Solution :
Variance Calculations Result
Direct material 0.08(300,000 x 4.5 - 1,240,000) 8,800 favorable
usage variance
Direct material 1,240,000 x (0.08 - 0.18) 124,000 unfavorable
price variance
The standard quantity = actual production x standard quantity per unit
= 300,000 x 4.5
= 1,350,000
Classifying all data in an organization may be impossible. There has been an explosion in the amount of unstructured data, logs, and other data retained in recent years. Trying to individually inspect and label terabytes of data is expensive, time consuming, and not productive. Different approaches can be employed to reduce this challenge. Which of the following is not one these approaches?
A. Classify only the data that is most vital and contains the highest risk to the organization
B. Classify data by point of origin or storage location.
C. Classify data at use or time of inception.
D. Classify all forms of data no matter the risk to the organization.
Jack is a married male, while John is single. Your company has an assignment in a branch in Mexico that would last a couple of years. Management feels that John would be better for this assignment because he is single and is free to move. Is this decision fair?
No, It is an unfair decision by an employer to discriminate based on an applicant's marital status or perceived marital status. Although in contradict to this situation there is evidence that employers prefer and promote men who are married with children, especially compared to their childless male peers and to mothers as married men are often seen as more responsible and dedicated workers.
What is a marital status?Civil status, or marital status, are the distinct options that describe a person's relationship with a significant other. Married, single, divorced, and widowed are examples of civil status. Whether or not marital status discrimination is illegal depends on the laws of your state. Federal law doesn't prohibit discrimination on the basis of an employee's or applicant's marital status. However, almost half of the states and the District of Columbia have outlawed this type of discrimination Employers in California are prohibited from asking certain types of questions during a job interview. This includes questions about an applicant's race, religion, or marital status.
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Lamar needs 2308 for a future project. He can invest 2000 now at an annual rate of , compounded semiannually. Assuming that no withdrawals are made, how long will it take for him to have enough money for his project
Answer:
Find detailed explanation below
Explanation:
The required future amount of 2308 is the future value of the amount invested today, hence, using the future value formula as provided below, we can determine the length of time it takes Lamar to accumulate enough money for the project.
FV=PV*(1+r/n)^mn
FV=2308
PV=2000
r=4%(assumed in order to explain the concept of the time value of money in a clearer context)
n=2(interest is compounded semiannually, twice a year)
m=number of years it takes to accumulate enough money=unknown
2308=2000*(1+4%/2)^2*m
2308/2000=(1.02)^2*m
1.154=1.0404^m
take the log of both sides
ln(1.154)=m ln(1.0404)
m=ln(1.154)/ln(1.0404)
m=3.62 years
The records of the Dodge Corporation show the following results for the most recent year:
Sales (16,000 units) $256,000
Variable expenses $160,000
Net operating income $32,000
Given the provided data, identify the contribution margin.
Answer:
unitary contribution margin= $6
Explanation:
Giving the following information:
Sales (16,000 units) $256,000
Variable expenses $160,000
First, we need to calculate the unitary selling price and unitary variable cost:
Selling price= 256,000 / 16,000= $16
Unitary variable cost= 160,000 / 16,000= $10
Now, the unitary contribution margin:
unitary contribution margin= selling price - unitary variable cost
unitary contribution margin= 16 - 10
unitary contribution margin= $6
There are hundreds if not thousands of wineries. Each winery tries to emphasize how their product is superior to others, though they are all close substitutes. Barriers to entry are low in this industry, and profits for new entrants are small. Which industrial model best fits the wine market
Answer: Monopolistic competition
Explanation:
Based on the information given in the question, the industrial model that best fits the wine market is a monopolistic competition.
Monopolistic competition refers to a form of imperfect competition whereby there are many producers that are competing against each other. They sell differentiated products, therefore the products are not perfect substitutes
In a monopolistic competition, the barriers to entry are low in this industry, and profits for new entrants are small. The firms in the industry possess some market power and therefore can charge a price that's higher price than a competitor. It should also be noted that a zero economic profit is earned in the long run.
In the Month of March, Chester received orders of 81 units at a price of $15.00 for their product Creak. Chester uses the accrual method of accounting and offers 30 day credit terms. Chester delivers 81 units in April. They received payment for 41 units in March, and 41 units in April. In the March income statement, how much revenue is recognized on the March income statement from this order
Answer:
Chester Corporation
Revenue for March Income Statement for this order = $0
Revenue for April Income Statement for this order = $1,215
Explanation:
a) Data and Calculations:
March: orders of 81 units at a price of $15 received = $1,215
Credit terms = 30 days
April, delivery of 81 units
March, payment for 41 units received
April, payment for 41 units received
In the March income statement, no revenue is recognized on the March Income Statement from this order because the delivery is for April. All revenue will be accounted for in April.
On January 1, 2019, Stronger Industries issued $480,000 of 9%, five-year bonds that pay interest semiannually on June 30 and December 31. They are issued at $499,483 and their market rate is 8% at the issue date. After recording the entry for the issuance of the bonds, Bonds Payable had a balance of $480,000 and Premium on Bonds Payable had a balance of $19,483. Stroger uses the effective interest bond amortization method. The first semiannual interest payment was made on June 30, 2019. Complete the necessary journal entry for the interest payment date of June 30, 2019 by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns.
Answer:
Journal Entry to record the first interest payment
June 30, 2019
Dr. Interst Expense $19,979.32
Dr. Premium on Bond $1,620.68
Cr. Cash $21,600
Explanation:
First, we need to calculate the premium on bond amortization as follow
Premium on bond amortization = Coupon Payment - Interest Expense
Premium on bond amortization = ( $480,000 x 8% x 6/12 ) - ( $499,483 x 8% x 6/12 )
Premium on bond amortization = $21,600 - $19,979.32
Premium on bond amortization = $1,620.68
Joe had made an agreement with Auto Insurance Co. not to use his van for commercial business purposes when he purchased auto insurance. Joe had an accident while delivering pizzas for Bigger Pizza, Inc. For which type of violation will Joe not be covered under his insurance?
Answer:
.Concealment
Explanation:
From the question we are informed about Joe who had made an agreement with Auto Insurance Co. not to use his van for commercial business purposes when he purchased auto insurance. Joe had an accident while delivering pizzas for Bigger Pizza, Inc. the type of violation that Joe will not be covered under his insurance is Concealment.
Concealment can be regarded as omission of information during insurance process, which would definitely has effect on the issuance as well as the rate of an insurance contract. In a case whereby the insurer is unable to get access to the nondisclosed information and the
nondisclosed information is material as regards the decision-making process, nullification of the insurance contract can be carried out by the insurer.
The accounting records of Jamaican Importers, Inc., at January 1, 2021, included the following: Assets: Investment in IBM common shares $ 1,345,000 Less: Fair value adjustment (145,000) $ 1,200,000 No changes occurred during 2021 in the investment portfolio.
Prepare appropriate adjusting entry(s) at December 31, 2021, assuming the fair value of the IBM common shares was:_____.
1, $ 1,175,000
2, $ 1,275,000
3, $ 1,375,00
Answer: See explanation
Explanation:
The appropriate adjusting entry(s) at December 31, 2021, given the fair value of the IBM common shares are represented below:
1. 31, December 2021
Dr Unrealized holding gain or loss - NI $25,000
Cr To Fair value adjustment $25,000
(To record adjustment to fair value)
2. 31, December 2021
Dr Fair value adjustment $75,000
Cr To Unrealized holding gain or loss - NI $75,000
(To record adjustment to fair value)
3. 31, December 2021
Dr Fair value adjustment $175,000
Cr To Unrealized holding gain or loss - NI $175,000
(To record adjustment to fair value)
The Public Company Accounting Oversight Board (PCAOB) has authority to establish which of the following relating to public companies?
Attestation Standards Independence Standards
A. Yes Yes
B. Yes No
C. No Yes
D. No No
a. Option A
b. Option B
c. Option C
d. Option D
Answer: a. Option A
Explanation:
The Public Company Accounting Oversight Board (PCAOB) was formed by the Sarbanes-Oxley Act in the aftermath of the disastrous accounting policies of companies like WorldCom and Enron in the early 2000s to protect investors from such happening again.
The PCAOB monitors companies to ensure that they are complying by the provisions of the Sarbanes-Oxley Act and do so by coming up with both attestation and independence standards that these companies are to adhere to.
Based on a predicted level of production and sales of 30,000 units, a company anticipates total contribution margin of $105,000, fixed costs of $40,000, and operating income of $65,000. Based on this information, the budgeted operating income for 28,000 units would be
Answer: $58,000
Explanation:
Operating income for 28,000 units = Contribution margin for 28,000 units - Fixed costs
Contribution margin for 28,000 units:
= 28,000 units * Contribution margin of 30,000 units / 30,000 units
= 28,000 * 105,000 / 30,000
= $98,000 units
Operating income for 28,000 units = 98,000 - 40,000
= $58,000
Last year Aft charged $1,220,293 Depreciation on the Income Statement of Andrews. If early this year Aft purchased a new depreciable asset, the effect on Andrews's financial statements would be (all other items remaining equal):
Answer: No impact on Net Cash from operations.
Explanation:
There are three main sections in the cash flows statement and these are the operating activities which includes the cash transactions which has an effect on the net income; the investing activites which are the cash transactions that has to do with non-current assets and the financing activities which are the cash transactions that involves the non current liabilities and equity.
It should be noted that the purchase of the long-term assets is an investing activities. Therefore, the item will be recorded in the Investing activities in the cash flow statement.
There will be a reduction in cash while there'll be an increase in the fixed. The income statement is also affected due to the fact that there will be an increase in the depreciation expense that's recorded.
Therefore, there'll be no impact on the net cash from operations.
If Chester's current cash balance is $26,337 (000) and Cash Flows From Operations next period are unchanged from this period, which of the following activities will expose Chester to the most risk of needing an emergency loan?
a. Issues 10,000 shares of stock at the current stock price
b. Sells $10,000,000 of their Long-Term Assets
c. Purchases assets at a cost of $25,000,000
d. Retires $10,000,000 in Long-Term Debt
Answer:
The correct option is c. Purchases assets at a cost of $25,000,000.
Explanation:
An emergency loan can be described as a loan that can obtained on short notice by a borrower in to cover unexpected costs.
From the options, purchasing assets at a cost of $25,000,000 will leave Chester in a serious liquidity position as the it will take 94.92% [i.e. ($25,000,000 / $26,337,000) * 100] of its current cash balance and leave the company with just $1,337 current cash balance.
Because the next period's Cash Flows From Operations are expected to be the same as this period's, purchasing assets at a cost of $25,000,000 puts Chester at the greatest danger of needing an emergency loan.
Therefore, the correct option is c. Purchases assets at a cost of $25,000,000.
Collegiate Publishing Inc. began printing operations on March 1. Jobs 301 and 302 were completed during the month, and all costs applicable to them were recorded on the related cost sheets. Jobs 303 and 304 are still in process at the end of the month, and all applicable costs except factory overhead have been recorded on the related cost sheets. In addition to the materials and labor charged directly to the jobs, $7,500 of indirect materials and $11,800 of indirect labor were used during the month. The cost sheets for the four jobs entering production during the month are as follows, in summary form:
Job 301
Direct materials $10,000
Direct labor 8,000
Factory overhead 6,000
Total $24,000
Job 302
Direct materials $20,000
Direct labor 17,000
Factory overhead 12,750
Total $49,750
Job 303
Direct materials $24,000
Direct labor 18,000
Factory overhead â
Job 304
Direct materials $14,000
Direct labor 12,000
Factory overhead â
Required:
Journalize the Jan. 31 summary entries
.
Answer:
Collegiate Publishing Inc.
Journal Entries:
Debit Finished Goods Inventory $73,750
Credit Work in Process:
Job 301 $24,000
Job 302 $49,750
To record the transfer of completed jobs to Finished Goods Inventory.
Debit Work in Process:
Job 303 $24,000
Job 304 $14,000
Credit Raw materials $38,000
To record raw materials used in production.
Debit Work in Process:
Job 303 $18,000
Job 304 $12,000
Credit Payroll $30,000
To record direct labor incurred in production.
Debit Manufacturing Overhead $19,300
Credit Raw materials $7,500
Credit Payroll $11,800
To record manufacturing overhead costs for indirect materials and labor.
Explanation:
a) Data and Calculations:
Indirect materials = $7,500
Indirect labor = $11,800
Job Cost Sheets: Job 301 Job 302 Job 303 Job 304
Direct materials $10,000 $20,000 $24,000 $14,000
Direct labor 8,000 17,000 18,000 12,000
Factory overhead 6,000 12,750
Total $24,000 $49,750
Summary Entries:
Finished Goods Inventory $73,750 Work in Process: Job 301 $24,000 Job 302 $49,750
Work in Process: Job 303 $24,000 Job 304 $14,000 Raw materials $38,000
Work in Process: Job 303 $18,000 Job 304 $12,000 Payroll $30,000
Manufacturing Overhead $19,300 Raw materials $7,500 Payroll $11,800
The Jan. 31 summary journal entries are:
a. Dr Work in process $68,000
($10,000+$20,000+$24,000+$14,000)
Dr Factory Overhead $ 7,500
Cr Materials $75,500
($68,000+$7,500)
(To record material used)
b. Dr Work in process $55,000
($8,000+$17,000 +$18,000+$12,000)
Dr Factory Overhead $11,800
Cr Wages Payable $66,800
($55,000+$11,800)
(To record labor used)
c. Dr Work in process $41,250
($55,000×75%)
Cr Factory Overhead $41,250
(To record overhead applied)
Job 301:( $6,000/$8,000=75%)
Job 302:($12,750/$17,000=75%)
d. Dr Finished Goods $73,750
Cr Work in process $73,750
($24,000+$49,750)
(To record goods completed)
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A firm is considering a project with annual cash flows of $300,000. The project would have a five-year life, and the company uses a discount rate of 12%. What is the amount at which the firm would be indifferent between accepting or rejecting the investment
Answer:
$1,081,434
Explanation:
At indifference point, the present value of cash outflow equals present value of cash inflow.
Present value of cash inflow = Annual cash inflow * PV annuity factor (12%, 5 years)
Present value of cash inflow = $300,000*3.60478
Present value of cash inflow = $1,081,434
So, the amount at which the firm would be indifferent between accepting or rejecting the investment is $1,081,434.
The residual income valuation model is a rigorous and straightforward valuation approach, but the analyst should be aware of all of the following implementation issues that will hinder its ability to measure firm value correctly except: _________
a. common stock transactions
b. portions of net income attributable to equity claimants other than common shareholders
c. dirty surplus accounting items
d. positive book value of equity
Answer:
d. positive book value of equity
Explanation:
The residual income valuation model is the valuation approach that could have the issues when it is implemented that can create difficulties for measuring the firm value in an accurate way for transactions done for common stock, net income portion for equity other than common stock,, and dirty surplus for an accounting items but not for the positive equity book value as it does not create the difficulties
Suppose that in 2014, currency in circulation was $950 billion, required reserves were $60 billion, and excess reserves were $840 billion. At that time, the value of open market operations by the Federal Reserve was $70 billion. The monetary base was
Answer: $1,850 billion
Explanation:
The following were given in the question:
Currency in circulation = $950 billion
Required reserves = $60 billion
Excess reserves = $840 billion
Open market operations = $70 billion
The monetary base will be the value of all the currency in circulation plus the reserves that is held by the banks and this will be:
= $950billion + $60billion + $840billion
= $1,850 billion
Cash Dividends King Tut Corporation issued 19,000 shares of common stock, all of the same class; 12,000 shares are outstanding and 7,000 shares are held as treasury stock. On December 1, 2019, King Tut's board of directors declares a cash dividend of $0.50 per share payable on December 15, 2019, to stockholders of record on December 10, 2019. Required: Prepare the appropriate journal entries for the (a) date of declaration, (b) date of record, and (c) date of payment. If no entry is required, choose "No entry required" and leave the amount boxes blank. (a) fill in the blank 2 fill in the blank 4 (b) fill in the blank 6 fill in the blank 8 (c) fill in the blank 10 fill in the blank 12
Answer:
King Tut Corporation
Journal Entries:
December 1, 2019
Debit Cash dividend $2,500
Credit Dividend Payable $2,500
To record the declaration of $0.50 per share payable on December 15, 2019, to stockholders of record on December 10, 2019.
December 10, 2019 No journal entry
December 15, 2019
Debit Dividend Payable $2,500
Credit Cash $2,500
To record the payment of dividends.
Explanation:
a) Data and Calculations:
Issued 19,000 shares of common stock, all of the same class;
12,000 shares are outstanding and
7,000 shares are held as treasury stock.
December 1, 2019, Cash dividend $2,500 Dividend Payable $2,500
$0.50 per share payable on December 15, 2019, to stockholders of record on
December 10, 2019 No journal entry
December 15, 2019, Dividend Payable $2,500 Cash $2,500
Tangerine, Inc. provides the following data: Surround, Inc. Comparative Balance Sheet Dec. 31, 20X9 Assets Current Assets: Cash and Cash Equivalents $29,000 Account Receivable, Net 31,000 Merchandise Inventory 53,000 Total Current Assets $113,000 Property, Plant, and Equipment, Net 120,000 Total Assets $233,000 Liabilities Current Liabilities: Accounts Payable $4000 Notes Payable 3000 Total Current Liabilities $7000 Long-term Liabilities 84,000 Total Liabilities $91,000 Stockholders' Equity Common Stock $30,000 Retained Earnings 112,000 Total Stockholders' Equity $142,000 Total Liabilities and Stockholders' Equity $233,000 Calculate the debt to equity ratio.
Answer:
The debt to equity ratio is 0.64.
Explanation:
The debt to equity ratio can be calculated using the following formula:
Debt to equity ratio = Total Liabilities / Stockholders' Equity ……………………. (1)
Where:
Total Liabilities = $91,000
Stockholders' Equity = $142,000
Substitute the relevant data into equation (1), we have:
Debt to equity ratio = $91,000 / $142,000 = 0.64
Therefore, the debt to equity ratio is 0.64.
Data collection tool of a qualitative research
Answer:
The methods of qualitative data collection most commonly used in health research are document study, observations, semi-structured interviews and focus groups.
The Can Division of Sheridan Company manufactures and sells tin cans externally for $0.70 per can. Its unit variable costs and unit fixed costs are $0.24 and $0.07, respectively. The Packaging Division wants to purchase 50,000 cans at $0.31 a can. Selling internally will save $0.03 a can. Assuming the Can Division has sufficient capacity, what is the minimum transfer price it should accept?
a) $0.31
b) $0.21
c) $0.24
d) $0.28
Answer:
b) $0.21
Explanation:
Calculation to determine the minimum transfer price it should accept.
Using this formula
Minimum transfer price = Variable cost per unit - saving cost per unit
Let plug in the formula
Minimum transfer price = $0.24 - $.03
Minimum transfer price = $0.21
Therefore the minimum transfer price it should accept is $0.21
Sanchez Company's output for the current period was assigned a $400,000 standard direct labor cost. The direct labor variances included a $10,000 unfavorable direct labor rate variance and a $4,000 favorable direct labor efficiency variance. What is the actual total direct labor cost for the current period
Answer:
$406,000
Explanation:
Calculation to determine the actual total direct labor cost for the current period
Using this formula
Actual direct labor cost=Standard direct labor cost + unfavorable rate variance - favorable efficiency variance
Let plug in the formula
Actual direct labor cost=$400,000 + $10,000 - $4,000
Actual direct labor cost= $406,000
Therefore the actual total direct labor cost for the current period is $406,000
With the total performance indicators in place at Sears, it can evaluate if a single store improves its employee attitude by 5 percent and therefore predict with confidence that if the revenue growth in the district as a whole is 5 percent, the revenue growth in this particular store would be 5.5 percent. This is an example of the _______ perspective of the balanced scorecard.
A) innovation and learning
B) internal business
C) financial
D) customer
Answer:
C) financial
Explanation:
In Business management, a balance scorecard can be defined as a performance metrics used for measuring and assessing the quality of performance of a company.
The four (4) performance metrics of a balance scorecard includes the following; customer, learning and growth, internal business processes, and financial.
Generally, there exist a strong causal relationship between customer attitudes, employee attitudes, and financial outcomes that are generated by an organization or business firm.
In this scenario, Sears was able to evaluate that if a single store improves its employee attitude by 5% and revenue in the district as a whole grew by 5%; the revenue growth in this particular store would be 5.5%.
Thus, this is an example of the financial perspective of the balanced scorecard because with its total performance indicators, it was able to measure the level of revenue (finance) that would be generated by the store.
In conclusion, the balance scorecard should be used to determine whether or not the operations of a business is in synchronization with its vision statement and values.
Dawson Electronic Services had revenues of $80,000 and expenses of $50,000 for the year. Its assets at the beginning of the year were $400,000. At the end of the year assets were worth $450,000. Calculate its return on assets.
Answer:
See below
Explanation:
Given the above information
Return on assets = Net income / Average total assets
Net income = $98,000
Average total assets = ($409,000 + $459,000) / 2 = $434,000
= $98,000 / $434,000
= 22.58%
Therefore, return on assets = 22.58%
Del Monty will receive the following payments at the end of the next three years: $8,000, $11,000, and $13,000. Then from the end of the 4th year through the end of the 10th year, he will receive an annuity of $14,000 per year. At a discount rate of 12 percent, what is the present value of all three future benefits
Answer: $$70,643
Explanation:
The payment from the 4th year to the 10th year is an annuity because it is constant.
The present value of an annuity is:
= Annuity * Present value interest factor of annuity, 12%, 7 years
= 14,000 * 4.5638
= $63,893.20
Present value of these:
= 8,000 / 1.12 + 11,000 / 1.12² + 13,000/1.12³ + 63,893.20 / 1.12³
= $70,643
An important assumption that is made when constructing a supply schedule is only price and quantity matter in determining supply. supply is too important to be left to the marketplace. demand has a positive slope. firms always want to sell a certain amount of a product. all other determinants of supply are held constant.
Answer:
only price and quantity matter in determining supply
all other determinants of supply are held constant
Explanation:
At the time of constructing the supply schedule, only price and quantity should be considered and other factors should remain the same because the factors that impacts the supply other than the price so it shifted the supply curve but when only the price changed so there should be the movement also law of supply represent the direct relationship between tfhe price and the supply
A machine costs $5240 and produces benefits of $1000 at the end of each year for eight years. Assume an annual interest rate of 10%. Use engineering economics principals a.) What is the payback period in years
Answer:
5.24 YEARS
Explanation:
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
5240 / 1000 = 5.24 YEARS
outline the various challenges that you are likely to face during the implementation of a dam.
Answer:
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Roanoke Company produces chocolate bars. The primary materials used in producing chocolate bars are cocoa, sugar, and milk. The standard costs for a batch of chocolate (5,200 bars) are as follows:
Ingredient Quantity Price
Cocoa 400lbs. $1.25per lb.
Sugar 80lbs. $0.40per lb.
Milk 120gal. $2.50per gal.
Determine the standard direct materials cost per bar of chocolate. Round to two decimal places.
Answer:
$0.16
Explanation:
Particulars Quantity Price Amount
Cocoa 400 $1.25 $500
Sugar 80 $0.40 $32
Milk 120 $2.50 $300
Total $832
Standard direct materials cost per bar = Total amount / Number of bar
Standard direct materials cost per bar = $832 / 5,200 bars
Standard direct materials cost per bar = $0.16
QS 8-1 Cost of plant assets LO C1 Kegler Bowling buys scorekeeping equipment with an invoice cost of $190,000. The electrical work required for the installation costs $20,000. Additional costs are $4,000 for delivery and $13,700 for sales tax. During the installation, the equipment was damaged and the cost of repair was $1,850. What is the total recorded cost of the scorekeeping equipment
Answer: $227,700
Explanation:
The total recorded cost would include the actual cost of the equipment as well as every other cost that was incurred to transport the equipment and get it ready fir use.
Cost that will be recorded is therefore:
= Invoice cost + Installation cost + Delivery cost + Sales tax
= 190,000 + 20,000 + 4,000 + 13,700
= $227,700
