Answer:
Explanation:
For materials:
Units transferred out 381,000*
Add:
Materials 42,000*100% = 42,000
Equivalent units 423,000
*Units transferred out = Units stated+Beg inv-End inv = 350,000+73,000-42,000 = 381,000
For conversion costs:
Units transferred out 381,000*
Add:
Conversion cost 42,000*30% = 12,600
Equivalent units 393,600
Correct answer is 423,000; 393,600
Using the weighted-average method, the equivalent units of production for materials and conversion costs for the month of July are 148,800 units each.
Explanation:The equivalent units of production for materials and conversion costs can be calculated using the weighted-average method. To do this, we need to consider the units that were started and completed during the period, as well as the units that are still in process at the end of the period.
In this case, we can calculate the equivalent units of production for materials by adding the units from the beginning work in process inventory (60% complete) to the units started during July and multiplying it by the percentage of completion for the units in ending work in process inventory (30% complete). Similarly, we can calculate the equivalent units of production for conversion costs using the same method.
Using these calculations:
Equivalent units for materials = (Units in beginning work in process) + (Units started during July) × (Percentage of completion for units in ending work in process)
Equivalent units for conversion costs = (Units in beginning work in process) + (Units started during July) × (Percentage of completion for units in ending work in process)
Using the given information:
Units in beginning work in process: 73,000 units (60% complete)
Units started during July: 350,000 units
Units in ending work in process: 42,000 units (30% complete)
Equivalent units for materials = (73,000 × 0.6) + 350,000 × 0.3 = 43,800 + 105,000 = 148,800
Equivalent units for conversion costs = (73,000 × 0.6) + 350,000 × 0.3 = 43,800 + 105,000 = 148,800
Learn more about equivalent units of production here:https://brainly.com/question/29754038
#SPJ3
Barnes Books allows for possible bad debts. On May 7, Barnes writes off a customer account of $6,100. On September 9, the customer unexpectedly pays the $6,100 balance. Record the cash collection on September 9. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Answer:
Record the cash collection on September 9
Bank $6,100 (debit)
Bad Debt $6,100 (credit)
Explanation:
When Barnes writes off a customer account on May 7
Bad Debts $6,100 (debit)
Account Receivable $6,100 (credit)
When the customer unexpectedly pays the $6,100 balance on September 9
Bank $6,100 (debit)
Bad Debt $6,100 (credit)
Recognise the Assets of Cash Flowing in the entity and De-recognise the Bad Debts expense account.
You have been requested by the secretary of agriculture of a Central American country to determine whether cattle produced in that country could be hedged using the Chicago Mercantile Exchange(CME) live cattle contract. What information would you need to collect to determine whether this is feasible? What suggestions would you propose (to the country, to the CME) to make hedging Central American cattle in the CME cattle contract?
Answer:
Answer explained below
Explanation:
The variation between the futures or derivatives price and spot price at any given point in time is called basis. It is obtained by subtracting future price from the cash price and can be negative or positive.
Whatever be the basis position, whether positive or negative, before expiry of the contract but at the end of the expiry, it will converge with the spot prices.
Basis risk is the probability of the basis strengthening or weakening after the hedge has been implemented till the time the hedge is exited. Basis can fluctuate making calculation of hedging difficult.
Long basis positions gains from a strengthening of a basis. Short hedges have long basis positions. Short hedge means taking up a short futures position where underlying is owned for delivery in the future.
Short basis points gains from weakening of the basis. Long hedges have a short basis points. Long hedges involve buying up of futures and if underlying prices increase the gain in the long future, will be there.
The amount of time an activity can be delayed without delaying the early start date of any immediately following activities is known as a _____. a. forward pass b. backward pass c. fast tracking d. free slack
Answer:
Free slack
Explanation:
Free slack can be defined as the amount of time an activity may be delayed without delaying a succeeding activity or a project finish time.
Free slack gives resilience in project management. When leveraged in the right way, project managers can shift activities and resources to meet the project objectives. It is the amount of time an activity can be delayed without impacting other activities or the project end date and changes during the period of the project accomplishment.
Free slack is the amount of time an activity can be delayed without delaying the early start date of any immediately following activities in project management. It allows for flexibility in scheduling and does not affect the overall project completion time.
Explanation:The amount of time an activity can be delayed without delaying the early start date of any immediately following activities is known as free slack. This is a term used in project management and is part of scheduling and control mechanisms. The idea is if an activity has free slack, it can be delayed without affecting the start of the subsequent activities or the project completion time.
For example, if you're working on a project that involves painting a room and the room needs to be clean first, the cleaning can be delayed (assuming it has free slack) without affecting the painting schedule.
In contrast, a forward pass and backward pass are used to determine the earliest and latest an activity can start and end without delaying the project. Fast tracking is a technique used to shorten the project schedule without changing the project scope.
Learn more about Free Slack here:https://brainly.com/question/34004875
#SPJ3
Kirchhoff Industries has computed that the proper balance for the Allowance for Doubtful Accounts at August 31 is $67,697. Assume that the allowance for doubtful accounts for Kirchhoff Industries has a credit balance of $14,215 before adjustment on August 31.Journalize the adjusting entry for uncollectible accounts as of August 31.
Answer:
The journal entry is as follows:
On August 31,
Bad expense A/c Dr. $53,482
To Allowance for doubtful accounts $53,482
(To record the adjustment entry to increase allowance for doubtful accounts)
Working notes:
Allowance for doubtful accounts:
= Allowance for Doubtful Accounts at August 31 - Allowance for doubtful accounts before adjustment on August 31
= $67,697 - $14,215
= $53,482
Evans Products uses a process costing system with two processing departments: the Mixing Department and the Finishing Department. In June, unit costs incurred by the Mixing Department amounted to $4.00 per unit. Unit costs transferred to the finished goods warehouse during the month amounted to $22. Work-in-process inventories are reduced to zero each month. The transfer of 35,000 units to the Finishing Department in June required:
a. A debit to Finished Goods Inventory of $770,000.
b. A credit to Work-in-Process Inventory, Mixing Department of $770,000.
c. A credit to Work-in-Process Inventory, Finishing Department of $140,000.
d. A debit to Work-in-Process Inventory, Finishing Department of $140,000.
Answer:
d. A debit to Work-in-Process Inventory, Finishing Department of $140,000.
Explanation:
Cost of unit transferred = $4 x 35,000 = $140,000
Cost incurred by mixing department is $4 which so the transfer of cost from mixing department to finishing department will be $140,000 for 35000 units. This cost will be recorded in the work in process inventory account of finishing department. As we know that WIP account has debit nature so same entry will be done to record an expense incurred in mixing department.
The Lancaster State Bank is thinking about purchasing a corporate bond that pays a coupon of 8.5%. The bank has a marginal tax rate of 25%. What is the after-tax yield on this bond?
Answer: 6.375%
Explanation:
The Lancaster State Bank is thinking about purchasing a corporate bond that has a yield of 8.5%. This bank has a marginal tax rate of 25%.
The after-tax yield on this bond would be 6.375%
Answer:
The after tax yield is 6.375%
Explanation:
The after tax yield is the amount of coupon rate after the tax deduction which will be calculated by this formula:
ATY= i(1- tax Rate)
ATY is the after tax yield
i is the coupon interest rate which is 8.5%
tax rate is the marginal tax which will be adjusted on the rate given to give us the after tax yield so we substitute on the above formula:
ATY = 8.5%(1 - 25%) then we compute on calculator
ATY= 6.375% which is the after tax yield of this bond.
thereafter you get the percentage yield which is the yield of a coupon adjusted for tax.
In the theory of perfect competition, the assumption of easy entry into and exit from the market implies Group of answer choices positive economic profits in the long run. losses in the long-run equilibrium. zero economic profits in the long run. zero economic profits in both the short run and the long run. positive economic profits in both the short run and the long run.
Answer:
Zero economic profits in the long run.
Explanation:
In a perfect competition, firms are able to freely enter into, or exit a market.
As more and more firms enter the market, it causes an increase in supply in the long run, which leads to a fall in prices and therefore profits, such that firms will start to earn normal profits or zero economic profits.
In perfect competition, the assumption of easy entry and exit into the market implies zero economic profits in the long run.
Explanation:In the theory of perfect competition, the assumption of easy entry into and exit from the market implies zero economic profits in the long run. In perfectly competitive markets, when economic profits are positive, new firms will be attracted to enter the market. This increases competition and drives down profits until they reach zero in the long run. Similarly, when economic losses occur, firms exit the market, reducing competition and allowing remaining firms to eventually reach zero economic profits.
Of the principles that can be used to derive control requirements and help make implementation decisions, which principle functions as a deterrent control and helps to ensure that people understand they are solely responsible for actions they take while using organization resources?a.awareness principleb.accountability principlec.ethics principled.timeliness principle
Answer:
b.accountability principle
Explanation:
Accountability principle states that a person should be responsible for their actions, products, decisions, and policies in administration and governance.
It is answerability, blameworthiness, liability, and the responsibility to give account of actions within one's jurisdiction. It entails taking ownership of consequences of one's actions.
In internal control accountability acts as a deterrent for noncompliance to laid down procedures, as each person is answerable for his failing in implementing organisation policies.
Cory incurred and paid the following expenses in 2019: Tax return preparation fee $ 600 Moving expenses 2,000 Investment expenses 500 Expenses associated with rental property 1,500 Interest expense associated with loan to finance tax-exempt bonds 400 Calculate the amount that Cory can deduct (before any percentage limitations).
Answer:
$4,600
Explanation:
Given that,
Tax return preparation fee = $600
Moving expenses = $2,000
Investment expenses = $500
Expenses associated with rental property = $1,500
Interest expense associated with loan to finance tax-exempt bonds = $400
Total amount that Cory can deduct:
= Tax return preparation fee + Moving expenses + Investment Expenses + Expenses Associated with rental Property
= $600 + $2,000 + $500 + $1,500
= $4,600
Barney Buyer purchased 15 bags of beans from Sam Seller. Each bag of beans weighed 1 lb.. Upon delivery, Barney will have certain rights and duties. Identify which is Barney's right or which is Barney's duty.
He may examine the beans.
[ Choose ] Duty Right
He must pay for the bags of beans that he accepted.
[ Choose ] Duty Right
He may reject all the bags of beans even if only some of the bags of beans are nonconforming.
[ Choose ] Duty Right
He may accept the beans and then seek damages for the nonconforming bags.
[ Choose ] Duty Right
He may accept the conforming bags of beans and reject the nonconforming bags.
[ Choose ] Duty Right
He must give notice of rejection to allow Sam to cure.
[ Choose ] Duty Right
Answer:
Identify which is Barney's right or which is Barney's duty.
He may examine the beans.
[ Right ]
He must pay for the bags of beans that he accepted.
[ Duty ]
He may reject all the bags of beans even if only some of the bags of beans are nonconforming.
[ Right ]
He may accept the beans and then seek damages for the nonconforming bags.
[ Right ]
He may accept the conforming bags of beans and reject the nonconforming bags.
[ Right ]
He must give notice of rejection to allow Sam to cure.
[ Duty ]
Explanation:
The Rights are enshrined in a contract of sales between both parties to the contract. They are actions either party can take in the event one party contravenes the covenant/agreement of the contract
The Duties are equally spelled out in the contract. They are actions each party is expected to carry out to keep the contract active.
Final answer:
Barney Buyer has certain rights and duties upon receiving 15 bags of beans from Sam Seller. His rights include examining, rejecting, and seeking damages for nonconforming goods, while his duties encompass paying for accepted goods and notifying of rejection for curing. These elements underscore essential contractual obligations and remedies in commercial transactions.
Explanation:
Barney Buyer purchased 15 bags of beans from Sam Seller. Upon delivery, Barney has specific rights and duties in this transaction. Critically, these rights and duties are foundational in understanding the legal framework surrounding commercial transactions.
He may examine the beans. [Right]
He must pay for the bags of beans that he accepted. [Duty]
He may reject all the bags of beans even if only some of the bags of beans are nonconforming. [Right]
He may accept the beans and then seek damages for the nonconforming bags. [Right]
He may accept the conforming bags of beans and reject the nonconforming bags. [Right]
He must give notice of rejection to allow Sam to cure. [Duty]
These components of Barney's rights and duties highlight the principles of contractual obligations and remedies in commercial law, which ensure that both parties in a transaction are protected and have a clear understanding of their responsibilities.
Bill consumes two goods: iced tea and spaghetti. The price of iced tea is $2 per bottle, and the price of spaghetti is $8 per serving. His income is $1,000 per month. He spends all of his income each month. He purchases 200 bottles of iced tea. How many servings of spaghetti does he purchase
Answer;
No of spaghetti he purchase [tex]y=100[/tex]
Explanation:
Given,
Price of iced tea is[tex]=\$ 2[/tex] per bottle
Price of spaghetti is [tex]=\$ 8[/tex] per serving
Let no iced tea is [tex]=x[/tex]
Let no of spaghetti =[tex]=y[/tex]
[tex]x+y=200[/tex]
multiply by 2
[tex]2x+2y=400[/tex] (i)
[tex]2x+8y=1000[/tex] (ii)
(ii)-(i)
[tex]2x+8y-2x-2y=1000-400[/tex]
[tex]6y=600[/tex]
[tex]y=100[/tex]
[tex]x+y=200[/tex]
[tex]x=200-100[/tex]
[tex]x=100[/tex]
No of spaghetti is 100
No of iced tea is 100
Final answer:
Bill spends $400 on 200 bottles of iced tea and uses the remaining $600 from his monthly income to buy 75 servings of spaghetti at $8 per serving.
Explanation:
Bill is facing a typical consumer's budget problem, where he must allocate his income between two goods: iced tea and spaghetti. If Bill spends his entire monthly income of $1,000, we need to calculate how much he spends on iced tea and how many servings of spaghetti he can purchase with the remaining money.
First, let's calculate the amount Bill spends on iced tea. Since he buys 200 bottles of iced tea at $2 per bottle, the calculation is:
200 bottles × $2 per bottle = $400Bill spends $400 on iced tea, so the remaining budget for spaghetti is $1000 - $400 = $600. Since spaghetti costs $8 per serving, we can find out the number of servings by dividing the remaining budget by the price per serving:
$600 ÷ $8 per serving = 75 servingsYour division has been asked to compile a recommendation for the price point for an innovative software application. You need to know how much customers will be willing to pay and under what circumstances. Conduct a scientific experiment. Access traditional sources and electronic sources. Conduct primary research for firsthand information.
Answer:Conduct a Scientific experiment.
Explanation:Product pricing is a process through which the price of a particular product is determined, this can be done through conducting a Scientific experiment involving the target customers to know how much they will be willing to pay for that product and under what circumstances.
Scientific experiment ensures that stepwise or procedural approach is followed in order to specifically get proper and reliable Information from the audience or Customers, it gives a unique Information regarding what you are looking for.
To determine the price point for a software application, you need to conduct primary research to get firsthand information from potential customers, and analyze secondary data from traditional and electronic sources. Conjoint Analysis and Price Sensitivity Meter can be valuable in understanding customers' willingness to pay and perceived value.
Explanation:To conduct a scientific experiment to determine an appropriate price point for an innovative software application, you would primarily need to perform a market analysis. It would involve primary research such as surveys, interviews or focus groups to gather firsthand information about how much potential customers might be willing to pay.
Next, you'd also want to analyze secondary data, meaning pre-existing data in your field. Traditional sources might include business reports, while electronic sources could be online databases or articles. This would also help you understand under what circumstances customers may be willing to pay different price points.
In your actual experiment, you could consider methods such as Conjoint Analysis or Price Sensitivity Meter (PSM) to understand customers' preferences and their perception of value in relation to the price.
Learn more about Market Analysis here:https://brainly.com/question/34711002
#SPJ3
The journal entry to record the prior year’s deferred Inflows: property taxes (those expected to be collected more than 60 days beyond year-end) as revenue in the current year would include:
a. A credit to Revenues Control.
b. A debit to Deferred Inflows: Property Taxes; and a credit to Revenues Control.
c A debit to Deferred Inflows: Property Taxes.
d. A debit to Revenues Control.
Answer:
b. A debit to Deferred Inflows: Property Taxes; and a credit to Revenues Control.
Explanation:
In accrual accounting revenues and expenses are not recognised till they are earned or incurred.
Deferred revenue is the income for goods that have not been delivered yet. For example if a business made sales of books worth $500 but have not delivered the goods to the buyer, the income realised is credited to deferred income. When the books have been delivered the income can now be recognised and moved to revenue account.
So in the scenario given the property taxes have not been collected yet and Soni's recorded as Deferred inflow from the previous year. When the taxes are collected we debit Deferred Inflow- Property taxes and credit Revenue Control.
David and Lilly Fernandez have determined their tax liability on their joint tax return to be $1,700. They have made prepayments of $1,500 and also have a child tax credit of $2,000, of which $1,400 is refundable.What is the amount of their tax refund or taxes due?
Answer:
-$1,800
Explanation:
Given that
Tax liability = $1,700
Prepayment made = $1,500
Child tax credit = $2,000
The computation of tax refund is given below:-
= Tax liability - (Prepayment made + Child tax credit)
= $1,700 - ($1,500 + $2,000)
= $1700 - $3500
= -$1,800
Therefore, from the above calculation simply we subtract tax liability from prepayment and child tax credit.
The government might levy an excise tax on a product if it wants to collect _________- from the purchase of that particular good or service. The government would prefer to tax goods with a __________ demand. The government might also tax a product to incentivize consumers to _________-. If taxes are too high on a certain good or service, many consumers will ________- that good.
Answer: Tax revenue,highly inelastic,modify,stop buying
Explanation:
The government might levy an excise tax on a product if it wants to collect tax revenue from the purchase of that particular good or service. The government would prefer to tax goods with a highly inelastic demand. The government might also tax a product to incentivize consumers to modify their behavior. If taxes are too high on a certain good or service, many consumers will stop buying that good.
Final answer:
The government uses excise taxes to generate revenue from goods with inelastic demand and to discourage consumption of certain products. If the tax is too high, consumers might stop buying the taxed goods, especially if their demand is elastic. Examples of such taxed goods include gasoline, cigarettes, and alcohol.
Explanation:
The government might levy an excise tax on a product if it wants to collect revenue from the purchase of that particular good or service. The government would prefer to tax goods with a inelastic demand, meaning the demand for the product does not change significantly with an increase in price. Governments might also tax a product to incentivize consumers to reduce consumption of harmful or less desirable goods. If taxes are too high on a certain good or service, many consumers will avoid purchasing that good, especially if the demand for the product is elastic.
Examples of goods that are commonly taxed include gasoline, cigarettes, and alcohol. These are often referred to as 'sin taxes.' Taxes on these goods help to generate revenue because their inelastic demand ensures continued purchase despite the increased cost. Still, the primary purpose may also be to discourage their use due to the negative impacts they have on health and the environment.
Moreover, an excise tax introduces a difference between the price paid by consumers and the price received by sellers. This is known as the tax incidence, which can fall more heavily on either the consumer or the seller, depending on the relative elasticities of demand and supply for the taxed good. Goods with inelastic demand see consumers bearing a larger share of the tax burden.
Culver Corporation earned $262,000 during a period when it had an average of 100,000 shares of common stock outstanding. The common stock sold at an average market price of $15 per share during the period. Also outstanding were 13,500 warrants that could be exercised to purchase one share of common stock for $10 for each warrant exercised.(a) Are the warrants dilutive?
(b) Compute basic earnings per share. (Round answer to 2 decimal places, e.g. $2.55.)
(c) Compute diluted earnings per share.
Answer:
a) The warrant are Dilutive
b) Basic EPS $2.62
c) Diluteed EPS = $2.31
Explanation:
a) The warrants are dilute because the cost of exercising the rights is lover than the market price
b) Basic Eps = Total Earning/Share Outstanding = $262,000/100,000 = $2.62
c) Diluted Eps = Earnings/(Shares outstanding+potential shares)
= $262,000/(100,000+13,500) = $2.31
You must pick one of two wagers, for an outcome based on flipping a fair coin. 1. You win $440 if it comes up heads and lose $110 if it comes up tails. 2. You win $770 if it comes up heads and lose $220 if it comes up tails. Find the expected outcome for each wager. Which wager is better in this sense?
Answer:
See Below
Explanation:
Expected value is the sum of the products of the probability and payoff of each.
Wager 1:
probability of heads and tails, both is 0.5
Win = 440
Loose = 110
So,
Expected Value = 440(0.5) + (-110)(0.5) = 220 - 55 = $165
Wager 2:
Similar to wager 1
Win = 770
Loose = 220
So,
Expected value = 770(0.5) + (-220)(0.5) = 385 - 110 = $275
2nd wager is better, in this sense.
The expected outcome for wager 1 is $165, while for wager 2, it is $275. Therefore, wager 2 is better in terms of expected value.
To determine which wager is better, let's calculate the expected outcome for each wager.
Wager 1If you choose the first wager, you win $440 if it comes up heads and you lose $110 if it comes up tails.
Probability of heads (P(H)) = 0.5Probability of tails (P(T)) = 0.5Expected outcome for heads = $440 * 0.5 = $220Expected outcome for tails = -$110 * 0.5 = -$55Total expected outcome for wager 1 = $220 - $55 = $165Wager 2If you choose the second wager, you win $770 if it comes up heads and you lose $220 if it comes up tails.
Probability of heads (P(H)) = 0.5Probability of tails (P(T)) = 0.5Expected outcome for heads = $770 * 0.5 = $385Expected outcome for tails = -$220 * 0.5 = -$110Total expected outcome for wager 2 = $385 - $110 = $275Conclusion: The expected outcome for wager 2 is higher at $275 compared to $165 for wager 1. Therefore, in terms of expected value, wager 2 is the better choice.
Deleon Inc. is preparing its annual budgets for the year ending December 31, 2017. Accounting assistants furnish the data shown below. Product JB 50 Product JB 60 Sales budget: Anticipated volume in units 402,300 203,700 Unit selling price $23 $27 Production budget: Desired ending finished goods units 28,100 18,100 Beginning finished goods units 34,100 12,500 Direct materials budget: Direct materials per unit (pounds) 1 3 Desired ending direct materials pounds 34,000 18,500 Beginning direct materials pounds 44,600 13,400 Cost per pound $3 $3 Direct labor budget: Direct labor time per unit 0.4 0.6 Direct labor rate per hour $12 $12 Budgeted income statement: Total unit cost $14 $22 An accounting assistant has prepared the detailed manufacturing overhead budget and the selling and administrative expense budget. The latter shows selling expenses of $661,000 for product JB 50 and $361,000 for product JB 60, and administrative expenses of $545,000 for product JB 50 and $344,000 for product JB 60. Interest expense is $150,000 (not allocated to products). Income taxes are expected to be 30%. Prepare the sales budget for the year. Prepare the production budget for the year. Prepare the direct materials budget for the year. Prepare the direct labor budget for the year. Prepare the budegeted multiple-step income statement for the year
Answer:
Explanation:
Sales budget
DELEON INC.
For the Year Ending December 31, 2017
JB 50 JB 60 Total
Expected Unit Sales 402,300 203,700
Unit Selling Price $23 $27
Total Sales $9,252,900 $5,499,900 $14,752,800
Production budget
For the Year Ending December 31, 2017
JB 50 JB 60
Expected Unit Sales 402,300 203,700
Add: Desired Ending Finished Goods Units 28,100 18,100
Total Required Units 430,400 221,800
Less: Beginning Finished Goods Units (34,100) (12,500)
Required Production Units 396,300 209,300
Direct Materials Budget
For the Year Ending December 31, 2017
JB 50 JB 50 Total
Units to be Produced 396,300 209,300
Direct Materials Per Unit 1 3
Total Pounds Needed for Production 396,300 627,900
Add: Desired Ending Direct Materials 34,000 18,500
Total Materials Required 430,300 646,400
Less: Beginning Direct Materials (44,600) (13,400)
Direct Materials Purchases 385,700 633,000
Cost Per Pound $3 $3
Total Cost of Direct Materials Purchases $1,157,100 $1,899,000 $3,056,100
Direct Labor Budget
For the Year Ending December 31, 2017
JB 50 JB 60 Total
Units to be produced 396,300 209,300
Direct labor time (hours) per unit 0.4 0.6
Total required direct labor hours 158,520 125,580
Direct labor cost per hour $12 $12
Total direct labor cost $1,902,240 $1,506,960 $3,409,200
Budgeted Income Statement
For the Year Ending December 31, 2017
JB 50 JB 60 Total
Sales $9,252,900 $5,499,900 $14,752,800
Cost of Goods Sold $5,632,200 $4,481,400 $10,113,600
Gross Profit $3,620,700 $1,018,500 $4,639,200
Operating Expenses:
Selling Expenses $661,000 $361,000 $1,022,000
Administrative Expenses $545,000 $344,000 $889,000
Total Operating Expenses $1,206,000 $705,000 $1,911,000
Income Before Income Taxes $2,414,700 $313,500 $2,728,200
Income Tax Expense (30%) $724,410 $94,050 $818,460
Net Income $1,690,290 $219,450 $1,909,740
Boeing's new 787 Dreamliner:
a. is assembled in Washington, D.C.
b. uses engines from Japan
c. has its fuselage sections built in Australia
d. has increased efficiency from new engine technology
e. results from a partnership of about a dozen companie
Answer:
The correct answer is letter "D": has increased efficiency from new engine technology.
Explanation:
American aircraft maker Boeing Commercial Airplanes introduced in 2009 the Boeing 787 under the name of "Dreamliner". The new plane has capacity for around 350 passengers. The Boeing 787 advantage relies on the three engines that move the airplane developed by General Electric and Rolls-Royce. Those engines are fuel-efficient, reducing consumption and having an irrelevant impact on the environment.
Consider a country with only three producers, x, y and z. Who produce ink, pen and paper. Y uses ink output of x in its production of pens. X produces 1,111 liters of ink monthly, Y produces 52,078 pens monthly, and Z produces 11 metric tons of paper monthly. X sells all of the ink it produces to Y at a market price of $386 per liter. Y sells 43,219 pens at a price of $0.79 per pen and stores the rest as inventory. Z sells all of its paper at the market price of $822 per metric ton. So the annual market value of productionin this economy is ?
The annual market value of production in this economy is approximately $5,748,828.26, considering the sales of ink, pens, and paper.
To calculate the annual market value of production in this economy, we'll break down the production and sales of each producer (X, Y, and Z) and then determine the total annual value.
1. Producer X (Ink):
- Monthly production: 1,111 liters
- Annual production: 1,111 liters x 12 months = 13,332 liters
- Selling price: $386 per liter
- Annual revenue: 13,332 liters x $386 per liter = $5,147,752
2. Producer Y (Pens):
- Monthly production: 52,078 pens
- Annual production: 52,078 pens x 12 months = 625,536 pens
- Selling price: $0.79 per pen
- Annual revenue from sales: 43,219 pens x $0.79 per pen = $34,224.01
- Annual revenue from stored inventory: (625,536 pens - 43,219 pens) x $0.79 per pen = $458,348.25
- Total annual revenue: $34,224.01 + $458,348.25 = $492,572.26
3. Producer Z (Paper):
- Monthly production: 11 metric tons
- Annual production: 11 metric tons x 12 months = 132 metric tons
- Selling price: $822 per metric ton
- Annual revenue: 132 metric tons x $822 per metric ton = $108,504
Now, let's calculate the total annual market value of production:
Total Annual Market Value = Annual revenue of X + Annual revenue of Y + Annual revenue of Z
Total Annual Market Value = $5,147,752 + $492,572.26 + $108,504 = $5,748,828.26
So, the annual market value of production in this economy is approximately $5,748,828.26.
For such more questions on production
https://brainly.com/question/16755022
#SPJ3
As a result of moving more decision making from the periphery of the organization toward the center, typically a. the flow of relevant information to the decision maker should be enhanced b. the incentive structure for the decision maker can be eliminated c. the flow of relevant information from the decision maker should be enhanced d. the incentive structure for the decision maker should be strengthened
Answer:
a. the flow of relevant information to the decision maker should be enhanced
Explanation:
Decision making is very crucial in every business institution and organisation.
Results of decisions can help to foster rapid development or hamper the progress of a company.
When moving decision making arm from the periphery to the center, communication should be restrategized. Since the periphery arm is at the fringe, better strategies which will help to avoid road blocks through bureaucracies in an organization must be eliminated. There should be proper flow of important information to decision makers which will help further the interest of an organisation.Omitted variable bias a. will always be present as long as the regression R2 < 1. b. is always there but is negligible in almost all economic examples. c. exists if the omitted variable is correlated with the included regressor but is not a determinant of the dependent variable. d. exists if the omitted variable is correlated with the included regressor and is a determinant of the dependent variable.
Answer:
d. exists if the omitted variable is correlated with the included regressor and is a determinant of the dependent variable.
Explanation:
Omitted-variable bias exists when one or more germane variables are left out of a statistical model, and this bias bring about a situation whereby the estimated effects of the variables included in the model are attributed to the impact of the missing variables.
This usually happens when the form and data used for other parameters in the regression model that is estimated are not appropriate.
Summary operating data for Loma Company during the current year ended April 30, 20Y6, are as follows: cost of goods sold, $7,500,000; Expenses incurred in the administration or general operations of the business, sometimes called general expenses.administrative expenses, $750,000; interest expense, $100,000; rent revenue, $120,000; sales, $13,580,000 and Expenses that are incurred directly in the selling of merchandise.selling expenses, $1,250,000.
Prepare a single-step income statement.
Loma Company
Income Statement
For the Year Ended April 30, 20Y6
Revenues:
Sales
Rent revenue
Total revenues
Expenses:
Cost of goods sold
Selling expenses
Administrative expenses
Interest expense
Total expenses
Net income
Answer:
Loma Company's Income Statement for the year ended is $4,100,000
Explanation:
Loma Company
Income Statement for the Year Ended April 30, 20Y6
Revenues:
Sales $13,580,000
Rent revenue $120,000
Total revenues $13,700,000
Less Expenses:
Cost of goods sold $7,500,000
Selling expenses $1,250,000
Administrative expenses $750,000
Interest expense $100,000
Total expenses $9,600,000
Net income $4,100,000
(Net Income = Total Revenue - Total Expenses)
Vaughn Company reports pretax financial income of $66,100 for 2020. The following items cause taxable income to be different than pretax financial income.
1. Depreciation on the tax return is greater than depreciation on the income statement by $14,800.
2. Rent collected on the tax return is greater than rent recognized on the income statement by $23,900.
3. Fines for pollution appear as an expense of $10,600 on the income statement.
Vaughn’s tax rate is 30% for all years, and the company expects to report taxable income in all future years. There are no deferred taxes at the beginning of 2014.
Required:
(a) Compute taxable income and income taxes payable for 2020.
(b) Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2020.
Answer:
a) Taxable Income = $65,200
Income Taxes Payable = $19,560
b) Debit Income tax Expense $19,560 Credit Income Tax payable $19,560
Debit Income Tax Expense $11,610 Credit Deferred Tax $11,610
Debit Profit and loss Account $31,170 Credit Income Tax Expense $31,170
Explanation:
PreTax Income $66,100
1 . Depreciation -$14,800
2 . Rent +$23,900
3 . Fines -$10,000
Taxable Income $65,200
Income Tax Payable (30%) $19,560
Taxable income is in few words net income computed by The Taxman using tax laws and methods. in some cases the Accountant and Taxman can disagree on some things therefore creating temporal and permanent difference. Hence we adjust the Pretax income to arrive at Taxable income.
Income Tax Expense = Income Tax Payable + Deferred tax
Deferred tax arises from temporal difference (Carrying amount - Tax Base)
Deferred Tax = (14,800 * 30%) + ($23,900*30%)
= $4,440 + $7,170
= $11,610
Fines are permanent difference therefore no differed tax arises from them.
Answer:
A1. Taxable income is $85,800
A2. Income tax payable is $19,830
B.
B.
Income tax expense will be the tax rate applied to the Tax Payable amount of $85,800 = $25,740
Whereas the Tax Payable was worked out in the part 1 of our solution as $19,830. This leaves us with an under provision of taxes of $5,910. This $5,910 under provision is referred to as the Deferred tax provision.
Journal Entries
Income tax expense
Debit Income tax payable account with $19,830
Debit Deferred income tax liability Account with $5,910
Credit Cash with $25,740
(Being payment of 2020 Income tax expense to the IRS)
Deferred income tax
Debit Deferred Income tax Account with $5,910
Credit Deferred income tax Liability Account with $5,910
(Being deferred income tax liability for 2020)
Income tax payable
Debit income tax Account with $19,830
Credit Income tax Payable Account with $19,830
(Being Income tax payable on
income from 2020)
Explanation:
Vaughn company
Taxable income is income reviewed from the eyes of the tax authority.
There are some elements of the income statement that are allowable and some not allowable for tax deductions subject to the IRS rules. These are to be considered in finalising the Business Taxable income
Pretax income from financial statement for 2020 = $66,100
Deduct Tax adjustments on Asset Written down Value = -$14,800
Add back Rent received in advance = $23,900
Add back fines on pollution = $10,600
TAXABLE INCOME = $85,800
Income tax Payable on the other hand is a provision made for tax liability based on income arising from the Financial statement. It is an Accounting provision not calculated by the Tax authorities.
In this case, Gross Income was declared to be $66,100
Applying 30% on that gives us our income Tax payable = $19,830
B.
Income tax expense will be the tax rate applied to the Tax Payable amount of $85,800 = $25,740
Whereas the Tax Payable was worked out in the part 1 of our solution as $19,830. This leaves us with an under provision of taxes of $5,910. This $5,910 under provision is referred to as the Deferred tax provision.
Journal Entries
Income tax expense
Debit Income tax payable account with $19,830
Debit Deferred income tax liability Account with $5,910
Credit Cash with $25,740
(Being payment of 2020 Income tax expense to the IRS)
Deferred income tax
Debit Deferred Income tax Account with $5,910
Credit Deferred income tax Liability Account with $5,910
(Being deferred income tax liability for 2020)
Income tax payable
Debit income tax Account with $19,830
Credit Income tax Payable Account with $19,830
(Being Income tax payable on
income from 2020)
Which of the following statements is true? Group of answer choices A perfectly competitive firm that seeks to maximize profits will not be resource-allocative efficient. If the demand curve and the marginal revenue curve weren't the same curve for a perfectly competitive firm, then the firm would not be resource-allocative efficient. Resource allocative efficiency exists when a firm produces its output at the lowest possible per unit cost (lowest ATC). Productive efficiency exists when firms produce the quantity of output at which price equals marginal cost.
Answer:If the demand curve and the marginal revenue curve weren't the same curve for a perfectly competitive firm, then the firm would not be resource-allocative efficient.
Explanation: Demand curve is a graphical representation of the rate of change of demand as the price of a product changes.
Marginal revenue curve is a graphical representation of the rate of change of marginal revenueas the production and the quantity of output produced changes.
For a perfectly competitive firm with no market control, the marginal revenue curve is a horizontal line.
FOR A PERFECTLY COMPETITIVE FIRM THE MARGINAL REVENUE CURVE AND THE DEMAND CURVE SHOULD BE THE SAME IF THE FIRM ALLOCATES ITS RESOURCES EFFICIENTLY.
Questions in Web surveys often use drop-down boxes as a manner of displaying the response choices for a question. This type of display method is particularly prone to ________.
Answer:
The response options are:
A. halo effects
B. leniency effects
C. primacy effects
D. recency effects
E. presumption effects
The correct answer is C. primacy effects
Explanation:
It is known as the primacy effect of the phenomenon that occurs in the reception of information, through which a person pays greater attention to the first data he receives in comparison to the following data. This effect can be associated with what is usually known as “first impression” (what we feel or think when we meet someone can be difficult to change over time). This would happen when, for example, when presenting a long list of words, people tend to remember the first ones better and value them more.
It is considered that this primacy effect, also called media priming, can result in any image of a story having the capacity to generate in the public the stimulation of what its thoughts are. Thus, it is considered that the image of someone subtracting any object without suffering any kind of consequence can lead to part of the receivers undertake the same action.
Some researchers attribute this effect to a longer trial time of those elements presented previously, which affects a better memorial performance. This also happens when we learn to decide based on past experiences. It seems that the first rewards we have received condition our future decisions to a greater extent than other rewards we have obtained later. This phenomenon is known as the "primacy of the result" and highlights how the first results we get when we perform certain acts, condition us to re-commit the act to a greater or lesser extent.
ABC Insurance retains the first $1 million of each property damage loss and purchases insurance 22) for that part of any property loss that exceeds $1 million. The insurance for property losses above $1 million is called
A) coinsurance
B) excess insurance
C) liability insurance.
D) primary insurance.
Answer:
B) excess insurance
Explanation:
Excess insurance is also known as excess waiver insurance and is amount that will be paid in case of an accident that exceeds normal insurance cover. The amount covered by excess insurance is agreed between the beneficiary and the insurance company.
It protects one against excess charges in cases where a car is stolen or damaged.
For example of you hire a car that has standard insurance, and it is involved in an accident. If the damage is above the limit of insurance cover you will have to pay the rental company the excess for the repairs. Excess insurance covers costs that are high, with some covering up to $6,000.
So if ABC purchases insurance for part of property loss that exceeds $1 million, they are purchasing excess insurance to protect themselves from loss.
year 2012. On February 2, 2012, the company issued an additional 30 million shares to the market at a price of $50, while the market price per share was $50. "The resulting price per share after new issuance will be":
Price per share after new issuance will be $50
Explanation:
Given data:
The number of shares that are additionally issued by the company= 30 million, price at which the shares are issued by the company = $50, market price of shares = $50
Resulting price per share after the issuance will be:
[tex]$=(158 \text { million } * \$ 50+30 \text { million } * \$ 50) /(158 \text { million }+30 \text { million })$[/tex]
After solving the above equation, we get,
= $50
Therefore, the resulting price per share after the new issuance will be $50
You recently conducted a series of interviews for an accounting position at your law firm. You’ve decided on a candidate but need to inform the other applicants that they were not selected for the position.How can you reduce the rejected applicants’ disappointment? Check all that apply.A. Reveal specific reasons for not hiring the applicant.B. Compare the applicant to the candidate hired for the position.C. Use vague explanations.D. Use an indirect pattern.
Final answer:
In rejecting job applicants, provide specific constructive feedback and use an indirect pattern of communication, while avoiding vague explanations and direct comparisons with the hired candidate.
Explanation:
When informing rejected applicants that they were not selected for the accounting position, it is important to be professional and empathetic. Offering specific reasons for not selecting the applicant, without making direct comparisons to the candidate who was hired, can provide closure and opportunities for personal development. Using an indirect pattern of communication can be less harsh, soften the rejection, and maintain a positive image of your law firm. Avoid using vague explanations, as they do not contribute to the candidate’s understanding of the decision and can be frustrating.
Positive feedback and an invitation to apply for future openings can also help mitigate disappointment and preserve a good relationship with potential future employees.
Oil producers expect that oil prices next year will be higher than oil prices this year. As a result, oil producers are most likely to Group of answer choices place more oil on the market this year, thus shifting the present supply curve of oil rightward. hold some oil off the market this year, thus shifting the present supply curve of oil leftward. place more oil on the market this year, thus increasing the quantity supplied of oil at lower but not higher prices. hold some oil off the market this year, thus decreasing the quantity supplied of oil at lower but not higher prices.
Oil producers expecting higher oil prices next year are likely to withhold oil from the market this year, shifting the supply curve leftward, leading to higher prices and lower quantities of oil available.
Explanation:If oil producers expect that oil prices next year will be higher than this year, they are most likely to hold some oil off the market this year. This action effectively shifts the present supply curve of oil leftward. A leftward shift in the supply curve leads to a higher (equilibrium) price of oil and a lower (equilibrium) quantity of oil produced and purchased, assuming the demand for oil remained constant. Producers withhold supply in anticipation of selling it at a higher price in the future, a scenario that decreases the immediate supply available on the market.