Answer:
Debit : Work In Process Account and Credit : Salaries and Wages Payable Account
Explanation:
All manufacturing costs are accounted for in a Work in Process Account during manufacture. Therefore Debit the Work In Process Account to show accumulation of the manufacturing costs and Credit the Salaries and Wages Payable Account to show the utilization of labor.
Requirement 1. Journalize the transactions. Explanations are not required. (Record debits first, then credits. Exclude explanations from any journal entries.)
May 19: Issued 2,000 shares of $1 par value common stock for cash of $10.00 per share.
Date Accounts Debit Credit
May 19 Cash 20,000 Paid-In Capital in Excess of Par—Common Common Stock—$1 Par Value 18,000 2,000
Jun. 3: Issued 200 shares of $2, no-par preferred stock for $10,000 cash. Date Accounts Debit Credit Jun. 3 Cash 10,000 Preferred Stock—No Par Value 10,000
Jun. 11: Received equipment with a market value of $78,000 in exchange for 8,000 shares of the $1 par value common stock. Date Accounts Debit Credit Jun. 11 78,000 Equipment Common Stock-$1 Par Value Paid-In Capital in Excess of Par—Common 8,000 70,000
Requirement 2. How much paid-in capital did these transactions generate for Sasha Systems? Total paid-in capital generated from these transactions amounts to $
Answer:
1) May 19: Issued 2,000 shares of $1 par value common stock for cash of $10.00 per share.
Dr Cash 20,000
Cr Common stock 2,000
Cr Additional paid in capital 18,000
Jun. 3: Issued 200 shares of $2, no-par preferred stock for $10,000 cash.
Dr Cash 10,000
Cr ´Preferred stock 10,000
Jun. 11: Received equipment with a market value of $78,000 in exchange for 8,000 shares of the $1 par value common stock.
Dr Equipment 78,000
Cr Common stock 8,000
Cr Additional paid in capital 70,000
2) Total paid in capital = $20,000 + $10,000 + $78,000 = $108,000
If Management was not concerned with the time value of money, from which two capital budgeting methods should they choose?
Answer:
ARR or Payback
Explanation:
Here are the options to this question
Multiple Choice
BET or IRR
ARR or Payback
NPV or IRR
NPV or Payback
BET or NPV
Accounting rate of return = Average net income / Average book value
Average book value = (cost of equipment - salvage value) / 2
Payback calculates the amount of time it takes to recover the amount invested in a project from it cumulative cash flows
Payback period = Amount invested / cash flow
The NPV and IRR considers the time value of money by discounting the cash flow at discount rate.
Net present value is the present value of after tax cash flows from an investment less the amount invested.
Internal rate of return is the discount rate that equates the after tax cash flows from an investment to the amount invested
If the government wanted the economy to expand, would the Federal Reserve (the Fed) buy or sell bonds?
Answer:
Buy
Explanation:
If the government buys bonds in an open market purchase, the supply of money would increase.
The increase in the supply of money would increase the funds available for production activities. As a result production would increase and all things being equal GDP would increase
Murray Company reports net income of $728,000 for the year. It has no preferred stock, and its weighted-average common shares outstanding is 260,000 shares. Compute its basic earning per share.
Answer:
The answer is $2.8
Explanation:
Earnings Per Share(EPS) is the part of company's earnings that goes to each common share owner.
It is calculated as net income minus preferred dividend(if any) / weighted-average common shares outstanding.
Net income equals $728,000
Weighted-average common shares outstanding equals 260,000 shares
Therefore, basic earning per share is
$728,000 /260,000
= $2.8
Provide an example of one company that should employ the simple structure organizational configuration.
Answer:
In simple words, A simple structure can be characterized as a reduced-departmental architecture, wide scope of operation, centralized control, and minimal formalization. This style of architecture is very popular in smaller start-up companies.
Entrepreneurship, like local mom as well as pop or independent companies, are enterprises that can employ basic organisational frameworks. Such businesses typically comprise of stakeholders who are executives and who make judgments about the commercial enterprise.
Net income is shown on the end-of-period spreadsheet in the Income Statement debit column and the Balance Sheet credit column.
a. True
b. False
Answer:
True
Explanation:
It is True because net income is shown in the Balance sheet as a credit account as it increases the revenues and as a debit column in the Income Statement of the end-of-period spreadsheet.
This entry is reversed for the net loss. It would be shown as a debit column in the Balance Sheet ( indicating an expense/ a loss) and as a credit column in the income statement.
The net income is shown as a debit column in the Income Statement of the end-of-period spreadsheet indicating that the credits ( revenues) are more than the debits ( expenses) and we get the balance of the income after deducting the expenses from the revenues. It is entered above the debit totals.
In property insurance terminology, all of the following are considered hazards except: a. a steam iron left on unattended. b. a fire which is started in a waste papwer basket. c. oily rags stored near a heater. d. matches left within reach of young children.
Answer: fire which is started in a waste paper basket.
Explanation:
Hazard is simply defined as the condition that will lead to an increase in loss. Property insurance are policies that can either offer liability coverage or property protection.
Property insurance include flood insurance, homeowners insurance, and earthquake insurance etc. In property insurance terminology, all of the options in the question are considered hazards except fire which is started in a waste paper basket. This is not a hazard as this is a waste that'll be disposed off
Suppose the demand and supply curves for eggs in the United
States are given by the following equations:
Qd = 100 - 20P
Qs = 10 + 40P
where Qd = millions of dozens of eggs Americans would like to
buy each year; Qs = millions of dozens of eggs U.S. farms
would like to sell each year; and P = price per dozen of eggs.
Fill in the following table:
Price Quantity Quantity
( Per Dozen) Demanded (Qd) Supplied (Qs)
$ .50
$ 1.00
$ 1.50
$ 2.00
$ 2.50
Answer: Please find answers in explanation column
Explanation:
Given
Qd = 100 - 20P
Qs = 10 + 40P
Price Quantity Quantity Quantity
( Per Dozen) Demanded (Qd) Supplied (Qs)
$ .50 90 30
$ 1.00 80 50
$ 1.50 70 70
$ 2.00 60 90
$ 2.50 50 110
Calculation
at price = $0.50
Qd = 100 - 20P = 100 - 20 x (0.50) =100-10 =90
Qs = 10 + 40P= 10 + 40 x (0.50)=10+ 20 = 30
at price = $1.00
Qd = 100 - 20P = 100 - 20 x (1.00) =100-20 =80
Qs = 10 + 40P= 10 + 40 x (1.00)=10+ 40 = 50
at price = $1.50
Qd = 100 - 20P = 100 - 20 x (1.50) =100-30 =70
Qs = 10 + 40P= 10 + 40 x (1.50)=10+ 60 = 70
at price = $2.00
Qd = 100 - 20P = 100 - 20 x (2.00) =100-40 =60
Qs = 10 + 40P= 10 + 40 x (2.00)=10+ 80 = 90
at price = $2.50
Qd = 100 - 20P = 100 - 20 x (2.50) =100-50=50
Qs = 10 + 40P= 10 + 40 x (2.50)=10+ 100 = 110
A company sells 5,000 units at $25 each. If the variable costs are $35,00, what is the contribution margin ratio
The figure for the variable costs of the company is wrong. The correct figure for variable cost is $35000.
A company sells 5,000 units at $25 each. If the variable costs are $35,000 what is the contribution margin ratio.
Answer:
Contribution Margin ratio = 0.72 or 72%
Explanation:
The contribution margin ratio is the percentage of sales revenue that is contributed towards covering the fixed costs of the business. The contribution margin ratio is calculated by subtracting the total variable costs by the sales revenue and expressing it as a percentage of sales revenue. Thus, the formula is,
Contribution Margin ratio = (Sales Revenue - Variable costs ) / Sales Revenue
The sales revenue is = 5000 * 25 = 125000
Contribution Margin ratio = (125000 - 35000) / 125000
Contribution Margin ratio = 0.72 or 72%
Jessica weighs 125 lbs. She rode a bike at 17 mph for 25 minutes. What is the calorie cost of this activity?
Answer: 178 calories
Explanation:
From the question, we are informed that Jessica weighs 125 lbs and that she rode a bike at 17 mph for 25 minutes. It should be noted that 17 mph is thesame as 0.057 cal/lb/min.
Therefore, the calorie cost of this activity will be:
= 0.057 x 125 = 7.125
We then multiply 7.125 by the number of minutes used. This will be:
= 7.125 x 25
= 178 calories
If the public withdraws $50 million from checkable deposits and hold it in cash, what is the impact on money base
Answer:
The monetary base remains unchanged
Explanation:
Since bond market values are expressed as a percentage of their bond value, a $1,000 bond that is being sold at 93 would be trading at $ __________.
Answer: $930
Explanation:
From the question, we are informed that bond market values are expressed as a percentage of their bond value and are further told that a $1,000 bond that is being sold at 93.
Therefore, the bond will be trading at:
= $1000 × 93%
= $1000 × 0.93
= $930
8. Blue Cab Company had 50,000 shares of common stock outstanding on January 1, 2021. On April 1, 2021, the company issued 20,000 shares of common stock. The company had outstanding fully vested incentive stock options for 5,000 shares exercisable at $10 that had not been exercised by its executives. The end-of-year market price of common stock was $13 while the average price for the year was $12. The company reported net income in the amount of $269,915 for 2021. What is the diluted earnings per share (rounded)
Answer:
$4.10
Explanation:
total weighted stocks:
January 1 = 50,000 x 12/12 = 50,000
April 1 = 20,000 x 9/12 = 15,000
total = 65,000
diluted stocks = 5,000 - (5,000 x 10) / 12 = 833.33 ≈ 833
net income = $269,915
diluted EPS = net income - preferred dividends / (weighted common stocks + diluted stocks) = $269,915 / (65,000 + 833) = $4.0999 = $4.10
Find the present value that will grow to $45,000 if interest is 3.6% compounded monthly for 1 year.
Answer:
43,411.15
Explanation:
The formula for compound interest is
A = P(1 +I) ^n
From the question,
A = 45,000
P = Unknown
I = 0.036 ÷ 12
n = 1 * 12
Therefore,
45,000 = P(1 +0.036/12) ^1 *12
45,000 = P(1.003)^12
45,000 = 1.0365998P
P = 43,411.15
When standard direct labor hours differ from actual direct labor hours used, the company experienced a(n):
Answer:
efficiency variance
Explanation:
When standard direct labor hours differ from actual direct labor hours used, the company experienced an "efficiency varaiance". It can be used in order to analyze how effective an operation is in relation to labor, materials, machine time and other production factors.
Efficiency variance is actually the difference which exists between the theoretical amount of inputs which are needed to produce an output and the actual number of inputs which are required to manufacture the unit of output.
Christine, a scheduler at Mangel-Wurzel Transport, gets a call from a regular customer needing to move of rock and soil, which Christine knows from previous experience has an average density of . Christine has available a dump truck with a capacity of and a maximum safe load of . Calculate the number of trips the dump truck will have to make to haul the customer's load away.
Complete Question:
Christine, a scheduler at Mangel-Wurzel Transport, gets a call from a regular customer needing to move 70.3 m³ of rock and soil, which Christine knows from previous experience has an average density of 880 kg/m³. Christine has available a dump truck with a capacity of 9 m³ and a maximum safe load of 5300 kg. Calculate the number of trips the dump truck will have to make to haul the customer's load away?
Answer:
= 105 trips
Explanation:
a) Data:
Volume of customer's load = 70.3 m³
Average density of load = 880 kg
Truck capacity in volume = 9 m³
Truck's mass = 5,300 kg
Density load of truck = 5,300/9 = 588.89m³
Total density of load = 70.3 m³ * 880 kg/m³ = 61,864m³
Number of trips to be made = Total density/Density capacity of truck
= 61,864m³/588.89m³
= 105 trips
b) Density is the mass of a unit volume of a material substance. Therefore, density = d = M/V, where d is density, M is mass, and V is volume. Density can also be expressed as kilograms per cubic metre (in MKS or SI units).
Remember, kilograms = mass and cubic meters = volume.
The Smith Company manufactures insulated windows. Costs for March were as follows. Direct labor $53,000 Indirect labor 18,000 Salary of corporate vice president for advertising 25,000 Direct materials 48,000 Indirect materials 4,000 Interest expense 7,500 Salary of factory supervisor 3,000 Insurance on manufacturing equipment 2,000 What is Smith Company's actual manufacturing overhead for March?
Answer:
$27,000
Explanation:
The following costs were incurred by Smith's company during the month of March
Direct labor $53,000
Indirect labor 18,000
Salary of corporate vice president for advertising 25,000
Direct materials 48,000
Indirect materials 4,000
Interest expense 7,500
Salary of factory supervisor 3,000 Insurance on manufacturing equipment 2,000
Therefore the actual manufacturing overhead for March can be calculated as follows
= Indirect labour + indirect materials + salary of factory supervisor + insurance on manufacturing equipments
= $18,000 + $4,000 + $3,000 + $2,000
= $27,000
Hence the actual manufacturing overhead for March is $27,000
Delta Insurers typically affirms or denies claims within 120 days after it receives proof of loss statements. Which statement is correct?
Answer:
Option A is correct
Explanation:
The 2 Option are:
i. The firm Delta Insurers typically affirms claims within 120 days after it receives proof of loss statements
ii. The firm Delta Insurers typically denies claims within 120 days after it receives proof of loss statements.
Delta insurance company is a typical insurance company that operates it business in line with the Insurance practice code in its operation country. Failure of perform those duties strictly will lead to revoke of operational license which will incur consequential loss for the Insurance Company.
Delta Insurers insures against peril of Vehicle, Fire, Burglary, Consequential loss, Business Interruption and so on.
The insurer however have its own mode of settling claims as stated in the Policy form. The statement might be stated in there that "we typically affirms claims within 120 days after we receives proof of loss statements". No insurer can states in its policy form that "we typically affirms claims within 120 days after it receives proof of loss statements", this is against the code of conduct of Insurance business
What would happen if your boss at the bookstore asked you to decrease some of the business' variable costs
Answer: d.You would find less expensive designer for the store’s advertising posters.
Explanation:
Going by the options give, the best option would be D. This is because option A talks about location which is a fixed cost while b talks about the business insurance policy which is also a fixed cost. Option C is about the internet service provider which is also another fixed cost.
Option D however is not a fixed cost as it relates to advertising. Advertising is a variable cost and so in obeying the directive from the boss, this is the cost that would need to be reduced by finding a less expensive designer.
Which of the following would cause the yield curve to be ascending? A. An increase in demand for long term bonds from investors B. An increase in the laddering of bond portfolios by investors C. The Federal Reserve pursuing a tight monetary policy D. Short term yields declining at the same time as long term yields are increasing
Answer: Short term yields declining at the same time as long term yields are increasing
Explanation:
The yield curve shows yields for different maturities for identical security types.
Of the options given, what can cause the yield curve to be ascending is when the short term yields declining at the same time as long term yields are increasing.
Therefore, option D is the correct answer.
_____ is an example of a comment in Hypertext Markup Language (HTML).
a.
c. <-- This is my comment -->
d. ** This is my comment **/>
Answer:
The correct answer is:
< ! - - This is my comment - - >
Explanation:
Hypertext Markup language (HTML) is the standard language for describing web pages. It is a tagging language for achieving fonts, colour, graphic and hyperlink effects on webpages.
HTML tags are hidden keywords within webpages that determines how the web browsers format and display the content. Most times, tags have the opening and the closing parts which are usually the same except for the addition of a forward slash ( / ) in the closing tag.
HTML comments are not displayed in the browser, but they can help document your HTML source code. The comment tag is written as:
< ! - - This is my comment - - >
Note that there is an exclamation point (!) in the beginning tag, but not in the closing tag.
Milton Friedman argued that the economy is not in long-run equilibrium if the expected inflation rate __________ the actual inflation rate.
Answer: d.a and b
Explanation:
Inflation refers to the general rise in the price of goods and services in the economy and when stable can be considered good for the economy as it signifies that the country's economy is growing.
Milton Friedman argued that for an economy to be in long run equilibrium, the expected inflation rate must be equal to the actual inflation rate. If the expected rate is either lower or higher than the actual rate then the economy is not in equilibrium.
A bond has a par value of $1,000, a current yield of 6.453 percent, annual interest payments, and 8 years to maturity. The bond quote is $929.76. What is the amount of each coupon payment?
a. $30.00
b. $32.27
c. $60.00
d. $62.50
e. $64.53
Answer:
Annual coupon payment = $599.97
Explanation:
Current yield = 6.453%
Price of bond = Bond quote / 100 * par value
Price of bond = 929.76 / 100 * 1000
Price of bond = 9297.6
The formula for current yield is: Current yield = annual coupon payment / bond price
6.453% = Annual coupon payment / 9297.6
Annual coupon payment = 6.453% * 9297.6
Annual coupon payment = 599.974128
Annual coupon payment = $599.97
The market capitalization rate on the stock of Aberdeen Wholesale Company is 12%. Its expected ROE is 14%, and its expected EPS is $3. If the firm's plowback ratio is 80%, its P/E ratio will be _________.
Answer:
100
Explanation:
The market capitalization rate is 12%
= 12\100
= 0.12
Its expected ROE is 14%
= 14/100
= 0.14
The expected EPS is $3
The Plow back ratio is 80%
= 80/100
= 0.8
The first step is to calculate the dividend payout ratio
= 1-0.8
= 0.2
The expected dividend can be calculated as follows
=0.8×3
= $2.4
The growth rate can be calculated as
follows
= 0.8×0.14
= 0.112×100
= 112%
The value can be calculated as follows
= 2.4/0.12-0.112
= 2.4/0.008
= 300%
Therefore, the P/E ratio can be calculated as follows
= 300/3
= 100
Acme company has a mission statement that is open to interpretation. Many stakeholders identify with it. Their mission statement is
Answer:
The correct answer will be "Ambiguous ".
Explanation:
Ambiguous statements were indeed incredibly beneficial if there is no intended audience for a particular model or whether the manufacturer is uncertain whether that would respond to. For example, in their advertising, another advertiser can sometimes demand a second commodity "new," and while it can indicate different meanings for a different individual, it is generally perceived favorably.So that the above is the correct response.
If interest rates increase, business investment expenditures are likely to ______ and consumer durable expenditures are likely to _________.
Assuming no direct factory overhead costs (i.e., inventory carry costs) and $3 million dollars in combined promotion and sales budget, the Dell product manager wishes to achieve a product contribution margin of 35%. Given their product currently is priced at $35.00, what would they need to limit the material and labor costs to? Select: 1Save Answer $22.75 $24.50 $21.00 $23.00
Answer:
$22.75
Explanation:
Calculation for what they need to limit the material and labor costs
Using this formula
Limits for material and labor costs =Product price-(Contribution margin percentage ×Product price)
Let plug in the formula
Limits for material and labor costs=$35-(35%×$35)
Limits for material and labor costs=$35-$12.25
Limits for material and labor costs=$22.75
Therefore what they need to limit the material and labor costs will be $22.75
Required:a. All adjustments have been journalized and posted, but the closing entries have not yet been made. Journalize Meadowbrook's closing entries at January 31 , 2018. b. A Retained Earrings has been set up for you- Post to that account Then calculate Meadowbrook's net income for be year ended January 31 , 2018. What is the ending balance of Retained Earnings? c. Did Retained Earnings increase or decrease during the year? What caused the increase or be decrease? Accounts payable . 12,200Accounts receivable 17,000Accumulated depreciation, Equipment 7,200Advertising expense 10,600Cash 17,400Common stock. 1,000Current portion of long-term Note payable 1300Depreciation expense—equipment 1,500Dividends declared 10,000Equipment 42,800Interest expense 300Note payable, long term 15,500Other assets, long-term 13,500Prepaid expenses 5,500Retained earnings, 1/31/2017 13,000Salary expense 27,800Salary payable 3,500Service revenue 97,000Supplies.. 3,000Supplies expense 4,900Unearned service revenue 3,600
Answer:
Explained
Explanation:
The net income of Meadowbrook's is $51,900.Ending balance on retained earnings account is $54,900Retained earnings are increased during the yearNet income of $51,900 caused the retained earning to increaseDEBIT CREDIT
Service revenue $97,000
Income statement $97,000
DEBIT CREDIT
Income statement $45,000
Depreciation expense—equipment $1,500
Advertising expense $10,600
Interest expense $300
Supplies expense $4,900
Salary expense $27,800
DEBIT CREDIT
Retained Earnings $10,000
Dividend $10,000
Retained Earning Account
DEBIT CREDIT
Dividend $10,000 | Opening balance $13,000
Closing $54,900 | Net income $51,900
$64,900 $64,900
The Toyota production system includes respect for people as one of its core values.a) trueb) false
Answer:
True
Explanation:
The Toyota Production System is an automated system with a touch of human control.
This system has two main aspects as the automation and Just in Time activities.
This system works on continuous improvement as it targets to work better everyday, and with Just in Time inventory system it minimises its cost of inventory and further with a touch of human effort in automation it respects humans too.
Your customer wants to buy 1,000 shares of XYZ stock and has entered a not-held order with instructions to you to purchase the stock when you feel the price looks right. Under the rules, this order will be treated as
Answer:
Day order
Explanation:
This is a not held order which must be executed during that trading day. When a customer instructs their trader to execute a not-held order, they are valid only for that day. The exceptions to this rule would require that the customer specifically states a certain time period. Not held orders are instructions to buy or sell securities when the trader believes that the price is right.