Answer:
Answer explained below
Explanation:
1) Yes, as the initial consideration was only for the aircraft. Since this upgrade is additional work performed by the company, the client should be billed.
2) As the consideration for the aircraft is yet to be paid and FBO is still in possession of the aircraft, the ownership has not passed into the hands of the customer yet. Thus, even though he may file for bankruptcy, it doesn't impact anything.
3) A written agreement should be entered into with the customer and the bank which states that the disbursements from the bank should be made in 3 equal monthly instalments to the FBO, post release of the aircraft to the customer. Any delay in these will be construed as default by the bank with the necessary legal implications involved for claiming the requisite amount by the FBO from the bank.
4) In this case, the ownership of the aircraft has passed to the customer prior to it defaulting. Thus, the bank will be paid first from the proceeds of the bankruptcy sale of the aircraft.
Your country just overthrew its dictator, and you are the newly elected President. Unfortunately, due to the divisions in the country and the years of war, economic, military, and political structures are non-existent. A group of loyalists to the old dictator have been detonating bombs, murdering civilians, assassinating leaders, and terrorizing towns with help from a neighboring country's dictator. Create a comprehensive plan for your new government. While creating this government identify the governing style, functions of various branches of government, principles that govern leaders, the maintaining of public good, which economic structure is most beneficial to your citizens, at least two domestic programs, ways to create national unity, ways to combat terrorism and violence, and international organizations to join. (See rubric for specific ways to meet the requirements of the paper.)
Answer and Explanation:
The country is obviously in chaos because of law and order situation. The loyalist of old dictators are creating havoc and that needs to be stopped first. As a newly elected president, the first duty is to ensure that this must be stopped.
A newly elected government needs to call for international agencies such as the UN or regional alliance to put pressure on the neighboring country to refrain from interfering in internal matters of the country while strengthening armed forces and police to maintain internal security as well as external threats. Initially, the police and army will have to be quick because the sooner it creates order the better it will be but they should also take care that no gross human rights violation takes place. This is necessary to instill the faith in the mind of the public.
The second stage is establishing the administration through transparent government policies and that also without being bias to anyone. The chaos of transition will make it difficult but the new government will have to take financial and other help from the organization like World Bank to create infrastructure such as transportation and power generation along with a robust financial system to kick off economic growth. Infrastructure development needs heavy investment but that pays off in the long run and so that government should take initiative in that with public-private partnership. The government also needs to decentralize the powers with an effective control mechanism to stave off corruption because centralized decision making often tends to be counterproductive.
The government also needs to understand that people respond to incentives and so it will be a must to create an economic environment where people will be incentivized to work, to innovate and to create wealth. Abnormally high tax rate or too much strong government interference in the market will dissuade people and economic growth. It also involves developing law and judicial system where there will be a robust system of business laws, labor laws, property rights, and human rights in accordance with international standards.
There is no easy or quick solution but the government needs to be persuasive to carry out those tasks which will be beneficial in building a nation in the long run and for the welfare of the citizens.
An employee stock ownership plan denies employees the right to participate in votes by shareholders even if the stock is registered on a national exchange. True False
Answer:False
Explanation:
Employee stock ownership plan is a plan aimed at benefiting Employees of a company by giving them the power to own certain parts of the company thorough the purchase of stocks. Employee stock ownership has been promoted by many corporations in order to ensure that the workers are motivated and encouraged to to see themselves as part owners of the company.
EMPLOYEE STOCK OWNERSHIP PLAN DOES NOT PREVENT EMPLOYEE WHO OWN STOCKS FROM PARTICIPATING IN THE VOTING PROCESS DURING ELECTIONS TO CHANGE BOARD MEMBERS.
A random sample of 900 individuals has been selected from a large population. It was found that 180 are regular users of vitamins. Thus, the proportion of the regular users of vitamins in the population is estimated to be 0.20. The standard error of this estimate is approximately: a) 0.1600 b) 0.0002 c) 0.4000 d) 0.0133 e) 0.0267 E A traffic consultant wants to estimate the proportion of cars on a certain street that have more than two occupants. She stands at the side of the road for two hours on a weekday afternoon and flips a coin each time a car approaches. If the coin comes up heads, she counts the number of occupants in the car. After two hours, she has counted 103 cars, 15 of which had more than two occupants. Which condition for constructing a confidence interval for a proportion has she failed to satisfy
Answer:
Question 1: The most correct option is option D, which is 0.0133
Question 2: Her data is a random sample from the population of interest.
Explanation: For the first question;
Standard error I the error in the standard deviation. To calculate standard error the formula is used.
S.E = Sd/√n
S.E = standard error
Sd= standard deviation = 0.2
n = number of occurrence = 180
The proportion of the regular users of vitamin among the 180 people is the standard deviation between them.
Using equation above.
S.E = 0.20 ÷ √180 =
0.20 ÷ 13.42 = 0.0149
S.E is 0.0149, when compared to the options, the most correct option is 0.0133, because the question states the answer to be approximately to which of the option.
QUESTION2:
Her research will have much error, because she chooses the car to count. Therefore the research procedure has not satisfied the process that will produce an accurate result. Since she has choosed the street to be her population of interest, all the cars in the street should be counted.
This is not a randomized controlled research, so selection of cars to count is not necessary.
Answer:
0.0133
Explanation:
It was correct
Oriole Corp. will pay dividends of $5.00, $6.25, $4.75, and $3.00 in the next four years. Thereafter, management expects the dividend growth rate to be constant at 8 percent. If the required rate of return is 17.50 percent, what is the current value of the stock
Final answer:
The current value of Oriole Corp's stock is calculated using the dividend discount model and is $30.85. This accounts for the dividends paid out in the next four years and the present value of perpetuity starting in year 5 with a constant growth rate.
Explanation:
To determine the current value of Oriole Corp's stock, given its future dividend payments and the constant growth rate thereafter, we apply the dividend discount model (DDM). We will present value (PV) each dividend, assuming a required rate of return of 17.5%. After the first four years, the stock will pay a constant dividend that grows at 8% per year. The formula for the present value of a perpetuity (which is a type of DDM where dividends grow at a constant rate) is PV = D / (r - g), where D is the dividend at the start of the perpetuity, r is the required rate of return, and g is the growth rate.
First, we calculate the present value of dividends for the next four years:
Then, we calculate the present value of the perpetuity starting in year 5:
PV = $3.00 * 1.08 / (0.175 - 0.08) = $3.24 / 0.095 = $34.11
This perpetuity value needs to be discounted back 4 years:
PV = $34.11 / (1 + 0.175)^4 = $17.60
Finally, we sum all these present values to find the current value of the stock:
Current Value = $4.26 + $4.52 + $2.92 + $1.55 + $17.60 = $30.85
Excey Corp. has 10 percent coupon bonds making annual payments with a YTM of 9.5 percent. The current yield on these bonds is 9.85 percent. How many years do these bonds have left until they mature?
Answer:
The number of years would be 4 years to maturity
Explanation:
Let the Face value (FV) be $1,000
So, the PMT will be 10% of Fv
PMT = 10% × $1,000
PMT =$100
Computing the Present Value (PV) of the bond as:
PV = PMT / Current Yield
where
PMT is payment monthly, which the 10% of coupon bond, that is $10
Current Yield will be 9.85% or 0.0985
Putting the values above:
PV = $100/ 0.0985
PV = $1,015.22
Now, computing the number of years using the Excel formula , which is as:
=Nper(rate,pmt,pv,fv,type)
where
Nper is number of years
rate is 9.5%
pmt is $100
pv is -$1,015.22
fv is $1,000
Putting the values above:
=Nper(9.5%,100,-1015.22,1000,0)
= 3.76 or 4 years
Lucas Co. has a job order cost system. For the month of April, the following debits (credits) appeared in the general ledger account, work-in-process:
April
1 Balance $24,000
30 Direct materials 80,000
30 Direct labor 60,000
30 Factory overhead 54,000
30 To finished goods (200,000)
Lucas applies overhead to production at a predetermined rate of 90% based on direct labor cost. Job No. 100, the only job still in process at the end of April, has been charged with factory overhead of $4,500. The amount of direct materials charged to Job No. 100 was
A) $4,500.
B) $18,000.
C) $5,000.
D) $8,500.
Answer:
D) $8,500
Explanation:
The first step is to determine the total cost of manufacturing of the Job number 100 as follows:
Work in Progress Account
Balance $24,000 Finshed goods $200,000
Dir. Material $80,000 Balance $18,000
Dir. Labour $60,000
Factory Overhead $54,000
218,000 $218,000
Based on the calculation, the $18,000 represents the total cost of maufacturing of Job number 100 on the 30th of April.
As such
The Direct material cost charged to the job is as follows
Total Cost of maunfacturing $18,000
subtract: Applied overhead $4,500
Subtract Direct Labour Cost: $5,000 (4500 x 100/80)
Drect material charged is $8,500
Suppose that Michael’s Bowling Alley offers 50% off bowling on Mondays, and as a result, drink sales increase by 40%. What is the cross elasticity of demand between bowling and drinks?
The cross elasticity of demand between bowling and drinks is -0.8, indicating that they are complementary goods. This means that a decrease in the price of bowling leads to an increase in the demand for drinks.
Explanation:The cross elasticity of demand measures the responsiveness of the demand for a good to a change in the price of another good. It's calculated as the percentage change in quantity demanded of Good 1 divided by the percentage change in price of Good 2.
In this case, the offer by Michael’s Bowling Alley can be considered as a decrease in price of bowling i.e. -50%, which results in an increase in the sales of drinks i.e. 40%. Therefore, we can calculate the cross elasticity of demand as: Cross Elasticity of Demand = % Change in Quantity Demanded of Drinks / % Change in Price of Bowling = 40% / -50% = -0.8.
This negative value indicates that bowling and drinks are complementary goods, i.e., when the 'price' of bowling drops, the demand for its complement, drinks, increases.
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Calculator Motorcycle Manufacturers, Inc., projected sales of 54,600 machines for the year. The estimated January 1 inventory is 6,610 units, and the desired December 31 inventory is 7,360 units. The budgeted production for the year is a.54,600 b.55,350 c.40,630 d.53,850
Answer:
b.55,350
Explanation:
The movement in number of finished goods between the beginning and end of a period is due to the number of goods sold and number of goods produced.
While the number sold reduces the account balance, while the number produced increases it. This may be expressed mathematically as;
Opening balance + number of goods produced - number of goods sold= closing balance
let the budgeted production be J
6610 + J - 54,600 = 7,360
J = 7,360 + 54,600 - 6610
= 55,350
At Patio Products International, each supervisor receives direction and information from the managers above them and passes that information down to their immediate employees they supervise. This describes which of Fayol’s principles?
Answer:Unity of command
Explanation:Henri Fayol principle of management is one of the most widely accepted standard for effective management of Organisations. This principles highlights fourteen(14) points that highlights how management can carry out their responsibilities.
UNITY OF COMMAND IS ONE OF THE PRINCIPLES OF MANAGEMENT BY HENRI FAYOL WHICH INVOLVES A TOP-DOWN(MANAGERS TO SUPERVISORS TO THE JUNIOR PERSONNEL) APPROACH TO GIVING INSTRUCTIONS.
Final answer:
The situation at Patio Products International exemplifies Henri Fayol's hierarchy of authority principle, which promotes a clear chain of command within an organization for efficient communication and organizational structure.
Explanation:
The scenario described at Patio Products International aligns with Henri Fayol's principle of the hierarchy of authority, which is part of his classical management theory. In Fayol's view, the chain of command is a fundamental aspect of organizational structure, where every employee has a clear idea of whom to report to and who reports to them. This ensures efficient communication and authority distribution within an organization.
For example, in the hierarchy at Walmart, a shift manager assigns tasks to employees, reports to the store manager, who reports to the regional manager, and so on up the hierarchy. The essence of this principle is that the organizational structure should be established in such a way that each managerial and employee position has its defined responsibilities, and each individual should report to a superior .
Assume an economy where the consumption function is defined as C = CC + cY, and the investment function is defined as I = mr, where Y is total income, and r is the interest rate. What does the slope of the IS curve depend on?
Answer:
c and m
Explanation:
Given that,
Consumption function: C = CC + cY
Investment function: I = mr
where,
Y = Total income
r = Interest rate
The equation for IS curve is as follows:
Y = C + I
Y = CC + cY + mr
Y - cY = CC + mr
(1 - c)Y = CC + mr
(1 - c)Y - CC = mr
[tex]\frac{(1 - c)Y - CC}{m}=r[/tex]
[tex]\frac{(1-c)Y}{m} -\frac{CC}{m}=r[/tex]
Slope of the IS curve is determined by differentiating 'r' w.r.t 'Y',
[tex]\frac{dr}{dY}=\frac{(1-c)}{m}[/tex]
Hence, the slope of the IS curve depends on the value of c and m.
True or False:A transfer warranty, made by a person who transfers an instrument for consideration to all subsequent transferees, impliedly makes five warranties relating to good title, authentic signatures, no alterations, no defenses, and no insolvencies.
Answer:True
Explanation: A transfer warranty is an implied promise made by one party known as the transferor to another party known as the transferee with regards to the title and credibility of an instrument.
Transfer warranty is achieved through indorsement(a financial term used to signify the signing of a signature at the back of a contract documents) by the transferor to the transferee.
A good transfer warranty is expected to have the following, it must be of a good title,no insolvency,must be authentically signed,must have no alterations etc
Levi Strauss has some of its jean stone-washed under a contract with independent U.S. Garment Corp. If U.S. Garment's operating cost per machine is $30,000 for year 1 and increases by a constant $5,000 per year through year 10, what is the equivalent uniform annual cost per machine for the 10 years at an interest of 10% per year?
Answer:
C $ 57,282.803
Explanation:
We solve for a growing annuity at arithmetic increases of 5,000
[tex](a_1+\frac{d}{r} +d \times n) \times \frac{1-(1+r)^{-time} }{rate} - \frac{d \times n}{r}[/tex]
a1 = 30,000
d = 5,000
r = 0.10
time = n = 10
[tex](30,000+\frac{5,000}{0.1} +5,000 \times 10) \times \frac{1-(1+0.1)^{-10}}{0.10} - \frac{5,000 \times 10}{0.10}[/tex]
PV $298,793.72
Now, we calculate the installment of this which is the equivalent uniform annual cost
[tex]PV \div \frac{1-(1+r)^{-time} }{rate} = C\\[/tex]
PV 298,793.72
time 10
rate 0.14
[tex]298793.723741609 \div \frac{1-(1+0.14)^{-10} }{0.14} = C\\[/tex]
C $ 57,282.803
Culver Corporation has retained earnings of $718,500 at January 1, 2017. Net income during 2017 was $1,596,000, and cash dividends declared and paid during 2017 totaled $80,500. Prepare a retained earnings statement for the year ended December 31, 2017. Assume an error was discovered: land costing $86,470 (net of tax) was charged to maintenance and repairs expense in 2014. (List items that increase retained earnings first.)
Explanation:
The preparation of the retained earnings statement for the year ended December is presented below:
Culver Corporation
Retained Earning statement
For the year ended December 31, 2017
Beginning balance of retained earning $718,500
Add: Correction recorded $86,470
Add: Net income $1,596,000
Less: Cash Dividend paid -$80,500
Ending balance of retained earning $2,320,470
The Chart Company has a process costing system. All materials are added when the process is first begun. At the beginning of September, there were no units of product in process. During September 65,000 units were started; 6,500 of these were still in process at the end of September and were 3/5 finished. The equivalent units for the conversion costs in September were____________________.
Answer:
62,400 units
Explanation:
The computation of the equivalent units for conversion cost is shown below:
= Started and completed units × completion percentage + closing inventory units × completion percentage
where,
Started and completed units is
= 65,000 units - 6,500 units
= 58,500 units
So the equivalent units is
= 58,500 units × 100 + 6,500 units × 60%
= 58,500 units + 3,900 units
= 62,400 units
The 3/5 finished means 60% is finished
What is the price of a $1,000 par 9 year, annual bond with a 8.1% coupon rate and a yield to maturity of 6.3%? (Show your answer to nearest cent with no comma. For example $1,378.565 is entered as 1378.57)
Answer:
Price of the Bond is $1,120.85
Explanation:
Coupon payment = 1000 x 8.1% = $81
Number of years = n = 9 years
Yield to maturity = 6.3%
Price of bond is the present value of future cash flows, to calculate Price of the bond use following formula:
Price of the Bond = C x [ ( 1 - ( 1 + r )^-n ) / r ] + [ F / ( 1 + r )^n ]
Price of the Bond =$81 x [ ( 1 - ( 1 + 6.3% )^-9 ) / 6.3% ] + [ $1,000 / ( 1 + 6.3% )^9 ]
Price of the Bond = $81 x [ ( 1 - ( 1.063 )^-9 ) / 0.063 ] + [ $1,000 / ( 1.063 )^9 ]
Price of the Bond = $543.82 + $577.03
Price of the Bond = $1,120.85
A. Analyze three decisions you made over the past six months. Which of these were programmed and which were nonprogrammed?
B. Which model-the classical, adminstrative, or political- best describes the approach you took to make each decision?
Explanation:
Programmed decisions— Lower supervisors make planned, organized problems-related decisions.
Non-programmed decisions — used both for internal and external organizations in uniquely structured situations.
The rational approach in decision-making is the traditional one, when the goals are good, the problems are dear, the parameters and weight are settled on, and the problems are not tendentious.
The decision-making of the managerial model requires performance. Rationality argues for an awareness of possible intervention strategies to achieve the goals. The user should all have full information and the ability to properly evaluate various alternatives according to the aims. The desire should be to choose the best solution by choosing the alternative that can achieve the goal.
The three decisions I have faced over the course of these six months include:
a. Given the option of two companies, Apple and Samsung, I had to choose a mobile phone.
b. I ordered a meal that I never tried before in a restaurant.
c. Should choose the airline I had to travel abroad with my aunts.
1. It's a programmed decision in fact because we all have less chance of making mistakes. Even though I have an apple branded phone, I know the specifications and the pricing of both already, it is therefore a routine decision-making process.
2. Is an unprogrammed choice because I don't know how to eat it.
Tyrion and Alchemist make a contract where Tyrion will pay $20,000 for 5.000 gallons of wild fire. Alchemist promises to deliver the deadly chemical by August 29. On August 27. Alchemist informs Tyrion that he cannot perform on the contract. Tyrion then contacts Varys for the wild fire. Varys supplies him with 5,000 gallons for $17,000. Tyrion later sues Alchemist for breach of contract What may Tyrion recover from Alchemist? o a. $7000 b. $15,000 c. $27,000 d. $20,000 e. $5,000
Answer:
The answer is: c. $ 27,000.
Explanation:
A breach of contract is the breach of either party to comply with the terms of a contract without a legal excuse.
One of the forms of breach of contract is the Material.
This describes the breach of any of the parties to fulfill the duties established in the contract and is considered one of the most serious. If a serious clause has been violated, it allows the claimant to seek damages.
Because in this case there has been a contract with disbursement of money that has not been fulfilled by the other party, it is possible to claim in addition to what was paid at the time, damages, so that Tyrion would be entitled to recover $ 27,000 from Alchemist.
The answer is: c. $ 27,000.
Answer: $0
(This should be one of the options)
Explanation: Tyrion will not be able to receive any monetary compensation from Alchemist as Tyrion did not suffer any monetary loss.
Although there is a breach of contract when Alchemist does not deliver on the agreed terms, Tyrion was able to make a profit due to this reason.
Also, note that Tyrion had not paid anything before the contract was breached.
Let us assume that Tyrion eventually paid Varys a higher amount for the wild fire, say $25,000 he could claim damages from the Alchemist up to the amount that he lost as a result of the breach of contract, that is, $5,000.
Jill is a student at Vanderbilt University who recently got her first F. Now she has to make a decision about how to get her grades back up. Having recently taken a class on decision making, Jill decides to follow the six-step process for deciding what to do. What problem is Jill most likely to face during the development of alternatives step in the decision-making process?
A. Satisficing, or choosing the first solution that works, not the best solution
B. Neglecting to gather information on whether or not the plan was successful
C. Not having the time to take all of the steps outlined in her plan
D. Considering only "tried and true" solutions without creating new possibilities
Answer:
A
Explanation:
Satisficing, or choosing the first solution that works, not the best solution
There is a tendency when you see the solution that works maybe almost imstantly you go with it without understanding the long term consequences on that decision or whether there is yet a better solution than the one you opted fo. Following a process will be adequate
Answer: Considering only " tried and true" solutons without creating new possibilites.
Explanation:
The effects of ____ are not sufficiently strong to manipulate consumers, alter their preferences, or make the ad more memorable, but their content may be capable of eliciting more primitive feeling responses.
Answer:
Subliminal stimuli
Explanation:
Subliminal stimuli is defined as a stimulus that is below the sensory capacity of an individual. It is below the threshold where the individual can perceive that there is a change in something. For example if a company is producing potato chips and they want to increase salt content.
The point at which the consumer starts to notice a change in salt content of the potatoe chips is above the subliminal stimuli.
Although subliminal stimuli is not readily perceived it can unconciously influence consumer behaviour.
Answer:
The correct answer is letter "B": subliminal stimuli.
Explanation:
Subliminal stimuli are hidden messages portrayed in advertisements to cause an impression regarding a certain feature of the product being promoted. In some other cases, the subliminal stimuli look for making comparisons with competitors without directly mentioning them to avoid lawsuits.
Subliminal stimuli itself is not enough to attract consumers or to consider the product promoted as impactful but basic, irrelevant emotions can arise as the result of watching such advertisement.
Suppose the world price of steel falls substantially. The demand for labor among steel-producing firms in Pennsylvania will________ . The demand for labor among automobile-producing firms in Michigan, for which steel is an input, will_______ . The temporary unemployment resulting from such sectoral shifts in the economy is best described as________ unemployment.
Suppose the government wants to reduce this type of unemployment. Which of the following policies would help achieve this goal? Check all that apply.
a. Offering recipients of unemployment insurance benefits a cash bonus if they find a new job within a specified number of weeks.
b. Establishing government-run employment agencies to connect unemployed workers to job vacancies.
c. Taxing the price of placing a resume or posting a job opening on a job-search website
Answer
1) decrease
increase
frictional
2) options a and b
Explanation: 1)Suppose the world price of steel falls substantially. The demand for labor among steel-producing firms in Pennsylvania will_____decrease___ . The demand for labor among automobile-producing firms in Michigan, for which steel is an input, will____increase___ . The temporary unemployment resulting from such sectoral shifts in the economy is best described as__Frictional__ unemployment.
This is because
Frictional unemployment occurs because job seekers are constantly seeking for employment and employees seeking job seekers.
2) Government can reduce Frictional unemployment by -Establishing government-run employment agencies to connect unemployed workers to job vacancies and
Offering recipients of unemployment insurance benefits a cash bonus if they find a new job within a specified number of weeks will greatly reduce Frictional unemployment.
In the mass service and service factory quadrants of the service process matrix, the operations manager could focus on all of the following except: automation. standardization. tight quality control. removing some services. customization.
Answer:
The correct answer is customization.
Explanation:
Personalization refers to the fact that the products produced are able to be modified according to what the client requires, satisfying their needs.
Delivers outstanding products with superior characteristics.
In the mass service and service factory quadrants of the service process matrix, the operations manager typically focuses on standardization, automation, and quality control rather than on removing some services or customization, which tend to decrease the range or personalization of services provided.
Explanation:In the service process matrix, the operations manager particularly focuses on improving efficiency in service delivery. This may involve standardization, automation, and tight quality control to ensure the uniformity and dependability of service provision. Thus, in both the mass service and service factory quadrants, the manager wouldn't typically focus on removing some services. This approach would tend to decrease the range of services available, potentially diminishing the value to the user. Likewise, customization, while important in certain service sectors, is not a primary focus in the mass service or service factory quadrants, where standardization and efficiency take precedence.
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The purpose of a ________ group is to protect data and information assets by establishing data standards and data management practices and policies. Group of answer choices data mining data administration data warehousing data communication data auditors/file/p3e7lbh/9-A-protocol-is-a-set-of-rules-and-data-structures-for-organizing-communication/
The purpose of a data administration group is to protect data and information assets by establishing data standards and data management practices and policies
On July 5,GuntherGunther Company recorded sales of merchandise inventory on account,$65,000. The sales were subject to sales tax of 4%. On August 15, Gunther Company paid $2,350 of sales tax to the state.
Requirements
1 .Journalize the transaction to record the sale on July 5. Ignore cost of goods sold.
2. Journalize the transaction to record the payment of sales tax to the state
Answer:
1 .Journalize the transaction to record the sale on July 5. Ignore cost of goods sold.
Account Debit Credit
Accounts Receivable $65,000
Sales Revenue $65,000
Sales Tax Payable $2,600 (65,000 x 4%)
2. Journalize the transaction to record the payment of sales tax to the state
Account Debit Credit
Cash $2,350
Sales Tax Payable $2,350
The ending balance on the sales tax payable account is $250
Missing Amounts from Balance Sheet and Income Statement Data:
One item is omitted in each of the following summaries of balance sheet and income statement data for the following four different corporations:
Freeman Heyward Jones Ramirez
Beginning of the year:
Assets $900,000 $490,000 $115,000 ?
Liabilities 360,000 260,000 81,000 $120,000
End of the year:
Assets 1,260,000 675,000 100,000 270,000
Liabilities 330,000 220,000 80,000 136,000
During the year:
Additional common-
stock issued ? 150,000 10,000 55,000
Dividends 75,000 ? 16,500 39,000
Revenue 570,000 235,000 ? 115,000
Expenses 240,000 128,000 122,500 128,000
Determine the missing amounts. Hint: First determine the amount of increase or decrease in stockholders' equity during the year.
Answer:
Owner’s Equity (beginning) + Investments – Withdrawals + Revenues – Expenses = Owner’s Equity (ending).
Explanation:
In each case, we will solve for a single unknown, using the following equation:
Owner’s Equity (beginning) + Investments – Withdrawals + Revenues – Expenses = Owner’s Equity (ending).
The missing amounts are calculated and imaged is attached.
Answer:
Ramirez beginning Assets: 81,000
Freeman Additional common stock: 135,000
Heyward dividends 32,000
Jones Revenue 115,000
Explanation:
In all cases we first solve for how much the equity changed duriing the period
Assets = Liabilities + Equity
ΔAssets = ΔLiabilities + ΔEquity
Last the equity increase is explained by the formula:
ΔEquity = stock issued - dividends + revenues - expenses
Ramirez beginning Assets:
ΔAssets = ΔLiabilities + ΔEquity
ΔAssets = 16,000 + 55,000 - 39,000 + 115,000 - 128,000
ΔAssets = 19,000
Ending Assets 100,000
Less change during the year of 19,000
Beginning assets = 81,000
Freeman Additional common stock:
ΔAssets = ΔLiabilities + ΔEquity
360,000 = -30,000 + ΔEquity
ΔEquity = 390,000
390,000 = stock issued - 75,000 + 570,000 - 240,000
stock issued = 135,000
Heyward dividends
ΔAssets = ΔLiabilities + ΔEquity
185,000 = -40,000 + ΔEquity
ΔEquity = 225,000
225,000 = 150,000 - dividends + 235,000 - 128,000
dividends = 32,000
Jones Revenue
ΔAssets = ΔLiabilities + ΔEquity
-15,000 = -1,000 + ΔEquity
ΔEquity = -14,000 (in this case equity decreased)
-14,000 = 10,000 - 16,500 + revenue - 122,500
revenue = 115,000
NatureMade Snacks just received an order to produce 12,000 single-serving bags of gourmet, fancy-cut, sweet potato chips. The order will require 21 preparation hours and 36 cooking and draining hours. Use the activity rates you calculated in S4-4 to compute the following: What is the total amount of manufacturing overhead that should be allocated to this order? How much manufacturing overhead should be assigned to each bag? What other costs will the company need to consider to determine the total manufacturing costs of this order?
Answer:
Instructions are lsited below.
Explanation:
Giving the following information:
Production= 12,000 single-serving bags of gourmet, fancy-cut, sweet potato chips.
The order will require 21 preparation hours and 36 cooking and draining hours.
We were not provided with enough information to solve the requirements. But, I will leave the formulas and an example to guide you.
First, we need to calculate the estimated manufacturing overhead rate for each department:
To calculate the estimated manufacturing overhead rate we need to use the following formula:
Estimated manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base
For example:
Preparation:
Estimated overhead= 100,000
Estimated preparation hours= 2,000
Estimated manufacturing overhead rate= 100,000/2,000= $50 per preparation hour
Cooking:
Estimated overhead= 175,000
Estimated cooking hours= 10,000
Estimated manufacturing overhead rate= 175,000/10,000= $17.5 per direct cooking hour.
Now, we can allocate overhead to the special order:
Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base
Preparation= 50*21= $1,050
Cooking= 17.5*36= $630
Unitary overhead= (1,050 + 630)/12,000= $0.14 per bag
The total manufacturing costs include direct labor, direct materials and allocated overhead:
Total manufacturing cost= direct material + direct labor + allocated overhead
For example:
DM= 300,000
DL= 200,000
Overhead= 1,680
Total manufacturing cost= 300,000 + 200,000 + 1,680= $501,680
Final answer:
The allocation of manufacturing overhead for NatureMade Snacks cannot be precisely calculated without the specific activity rates. In general, the overhead is determined based on preparation and cooking hours, and additional costs like direct materials, direct labor, and other overheads are essential for calculating total manufacturing costs.
Explanation:
The question relates to the allocation of manufacturing overhead for a specific order of gourmet, fancy-cut, sweet potato chips at NatureMade Snacks and necessitates a computation based on provided activity rates and production hours. Unfortunately, since the original activity rates from S4-4 are not supplied within the query, a specific numerical answer cannot be accurately calculated here. However, generally, the total manufacturing overhead could be determined by assigning overhead costs based on the rates associated with the preparation and cooking activities for the 12,000 single-serving bags.
In addition to manufacturing overhead, the company must consider other costs to determine the total manufacturing costs of this order. These include direct materials (the cost of sweet potatoes and any seasonings or oils), direct labor (wages for workers preparing and cooking the chips), and possibly other overheads related to equipment depreciation, utilities, and rent for the manufacturing space.
The manufacturing overhead per bag can be ascertained by dividing the total overhead costs by the number of bags (12,000 in this case). However, without the specific activity rates and overhead costs, a precise per-bag cost calculation remains elusive in this response.
The Sterling Company applies manufacturing overhead. At the end of the year the following data were available: Actual Manufacturing Overhead $115,000 Estimated Manufacturing Overhead $110,000 Applied Manufacturing Overhead $100,000 The following accounts had the unadjusted balances: Raw Materials Inventory $100,000 Work-in-Process Inventory $100,000 Finished Goods Inventory $100,000 Cost of Goods Sold $300,000 What is the journal entry if the amount is considered material?
Answer:
Explanation:
Adjusting entry for under applied manufacturing overhead
Dr Work in process $3000
Dr Finished goods $3000
Dr Cost of goods sold $9000
Cr Manufacturing overhead $15,000
Explanation:
Under applied manufacturing overhead = Manufacturing overhead - Applied manufacturing overhead = 115,000 - 100,000 = $15,000
Under applied manufacturing overhead should be applied in proportion to unadjusted balances of Work in process, Finished goods, Cost of goods sold, which is $100,000, $100,000, $300,000 or 1:1:3 ⇒ $3000, $3000, $9000
Answer:
Work-in-process: $3,000
Finished Goods: $3,000
Cost of Goods Sold: $9,000
Manufacturing Overhead: $15,000
Explanation:
Under applied Manufacturing Overheads = Actual Manufacturing Overheads - Applied Manufacturing Overheads
= $115,000 - $100,000
= $15,000
This Under applied overheads will be allocated in proportion to un-adjusted balances of Work In Process ; Finished Goods; Cost of Goods Sold
The proportion will be $100,000:$100,000:$300,000 = 1:1:3
Therefore,
Amount Applied to Work In Process Inventory = [tex]15,000*\frac{1}{5} =[/tex] $3,000
Amount Applied to Finished Goods Inventory = [tex]15,000*\frac{1}{5} =[/tex] $3,000
Amount Applied to Cost of Goods Sold = [tex]15,000*\frac{3}{5} =[/tex] $9,000
Total = 3,000 + 3,000 + 9,000 = $15,000
Alchemy Manufacturing produces a pesticide chemical and uses process costing. There are three processing departments—Mixing, Refining, and Packaging. On January 1, the first department—Mixing—had no beginning inventory. During January, 56,000 fl. oz. of chemicals were started in production. Of these, 30,000 fl. oz. were completed and 26,000 fl. oz. remained in process. In the Mixing Department, all direct materials are added at the beginning of the production process, and conversion costs are applied evenly throughout the process. The weighted-average method is used. At the end of the month, Alchemy calculated equivalent units. The ending inventory in the Mixing Department was 75% complete with respect to conversion costs. With respect to direct materials, what is the number of equivalent units in the ending inventory?
Answer:
Explanation:
Opening units 0
Started 56000
56000
Transffered 30000
Closing 26000
Production Table
Using Weighted Average Method
Cost Element Complete Closing WIP Equivellant production units
Material 30,000 26,000 56,000
Labour Cost 30,000 19,500 49,500
In process costing, equivalent units for direct materials correspond to actual units in the ending inventory. For Alchemy Manufacturing, the equivalent units in ending inventory for direct materials are 26,000. For conversion costs, which are 75% applied, equivalent units are 19,500.
Explanation:In the context of process costing, equivalent units are a measure of the work done during a period, expressed in terms of fully completed units. Given that all direct materials are added at the beginning of the process at Alchemy Manufacturing, the number of equivalent units for direct materials in the ending inventory is equal to the number of physical units in that inventory. That means, for the Mixing department's ending inventory, there are 26,000 equivalent units for direct materials, because that's how many fluid ounces of chemicals remained in process at the end of January.
In terms of conversion costs (which are applied evenly throughout the production process), the number of equivalent units would be less. Since the ending inventory is 75% complete with regard to conversion costs, the equivalent units for conversion costs would be 0.75 times the physical units, or 19,500 equivalent units.
Learn more about Equivalent Units here:https://brainly.com/question/32322961
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Eastlake Furniture Company, a maker of Victorian furniture reproductions, uses only Trenton adhesives for its finely crafted products. The adhesive can bond wood just as well as hot-melt adhesives without damaging heat-sensitive areas, so it satisfies the needs of the company's craftspeople. Even though the Trenton adhesive is slightly more expensive than the hot melt glues offered by competitors, Trenton retains its clientele as it guarantees delivery just two days after an order is placed. This scenario illustrates that Eastlake Company is using ________ for its supply of adhesives.
Options:
A. Sole sourcing
B. Licensing
C. Franchising
D. Data mining.
Answer:
A. Sole sourcing
Explanation: Sole sourcing is a term used in procurement to describe a situation where only one supply exists for the supply of a particular material required for the production of a given product or service.
Sole sourcing can also be used to describe a situation where a company chooses to procure or source its materials from one particular supplier even at a higher cost.
Final answer:
Eastlake Furniture Company prefers Trenton adhesives for their Victorian furniture reproductions due to the quality of the bond without heat damage and a two-day delivery guarantee, despite the higher cost.
Explanation:
The scenario illustrates that Eastlake Furniture Company is using Trenton adhesives for its supply of adhesives. Despite the higher cost compared to hot-melt adhesives, Trenton adhesives offer a stronger bonding solution without the damaging effects of heat, making them ideal for the delicate Victorian furniture reproductions made by Eastlake. The two-day delivery guarantee from Trenton further adds value, ensuring that Eastlake Company craftsmen have the necessary materials in a timely manner, which likely contributes to their continued patronage despite the higher cost.
Consider an economy described as follows: Y = C + I + G. Y = 5,000. G = 1,000. T = 1,000. C = 250 + 0.75(Y – T). I = 1,000 – 50 r. In this economy, compute private saving, public saving, and national saving.
Answer:
Private saving= 750
Public saving= 0
National saving= 750
Explanation:
From the question,
Y = C +I +G
Y = 5000
G = 1000
T = 1000
C = 250 + 0.75(Y - T)
I = 1000 - 50r
a. Private saving is the addition of the total of the savings of households and firms. It is total income minus consumption and taxes.
Private Savings = Y - T - C
= 5000 - 1000 - [250 + 0.75(5000 - 1000)]
= 5000 - 1000 - [250 + 0.75(4000)]
= 5000 - 1000 - [250 + 3000]
= 5000 - 1000 - 3250
= 750
b. Public saving is sometimes called budget surplus. It is the amount that remains after government expenditure and transfers have been deducted from the revenue government got through taxes.
Public saving = T - G
= 1000 - 1000
= 0
c. National saving is the addition of the private saving and public saving.
National saving= 750 + 0
= 750.
Peter's Pizzeria sells both pizzas and soda. It wants to increase the sales of its pizzas. Assuming that the pizza and the sodas are complements, which of these strategies can it employ?
a. Increase the price of the soda.
b. Decrease the price of the soda.
c. Increase the quality of the pizza
d. Both B and C
Answer:
b. Decrease the price of the soda.
c. Increase the quality of the pizza
Explanation:
There are two goods under the demand's cross-price elasticity, i.e. substitute goods and complementary products.
The substitute goods demonstrate the positive relationship between good price B and good demand A. That means if good B prices go down. The demand for good A then decreases
Whereas it indicates a negative relation between the price of good B and the demand of good A in the case of complimentary products. That means if good B prices go down. The demand for good A then increases