Exercise 15-7 Crawford Corporation incurred the following transactions. 1. Purchased raw materials on account $53,000. 2. Raw Materials of $45,200 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $9,400 was classified as indirect materials. 3. Factory labor costs incurred were $65,400, of which $50,200 pertained to factory wages payable and $15,200 pertained to employer payroll taxes payable. 4. Time tickets indicated that $55,000 was direct labor and $10,400 was indirect labor. 5. Manufacturing overhead costs incurred on account were $81,700. 6. Depreciation on the company’s office building was $8,100. 7. Manufacturing overhead was applied at the rate of 160% of direct labor cost. 8. Goods costing $89,400 were completed and transferred to finished goods. 9. Finished goods costing $76,000 to manufacture were sold on account for $105,100. Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit (1) (2) (3) (4) (5) (6) (7) (8) (9) (To record the sale) (To record the cost of the sale) Click if you would like to Show Work for this question: Open Show Work

Final answer:

To determine the time it will take Thom to pay off his $6,200 credit card debt at 17.9% APR with $200 monthly payments, an amortization formula or financial calculator is required. The calculation involves understanding both the effects of monthly compounding interest and how each payment is split between interest and principal repayment.

Explanation:

To find out how long it will take Thom to pay off a $6,200 credit card debt with a 17.9% APR compounded monthly and making $200 payments per month, we need to use the formula for the amortization of a loan. Calculating this requires either the use of a financial calculator, a loan amortization spreadsheet, or the application of the appropriate mathematical formula. Since the APR is given as an annual rate but compounded monthly, we will need to convert the annual rate to a monthly rate by dividing it by 12. Then, we need to set up the amortization formula to solve for the number of payments required to pay off the debt.

Taking into account the compounding interest each month, it is not a simple division of the total debt by the monthly payment. The compound interest will add to the balance each month, while part of each $200 payment will go towards paying off the interest, with the remainder paying down the principal.

As this is a complex calculation that typically requires financial functions not available without a calculator or spreadsheet, the exact number of months is not provided here, but the general approach has been outlined to assist in understanding the steps involved in such a calculation.

Answer:

The net realizable value of Miller's receivables at the end of Year 2 was $27,910

Explanation:

Let's start with the definition of each concept:

Sales on account: These represent sales which are not paid right away.

Account receivable: This is an account which represent the sales on account which currently are still unpaid.

When a sale is payed at the very moment it ocours, it is done using the cash account and the sales accounts.

Allowance for doubful account:  This account is a counter-assets account that decrease the net value of account receivable. It represent the account that will not be collected.

The method to determinate the allowance will be the following:

Sales on account x estimate uncollectiblle = Bad debt expense

$103,000 x 3% of sales =  3090 bad debt expense

The journal entry to record this will be:

bad debt expense debit  3090

allowance for doubful account  credit 3090

The company collected 72,000 of the sales on account during the year so the balance will be:

103,000 - 72,000 = 31,000 account receivable

So resuming the account receivable account have this movements:

account receivable debit for 103,000

sales revenue credit for 103,000

to show the sales on account

and then

cash debit for 72,000

account receivable credit for 72,000

to show the collections of the customer accounts

Now subtracting the espected bad debt we get the Miller's net realizable value at the end of Year 2:

31,000 - 3,090 = 27,910

Account receivable                     31,000

Allowance for doubful accounts (3,090)

net                                                 27,910

Have a nice evening !

The net realizable value of Miller's receivables at the end of Year 2 is $27,910 after accounting for the 3% of sales on account expected to be uncollectible and the cash collections from receivables. The option (A) is correct.

The Miller Company earned $103,000 of revenue on account during Year 2 and estimated that it will be unable to collect 3% of its sales on account. With no beginning balance in the accounts receivable or allowance accounts, and a collection of $72,000 cash from receivables, we can calculate the net realizable value of receivables at the end of Year 2.

The allowance for doubtful accounts will be 3% of the total sales on account, which is 0.03 times03,000 = $3,090. After collecting $72,000, the remaining accounts receivable is $103,000 - $72,000 = $31,000. Therefore, the net realizable value is the accounts receivable minus the allowance for doubtful accounts, which is $31,000 - $3,090 = $27,910.

This question is not complete, Here I am attaching the complete question:

The Miller Company earned $103,000 of revenue on account during Year 2. There was no beginning balance in the accounts receivable and allowance accounts. During Year 2, Miller collected $72,000 of cash from its receivables accounts. The company estimates that it will be unable to collect 3% of its sales on account. The net realizable value of Miller's receivables at the end of Year 2 was:

(A) $27,910

(B) $30,000

(C) $27,800

(D) $26,910.

Answer:431.75 dollars

Explanation:she gets 284.8 dollars for the 32 hours(32x 8.9) and for the extra 11 hours she gets 146.85( 8.9 x 1.5= 13.35 and 13.35 x 11) 146.85+ 284.8= 431.75

Your question asks what the ethical culture of the state is.

The reason why the answer "B). The troopers are following a normative standard" is correct because this is the standard that the troops go by--for instance when they pull someone over.

The reason why it's a "normative" standard is because it is a norm that they go by, and the norm "Nine you’re fine; ten you’re mine" is normal to them.

Their motto "Nine you’re fine; ten you’re mine" means that when someone is going 9 mph over the speed limit, they're fine, but if they're going 10 mph over the speed limit, then they will get pulled over.

That's why in the text it says "if the posted speed limit is 55 mph, drivers can drive at a rate up to 64 mph without fear of getting a ticket", due to the fact that from 55 mph to 64 mph is only 9 mph above the speed limit. If the driver were to go 65 mph, then they will get pulled over.

To sum it up, it's just a "normative standard" for the state troopers to not give tickets to people going 9 mph over the speed limit, but only to those who go 10 mph over the speed limit.

if theres a BMI and ASCAP select it

Answer: the correct answer is c. sales promotion

Explanation:  coupons, sweepstakes, refunds, and displays are examples of sales promotions.

Answer:

Market value of equity / book value of equity   72/52 = 1.38

The company is a little overvalued.

It means that the assets they have because the rate is declining, have a higher yield than the market, that's why their market value increase, therefore the investor will pay more to acquire the company or shares of the company because their profits will be above the common of the industry.

Explanation:

concept                book value       market value          diference

current assets     32 millons          32 millons                        0

long term assets 70 millons         100 millons     +30,000,000

liabilities               50 millons         60 millons        -10,000,000

TOTALS           70+32  - 50= 52    32+100-60=72     +20,000,000

Market value of equity / book value of equity   72/52 = 1.38

This ratio tries to determinate if a company is being undervalued or overvalued.

It is usually good to help a third party at the task of  determinate whether or not a company's market value is suffering from speculation (when extremely overvalued)

When the ratio is below 1 It will mean that it is undervalued. The manager may interpret this that third parties see the company cheap while trading.

When it is above 1, it is overvalued, this means an investor will pay more for a portion of the company than it really has.  This can lead to thinking that forecast profit is rising and because of that the investors are paying a premium. But if it gets really high, then it is saying that the company is subject to speculation and the price bubble may explode anytime.

Answer:

The optimal order quantity will be 200

Explanation:

The formula is the following:

[tex]\sqrt{\frac{2 * 4000 * 25}{5}} = 200[/tex]

[tex]\sqrt{\frac{2 * Demand* RequestCost}{HoldingCost}} = 200[/tex]

The Math involving how to reach this formula finds their base on differential analysis maths, so it is beyond the scope of the question.

Now, let's focus on what using this method does to the university if implement:

It is quite easy to calculate so if the cost change or the annual demand changes, then it will be easy to find the new optimal quantity

It is important to consider that the demand must be steady during the year. This method does not fit when there is seasonal demand for the product or if there are punctual buyers of high volume. The method also has a problem with the time to replenish the inventory, because it is assuming it happens instantly. Also, it is important to notice that the units purchase cost is not in the calculation, so if a higher purchase volume gets discounts, it is not in being considered in this formula.

So resuming,

The formula you should remember in case to calculate the cost will be this:

Total cost= cost to order + Cost of inventory

In this case will be cost to order = 20 request (4000 demand / 200 order) *$25 each = 500

cost of inventory = 200 * 5 = $1000

Total of $1,500

The campus bookshop sells 4,000 sets of graduation regalia each year. The optimal order quantity will be 200.

The amount of inventory that a company should have on hand at any one time that is most cost-effective is called the optimal order quantity. Simply put, this figure shows the amount of stock an organization should order meeting demand without using up too much working capital.

The economic order quantity (EOQ) or the optimal order quantity is the amount of inventory that a company should order in order to meet demand while reducing overall ordering, receiving, and holding expenses.

Computation of optimal order quantity (EOQ):

EOQ = square root of [2(setup costs)(demand rate)] / holding costs.

EOQ = square root of [2×4000×25/5]

EOQ = 200

Therefore, the optimal order quantity 200.

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Explanation:

An employee should be paid for the number of hours he worked in the organization and the number of hours he worked overtime for the company. Also if the employee has worked for company on holidays, he should be paid overtime allowance for that.

So according to the above criteria, the following options are appropriate determinants of how much should an employee be paid.

So these above mentioned options determine how an employee should be paid.

Answer:

Determine the number of hours the employee worked.

Determine whether the employee worked overtime hours.

Determine whether any of the days worked are holidays that receive holiday overtime payment rates.

Determine the hourly rate this employee earns.

Explanation:

Answer: the correct answer is $210,000. The months is which the service was given were June, July, August, September, October, Nevember, December. The total service is $360,000 which means it is $30,000 monthly. (360,000 divided by 12). $30,000 times 7 months is $210,000.

Explanation: If a company is using the accrual basis accounting method it has to record its earned revenue when services are rendered, even though cash may be received at a later date..

By the end of December, how much Subscription revenue has been earned is $210,000

Given:

Based on the information given each  of the subscriber will receive an issue of the magazine for each of the next 12 months starting with the June .

June to December=7 months

Subscription revenue=$360,000

Now let how much Subscription revenue has been earned

Subscription revenue=$360,000×7months/12 months

Subscription revenue=$210,000

Inconclusion By the end of December, how much Subscription revenue has been earned is $210,000.

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Answer:

B.Dependent care plans can only be used to cover the costs of caring for a dependent child

Explanation:

Dependent Care  with the high cost of child care these days a  Dependent Care Account makes it easy to save on taxes.  

Health care flexible spending accounts can be used to cover dentist fees. This statement is true as Health care flexible spending accounts (FSAs) can be used to cover a wide range of eligible medical expenses. Therefore, The correct answer is Option (C).

A Flexible Spending Account (FSA, also called a “flexible spending arrangement”) is a special account you put money into that you use to pay for certain out-of-pocket health care costs. You don't pay taxes on this money. This means you'll save an amount equal to the taxes you would have paid on the money you set aside. A flexible spending account (FSA) is a type of savings account that provides the account holder with specific tax advantages. Thus, Option (c) is true. Health care flexible spending accounts (FSAs) can be used to cover a wide range of eligible medical expenses, and dental fees are typically included in the list of eligible expenses. Whereas,

Option (A) is not necessarily true because Some employer-provided spending accounts, like a transit. may cover public transportation expenses and parking expenses.

Option (B) is also not true as Dependent care plans can typically be used to cover the costs of caring for dependent children under a certain age (usually 13) as well as dependent adults who are incapable of self-care.

And Option (D) is incorrect because Dependent care accounts can generally be used to cover expenses related to the care of dependent children, including both day care and preschool expenses.

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Answer:

There are several question

Explanation:

You do not provide the equipment adquisition value.

I will help you with this incomplete question, by giving you the procedure to reach the answers of your problem:

The information about concerts is not useful to determinate the straight-line depreciation, so you will ignore that part, on striaght-line you must focus on the espected life of the long-term asset, the adquisition value and the salvage value.

For depreciation expense for year 1.

You will do (adquisition value - salvage value ($2,000)) /4 years

The first part means, the ammount from which the band purchase the equipment, less the ammount they can sell it at the end of his useful life. This will be the ammount subject to depreciation.

Last part will be to divide this by the useful life in year.

Book value at the moment of revision will be:

book value  = adquisition value - acumulated depreciation

Were the acumulated depreciation will be sum of the depreciation expense over the years. In this case we only have 1 depreciation so it will be

acumulated depreciation: dep expense year 1

Remaining depreciable cost at year 1 will be:

amount subject to depreciation  - acumulated depreciation

remember that amount subject to depreciation will be:

adquisition value - salvage value

and the acumulated depreciation is the sum of the depreication of each year.

For depreciation expense for year 2

Then you will do (adquisition value - salvage value) / 3 years

Because the expected life decrease this value will be higher than year 1

Answer:

I am pretty sure it is true

The revenue and expense accounts are closed at the end of the year, an entry is made to shut the income summary account is $83800. Thus, option (B) is the correct answer.

During an accounting period, all revenue and cost accounts from the income statement are moved into a temporary account called the income summary account.

Income/Lose

= Total revenue- Total Expenses.

= $190000 - $106200

= $83200

Income = $83200

Income transferred to Retained Earnings

Thus, option (B) is correct Answer:

Debit income summary $83500

Credit Retained Earning $83800

Therefore, The revenue and expense accounts are closed at the end of the year, an entry is made to shut the income summary account is $83800. Thus, option (B) is the correct answer.

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The given question is incomplete, this is the complete question:

Tiptoe Shoes had annual revenues of $190,000, expenses of $106,200, and dividends of $20,000 during the current year. The retained earnings account before closing had a balance of $302,000. The entry to close the Income Summary account at the end of the year, after revenue and expense accounts have been closed, is:?

Group of answer choices:

a) Debit Retained earnings $83,800, credit Income Summary $83,800

b) Debit Income Summary $83,800, credit Retained earnings $83,800

c) Debit Retained earnings $63,800; credit Income Summary $63,800

d) Debit Income Summary $63,800; credit Retained earnings $63,800

e) Debit Retained earnings $302,000; credit Income Summary $302,000

Answer:

True!!!!!!!!!!!!!!!!!!!!!!!!

Explanation and answer:

If if the possible outcomes are xi, and the corresponding probability is pi, where i is one of the N events, then the expectation [E] is given by

[E] = sum (xi*pi)

In the given case, n= frequency of the event, N=50=total number of events

i    n    xi   pi            n*xi*pi

1  40    0   40/50     40*0*40/50 = 0

2   8   20   8/50      8*20/50 =  3.20

3   1  100    1/50       1*100/50 =  2.00

4   1  500   1/50       1*500/40= 10.00

Total  (expected gross winning) =  15.20

Person has already paid $10,

so the expected net winning = 15.20 - 10 = 5.20

In a large number of games, on average, a player who pays $10 to randomly select a slip from the box in question can expect to win $5.20 per game.

This question relates to the mathematical concept of expected value, which is a key idea in statistics and probability. In the context of this box game, we need to consider each possible outcome and its associated probability. The associated value is the amount of money on the slip minus the cost to play, which is $10.

So, considering each scenario:

Adding these together, the overall expected net winnings (or more accurately, losses) per game played would be -$8 + $1.60 + $1.80 + $9.80 = $5.20. Thus, if played a large number of times, on average, a player would expect to win $5.20 per game, despite the fact that the most likely individual outcome on any given draw is a loss of $10. This happens due to the high winnings when the rare event of drawing a $500 slip occurs which increases the overall expected value of the game.

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Answer:

C.

Explanation:

It is the company's liability until the customer takes posession.

Answer:

Option "C" is the correct answer to the following statement

Explanation:

In the following situation, Jayson Company should record a liability of $700 until the customer gets his or her TV.

the customer gives order and full payment to Jayson Company of $700 on October 10 and receive his or her order on October 17.

So, $700 is a liability for Jayson Company and assets for the customer.

Answer:

provides many low-wage jobs, driving down the unemployment rate

Explanation:

Manufacturing creates wealth by providing many low-wage jobs thus driving down the unemployment rate in a country. The standards of living of the people is thus improved

Answer:

The correct answer would be Provides many low wage jobs, and Driving down the unemployment rate.  

Explanation:

When manufacturing increases in an economy, it means that there is a growth in the economy, people are demanding products and for that manufacturers are manufacturing products. Manufacturing requires more workforce, so many of the lower paid workers are been employed, which contributes towards lowering the unemployment rate of the country overall. More people gets employed and thus employment increases which decreases the unemployment rate.

Your question asks which is a fast and reliable source for emergency supplies that are needed overseas.

The reason why answer choice "B). Airfreight" is the correct answer because this is the distribution system that is the quickest to get things overseas.

When you think about going overseas, what do you use? A plane. When you think about going somewhere international, what do you use? A plane. That is the same concept when you're sending things overseas, you would use some sort of air craft to get it overseas.

An airfreight is a really big air craft that can transport tons and tons of supplies, items, etc. An airfreight can go over the ocean and to its destination very quickly. The plane can go hundreds and hundreds of miles per hour for a long period of time. This is why people would use an air freight to deliver emergency supplies overseas.

Answer choice "A). railroads" is incorrect because railroads can't go overseas. Have you seen railroads built over the ocean? Absolutely not. Therefore, trains can't go over the ocean because there's no railroads built over the ocean. This is why this answer choice is incorrect.

Answer choice "C). trucking" is incorrect because there is no road over the ocean, therefore the travel path would be cut off for the trucks. In order for the trucks to go overseas, they would need to be transported on a boat, in which would take a long time. This is why this answer choice is incorrect.

Answer choice "D). pipelines" is incorrect because pipelines don't extend to places that are overseas, and pipelines would not be a safe thing to use to get emergency equipment distributed. This is why this answer choice is incorrect.

Answer choice "E). waterways" is incorrect because water ways are just water, large bodies of water to be exact. There is no transportation system in waterways, therefore making this answer choice incorrect.

Airfreight is the most suitable option for fast and reliable overseas delivery of emergency supplies, thanks to its speed and connectivity to local distribution networks.

Among the options given, airfreight offers the most speed and reliability when emergency supplies are needed overseas. Airfreight can deliver goods quickly over long distances, and it is less likely to be affected by traffic jams, adverse weather affecting roadways, or the physical limitations of infrastructure like bridges and tunnels.

Airports also tend to be well-connected to local distribution networks, allowing for the efficient 'last mile' delivery in different geographic regions, which is essential when time is critical.

Answer:

Explanation:

1. The amount earned each year is 4% × $100 = $4. After 2 years, the account has earned 2×$4.00 = $8.00.

__

2. If the account earned simple interest, it would earn 8% × $100 = $8.00 each year. After 3 years, the interest would total $24.00. Since the interest is compounded, the interest also earns interest and the total amount of interest is more than $24.00. The appropriate answer choice is $25.97.

__

3. If the business had taken a year to pay off the loan, it would have paid in interest ...

  10% × $100,000 = $10,000

Since the loan was paid off in 1/4 year, the amount of interest paid is 1/4 that amount, so is

  (1/4) × $10,000 = $2,500

In the context of U.S. energy sectors, churches are included in the commercial sector but automobiles are part of the transportation sector. Additionally, construction is typically associated with the industrial sector. Hence, neither student is completely correct in their assertions regarding the inclusion of these entities in the commercial sector.

The discussion between the two students revolves around the definition of the commercial sector in the context of energy consumption in the United States. The assertion by Student 1 that the commercial sector includes churches is correct, as non-commercial entities like churches and government buildings fall under the commercial sector regarding energy use. However, Student 1's inclusion of automobiles is misplaced since automobiles are typically classified under the transportation sector, particularly private automobiles. On the other hand, Student 2's addition of the construction into the commercial list is inaccurate, as construction is more closely aligned with the industrial sector, which entails different energy use patterns and distinctive accounting of energy resources.

Figures and definitions from energy information sources reveal that the commercial sector encompasses various types of enterprises with unique patterns of energy consumption, and it is important to make distinctions between these sectors for accurate energy accounting and management. Therefore, neither student is completely correct in their assertions. The commercial sector is defined by its non-residential and non-industrial buildings and their energy use, with office and mercantile uses being predominant.

Answer: I think C

Explanation: Because lets say you have a F+ in math and you want a A+ in Math. You have to get math tests done to get high score.

Answer: the correct answer is Consideration

Explanation:

Heidi, the founder of Camp Bow Wow, proves herself to be a leader as she asks her employees for suggestions and inputs before making decisions. In the given context, Heidi demonstrates consideration.

Answer:

Explanation:

Short answer: No it would not make any sense at all.

It is doubtful that international courts would take such a task on. International courts seldom deal with civil issues.

Big companies like IBM need their size to compete internationally. China for one, South Korea (surprise), can give them a run for their money.

Answer and explanation:

It depends on the region. There are countries where such kind of innovations are not locally produced so they have no option but to adapt to what other countries can provide them. According to their local regulations and market conditions, they could start processes against those types of organizations.

On the other hand, some other regions produce similar domestic goods that are even more preferred than imports. There, the policies the example refers seem useless.