Answer:
II only. A high utilization factor will result in a system that performs poorly is TRUE for a single-server queueing system. As it states that when designing a single-server queueing system, beware that giving a relatively high utilization factor (workload) to the server provides surprisingly poor measures of performance for the system.
True that queueing models enable finding an appropriate balance between the cost of service and the amount of waiting.
Explanation: RATE BRAINLIEST PLEASE
B- A high utilization factor will result in a system that runs and performs poorly in case of a single-server queuing system. This will happen due to less efficiency experienced in as the number of objects in a queue increases.
Single server queuing system will also help identify the fact that if the firm is in severe need of additional servers so as to make the system run well and to the expectancy of the org.
A single server queuing system is designed especially for firms where the server is mandatory but not of high usage and the firm has installed the system just for the sake of it.This system loses its efficiency when there is a great deal of requirements in the firm and the saturation of the firm is much higher than the capacity of the server.A firm will soon have to install additional server to its system to be able to manage the subjects and the objects of the firm's workload with an increase seen throughout and requirement to deploy such system is really required.Hence, the correct option is B that the high utilization factor will lead to the result in a system that performs poorly.
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All of the contributions were to qualified charitable organizations. When Kell computes the maximumallowable deduction for contributions, what percentage of contribution base income should Kelluse?A. 50%B. 30%C. 10%D. 5%
The percentage of base income that Kell should use is 10 percentage
Explanation:
There are some factors that must be considered while calculating the base income the contribution that is used for deduction the then the dividend amount that is received after deduction
The net operating loss that is carried back and then the capital loss carry back is also calculated and they are calculated in percentage and the final amount is given
An inexperienced internal auditor notified the senior auditor of a significant variance from the auditee’s budget. The senior told the new auditor not to worry as the senior had heard that there had been an unauthorized work stoppage that probably accounted for the difference. Which of the following statements is most appropriate?
A: The new auditor should have investigated the matter fully and not bothered the senior.
B: The senior used proper judgment in curtailing what could have been a wasteful investigation.
C: The senior should have halted the audit until the variance was fully explained.
D: The senior should have aided the new auditor in formulating a plan for accumulating appropriate evidence.
Answer:
The correct answer is letter "D": The senior should have aided the new auditor in formulating a plan for accumulating appropriate evidence.
Explanation:
For ethical and professional purposes, every time a piece of information is not clear several facts must be collected to complete the vague idea. In Auditing as in any other profession, the evidence must be gathered to confirm the company being audited is not committing fraud or forbidden practices.
Thus, in the example, the senior auditor should have helped the inexperienced editor in coming up with a plan to collect enough information about the budget difference. If that was not successful, they could have stopped the auditing until they received clarification of the situation.
Loggers are much likely to supply wood to the market if property rights are enforced. In the presence of market failures, public policy can improve economic efficiency. Classify the source of market failure in each case listed. Market Failure Market Power Externality There is only one car dealership in a small town, giving the dealership the ability to influence the price of cars. A person smoking in a restaurant emits second-hand smoke that harms other restaurant patrons.
Answer:
much more likely;
There is only one car dealership in a small town, giving the dealership the ability to influence the price of cars. - Market power
A person smoking in a restaurant emits second-hand smoke that harms other restaurant patrons. - Externality
Explanation:
Property rights are an incentive for individuals to create goods that are needed on the market. In other words, when a discrepancy between demand and supply occurs on a specific market, entities, businesses or individuals that create the goods are motivated to meet market needs through enforced property rights.
On the other hand, when there is a lack of property rights that regulate the market, market failures occur. Two common types of market failures include market power and externalities.
The car dealership example shows market power in practice, as the reigning company can dictate car prices.
The second example shows an externality, as there is evident influence (cost or benefit) on the third party, which they cannot change. People are affected (negatively) by smoke they did not create.
Loggers are much likely to under supply wood to the market if property rights are enforced.
There is only one car dealership in a small town, giving the dealership the ability to influence the price of cars. - this would be classified as market power
A person smoking in a restaurant emits second-hand smoke that harms other restaurant patrons.- this would be classified as an externality
Property rights define who legally owns a property. It also defines how the property can be used.
If property rights are enforced, logger would not be able to indiscriminately fell wood. This would reduce the quantity of wood that can be sold in the market.
A firm has market power when it is able to raise prices above the price that would prevail in a competitive environment.
The car dealership is an example of a monopoly.
A monopoly is when there is only one firm operating in an industry. there are usually high barriers to entry of firms. the demand curve is downward sloping. it sets the price for its goods and services.
Externality is when production or consumption activities have effects on third parties not involved in the activity
Smoking generates negative externality
A good has negative externality if the costs to third parties not involved in production or consumption is greater than the benefits.
People around a smoker are in danger of inhaling harmful second-hand smoke
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Your plant produces 100 snowmobiles per month. Direct costs are $2,000 per snowmobile. Monthly overhead is $90,000. What is the average cost per snowmobile with overhead?
Answer:
$2,900
Explanation:
If we use a cost function, it will be easy to understand. Cost function = (variable cost per unit × quantity) + fixed cost.
Here,
Direct cost per snowmobile = $2,000. It is the variable cost.
Overhead cost = $90,000. It is a fixed cost.
Total snowmobiles = 100 units
Total cost = ($2,000 × 100 snowmobiles) + $90,000
Total cost = $290,000
We know,
Average cost per snowmobile = Total cost ÷ total quantity
Average cost per snowmobile = $290,000 ÷ 100
Average cost per snowmobile = $2,900
Rent-a-Furniture Center is offering a living room set that retails for $799 for $25 per week for 1 year. What is the percent markup on this furniture set?
Answer:
62.70%
Explanation:
The markup value is found by calculating the gross profit and dividing it by its price. The retail price for the Rent-a-Furniture Center is $799 and the selling is $25 per week.
There are 52 weeks in a year, therefore, with this payment plan of $25/week, the total amount in one year is (52* 25) = $1300. Gross profit is (1300- 799) = $501. The markup value is (501/799) = 62.7033%
Answer:
62.70%
Explanation:
Assume that Frank, a farmer in a competitive market, is maximizing profits selling 80 bushels of corn. If his total variable cost is $120, and his total fixed cost is $80, and her marginal revenue is $4, then Frank:_______
Answer:
Frank will be earning positive economic profit.
Explanation:
Data provided in the question:
Number of Units sold for maximizing profit = 80 bushels of corn
Total variable cost = $120
Total fixed cost = $80
Marginal revenue = $4
Now,
Marginal revenue is defined as the additional revenue generated by on increasing the sales by one unit.
Here,
The marginal revenue is positive
Therefore,
Frank will be earning positive economic profit.
Which of the following is NOT an example of the technical support that the International Monetary Fund (IMF) provides to governments
Technical Support
Monetary fund
Loans
Halth support
Answer:
Halth support
Explanation:
IMF (International Monetary Fund), with its International Monetary Fund or more commonly known abbreviation, is an international organization that has duties such as following the global financial order, conducting audits and organizations on issues such as stock exchange, exchange rates, payment plans, as well as providing technical and financial support. To prevent the international trade from shrinking by giving credit to temporary (short-term) payment difficulties that may arise in the balance sheets of the European states; The World Bank was established to provide reconstruction of European states and to eliminate the inherent imbalances in the balance sheets by giving long-term investment loans.
The IMF mainly offers technical assistance and training in four areas:
- Monetary and financial policy (monetary policy tools, banking system supervision and restructuring, external management and operations, payment clearing systems, and central banks);
- Financial policy and management (tax and customs policy and management, budgeting, spending management, social security networking and internal and external debt management);
- Compilation, management, distribution and improvement of statistical data;
- Advice on economic and financial legislation.
Explain how to determine the maximum amount of money a company is willing to pay for a a consultant that can be predict the future (the location of the new airport) in the Magnolia Inn example.
Final answer:
To determine the maximum amount a company is willing to pay for a consultant who can predict the future, they need to consider the potential benefits and returns they can gain from this information.
Explanation:
To determine the maximum amount of money a company is willing to pay for a consultant who can predict the future, such as the location of a new airport in the Magnolia Inn example, the company needs to consider the potential benefits and returns they can gain from this information. They would assess how much money they could make or save by having this information, such as attracting more customers, optimizing routes, or avoiding costly mistakes.
The maximum amount they would be willing to pay would be the amount that is less than or equal to the expected financial gain or cost savings they can achieve through the consultant's predictions. For example, if the company estimates that knowing the future location of the new airport will enable them to generate an additional $1 million in revenue or cost savings, they may be willing to pay up to $1 million for a consultant who can accurately predict the location.
1. The new utility function u′ = ln(u) = ln(x^a.y^b)=a*ln(x)+b*ln(y).
What is MRS_x,y of this new utility function?
2. Will the MRS be still the same for each of the following transformation? Explain without directly solving for MRS.
a) u′=u2
b) u′=1/u2
c) u′=1987*u−507
d) u′=eu
Answer:
Explanation:
To begin, we will have to check for all 3 conditions on individual basis
Case one;
U'=U²
Not differentiating both side with respect to x and y we will arrive at below solution;
dU'/dx=2U*dU/dx
dU'/dy=2U*dU/dy
Hence we can say that
MRS of U'=MRS of U
Case Two;
U'=1/U²
U' = U⁻²
Not differentiating both side with respect to x and y we will arrive at below solution;
dU'/dx=(-2U^(-3))dU/dx
dU'/dy=(-2U^(-3))dU/dy
Hence we can say that,
MRS of U'= MRS of U
Case Three;
U'=1987U-507
Therefore, we can say that MRS of U'=MRS of U as differentiation will result the same yield.
Case Four;
U'=exp(u)
Not differentiating both side with respect to x and y we will arrive at below solution;
dU'/dx=exp(u) dU/dx
dU'/dy=exp(u) dU/dy
MRS of U'= MRS of U
3.
if we will consider a monotonic transformation of utility, then the properties of indifference curve of original utility will be equal to new utility. And due to same, it will not have effect on the marginal rate of substitution.
Trade-offs between the ______ and the future require weighing the _____ available today against what will be available tomorrow. A good produced for present ______ is a ______ good; a good that will help in the production of other valuable goods for the _____ is a ______ good.
Answer:
The PresentThe benefitsConsumptionConsumer goodFutureCapitalExplanation:
Trade-offs between the now and the future demand that the opportunities available today be balanced against what should be available tomorrow. A product made for present use is a consumer product; a good that will aid in the future produce certain useful products is an investment good.Therefore, those above-written answers are correct.
Chao sells custom bicycles. He buys several bike parts including wheels and tires from Upright Strides, Inc. Although several government-supported regulations help Chao in his business, regulations that make it easy for his business to enjoy good vendor relationships are Select one: a. lower taxes that business-to-business customers pay to each other. b. laws that permit minimal corruption in banking institutions. c. laws that permit small businesses to use the government as an intermediary when doing business with other small businesses. d. laws that support enforceable contracts between firms.
Answer:
d. laws that support enforceable contracts between firms.
Explanation:
These laws will help and make it easy for his business to enjoy good vendor relationships as his rights will be enforceable
"Which promotional strategy calls for spending a lot on advertising toward final consumers
Answer:
The correct answer is: Pull strategy.
Explanation:
A pull strategy is adopted by companies to attract customers massively. This type of marketing implies companies investing large amounts of money to achieve that objective under the belief that after they captured consumers' attention they could raise the product's price to compensate the expenditures.
Presented below is a list of costs and expenses usually incurred by Barnum Corporation, a manufacturer of furniture in its factory. Classify the items into the following categories: (a) direct materials, (b) direct labor, (c) manufacturing overhead
1. salaries for assembly line inspectors
2. insurance on factory machine
3. property taxes on the factory building
4. factory repairs
5. upholstery used in manufacturing furniture
6. wages paid to assembly line workers
7. factory machinery depreciation
8. glue,nails,paint, and other small parts used in production
9. factory supervisors salaries
10. wood used in manufacturing furniture
Answer:
Explanation:
The direct material is the cost which is directly related to the manufacturing process of the product or we can say the raw material
The direct labor is the cost which is directly related to the manufacturing process of the product i.e wages paid, labors like - assembly line workers, etc
And the manufacturing overhead cost is the cost which is indirect in nature that means it dis not directly related i.e depreciation on equipment factory, property taxes etc
So, the categorization is shown below:
1. salaries for assembly line inspectors = Direct labor or manufacturing overhead
2. insurance on factory machine = manufacturing overhead
3. property taxes on the factory building = manufacturing overhead
4. factory repairs = manufacturing overhead
5. upholstery used in manufacturing furniture = direct material
6. wages paid to assembly line workers = direct labor
7. factory machinery depreciation = manufacturing overhead
8. glue,nails,paint, and other small parts used in production = manufacturing overhead
9. factory supervisors salaries = manufacturing overhead
10. wood used in manufacturing furniture = direct material
________is the process of getting to know one's contacts in a host country and building mutual trust before embarking on business discussions and transactions.
A)Exchange of task-related information
B)Relationship building
C)Conflict management
D)Persuasion
Answer:
The correct answer is letter "B": Relationship building.
Explanation:
Relationship building is the process in which international companies send representatives to their potential partners' countries to build trust between them with the main objective of showing each other how serious they are in establishing a business association. It also allows companies to break barriers and even starting a more familiar communication.
The component of the service environment that involves products or services provided by an organization is/are called _______.a. The delivery systemb. The networkc. Deliverablesd. The organizational culture
Option A
The component of the service environment that involves products or services provided by an organization is/are called The delivery system
Explanation:
A system or scheme for rendering a good or aid to the society is termed as a delivery system. The essential factors for strong service delivery systems are defined which must be followed by every industry to meet their delivery system.
Producing the service delivery system should concentrate on what produces superiority to the central organizations and how to involve front-line workers to deliver the latest client action. The plan is power and continually assessing how both client and end-user observe service delivery is essential for constant collaboration.
Whiteside Corporation issues $500,000 of 9% bonds, due in 10 years, with interest payable semiannually. At the time of issue, the market rate for such bonds is 10%.
Answer:
$468,844 approx.
Explanation:
Assumption: Since the question is incomplete, with the available information it has been construed that calculation of bond price is required and the question has been solved accordingly.
The price of a bond is the present value of future cash receipts it generates to the investor in the form of interest stream and principal stream.
[tex]B_{0} = \frac{i}{(1\ +\ ytm)^{1} }\ +\ \frac{i}{(1\ +\ ytm)^{2} }\ +.....+\frac{i}{(1\ +\ ytm)^{n} } \ + \frac{RV}{(1\ +\ ytm)^{n} }[/tex]
wherein,
[tex]B_{0}[/tex] = price of bond as on today
i = annual coupon payments
ytm= investor's expectation of interest or market rate of interest on similar bonds
RV = Redemption value of such bonds assumed to be the face value
n = term to maturity
[tex]B_{0} = \frac{22500}{(1\ +\ .05)^{1} }\ +\ \frac{22500}{(1\ +\ .05)^{2} }\ +.....+\frac{22500}{(1\ +\ .05)^{20} } \ + \frac{500000}{(1\ +\ .05)^{20} }[/tex]
[tex]B_{0}=[/tex] 12.46221 × 22,500 + 0.376889 × 22,500 = 280,399.725 + 188444.5
[tex]B_{0} =[/tex] $468,844 approx
This is the present value of the bond which is lower than it's face value because market rate of return of similar bonds is higher than the coupon rate of payment by Westside Corporation.
Pearl Products Limited of Shenzhen, China, manufactures and distributes toys throughout South East Asia. Three cubic centimeters (cc) of solvent H300 are required to manufacture each unit of Supermix, one of the company’s products. The company is now planning raw materials needs for the third quarter, the quarter in which peak sales of Supermix occur. To keep production and sales moving smoothly, the company has the following inventory requirements:
a.
The finished goods inventory on hand at the end of each month must be equal to 4,000 units of Supermix plus 25% of the next month’s sales. The finished goods inventory on June 30 is budgeted to be 21,250 units.
b.
The raw materials inventory on hand at the end of each month must be equal to one-half of the following month’s production needs for raw materials. The raw materials inventory on June 30 is budgeted to be 88,000 cc of solvent H300.
c. The company maintains no work in process inventories.
A sales budget for Supermix for the last six months of the year follows.
Budgeted Sales
in Units
July 69,000
August 74,000
September 84,000
October 64,000
November 54,000
December 44,000
Required:
1.
Prepare a production budget for Supermix for the months July, August, September, and October.
2.
Prepare a direct materials budget showing the quantity of solvent H300 to be purchased for July, August, and September, and for the quarter in total.
Answer:
Pearl Products Limited of Shenzhen, China
Finished Goods Production Budget
For the months of July August Sept October November Dec
Units required to 51,750 55500 63,000 48,000 40,500 33,000
meet Sales budget
Desired Ending 22,500 37,600 20,000 17,500 15,000 *15,000*
Inventory
Total Units Req. 74,500 93,100 83,000 65,500 55,500 48,000
Less Estimated
Beg. Inventory 21,250 22,500 37,600 20,000 17,500 15,000
Planned Production 53,250 70,600 45,400 45,500 38,000 33,000
Explanation:
Working Notes:
Units required to meet Sales budget is calculated by multiplying 3/4 of the given months sales as 25 % of it is already included in that months opening inventory . For example July's unit required to meet sales budget would be 69,000 * 3/4= 51,750
Each month's beginning inventory is previous month's ending inventory
As no data for sales budget of January is given the desired ending inventory is taken on the basis of previous months desired inventory.
Pearl Products Limited of Shenzhen, China
Direct Materials Budget
For the months of July August Sept October November Dec
Units to Meet
Production Budget 159,750 211,800 136,200 136,500 114,000
Desired Ending 105,900 68,100 68,250 57,000 49,500
Inventory
Less Beginning
Inventory 88,000 105,900 68,100 68,250 57,000
Direct Materials
Budget 177,650 174,000 136,350 125,250 106,500
Explanation:
Working Notes:
Each finished goods units requires 3 units of direct material . The units to meet the production budget are estimated by multiplying them with 3. for example the July Production budget is 53,250 so it is multiplied with 3 to get the direct material required and 53,250 *3= 159,750
1. Pearl Products Limited's Production Budget for Supermix for the months of July, August, September, and October
July August September October
Sales in units 69,000 74,000 84,000 64,000
Ending Inventory 22,500 25,000 20,000 17,500
Total units required 82,500 99,000 104,000 81,500
Beginning Inventory 21,250 22,500 25,000 20,000
Production Units 61,250 76,500 79,000 61,250
2. Pearl Products Limited's Direct Materials Budget for Solvent H300 for the quarter:
July August September Total
Solvent H300 required 183,750 229,500 239,000 652,250
Ending Inventory 114,750 119,500 91,875 326,125
Total materials 298,500 349,000 330,875 978,375
Beginning Inventory 88,000 114,750 119,500 322,250
Purchases of H300 210,500 234,250 211,375 656,125
Data and Calculations:
Sales Budget and Production Budget
July August September October November December
Sales in units 69,000 74,000 84,000 64,000 54,000 44,000
Ending
Inventory 22,500 25,000 20,000 17,500 15,000
Total units
required 82,500 99,000 104,000 81,500 69,000
Beginning
Inventory 21,250 22,500 25,000 20,000 17,500
Production 61,250 76,500 79,000 61,250 51,500
Raw materials Inventory:
July August September October November
Production Units 61,250 76,500 79,000 61,250 51,500
Raw materials (1 unit = 3cc of H300)
required 183,750 229,500 239,000 183,750 154,500
Ending Inventory 114,750 119,500 91,875 77,250
Total materials 298,500 349,000 330,875 261,000
Beginning
Inventory 88,000 114,750 119,500 91,875
Purchases 210,500 234,250 211,375 169,125
For the production units, calculate the ending inventory based on 4,000 + 25% of the next month's sales units. Add this to the sales units for the month to obtain the total units required. Subtract the beginning inventory from this total to get the units that must produced each month.For the units to be purchased, first multiply the production units by 3 cc of H300. This gives the raw materials required for production. Then work out the ending inventory and add to the required production materials to get the units that must be available to meet production and ending inventory requirements. Subtract the beginning inventory from this total to get the units of raw materials that must be purchased each month.Thus, the production units are as given above, while the units to be purchased of H300 are also indicated.
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Organizational culture is: Select one:
a. amorphous and changeable.
b. a potential source of competitive advantage.
c. so difficult to analyze that most firms should choose to ignore it.
d. rarely unique to a single firm.
Answer:
The correct answer is letter "B": a potential source of competitive advantage.
Explanation:
Competitive advantages are those factors inherent of a company that makes it different from its competitors. Organizational culture is considered a competitive advantage because it is difficult to imitate from one firm to another. Organizational culture represents the set of values and beliefs that rule how people act in the organization.
At the beginning of the year (January 1), Buffalo Drilling has $10,000 of common stock outstanding and retained earnings of $6,400. During the year, Buffalo reports net income of $6,700 and pays dividends of $1,400. In addition, Buffalo issues additional common stock for $6,200. Required: Prepare the statement of stockholders' equity at the end of the year (December 31)
Answer:
Total Stock Holder equity=$27900
Explanation:
Amount in the beginning:
Common Stock=$10000 Retained earnings=$6400
Stock Holder equity=Common Stock+ Retained earnings
Stock Holder equity=10000+6400
Stock Holder equity=$16400
During the year:
Net Income=$6700, Dividends=-$1400 (-ve shows less from total)
Additional Common Stock=$6200
Total Common Stock=$10000+$6200
Total Common Stock=$16200
Total Retained Earning=$6400+$6700-$1400
Total Retained Earnings=$11700
Total Stock Holder equity=Total Common Stock+Total Retained Earnings
Total Stock Holder equity=$16200+$11700
Total Stock Holder equity=$27900
Use your knowledge of organizational behavior to select the correct answer for the following question. Organizational behavior is the study of human behavior in organizational settings, the interface between human behavior and
Answer:
and the organization, and the organization itself.
Explanation:
Organization behavior is the study of human behavior in organization settings, the interface between human behavior and the organization, and the organization itself.
Organizational behavior involves the study of human behavior within an organization. It focuses on job satisfaction, management and leadership styles, organizational culture, teamwork, employee wellbeing, discrimination, and workplace violence. It's a branch of Industrial and Organizational Psychology, with the end goal of enhancing productivity, safety, and health.
Explanation:Organizational behavior refers to the study of human behavior within an organizational context, predominantly focusing on the interactions between individuals and the overall impact on both the individuals and the functioning of the organization. Specifically, it delves into areas such as job satisfaction, different styles of management and leadership, organizational culture, and teamwork. The framework for understanding organizational behavior originates from Industrial and Organizational psychology, focusing on areas such as the social interactions at work, performance appraisal, the creation of a healthy organizational culture, and the impact of leadership and management styles on organizational productivity.
Other areas of exploration include discrimination in hiring, workplace violence, sexual harassment, and the wellbeing of employees. Particularly, the effects of these factors on employees' motivation, commitment, and job satisfaction are assessed. Furthermore, the interplay between workers, their tools, and their physical environment (ergonomics) is an important aspect of organizational behavior.
Overall, organizational behavior aims to enhance employee job satisfaction, cultivate effective leadership and management styles, foster healthy organizational culture, and promote effective teamwork, with a keen focus on ensuring the optimization of worker's productivity, safety, and health.
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Describe an activity, process, or product of your company that exhibits economies or diseconomies of scale. Describe the source of the scale economy. How could your organization exploit the scale economy or diseconomy
Answer:
Economies & Diseconomies of Scale
Explanation:
Economies of scale is: When the quantity of products produced by a company is increased the cost to produce those products decreases.
For Example big companies buy the products in bulk, this process decreases the cost of per unit of a product because the marginal cost of delivering 10000 bags of rice is very low as compared to 100 bags of rice.
Diseconomies of scale is: When a company tries to expand beyond its optimum size or scale average costs increase.
For Example Large companies face poor communication between the departments, they have coordination problems, motivation level of workers is very low.
During December, Moulding Corporation incurred $87,000 of actual Manufacturing Overhead costs. During the same period, the Manufacturing Overhead applied to Work in Process was $85,000. Required: Prepare journal entries to record the incurrence of manufacturing overhead and the application of manufacturing overhead to Work in Process. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Answer:
The Journal entries are as follows:
(i) Manufacturing overhead A/c Dr. $87,000
To various accounts $87,000
(To record the Manufacturing Overhead costs incurred)
(ii) Work in process A/c Dr. $85,000
To Manufacturing overhead $85,000
(To record the manufacturing overhead applied to work in process)
Final answer:
The question involves preparing journal entries for the incurrence and application of manufacturing overhead costs at Moulding Corporation. Two journal entries are required: one to record the $87,000 in actual overhead costs incurred and another to apply $85,000 of these costs to Work in Process.
Explanation:
The question involves preparing journal entries for the incurrence and application of manufacturing overhead costs in a manufacturing company. In December, Moulding Corporation incurred $87,000 of actual manufacturing overhead costs and applied $85,000 of manufacturing overhead to Work in Process. The necessary journal entries to reflect these transactions are as follows:
For the incurrence of manufacturing overhead costs:
Debit Manufacturing Overhead $87,000
Credit Various Accounts $87,000
For the application of manufacturing overhead to Work in Process:
Debit Work in Process $85,000
Credit Manufacturing Overhead $85,000
The first entry records the actual overhead costs incurred, including costs such as utility bills, rent, and indirect labor. The second entry reflects the application (allocation) of these costs to the Work in Process account, based on the company's overhead allocation method. This process is crucial for accurately assigning production costs to products.
In performing accounting services for small businesses, you encounter the following situations pertaining to cash sales.
1. Poole Company enters sales and sales taxes separately in its cash register. On April 10, the register totals are sales $30,000 and sales taxes $1,500.
2. Waterman Company does not segregate sales and sales taxes. Its register total for April 15 is $25,680, which includes a 7% sales tax.
Prepare the entry to record the sales transactions and related taxes for each client.
E10-3 Poole Company
Apr. 10
Waterman Company
15
Answer:
1. Debit Cash $31,500
Credit Sales Revenue $30,000
Credit sales taxes payable $1,500.
Being sales of goods and 5% sales tax
2, Debit Cash $25,680
Credit Sales Revenue $24,000
Credit Sales taxes payable $1,680.
Being sales of goods and 7% sales tax
Explanation:
1. When sales are made in cash, the amount received or the sales value is debited to cash/bank account while the corresponding credit entries go to both sales revenue account and sales tax payable account. The tax element must be separated from the sales revenue because of its statutory nature and also to allow for easy remittance.
The following entries will be passed
1. Debit Cash $31,500
Credit Sales Revenue $30,000
Credit sales taxes payable $1,500.
Being sales of goods and 5% sales tax
2, The same entries will be passed as it is in number 1 above, but since Waterman Company does not segregate sales and sales taxes, we need to compute the net sales and sales tax payable before passing any entry.
Let the net sales = X
Gross Sales = $25,680
Gross sales = X + (7% of X)
$25,680 = X + 0.07X
$25,680 = 1.07X
Divide both sides by the coefficient of X
$25,680/1.07 = 1.07X/1.07
$24,000 = X
That is, sales net of tax is $24,000
The Tax payable is 7% of $24,000 = 1,680
Therefore the following entries will be passed
Debit Cash $25,680
Credit Sales Revenue $24,000
Credit sales taxes payable $1,680
Being sales of goods and 7% sales tax
Why is it difficult to develop accounting principles that are appropriate for governments within the same category (e.g., cities, counties) and even more difficult to develop them for governments within different categories?
Answer and Explanation:
The government with the same category may involve in different types of activities but those that are not within the same category may have little in common.
Suppose that a certain fortunate person has a net worth of $76.0 billion ($7.60×10107.60×1010). If his stock has a good year and gains $3.20 billion (3.20×1093.20×109) in value, what is his new net worth?
If someone's net worth is $76.0 billion and their stock gains $3.2 billion, their new net worth will be $79.2 billion. Expressed in scientific notation, the new net worth is $7.92 × 10^{10}. This demonstrates how scientific notation can be used in practical applications involving large numbers.
Explanation:The student's question pertains to calculating the new net worth of a person after their stock has increased in value. First, the student has noted the current net worth as $76.0 billion, which expressed in scientific notation is $7.60 × 10^{10}. After gaining $3.20 billion in value, which is $3.20 × 10^{9} in scientific notation, we need to add this to the original net worth. The new net worth, therefore, becomes:
$76.0 billion + $3.2 billion = $79.2 billion
Expressed in scientific notation, the new net worth is:
$7.60 × 10^{10} + $3.20 × 10^{9} = $7.92 × 10^{10}
This calculation shows that a gain in stock value, even when it's in the billions, can have a significant impact on someone's net worth. It is also a practical application of scientific notation in understanding large numbers.
ltems from the income statement, statement of retained earnings, and balance sheet are listed below in alphabetical order. For the companies shown in each column, solve for the missing amounts.
Weil Inc. Simon Inc. Kealy Corp.
Common Stock $10 $19 $18
Dividends 0 0 2
Net Income 15 10 12
Retained Earnings, Beginning of Year 20 21 27
Retained Earnings, End of Year 35 31 _____
Total Assets 73 63 _____
Total Expenses 52 21 34
Total Liabilities 28 13 14
Total Revenues 67 31 46
To solve for missing amounts in financial statements, formulas and equations associated with each statement need to be applied.
To solve for the missing amounts in the income statement, statement of retained earnings, and balance sheet, we need to apply the formulas and equations associated with each financial statement. For example, to find the missing retained earnings for Kealy Corp, we can use the formula:
Retained Earnings, End of Year = Retained Earnings, Beginning of Year + Net Income - Dividends.
Therefore, the missing retained earnings for Kealy Corp is 31. To solve for the missing total assets, we can use the formula:
Total Assets = Total Liabilities + Stockholders' Equity. Therefore, the missing total assets for Weil Inc. is 38.
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Which of the following statements is not true regarding the Sarbanes-Oxley Act (SOX) of 2002?
a. Made it difficult for companies to hide wrongdoing
b. The Act calls for decreased independence of outside auditors reviewing corporate financial statements.
c. Forced increased oversight of companies
Answer:
b. The Act calls for decreased independence of outside auditors reviewing corporate financial statements.
Explanation:
The Sarbanes-Oxley Act (SOX) of 2002 is a legislation fashioned and passed to oversee the financial reporting system for financial professional.
The purpose is to check the audit requirements in a bid to protect investors in improving the reliability and accuracy of financial statements in terms of corporate disclosures.
Considering the spirit behind the act, the right option (which is not true of the act) is that it the Act calls for decreased independence of outside auditors reviewing corporate financial statements.
Option B.
The Sarbanes-Oxley Act (SOX) of 2002 does not call for decreased independence of outside auditors reviewing corporate financial statements.
Explanation:The correct answer is b. The Act calls for decreased independence of outside auditors reviewing corporate financial statements. This statement is not true regarding the Sarbanes-Oxley Act (SOX) of 2002. In fact, SOX was enacted to strengthen the independence and objectivity of external auditors to prevent conflicts of interest. The Act requires the audit committee of a company's board of directors to be responsible for the appointment, compensation, and oversight of the external auditors.
SOX was introduced in response to major accounting scandals, such as the Enron scandal, to restore public trust in the reliability and accuracy of financial reporting by publicly traded companies. It aimed to increase transparency, accountability, and minimize financial fraud and corporate wrongdoing.
Therefore, the correct answer is b. The Act calls for decreased independence of outside auditors reviewing corporate financial statements.
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The Bank of Mesquite has $2 million in deposits and $550,000 in reserves. If excess reserves are equal to $150,000, the required reserve ratio is__________.
a. 15%.
b. 20%.
c. 35%.
d. 65%.
Answer:
b. 20%
Explanation:
First we have to calculate the reserves which were required by the Bank of Mesquite to be kept:
Reserves of the bank=required reserves+excess reserves
550,000=required reserves+150,000
Required reserve=$400,000
Now we have to calculate the required reserve ratio which shall be calculated as follows:
Required reserve ratio=Required reserve/deposits of the bank
=400,000/2,000,000
=20%
So based on the above calculations, the answer is b. 20%
A limited partnership: Multiple Choice a. has an unlimited life. b. can opt to be taxed as a corporation. c. terminates at the death of any one limited partner. d. has at least one partner who has unlimited liability for all of the partnership's debts. e. consists solely of limited partners.
Answer:
The correct answer is letter "C": terminates at the death of any one limited partner.
Explanation:
A partnership is an entity that runs a company with two or more owners. They share the profits in proportion to their relationship benefit in percentage terms. There are two types of partnerships: general partnerships (unlimited liability) and limited partnerships (liability proportional to the contribution to the partnership).
When one of the partners is removed, retires, or deceases or even when a new partner will be added, the partnership dissolves and a new partnership is formed.
Many companies use more than one marketing channel to distribute their products to the same target market, a tactic called a. multiple channeling. b. strategic channel alliance. c. intensive distribution. d. market splitting. a. multi channel distribution.
Answer:
Option "A" is the correct answer for the following.
Explanation:
Multichannel marketing highlights the importance by which businesses deal with customers through multiple channels, both directly and indirectly, to sell products and services to them.Multichannel marketing carries the risk of engaging opportunities, leads, and clients across a mix of explicit and implicit channels of communication.In this way, the consumer controls the procurement process more than just the marketing company.Therefore option "A" is the correct answer.