Answer:
A revenue of $300
Explanation:
When a client pays in advance, the revenue is yet to be earned hence a debit entry is posted to cash and a credit to deferred revenue. Once revenue is earned, debit deferred revenue and credit revenue.
If $450 was paid in advance for 6 sessions, after 4 sessions,
Revenue earned = 4/6 × $450 = $300
This will be recognized by debiting deferred revenue and crediting revenue. Hence the income statement would show a revenue of $300.
Final answer:
Body Fitness should report $300 as earned revenue on its income statement after four training sessions, as per the accrual basis accounting method.
Explanation:
Under the accrual basis accounting method, income is recognized when it is earned, irrespective of when the payment is received. In this scenario, Body Fitness has received a payment of $450 for six sessions, out of which only four sessions have been provided thus far. Since income is recognized as the service is performed, we need to calculate the income earned for these four sessions.
To find out what should be reported on the income statement, we divide the total payment by the number of sessions to find the per-session income: $450 / 6 = $75 per session. Therefore, after four sessions, the income statement should report 4 sessions × $75/session = $300 in earned revenue. The remaining $150 will be recognized as a liability (unearned revenue) on the balance sheet until the remaining sessions are conducted.
A registered representative at another member firm has a client who wishes to buy a Direct Participation Program (DPP) unit, a product that is not offered through his firm. He has a friend that is a registered representative at another member firm where DPPs are sold, and offers to refer the prospective client in exchange for a small fee. Which statement is TRUE?
A. This is permitted since the referral payment is small
B. This is permitted because the recipient of the referral fee is a registered individual
C. This is permitted as long as the client is informed that a referral fee has been paid
D. This is prohibited
Answer:
D. This is prohibited
Explanation:
Note that, the term 'registered representative' applies to an individual who works for a brokerage company and who serves as representative for clients trading investment products such as stocks or bonds.
Thus, according to regulations such registered representative is prohibited to perform such exchange, and can only share commissions or pay referral fees to other registered persons at the same broker-dealer, since the friend works for different firms.
Milo decides to invest $1,500 in a savings account every year at the beginning of the year for 10 years. Assuming an interest rate of 7%, how much will Milo have at the end of the 10th year
Answer:
$22,175.40
Explanation:
For this question, we use the Future value formula that is shown on the attachment below:
Provided that,
Present value = $0
Rate of interest = 7%
NPER = 10 years
PMT = $1,500
The formula is shown below:
= -FV(Rate;NPER;PMT;PV;type)
So, after solving this, the future value is $22,175.40
Therefore, the amount at the end of the year is $22,175.40
________ are payments that a defendant must make to a winning plaintiff in a civil lawsuit to compensate the plaintiff for the injuries or costs that the defendant's actions have caused.
Answer:
Compensatory damages.
Explanation:
Compensatory damages are amounts of money that is awarded by a civil court to a plaintiff to compensate him for damages, injury or other incurred loss. Compensatory damages are usually awarded when there is injury as a result of negligence or unlawful conduct of the defendant.
The onus is on the plaintiff to prove that a loss occurred and that it can be attributed to actions of the defendant.
Compensatory damages are awarded based on estimate of injury to the plaintiff.
Punitive damages on the other hand is often above injury estimate and is used as a deterrent to reoccurrence.
Today, Jennifer earns $55000 at her first job. Her mom used to make $15,000 at her first job in 1975. Jennifer is of the opinion that she makes more than her mom would have made if she started working today. Her mom thinks Jennifer would have earned less than she if Jennifer had started working in 1975. If the CPI today is 231 and the CPI in 1975 was 82, then
Answer:
Jennifer earned more than her mother
Explanation:
Consumer Price Index (CPI) measures changes in the weighted average prices of a basket of consumer goods and services. It is calculated by taking price changes for each item in the basket of goods and services and then calculating the average. CPI can be used to index the effect of inflation in the real value of wages, salaries, and pensions; to regulate prices; and to deflate monetary magnitudes.
Given:
Jennifer earns $55000 at her first job today.Jennifer mom used to make $15,000 at her first job in 1975.Today CPI is 231CPI in 1975 was 82($15000/82) × 231 = $42256
($55000/231) × 82 = $19524
Jennifer earned more than her mother
Answer: Jennifer made more than her mum
Explanation: The consumer price index (CPI) is a measure of the aggregate price level in an economy. The consumer price index is used as an instrument to measure inflation by estimating the average variation in prices of goods between two given periods.
Jennifer's first earning = $55000
Mom's first earning = $15000
CPI in 1975 = 82
CPI today = 231
($55000/231) × 82 = $19524
($15000/82) × 231 = $42256
Therefore Jennifer made more than her mum
What is an information system for identifying and planning the enterprise-wide resources needed to take, make, ship, and account for customer orders?
Answer:
Enterprise resource planning (ERP) software
Explanation:
Based on the information provided within the question it can be said that the type of information system that is being mentioned is called an Enterprise resource planning (ERP) system. This is a management software that allows an individual or organization to use the built in applications to manage the different organizational functions that relate to technology, services and human resources. Such as taking, making, shipping, and accounting for customer orders
Answer:
Enterprise resource planning (ERP)
Explanation:
APICS defines enterprise resource planning as “an accounting-oriented information system for identifying and planning the enterprise-wide resources needed to take, make, ship, and account for customer orders”, and “a method for the effective planning and controlling of all the resources needed to take, make, ship and account for customer orders in a manufacturing, distribution or service company”.
This type of financing includes charitable donations, either cash or in-kind, made to an organization and is the primary source or operating and investing income for major collegiate sports programs.
Answer:
Gifts
Explanation:
The gifts to charitable organization which includes the financing of the collegiate sports programs under the tax laws and regulations of United States are considered as Gifts and qualifies for the tax allowance with an equal amount.
A _____ plan gives all employees a minimum level of benefits and a set amount to spend on flexible benefits, such as additional healthcare or vacation time.
Answer:
Cafeteria Plan
Explanation:
The cafeteria plan is minimum benefits that the employer have to provide or personally provide to all the employees working in its organization. In some jurisdictions like USA and Europe, the employer has to provide minimum level of facilities and benefits to the employee which inculdes healthcare, pension contributions, etc.
Intel's chief executive says the company might expand the technology it is using in its planned $2.5 billion chip-manufacturing factory in China if the United States government allows it, underscoring the technology giant's ambitions in the world's fourth-biggest economy. The Intel executive is making a
Answer:
Investment Decision
Explanation:
The Investment Decision relates to the decision whether or not the company is going to invest in an project which requires the funding and resources of the country. The primary ambition of the company is to increase the profit of the organization which it is considering by establishing chip manufacturing factory. This decision might be affected by the government opposition however the decision is investment oriented decision making.
Intrinsic motivation contributes to the ________ of work; Incentives contribute to the ________ of work.a. quality; outcomeb. quantity; quantityc. quantity; qualityd. quality; qualitye. quality; quantity
Answer:
quality:quantity
Explanation:
Intrinsic motivation contributes to the quality of work; incentives contribute to the quantity of work.
This is straight from one of the theories of reward management. These theories agree on a few broad strokes but fundamentally disagree on the overidiing motivation of human workers. Some giants in this field include Maslow, Vroom, Taylor, etc.
Intrinsic motivation contributes to the 'quality' of work due to its origin from personal satisfaction or interest, leading to improved attention and effort. Conversely, incentives, being external rewards, contribute to the 'outcome' of work, directing what the individual accomplishes.
Explanation:The answer to your question is 'a. quality; outcome'. Intrinsic motivation refers to motivations that come from within an individual rather than from any external or outside rewards. This type of motivation refers to motivation driven by personal satisfaction or interest in the task itself, and exists within the individual rather than relying on any external pressure or reward. It can contribute to the quality of work because when a person is motivated from within, they are likely to put in more effort and attention to detail, thereby improving the quality of the work.
On the other hand, incentives refer to external rewards or goals that motivate a person to perform a task. These can include monetary rewards, grades, or recognition. Incentives drive the outcome of work, as they often determine what the individual achieves as a result of their work, whether that's a good grade, a bonus, or other type of reward.
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A coal mining company has employed around 250 miners who work 8-hour shifts every day. In the context of factors of production, the miners can be classified as _____.
Answer:
Human resources.
Explanation:
Human resources of a business is the manpower that is hired by a business to perform various activities aimed at achieving its set goals and objectives. The people employed are compensated with an amount that has been initially agreed upon.
Human resources bcan be for skilled or unskilled labor.
In this instance the coal mining company has employed around 250 miners who work 8-hour shifts every day. The agreed working condition for this human resource is for 8 hour shifts.
Creative Concepts Co. and Retail Investment Inc., form a joint venture to purchase and sell high-end real estate to foreign buyers. Creative Concepts contributes $400,000 in capital, and Retail Investment contributes $600,000 in capital. The first year resulted in $2,000,000 in profits. Unless otherwise agreed, joint venturers:
Answer:
The profit and losses from the joint venture are shared equally
Explanation:
The profit and losses from the joint venture are shared equally according to the proportion of capital invested in the organization. The reason is just like a partnership, the profits are distributed among the shareholders as a percentage of thier shareholdings and joint venture is the partnership of companies which jointly invest in an organization.
As a result of _____, a critical assumption in the resource-based model of a firm, the resource differences that exist between firms are difficult to replicate.
Answer:
A. Resource immobility
Explanation:
Resource immobility is based on the assumption that resources owned by a company are immobile or rather not mobile/moveable. It is on the idea that resources tend to be sticky (cannot move) and this can not be moved easily from one company to the other. These immobility in resources results in resource differences amongst companies or firms which becomes very difficult to replicate. Resource immobility sometimes leads to resources not been used as efficiently as possible. Resource immobility are characterized by layoffs, closed bases, shipping cost and so on.
Donald buys a subscription to a national magazine that gives him two years for the price of one year. After the two years expire, Donald continues to receive the magazine for six more months, although he has not subscribed again. The magazine then sends Donald a bill for the magazines he received after the expiration of his subscription. Donald:__________.a. owes nothing.b. can be fined for failing to return the magazines.c. owes half of the bill.d. owes the full amount.
Answer: Owes nothing.
Explanation:
Donald owes the national magazine company nothing, this is because the company sent magazines to Donald even after his subscription to receive magazines had expired and he was yet to renew. Therefore, even if the magazine company charges Donald for the magazines he received for the extra six months, he is not mandated to pay because he didn't demand for them.
4) Typically, increasing interest rates 4) A) encourages corporate expansion. B) discourages individuals from saving. C) discourages corporate investments. D) encourages corporate borrowing. E) none of the above.
Answer:
C) discourages corporate investments.
Explanation:
Option A is incorrect because increasing interest rate discourages corporate expansion instead of encourages.
Option B is false. As interest rate increases, it encourages the individuals to save more.
Option D is wrong because corporation cannot borrow money if the interest rate increases.
Option C is correct because increasing interest rate discourages corporations to invest more.
At the end of its first year, the trial balance of Crane Company shows Equipment $22,400 and zero balances in Accumulated Depreciation—Equipment and Depreciation Expense. Depreciation for the year is estimated to be $3,400. Indicate the balance sheet presentation of the equipment at December 31.
Answer:
The balance sheet presentation is shown below:
Explanation:
Balance Sheet is one of the most vital financial statement, which is prepared at the year end or period end. In this statement, the company states the total assets as well as the liabilities and shareholders equity of the whole period.
This statement is prepared in order to know the financial position of the company at the fiscal or accounting period or year.
So, the Equipment at December 31, would amount to $19,000
Final answer:
The balance sheet of the Crane Company would show the Equipment at a cost of $22,400, with an Accumulated Depreciation of $3,400, resulting in a net book value of $19,000 at December 31.
Explanation:
The balance sheet presentation of the equipment at December 31, after accounting for the depreciation, would reflect the original cost of the equipment and the accumulated depreciation. The original cost of the Crane Company's equipment is $22,400, and the estimated depreciation for the first year is $3,400. Thus, the accumulated depreciation after the first year would be $3,400, which needs to be subtracted from the equipment's original cost to reflect the net book value.
The entry for recording depreciation would be a debit to Depreciation Expense of $3,400 and a credit to Accumulated Depreciation—Equipment for the same amount. After this entry, the balance sheet would present the equipment as follows:
Equipment: $22,400Less: Accumulated Depreciation: $3,400Therefore, the net book value of the equipment on the balance sheet would be $19,000 ($22,400 - $3,400).
Janice is your director of sales. Since her team members are located in Europe, Asia, and North America, she has decided to use instant messaging to tie her team members together in order to develop a marketing strategy for a new product line. This is an example of a ________ team.
Answer:
4. Virtual
Explanation:
Virtual team is made up of a group of people who are physically far from each other that uses computer technology in this case instant messaging to attain a common goal, in this case, marketing strategy for a new product line. They are called "virtual" because the are physically far away from each other and need the help of communication technology to communicate.
They are made up of individuals who work together in achieving a common goal from different geographical locations through the help of communication technology.
Answer: virtual
Explanation: A virtual team is formed when an organization of people communicates and works together from their various geographic regions making use of information and software technology to accomplish their purposes and motives. However, it has some benefits like a boost in productivity, more skilled people are hired as there are several distinct geographic areas to work with.
An employee wore disposable gloves to form raw ground beef into patties. When she finished, she kept the gloves on while she sliced hamburger buns. Did she follow good food safety practice?
Explanation:
Yes , it´s not like she went on a bathroom break she still doing something in the kitchen.
E-commerce creates a great deal of data on how consumers interact with a website. L.L.Bean keeps records that show how quickly consumers make decisions, how many alternatives they explore, and whether they stop without completing a purchase. When a manager sees an issue and proposes a solution, the company can easily test the solution. This is an example of:________.
Answer:
evidence-based decision-making
Explanation:
Evidence - based decision - making -
It refers to the method of decision making which require certain evidence to help for the process , is referred to as evidence - based decision making .
The method require certain data or information like chats , feedbacks , telephone conversation etc. with the consumers in order to consider the likes and disliked of the consumers , in order to improve the product according to the taste of the consumers .
Hence , from the given scenario of the question ,
The correct answer is evidence - based decision making .
If investors believe that a stock is not providing a return that sufficiently compensates them for the risk of the stock, they will _________. sell the stock, driving its market price down and its expected return up hold the stock until the return increases to match its risk sell the stock which will drive its expected return even lower buy the stock, driving its market price up and its expected return down
Answer:
sell the stock which will drive it's expected return even lower.
Explanation:
An investor wants to be compensated for the risk undertaken in the form of return. When investors believe that a stock is not providing sufficient return, such stocks would be sold by the investor.
When a stock is not performing well i.e it's current market price goes down, all the investors holding that stock will sell it , leading to it's market price going further down.
Since the market price goes further down, the expected return on such a stock would further decline.
The Stewart Company has $2,014,500 in current assets and $785,655 in current liabilities. Its initial inventory level is $402,900, and it will raise funds as additional notes payable and use them to increase inventory. How much can its short-term debt (notes payable) increase without pushing its current ratio below 2.0
Answer:
$20,145
Explanation:
The computation of short-term debt (notes payable) increase is given below:-
Current Assets = $785,655
Current Liabilities = $4,02,900
Current Ratio = (Current Assets + Increase in Inventory) ÷ (Current Liabilities + Increase in Notes Payable)
2.0 = ($785,655 + x) ÷ ($4,02,900 + x)
$805,800 + 2.0 = $785,655 + x
$805,800 - $785,655 = 2.0 - x
= $20,145
Why is it important to use real rather than nominal gdp figures when making comparisons of output across time periods?
Answer:
The real GDP figures reflect changes in the quantity of output and not the changes in the general level of price.
Explanation:
The nominal GDP is the total values of all the goods and the services produced in a given time period and are expressed as usually in the quarterly and annually. The real is the nominal and os adjusted to the inflation and the real GDP measure the actual growth without destroying the effects form the inflation.Beth participates in an investigation into possible violations of Title VII of the Civil Rights Act at Chem Works, Inc., where she is an employee. As a result, the employer demotes her. Beth can file:________.a. a disparate-impact discrimination claimb. a retaliation claim.c. a constructive discharge claim.d. none of the choices.
Answer:
retaliation claim
Explanation:
Beth participates in an investigation into possible violations of Title VII of the Civil Rights Act at Chem Works, Inc., where she is an employee. As a result, the employer demotes her. Beth can file: a retaliation claim.
Retaliation is any adverse action taken by a company against an employee because he or she filed a complaint about harassment or engaged in na activity that is perceived not to be in the interest of the company.
Such actions can include actions such as firing the employee, giving them negative evaluations, disciplining or demoting them, reassigning them or reducing their pay.
Beth has grounds to file a retaliation claim as Title VII of the Civil Rights Act of 1964 prohibits employer retaliation against employees who participate in investigations or complain about discrimination in the workplace.
Explanation:Title VII of the Civil Rights Act of 1964 protects employees from various forms of employment discrimination, including discrimination based on race, color, religion, sex, or national origin. It also prohibits retaliation against employees who participate in investigations or complain about workplace discrimination. Since Beth was demoted by her employer after participating in such an investigation, she has grounds to file a retaliation claim. This type of claim comes under the purview of Title VII as retaliation is considered an unlawful employment practice.
Moreover, the U.S. Supreme Court has extended Title VII protections to include LGBT employees in the case Bostock v. Clayton County, Georgia. The Equal Employment Opportunity Commission (EEOC) and state fair employment practice agencies (FEPAS) enforce these discrimination laws and provide a pathway for victims of employment discrimination and retaliation to seek justice. However, under the Civil Rights Act, before filing a lawsuit, individuals must file charges with the EEOC.
Q 8.27: Luna Company sold $2,400 of merchandise to Hubbard Incorporated on May 1st with terms 2/10, n/30. On May 6th, Hubbard returned $350 of merchandise and paid in full on May 9th. Journalize the entry for Luna Company on the payment date.
Answer:
The journal entry is shown below:
Explanation:
The journal entry which is to be recorded on the date of payment is as:
Cash A/c...........................................................Dr $2,009
Sales Discount A/c.........................................Dr $41
Accounts Receivable- Hubbard Incorporated A/c..........Cr $2,050
As the goods sold by company, so they received cash and any increase in assets account is debited. Therefore, the cash account is debited. And the company also offered discount which is also debited and the account of accounts receivable is credited.
Working Note:
Amount of cash received = (Sold merchandise amount - Return goods amount) - 2% on amount
= ($2,400 - $350) - 2% on amount
= $2,050 - 2% × $2,050
= $2,050 - 41
= $2,009
Windy Day Flags is a growing company that produces decorative flags and other whimsical garden accessories. Charla, owner and CEO, plans to purchase the small company that already provides their flag material; the purchase will cut Windy Day’s materials cost by half and bring over a few employees with very specialized knowledge and skills. Which knowledge acquisition is Charla using?a. reverse engineering.
b. grafting.
c. experimenting.
d. environmental scanning.
Answer:
B) grafting
Explanation:
This is a very common expansion strategy mostly used by high tech firms that purchase startups basically for their patents (innovations) and their workers' talent.
But it can also be used by any company that decides to acquire a smaller supplier or vendor in order to lower costs or increase efficiency.
Identify each action listed here as a federal, state, or shared power.
Federal
Shared
State
Appropriate funds for social programs
Construct a new highway
Redesign and print the hundred-dollar bill
Determine the requirements to receive a driver's license
Raise taxes
Negotiate a trade agreement with the European Union
Answer:
Appropriate funds for social programs SHARED POWER ⇒ THERE ARE BOTH FEDERAL AND STATE SOCIAL PROGRAMS, AND EACH ONE GATHERS FUNDS FOR THEM
Construct a new highway SHARED POWER ⇒ BOTH STATES AND THE FEDERAL GOVERNMENT CAN BUILD HIGHWAYS
Redesign and print the hundred-dollar bill FEDERAL POWER ⇒ ONLY THE FEDERAL GOVERNMENT CAN PRINT MONEY
Determine the requirements to receive a driver's license STATE POWER ⇒ STATE GOVERNMENTS DETERMINE THE REQUIREMENTS FOR ISSUING DRIVING LICENCES, E.G. AGE
Raise taxes SHARED POWERS ⇒THERE ARE FEDERAL, STATE AND MUNICIPAL TAXES, AND EVERY GOVERNMENT LEVEL DETERMINES THEIR OWN TAX RATES.
Negotiate a trade agreement with the European Union FEDERAL POWERS ⇒ THE COMMERCE CLAUSE ESTABLISHES THAT ONLY CONGRESS CAN REGULATE INTERSTATE COMMERCE. THE EXECUTIVE BRANCH MAY NEGOTIATE A DEAL BUT CONGRESS MUST APPROVE IT.
Explanation:
James, the president of the trade union of his company, was removed from his post as the union members were discontented about the high-handedness he showed in leading the union. As president, James took important decisions without consulting anyone and acted on his whim. The information given in the scenario indicates that James is ideally a(n) _____.
Answer:
The options for this question are the following:
A. free-rein leader
B. laissez-faire leader
C. bureaucratic leader
D. autocratic leader
The correct answer is D. autocratic leader.
Explanation:
The autocratic leader is the one who assumes the responsibility in the decision making process, he is the one who initiates and directs the actions in addition to controlling the worker. Everything is focused on the leader, both the decisions and the responsibilities. The autocratic leader governs himself same, so that unlimited power is concentrated in the hands of a single person, the competent leader before the workers who must obey without expressing an opinion since they have no capacity to make decisions.
The autocratic leader considers that he is the only competent and capable of making the main decisions in the company, the only person with the right and power to control decisions and responsibilities.
Believes that workers are able to guide themselves, so you have to know how to govern and control them, owing them obedience to their orders and decisions.
James displayed characteristics of an autocratic leader, making unilateral decisions without the input of others, leading to discontent among trade union members who may have preferred a more inclusive leadership style.
Explanation:The scenario provided suggests that James, as a leader, took important decisions without consulting others and acted on his own whims. This behavior aligns with the characteristics of an autocratic leader. Autocratic leaders make decisions unilaterally, without the input or collaboration of others, which can lead to discontent and dissent among those they lead.
This approach is contrasted with a laissez-faire style, where leaders are more hands-off, and with a democratic style, where decisions are made collectively. In the context of the trade union, the members' discontent with James' high-handedness indicates they may have preferred more inclusive and consultative leadership practices.
It is evident that James did not embody the qualities of collaboration and shared decision-making that are often valued in organizational leadership. According to the descriptions in the provided links, such independent action can have consequences, including sparking opposition or being subject to reversal. The preference in many situations is for leaders who can balance swift decision-making with consultation and collaboration, traits which James seemingly lacked.
Landon is a senior manager for the firm Anderssen Inc. Because of his experience, he has been appointed to the board of EEC Inc., even though he doesn't work for this firm. He also serves on the boards of several other companies. Landon is a(n) ________ for Anderssen and a(n) ________ for EEC.
Answer:
Executive Director, Non Executive Director
Explanation:
Landon is a senior manager for the firm Anderssen Inc. Because of his experience, he has been appointed to the board of EEC Inc., even though he doesn't work for this firm. He also serves on the boards of several other companies. Landon is an Executive Director for Anderssen and a Non Executive Director for EEC.
An executive director has operational responsibilities in a firm but a non executive director does not have operational responsibilities in a firm but is involved in planning and policy formation which are strategic activities.
Operational refers to the daily running of a business.
Questions:
Landon is a senior manager for the firm Anderssen Inc. Because of his experience, he has been appointed to the board of EEC Inc., even though he doesn't work for this firm. He also serves on the boards of several other companies. Landon is a(n) ________ for Anderssen and a(n) ________ for EEC.
A) COO, CEO
B) Inside Director , Outside Director
C) Outside Director, Inside Director
D) CEO, COO
Answer:
The correct answer is C) Landon is an Inside Director for Anderssen In. and an Outside Director for EEC Inc.
Explanation:
Landon is an outside director for EEC as he is not employed by that company.
However, he is an insider with Anderssen Inc.
Cheers!
Health care spending in the United States is forecasted to be as much as $4.6 trillion in 2020, accounting for about $1 of every $5 in the economy. Currently, health care spending is roughly $2.7 trillion. How is this cost paid for most Americans?
Answer:
The cost is paid through Private health insurance for most Americans.
Explanation:
Insurance in America is must for everyone, it is because by taking an insurance, not only the high cost of health care can be avoided but multifarious benefits can also be taken by the insurer. If a person becomes sick, then he does not need to pay but rather the insurance company will pay on his behalf. in order to rake insurance, it is necessary to pay some top y amount or insurance amount to the insurance company.
2. A company's accounting records reveal that Supplies had a beginning balance of $1,000. During the accounting period, the company purchased $500 of supplies. A physical count at the end of the accounting period confirmed that $1,400 of supplies were used. What will be the balance of the supplies account on the adjusted trial balance
Answer:
$100
Explanation:
Of the beginning balance on the supplies account was $1,000 and purchase of supplies of $500, it would have given a balance of $1,500 in the supplies account during the day for the business. The amount that was used from supplies at end of day is $1,400.
So balance at end of day is 1,500- 1,400= $100.
Alternatively we can use the following formula
Closing balance= Opening balance+ Inflows - Outflows
Closing balance= 1,000+ 500 - 1,400
Closing balance= $100
The company's Supplies account had an initial balance of $1,000, with addition of $500 in purchases and $1,400 in usage. Thus, the adjusted trial balance for the Supplies account would be $100.
Explanation:The company started the accounting period with $1,000 in the Supplies account. It then purchased an additional $500 worth of supplies, increasing the account balance to $1,500. However, the company used $1,400 worth of supplies, reducing the account balance. Therefore, the balance on the adjusted trial balance for the supplies account would be $100 ($1,500-$1,400).
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SPL Enterprises assigns overhead based on number of machine hours. For the upcoming year, they plan to use a total of 250,000 machine hours and 50,000 direct labor hours. Total overhead cost is expected to be $500,000. The predetermined overhead rate per machine hour is $
Answer:
Predetermined overhead rate for machine hour = $2
Explanation:
We know,
predetermined overhead rate for machine hour = [tex]\frac{total overhead cost}{total machine hour }[/tex]
Given,
Total overhead cost = $500,000
Total machine hours = 250,000
Putting the values into the formula, we can get [tex]\frac{500,000}{250,000}[/tex]
predetermined overhead rate for machine hour = $2
We know the predetermined overhead rate is calculated to determine the estimated cost of manufacturing overhead or indirect cost to various cost pools.
The predetermined overhead rate per machine hour for SPL Enterprises is calculated as $2. This rate is computed by dividing the total expected overhead costs ($500,000) by the total planned machine hours (250,000 hours).
Explanation:The question pertains to the computation of the predetermined overhead rate per machine hour in cost accounting for SPL Enterprises. This rate is determined by dividing the total overhead costs by the total machine hours. In this case, SPL Enterprises expects total overhead costs of $500,000 and plans to use 250,000 machine hours in the upcoming year. Thus, the predetermined overhead rate would be $500,000 / 250,000 = $2 per machine hour. That means, for each hour a machine is operated, an overhead cost of $2 is assigned to the respective product or job.
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