Answer and Explanation:
In Microsoft Office Excel, changing the order of the worksheets in a workbook only takes to left-click on the page the user wants to move, hold the left click and drag it to the position of the workbook desired. The user can also right-click on the worksheet and select "Move or copy" from the window dialog displayed then select where the worksheet should be placed.
Answer:
A) drag and drop
Explanation:
To rearrange the order of the sheets in a workbook, simply click on the workbook, hold, and drag it to its desired location.
Suppose that Michael’s Bowling Alley offers 50% off bowling on Mondays, and as a result, drink sales increase by 40%. What is the cross elasticity of demand between bowling and drinks?
The cross elasticity of demand between bowling and drinks is -0.8, indicating that they are complementary goods. This means that a decrease in the price of bowling leads to an increase in the demand for drinks.
Explanation:The cross elasticity of demand measures the responsiveness of the demand for a good to a change in the price of another good. It's calculated as the percentage change in quantity demanded of Good 1 divided by the percentage change in price of Good 2.
In this case, the offer by Michael’s Bowling Alley can be considered as a decrease in price of bowling i.e. -50%, which results in an increase in the sales of drinks i.e. 40%. Therefore, we can calculate the cross elasticity of demand as: Cross Elasticity of Demand = % Change in Quantity Demanded of Drinks / % Change in Price of Bowling = 40% / -50% = -0.8.
This negative value indicates that bowling and drinks are complementary goods, i.e., when the 'price' of bowling drops, the demand for its complement, drinks, increases.
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Culver Corporation has retained earnings of $718,500 at January 1, 2017. Net income during 2017 was $1,596,000, and cash dividends declared and paid during 2017 totaled $80,500. Prepare a retained earnings statement for the year ended December 31, 2017. Assume an error was discovered: land costing $86,470 (net of tax) was charged to maintenance and repairs expense in 2014. (List items that increase retained earnings first.)
Explanation:
The preparation of the retained earnings statement for the year ended December is presented below:
Culver Corporation
Retained Earning statement
For the year ended December 31, 2017
Beginning balance of retained earning $718,500
Add: Correction recorded $86,470
Add: Net income $1,596,000
Less: Cash Dividend paid -$80,500
Ending balance of retained earning $2,320,470
Peter's Pizzeria sells both pizzas and soda. It wants to increase the sales of its pizzas. Assuming that the pizza and the sodas are complements, which of these strategies can it employ?
a. Increase the price of the soda.
b. Decrease the price of the soda.
c. Increase the quality of the pizza
d. Both B and C
Answer:
b. Decrease the price of the soda.
c. Increase the quality of the pizza
Explanation:
There are two goods under the demand's cross-price elasticity, i.e. substitute goods and complementary products.
The substitute goods demonstrate the positive relationship between good price B and good demand A. That means if good B prices go down. The demand for good A then decreases
Whereas it indicates a negative relation between the price of good B and the demand of good A in the case of complimentary products. That means if good B prices go down. The demand for good A then increases
Missing Amounts from Balance Sheet and Income Statement Data:
One item is omitted in each of the following summaries of balance sheet and income statement data for the following four different corporations:
Freeman Heyward Jones Ramirez
Beginning of the year:
Assets $900,000 $490,000 $115,000 ?
Liabilities 360,000 260,000 81,000 $120,000
End of the year:
Assets 1,260,000 675,000 100,000 270,000
Liabilities 330,000 220,000 80,000 136,000
During the year:
Additional common-
stock issued ? 150,000 10,000 55,000
Dividends 75,000 ? 16,500 39,000
Revenue 570,000 235,000 ? 115,000
Expenses 240,000 128,000 122,500 128,000
Determine the missing amounts. Hint: First determine the amount of increase or decrease in stockholders' equity during the year.
Answer:
Owner’s Equity (beginning) + Investments – Withdrawals + Revenues – Expenses = Owner’s Equity (ending).
Explanation:
In each case, we will solve for a single unknown, using the following equation:
Owner’s Equity (beginning) + Investments – Withdrawals + Revenues – Expenses = Owner’s Equity (ending).
The missing amounts are calculated and imaged is attached.
Answer:
Ramirez beginning Assets: 81,000
Freeman Additional common stock: 135,000
Heyward dividends 32,000
Jones Revenue 115,000
Explanation:
In all cases we first solve for how much the equity changed duriing the period
Assets = Liabilities + Equity
ΔAssets = ΔLiabilities + ΔEquity
Last the equity increase is explained by the formula:
ΔEquity = stock issued - dividends + revenues - expenses
Ramirez beginning Assets:
ΔAssets = ΔLiabilities + ΔEquity
ΔAssets = 16,000 + 55,000 - 39,000 + 115,000 - 128,000
ΔAssets = 19,000
Ending Assets 100,000
Less change during the year of 19,000
Beginning assets = 81,000
Freeman Additional common stock:
ΔAssets = ΔLiabilities + ΔEquity
360,000 = -30,000 + ΔEquity
ΔEquity = 390,000
390,000 = stock issued - 75,000 + 570,000 - 240,000
stock issued = 135,000
Heyward dividends
ΔAssets = ΔLiabilities + ΔEquity
185,000 = -40,000 + ΔEquity
ΔEquity = 225,000
225,000 = 150,000 - dividends + 235,000 - 128,000
dividends = 32,000
Jones Revenue
ΔAssets = ΔLiabilities + ΔEquity
-15,000 = -1,000 + ΔEquity
ΔEquity = -14,000 (in this case equity decreased)
-14,000 = 10,000 - 16,500 + revenue - 122,500
revenue = 115,000
In the mass service and service factory quadrants of the service process matrix, the operations manager could focus on all of the following except: automation. standardization. tight quality control. removing some services. customization.
Answer:
The correct answer is customization.
Explanation:
Personalization refers to the fact that the products produced are able to be modified according to what the client requires, satisfying their needs.
Delivers outstanding products with superior characteristics.
In the mass service and service factory quadrants of the service process matrix, the operations manager typically focuses on standardization, automation, and quality control rather than on removing some services or customization, which tend to decrease the range or personalization of services provided.
Explanation:In the service process matrix, the operations manager particularly focuses on improving efficiency in service delivery. This may involve standardization, automation, and tight quality control to ensure the uniformity and dependability of service provision. Thus, in both the mass service and service factory quadrants, the manager wouldn't typically focus on removing some services. This approach would tend to decrease the range of services available, potentially diminishing the value to the user. Likewise, customization, while important in certain service sectors, is not a primary focus in the mass service or service factory quadrants, where standardization and efficiency take precedence.
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Assume an economy where the consumption function is defined as C = CC + cY, and the investment function is defined as I = mr, where Y is total income, and r is the interest rate. What does the slope of the IS curve depend on?
Answer:
c and m
Explanation:
Given that,
Consumption function: C = CC + cY
Investment function: I = mr
where,
Y = Total income
r = Interest rate
The equation for IS curve is as follows:
Y = C + I
Y = CC + cY + mr
Y - cY = CC + mr
(1 - c)Y = CC + mr
(1 - c)Y - CC = mr
[tex]\frac{(1 - c)Y - CC}{m}=r[/tex]
[tex]\frac{(1-c)Y}{m} -\frac{CC}{m}=r[/tex]
Slope of the IS curve is determined by differentiating 'r' w.r.t 'Y',
[tex]\frac{dr}{dY}=\frac{(1-c)}{m}[/tex]
Hence, the slope of the IS curve depends on the value of c and m.
Turtle Corporation produces and sells a single product. Data concerning that product appear below:
Per Unit Percent of Sales
Selling price $ 150 100 %
Variable expenses 90 60 %
Contribution margin $ 60 40 %
The company is currently selling 7,100 units per month. Fixed expenses are $199,000 per month. The marketing manager believes that a $6,700 increase in the monthly advertising budget would result in a 110 unit increase in monthly sales. What should be the overall effect on the company's monthly net operating income of this change?
Answer:
The monthly Net Operating Income would reduce by $100 if additional funds are allocated to Marketing Expenses.
Explanation:
I have attached a screen shot of my workings, give it a look and you will have a better idea of what is going on.
Key Points:
New units to be sold are 7,210.Variable Expense is calculate as (Sales * Percentage of Variable Expense).A new Fixed cost of 6,700 for Marketing will be deducted.I hope I made it very much clear for you. Feel free to ask if you have any confusion.
Thanks!
A 6 percent, annual coupon bond is currently selling at a premium and matures in 7 years. The bond was originally issued 3 years ago at par. Which one of the following statements is accurate in respect to this bond today?a. The face value of the bond today is greater than it was when the bond was issued.b. The bond is worth less today than when it was issued.c. The yield-to-maturity equals the current yield.d. The coupon rate is less than the current yield.e. The yield-to-maturity is less than the coupon rate.
Answer and Explanation:
the answer is attached below
Answer:
e. The yield-to-maturity is less than the coupon rate.
Explanation:
When the yield is lower than the coupon rate, the bond is considered to be trading at a premium.
Price of bond = Present value of future coupon payments and present value of par value to be recieved on the date of maturity, discounting is done athe the rate at which market is prevailing.
Hence, if the yield rate is the prevailing market rate,coupon rate is compared to yield rate to invest in bond because the coupon is more compared to market rate.
Thus the investors would be charged more than the par value which is being traded at premium in order to set off the benefit of the payments of coupon.
What is the price of a $1,000 par 9 year, annual bond with a 8.1% coupon rate and a yield to maturity of 6.3%? (Show your answer to nearest cent with no comma. For example $1,378.565 is entered as 1378.57)
Answer:
Price of the Bond is $1,120.85
Explanation:
Coupon payment = 1000 x 8.1% = $81
Number of years = n = 9 years
Yield to maturity = 6.3%
Price of bond is the present value of future cash flows, to calculate Price of the bond use following formula:
Price of the Bond = C x [ ( 1 - ( 1 + r )^-n ) / r ] + [ F / ( 1 + r )^n ]
Price of the Bond =$81 x [ ( 1 - ( 1 + 6.3% )^-9 ) / 6.3% ] + [ $1,000 / ( 1 + 6.3% )^9 ]
Price of the Bond = $81 x [ ( 1 - ( 1.063 )^-9 ) / 0.063 ] + [ $1,000 / ( 1.063 )^9 ]
Price of the Bond = $543.82 + $577.03
Price of the Bond = $1,120.85
Sebastian Wayne's filing status is married filing jointly, and he has earned gross pay of $3,940. Each period he makes a 401(k) contribution of 14% of gross pay and contributes $120 to a dependent care flexible spending account. His current year taxable earnings for Social Security tax and Medicare tax, to date, are $91,500.
Social Security tax = $
Medicare tax = $
Answer:
Social Security Tax = $ 244.28
Medicare tax = $ 57.13
Explanation:
Social Security Tax: $3,940 x 6.20% = $244.28
Medicare tax: $3,940 x 1.45% = $ 57.13
Excey Corp. has 10 percent coupon bonds making annual payments with a YTM of 9.5 percent. The current yield on these bonds is 9.85 percent. How many years do these bonds have left until they mature?
Answer:
The number of years would be 4 years to maturity
Explanation:
Let the Face value (FV) be $1,000
So, the PMT will be 10% of Fv
PMT = 10% × $1,000
PMT =$100
Computing the Present Value (PV) of the bond as:
PV = PMT / Current Yield
where
PMT is payment monthly, which the 10% of coupon bond, that is $10
Current Yield will be 9.85% or 0.0985
Putting the values above:
PV = $100/ 0.0985
PV = $1,015.22
Now, computing the number of years using the Excel formula , which is as:
=Nper(rate,pmt,pv,fv,type)
where
Nper is number of years
rate is 9.5%
pmt is $100
pv is -$1,015.22
fv is $1,000
Putting the values above:
=Nper(9.5%,100,-1015.22,1000,0)
= 3.76 or 4 years
Tyrion and Alchemist make a contract where Tyrion will pay $20,000 for 5.000 gallons of wild fire. Alchemist promises to deliver the deadly chemical by August 29. On August 27. Alchemist informs Tyrion that he cannot perform on the contract. Tyrion then contacts Varys for the wild fire. Varys supplies him with 5,000 gallons for $17,000. Tyrion later sues Alchemist for breach of contract What may Tyrion recover from Alchemist? o a. $7000 b. $15,000 c. $27,000 d. $20,000 e. $5,000
Answer:
The answer is: c. $ 27,000.
Explanation:
A breach of contract is the breach of either party to comply with the terms of a contract without a legal excuse.
One of the forms of breach of contract is the Material.
This describes the breach of any of the parties to fulfill the duties established in the contract and is considered one of the most serious. If a serious clause has been violated, it allows the claimant to seek damages.
Because in this case there has been a contract with disbursement of money that has not been fulfilled by the other party, it is possible to claim in addition to what was paid at the time, damages, so that Tyrion would be entitled to recover $ 27,000 from Alchemist.
The answer is: c. $ 27,000.
Answer: $0
(This should be one of the options)
Explanation: Tyrion will not be able to receive any monetary compensation from Alchemist as Tyrion did not suffer any monetary loss.
Although there is a breach of contract when Alchemist does not deliver on the agreed terms, Tyrion was able to make a profit due to this reason.
Also, note that Tyrion had not paid anything before the contract was breached.
Let us assume that Tyrion eventually paid Varys a higher amount for the wild fire, say $25,000 he could claim damages from the Alchemist up to the amount that he lost as a result of the breach of contract, that is, $5,000.
At Patio Products International, each supervisor receives direction and information from the managers above them and passes that information down to their immediate employees they supervise. This describes which of Fayol’s principles?
Answer:Unity of command
Explanation:Henri Fayol principle of management is one of the most widely accepted standard for effective management of Organisations. This principles highlights fourteen(14) points that highlights how management can carry out their responsibilities.
UNITY OF COMMAND IS ONE OF THE PRINCIPLES OF MANAGEMENT BY HENRI FAYOL WHICH INVOLVES A TOP-DOWN(MANAGERS TO SUPERVISORS TO THE JUNIOR PERSONNEL) APPROACH TO GIVING INSTRUCTIONS.
Final answer:
The situation at Patio Products International exemplifies Henri Fayol's hierarchy of authority principle, which promotes a clear chain of command within an organization for efficient communication and organizational structure.
Explanation:
The scenario described at Patio Products International aligns with Henri Fayol's principle of the hierarchy of authority, which is part of his classical management theory. In Fayol's view, the chain of command is a fundamental aspect of organizational structure, where every employee has a clear idea of whom to report to and who reports to them. This ensures efficient communication and authority distribution within an organization.
For example, in the hierarchy at Walmart, a shift manager assigns tasks to employees, reports to the store manager, who reports to the regional manager, and so on up the hierarchy. The essence of this principle is that the organizational structure should be established in such a way that each managerial and employee position has its defined responsibilities, and each individual should report to a superior .
The effects of ____ are not sufficiently strong to manipulate consumers, alter their preferences, or make the ad more memorable, but their content may be capable of eliciting more primitive feeling responses.
Answer:
Subliminal stimuli
Explanation:
Subliminal stimuli is defined as a stimulus that is below the sensory capacity of an individual. It is below the threshold where the individual can perceive that there is a change in something. For example if a company is producing potato chips and they want to increase salt content.
The point at which the consumer starts to notice a change in salt content of the potatoe chips is above the subliminal stimuli.
Although subliminal stimuli is not readily perceived it can unconciously influence consumer behaviour.
Answer:
The correct answer is letter "B": subliminal stimuli.
Explanation:
Subliminal stimuli are hidden messages portrayed in advertisements to cause an impression regarding a certain feature of the product being promoted. In some other cases, the subliminal stimuli look for making comparisons with competitors without directly mentioning them to avoid lawsuits.
Subliminal stimuli itself is not enough to attract consumers or to consider the product promoted as impactful but basic, irrelevant emotions can arise as the result of watching such advertisement.
Christine recently earned a promotion at work, raising her income by 40%. As a result, she now attends twice as many concerts as before. What is Christine's income elasticity of demand for concerts?
Answer:
2.5
Explanation:
If Christine now attends twice as many concerts, her percent increase in demand for concerts was 100%. Christine's income elasticity of demand for concerts is given by the percentage change in demand divided by the percentage change in income:
[tex]E = \frac{\%D}{\%I}=\frac{100\%}{40\%}\\ E=2.5[/tex]
Christine's income elasticity of demand for concerts is 2.5.
Alchemy Manufacturing produces a pesticide chemical and uses process costing. There are three processing departments—Mixing, Refining, and Packaging. On January 1, the first department—Mixing—had no beginning inventory. During January, 56,000 fl. oz. of chemicals were started in production. Of these, 30,000 fl. oz. were completed and 26,000 fl. oz. remained in process. In the Mixing Department, all direct materials are added at the beginning of the production process, and conversion costs are applied evenly throughout the process. The weighted-average method is used. At the end of the month, Alchemy calculated equivalent units. The ending inventory in the Mixing Department was 75% complete with respect to conversion costs. With respect to direct materials, what is the number of equivalent units in the ending inventory?
Answer:
Explanation:
Opening units 0
Started 56000
56000
Transffered 30000
Closing 26000
Production Table
Using Weighted Average Method
Cost Element Complete Closing WIP Equivellant production units
Material 30,000 26,000 56,000
Labour Cost 30,000 19,500 49,500
In process costing, equivalent units for direct materials correspond to actual units in the ending inventory. For Alchemy Manufacturing, the equivalent units in ending inventory for direct materials are 26,000. For conversion costs, which are 75% applied, equivalent units are 19,500.
Explanation:In the context of process costing, equivalent units are a measure of the work done during a period, expressed in terms of fully completed units. Given that all direct materials are added at the beginning of the process at Alchemy Manufacturing, the number of equivalent units for direct materials in the ending inventory is equal to the number of physical units in that inventory. That means, for the Mixing department's ending inventory, there are 26,000 equivalent units for direct materials, because that's how many fluid ounces of chemicals remained in process at the end of January.
In terms of conversion costs (which are applied evenly throughout the production process), the number of equivalent units would be less. Since the ending inventory is 75% complete with regard to conversion costs, the equivalent units for conversion costs would be 0.75 times the physical units, or 19,500 equivalent units.
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An employee stock ownership plan denies employees the right to participate in votes by shareholders even if the stock is registered on a national exchange. True False
Answer:False
Explanation:
Employee stock ownership plan is a plan aimed at benefiting Employees of a company by giving them the power to own certain parts of the company thorough the purchase of stocks. Employee stock ownership has been promoted by many corporations in order to ensure that the workers are motivated and encouraged to to see themselves as part owners of the company.
EMPLOYEE STOCK OWNERSHIP PLAN DOES NOT PREVENT EMPLOYEE WHO OWN STOCKS FROM PARTICIPATING IN THE VOTING PROCESS DURING ELECTIONS TO CHANGE BOARD MEMBERS.
Jill is a student at Vanderbilt University who recently got her first F. Now she has to make a decision about how to get her grades back up. Having recently taken a class on decision making, Jill decides to follow the six-step process for deciding what to do. What problem is Jill most likely to face during the development of alternatives step in the decision-making process?
A. Satisficing, or choosing the first solution that works, not the best solution
B. Neglecting to gather information on whether or not the plan was successful
C. Not having the time to take all of the steps outlined in her plan
D. Considering only "tried and true" solutions without creating new possibilities
Answer:
A
Explanation:
Satisficing, or choosing the first solution that works, not the best solution
There is a tendency when you see the solution that works maybe almost imstantly you go with it without understanding the long term consequences on that decision or whether there is yet a better solution than the one you opted fo. Following a process will be adequate
Answer: Considering only " tried and true" solutons without creating new possibilites.
Explanation:
Analyze fraternal polyandry in Himalayan south-central Asia with respect to material conditions. What specific problems are posed by what specific material conditions, and how are they solved? Is this a simple causal relationship?
Answer:
Analyze fraternal polyandry in Himalayan south-central Asia with respect to material conditions.
Since the population of the region is high and there is no farmable land therefore they want to keep it as one unit and practice fraternal polyandry in a way that a woman will be married to many brothers and therefore they wont have to fragment the land. They have to keep the population of their family low and this system works for them.
What specific problems are posed by what specific material conditions, and how are they solved?
Major condition of material is land and they dont want to split it between the brothers. If they all will have a separate wife, there are chances of fighting and asking for their fragment of the land. Therefore fraternal polyandry works for them
Is this a simple causal relationship?
No it is not. It is more like of an organization / corporation relationship where land must be retained as a collective unit.
A. Analyze three decisions you made over the past six months. Which of these were programmed and which were nonprogrammed?
B. Which model-the classical, adminstrative, or political- best describes the approach you took to make each decision?
Explanation:
Programmed decisions— Lower supervisors make planned, organized problems-related decisions.
Non-programmed decisions — used both for internal and external organizations in uniquely structured situations.
The rational approach in decision-making is the traditional one, when the goals are good, the problems are dear, the parameters and weight are settled on, and the problems are not tendentious.
The decision-making of the managerial model requires performance. Rationality argues for an awareness of possible intervention strategies to achieve the goals. The user should all have full information and the ability to properly evaluate various alternatives according to the aims. The desire should be to choose the best solution by choosing the alternative that can achieve the goal.
The three decisions I have faced over the course of these six months include:
a. Given the option of two companies, Apple and Samsung, I had to choose a mobile phone.
b. I ordered a meal that I never tried before in a restaurant.
c. Should choose the airline I had to travel abroad with my aunts.
1. It's a programmed decision in fact because we all have less chance of making mistakes. Even though I have an apple branded phone, I know the specifications and the pricing of both already, it is therefore a routine decision-making process.
2. Is an unprogrammed choice because I don't know how to eat it.
. One of the most commonly used operations management tools is cognitive mapping which is used to better understandthe psychology of the workers. a. True b. False ANSWER: False
Answer:
The correct answer is letter "B": False.
Explanation:
Scientific Management also called Taylorism after American economist and father of this theory Frederick Winslow Taylor (1856-1915), looks for increasing companies' efficiency by improving labor productivity and understanding the psychology of workers.
That will be achieved by hiring the correct workers for a job, monitoring their performance and providing training, and dividing the work between management and workers correctly so managers can take care of handling the business operations while employees of executing those operations.
The claim that cognitive mapping is a common tool in operations management for understanding worker psychology is false. While it can be used to understand an individual's mental model, it is not a primary tool in operations management, which focuses more on efficiency and effectiveness of business processes.
Explanation:The statement that cognitive mapping is one of the most commonly used operations management tools to better understand the psychology of the workers is false.
Operations management focuses mainly on ensuring efficiency and effectiveness in the business processes. Tools used in operations management include, but are not limited to, Gantt charts, process mapping, capacity planning, and inventory management.
On the other hand, cognitive mapping is a psychological tool used to understand an individual's mental model of the world, including their perception, knowledge, and beliefs. In a working environment, cognitive mapping may be used in designing work spaces or creating strategies for organizational change, but it is not a main tool under operations management.
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Suppose the world price of steel falls substantially. The demand for labor among steel-producing firms in Pennsylvania will________ . The demand for labor among automobile-producing firms in Michigan, for which steel is an input, will_______ . The temporary unemployment resulting from such sectoral shifts in the economy is best described as________ unemployment.
Suppose the government wants to reduce this type of unemployment. Which of the following policies would help achieve this goal? Check all that apply.
a. Offering recipients of unemployment insurance benefits a cash bonus if they find a new job within a specified number of weeks.
b. Establishing government-run employment agencies to connect unemployed workers to job vacancies.
c. Taxing the price of placing a resume or posting a job opening on a job-search website
Answer
1) decrease
increase
frictional
2) options a and b
Explanation: 1)Suppose the world price of steel falls substantially. The demand for labor among steel-producing firms in Pennsylvania will_____decrease___ . The demand for labor among automobile-producing firms in Michigan, for which steel is an input, will____increase___ . The temporary unemployment resulting from such sectoral shifts in the economy is best described as__Frictional__ unemployment.
This is because
Frictional unemployment occurs because job seekers are constantly seeking for employment and employees seeking job seekers.
2) Government can reduce Frictional unemployment by -Establishing government-run employment agencies to connect unemployed workers to job vacancies and
Offering recipients of unemployment insurance benefits a cash bonus if they find a new job within a specified number of weeks will greatly reduce Frictional unemployment.
The Sterling Company applies manufacturing overhead. At the end of the year the following data were available: Actual Manufacturing Overhead $115,000 Estimated Manufacturing Overhead $110,000 Applied Manufacturing Overhead $100,000 The following accounts had the unadjusted balances: Raw Materials Inventory $100,000 Work-in-Process Inventory $100,000 Finished Goods Inventory $100,000 Cost of Goods Sold $300,000 What is the journal entry if the amount is considered material?
Answer:
Explanation:
Adjusting entry for under applied manufacturing overhead
Dr Work in process $3000
Dr Finished goods $3000
Dr Cost of goods sold $9000
Cr Manufacturing overhead $15,000
Explanation:
Under applied manufacturing overhead = Manufacturing overhead - Applied manufacturing overhead = 115,000 - 100,000 = $15,000
Under applied manufacturing overhead should be applied in proportion to unadjusted balances of Work in process, Finished goods, Cost of goods sold, which is $100,000, $100,000, $300,000 or 1:1:3 ⇒ $3000, $3000, $9000
Answer:
Work-in-process: $3,000
Finished Goods: $3,000
Cost of Goods Sold: $9,000
Manufacturing Overhead: $15,000
Explanation:
Under applied Manufacturing Overheads = Actual Manufacturing Overheads - Applied Manufacturing Overheads
= $115,000 - $100,000
= $15,000
This Under applied overheads will be allocated in proportion to un-adjusted balances of Work In Process ; Finished Goods; Cost of Goods Sold
The proportion will be $100,000:$100,000:$300,000 = 1:1:3
Therefore,
Amount Applied to Work In Process Inventory = [tex]15,000*\frac{1}{5} =[/tex] $3,000
Amount Applied to Finished Goods Inventory = [tex]15,000*\frac{1}{5} =[/tex] $3,000
Amount Applied to Cost of Goods Sold = [tex]15,000*\frac{3}{5} =[/tex] $9,000
Total = 3,000 + 3,000 + 9,000 = $15,000
True or False:A transfer warranty, made by a person who transfers an instrument for consideration to all subsequent transferees, impliedly makes five warranties relating to good title, authentic signatures, no alterations, no defenses, and no insolvencies.
Answer:True
Explanation: A transfer warranty is an implied promise made by one party known as the transferor to another party known as the transferee with regards to the title and credibility of an instrument.
Transfer warranty is achieved through indorsement(a financial term used to signify the signing of a signature at the back of a contract documents) by the transferor to the transferee.
A good transfer warranty is expected to have the following, it must be of a good title,no insolvency,must be authentically signed,must have no alterations etc
On July 5,GuntherGunther Company recorded sales of merchandise inventory on account,$65,000. The sales were subject to sales tax of 4%. On August 15, Gunther Company paid $2,350 of sales tax to the state.
Requirements
1 .Journalize the transaction to record the sale on July 5. Ignore cost of goods sold.
2. Journalize the transaction to record the payment of sales tax to the state
Answer:
1 .Journalize the transaction to record the sale on July 5. Ignore cost of goods sold.
Account Debit Credit
Accounts Receivable $65,000
Sales Revenue $65,000
Sales Tax Payable $2,600 (65,000 x 4%)
2. Journalize the transaction to record the payment of sales tax to the state
Account Debit Credit
Cash $2,350
Sales Tax Payable $2,350
The ending balance on the sales tax payable account is $250
NatureMade Snacks just received an order to produce 12,000 single-serving bags of gourmet, fancy-cut, sweet potato chips. The order will require 21 preparation hours and 36 cooking and draining hours. Use the activity rates you calculated in S4-4 to compute the following: What is the total amount of manufacturing overhead that should be allocated to this order? How much manufacturing overhead should be assigned to each bag? What other costs will the company need to consider to determine the total manufacturing costs of this order?
Answer:
Instructions are lsited below.
Explanation:
Giving the following information:
Production= 12,000 single-serving bags of gourmet, fancy-cut, sweet potato chips.
The order will require 21 preparation hours and 36 cooking and draining hours.
We were not provided with enough information to solve the requirements. But, I will leave the formulas and an example to guide you.
First, we need to calculate the estimated manufacturing overhead rate for each department:
To calculate the estimated manufacturing overhead rate we need to use the following formula:
Estimated manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base
For example:
Preparation:
Estimated overhead= 100,000
Estimated preparation hours= 2,000
Estimated manufacturing overhead rate= 100,000/2,000= $50 per preparation hour
Cooking:
Estimated overhead= 175,000
Estimated cooking hours= 10,000
Estimated manufacturing overhead rate= 175,000/10,000= $17.5 per direct cooking hour.
Now, we can allocate overhead to the special order:
Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base
Preparation= 50*21= $1,050
Cooking= 17.5*36= $630
Unitary overhead= (1,050 + 630)/12,000= $0.14 per bag
The total manufacturing costs include direct labor, direct materials and allocated overhead:
Total manufacturing cost= direct material + direct labor + allocated overhead
For example:
DM= 300,000
DL= 200,000
Overhead= 1,680
Total manufacturing cost= 300,000 + 200,000 + 1,680= $501,680
Final answer:
The allocation of manufacturing overhead for NatureMade Snacks cannot be precisely calculated without the specific activity rates. In general, the overhead is determined based on preparation and cooking hours, and additional costs like direct materials, direct labor, and other overheads are essential for calculating total manufacturing costs.
Explanation:
The question relates to the allocation of manufacturing overhead for a specific order of gourmet, fancy-cut, sweet potato chips at NatureMade Snacks and necessitates a computation based on provided activity rates and production hours. Unfortunately, since the original activity rates from S4-4 are not supplied within the query, a specific numerical answer cannot be accurately calculated here. However, generally, the total manufacturing overhead could be determined by assigning overhead costs based on the rates associated with the preparation and cooking activities for the 12,000 single-serving bags.
In addition to manufacturing overhead, the company must consider other costs to determine the total manufacturing costs of this order. These include direct materials (the cost of sweet potatoes and any seasonings or oils), direct labor (wages for workers preparing and cooking the chips), and possibly other overheads related to equipment depreciation, utilities, and rent for the manufacturing space.
The manufacturing overhead per bag can be ascertained by dividing the total overhead costs by the number of bags (12,000 in this case). However, without the specific activity rates and overhead costs, a precise per-bag cost calculation remains elusive in this response.
The Chart Company has a process costing system. All materials are added when the process is first begun. At the beginning of September, there were no units of product in process. During September 65,000 units were started; 6,500 of these were still in process at the end of September and were 3/5 finished. The equivalent units for the conversion costs in September were____________________.
Answer:
62,400 units
Explanation:
The computation of the equivalent units for conversion cost is shown below:
= Started and completed units × completion percentage + closing inventory units × completion percentage
where,
Started and completed units is
= 65,000 units - 6,500 units
= 58,500 units
So the equivalent units is
= 58,500 units × 100 + 6,500 units × 60%
= 58,500 units + 3,900 units
= 62,400 units
The 3/5 finished means 60% is finished
All International Monetary Fund (IMF) loan packages come with conditions attached which limits Group of answer choices
excessive government spending and debt.
elimination of restrictive import licensing.
privatization of state-owned assets.
deregulation of the economy to increase competition.
trade liberalization.]
Answer:
The correct answer is excessive government spending and debt
Explanation:
The justification for this answer is that International Monetary Fund(IMF) as a credit-granting organization would want the nation that loan is granted to ,to strengthen its liquidity position by cutting down on excessive government spending so as to be able to use such reserved liquidity to service IMF loans.
Also, by cutting down on international indebtedness the country is able to repay IMF loans as at when due,compared to a situation of multiple debts which brings about default in servicing and repaying IMF loans
Privatization of state-owned assets is not a requirement as well as deregulation of the economy.
The same applies to elimination of restrictive import licensing.
Perfect Pad manufacturers floor mats for trailers that are used to transport horses. The mats provide for a firm footing surface that quickly sheds water. Mats are made to customer specifications via orders submitted over an internet site. The mats are completed and shipped in about one day. As a result, Perfect Pad does not maintain any work in process or finished goods inventory.
The following costs were incurred in producing and selling mats during August:
Synthetic rubber used in the mat $134,300
Lubricant used in the molding machine 14,000
Factory rent 9,600
Electricity to run the molding machine 2,600
Labor cost of machine operators 34,100
Internet sales site 1,500
Administrative salaries 12,500
Depreciation of molding machine 7,400
Salary of factory safety inspector 3,500
Office rent 13,500
Evaluate these costs, and determine the amount of direct material, direct labor, factory overhead, and selling/general/administrative costs. Next, identify how much is considered to be a "prime cost" and how much is considered to be a "conversion cost."
The costs incurred in producing and selling mats for Perfect Pad are classified as direct material, direct labor, factory overhead, and selling/general/administrative costs. The prime cost is the sum of direct material and direct labor costs, while conversion cost is the sum of direct labor and factory overhead costs.
Explanation:The costs incurred in producing and selling mats during August can be categorized as follows:
Direct material: Synthetic rubber used in the mat ($134,300) and lubricant used in the molding machine ($14,000).Direct labor: Labor cost of machine operators ($34,100).Factory overhead: Factory rent ($9,600), electricity to run the molding machine ($2,600), depreciation of molding machine ($7,400), and salary of factory safety inspector ($3,500).Selling/General/Administrative costs: Internet sales site ($1,500), administrative salaries ($12,500), and office rent ($13,500).The direct material and direct labor costs together make up the prime cost ($148,300), while the direct labor and factory overhead costs make up the conversion cost ($54,800).
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Jason, a new salesperson at a shoe store, followed the customers around the store. He kept talking to them about all the products in the store even after a significant number of customers asked him to leave them alone. Ultimately, most of the customers left and went to the adjacent shoe store. The customers' reaction in this case is an example of:
(A) compliance.
(B) congruity.
(C) reactance.
(D) conformity.
(E) valence.
Answer: (C) reactance.
Explanation:
Reactance is the human inclination to do the opposite of what a rule, person or business has to offer because a restriction to their individual's freedom is perceived. It's a coping mechanism triggered by the feeling of having choices taken away, a counterforce prompted by suspicion of losing self-determination.