Answer and Explanation:
The computation of the amount of the product and period cost is shown below:
Given that
Total Payment made for Three Years = $3,120
Per Year Payment is
= $3,040 ÷ 3 years
=$1,040
Now
90% of the per year payment is allocated to manufacturing operations
= $1,040 × 90%
= $936
And, 10% is Applied to Selling and Administrative Activities
= $1,040 × 10%
= $104
So, the product and period costs for the first year of coverage are $936 and $104 respectively.
Everdeen Inc. has a 90-day operating cycle. If its average age of inventory is 35 days, how long is its average collection period
Answer:
8.6 days
Explanation:
The formula for average collection period
= Average received turnover ratio / 365 daya
= 90 × 35 / 365
= 8.6 days
Currently, a company produces parts per day to meet demand. A standard container of the parts under consideration holds items. It takes days to receive the parts once a card is released. If the company wants a safety stock of of these parts, how many kanban cards are needed?
Answer:
6 kanban cards
Explanation:
Note: The full question is attached as picture below
D = 1800 parts/day
C = 175 items
LT = 0.25 days
SS = 650 Parts
N = {D*LT + SS]/C
N = [(1,800*0.25) + 650] / 175
N = (450 + 650) / 175
N = 1100 / 175
N = 6.29
N ≅ 6
So, if the company wants a safety stock of 650 of these parts, approximately, 6 kanban cards are needed.
Better Mudder, the three-year-old mud race organization, has a goal of increasing its racing market share by 20% over the next year. It looks into how to accomplish this and discovers a low repeat runner rate. As it digs further it finds that three more mudding race organizations have started in the area this year. With increased competition, Better Mudder must change its new runner offerings and generate higher loyalty in current mudding participants. To identify this information, Better Mudder conducted a:
Answer:
Situation analysis
Explanation:
SITUATION ANALYSIS can be defined as the type of analysis that is conducted to examine the impact of internal strength as well as the weakness that affect a company or organization inability to achieve their objective as well as the circumstances that a company or organization are unable to control that affected the decisions that the company or organization make reason been that SITUATION ANALYSIS help to Effectively analyzed or identified a business or an organization strength to achieve a desire outcome or result , their customers, including the organization environment as a whole which is why SITUATION ANALYSIS is paramount because it help to identify the root cause of a problem and how to overcome it just as in the case of Better Mudder.
Therefore based on the information given To identify this information, Better Mudder conducted a SITUATION ANALYSIS.
How does supply in the demand affect me
Answer:
When demand exceeds supply, prices tend to rise. ... If there is a decrease in supply of goods and services while demand remains the same, prices tend to rise to a higher equilibrium price and a lower quantity of goods and services. The same inverse relationship holds for the demand for goods and services
Question 4 According to the psychology literature, if the business recommendation you are going to make in a business presentation is likely to be controversial, you should order the stem of your presentation hourglass so that the:
The correct answer to this open question is the following.
If the business recommendation you are going to make in a business presentation is likely to be controversial, you should order the stem of your presentation hourglass so that the controversial issue comes after you have exposed the many benefits and advantages of your proposal. Doing this, people would have considered first the mane¿y advantages or positive points you previously mentioned and will be more open to considering the benefits against the disadvantages that create controversy.
Otherwise, if you do the opposite, the controversial issue is going to be at the top of their brains, hindering the acceptance of your business proposal.
Never start with the negatives because people could "close their minds" to your idea.
Rhonda Brennan found her first job after graduating from college through the classifieds of the Miami Herald. She was delighted when the offer came through at $14.30 per hour. She completed her W-4 stating that she is married with a child and claims an allowance of 3. Her company will pay her biweekly for 80 hours (assume a tax rate of 6.2% on $128,400 for Social Security and 1.45% for Medicare).
Calculate her take-home pay for her first check. Assume 6.2% on SS and 1.45% on Medicare.
Answer:
Answer is explained in the explanation below.
Explanation:
Solution:
According to the data given: This can be solved as following. (Note: we are not given income tax tables to calculate the accurate net pay. So, according to given information here. Following is the accurate one. )
Let's assume, a 6.2% tax rate for SS ( Social Security) and 1.45% tax rate on Medicare:
So,
Social Security = 6.2%
Medicare = 1.45%
Pay Per hour = $14.30
So, let's calculate Rhonda's Gross pay:
Gross Pay = Pay per hour x total number of hours
Gross pay = $14.30 x 80 hours
Gross Pay = $1,144
Now, calculate the Rhonda's Reduction for Social Security:
Rhonda's Reduction for Social Security = $1,144 x 6.2%
Rhonda's Reduction for Social Security = $70.928
Similarly, Rhonda' Reduction for Medicare:
Rhonda' Reduction for Medicare = $1,144 x 1.45%
Rhonda' Reduction for Medicare = $16.588
So Finally,
Rhonda's Take-home Pay for her first check will be = Gross pay - Rhonda's Reduction for Social Security - Rhonda' Reduction for Medicare
Rhonda's Take-home Pay for her first check will be = $1,144 - $70.928 - $16.588
Rhonda's Take-home Pay for her first check will be = $1,056.484
Answer: $986.48 ( numbers may vary if table amounts required are different)
Explanation:step 1: Gross pay: ($14.30 x 80=$1144) step 2.) $1144 x 6.2%=$70.93, $1144 x 1.45%=$16.59 step 3.) on table 9.1, Rhonda, paid biweekly, claims 3, so 159.60 x 3= $478.80. subtract this from $1144 to get 665.20. Step 4: establish FIT, go to table 9-2 for biweekly married and 10%(1144-444)= $70 Step 5: $1144-(70.93+16.59+70)=$986.48 take home pay
Mr. Brown wants to buy a Tesla Model S car, whose price is $100, 848. The dealer offers a loan plan: $30, 000 downpayment, $X at the end of year 1, year 2, year 3, and year 4. Assume the constant annual interest rate is 25%. (a) What is X
Answer:
X is $30,000
Explanation:
First, we need to calculate the Amount ofLoan
Amount of Loan = Car price - Down payment = $100,848 - $30,000 = $70,848
This is the situation of annuity payment for 4 years at a 25% interest rate with equal annuity payment each year.
Now we will use the following formula to calculate the value of X
PV of Annuity = Annuity payment x ( 1 - ( 1 + interest rate )^-numbers of years ) / Interest rate
Where
PV of Annuity = Amount of Loan = $70,848
Interest rate = 25%
Numbers of years = 4 years
Annuity Payment = X = ?
Placing values in the formula
$70,848 = X x ( 1 - ( 1 + 25% )^-4 ) / 25%
$70,848 = X x 2.3616
X = $70,848 / 2.3616
X = $30,000
PLEASE HELP HURRY!! 20 POINTS!! WILL MARK BRAINLIEST IF CORRECT!
You are a concerned constituent, and you want to help your House Representatives member or Senator draft a bill that would help the federal government raise revenue. Where should you submit the bill?
directly to the President for his signature
either to your Congressional District Representative or Senator
only to your Senator
only to your Representative
Answer:
to the president
Explanation:
because he has to see if he has to veto or pass it
On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $83,850 in assets to launch the business. On October 31, the company's records show the following items and amounts.
Cash $7,950 Cash withdrawals by owner 3,070
Accounts recelvable 15,040 Consulting fees earned 15,040
Office suppliles 4,200 Rent expense 4,530
Land 46,010 Salaries expense 8,090
Office equlpment 19,060 Telephone expense 880
Accounts payable 9,430 Miscellaneous expenses 880
Owner Investments 85,050
Requirement:
A) Using the above information prepare an October income statement for the business.
B) Using the above information prepare an October statement of owner's equity for Ernst Consulting.
C) Using the above information prepare an October 31 balance sheet for Ernst Consulting.
Answer:
a. Income Statement
Revenues:
Consulting fees earned $15,040
Total revenues $15,040
Expenses:
Salaries expenses $8,090
Rent $4,350
Telephone $880
Miscellaneous $880
Total Expenses $14,200
Net Income $840
b. Statement of owners equity
Particulars Amount Amount
Add: Investment by owner $85,050
Net Income $840
Capital, October 1 $85,890
Less: Withdrawal by owner $3,070
Capital, October 31 $82,820
c. Balance sheet
Assets Liabilities
Cash $7,950 Accounts payable $9,430
Accounts receivable $15,040
Office supplies $4,200
Land $46,010 Owner's equity $82,820
Office equipment $19,060
Total assets $92,250 Total liabilities & Equity $92,250
Frisco Company's Merchandise Inventory account at year-end has a balance of $62,115, but a physical count reveals that only $61,900 of inventory exists. The adjusting entry to record this $215 of inventory shrinkage is: Multiple Choice'
Answer:
Increase on cost of goods sold by $215, decrease in merchandize by $215.
Explanation:
With regards to the above information, the cost of goods sold will increase by $215, while the merchandize value would also decrease by $215.
Here, the books will be even out so that it would show there was a shrinkage at year end and beyond that which was purchased to have taken place.
Restricted stock is Multiple Choice a special type of stock that is not transferable from the current holder to others until specific conditions are satisfied. a special type of stock that can be converted into corporate bonds after a specific amount of time has elapsed. a special type of stock that is a result of offering an employee stock ownership plan.
Answer:
a special type of stock that is not transferable from the current holder to others until specific conditions are satisfied
Explanation:
The restricted stock is the stock or the securities that are restricted means that they are not fully transferable when the specific conditions is not fulfilled. When these conditions would be fulfilled so these stock would not be considered as a restricted and they are freely transferable
Therefore the first option is correct
Frank lives in an area that experiences frequent thunderstorms. What precautionary measures should he adopt?
(Please don’t answer unless you know 100% that you are correct)
Answer:
There are different precautionary measures Frank can adopt. They are:
Explanation:
1. Frank should have outdoor furniture made of concrete instead of metal.
A strike of thunder on a metal surface will propel an electric shock.
2. Frank should pay good or regular attention to the weather forecasts.
He should have a handy device such as a small radio, which will keep him abreast of important happenings in the area.
3. Frank should take cover once a stroke of lightning appears in the sky.
The field of Physics lets us to know that light travels faster than sound and that the moment lightning appears in the sky, expect thunder roaring about 8 seconds after.
4. Frank should get used to or always wear covered shoes, to protect him from the electric charge that is created between a thunderstorm and a wet ground. Gloves could also do, for the hands.
5. Frank should structure his movements and road trips such that he accounts for some time that'll be used to wait for thunderstorms to pass; since it's unsafe to drive while the storms are roaring.
This will help him be on time to events and meetings.
6. Frank should avoid leaning on walls which have metal wires or bars across them, especially when lightning appears.
7. Frank should avoid anything wet, during a thunderstorm. This precaution should be taken even while indoors.
8. In the event that frank gets caught outdoors or in the open when a thunderstorm occurs, he should stoop and let only his feet have contact with the ground.
The marketing concept is a philosophy that focuses on A. Advertising products B. Selling products C. Making good products D. Providing value to customers E. None of the above
Answer:
D. Providing value to customers
Explanation:
The marketing concept is the philosophy that firms should analyze the needs of their customers and then make decisions to satisfy those needs, better than the competition. Today most firms have adopted the marketing concept, but this has not always been the case.
Hope this was helpful, have a Wonderful Day!!
Tara Company owns 80 percent of the common stock of Stodd Inc. In the current year, Tara reports sales of $5,000,000 and cost of goods sold of $3,500,000. For the same period, Stodd has sales of $500,000 and cost of goods sold of $400,000. During the year, Stodd sold merchandise to Tara for $40,000 at a price based on the normal markup. At the end of the year, Tara still possesses 20 percent of this inventory. Prepare the consolidation entry to defer intra-entity gross profit.
Explanation:
According to scenario, computation of the give data are as follows:
Stodd Inc. sales = $500,000
Cost of goods sold = $400,000
Stodd sold to Tara = $40,000
Tara Possess = 20%
= $40,000 × 20%
= $8,000
So, Cost of goods sold = 8,000 × 20% = $1,600
So, entry are as follows:
Sales A/c Dr. $40,000
To, COGS A/c $40,000
( Being sold merchandise to Tara is recorded)
COGS A/c Dr. $1,600
To, Inventory A/c $1,600
( Being inventory is recorded)
Explain the importance of reconciling the bank at set dates
Answer:
The goal of the bank reconciliation process is to find out if there are any differences between the two cash balances. ... A monthly reconciliation helps to catch and identify any unusual transactions that might be caused by fraud or accounting errors, especially if your business uses more than one bank account.
According to the OUCH test, an employment decision is considered ______ if it ensures the result is not significantly different for different groups.
Answer:
Consistence in effect
Explanation:
Objective, Uniform in application and Consistent in effect which is known as
The OUCH Test can be regarded as
rule of thumb that can be utilized when there is contemplation about an
employment action. It helps in maintaining equity among ones employee. It should be noted that According to the OUCH test, an employment decision is considered Consistence in effect if it ensures the result is not significantly different for different groups.
You and a friend have developed a weight loss supplement that speeds weight loss by 20%. You plan to form a business to manufacture and market the supplement. You want to minimize taxes but your prime concern is potential lawsuits from individuals who might get sick from taking the supplement.
1. What form of organization (partnership, LLC, corporation, etc.) will you choose?
2. What are the advantages and disadvantages of your choice?
Answer:
1. I would choose a limited liability company (LLC).
2. A LLC is a hybrid between a partnership and a corporation. The firm is a pass through entity, meaning that the owners are taxed directly (no corporate tax). But it also provides limited liability, so the owners are not personally liable for the firm's obligations.
Explanation:
By showing a thorough understanding of your survey results, organizing your content in a clear manner, and generally showing you are prepared for this presentation, you are most demonstrating what aspect of credibility?
Multiple Choice
character
caring
competence
Answer:
competence
Explanation:
Credibility is defined as the ability of an endeavour or individual to inspire confidence by those interested in it.
Credibility has 3 aspects - caring, character, and competence.
Competence is the ability of an individual to demonstrate adequate knowledge, skill, strenght, or judgement with regards to a particular area of interest.
In the given instance where one is showing a thorough understanding of your survey results, organizing your content in a clear manner, and generally showing you are prepared for this presentation. He is demonstrating competence
What's your educational interest and goals
Sin duda, que no me dejen por abajo de la sociedad
Rogers Company reported net income of $35,000 for the year. During the year, accounts receivable increased by $7,000, accounts payable decreased by $3,000 and depreciation expense of $8,000 was recorded. Net cash provided by operating activities for the year is a.$33,000 b.$53,000 c.$37,000 d.$47,000
Answer:
b. $53,000
Explanation:
The net cash provided by operating activities is computed by.
Given the above information,
The net cash provided by operating activities is ;
= $35,000 + $7,000 + $3,000 + $8,000
= $53,000.
A work schedule lists all of the tasks that must be done to complete a recipe, and when they are to be done. true/false
Answer:
True
Explanation:
A work schedule lists all of the tasks that must be done to complete a recipe, and the time that each and everyone of them are meant to be done.
Work schedule helps individuals keep track of pending activities as it’s common knowledge for individuals to forget about some things and this also helps to promote and ensure accountability and hard work.
A stock will provide a rate of return of either −18% or 26%.
a. If both possibilities are equally likely, calculate the stock's expected return and standard deviation. (Do not round intermediate calculations. Enter your answers as a whole percent.)
b. If Treasury bills yield 4% and investors believe that the stock offers a satisfactory expected return, what must the market risk of the stock be?
Answer:
a. Expected return = 4%
Standard deviation = 22%
b. 0%
Explanation:
a. As the return is equally likely, the expected return which is a weighted average will be:
= (0.5 * -18%) + ( 0.5 * 26%)
= 4%
Standard deviation = √Variance
Variance = (0.5 * (-18% - 4%)²) + (0.5 * (26% - 4%)²)
= 242 + 242
= 484%
Standard deviation = √484
= 22%
b. Treasury bills have no market risk attached and the stock has an expected return that is the same as the Treasury bill yield which means that the stock therefore has no market risk.
Charger Company's most recent balance sheet reports total assets of $29,133,000, total liabilities of $16,683,000 and total equity of $12,450,000. The debt to equity ratio for the period is (rounded to two decimals):
Answer:
1.34
Explanation:
Debt to equity ratio is the same as liability to equity ratio. In order to arrive at the debt to equity ratio, the amount of liability has to be divided by the amount of equity.
Given that;
Total liabilities = $16,683,000
Equity = $12,450,000
Therefore,
The debt to equity ratio for the period
= Total liabilities ÷ Total equity
= $16,683,000 ÷ $12,450,000
= 1.34
We use debt to equity ratio to determine a company's leverage; meaning that where it is greater than 1, it means that the company has more of its debt than assets, which is not good enough.
1. What kind of financial information is a publicly traded company required to provide to its stockholders? Which financial statement do you think provides the best information for investors? 2. (a) Discuss some of the limitations associated with performing ratio (financial statement) analysis. (b) What is the most important ingredient (input) in completing ratio analysis and why? 3. Crooked Golf's most recent income statement shows that net income was $90,000, depreciation was $25,000 and taxes were $60,000. What was Crooked Golf's net cash flow? For this particular question and other problem related questions, YOU MUST show the formula/process that led to the answer/solution. Writing down the answer/solution without a credible process/formula is unacceptable. This is a required practice in a finance course. Please note.
Answer:
1. For a public traded company it is required to share its complete set of Financial Statements which include Balance sheet, Profit or loss statement, Cash flow statement, statement of changes in equity and notes to the accounts. For investors the best information comes from Profit or Loss statement because majority of investors are concerned with the profitability of the company which ultimately results in dividend.
2. a. The ratios analysis have some limitations, the ratios are generally compared with past year ratios which neglects the business/ Industry environment and if the ratios are compared with industry norms, past performance of the company is neglected.
b. Profitability ratios are the most important and that is why they are calculated first.
3. Net Cash flow for Crooked Golf is $30,000
Explanation:
1. For a public traded company it is required to share its complete set of Financial Statements which include Balance sheet, Profit or loss statement, Cash flow statement, statement of changes in equity and notes to the accounts. For investors the best information comes from Profit or Loss statement because majority of investors are concerned with the profitability of the company which ultimately results in dividend.
2. a. The ratios analysis have some limitations, the ratios are generally compared with past year ratios which neglects the business/ Industry environment and if the ratios are compared with industry norms, past performance of the company is neglected.
b. Profitability ratios are the most important and that is why they are calculated first.
3. Net Csh flow for Crooked Golf is $30,000.
Calculated as follow,
$90,000 - $60,000
Depreciation is non Cash flow.
A rich uncle wants to make you a millionaire. How much money must he deposit in a trust fund paying 8% compounded quarterly at the time of your birth to yield $1,000,000 when you retire at age 58
Answer:
Initial investment= $10,110.21
Explanation:
Giving the following information:
Future value (FV)= $1,000,000
Interest rate (i)= 0.08/4 = 0.02
Number of periods (n)= 58*4= 232 quarters
To calculate the initial investment (PV), we need to use the following formula:
PV= FV/(1+i)^n
PV= 1,000,000 / (1.02^232)
PV= $10,110.21
With no inflation, a bank would be willing to lend a business firm $5 million at an annual interest rate of 4 percent. But if the rate of inflation was anticipated to be 3 percent, the bank would most likely charge the firm an annual interest rate of Multiple Choice 1 percent. 7 percent. 3 percent. 4 percent.
Answer:
b. 7 percent
Explanation:
Annual interest to charge = Interest rate + Rate of inflation anticipation
Annual interest to charge = 4% + 3%
Annual interest to charge = 7%
The bank would most likely charge the firm an annual interest rate of 7% due to the anticipation of inflation.
HELP 10 POINTS help help help
Catherine decided to have lunch at Tom's, one of the most popular restaurants in town. She ordered soup before her main course. The soup served to Catherine contained a maggot floating about in it. Fortunately, she noticed this before she ate it. She sued Tom's for negligence. The most likely result will be: Group of answer choices
Answer:
Catherine will not win since she did not sustain any damages
Explanation:
NEGLIGENCE
Negligence is simply a mean or troublesome activity/conduct by a person. If defendant's conduct fails to rise to a standard of care of that of a reasonable person in the same or similar circumstances, the defendant's conduct must breach a duty to prevent a foreseeable risk of harm to the plaintiff.
Negligence seeks for a duty was owed, that a duty was breached and the breach was the reason and close cause of damages.
E4-3 Recording Initial Transactions and Subsequent Adjustments [LO 4-1, LO 4-2] During the month of September, the Texas Go-Kart Company had the following business activities: On September 1, paid rent on the track facility for six months at a total cost of $7,800. On September 1, received $46,800 for season tickets for 12-month admission to the race track. On September 1, booked the race track for a private organization that will use the track one day per month for $1,900 each time, to be paid in the following month. The organization uses the track on September 30. On September 1, hired a new manager at a monthly salary of $2,400, to be paid the first Monday following the end of the month. Required: Prepare the journal entry, if any, required to record each of the initial business activities on September 1. Prepare the adjusting journal entries, if any, required on September 30.
Answer:
Texas Go-Kart Company
1. Journal Entry on September 1:
Debit Prepaid Rent $7,800
Credit Cash Account $7,800
To record the prepayment of rent expenses for six months.
Debit Cash $46,800
Credit Deferred Service Revenue from Tickets $46,800
To record the receipt of cash for season tickets for 12 months.
September 30:
Debit Accounts Receivable $1,900
Credit Service Revenue $1,900
To record the provision of track services.
September 30:
Debit Salaries Expense $2,400
Credit Salaries Payable $2,400
To record the expense for the month.
Debit Rent Expense $5,200
Credit Prepaid Rent $5,200
To record the rent expense for 4 months.
Debit Deferred Service Revenue from Tickets $15,600
Credit Service Revenue from Tickets $15,600
To record the earned revenue from tickets for 4 months.
Explanation:
Journal entries have proved to be useful in record business transactions as they occur on a daily basis. They show the accounts involved in each transaction and the ones to be debited and credited as the case may be. Journal entries are also used to adjust entries at the end of the period. These adjustments help to bring the accounting records to align with the accrual basis of accounting, ensuring that the matching principle is observed.
The Nicor family is planning to purchase a new home 7 years from now. If they have $240,000 now, how much will be available at the time of purchase
Answer:
$530,400
Explanation:
The interest rate on the funds is 12%.
To find the answer, we use the future value of an investment formula:
FV = PV(1 +i)^n
Where FV = Future Value (the value we are looking for)
PV = Present value, in this case $240,000
i = the interest rate, in this case 12%
n = the number of compounding periods, in this case, 7 years.
Now, we plug the amounts into the formula:
FV = 240,000 (1 + 0.12)^7
FV = 240,000 (2.21)
FV = 530,400
So the value available for buying the new home after 7 years is $530,400
