Wright Company's cash account shows a $28,900 debit balance and its bank statement shows $27,200 on deposit at the close of business on May 31. The May 31 bank statement lists $170 in bank service charges; the company has not yet recorded the cost of these services.

Answer:

a. ​$78

Explanation:

In a first-price auction, all bidders simultaneously submit sealed bids, with that approach, no bidder knows the bid of any other participant and then the bidder with the highest bid purchases the item for the specified amount. If the highest value is $78, the item will sell for exactly $78.

Answer:

Instructions are listed below.

Explanation:

Giving the following information:

The proportion of windowws= 0.8

The proportion of doors= 0.2

The selling price of each window is $200 and each door is $500. The variable cost of a window is $125 and of a door is $350. Fixed costs are $900,000.

1) To determine the composite price, we need to multiply the selling price of each product for the proportion of sales. Then sum them.

weighted average selling price= (selling price* weighted sales participation)

weighted average selling price= (0.8*200) + (0.2*500)= $260

2) We need to the same with the variable cost:

weighted average variable cost= (variable cost* weighted sales participation)

weighted average variable cost= (0.8*125) + (0.2*350)= $170

3) Break-even point (units)= Total fixed costs / (weighted average selling price - weighted average variable expense)

Break-even point (units)= 900,000/ (260 - 170)

Break-even point (units)= 10,000 units

4) To determine the number of units of each product, we need to multiply the break-even point in units for the proportion of sales:

Windows= 10,000*0.8= 8,000

Doors= 10,000*0.2= 2,000

The selling price per composite unit is $260, and the variable cost per composite unit is $170. The break-even point for Handy Home is 10,000 composite units. At this point, 8,000 windows and 2,000 doors will be sold.

Determining the selling price per composite unit, variable costs per composite unit, break-even point in composite units, and the number of units of each product that will be sold at the break-even point for Handy Home.

1. Selling Price per Composite Unit

Handy Home sells windows and doors in the ratio of 8:2. The selling price for each window is $200 and for each door is $500.

2. Variable Costs per Composite Unit

The variable cost for each window is $125 and for each door is $350.

3. Break-Even Point in Composite Units

Fixed Costs: $900,000

4. Number of Units of Each Product Sold at the Break-Even Point

Answer:

(a) $975,000

(b) $2,625,000

(c) $2,625,000

Explanation:

(a) Direct labor hours:

= Direct labor costs ÷ Average rate of labor per hour

= $450,000 ÷ $30 per hour

= 15,000 hours

Overhead applied to the Jefferson Apartments project:

= Direct labor hours × rate per direct labor hour

= 15,000 hours × $65 per direct labor hour

= $975,000

(b) Finished goods inventory:

= Direct materials + Direct labor costs + Overhead applied

= $1,200,000 + $450,000 + $975,000

= $2,625,000

Hence, the finished goods inventory account debited by the amount $2,625,000.

(c) Cost of goods sold is debited by the amount of $2,625,000.

Answer:

less government regulation

Answer:

$750,000

Explanation:

Product costs are those costs that are incurred during production process, that is process of forming the product. It includes direct and indirect cost incurred during manufacturing.

Sales commission not however not considered part of product cost, but as part of operations expense. Commissions are paid to employees as incentive for driving sales, so it does not contribute to the product cost.

Product cost = Direct materials and direct labour+ Variable manufacturing costs+ Depreciation

Product cost = 600,000+ 100,000+ 50,000

Product cost= $750,000

Answer:

A. Net Income = $22,790

B. Shareholders' equity balance is = $69,490

Explanation:

Requirement A:

Les Stanley

Income Statement

For the year ended, July 31, 2015

Revenues:

Fees Earned $28,500 (1)

Expenses:

Rent expenses $2,600 (3)

Automobile Expense $2,000 (4)

Office Salaries $4,200 (5)

Miscellaneous expense$ 800 (6)

Interest Expense $ 110 (7)

Total Expenses $5,710

Net Income $22,790

Note - 1: Fees earned = $28,500 (Journal 3)

2. Common stock = $50,500 (Journal 1)

3. Rent expense (Journal 4)

4. Automobile expense (Journal 5)

5. Office salaries (Journal 7)

6. Miscellaneous expense (Journal 6)

7. Interest on payable (Journal 8)

8. Dividends (Journal 10)

Requirement B:

Les Stanley

Statement of shareholders equity

For the year ended, July 31, 2015

Particulars Share R. E* Total

Balances, July 1, 2015 $0 0 $0

Add: Issued Capital $50,500 (2) 0 $50,500

Add: Net Income $0 $22,790 $22,790

Less: Dividends (8) $0 $(3,800) $(3,800)

Balances, July 31, 2015 $50,500 $18,990 $69,490

Therefore, shareholders' equity balance is = $69,490

The question is about understanding and tracking the financial transactions made by a business owner, Les Stanley, for his company, Stanley Insurance Inc., in its first month.

The subject of the question regards tracking and understanding financial transactions

in a business, specifically Stanley Insurance Inc. Les Stanley started his business in July and made certain financial decisions. He opened a bank account with $50,500, borrowed $23,000 through a note payable, gained $28,500 from earned fees, paid several expenses amounting to $9,710 in total. He also made a significant purchase of a land costing $59,000, and paid dividends of $3,800.

Business accounting is a key skill in managing the financial health of a company, and these transactions encapsulate that.

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Answer:

1.$352,000

2.$33,500

3. $227,500

Explanation:

1.

$320,000 x 10% = 32,000

$320,000 + $32,000= $352,000

2.

Reduce variable costs to 56% of sales.

$320,000 x 56%= $179,200

Sales $320,000 - VC $ 216,000= $104,000

CM $104,000 - FC $70,500 = $33,500

By reducing the variable costs to 56% of sales we would get a net income of $ 33,500

3.

Reduce fixed costs by $22,000.

Sales $320,000 - VC $ 22,000=$298,000

CM $298,000 - FC $70,500 = $227,500

Being "on time" in business situations generally means being about "five minutes early".

Option: B

Explanation:

Either in business or in any government sector being on time is one of the key to grab best opportunity. Here in business being on time means atleast 5 minute early on the spot, if someone became late than with apology it is acceptable only upto 5-10 minutes immediately after a start. While the one who is late more than 15 minute they need to inform coordinators or head through phone call or text and with reason. Reaching too early also may become boring and non-interest sometimes, especially when meeting starts.

In a business context, being 'on time' usually refers to arriving about five minutes before a scheduled appointment. This is a demonstration of respect and professionalism. It is almost always considered inappropriate to arrive late.

In most professional business situations, being 'on time' typically signifies arriving approximately five minutes early to a scheduled appointment. It gives you enough time to settle in, prepare, and present yourself as a responsible individual. Arriving late tends to communicate disregard for others' time, and should be avoided unless an unavoidable circumstances arise. Keep in mind, though, expectations may vary in different cultures and contexts, but timeliness in general is key to maintaining professionalism in business settings

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Answer:

The cash provided by investing activities is $91900

Explanation:

The net cash provided or (used) by investing activities is computed thus:

Sale of land and building                     $194800

Purchase of land                                    ($44700)

Purchase of equipment                          ($58200)

Net cash provided by investing activities $91900

The purchase of treasury refers to purchase of own shares from shareholders,hence it is a financing activity

Payment of dividends to shareholders is also a financing activity

Issuance of common stock and retirement of bonds are also financing activity-related,as a result they do not feature in the above computation of cash provided or used by investing activities

Answer:

The answer is B.Personal needs.

Explanation:

Final answer:

Option B. Steve and Bart have different personal needs, which dictate their desired level of service from food and drink vendors at a ballpark. The concept of preferences in economics is related to the utility and satisfaction derived from consuming goods and services.

Explanation:

In the scenario with Steve and Bart, their different levels of service need at the ballpark are influenced by their unique personal needs. These needs emerge from their habits, with Steve directly coming to the games after work feeling hungry, hence having a higher demand for food services. Conversely, Bart having dinner beforehand has lower demand for these services during the game. This illustrates the concept of preferences and how individual choices are shaped by the various goods and services they desire, which can be influenced by immediate needs such as hunger or thirst, and choices like having a meal before an event.

The distinction between needs and wants is also crucial here. Needs, especially non-contingent needs, are essential for our survival and well-being, whereas wants are desires for goods and services that provide us with utility or satisfaction. In economics, utility is a measure of the satisfaction or benefit derived from consuming goods and services, and is subjective. The law of diminishing marginal utility states that as we consume more of a good, the additional satisfaction we get from each new unit tends to decrease.

Answer:

The question is not complete the completed one and the solution is attached herewith.

Explanation:

Answer:

Part 1 : Income statement assuming LLAP uses variable costing

                                                                                                 $

Sales ($800×1300)                                                                1040000

Less Cost of Goods Sold

Opening Stock ($375 × 240)                        90000

Add Cost of Goods Manufactured             450000

Less Closing Stock ($375×140)                   (52500)            (487500)      

Gross Profit                                                                             552500

Less Periodic Costs

Fixed Production Costs                                                        ( 319000)

Fixed Advertising, Marketing, Admin                                   (150000)

Shipping Cost( $ 20 × 1300)                                                   (26000)

Net Income                                                                               57500

Part 2 : Income statement assuming LLAP uses absorption costing

                                                                                                 $

Sales ($800×1300)                                                                1040000

Less Cost of Goods Sold

Opening Stock ($665 × 240)                       159600

Add Cost of Goods Manufactured             769000

Less Closing Stock ($665×140)                   (93100)  

Add Under - Applied Overheads                 29000             864500                                                                                                        

Gross Profit                                                                             175500

Less Periodic Costs

Fixed Advertising, Marketing, Admin                                   (150000)

Shipping Cost( $ 20 × 1300)                                                   (26000)

Net Loss                                                                                     (500)

Part 3 and Part 4 : Breakeven point in units sold assuming LLAP uses:

   a. Variable costing

B.E.P (Units) = Fixed Costs/Contribution per unit

                    =($319000+$150000)/($800-$375-$20)

                    =$469000/$405

                    =1159

   b. Absorption costing (Production = 1,200 boards)

B.E.P (Units) = Fixed Costs/Contribution per unit

                    =($319000+$150000)/($800-$375-$20)

                    =$469000/$405

                    =1159

Part 5 : Effect of Re-classification of $44,000 of fixed administrative costs as fixed production costs on:

     a. Breakeven point using variable costing

There is no effect. The $44000 is still a fixed overhead for Break-even calculation

     b.Breakeven point using Absorption costing

There is no effect. The $44000 is still a fixed overhead for Break-even calculation

Part 6 : Effect of a price increase of $20 for each board on Breakeven point in units sold assuming LLAP uses:

   a. Variable costing

B.E.P (Units) = Fixed Costs/Contribution per unit

                    =($319000+$150000)/($800-$375-$20-20)

                    =$469000/$385

                    =1219

Therefore this  increases the Break Even Point by 60 units

   b. Absorption costing (Production = 1,200 boards)

B.E.P (Units) = Fixed Costs/Contribution per unit

                    =($319000+$150000)/($800-$375-$20-20)

                    =$469000/$385

                    =1219

Therefore this  increases the Break Even Point by 60 units

Explanation:

Part 1

Variable Costing System assumes that all Fixed Manufacturing costs are periodic costs. Thus Fixed Manufacturing costs are not used for product valuation but only for Profit calculation.

Part 2

Absorption Costing System assumes that all Fixed Manufacturing costs are product costs. Thus Fixed Manufacturing costs are used for product valuation as well as for Profit calculation.

Part 3

For Break Even purposes Variable Costing and Absorption Costing will produce the same results.

Part 5

The $ 44000 fixed administrative cost  reclassified as fixed production cost is still a Fixed Overhead for Break-even point Calculation purposes.

Part 6

The $20 charge further increases variable cost per unit. This lowers the contribution per unit and increases the Break Even Point.

Reclassification of administrative costs wouldn't affect variable costing's breakeven, but could lower it under absorption costing. Price increase lowers breakeven.

1. Income Statement using Variable Costing:

  Sales Revenue:

  Sales = 1,300 * $800 = $1,040,000

  Variable Costs:

  Variable Production Costs = 1,200 * $375 = $450,000

  Variable Shipping Costs = 1,300 * $20 = $26,000

  Total Variable Costs = $450,000 + $26,000 = $476,000

  Contribution Margin = Sales Revenue - Total Variable Costs

  Contribution Margin = $1,040,000 - $476,000 = $564,000

  Fixed Costs:

  Fixed Production Costs = $319,000

  Fixed Advertising, Marketing, and Other G&A Expenses = $150,000

  Total Fixed Costs = $319,000 + $150,000 = $469,000

  Operating Income = Contribution Margin - Total Fixed Costs

  Operating Income = $564,000 - $469,000 = $95,000

2. Income Statement using Absorption Costing:

  Sales Revenue = $1,040,000

  Cost of Goods Sold:

  Beginning Inventory = 240 * $375 = $90,000

  Cost of Goods Manufactured = 1,200 * $375 = $450,000

  Total Cost of Goods Available for Sale = $90,000 + $450,000 = $540,000

  Cost of Goods Sold = (1,300 - 240) * $375 = $451,500

  Gross Profit = Sales Revenue - Cost of Goods Sold

  Gross Profit = $1,040,000 - $451,500 = $588,500

  Operating Expenses:

  Fixed Production Costs = $319,000

  Fixed Advertising, Marketing, and Other G&A Expenses = $150,000

  Total Operating Expenses = $319,000 + $150,000 = $469,000

  Operating Income = Gross Profit - Total Operating Expenses

  Operating Income = $588,500 - $469,000 = $119,500

3. Breakeven Point in Units Sold:

  a. Variable Costing:

  Breakeven Point = Fixed Costs / Contribution Margin per Unit

  Breakeven Point = ($319,000 + $150,000) / ($800 - $375 - $20)

  Breakeven Point = $469,000 / $405 = 1,157.41 units (rounded to nearest whole number)

  b. Absorption Costing (Production = 1,200 boards):

  Breakeven Point = Fixed Costs / Contribution Margin per Unit

  Breakeven Point = ($319,000 + $150,000) / ($800 - $375)

  Breakeven Point = $469,000 / $425 = 1,103.53 units (rounded to nearest whole number)

4.Proof of Breakeven Calculations:Breakeven point represents the level of sales at which total revenue equals total costs, resulting in zero profit. It can be calculated using either variable or absorption costing methods.

5.Reclassification of Fixed Administrative Costs:Reclassifying $44,000 of fixed administrative costs as fixed production costs would not affect the breakeven point under variable costing since fixed administrative costs are not considered in determining the contribution margin. However, under absorption costing, this reclassification would reduce the amount of fixed costs allocated to each unit produced, potentially lowering the breakeven point.

6. Effect of Price Increase on Breakeven Points: A $20 increase in the price of each board would increase the contribution margin per unit, leading to a lower breakeven point in units sold for both variable and absorption costing. This is because higher selling prices increase revenue without affecting variable costs, thereby improving the contribution margin and reducing the number of units needed to cover fixed costs and break even.

Final answer:

The correct journal entry to record the payment on November 21, using the perpetual inventory system, is to debit Accounts Payable, credit Purchase Discounts, and credit Cash.

Explanation:

The correct journal entry to record the payment on November 21, using the perpetual inventory system, is as follows:

The first entry, debit to Accounts Payable and credit to Purchase Discounts, reflects the reduction in the liability of the company due to the prompt payment discount.

The second entry, credit to Cash, reflects the actual payment made by the company.

Answer:

The correct answer is that the every entity could be separately accounted as well as identified for.

Explanation:

The accounting guideline or the principle, which allows the accountant who keep the transactions of the sole proprietor of the business separate from the personal transactions of the owner, though the sole proprietorship is not legally separate from the owner.

So, the assumption of the economic entity, states or define that the every entity could be separately accounted as well as identified for or in short, it is that entity to kept separate from the owner activities.

The Economic Entity Assumption in accounting suggests that the financial activities of a business can be identified separately from the personal financial activities of its owners. This principle applies to all types of businesses, including sole proprietorships. It allows for better clarity and accuracy in the financial reporting of businesses.

The Economic Entity Assumption is a key principle in accounting that states that the activities of a business or other entity can be kept separate and distinct from the personal financial activities of its owners or other businesses. In other words, the financial transactions of a business are to be recorded separately from the personal transactions of the owner(s). This principle applies even in the case of a sole proprietorship, where the business may not be a separate legal entity from the owner.

So, in response to your question, the economic events of a sole proprietorship can absolutely be distinguished from the personal economic events of its owners. They are treated as separate entities for accounting purposes, irrespective of the legal structure of the business.

This assumption allows for more clarity and accuracy in financial reporting, as well as making the lives of business owners, accountants, and other stakeholders easier. It simplifies the process of analyzing the financial health and performance of a business by excluding irrelevant personal financial information.

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Options

A. Nonlinear, elliptical

B. Nonlinear, Circular

C. Linear, elliptical

D. Linear, Circular

E. Circular, elliptical

Answer: C. Linear, elliptical

Explanation:An asset is any investment made by a person or an organisation that is capable of yielding future benefits in the future.

Portfolio is a group of Financial assets such as bonds,stocks, Financial and non Financial Securities such as real estates etc.

A two-portfollio is a portfolio owned by an organisation or a person containing two assets.

Correlation coefficient is a statistical measure that is used to establish the strength of the Relationship between two the relative movements of two variables.

Answer:

1. a) Dr Account receivable  16300

           Cr  Sales revenue            16300

  b) Dr Cash    11200

          Cr   Account receivable  11200

2. Dr Inventory   4300

       Cr Cash                      1600

       Cr Accounts payable   2700

3. Dr Wages expense   610

      Cr  Cash                       610

4. Dr Cash   4200

     Cr  Advance from customer  4200

5. Dr utilities expense   270

      Cr  Utilities payable       270.  

Answer:

.c. Dance…a hobby is always a good diversion

Explanation:

In psychology, the term Emotional regulation refers to a person's ability to manage their emotions and respond adequately to them.

People always use different emotional regulation techniques, some of the ones experts recommend are: talking with friends, doing exercise, doing something you enjoy doing, writing, creating art.

On the other hand, psychologists don't recommend the use of drugs or alcohol, verbal or physical violence.

In this example, Judy has been having a very difficult time at work and this is taking a toll on Judy and she's starting to experience hatred toward her job. According to the theory of emotional regulation, we can see that, from the options given, the one that psychologists recommend is to do something you enjoy doing (a hobby) like dancing. Therefore, this is the right answer.

Answer:

At 270, 000 copies, option 2 is preferred

At 240, 000 copies, option 2 is preferred.

the college will be indifferent when the volume is 340, 000

Explanation:

When deciding which option to choose, the college of business need to consider that the cost is divided into two: fixed and variable costs.

Fixed costs: Fixed costs are the costs that do no change regardless of the number of copies that will be made. In this instance, fixed costs are the Lease value for option 1 and the cost price of the machine for the second option.

Variable Costs: Variable costs are the costs that will vary depending n the number of copies that will be made. In this instance, variable costs will be the total cost of making copies (per sheet cost x number of copies made)

Option 1: to lease the machine

Fixed cost = $8, 400

Variable cost (@270, 000 copies) = $0.01 x 270, 000 = $2, 700

Total cost = $11, 100

Option 2: to purchase the machine

Fixed cost = $5, 000

Variable cost (@270, 000 copies) = $0.02 x 270, 000 = $5, 400

Total cost = $10, 400

Between option 1 and Option 2, at 270, 000 copies, option 2 is preferred as it has a lesser cost.

Option 1: to lease the machine

Fixed cost = $8, 400

Variable cost (@240, 000 copies) = $0.01 x 240, 000 = $2, 400

Total cost = $10, 800

Option 2: to purchase the machine

Fixed cost = $5, 000

Variable cost (@240, 000 copies) = $0.02 x 240, 000 = $4, 800

Total cost = $9, 800

Between option 1 and Option 2, at 270, 000 copies, option 2 is preferred as it has a lesser total cost.

Now we need to determine at which volume will the college be indifferent between the two option, i.e. when the costs that will be incurred for Option 1 are equal to the costs that will be incurred for Option 2

$8, 400 + 0.01x = $5, 000 + 0.02x  

$8, 400 - $5, 000 = 0.02x – 0.01x

$3, 400 = 0.01x

$340, 000 = x

The college will be indifferent between the 2 options when the volume is 340, 000 copies.  

Proof:  

Option 1: $8, 400 + [0.01 x 340, 000] = $11, 800

Option 2: $5, 000 + [0.02 x 340, 000] = $11, 800

Answer:

The correct answer is letter "A": ​The demand for her haircuts is elastic.

Explanation:

Elasticity is a feature of certain goods and services that affect their quantity demanded after a change in prices. The price elasticity of demand is calculated by dividing the percentage of change in quantity demanded by the percentage of change in price. Results equal to or greater than one (1) imply the demand for that product is elastic while results lower than 1 means the demand is inelastic.

Thus, if a salon owner realizes her revenue increased after decreasing the haircut prices, it implies the demand for haircuts is elastic.

Answer:

                               Resisto Systems

              Stockholder Equity As on MM DD, YYYY

Common Share paid-in Capital                                   $120,000

Preferred Shares paid-in Capital                                 $250,000

Additional paid-in capital above par Common           $540,000

Additional paid-in capital above par Preferred           $12,500

Retained Earning                                                          $382,000  

Total Stockholder Equity                                              $1,304,500

Explanation:

The stockholders' equity section is reported on the Equity and Liabilities section of the balance sheet. Equity and Liabilities section are equal to the total assets value on the balance sheet. The Stockholders Equity section is  consists of the capital from common and preferred shares and any additional paid-in capital over par value. Retained earnings is also a part of this section. The retained earnings is the net balance of opening retained earnings, net income earned during the period and dividends paid during the period.

Preferred share issued = 5,000 x 0.5 = 2,500

Common Share paid-in Capital = 60,000 x $2 = $120,000

Preferred Shares paid-in Capital = 2500 x $100 = $250,000

Additional paid-in capital above par Common = ( $11 - $2 ) x 60,000 = $540,000

Additional paid-in capital above par Preferred = ( $105 - $100 ) x 2,500 = $12,500

Answer: source Amnesia

Explanation:

Source amnesia is the inability to remember where, when or how previously learned information has been acquired, while retaining the factual knowledge. This branch of amnesia is associated with the malfunctioning of one's explicit memory. It is likely that the disconnect between having the knowledge and remembering the context in which the knowledge was acquired is due to a dissociation between semantic and episodic memory – an individual retains the semantic knowledge (the fact), but lacks the episodic knowledge to indicate the context in which the knowledge was gained.

Answer:

Estimated manufacturing overhead rate= $1.3 per direct labor dollar

Explanation:

Giving the following information:

Management estimates the company will incur $747,500 of overhead costs and $575,000 of direct labor cost for the year.

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

Estimated manufacturing overhead rate= 747,500/575,000= $1.3 per direct labor dollar

Final answer:

The predetermined overhead rate for Shire Computers is 130% of the direct labor cost, calculated by dividing the estimated overhead costs by the estimated direct labor costs for the year.

Explanation:

The predetermined overhead rate for Shire Computers is calculated based on the estimated overhead costs and direct labor costs for the year. To find this rate, you divide the estimated overhead costs by the estimated direct labor costs, then multiply by 100 to get a percentage.

The formula is as follows: Predetermined Overhead Rate = (Estimated Overhead Costs / Estimated Direct Labor Costs) × 100. Using the provided numbers, the calculation would be ($747,500 / $575,000) × 100, which gives us a predetermined overhead rate of approximately 130% of the direct labor cost.

Answer:

Part (a) Compute cost of goods manufactured.

Direct Materials                                                                          125,000

Direct Labor                                                                                110,000

Prime Cost                                                                                 235,000

Add Manufacturing Overhead Expenses:

Depreciation on Plant                                                                 60,000

Factory Supplies                                                                         23,000

Property Taxes on Plant                                                              19,000

Total Manufacturing Costs                                                       337,000

Add Opening Work In Process Inventory                                  27,000

Less Closing Work In Process Inventory                                  (15,500)

Cost of goods manufactured                                                   348,500

Part (b) Compute cost of goods sold.

Opening Stock of Finished Goods Inventory                            65,000

Add Cost of Goods Manufactured                                           348,500

Less Closing Stock Of Finished Goods Inventory                   (50,600)

Cost of goods sold                                                                    362,900

Explanation:

Part (a) Compute cost of goods manufactured.

Cost of goods manufactured = Direct Materials + Direct Labor + Manufacturing Overheads

IGNORE NON-MANUFACTURING OVERHEADS FOR THIS PART OF CALCULATION !

Part (b) Compute cost of goods sold.

Cost of Goods Sod = Opening Stock of Finished Goods + Cost of Goods Manufactured - Closing Stock of Finished Goods

Answer:

Cost of Goods Sold   $ 362,500

Explanation:

Glavine Corporation

Cost Of Goods Sold Statement

Materials used $125,000

Labor costs of assembly-line workers 110,000  

Factory Overhead  $ 102,000

Factory supplies used 23,000

Depreciation on plant 60,000

Property taxes on plant 19,000

Total Manufacturing Costs  $ 337,000

Add Work-in-process inventory was $27,000 at January 1

Cost of Goods Available for Manufacture $ 364,000

Less Work-in-process inventory   $15,500 at December 31.

Cost of Goods Manufactured $ 348,500

Add Finished goods inventory was $65,000 at January 1

Cost of Goods Available for Sale  $ 413,500

Less Finished goods inventory $50,600 at December 31

Cost of Goods Sold   $ 362,500

These all expenses are related to Sales and included in the income statement. They are not related to the manufacturing of the product.

Advertising expense 45,000

Property taxes on store 7,500 ****

It is considered to be the Sales Store

Delivery expense 21,000

Sales commissions 35,000

Salaries paid to sales clerks 50,000

Answer:

$36 Billion

Explanation:

Given:

GDP = $65 billion

Interest payments = $15 billion

Imports = $13 billion

Profits = $7 billion

Exports = $15 billion

Rent = $7 billion

Wages = ?

Computation of Wages:

GDP from Income Method:

GDP = Interest payments + Wages + Rent + Profits

$65 billion = $15 billion + Wages + $7 billion + $7 billion

$65 billion = Wages + $29 billion

$65 billion - $29 billion = Wages

Wages = $36 Billion

Options:

A. 5.60%.

B. 10.60%.

C. 16.20%.

D. 21.80%.

E. 2.89%.

Answer:D. 21.80%

Explanation:The Dividend yield is the total amount earned by dividing the amount of dividend per share by the stock price per share for a given Company,it generally represented in percentage. The Shares of common stock of the Samson Co. that offers an expected total return of 16.2 percent, and a dividend increase of 5.6% per year will be expected to give a total yield(Which is the total amount earned from this investment during the period under review)

Total yield will be 16.2%+5.6%=21.8%.

Answer:

they have failed to specify the price of the goods to be delivered.

Explanation:

If there is a buyer and seller conflict where paperwork between the two them do not agree, the the UCC makes provision for gap fillers. Gap fillers supplements agreement that has failed between the parties and includes that delivery of goods is within a reasonable time.

However UCC gap cannot be used to account for situations where the price of the goods has not been specified. The price can only be agreed between the parties involved.

Gap fillers is effective when time of payment is not settled, place of delivery is not provided, and when quality or grade of goods is not stated.

Gap fillers in the UCC supply missing terms in a contract to ensure fairness, but they cannot be used when they would result in illegality, such as in the enforcement of a minimum price contract that restricts competition among dealers.

The question pertains to the use of gap fillers under the Uniform Commercial Code (UCC) when a contract for the sale of goods has been created without specific terms being defined. Gap fillers are provisions within the UCC that supply missing terms in a contract, allowing for a fair and efficient transaction between parties who have not established a prior course of dealing.

However, the UCC will not allow gap fillers to apply when doing so would violate a legal requirement or a fundamental principle of law. A clear example of this would be the illegality of a minimum price contract, which would restrict competition among dealers. Such a requirement is not just a missing term that can be gap-filled because it goes against public policy by hindering market competition.

Therefore, the application of gap fillers is limited by the legal framework within which commercial transactions occur. They are designed to facilitate trade by making assumptions about missing terms that are reasonable and lawful but cannot contravene explicit legal prohibitions.

Explanation:

The identification of the cost driver is presented below:

This identification is required so that the indirect cost can be allocated according to the each cost pool

Machine setup, indirect materials = Number of setups

Inspections = Number of inspections

Test = Number of test

Insurance, plant = Machine hours or square feet

Engineering design = Engineering Hours

Depreciation, machinery = Machine hours

Machine setup, indirect labor = Number of setups

Property taxes = Machine hours or square feet

Oil, heating = Machine hours or square feet

Electricity, plant lighting = Machine hours or square feet

Engineering prototypes = Engineering Hours

Depreciation, plant = Machine hours or square feet

Electricity, machinery  = Machine hours

Machine maintenance wages = Number of machines or machine hours

The choice of the most appropriate cost driver should align with the specific factors influencing each cost pool and the characteristics of the snowmobile lines essential to select cost drivers that provide a reasonable basis for allocating costs accurately to each product line.

To assign each cost pool to each line of snowmobiles, it's essential to select appropriate cost drivers that reflect the factors driving the incurrence of each cost pool.

Here are some suggested cost drivers for the listed cost pools:

1. **Machine Setup**: The number of machine setup hours or setups can be a suitable cost driver.

Each snowmobile line may require a different number of setups or hours, depending on the complexity of the production process.

2. **Inspections**: The number of inspections or inspection hours can be a relevant cost driver.

Different snowmobile lines may require varying levels of inspection based on their design and quality standards.

3. **Tests**: The number of tests performed or test hours can serve as the cost driver.

Snowmobile lines with more complex features may undergo more testing, impacting costs.

4. **Insurance, Plant**: Total square footage or the value of assets in the plant can be a reasonable cost driver.

Different snowmobile lines may occupy different areas or use plant assets differently.

5. **Engineering Design**: The number of design hours or the number of design iterations could be used as a cost driver.

More complex snowmobile lines may require more extensive design efforts.

6. **Depreciation, Machinery**: Machine hours or the value of machinery can be a suitable cost driver.

Some snowmobile lines may heavily rely on specific machinery, impacting depreciation costs.

7. **Machine Setup, Indirect Labor**: Similar to machine setup, the number of setup hours or setups can be used, but this time focusing on the labor aspect of setup.

8. **Property Taxes**: Total square footage or the assessed value of the property can be a relevant cost driver.

Different snowmobile lines may occupy different areas within the facility.

9. **Oil, Heating**: Heating degree days (a measure of heating requirements) or energy consumption can be a cost driver, as snowmobile lines with different production processes may have varying heating needs.

10. **Electricity, Plant Lighting**: The total square footage of the plant area requiring lighting can be a cost driver, as different snowmobile lines may occupy different spaces.

11. **Engineering Prototypes**: The number of prototypes or prototype design hours can serve as a cost driver, especially for snowmobile lines that require extensive prototyping.

12. **Depreciation, Plant**: Similar to machinery, the value of plant assets or total square footage can be used as a cost driver for plant depreciation.

13. **Electricity, Machinery**: The total hours of machinery operation or the energy consumption by machinery can be a cost driver, particularly for lines that heavily use machinery.

14. **Machine Maintenance Wages**: The number of machine maintenance hours or the number of maintenance activities can be a relevant cost driver.

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Answer:

Explanation:

Date     Transaction                     Debit                   Credit

01.04     Cash                              $24000

              Common stock                                         $24000

02/04     Cash                                $7000

               Notes Payable                                         $7000

03/04     Equipment                       $11000

               Cash                                                           $11000

04/04      Operating Expense          $1200

                Cash                                                           $1200

05/04       Equipment Expense          $1450

                  Cash                                                           $1450

06/04      Advertising                           $600

                Accounts Payable                                        $600

07/04      Accounts Receivable            $16000

               Cash                                       $2000

             Services performed                                           $18000

08/04     Equity                                      $400

               Cash                                                                  $400

09/04      Accounts Payable                   $2000

                 Cash                                                                  $2000

10/04      Accounts Payable                   $600

             Cash                                                                       $600

11/04     Accounts payable                     $7000

            Cash                                                                          $7000

12/04    Salaries and wages Expense    $6400

             Cash                                                                           $6400

13/04   Cash                                           $12000

           Service Revenue                                                          $12000

14/04   Tax Expense                            $1500

             Cash                                                                             $1500

Journal entries are the entries that let the companies or firms record the daily transaction in the book in order to maintain the record of the transactions avoiding chaos in the calculation of the deficit and surplus.

A journal entry is an act of reporting or staying abreast of any economic or quasi-activity. An accounting journal records transactions and reflects an industry's card payment amounts. Each recording in the journal entry can be either a negative or a positive.

The journal entries have been attached below.

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Answer:

The sentence is unethical if there is a clear responsability on the mistakes. If the mistakes were made, and no one can be truly held accountable for that, then, the sentence is not unethical.

Explanation:

For example, if the government is corrupt, and officials actively commit embezzlement, the phrase "mistakes were made" is unethical because it is diverting the personal responsability of the corrupt officials.

But if for example, there is a volcano eruption, and the goverment tries its best to avoid casualties, but because of some involuntary mistakes some people still die, the phrase is not unethical because the mistakes were not voluntary and the consequences of those were not intended.

The passive voice in English often omits the perpetrator of an action, which can lead to perceptions of avoiding responsibility. Whether it is unethical depends on the context and intention behind its use, as it's just a grammatical construction. In some cases, it might be used to soften the impact or shift focus to solutions.

In English, the use of passive voice such as 'mistakes were made' often omits the doer of the action from the sentence. This can sometimes be seen as avoiding personal responsibility, especially if it's used in government or business scenarios. However, calling it unethical would be a matter of personal judgement because the passive voice itself is just a grammatical construction.

For instance, if a politician uses the passive voice to omit who actually caused a problem ('mistakes were made' versus 'I made mistakes'), it could possibly be seen as an attempt to sidestep personal accountability.

On the other hand, businesses may use the passive voice to soften the blow of a difficult situation or to maintain a focus on solutions rather than forensically analyzing blame. So, whether the use of passive voice is unethical would depend on the context and intention behind its use.

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Answer:

To calculate the elasticity of demand, we need to use mid point elasticity theory.

According to mid point theory,

Ed = [(Q2 - Q1) / {(Q1 + Q2) / 2}] / [(P2 - P1) / {(P1 + P2) / 2}]

Where, Ed = Elasticity o demand

Q1 = Initial quantity = 100

Q2 = New Quantity = 300

P1 = Initial price = $2.75

P2 = New price = $2.25

Ed = [(300 - 100) / {(100 + 300) / 2}] / [(2.25 - 2.75) / {(2.75 + 2.25) / 2}]

Ed = - 5.

a. So, the elasticity of demand is - 5 or in absolute term 5.

b. As the value of elasticity is more than 1, that means, the elasticty over the price range in elastic.

c. From theory, we knew that, when the demand is elastic, then a decrease in price causes a increase in total revenue. Because, as the demand elasticity is elastic, so the increase in output is higher than decrease in price.

Total revenue will increase

The elasticity of demand is calculated as -5. The rise in output is greater than the drop in price because the demand elasticity is elastic.

Midpoint theory implies that

Ed is equal to [(Q2 - Q1)/(Q1 + Q2) / 2]. / [(P2 - P1) / {(P1 + P2) / 2}]

Where Ed = Demand's Elasticity

Q1 = 100 for the initial quantity

Q2 = 300, New Quantity

P1: The starting fee is $2.75.

P2: $2.25 is the new pricing.

Ed = [(300 - 100) / {(100 + 300) / 2}] / [(2.25 - 2.75) / {(2.75 + 2.25) / 2}]

Ed = - 5.

a. Accordingly, the demand elasticity is -5, or in absolute terms, 5.

b. Since the elasticity value is greater than 1, the elasticity throughout the price range is also greater.

c. According to theory, when demand is elastic, a drop in price results in an increase in overall income. The rise in output is greater than the drop in price because the demand elasticity is elastic.

The degree to which demand reacts to a change in an economic component is known as the elasticity of demand. The most prevalent economic component considered when calculating elasticity is price. Income level and the accessibility of substitutes are further considerations. Elasticity gauges how demand changes in response to shifting economic conditions.

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