Answer:
planning curve.
Explanation:
A long run average cost curve is known as a planning curve.
n January 1, 2021, Bradley Recreational Products issued $150,000, 9%, four-year bonds. Interest is paid semiannually on June 30 and December 31. The bonds were issued at $145,153 to yield an annual return of 10%. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: 1. Prepare an amortization schedule that determines interest at the effective interest rate. 2. Prepare an amortization schedule by the straight-line method. 3. Prepare the journal entries to record interest expense on June 30, 2023, by each of the two approaches. 5. Assuming the market rate is still 10%, what price would a second investor pay the first investor on June 30, 2023, for $15,000 of the bonds
Answer:
I prepared an excel spreadsheet for questions 1 and 2 because there is not enough room here.
3) June 30, 2023, fifth coupon payment (under effective interest rate)
Dr Interest expense 7,367
Cr Cash 6,750
Cr Discount on bonds payable 617
June 30, 2023, fifth coupon payment (under straight-line method)
Dr Interest expense 7,356
Cr Cash 6,750
Cr Discount on bonds payable 606
5) we can use the approximate yield to maturity formula in order to determine the market value of a $1,000 bond on June 30, 3023:
0.1 = {45 + [(1,000 - MV)/3]} / [(1,000 + MV)/2]
0.1 x [(1,000 + MV)/2] = 45 + 333.33 - 0.333MV
50 + 0.05MV = 378.33 - 0.333MV
0.383MV = 328.33
MV = 328.33 / 0.383 = $857.26
if the investor is willing to purchase $15,000 of the bonds, then the purchase price = 15 x $857.26 = $12,858.90 ≈ $12,858.90
Explanation:
the journal entry to record the issuance of the bonds:
Dr Cash 145,153
Dr Discount on bonds payable 4,847
Cr Bonds payable 150,000
Tung is nearly fifty years of age and has not had a job for the past twenty-five years. He holds a bachelor's degree in engineering and is in good health. When he casually discusses his lack of employment with friends, he tells them "there are no jobs out there," "no one wants to pay me what I'm worth," or "I was offered a job but it's too far to travel."
1. Based on this scenario, which statement best explains Tung's lack of a job?
Answer:
1- Tung is a exemple of the ideology of personal responsability.
Explanation:
The ideology of personal responsibility corresponds to a set of personal ideologies about the facts that happen in your life.
The individual believes that everything that happens is because of his actions and therefore occurs because of his own cause and choice. Therefore, they believe that because they choose their actions, they should be held responsible for them both legally and morally.
Consider the following data representing the price of laptop computers (in dollars).
1365, 1240, 1371, 1052, 1238, 1293, 1043, 1393, 1416, 1035, 1092, 1428, 1288, 1175, 1098, 1083, 1313, 1300, 1060, 1120, 1116
Determine the class width of the classes listed in the frequency table.
Answer:
The class width is calculated by subtracting the lowest value from the highest value in the given data set. In this case, the lowest value is 1035 and the highest value is 1428, so the class width is 1428 - 1035 = 393.
Explanation:
Meeting planners might find themselves doing all of the following except:
1.arranging for technical and audiovisual needs
2.establishing agenda, objectives, and budget
3.establishing policies and programs for business travel
4.working with vendors to secure locations
Answer:
No one should be seated closer to the screen that two times the height of the screen nor further back that eight times the height of the screen.A meeting agenda is an ordered list of topics you plan to cover during your meeting. It prioritizes the most important items you need to discuss with your team, and it can serve as a guide for how the meeting will progress.Have all the necessary documents on your person— ID cards, passport and visa (if needed), and travel tickets, before leaving for the scheduled departure. Business documents are also importantAs a vendor's security rating improves, so does their security posture. Security ratings products provide real-time, non-intrusive measurement of any vendor's security performance and can instantly provide an aggregate view of vendor performance and key risks shared across your third and fourth-parties.which of the following would make thebest topic sentence
Answer:
I need a choice...
Explanation:
Consider a firm redesigning its logistics network. What are the advantages of having a small number of centrally located warehouses? What are the advantages of having a larger number of warehouses closer to the end customers?
Small centrally located warehouses offer cost efficiency and simplified inventory management, while larger warehouses closer to customers provide faster delivery, better customer service, and cost savings in shipping.
Having a small number of centrally located warehouses offers several advantages in a firm's logistics network:
Cost Efficiency: Centralized warehouses can lead to cost savings in terms of inventory management, transportation, and operational overheads. With fewer warehouses, the firm can benefit from economies of scale in procurement, storage, and distribution.
Simplified Inventory Management: Managing inventory becomes more streamlined when there are fewer warehouses. It allows for better control and visibility over stock levels, reducing the risk of stockouts or overstocking.
Faster Transit Times: With centrally located warehouses, products can be shipped more quickly to various regions since they are closer to major transportation hubs. This reduces lead times and improves overall customer satisfaction.
Improved Coordination: Centralized warehouses facilitate better coordination and synchronization of supply chain activities. It becomes easier to manage inbound and outbound logistics, optimize transportation routes, and consolidate shipments.
On the other hand, having a larger number of warehouses closer to end customers provides the following advantages:
Faster Delivery: Proximity to end customers enables faster order fulfillment and delivery. Products can reach customers more quickly, reducing transit times and improving responsiveness.
Enhanced Customer Service: Local warehouses allow for better customization and personalization of service. They can cater to specific regional preferences, offer faster response times to customer queries, and handle returns or exchanges more efficiently.
Lower Shipping Costs: By locating warehouses closer to customers, transportation costs can be reduced as products travel shorter distances. This can lead to cost savings in shipping expenses.
Flexibility and Redundancy: Having multiple warehouses distributed geographically provides redundancy and flexibility in the supply chain. It mitigates the risk of disruptions, such as natural disasters or transportation issues, as the firm can rely on alternative warehouse locations.
In summary, a small number of centrally located warehouses offer cost efficiency and streamlined inventory management, while a larger number of warehouses closer to end customers provide faster delivery, improved customer service, lower shipping costs, and increased flexibility.
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Reggie, who is 55, had AGI of $35,200 in 2022. During the year, he paid the following medical expenses:
Drugs (prescribed by physicians)
Marijuana (prescribed by physicians)
Health insurance premiums-after taxes
Doctors' fees
Eyeglasses
Over-the-counter drugs
$ 570
1,470
1,280
1,320
445
270
Required:
Reggie received $570 in 2022 for a portion of the doctors' fees from his insurance. What is Reggie's medical expense deduction?
Reggie's medical expense deduction is $7,276.
AGI, or adjusted gross income, is a person's total income minus certain deductions and is used to calculate taxable income.
Reggie, who is 55 years old, had an AGI of $35,200 in 2022. During the year, he incurred the following medical expenses:
Drugs (prescribed by physicians): $5,701
Marijuana (prescribed by physicians): $1,470
Health insurance premiums-after taxes: $1,280
Doctors' fees: $1,320
Eyeglasses: $445
Over-the-counter drugs: $270
Reggie was reimbursed $570 by his insurance company for a portion of the doctors' fees. To calculate his medical expense deduction, we first need to subtract any reimbursements from his total medical expenses.
Total medical expenses: $5,701 + $1,470 + $1,280 + $1,320 + $445 + $270 = $10,486
Reimbursements: $570
Medical expenses after reimbursements: $10,486 - $570 = $9,916
To claim a medical expense deduction, the expenses must exceed a certain percentage of AGI, which varies depending on the taxpayer's age. For taxpayers who are 65 or younger, the threshold is 7.5% of AGI. For taxpayers who are over 65, the threshold is 7%.
Since Reggie is 55 years old, the threshold is 7.5% of his AGI or $35,200 x 0.075 = $2,640.
Therefore, Reggie can deduct the portion of his medical expenses that exceed $2,640.
Amount of medical expenses that exceed the threshold: $9,916 - $2,640 = $7,276
Therefore, Reggie's medical expense deduction is $7,276.
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derek company gathered the following reconciling information in preparing its september bank reconciliation: cash balance per books, 9/30 $3,333 deposits in transit 356 notes receivable and interest collected by bank 849 bank charge for check printing 23 outstanding checks 1,337 nsf check 155 find the adjusted cash balance per books on september 30. select the correct answer. $3,023 $2,352 $3,178 $4,004
The adjusted cash balance per books on September 30 is $4,004. The Option D is correct.
What are bank reconciliation?In accounting, statement of bank reconciliation refers to summary of banking and business activity that reconciles an entity’s bank account with its financial records. The statement often outlines deposits, withdrawals and other activities affecting a bank account for a specific period. In essence, statement of bank reconciliation are very useful because it is used as financial internal control tool to thwart fraud.
Particulars Amount
Cash balance according to books $3,333
Add: Note and interest collected $849
$4,182
Less: Service Charges $23
Less: NSF $155 $178
Adjusted balance $4,004
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Applications that can be picked up at places of employment are known as:
0000
employment resumé.
paper applications.
online applications.
None of these choices are correct.
Applications that can be picked up at places of employment are known as B. paper applications.
What are paper applications ?In many workplaces, job seekers can obtain a paper application form from the employer, either by visiting the company's physical location or by requesting one through mail or email.
Paper applications typically require the applicant to fill out personal information, employment history, and educational background, along with any other relevant details that the employer may require. Online applications can be more convenient and efficient for both the employer and the job seeker, as they allow for easier tracking and management of applications.
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Task: Now that you are about 50% completed with your course, I would like for you to take this time to reflect on your current grade. Your task is to:
1. Review your grade by looking up your Actual Grade and Progress.
2. Write a 3-4 sentence reflection piece on how you aim to continue thriving or how you will improve your grade. This
must be in complete sentences in order to recieve appropriate credit.
Once you have gathered your information, you will enter it below in paragraph form. Everything must be in complete sentences. Please check for any grammar and/or punctuation errors.
Answer:
I don't really think you need help with this but umm you can write after looking at your grade: *this is an example*
Explanation:
(For online)
"I would like to improve my grade by focusing more and not getting distracted. Another way I would like to improve my grade is where I can work without any noise. Lastly, I would like to improve my grade by turning off any electronics in sight or reach."
(Longer sentence with some grammar and/or punctuation errors checked):
"I would like to generally improve my grade by focusing kind of more and not getting distracted, particularly contrary to popular belief. Another way I would like to mostly improve my grade basically is where I can work without any noise, which specifically is quite significant. Lastly, I would like to kind of improve my grade by turning off any electronics in sight or reach, or so they for the most part though."
-------------------------------------------------------------------------------------------------------------
(For face to face school)
"I would like to improve my grade by asking the teacher for help when needed. Try and ignore my friends when they try and talk to me in class (if you're with friends), Try and ignore people around me if they talk to each other or if they talk to me (without friends). Focus on my work and take notes when asked or needed."
(Longer sentence with some grammar and/or punctuation errors checked):
"I would like to for the most part improve my grade by asking the teacher for particular help when needed, or so they definitely thought. Try and mostly ignore my friends when they for the most part try and definitely talk to me in class (if you're with friends), generally Try and basically ignore people around me if they really talk to each definitely other or if they, for the most part, talk to me (without friends), basically contrary to popular belief. Focus on my work and particularly take notes when for all intents and purposes asked or needed, demonstrating how literally try and for the most part ignore my friends when they mostly try and specifically talk to me in class (if you\'re with friends), actually Try and basically ignore people around me if they, for the most part, talk to each definitely other or if they actually talk to me (without friends), which particularly is fairly significant."
Lastly:
Good Luck!
Select the correct answer.
Prontas Inc. has bought back 2,000 of its stock from its shareholders at par value of $5. How will this transaction be recorded in the journal of Prontas Inc.?
A.
Treasury Stock Account (Debit) $10,000 Common Stock Account (Credit) $10,000
B.
Cash Account (Debit) $10,000 Common Stock Account (Credit) $10,000
C.
Cash Account (Debit) $10,000 Treasury Stock Account (Credit) $10,000
D.
Treasury Stock Account (Debit) $10,000 Cash Account (Credit) $10,000
If Prontas Inc. has bought back 2,000 of its stock from its shareholders at par value of $5. This transaction will be recorded in the journal of Prontas Inc. as: D. Treasury Stock Account (Debit) $10,000 Cash Account (Credit) $10,000.
What is journal entry?Journal entry is used by companies to post their business transaction. The appropriate journal entry to record this transaction is Treasury Stock Account (Debit) $10,000 Cash Account (Credit) $10,000 which is calculated as :
Prontas Inc. entry
Debit: Treasury Stock $10,000
(2,000 x $5)
Credit: Cash $10,000
(2,000 x $5)
Therefore the correct option is D.
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Prepare journal entries to record each of the following transactions of a merchandising company. The company uses a perpetual inventory system and the gross method.
Nov. 5 Purchased 950 units of product at a cost of $12 per unit. Terms of the sale are 5/10, n/60; the invoice is dated November 5.
Nov. 7 Returned 40 defective units from the November 5 purchase and received full credit.
Nov. 15 Paid the amount due from the November 5 purchase, minus the return on November 7
Answer:
November 5, 202x, merchandise purchased on account, credit terms 5/10, n/60
Dr Merchandise inventory 11,400
Cr Accounts payable 11,400
November 7, 202x, 40 defective units returned
Dr Accounts payable 480
Cr Merchandise inventory 480
November 15, 202x, paid invoice within discount term
Dr Accounts payable 10,920
Cr Cash 10,374
Cr Purchase discounts 546
Suppose a firm's tax rate is 35 %. a. What effect would a $ 9.97 million operating expense have on this year's earnings? What effect would it have on next year's earnings? g
Answer:
Dnndjdndjdj
Explanation:
Do you think people tailor their behavior to suit those in power more than they admit?
Answer:
yes, of course they do
Explanation:
people will always tailor their behavior wether it's against them or for them, depending on how they feel they will act a certain way
Regardless of whether something is working in their favor or against them, people will always adjust their conduct to suit their feelings.
People tailor their behavior to suit those in power more than they admit?I concur that most people behave differently in front of influential people. They modify their actions to suit those in positions of authority. In front of influential individuals, they also refuse to acknowledge the full amount of their subordination.
From a different angle, we must recognize that those in positions of authority do so for a cause. They are required to keep society working properly and in order. Because our supervisors have coercive power over us in addition to their position, we typically perform tasks at work according to their requirements and in their preferred style.
Therefore, If we don't change our conduct to fit their needs, we risk losing our jobs. In other cases, something else that we see as being important to us might take the place of the work. The source is driven into submission or obedience by the fear of losing that "Something."
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[The following information applies to the questions displayed below.] Use the Access_Practice.accdb database to complete the following tasks in Access. Microsoft Access is required for this problem. Use the database to complete tasks a through g in Access. Answer the questions below after completing tasks d, e, and g, respectively. rev: 03_05_2021_QC_CS-254504 Problem 4-9 [LO 4-2] Go to the Relationships screen and connect the five tables, enforcing referential integrity. Calculate the total sales for each customer. Include CustomerID and CompanyName from the Customer table and the calculated sale amount from the Sale_Amount_ Calculation query. Name the query Total_Customer_Sales. Generate an e-mail user name for each employee using the first letter of the employee’s first name and the first five letters of the employee’s last name, e.g., Rod Smith = > rsmith. Include EmployeeID, EmployeeFirstName, and EmployeeLastName in the query. Name the query Employee_Email_Generator. Calculate the total sales for each month. Determine which customer had the highest average sales amount. (Hint: Sort in descending order.) Assume the employees earn a 5 percent commission on sales. Calculate the total commission due to each employee. Use two queries to do these calculations. Required: e. Which customer had the highest average sales amount? What specifically was their average amount? f. Which employee had the highest earned commission? What specifically was their commission amount?
Answer:
To complete the tasks a through g in Access, you will need to open the Access_Practice.accdb database in Microsoft Access and navigate to the appropriate screens to create queries and perform calculations. Here are some general steps to follow:
a. Go to the Relationships screen and connect the five tables, enforcing referential integrity. This involves linking the primary keys in one table to the foreign keys in another table, so that the data is consistent and accurate. To do this, you will need to open the Relationships screen, add the tables to the design grid, and create relationships between the appropriate fields. You will also need to enable the "Enforce Referential Integrity" option to ensure that the data is consistent across tables.
b. Calculate the total sales for each customer. To do this, you will need to create a query that joins the Customer and Sale tables, calculates the sum of the sales for each customer, and includes the CustomerID, CompanyName, and calculated sale amount in the results. You can use the "Sale_Amount_Calculation" query to calculate the sale amount for each sale.
c. Generate an email username for each employee. To do this, you will need to create a query that concatenates the first letter of the employee's first name with the first five letters of their last name, and includes the EmployeeID, EmployeeFirstName, and EmployeeLastName in the results.
d. Calculate the total sales for each month. To do this, you will need to create a query that joins the Sale and Product tables, calculates the sum of the sales for each month, and includes the month and calculated sale amount in the results. You can use the DatePart function to extract the month from the SaleDate field.
e. Determine which customer had the highest average sales amount. To do this, you can sort the Total_Customer_Sales query in descending order by the calculated sale amount, and select the top row to find the customer with the highest average sales amount.
f. Calculate the total commission due to each employee. To do this, you will need to create two queries: one that calculates the total sales for each employee (by joining the Sale and Employee tables, calculating the sum of the sales for each employee, and multiplying by 0.05), and another that summarizes the results by employee and includes the EmployeeID and calculated commission amount. You can sort the results in descending order by the commission amount to find the employee with the highest earned commission.
Note that these are general guidelines, and the specific steps may vary depending on the structure and content of the Access_Practice.accdb database. It is important to follow best practices for database design and to test the queries and calculations to ensure they are accurate and reliable.
Explanation:
Discuss the various system for internal administration for financial organisation.
The various system for the internal administration of financial organizations includes accounting systems, budgeting systems, internal controls, performance management systems, risk management systems, and compliance management systems.
Internal administration systems for financial organizations are systems that oversee the internal functioning of the financial organizations and their staff. They enable businesses to establish and follow specific procedures that ensure their operations are stable, transparent, and responsible.
Here are some of the various systems for internal administration for financial organizations:
1. Accounting systems: Accounting systems are essential to ensure the accuracy of financial transactions and the reliability of financial statements. The accounting system should provide information about the current financial status of the organization and account for all income and expenses.
2. Budgeting systems: Financial organizations use budgeting systems to allocate resources and plan expenditures. This system can be used to control the financial performance of a department, project, or organization.
3. Internal controls: Internal controls are the procedures, policies, and activities that help an organization to maintain the integrity of its operations and prevent fraud. The effectiveness of these controls depends on how well they are implemented.
4. Performance management systems: Performance management systems are used to ensure that the goals of an organization are achieved. This system can be used to monitor and evaluate employee performance, provide feedback, and manage employee development.
5. Risk management systems: Risk management systems help financial organizations to identify and manage risks. They can be used to assess the risk associated with various activities and develop strategies to mitigate those risks.
6. Compliance management systems: Compliance management systems help financial organizations ensure that they are following all relevant regulations and laws. They can be used to monitor compliance with internal policies and procedures as well as external regulations.
In conclusion, internal administration systems for financial organizations are essential for ensuring the stability and transparency of financial operations. These systems include accounting systems, budgeting systems, internal controls, performance management systems, risk management systems, and compliance management systems.
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-At which point are you producing all running shoe
inserts and no hiking boot inserts?
-Which production point would be a goal for the future
but cannot be attained now?
Answer is A,X
Answer:
the guy above is right trust me (kid in all cp classes)
Explanation:
but yea he is correct
consults with an employee about her continuing education
An HR manager consults with an employee about her continuing education options is Training and development
What is the role of training and development in HRM?In order to help organisations achieve their strategic goals, training and development are essential components of human resource management (HRM). They do this by ensuring that employees have the abilities, knowledge, and skills required to do their jobs well. While development refers to broader learning opportunities that aim to improve an employee's overall skills and capabilities for future roles, training refers to the process of imparting specific skills or knowledge to employees to improve their performance on the job. Employees who participate in training and development programmes can learn new skills, increase their productivity, and show greater interest in their work. They can also aid businesses in luring and keeping top talent by offering chances for career advancement.
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Can someone please help ASAP!!!
IN UR OWN WORDS PLEASE
Thanks!!
The Federal Reserve uses three tools to set monetary policy through the banks. Identify these three tools and provide an example of how each tool affects individual consumers. (5 points)
Monetary Policy Implementation: The Fed's Policy Toolkit. Reserve requirements, the discount rate, and open market operations are the three instruments the Fed has historically used to implement monetary policy.
Which tool of monetary policy is most important and why?To accomplish macroeconomic objectives, a monetary policy employs a variety of tools, including open market operations, requirements for bank reserves, and the discount rate. Open market operations, however, are regarded as the most significant and frequently applied tool of the three.
The most crucial and efficient method of expanding the money supply out of these three is to purchase bonds on the open market. The Fed must convince banks to make fewer loans if it wants to shrink the money supply.
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Technology – the second cruel correspondence
The negative consequences of technology on society are largely directed to mass-produced products, with social media receiving the most criticism.
Many studies have been done on this topic, and social networking sites has often been identified as both the primary source of misleading information, encouraging hate and harassment and the number two source of loneliness, sadness and depression.
Children who use technology excessively are more susceptible to mental health problems, such as attention deficit disorder, poor creativity, language development delays, emotional and social development delays, and addiction to digital gadgets.
Technology's drawbacks:
Addiction. There have been many cases of technology addiction and ethical conundrums in recent years. The future of humanity appears to be moving toward the society that many films have predicted: one in which robots and artificial intelligence (AI) play a significant role. Dehumanization, Pollution, Privacy, and other issues.To know more about negative impact of Technology, click on the link below:
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in the cash book, every cash receipt is______ and every cash payment is_______
What types of information do we disclose to others when forming a relationship? (site 1)
Answer:
self disclosure
Explanation:
Something of value that is stored on a computer is called a
A. digital asset
B. digital avatar
C. digital device
D. digital payment
Answer:
A. Digital Asset
Explanation:
Answer: digital asset
Explanation:it’s right
All changes save
1. Paid Furniture Depot $1300 payment in full. The two accounts that are affected are? (Check all that apply)
Debit cash $1300
Debit Furn Depot $1300
Credit cash $1300
Credit Furn depot $1300
Answer:
Debit Furniture Depot $1300
Credit cash $1300
Explanation:
Both furniture and cash are assets held by the company.
When an asset increases, in this case we purchased furniture, we must debit the asset account. On the other hand, when an asset decreases, we have less cash since we paid for the furniture, we must credit the account.
The accounts must always be balanced.
Solution : (Valuing preferred stock) Kendra Corporation’s preferred shares are trading for $25 in the market and pay a $4.50 annual dividend. Assume that the market’s required yield is 14 percent. a. What is the stock’s value to you, the investor? b. Should you purchase the stock?
A. The stock's value to the investor is $32.14.
B. Yes, the investor should purchase the stock as it is trading at a price lower than its value.
a. The stock’s value to you, the investor:
The annual dividend of the Kendra Corporation's preferred shares = $4.50
The market price of the stock = $25
Market's required yield = 14%
To calculate the stock's value to an investor, we use the formula:
P=D/R
Where,
P = stock’s value to you, the investor
D = Annual dividend
R = Required yield of the market
By putting the given values, we have: P= 4.5/0.14P= 32.14
Hence, the stock's value to the investor is $32.14.
b. Should you purchase the stock:
Yes, the investor should purchase the stock as it is trading at a price lower than its value. Since the stock's value to an investor is greater than its current market price, this is considered a good investment opportunity. Therefore, the investor should purchase the stock.
A brief explanation: Since the stock's market price is lower than its actual value, it indicates that the investor will receive a higher yield on the investment if they purchase the stock. In other words, the difference between the stock's market price and its value represents a discount for the investor. Therefore, it is a good investment opportunity.
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The law of comparative advantage says that a person should produce a good if he or she: Group of answer choices can produce the good at the same cost as another producer can. receives the highest marginal benefit from the good. has an absolute advantage in producing the good. has the lowest opportunity cost of producing the good. has the greatest desire to consume the good.
Answer:
has the lowest opportunity cost of producing the good
Explanation:
Comparative advantage is the capability of the one party in order to manufactured the goods or services at less opportunity cost as compared to the other party. It could be used for overall nations and thier economies
So as per the given situation, the above statement represent an answer
hence, the same is to be considered
Froya Fabrikker A/S of Bergen, Norway, is a small company that manufactures specialty heavy equipment for use in North Sea oil fields. The company uses a job-order costing system that applies manufacturing overhead cost to jobs on the basis of direct labor-hours. Its predetermined overhead rate was based on a cost formula that estimated $399,000 of manufacturing overhead for an estimated allocation base of 1,050 direct labor-hours. The following transactions took place during the year:
Raw materials purchased on account $200,000.
Raw materials used in production (all direct materials) $185,000.
Utility bills incurred on account, $70,000 (90% related to factory operations, and the remainder related to selling and administrative activities).
Accrued salary and wage costs:
Direct labor (975 hours) $230,000
Indirect labor $90,000
Selling and administrative salaries $110,000
Maintenance costs incurred on account in the factory, $54,000.
Advertising costs incurred on account, $136,000.
Depreciation was recorded for the year, $95,000 (80% related to factory equipment, and the remainder related to selling and administrative equipment).
Rental cost incurred on account, $120,000 (85% related to factory facilities, and the remainder related to selling and administrative facilities).
Manufacturing overhead cost was applied to jobs, $__________? .
Cost of goods manufactured for the year, $770,000.
Sales for the year (all on account) totaled $1,200,000. These goods cost $800,000 according to their job cost sheets.
The balances in the inventory accounts at the beginning of the year were:
Raw Materials $30,000
Work in Process $21,000
Finished Goods $60,000
Required:
a. Prepare journal entries to record the preceding transactions.
b. Post your entries to T-accounts. (Don’t forget to enter the beginning inventory balances above.)
c. Prepare a schedule of cost of goods manufactured.
d. Prepare a journal entry to close any balance in the Manufacturing Overhead account to Cost of Goods Sold.
e. Prepare a schedule of cost of goods sold.
f. Prepare an income statement for the year.
a. The preparation of the journal entries to record the preceding transactions for Froya Fabrikker A/S of Bergen, Norway is as follows:
Journal Entries:Debit Raw materials $200,000
Credit Accounts Payable $200,000
Debit Work in Process $185,000
Credit Raw materials $185,000
Debit Manufacturing overhead $63,000
Debit Selling and Admin. $7,000
Credit Utilities Payable $70,000
Debit Work in Process $230,000
Debit Manufacturing overhead $90,000
Debit Selling and administrative salaries $110,000
Credit Payroll Payable $430,000
Debit Manufacturing overhead $54,000
Credit Maintenance Expenses Payable $54,000
Debit Selling and Admin. Expenses $136,000
Credit Advertising costs Payable $136,000
Debit Manufacturing overhead $76,000
Debit Selling and Admin. Expense $19,000
Credit Depreciation Expenses $95,000
Debit Manufacturing overhead $102,000
Debit Selling and Admin. Expense $8,000
Credit Rental Expense Payable $120,000
Debit Work in process $370,500
Credit Manufacturing overhead applied $370,500
Debit Finished goods $770,000
Credit Work in Process $770,000
Debit Accounts Receivable $1,200,000
Credit Sales Revenue $1,200,000
Debit Cost of goods sold $800,000
Credit Finished goods $800,000
b. T-accounts:Raw MaterialsAccount Titles Debit Credit
Beginning Balances $30,000
Accounts Payable $200,000
Work in Process $185,000
Balance $45,000
Work in ProcessAccount Titles Debit Credit
Beginning Balances $21,000
Raw materials 185,000
Payroll Payable 230,000
Manufacturing
overhead applied 370,500
Finished Goods $770,000
Balance $36,500
Finished GoodsAccount Titles Debit Credit
Beginning Balances $60,000
Work in Process 770,000
Cost of goods sold $800,000
Balance $30,000
Cost of goods soldAccount Titles Debit Credit
Finished goods $800,000
Under-applied o/h 14,500
Income Summary $814,500
Accounts PayableAccount Titles Debit Credit
Raw materials $200,000
Manufacturing overheadAccount Titles Debit Credit
Utilities Payable $63,000
Payroll Payable 90,000
Maintenance
Expenses Payable 54,000
Depreciation Exp. 76,000
Rental Payable 102,000
Work in Process $370,500
Cost of goods sold 14,500
Selling and Admin. ExpensesAccount Titles Debit Credit
Utilities Payable $7,000
Payroll Payable 110,000
Advertising Payable 136,000
Depreciation Exp. 19,000
Rental Payable 8,000
Income Summary $280,000
Utilities PayableAccount Titles Debit Credit
Manufacturing overhead $63,000
Selling and Admin. expenses 7,000
Payroll PayableAccount Titles Debit Credit
Work in process $230,000
Manufacturing overhead 90,000
Selling and Admin. expense 110,000
Maintenance Expenses PayableAccount Titles Debit Credit
Manufacturing overhead $54,000
Advertising costs PayableAccount Titles Debit Credit
Manufacturing overhead $136,000
Depreciation ExpensesAccount Titles Debit Credit
Accumulated Depr. $95,000
Manufacturing overhead $76,000
Selling and Admin. Expense 19,000
Rental Expense PayableAccount Titles Debit Credit
Manufacturing overhead $102,000
Selling and Admin. Expense 8,000
c. The preparation of a schedule of cost of goods manufactured is as follows:
Schedule of Cost of Goods ManufacturedBeginning Work in Process $21,000
Raw materials used 185,000
Direct labor 230,000
Manufacturing overhead applied 370,500
Ending Work in Process ($36,500)
Cost of goods manufactured $770,000
d. The preparation of a journal entry to close any balance in the Manufacturing Overhead account to Cost of Goods Sold is as follows:
Debit Cost of goods sold $14,500
Credit Manufacturing overhead $14,500
To close manufacturing overhead to Cost of Goods Sold.e. The preparation of a schedule of cost of goods sold is as follows:
Schedule of Cost of Goods Sold:Beginning Finished Goods $60,000
Cost of manufactured goods 770,000
Under-applied overhead 14,500
Ending Finished Goods ($30,000)
Cost of goods sold $814,500
f. The preparation of an income statement for the year is as follows:
Froya Fabrikker A/S of Bergen, Norway
Income StatementFor the year ended December 31,
Sales Revenue $1,200,000
Cost of goods sold 814,500
Gross profit $385,500
Selling and admin. exp. 280,000
Net income $105,500
Data and Calculations:Estimated manufactured overhead = $399,000
Estimated direct labor-hours = 1,050
Predetermined overhead rate = $380 ($399,000/1,050)
Direct labor (975 hours) $230,000
Applied overhead = $370,500 ($380 x 975)
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For for computation of pre-incorporation profit salary to vendor
Interest on purchase consideration, the salary of partners, and interest on vendor capital are to be charged during the pre-incorporation period.
Answer:
vendor is. OTreated as pre-incorporation.is it true or false that the socioeconomic model of social responsibility emphasizes the effort of business decisions on society
Answer:
I pretty sure it's true
Explanation:
hope this helps
Increased flexibility in scheduling has become an important benefit for employers to offer because of:
Increased flexibility in scheduling serves as important benefit for employers to offer because of:
1)the increase in single parent homes
2)the increase in two-income families
Scheduling serves as a process of arranging as well as controlling and optimizing work when carrying out a production process.It is important for employers to have Increased flexibility in scheduling because of the rise in single parent home.Learn more at:
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