful defense of the new patent 20,000
Total $ 3,300,000
The equipment will be used on this and other research projects. Depreciation on the equipment for 2013 is $10,000.
During your year-end review of the accounts related to intangibles, you discover that the company has capitalized all of the above as costs of the patent. Management contends that the device simply represents an improvement of the existing communication system of the satellite and, therefore, should be capitalized.
Required:
Prepare correcting entries that reflect the appropriate treatment of the expenditures.
1. Record the correcting entry to expense R&D costs incorrectly capitalized
2. Record the correcting entry to capitalize the cost of equipment incorrectly capitalized as a patent.
3. Record the correcting entry to record depreciation on equipment used in R&D projects.
Answer:
1. Dec 31
Dr Research and Development Expense $3,180,000
Cr 2013 Patent $3,180,000
2. Dec 31
Dr Equipment $60,000
Cr 2013 Patent $60,000
3. Dec 31
Dr Research and Development Expense $10,000
Cr 2013 Accumulated Depreciation - Equipment $10,000
Explanation:
1. Preparation of the Journal entry to Record the correcting entry to expense R&D costs incorrectly capitalized
Dec 31
Dr Research and Development Expense $3,180,000
Cr 2013 Patent $3,180,000
(To record research and development expense )
Calculation for the Total of research and development expense
Basic research to develop the technology $2,000,000
Engineering design work $680,000
Development of a prototype device $300,000
Testing and modification of the prototype $200,000
Total research and development expense $3,180,000
2. Preparation of the journal entry to Record the correcting entry to capitalize the cost of equipment incorrectly capitalized as a patent.
Dec 31
Dr Equipment $60,000
Cr 2013 Patent $60,000
(To correct cost of equipment capitalized to patent)
3. Preparation of the Journal entry to Record the correcting entry to record depreciation on equipment used in R&D projects.
Dec 31
Dr Research and Development Expense $10,000
Cr 2013 Accumulated Depreciation - Equipment $10,000
(To record research and development expense)
What do researchers mean by "secondary data"?
A. Data considered less important than primary data
B. Data collected after any research to gather primary data
C. Information from research already conducted for another purpose
O D. Data collected specifically for the researcher's own study
Answer:
C. Information from research already conducted for another purpose
Explanation:
Secondary data is research information that is already available for use by other researchers. It is data that was collected previously for different purposes but is relevant in the current study. Secondary data consists of information collected as part of an organization's or government's routine tasks.
Secondary data contrast primary data, which is collected specifically for the current data. Sources of secondary data include books, libraries, internet searches, and information from government departments.
Answer:
c
Explanation:
Who is better Mario or Sonic
Answer:
both but I think that sonics better but for old people they probably like mario