Answer:
(a) Profit = $134,000
(b) Profit = $159,500
(c) Profit = $83,000
Explanation:
According to the scenario, calculation are as follows:
Variable cost of goods sold = Total variable production cost + fixed OH per unit
= ( $7 + $15 + $8) + ( $100,000 ÷ 8,000)
= $30 + $12.5
= $42.5
So, Absorption costing income statement are as follows:
(a) Production is 8,000 units and sales are 8,000 units
Sales = 8,000 × $70 = $560,000
Less: Variable expense
Variable cost of goods sold = 8,000 × $42.5 = 340,000
Less : Variable selling and admin expense
Variable selling and admin expense = 8,000 × $2 = $16,000
Fixed selling expense = $70,000
Profit = $134,000
(b) Production is 8,000 units and sales are 9,000 units
Sales = 9,000 × $70 = $630,000
Less: Variable expense
Variable cost of goods sold = 9,000 × $42.5 = $382,500
Less : Variable selling and admin expense
Variable selling and admin expense = 9,000 × $2 = $18,000
Fixed selling expense = $70,000
Profit = $159,500
(c) Production is 8,000 units and sales are 6,000 units
Sales = 6,000 × $70 = $420,000
Less: Variable expense
Variable cost of goods sold = 6,000 × $42.5 = $255,000
Less : Variable selling and admin expense
Variable selling and admin expense = 6,000 × $2 = $12,000
Fixed selling expense = $70,000
Profit = $83,000
What would be the real rates of return on the same deposit if there was a simultaneous 10% increase in all dollar prices
Answer:
Full question is '1. Calculate the dollar rates of return from a £10,000 deposit in a London bank in a year when the interest rate on pounds is 10 percent and the $/£ exchange rate moves from $1.50/£ to $1.38/£. 2. What would be the real rates of return on the same deposit if there was a simultaneous 10% increase in all dollar prices?"
1. In current period, Dollar price of deposit = £10,000 x ($1.50/£) = $15,000
After 1 year, Pound interest = £10,000 x 10% = £1,000
After 1 year, Pound value of (Deposit + Interest) = £(10,000 + 1,000) = £11,000
After 1 year, Dollar value of (D+I) = £11,000 x ($1.38/£) = $15,180
After one year, Dollar rate of return = ($15,180/$15,000) - 1
After 1 year, Dollar rate of return = 1.012 - 1
After 1 year, Dollar rate of return = 0.012
After 1 year, Dollar rate of return = 1.2%
2. As calculated above, After 1 year, Nominal Dollar rate of return = 1.2%
Note: After 1 year, Real Dollar rate of return = Nominal Dollar rate of return - Inflation Rate
Real Dollar rate of return = 1.2% - 10%
Real Dollar rate of return = -8.8%
Avocado, Inc. purchased a $100,000 machine and deducted $70,000 of depreciation before selling it for $80,000 (after holding it for more than 1 year). How much gain does Avocado recognize
Answer:Avocado recognizes a gain of $50,000
Explanation:
Book Value of machine = Purchase Price - Depreciation
$ 100,000 - $70,000 = $30,000
Avocado sold the machine at = $80,000
Therefore, Gain/(loss) recognized = Selling Price - Book Value on date of sale
$80,000 - $30000 = $50,000
Avocado recognizes a gain of $50,000
Avocado recognizes a gain of $50,000
The calculation is as follows:
Book Value of machine = Purchase Price - Depreciation
= $ 100,000 - $70,000
= $30,000
And,
Avocado sold the machine at = $80,000
So,
Gain/(loss) recognized = Selling Price - Book Value on date of sale
= $80,000 - $30000
= $50,000
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a debt of $1,000 is incurred at t 5 0. What is the amount of four equal payments at t 5 1, 2, 3, and 4 that will repay the debt if money is worth 10 percent compounded per period
Answer: $315.47
Explanation:
As this requires equal annual payments, it makes it an annuity. The $1,000 debt will be the present value of the annuity so a present value of annuity formula can be used:
1,000 = Annuity * ( 1 - ( 1 + rate) ^ -n) / rate
1,000 = Annuity * ( 1 - ( 1 + 10%)⁻⁴ ) / 10%
1,000 = Annuity * 3.169865
Annuity = 1,000/3.169865
Annuity = $315.47
The financial statement of Willamette Valley Vineyards reported Net revenues of $13,271,914 and Cost of goods sold of $5,588,439. Note 3 reported that Inventories consisted of: Year 2 Year 1 Winemaking and packaging materials $ 732,909 $ 454,612 Work-in-process 4,099,224 3,891,754 Finished goods 5,001,179 4,880,518 Total inventories $9,833,312 $9,226,884 The inventory turnover for year 2 was:
Answer:
0.59 times
Explanation:
The computation of the inventory turnover ratio is as followS:
As we know that
Inventory turnover = Cost of goods sold ÷ Average inventories
where,
Average inventory is
= ($9,833,312 + $9,226,884) ÷ 2
= $9,530,098
And, the cost of goods sold is $5,588,439
So, the inventory turnover is
= $5,588,439 ÷ $9,530,098
= 0.59 times
Suppose that on January 1, 2016 PepsiCo purchased a patent on a production process and it expected that this patent would have value for 10 years. The patent was recorded on the books for $4,800,000.
Required:
What will the entry look like to record amortization for the month of January, 2016?
Answer:
Dr Amortization Expense $40,000
Cr Accumulated Amortization (contra-asset account) $40,000
Explanation:
Preparation of What will the journal entry look like to record amortization for the month of January, 2016
Based on the information given What the journal entry will look like to record amortization for the month of January, 2016 is :
Dr Amortization Expense $40,000
Cr Accumulated Amortization (contra-asset account) $40,000
10 years will give us 120 months (10 years*12 months)
Hence,
$4,800,000/120 months
= $40,000
Marshall has received an inheritance and wants to invest a sum of money today that will yield $4,300 at the end of each of the next 10 years. Assuming he can earn an interest rate of 5% compounded annually, how much of his inheritance must he invest today
Answer:
$2,639.83
Explanation:
The value expected in the next 10 years is known as the future value while the amount to be invested today is the present value amount, hence, using the formula below which relates the present value to the future value, we can determine the present value as appropriate:
PV=FV/(1+r)^n
PV=present value=the unknown
FV=future value=$4,300
r=rate of return=5%
n=number of years that investment would last =10
PV=$4,300/(1+5%)^10
PV=$4,300/1.05^10
PV=$4,300/1.62889463
PV=$2,639.83
For financial accounting purposes, what is the total amount of product costs incurred to make 20,250 units
Answer:
$411,075
Explanation:
Calculation for the total amount of product costs incurred to make 20,250 units
First step is to calculate Variable manufacturing cost per unit
Direct materials 7.70
Direct labor Variable 4.70
Variable manufacturing overhead 2.20
Variable manufacturing cost per unit $14.6
Second step is to calculate Total variable manufacturing cost
Variable manufacturing cost per unit$14.6
*Number of units produced 20,250 units
=Total variable manufacturing cost $295,650
($14.6*20,250)
Second step is to calculate Total fixed manufacturing cost
Fixed manufacturing overhead per unit $5.70
xNumber of units used to calculate fixed cost per unit 20,250 units
=Total fixed manufacturing cost $115,425
($5.70*20,250)
Now let calculate Total product cost
Total product cost = $295,650+$115,425
Total product cost=$411,075
Therefore the total amount of product costs incurred to make 20,250 units is $411,075
Note how these emerging technologies are impacting organizations and what organizations can to do to reduce the burden of digitalization.
The correct answer to this open question is the following.
You did not attach any text, article, or particular reference to answer this question. So we assume you are talking in general terms.
So being that the case, we can comment on the following.
It is true that emerging technologies are impacting organizations. Some businesses and organizations have been overwhelmed by technological advances. We are talking about new technologies that are transforming the workplace such as biometrics, analytics, robotics, big data, or artificial intelligence.
What organizations can do to reduce the burden of digitalization is having a gradual transformation. Not a sudden or abrupt change. A step by stape process is highly recommended. But procrastination at all. The digital transformation should start now.
It has to start with a process of training to make employees aware of the necessity of change.
The airline industry is an example of a(n) ________ industry. A) perfectly competitive B) monopolistic C) monopolistically competitive D) oligopolistic
Answer:
d
Explanation:
An Oligopoly is when there are few large firms operating in an industry. While, a monopoly is when there is only one firm operating in an industry.
Oligopolies are characterised by:
price setting firms
product differentiation
profit maximisation
high barriers to entry or exit of firms . There is a high cost of entry into the airline industry due to the high cost of the business
downward sloping demand curve
Newhard Company assigns overhead cost to jobs on the basis of 115% of direct labor cost. The job cost sheet for Job 313 includes $29,710 in direct materials cost and $10,600 in direct labor cost. A total of 1,750 units were produced in Job 313. Required: a. What is the total manufacturing cost assigned to Job 313? b. What is the unit product cost for Job 313?
Answer:a.Total manufacturing costs for Job 313 =$52,500
Unit Product Cost for Job 313=$30
Explanation:
Total manufacturing costs=Direct materials+Direct labor costs+Overhead costs
But Overhead cost =115% of direct labor cost
= 115% x $10,600
=$12,190
Total manufacturing costs =$29,710 + $10,600+$12,190
=$52,500
Unit Product Cost=Total Manufacturing costs/ Total Number of Units Produced =$52,500 /1,750 units
=$30
In 2001, records showed that local stocks of fish were down worldwide. Yet, records of harvests indicated that fish were being taken at record rates. What was actually happening
Answer: China was making up figures
Explanation:
This question is based on the documentary film, ''The End of the Line'' which was done on the effects of fishing worldwide. In 2001, records showed that local stocks of fish were down around the world yet worldwide figures were increasing at a record rate.
The United Nations hired someone to investigate this and what he found was that Communist China was inflating the amount of fish they were harvesting so that they could look more efficient.
Given a total population of 1 million, a working age population of 500,000, a labor force of 400,000, 300,000 employed, and 100,000 unemployed... ..the labor force participation rate is:
Answer:
the labor force participation rate is 80%
Explanation:
The computation of the labor force participation rate is given below:
Labor force participation rate = labor force ÷ working-age population × 100
= 400,000 ÷ 500,000 × 100
= 4 ÷ 5 × 100
= 80%
hence, the labor force participation rate is 80%
You have checked model income statements and estimate your payroll expense will be 28% of revenue. You expect sales to be $312,112 per year. What should you budget MONTHLY for payroll?
a) $7,283
b) $8,480
c) $9,347
d) $12,960
Answer: a) $7,283
Explanation:
You expect payroll expense to be 28% of annual revenue which is $312,112 per year.
Annual payroll = 28% * 312,112
= $87,391.36 per year
The monthly figure will therefore be:
= 87,391.36/12 months
= $7,282.61
= $7,283
When the government imposes a tax on a firm that generates external costs, the tax is A) always borne entirely by the firm. B) always borne entirely by the consumer. C) usually borne by both the firm and the consumer. D) borne only by the government.
Answer:
C) usually borne by both the firm and the consumer.
Explanation:
Taxation can be defined as the involuntary or compulsory fees levied on individuals or business entities by the government to generate revenues used for funding public institutions and activities.
There are three (3) types of taxation used by the government, these are;
1. Progressive taxation: it involves charging individuals having higher incomes a higher percentage of their total income.
For instance, John pays 30% on $70,000 and Joyce pays 10% on $45.000.
2. Proportional taxation: it involves charging both lower and higher income earners equally in proportion to their income.
For instance, John pays 20% on $50,000 and Joyce pays 20% on $36,000.
3. Regressive taxation: it involves charging individuals with low incomes a higher percentage of their total income and vice-versa.
For instance, John pays 15% on $60,000 and Joyce pays 20% on $36,000.
When the government imposes a tax on a firm that generates external costs, the tax is usually borne by both the firm and the consumer.
This ultimately implies that, the tax incidence falls on both the manufacturer or producer of the goods and services, as well as the consumers of these finished goods.
Do you really believe that having a written code of conduct will reduce fraud and other dishonest acts in an organization
Explanation:
Yes, it is necessary to have a written code of conduct so that employees have an instrument that regulates and regularizes fraud situations in the company. The code of conduct is a necessary document so that employees can guide the ideal ethical behavior for a professional, as well as serving as a protection document for those who suffer an unethical act by third parties.
It is necessary, in addition to the written code of conduct, that behaviors be guided and valued when positive, starting with leaders, who must behave based on ethics and respect for employees. Through shared ethics, an organizational culture favorable to the development and motivation of employees is created.
1. Why might a defendant prefer to be sued in one state rather than in another
Answer:
One state might have less harsh penalties.
Explanation:
True or False: The value of the price elasticity of demand is equal to the slope of the demand curve. True False
Answer:
false
Explanation:
Price elasticity of demand measures the responsiveness of quantity demanded to changes in price of the good.
Price elasticity of demand = percentage change in quantity demanded / percentage change in price
If the absolute value of price elasticity is greater than one, it means demand is elastic. Elastic demand means that quantity demanded is sensitive to price changes.
Demand is inelastic if a small change in price has little or no effect on quantity demanded. The absolute value of elasticity would be less than one
Demand is unit elastic if a small change in price has an equal and proportionate effect on quantity demanded.
The elasticity of demand is inversely related to the slope. The higher the value of elasticity of demand, the lower the slope and vice verse
Identify three major groups of people involved in the marketing research process, and then give at least one example of an unethical behavior sometimes practiced by each group.
Answer:
1. Data collectors
2. Statisticians
3. Report writers/presenters
Explanation:
The marketing research process is a process by which individuals working for a firm, group up to identify problems in the firm's market or with the firm's commodity, design research plans, seek data on identified problems, compile data, analyze data, and give reports.
Ethics is a philosophical principle which defines what is right from what is wrong. Unethical behavior or practices are those acts perceived as wrong, as pertains to the role an individual should play in an institution.
(A) Data Collectors
Due to the tediousness of the data collection process in most researches, data collectors leave gaps in field work. Examples of these gaps or unethical behaviors include:
- Underrepresentation of study groups - e.g. the control group, experimental group, interviewees, etcetera; depending on the method of data collection.
- Use of inappropriate data collection method for the research
- Working outside of the purpose of the research.
(B) Statisticians
This team is in charge of all computation and figure management. The figures are derived from data collected and are used to give direction and meaning to each set of data. Common unethical behaviors in this field include:
- Replacement of lost data or figures with new data or figures which were not gotten from field work or the data collection process.
- Over approximation or under approximation of figures and results; to suit personal result-interpretation desires.
(C) Report Writers/Presenters
Some unethical practices here include:
- Deliberate removal of some aspects of the project work; to simplify the report writing process
if there are two gas stations in a very small town then the gasoline industry is probably best characterised as
Answer:
Oligopolistic
Explanation:
An Oligopoly is when there are few large firms operating in an industry.
When there are two firms in an industry, it is known as a duopoly
Oligopolies are characterised by:
price setting firms product differentiation profit maximisation high barriers to entry or exit of firms downward sloping demand curvePharoah Company purchased $2600000 of 8%, 5-year bonds from Sheridan, Inc. on January 1, 2021, with interest payable on July 1 and January 1. The bonds sold for $2724740 at an effective interest rate of 7%. Using the effective-interest method, Pharoah Company decreased the Available-for-Sale Debt Securities account for the Sheridan, Inc. bonds on July 1, 2021 and December 31, 2021 by the amortized premiums of $9820 and $10180, respectively. At December 31, 2021, the fair value of the Sheridan, Inc. bonds was $2780000. What should Pharoah Company report as other comprehensive income and as a separate component of stockholders' equity
Answer:
$75,260
Explanation:
Calculation for What should Pharoah Company report as other comprehensive income and as a separate component of stockholders' equity
Using this formula
Comprehensive income/separate component of stockholders' equity=Fair value-(Sales of bonds-July 1, 2021 Amortized premiums-December 31, 2021 Amortized premiums)
Let plug in the formula
Comprehensive income/separate component of stockholders' equity=$2,780,000 - ($2,724,740 - $9,820 - $10,180)
Comprehensive income/separate component of stockholders' equity=$2,780,000-$2,704,740
Comprehensive income/separate component of stockholders' equity= $75,260
Therefore What should Pharoah Company report as other comprehensive income and as a separate component of stockholders' equity is $75,260
Those with a ________ personality identify opportunities, show initiative, take action, and persevere until meaningful change occurs, compared to others who passively react to situations. Select one: a. high Mach b. high self-monitoring c. proactive d. type A
Answer:
The correct answer is letter C
TrustedHelperDake Corporation's relevant range of activity is 2,200 units to 5,000 units. When it produces and sells 3,600 units, its average costs per unit are as follows For financial reporting purposes, the total amount of product costs incurred to make 3,600 units is closest to:
Answer: $50,940
Explanation:
The total amount of product costs incurred to make 3,600 units will be calculated as:
Direct materials = 3600 x 6.85 = 24660
Add: Direct labor= 3600 x 2.80= 10080
Add: Variable manufacturing overhead = 3,600 x 1.50 = 5400
Add: Fixed manufacturing overhead = 3600 x 3 = 10,800
Therefore, the Total product cost will be:
= 24660 + 10080 + 5400 + 10800
= $50,940
A long-term savings strategy differs from a short-term savings strategy
because a long-term strategy:
A. is more focused on growing wealth.
B. requires money to be saved for retirement.
C. takes up more than half of a household budget.
D. is not available to wealthy investors.
Answer:
A
Explanation:
takes advantage of compounding
The way that a long-term savings strategy differs from a short-term savings strategy is that it is more focused on growing wealth.
What is a long term saving strategy?This is the type of saving that is focused on helping to increase a person's stock of wealth.
The reason for this type of saving is to help to raise the money that a person has over time.
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Assume that VCRs and videotapes are complements. When the price of VCRs fall and the price of plastic (used to make videotapes) rise, what should happen to price and quantity of videotapes. What happens to equilibrium price and quantity
Explanation:
When the price of VCRs fall and the price of plastic (used to make videotapes) rise, then there will be an increase in the price and decrease in demand and for videotapes since they are strong compliments.
Consider this analogy, people used to need videotapes in other to record on VCRs; (just a sim card is needed so as to fully use a phone). Hence, as the price of the material (plastic) used to make videotapes rises; ultimately the videotape prices themselves would increase; leading to lesser demand.
As a result of this, we can expect the equilibrium price and quantity to decrease.
Hickory Hills Pro Shop had a balance in the Accounts Receivable account of
$800,000 at the beginning of the year and a balance of $900,000 at the end of the
year. Net credit sales during the year amounted to $8,040,000. The accounts
receivable turnover was
1) 9.5 times.
2) 10.1 times.
3) 8.9 times.
4) 9.8 times
Answer:
1) 9.5 times.
Explanation:
Accounts Receivable Turnover Ratio = Net Credit Sales / Average Accounts Receivable
Average accounts receivable = beginning accounts receivable + closing accounts receivable / 2
= $800,000 + $900,000/2
=$1,700,000 /2
=$850,000
Accounts Receivable Turnover Ratio = $8,040,000/$850,000
Accounts Receivable Turnover Ratio = 9.4588
=9. 5
Preferred stock, 5%, $50 par value, 1,200 shares issued and outstanding with dividends in arrears for the three prior years. Common stock, $100 par value, 2,200 shares issued and outstanding. Total dividends declared and paid in current year were $52,000. How much of the current dividend will be paid to the preferred stockholders assuming the preferred stock is cumulative
Answer:
$12,000
Explanation:
total preferred dividends per year = 1,200 x $50 x 5% = $3,000
since they were not paid during the past three years, and they are cumulative, the total preferred dividends = $3,000 x 4 = $12,000
common stock dividends = total dividends - accumulated preferred dividends = $25,000 - $12,000 = $13,000
cumulative preferred stocks that are not paid in the past, must be paid before any common dividends are paid
What kinds of risks do you believe will you be most vulnerable to in your professional life? How will you mitigate these risks?
HELP ME OUT LOLZ
Dave gets a job at a grocery store, which pays him an hourly wage in
exchange for his labor. Dave is participating in *
O A. entrepreneurship
O B. human capital.
O C. the product market.
O D. the factor market.
Answer:
D. the factor market
Explanation:
Labor (along with land, capital, and entrepreneurship) is one of the "four factors of production."
Also, Dave isn't starting a business (so he's not an entrepreneur), nor is he in the product market (since he's not making products; just shelving, bagging, and/or scanning them at checkout). I suppose he might be participating in human capital in that he's building up "human capital" (i.e., building up his skills and experience), but I feel like "factor market" is better.
The summarized balance sheets of Wildhorse Company and Blossom Company as of December 31, 2021 are as follows: Wildhorse Company Balance Sheet December 31, 2021 Assets $2850000 Liabilities $390000 Capital stock 1400000 Retained earnings 1060000 Total equities $2850000 Blossom Company Balance Sheet December 31, 2021 Assets $2160000 Liabilities $500000 Capital stock 1330000 Retained earnings 330000 Total equities $2160000 If Wildhorse Company acquired a 20% interest in Blossom Company on December 31, 2021 for $520000 and the equity method of accounting for the investment were used, the amount of the debit to Equity Investments (Blossom) would have been $432000. $266000. $520000. $332000.
Answer:
$520,000
Explanation:
Under the fair value method of accounting, the investment is recorded at cost paid to acquire such investment. So, the Debit to Equity Investments (Blossom) would have been $520,000
Suppose the Federal Reserve announces that it will be making a change to a key interest rate to increase the money supply. This is likely because
Answer:
The Federal Reserve is worried about unemployment
Explanation:
The Federal reserve uses various strategies bro control supply of money in the economy. This is aimed at improving the economy depending on its present state.
In an economy where there is inflation there is need to reduce money supply.
When economic growth is slow there is need to increase money supply.
So when the Federal Reserve increases money supply by reducing interest rates, it is most likely to combat unemployment and facilitate economic growth.
