A.nswer:
a) A decrease of $9,500.
Explanation:
Calculation for the change in total stockholders' equity
Using this formula
Change in total stockholders' equity = Total Revenues amount - Total Expenses amount - Dividends amount
Let plug in the formula
Change in total stockholders' equity =$96,000 - $85,500 - $20,000
Change in total stockholders' equity = Decrease of $9,500
Therefore the change in total stockholders' equity during the year was: a decrease of $9,500
Cardinality describes the maximum number of possible relationship occurrences for a (an):________.
Answer:
Entity (set)
Explanation:
The Cardinality implies the maximum number of elements in a set or the number of possible relationship occurrences for an Entity.
For example, let's take {1,2,6} as the entity, thus the cardinality of such an entity is 3, meaning, we have 3 as the maximum number of possible relationship occurrences in the entity.
On June 1, 2017, Windsor, Inc. was started with an initial investment in the company of $22,420 cash. Here are the assets, liabilities, and common stock of the company at June 30, 2017, and the revenues and expenses for the month of June, its first month of operations:
Cash $ 4,830
Notes payable $12,460
Accounts receivable 4,470
Accounts payable 970
Service revenue 7,730
Supplies expense 1,100
Supplies 2,300
Maintenance and
repairs expense 700
Advertising expense 400
Utilities expense 200
Equipment 26,230
Salaries and
wages expense 1,630
Common stock 22,420
In June, the company issued no additional stock but paid dividends of $1,720.
Question Completion:
Prepare an Income Statement for the month of June.
Answer:
Windsor, Inc.
Income Statement for the month ended June 30, 2017:
Service Revenue $7,730
Supplies expense 1,100
Maintenance and
repairs expense 700
Advertising expense 400
Utilities expense 200
Salaries and
wages expense 1,630 $4,030
Net Income $3,700
Explanation:
Windsor, Inc. Income Statement is where the revenues and expenses are summarized in order to arrive at the net income or profit of the business. Temporary accounts are closed to the income statement. These are accounts that are periodic in nature. They are not permanent accounts, which are transferred to the next period. The only element of the income statement that is taken to the balance sheet is the net income or loss.
A foodborne pathogen that can cause meningitis is _____.
A. Streptococcus pneumoniae
B. Staphylococcus epidermidis
C. Listeria monocytogenes
D. Neisseria meningitidis
Answer:
C. Listeria monocytogenes
Explanation:
Meningitis is an infectious disease caused by the infection of meninges by virus or bacterial. This can lead to confusion, vomiting, depression etc.
When food that has been contaminated by a pathogen called listeria monocytogenes is consumed, it can develop into meningitis. Meningitis can be treated and controlled by the use of antibiotics, and in some cases the combination of two or more types may be required depending on the nature of infection.
Identify whether each of the following examples belongs in M1 or M2. If an example belongs in both, be sure to check both boxes. Example M1 M2 Yvette has $7,000 in a two-year certificate of deposit (CD). Musashi has a roll of quarters that he just withdrew from the bank to do laundry. Sean has $30,000 in a money market account.
Answer:
M1
M1
M2
Explanation:
M1 is money supply that includes currency and coin, demand deposits, travelers' checks, other checkable deposits, certificate of deposit and negotiable order of withdrawal (NOW) accounts. M1 is the most liquid of money supply
M2 includes M1, savings deposits, money market securities, mutual funds, and other time deposits.
A company had average total assets of $937,000. Its gross sales were $1, 099,000 and its net sales were $960,000. The company's total asset turnover equals:________ a) 1.14. b) 1.02. c) 1.17. d) 0.85. e) 0.98.
Answer:
The answer is 1.02
Explanation:
Asset turnover is an effiency ratio and it measures the how efficient a company is using its asset to generate profit.
The formula is Revenue or net sales / total asset
Revenue or net sales = $960,000
Total asset = $937,000
$960,000/$937,000
= 1.02
This ratio means that for every dollar in assets, the company generates $1.02
If the Congress wants to increase the AD by $5 billion, how much should they increase the government spending
Answer:
The government spending will be less than $5 billion.
Explanation:
The government spending will be less than $5 billion because the concept of spending multiplier exhibits that if the government inject a certain amount in the economy then the economy will become richer than the injected amount. For example, the government assign $100 for a project and out of $100, it pays $50 to the labor. Further, the labor save $10 and spend $40. Here, the economy is richer with $100 + $40 = $140. Therefore, if the government expect to rise the AD by $5 billion then the government spending should be lower than $ 5 billion.
Reeve has worked as an administrator with employer-sponsored health insurance at Big Company for 10 years and has been diagnosed with a serious heart condition. An offer for a great job at Up and Coming Company with great opportunities for advancement, although it pays slightly less, has been extended to Reeve. Up and Coming has health insurance, but the insurance coverage excludes any preexisting health condition for six months. Reeve says that taking the job at Up and Coming would make continuing health insurance from Big Company unaffordable. Up and Coming wants Reeve to start immediately. What would you advise Reeve to consider?
Answer:
What would common sense tell me? To stay at Bog Company since my health is much more important than any possible great job.
The problem is simple, if Reeve quits his current job, he will not be able to afford health expenses for at least 6 months until the new employer policy kicks in. Besides the risk of dying, a serious heart condition may cost tens of thousands of $, or even more in 6 months. What is even worse, is that Reeve's starting salary in the new company is slightly lower, so he will have even less money if any health problems occur. Also, if he gets very ill, his dream job will be over. Even if they do not fire him, his chances of advancement will reduce dramatically.
Sometimes a great opportunity is not worth the risk.
Axl will be borrowing $300,000 today to buy a house, and he will pay it back with 20 yearly payments starting one year from today. If the effective annual interest rate is 7%, how much will the first payment be if the annual payments are constant
Answer:
$28,317.88.
Explanation:
The annual payment, PMT can be determined using a financial calculator as follows :
PV = $300,000
N = 20
P/YR = 1
R = 7.00 %
FV = $0
PMT = ?
Using a financial calculator, the annual payment, PMT is $28,317.88.
A customer buys $100,000 of a new issue 30 year U.S. Government bond at 80. At maturity, the customer will have:
Answer: No capital gain or loss
Explanation:
The bonds were bought at discount but will be redeemed at par. This does not mean that there will be a capital gain because the discount will simply be added back to the value of the bond overtime.
When the bond then gets to maturity, the discount would simply have been added back because the bond is to be redeemed at par. Because the bond was always going to be redeemed at par, the difference in price is not considered a capital gain.
Broker Ed owns a building he wants to lease or sell. Which of the following represents legal advertising?
a) For Sale. Call 321-7788.
b) For Lease by Owner. Call 321-7788.
c) For Sale by Owner. Call 321-7788.
d) For Sale by Owner-Broker. Call Ed Hahn at 321-7788.
Answer:
d) For Sale by Owner-Broker. Call Ed Hahn at 321-7788
Explanation:
From the above, we can see that the last option chosen contains the most complete information as against the others that do not state all relevant information. Laws in most countries covering advertising demand full disclosure of all relevant information when advertising a sale for instance or it would be considered illegal advertising. From the example, the seller had stated appropriately in the last option that he is an owner broker, letting the prospective buyer know that the property being sold is also owned or partly by the one who is listing the property for sale, or member of the listing team. The name is also stated the name which was not disclosed in the previous options
Crowley Company projects the following sales: EE(Click on the icon to view the projected sales).
Crowley collects sales on account in the month after the sale. The Accounts Receivable balance on 1 is, which represents 's sales on account. Crowley projects the following cash receipts from customers:
Re-calculate cash receipts from customers if total sales remain the same but cash sales are only 20% of the total.
January February March
Cash sales (20 %)
Sales on account (80%)
Total sales $20,000 $22.000 $24,00
January February March
Cash sales (25%) 5,000 5,000 $6,000
Sales on account (75%) $15,500 16,000 18,000
Total sales 20,000 $ 22,000 $ 24,000
Now, recalculate cash receipts from customers for each month if cash sales are only 20 % of the total.
January February March
Cash receipts from cash sales 5,500 5,000 $6,000
Cash receipts from sales on account 13,500 15,000 16.500
Total cash receipts from customers 18,500 $20,500 $22,500
Complete Question:
Crowley Company projects the following sales:
Jan Feb March
Cash Sales (25%) $5,000 $5,500 $6,000
Sales on account (75%) 15,000 15,500 18,000
Total Sales $20,000 $22,000 $24,000
Crowley collects sales on account in the month after the sale. The Accounts Receivable balance on January 1 is $13,500, which represents December's sales on account. Crowley projects the following cash receipts from customers:
Jan Feb March
Cash Sales (20%) $5,000 $5,500 $6,000
Sales on account (75%) 13,500 16,000 16,500
Total Sales $18,500 $20,500 $22,500
1. Recalculate cash receipts from customers if total sales remain the same but cash sales are only 20% of the total.
Answer:
Crowley Company
1. Recalculation of cash receipts from customers if total sales remain the same but cash sales are only 20% of the total:
Jan Feb March
Cash receipts from cash sales (20%) $4,000 $4,400 $4,800
Cash receipts from sales on account (80%) 14,400 16,000 17,600
Total receipts from sales $18,400 $20,400 $22,400
Explanation:
a) Calculations of Sales:
December sales = $13,500/0.75 = $18,000
Sales based on 20% cash and 80% on account:
Dec. Jan. Feb. March
Cash Sales (20%) $3,600 $4,000 $4,400 $4,800
Sales on account (80%) 14,400 16,000 17,600 19,200
Total Sales $18,000 $20,000 $22,000 $24,000
In the short run monopolistically competitive industries___________ while in the long run they__________a. May earn economic profit may lose economic profit due to new entry b. May lose economic profit due to new entry; may earn economic profit rarely earn a profit. c. May gain profit due to exiting firms
Answer:
In the short run monopolistically competitive industries___________ while in the long run they__________a. May earn economic profit may lose economic profit due to new entry b. May lose economic profit due to new entry; may earn economic profit rarely earn a profit. c. May gain profit due to exiting firms
a. May earn economic profit may lose economic profit due to new entry
Explanation:
A monopolistically competitive industry is characterized by an industry with many firms whose goods and services are not perfect substitutes and are further differentiated through branding, thereby limiting competition. There is easy entry and exit in a monopolistically competitive market or industry though the prevailing competitiveness is imperfect.
All levels of management between the supervisory level and the top level of the organization are termed _____________. a. middle managers b. first-line managers c. supervisors d. foremen
Answer:
a. middle managers
Explanation:
The middle manager refers to a link that lies between the top level management and the lower level management. For the day to day operations, the middle level managers have to report the information i.e. valuable also the suggestions could be made from time to time
Therefore according to the given situation, the option A is correct
hence, all other options are wrong
Which of the following is specifically designed to increase the long run aggregtae suply curve?
a) increasing taxes on entrepreneurs.
b) increasing government spending on welfare.
c) developing new technologies.
d) raising marginal tax rates on income.
Answer: c) developing new technologies.
Explanation:
The Long Run Aggregate Supply (LRAS) curve can only change if the productivity in the Economy changes. One of the ways this can happen is through the use of newer better technology.
The better technology will make production more efficient by producing more goods at a lesser cost which lead to an increase in the GDP potential of the country which is a shift in the LRAS.
Carissa Communications reported the figures from its adjusted trial balance and from its multi-step income statement for its first year of business, which ended on July 31, 2018
Expenses Accounts Payable Common Stock Notes Payable, long-term Merchandise Inventory Administrative Expenses $ 18,400 12,500 1,900 30,000 3,400 $ 3,500 Cost of Goods Sold 1,700 Equipment, net 4,600 Accrued Liabilities 5,855 Net Sales Revenue 1,500 Accounts Receivable 1,300 Interest Expense 3,000 Carissa Communications Income Statement Year Ended July 31, 2018 $30,000 18,400 Net Sales Revenue Cost of Goods Sold Gross Proft Operating Expenses 11,600 Selling Expenses Administrative Expenses Total Operating Expenses 1,700 3,000 4,700 Operating Income Other Income and (Expenses) 6,900 (55) Interest Expense (55) Total Other Income and (Expenses) 6,845 Net Income (Loss) Carissa Communications Statement of Retained Earnings Year Ended July 31, 2018 Retained Earnings, August 1, 2017 Retained Earnings, July 31, 2018 Balance Sheet July 31, 2018 Assets Liabilities Stockholders' Equity
Requirement 1.
Prepare Carissa Communications's statement of retained earnings for the year ended July 31 2018 .
Requirement 2.
Prepare Carissa Communications's classified balance sheet at July 31 2018.
Answer:
1. Carissa Communications' Statement of Retained Earnings for the year ended July 31, 2018:
Retained Earnings, July 31, 2017 $0
Net Income (Loss) 6,845
Retained Earnings, July 31, 2018 $6,845
2. Carissa Communications' Classified Balance Sheet as of July 31, 2018:
Assets:
Current Assets:
Cash $ 3,500
Accounts Receivable 3,000
Merchandise Inventory 1,300
Total Current Assets $7,800 $7,800
Long-term Assets:
Equipment, net 12,500 $12,500
Total Assets $20,300
Liabilities + Equity:
Current Liabilities:
Accounts Payable 1,900
Accrued Liabilities 5,855
Total Current Liabilities $7,755 $7,755
Long-term Liabilities:
Notes Payable, long-term 3,400
Total Liabilities $11,155
Stockholders' Equity:
Common Stock 2,300
Retained Earnings 6,845
Total Stockholders' Equity 9,145 $9,145
Total Liabilities + Equity $20,300
Explanation:
a) Data and Calculations:
1. Adjusted Trial Balance for its first year of business, which ended on July 31, 2018
Cash $ 3,500
Cost of Goods Sold $ 18,400
Selling expenses 1,700
Equipment, net 12,500
Accounts Payable 1,900
Accrued Liabilities 5,855
Common Stock 2,300
Net Sales Revenue 30,000
Notes Payable, long-term 3,400
Accounts Receivable 3,000
Merchandise Inventory 1,300
Interest Expense 55
Administrative Expense 3,000
Total $43,455 $43,455
2. Carissa Communications Income Statement Year Ended July 31, 2018
Net Sales Revenue $30,000
Cost of Goods Sold 18,400
Gross Profit 11,600
Operating Expenses
Selling Expenses 1,700
Administrative Expenses 3,000
Total Operating Expenses 4,700
Operating Income 6,900
Interest Expense (55)
Net Income (Loss) $6,845
An adjusted trial balance is termed as an internal report that shows all of the current general ledger financial reporting balances.
After adjusting entries have been made, the adjusted trial balance is prepared to show updated balances.
An income statement is referred to as the statement that records the cash inflow and outflow transactions in the company labeled as the debit and credit. Debit is whatever the cash comes and credit is whatever the cash goes out.
The adjusted trial balance, income statement, balance sheet, and retained earnings have been attached below.
To know more about the recording of the various financial report and data, refer to the link below:
https://brainly.com/question/17150137
Dean brings up the ambiguity branch managers at First National Bank face. He believes senior leadership needs to make the managers' most important priorities clear. This thinking most closely resembles which principles?
Answer:
The thinking most closely resembles the principles of Clarity in Communication.
Explanation:
There are 7Cs of communication. Namely:
CompletenessConcisenessClarityCourtesyCorrectnessConsiderationConcretenessAn ambiguous message is most likely to be misinterpreted.
When an organisation sets goals and objectives, they also need to follow the above principles.
They need to be very clear. When priorities change within an organisation, the leaders have a duty to clearly communicate the change to Managers who in turn communicate the same to their line managers.
Cheers!
In May 2013, Nikea recorded the transaction by debiting accounts receivable for $10,000 and crediting service revenues for $10,000. What is the effect of this entry on the accounting equation
Answer:
Please see explanation below.
Explanation:
Given the above, Accounts receivable is an asset. A debit in asset increases the asset. Also, crediting servicing revenue means an increase in equity because service revenue is also part of what makes an equity.
Therefore, debiting accounts receivables and crediting servicing revenue has increased both the assets and equity of Nikea inc.
ABC Corp. has just paid a dividend of $0.26. ABC has an annual required return of 12%.
a. If dividends are annual and expected to be constant, what is the intrinsic value (fair price) of ABC stock?
b. What is ABC's dividend yield?
c. From now on, assume that the dividend of 0.26 was a quarterly dividend. What is the quarterly discount rate?
d. What is the intrinsic value if dividends are constant and quarterly?
e. We now think that dividends will grow by 0.3% from quarter to quarter. The firm just paid the quarterly dividend of 0.26. What is the intrinsic value of ABC stock?
f. A different analyst thinks that ABC's dividends will grow by 5% for the next 4 quarters, and then grow by 0.3% thereafter. What is the intrinsic value?
Answer:
a. If dividends are annual and expected to be constant, what is the intrinsic value (fair price) of ABC stock?
P₀ = $0.26 / 12% = $2.16667 = $2.17
b. What is ABC's dividend yield?
$0.26 / $2.17 = 12%
c. From now on, assume that the dividend of 0.26 was a quarterly dividend. What is the quarterly discount rate?
12% / 4 = 3%
d. What is the intrinsic value if dividends are constant and quarterly?
P₀ = $0.26 / 3% = $8.66667 = $8.67
e. We now think that dividends will grow by 0.3% from quarter to quarter. The firm just paid the quarterly dividend of 0.26. What is the intrinsic value of ABC stock?
P₀ = ($0.26 x 1.003) / (3% - 0.3%) = $9.6585 = $9.66
f. A different analyst thinks that ABC's dividends will grow by 5% for the next 4 quarters, and then grow by 0.3% thereafter. What is the intrinsic value?
Div₀ = $0.26
Div₁ = $0.273
Div₂ = $0.287
Div₃ = $0.301
Div₄ = $0.316
Div₅ = $0.317
terminal value in 4 quarters = $0.317 / (3% - 0.3%) = $11.74
P₀ = $0.273/1.03 + $0.287/1.03² + $0.301/1.03³ + $0.316/1.03⁴ + $11.74/1.03⁴ = $0.265 + $0.271 + $0.275 + $0.281 + $10.43 = $11.522
Given the following for the XYZ Company:
Year Pre-Tax Net Income (Loss) Tax Rate2015 S10,000 20%2016 8,000 20%2017 (20,000) 20% 2018 2,000 20%
Assume XYZ does not elect the carryback provision in 2017 and that future income is not "more likely than not."
Reported 2017 Net Loss is:______.
a. $16,400
b. $15,000
c. $16,000
d. $4,000
e. $20,000
Answer:
e. $20,000
Explanation:
Since in the question it is mentioned that the company has the net loss for the year 2017 is $20,000 so the same is to be reported for the year 2017
Also no election of the provision related to carryback for the year 2017 could be considered
Therefore in the given case, the amount of $20,000 would be recognized and reported as a net loss
Hence, the correct option is e. $20,000
Starbucks wants to use the subjective approach to evaluate a new project. They are considering expanding their stores and renting office space to small business owners. They will have a separate reception area and online scheduling for those that want to use the office space. Starbucks has a WACC of 12%. What would be the WACC for this new project?
Category Examples Adjustment Factor
High risk New products 6%
Moderate risk Cost savings, Expansion
of existing products 0
Low risk Replacement of existing
equipment (4)
Mandatory Safety equipment n/a
A) 16%.
B) 12%.
C) 24%.
D) 18%.
Answer:
D) 18%
Explanation:
Starbucks wants to use the subjective approach to evaluate a new project. They are considering expanding their stores and renting office space to small business owners. They will have a separate reception area and online scheduling for those that want to use the office space. Starbucks has a WACC of 12%.
The objective is to use a subjective approach to evaluate the new project
The given table can be well presented as follows:
Category Examples Adjustment Factor
High risk New products 6%
Moderate risk Cost savings, Expansion 0
of existing products
Low risk Replacement of existing -4%
equipment
Mandatory Safety equipment n/a
From the table, we can deduce that :
the WACC for this new project = Current WACC + Adjustment Factor (High Risk)
the WACC for this new project = ( 12% + 6%)
the WACC for this new project = 18%
Best Construction, Inc., and General Real Estate Corporation form a joint venture. A joint venture is usually formed for
Answer:
for mutual benefits
Explanation:
A joint venture is a business arrangement made between two parties that agree to come together and unite all of their resources in order to accomplish a specific common goal. Joint ventures are usually formed for mutual benefits, both companies involved benefit greatly from reaching the end-goal that they are working towards, but which neither company could do it without the other's resources.
The value today of the following cash flows is $6,423.71 at an interest rate of 5.8 percent. What is the value of the Year 3 cash flow?
Year Cash Flow
1 $1,665
2 1,845
3 ?
4 2,505
a. $1,313.29.
b. $1,202.49.
c. $1,424.09.
d. $408.71.
e. $3,981.73.
Answer:
c. $1,424.09.
Explanation:
present value = CF1 / 1.058 + CF2 / 1.058² + CF3 / 1.058³ + CF4 / 1.058⁴
$6,423.71 = $1,665 / 1.058 + $1,845 / 1.058² + CF3 / 1.058³ + $2,505 / 1.058⁴
$6,423.71 = $1,573.72 + $1,648.26 + CF3 / 1.058³ + $1,99.24
$1,202.49 = CF3 / 1.058³
$1,202.49 = CF3 / 1.18429
CF3 = $1,202.49 x 1.18429 = $1,424.09
Which of the styles on Blake and Mouton’s Leadership Grid has high concern for interpersonal relationships and low concern for task accomplishment?
Answer:
Country Club
Explanation:
The Blake and Mouton's Leadership Grid has this Country Club which emphasise on the people more, that is about their well being.
This environment concludes that if employees are happy and in good positive attitude they will automatically work hard and achieve the results.
In this case the management is not much conscious about the results as they believe that results will be better, but generally it is observed that due to lack of any managerial control and directions the task is not achieved.
When an institution wishes to take a large position in a municipal bond issue but does not want its activities to be well known, it will generally make use of A) the bond buyers visible supply. B) EMMA. C) a municipal securities broker's broker. D) social media to find the bonds.
Answer:
Option C, a municipal securities broker's broker.
Explanation:
Option “C” is correct because these broker acts on the behalf of the client and perform all the transactions without exhibiting their client’s details in the market. Moreover, the broker maintains the bonds or securities and it focuses on the profit-making aspects. Finally, the broker receives the commission for their service and the client receives the profit or rate of return from the securities.
Financial Statements of a Manufacturing Firm The following events took place for Digital Vibe Manufacturing Company during January, the first month of
a. Purchased $44,100 of materials
b. Used $34,000 of direct materials in production.
c. Incurred $50,700 of direct labor wages.
d. Incurred $71,400 of factory overhead
e. Transferred $118,600 of work in process to finished goods.
f. Sold goods for $212,100.
g. Sold goods with a cost of $94,400.
h. Incurred $54,200 of selling expenses.
i. Incurred $23,800 of administrative expense.
Using the information given, complete the following:
a. Prepare the January income statement for Digital Vibe Manufacturing Company Digital Vibe Manufacturing Company Income Statement For the Month Ended January 31 Revenues Cost of goods sold Gross profit Operating expenses Selling expenses Administrative expenses Total operating expenses Net income
b. Determine the Materials Inventory, Work in Process Inventory, and Finished Goods Inventory balances at the e Digital Vibe Manufacturing Company Inventory Balances For the Month Ended January 31 Inventory balances on January 31: Materials Work in process Finished goods
Answer:
a.
Digital Vibe Manufacturing Company
Income Statement For the Month Ended January 31
Revenues $212,100
Cost of goods sold ($94,400)
Gross profit $117,700
Operating expenses
Selling expenses ( $54,200)
Administrative expenses ($23,800)
Total operating expenses ($78,000)
Net income $39,700
b.
Inventory balances on January 31:
Materials = $10,100
Work in process = $37,500
Finished goods = $24,000
Explanation:
Calculation of Raw Materials Inventory
Raw Materials T - Account
Debit :
Purchases $44,100
Totals $44,100
Credit :
Work In Process $34,000
Ending Raw Materials $10,100
Totals $44,100
Calculation of Work In Process Inventory
Work In Process T - Account
Debit :
Raw Materials $34,000
Direct labor $50,700
Overheads $71,400
Totals $156,100
Credit :
Finished Goods $118,600
Ending Work In Process $37,500
Totals $156,100
Calculation of Finished Goods Inventory
Finished Goods T- Account
Debit :
Work In Process $118,600
Totals $118,600
Credit :
Trading Account $94,400
Ending Finished Goods $24,000
Totals $118,600
Statement of Cost of Goods Manufactured for a Manufacturing Company
Cost data for Johnstone Manufacturing Company for the month ended March 31 are as follows:
Inventories March 1 March 31
Materials $177,250 $159,530
Work in process 116,990 105,290
Finished goods 92,170 106,890
Direct labor $319,050
Materials purchased during March 340,320
Factory overhead incurred during March:
Indirect labor 34,030
Machinery depreciation 20,560
Heat, light, and power 7,090
Supplies 5,670
Property taxes 4,960
Miscellaneous costs 9,220
Prepare a cost of goods manufactured statement for March.
Johnstone Manufacturing Company
Statement of Cost of Goods Manufactured
Answer:
Johnstone Manufacturing Company
Statement of Cost of Goods Manufactured
Raw Materials $298,040
Direct labor $319,050
Factory overhead incurred :
Indirect labor $34,030
Machinery depreciation $20,560
Heat, light, and power $7,090
Supplies $5,670
Property taxes $4,960
Miscellaneous costs $9,220
Add Opening Work in process Inventory $116,990
Less Closing Work in process Inventory (105,290)
Cost of Goods Manufactured $710,320
Explanation:
Cost of Goods Manufactured Statement, is a summary of costs incurred to manufacture products.
Calculation of Raw Materials used in Production.
Raw Materials T - Account
Debit :
Opening Balance $177,250
Purchases $340,320
Totals $457,570
Credit :
Closing Balance $159,530
Work In Process (Balancing figure) $298,040
Totals $457,570
Gina Fox has started her own company, Foxy Shirts, which manufactures imprinted shirts for special occasions. Since she has just begun this operation, she rents the equipment from a local printing shop when necessary. The cost of using the equipment is $350. The materials used in one shirt cost $8, and Gina can sell these for $15 each. If Gina sells 20 shirts, what will her total revenue be
Answer:
$300
Explanation:
Gina fox have started her own company where she shirts are imprinted for special occasions
The cost of using equipments for the short production is $350
The materials used in one shirt costs $8
The selling price is $15
Therefore if Gina sells 20 shirts then, her total revenue can be calculated as follows
= Selling price × number of shirts that was sold
= $15 × 20
= $300
Hence Gina's total revenue is $300
In a new margin account, if a customer buys 300 XYZ at 48 and simultaneously writes 3 XYZ Jan 50 calls at 1, the Regulation T margin requirement is
Answer:
$7,200
Explanation:
Calculation for what the Regulation T margin requirement is
Since we were told that the customers buys 300 XYZ at 48 this means that the Regulation T margin requirement will be:
Regulation T margin requirement =(300 × 48)×50%
Regulation T margin requirement =$14,400×50%
Regulation T margin requirement =$7,200
Therefore the Regulation T margin requirement is $7,200
When implementing change in an organization, there are always culture issues that are faced, such as not accepting change, determine how differently this would be handled thinking about the management versus leadership constructs? When dealing with performing work, how is this implemented differently within the management versus leadership constructs?
Answer with Explanation:
Requirement 1:
Implementation of changes takes a lot of time in resolving issues that we know will emerge and the issues that we don't even considered. Sometimes the situation gets so much worse that the planned solution puts no value in the implementation of the change. This cause severe damages to the company reputation and also has financial implications. The management must ensure that the planning must be free from mistakes. The cost, quality and time are the three main constraint that the management have to consider in resolving the problems so that the project cost doesn't outnumber the expected benefits.
On the other hand, the project manager have to design the processes that are free from defects and are effective as well. The execution of change implementation must bring the planned benefits for which the change is been implemented. The leadership style must be well enough that doesn't increases the problems. Furthermore the leader must be delegating tasks to every team members with allocation of resources as well. The importance of change must be communicated to each of the employees who will get affected and why it the only choice for us. This attitude will help in execution of the change implementation plan which means that the maximum benefits can be pulled off.
Requirement 2:
The management of the company must have to work hard enough so that the employee doesn't get demotivated due to different factors that have significant impact on its performance of duties. The employees must be well guided about the processes and must be continuously monitored. The management also design reward system that would uplift employee motivation and performance.
The leader has to monitor tasks assigned to employees so that the employee is timely guided and the flow of work remains consistent with the progress of other employees. Furthermore, the performance of the employee is tried to improved by proper training programs, continuous appraisal and appraising better performances.
An uneducated grandmother who does not have children living with her but pays for public school education through her property tax is a:
Answer:
Forced Rider
Explanation:
A forced rider is a person in the society who is made to pay taxes or dues for services that he has no interest in or even benefits from. The forced rider might even have personal convictions against the product or service, but he is still made to share in the cost of the government providing the service. For example, advocates of climate reclamation might be made to pay for services like the maintenance of industries that pollute the environment.
In the case above, the grandmother has never seen the four walls of a school, nor does she have school children whom she cares for, but she is still expected to pay for public school education through her tax. She is, therefore, a forced rider.