The gross earnings of the factory workers for Oriole Company during the month of January are $72,000. Of the total accumulated cost of factory labor, 84% is related to direct labor and 16% is attributable to indirect labor.(a)Record the factory labor costs for the month of January.(b)Assign factory labor to production.

Answers

Answer 1

Answer:

a.

Wages Expense $72,000 (debit)

Wages Payable $72,000 (credit)

b.

Work In Process : Direct Labor $60,480 (debit)

Work In Process : Direct Labor $11,520 (debit)

Wages Payable $72,000 (credit)

Explanation:

The factory labor cost is a manufacturing cost and is included in product valuation.

(a)Record the factory labor costs

Here we have to recognize the expense incurred during the period and the liability since settlement of amount owing to workers has not yet been made

Wages Expense $72,000 (debit)

Wages Payable $72,000 (credit)

(b)Assign factory labor to production

Here we accumulate the cost to the Work In Process of manufacture taking not of cost classification.

Work In Process : Direct Labor $60,480 (debit)

Work In Process : Direct Labor $11,520 (debit)

Wages Payable $72,000 (credit)


Related Questions

A consumer has ​$130 in monthly income to be spent on two goods Z and B. The price of good Z ​(Pz​) is ​$8.00. The Marginal Rate of Transformation​ (MRT) is equal to minus−2. That is 2 units of good B can be traded for 1 unit of good Z. What is the price of good B in $?

Answers

Answer:

Price of B is $4

Explanation:

Marginal rate of transformation is defined as the amount of a good x has to stop being produced inorder to produce a certain amount of a good y. Factors of production and technology used are assumed to be constant.

In this scenario the marginal rate of transformation is -2, that is 2 units of good B can be traded for 1 unit of good Z, mathematically

2 * Pb = Pz

Substitute price of Z

2* Pb = $8

Pb= 8 ÷ 2

On= $4

Ivory Corporation, a calendar year, accrual method C corporation, has two cash method, calendar year shareholders who are unrelated to each other. Craig owns 35% of the stock, and Oscar owns the remaining 65%. During 2019, Ivory paid a salary of $100,000 to each shareholder. On December 31, 2019, Ivory accrued a bonus of $25,000 to each shareholder. Assuming that the bonuses are paid to the shareholders on February 1, 2020, compute Ivory Corporation's 2019 deduction for the above amounts.

Answers

Answer:

$225,000

Explanation:

Computation for Ivory Corporation's 2019 deduction for the above amounts.

In a situation where a Corporation uses the accrual method such Corporation cannot in any way claim a deduction for an accrual with respect to a related party reason been that the recipient have to reports the amount as income.

Therefore Ivory Corporation cannot deduct the $25,000 bonus which was attributable to Oscar because Oscar is the related party until the year 2018.

Ivory Corporation should go ahead and deduct in 2017 the salary payments which is been made to each shareholder plus the accrued bonus to Craig, or $225,000

Salary of $100,000 + Salary of $100,000 + $25,000 bonus

$225,000

Managers involved in negotiation should:__________.
1. Search for the absolute best answer.
2. Exercise premature judgment.
3. Realize that solving the other party's problem is actually the other party's problem.
4. Verify whether there is only a fixed set of alternatives.
Which of the following phenomena would be most likely to occur if the project team did not have clear and commonly understood project goals?
1. The level of trust among team members would increase.
2. The motivation level of team members would increase.
3. The interdependency among team members would increase.
4. Conflict among team members would increase.

Answers

Answer:

For question (1): 4. Verify whether there is only a fixed set of alternatives.

For question (2): 4. Conflict among team members would increase.

Explanation:

Managers involved in negotiation should always verify whether there is only a fixed set of alternatives.

It is ideal that when managers are making a negotiation and by extension decision-making, they should ensure there are one or more alternative options. A fixed set of alternatives would only mean they're absolutely liable to the other party, without any reasonable benefits to their organization in the event of a crisis with the deal.

Conflict among team members would increase if the project team did not have clear and commonly understood project goals.

As a rule and standard, it is necessary to ensure that team members share common understanding, aims, ideas and vision in order to achieve their project goals and objectives.

When team members are in sync, they're bound to collaborate and use collective intelligence to attain success.

Hence, to increase the level of trust, motivation level, and interdependency among team members, project managers should ensure they've clear and commonly understood project goals.

Public television periodically runs pledge drives to raise money. Only a small percentage of the people who benefit from public television are willing to pay. This low percentage of people willing to contribute illustrates a difficulty with:____________.

Answers

Answer

voluntary programs

Explanation:

voluntary programs   or activities that are usually individual or people voluntarily participate in and they are not paid for it. sometimes, voluntary programs are made for profit and sometimes  not for  profit.

pledge drive is a vivid example of a voluntary program. sometimes, only some few public television are able to get donations to run their day to day program/activities. most times, the subscription will be an addition to others and also large source of revenue. most times the incentives to join and dangers of shirking is a problem affecting voluntary program

You would like to combine a risky stock with a beta of 1.87 with U.S. Treasury bills in such a way that the risk level of the portfolio is equivalent to the risk level of the overall market. What percentage of the portfolio should be invested in the risky stock

Answers

Answer:

46.5%

Explanation:

The treasury bills have zero beta as they have no systematic risk. Beta is used in the Capital asset pricing Model to demonstrate a relationship between systematic risk and rate of return.

Expected Return = Rf + Beta * Rp

The percentage that should be invested in the risky portfolio will be,

1 - 1 / Beta

1 - 1 / 1.87

= 46.5%

Managers in international businesses will need to evaluate the attractiveness of a country as a market or location for a facility or investment. Knowing how to think about events and situations will help the manager make that evaluation?
Countries with democratic regimes, market-based economic policies, and strong protection of property rights are more likely to attain high and sustained economic growth rates, and are thus a more attractive location for international business. The benefits, costs, and risks are associated with the political, economic, and legal systems of the country. The overall attractiveness of a country depends on balancing the benefits, costs, and risks.
Drag each item to the appropriate category of evaluations a manager must make when examining a country's attractiveness.
1. Middle-class population growth potential
2. First-mover advantages
3. Bribe payments
4. Unaxpestec political change
5. Infrastructure issuos
6. Resolving contract disputes
7. Free market economy
8. Economio uncertainty
A. Evaluate Benefits
B. Evaluate Costs
C. Evaluate Risks

Answers

Answer: Please refer to Explanation

Explanation:

When Evaluating a country's attractiveness for investment, there are several factors that should be evaluated. Key amongst them are, Benefits, Costs and Risks.

Under Benefits, the economy is evaluated based on the benefits it brings to the table. It's strengths and Opportunities. The goal is to see if these benefits present the company with adequate enough incentives to want to invest.

Under Costs, the cost of setting up and thriving is evaluated. What does the company have to pay and who do they have to pay it to in order to set up properly.

Under Threats, the factors that could adversely affect the company as a result of Investing in the country are evaluated. This is very important to know so that if need be, contingencies can be established.

Classifying the above.

1. Middle-class population growth potential. EVALUATE BENEFITS.

The middle class are the main purchasers of goods and services in the economy. In evaluating benefits the potential growth rate of the middle class should be evaluated.

2. First-mover advantages. EVALUATE BENEFITS.

Evaluating the potential benefits to be had from investing first in a country is part of Benefits Evaluation.

3. Bribe payments. EVALUATE COSTS.

Bribery payments are a cost when it comes to setting up in corrupt nations. They need to be evaluated as costs.

4. Unexpected political change. EVALUATE RISKS.

Under the evaluation of risks, this should be evaluated because a new Political leadership could have a different attitude to the company and this is a threat.

5. Infrastructure issues. EVALUATE COSTS.

Under the evaluation of cost there must be an evaluation of infrastructural issues in the country. If there are infrastructural challenges, the cost of setting up will be higher because depending on the infrastructure you'd have to bring in infrastructure from other areas and that would be expensive.

6. Resolving contract disputes. EVALUATE COSTS.

What are the costs of resolving contract disputes in the country. If they are favourable then the country is fine.

7. Free market economy. EVALUATE BENEFITS.

A free Market Economy is very useful to Entreprise. The type of economy needs to be evaluated therefore to see if it is a Free Market Economy that can benefit the company.

8. Economic uncertainty. EVALUATE RISKS.

How stable is the economy of the country in question. A country with an unstable Economy is one with a lot of Uncertainty and any company going in there will have to risk suffering losses if the Economy goes through peril.

FICO is a. a company that analyzes consumer credit histories. b. a measure of your debt-to-income ratio. c. a special introductory interest rate on any purchases made during the holiday shopping season. d. a federal agency charged with monitoring consumer spending habits.

Answers

Answer: a. a company that analyzes consumer credit histories.

Explanation: The Fair Isaac  Corporation (FICO) founded in 1956 by Bill Fair and Earl Isaac is a data analytics company and also the first company to offer a credit-risk model with a score. In other words, the FICO model is the primary method used for determining an individual's creditworthiness and in the provision of a credit rating or score.

They also offer credit scores for sales, either alone or as part  of a package of products.

Pasadena Candle Inc. budgeted production of 785,000 candles for January. Each candle requires molding. Assume that six minutes are required to mold each candle. If molding labor costs $18 per hour, determine the direct labor cost budget for January. Pasadena Candle Inc. Direct Labor Cost Budget For the Month Ending January 31 Hours required for assembly: Candles min. Convert minutes to hours ÷ min. Molding hours hrs. Hourly rate × $ Total direct labor cost

Answers

Answer:

Direct labour cost budget= $1,413,000.

Explanation:

The direct labor cost budget is a function of the production product budget. The quantity of the product budgeted to be produced would determine the labor cost budget.

Direct labour budget = Production budget × standard  hours × standard labour rate per hour

Standard hour = 6/60 =0.1  (note there are 60 minutes in an hour)

Direct labour budget = 785,000 ×  0.1× 18 =  $1,413,000.

Direct labour cost budget= $1,413,000.

Statement of Cash Flows—Indirect Method
The comparative balance sheet of Harris Industries Inc.
at December 31, 20Y4 and 20Y3, is as follows:
Dec. 31, 20Y4 Dec. 31, 20Y3
Assets
Cash $443,240 $360,920
Accounts receivable (net) 665,280 592,200
Inventories 887,880 1,022,560
Prepaid expenses 31,640 25,200
Land 302,400 302,400
Buildings 1,713,600 1,134,000
Accumulated depreciation—buildings (466,200) (414,540)
Machinery and equipment 781,200 781,200
Accumulated depreciation— (214,200) (191,520)
machinery and equipment
Patents 106,960 112,000
Total assets $4,251,800 $3,724,420
Liabilities and Stockholders' Equity
Accounts payable (merchandise creditors)$837,480 $927,080
Dividends payable 32,760 25,200
Salaries payable 78,960 87,080
Mortgage note payable, due in nine years 224,000 0
Bonds payable 0 390,000
Common stock, $5 par 200,400 50,400
Paid-in capital: Excess of issue price 366,000 126,000
over par—common stock
Retained earnings 2,512,200 2,118,660
Total liabilities and stockholders' equity $4,251,800 $3,724,420
An examination of the income statement and the accounting records revealed the following additional information applicable to 20Y4:
Net income, $524,580.
Depreciation expense reported on the income statement: buildings, $51,660; machinery and equipment, $22,680.
Patent amortization reported on the income statement, $5,040.
A building was constructed for $579,600.
A mortgage note for $224,000 was issued for cash.
30,000 shares of common stock were issued at $13 in exchange for the bonds payable.
Cash dividends declared, $131,040.
Required:
Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments

Answers

Answer:

Statement of Cash Flows

Cash flow From Operating Activities

Net income                                                                        $524,580

Adjustment for Non Cash Items :

Depreciation expense - buildings                                      $51,660

Depreciation expense - machinery and equipment        $22,680

Patent amortization                                                              $5,040

Adjustments for Changes in Working Capital Items :

Increase in Accounts receivable                                      -$73,080

Decrease in Inventories                                                    $134,680

Increase in Prepaid expenses                                           -$6,400

Decrease in Accounts payable                                        -$89,600

Net Cash From Investing Activities                                 $569,540

Cash flow From Investing Activities

Buildings                                                                           -$579,600

Net Cash From Investing Activities                                 -$579,600

Cash flow From Financing Activities

Mortgage Note                                                                  $224,000

Dividends Paid                                                                  -$123,480

Net Cash From Financing Activities                                 $100,520

Movement during the year                                                  $82,320

Cash and Cash Equivalents at beginning of the year     $360,920

Cash and Cash Equivalents at end of the year                $443,240

Explanation:

For Determination of Dividends Paid, open a Dividends Paid Account as follows :

Debit:

Cash  (Balancing figure) 123,480

Balance c/d                       32,760

Totals                               156,240

Credit

Balance b/d                      25,200

Dividends Declared         131,040

Totals                               156,240

A manager buys three shares of stock today, and then sells one of those shares each year for the next 3 years. His actions and the price history of the stock are summarized below. The stock pays no dividends.
Time Price Action
0 $190 Buy 3 shares
1 200 Sell 1 share
2 200 Sell 1 share
3 200 Sell 1 share
A. Calculate the time-weighted geometric average return on this "portfolio."
B. Calculate the time-weighted arithmetic average return on this portfolio.
C. Calculate the dollar-weighted average return on this portfolio.

Answers

Answer:

a. The Geometric average return  is 1.72%

b. The Arithmetic average return is 1.75%

c. The Dollar weighted average return is 2.61%

Explanation:

a) In order to calculate the time-weighted geometric average return we would have to calculate first the Holding period return as follows:

Holding period return = (200 - 190) / 190 = 5.263%

Hence, Geometric average return = (1 + .05263)^(1/3) - 1 = 1.72%

b) To calculate time-weighted arithmetic average return we have to make the following calculation:

Arithmetic average return = 5.263% / 3 = 1.75%

c) To calculate time-weighted arithmetic average return we would have to make the following calculation:

Dollar weighted average return=-190*3 + 200/(1+r) + 200/(1+r)^2 + 200 / (1+r)^3 = 0

= 2.61%

Culver Company has four operating divisions. During the first quarter of 2017, the company reported aggregate income from operations of $205,100 and the following divisional results. Division I II III IV Sales $250,000 $198,000 $499,000 $446,000 Cost of goods sold 198,000 191,000 298,000 254,000 Selling and administrative expenses 74,900 63,000 63,000 46,000 Income (loss) from operations $ (22,900) $ (56,000) $138,000 $146,000 Analysis reveals the following percentages of variable costs in each division. I II III IV Cost of goods sold 69 % 90 % 80 % 74 % Selling and administrative expenses 41 62 52 58 Discontinuance of any division would save 50% of the fixed costs and expenses for that division. Top management is very concerned about the unprofitable divisions (I and II). Consensus is that one or both of the divisions should be discontinued.

Answers

Answer:

Income after discontinuing operations from both departments 1 and 2 is greateri.e.  $ 207 444 than income after discontinuing operations from  department 1 . i.e.  $ 172964

Explanation:

Option 1:

If the 1st division is discontinued. 50 % of the fixed costs and expenses will continue and included in irrelevant costs.

Culver Company

Income Statement

For the 1st Quarter 2017

Division                            II                 III                IV                 Irrelevant Costs

Sales                        $198,000     $499,000      $446,000

Cost of G. Sold           191,000        298,000        254,000

V. COGS                        90 %             80 %               74 %

V.COGS                    171,900        238,400        187960

FIxed COGs                19,100          59600           66,040         30690

Selling &

Administrative Exps       63,000        63,000          46,000

Var. S& Admin Exps.       62%                 52%              58%

Var. S& Admin Exps.       39060           32760         26,680

Fixed S.& Admin Exps  23940          30240         19320          24346

Income (loss)         $ (56,000)    $138,000     $146,000        

Total Income =      $ (56,000)+$138,000+$146,000-30690- 24346      

Total Income=  $ 172964

Option 2:

If  both the 1st  and 2nd division are discontinued. 50 % of the fixed costs and expenses are added under the section II.

Culver Company

Income Statement

For the 1st Quarter 2017

Division                            II                 III                IV                 Irrelevant Costs

Sales                                          $499,000      $446,000

Cost of G. Sold                           298,000        254,000

V. COGS                                         80 %               74 %

V.COGS                                        238,400        187960

FIxed COGs                9,550          59600           66,040         30690

Selling &

Administrative Exps                      63,000          46,000

Var. S& Admin Exps.                      52%              58%

Var. S& Admin Exps.                         32760         26,680

Fixed S.& Admin Exps  11970          30240         19320          24346

Income (loss)                                    $138,000     $146,000    

Total Income =      $138,000+$146,000-30690- 24346-  9,550 - 11970    

Total Income=  $ 207 444

We calculate the fixed and variable costs by multiplying with the given percentages and subtracting it from the total .

Culver Company

Income Statement

For the 1st Quarter 2017

Division                             I               II                 III                IV

Sales                     $250,000   $198,000     $499,000      $446,000

Cost of G. Sold       198,000     191,000        298,000        254,000

V. COGS                 69 %             90 %             80 %               74 %

V.COGS                136,620         171,900        238,400        187960

FIxed COGs         61,380            19,100          59600           66,040

Selling &

Administrative Exps 74,900       63,000        63,000          46,000

Var. S& Admin Exps.  41%            62%                 52%              58%

Var. S& Admin Exps. 30,709       39060           32760         26,680

Fixed S.& Admin Exps  48691      23940          30240         19320

Income (loss)       $ (22,900)     $ (56,000)    $138,000     $146,000

In January 2020, the management of Sheridan Company concludes that it has sufficient cash to permit some short-term investments in debt and stock securities. During the year, the following transactions occurred. Feb. 1 Purchased 500 shares of Muninger common stock for $27,500. Mar. 1 Purchased 700 shares of Tatman common stock for $17,500. Apr. 1 Purchased 40 $1,050, 6% Yoakem bonds for $42,000. Interest is payable semiannually on April 1 and October 1. July 1 Received a cash dividend of $0.50 per share on the Muninger common stock. Aug. 1 Sold 167 shares of Muninger common stock at $65 per share. Sept. 1 Received a $1 per share cash dividend on the Tatman common stock. Oct. 1 Received the semiannual interest on the Yoakem bonds. Oct. 1 Sold the Yoakem bonds for $41,000. At December 31, the fair value of the Muninger common stock was $56 per share. The fair value of the Tatman common stock was $24 per share.At December 31, the fair value of the Muninger common stock was $56 per share. The fair value of the Tatman common stock was $24 per share.Prepare the adjusting entry at December 31, 2020, to report the investment securities at fair value. All securities are considered to be trading securities. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)

Answers

Answer:

December 31, 2020, fair value adjustment

Dr Investment in Muninger stocks 333

    Cr Unrealized gain - Investment in Muninger stocks 333

December 31, 2020, fair value adjustment

Dr Unrealized loss - Investment in Tatman stocks 700

    Cr Investment in Tatman stocks 700

Explanation:

Feb. 1 Purchased 500 shares of Muninger common stock for $27,500.

Dr Investment in Muninger stocks 27,500

    Cr Cash 27,500

Mar. 1 Purchased 700 shares of Tatman common stock for $17,500.

Dr Investment in Tatman stocks 17,500

    Cr Cash 17,500

Apr. 1 Purchased 40 $1,050, 6% Yoakem bonds for $42,000. Interest is payable semiannually on April 1 and October 1.

Dr Investment in Yoakem bonds 42,000

    Cr Cash 42,000

July 1 Received a cash dividend of $0.50 per share on the Muninger common stock.

Dr Cash 250

    Cr Dividend revenue 250

Aug. 1 Sold 167 shares of Muninger common stock at $65 per share.

Dr Cash 10,855

    Cr Investment in Muninger stocks 9,185

    Cr Gain on sale 1,670

Sept. 1 Received a $1 per share cash dividend on the Tatman common stock.

Dr Cash 700

    Cr Dividend revenue 700

Oct. 1 Received the semiannual interest on the Yoakem bonds.

Dr Cash 1,260

    Cr Interest revenue 1,260

Oct. 1 Sold the Yoakem bonds for $41,000.

Dr Cash 41,000

Dr Loss on sale 1,000

    Cr Investment in Yoakem bonds 42,000

At December 31, the fair value of the Muninger common stock was $56 per share. The fair value of the Tatman common stock was $24 per share.

Answer:

Sheridan Company

Adjusting Entries for Trading Investments at Fair Value:

December 31, 2020:

Debit Investment in Muninger $333

Credit Gain on Investment $333

To record the $1 per share gain on investment (500 - 167 shares).

Debit Loss on Investment $700

Credit Investment in Tatma $700

To record the $1 per share loss on investment (700 shares).

Explanation:

Investments held for trading are short-term investments in debt and stock securities.  They are accounted for at fair value.

This implies that at the end of each reporting period, the difference between the book value of the investment and the fair value is adjusted either as gain or loss on investment.  This adjusting entry increases or reduces the book value of the investment to its fair value.  The gain or loss remains an unrealized gain or loss until the investment is sold.

An insured states her age as 40 on the application. When she dies, the insurer discovers that she was actually only 37 at the time of application. What will the insurance company do?
a) pays nothing since there was a material misrepresentation on the application
b) pays the death benefit in the amount that the premium at the correct age would have purchased
c) pays a decreased death benefit
d) adjust premiums to reflex correct age

Answers

Answer: pays the death benefit in the amount that the premium at the correct age would have purchased

Explanation:

According to the question, an insured states her age as 40 on the application and upon her death, the insurer discovers that the insured was 37 at the time of application.

The right thing for the insurance company to do is to pay the death benefit which in entitled to the insured in the amount which the premium at the correct age would have been bought. If insured overstates his or her age, the insurer will have to pay the full death benefit and then refund excess premiums paid.

Foster Manufacturing uses a job order cost accounting system. On April 1, the company has Work in Process Inventory of $7,600 and two jobs in process: Job No. 221, $3,600, and Job No. 222, $4,000. During April, a summary of source documents reveals the following:

For Materials Requisition Slips Labor Time Tickets
Job No. 221 $1,200 $1,600
222 1,700 2,200
223 2,400 2,900
224 2,600 2,800
General use 600 400
Totals $8,500 $9,900

Foster applies manufacturing overhead to jobs at an overhead rate of 70% of direct labor cost. Job No. 221 is completed during the month.

Required:
Prepare summary journal entries to record the raw materials requisitioned, factory labor used, the assignment of manufacturing overhead to jobs, and the completion of Job No. 221.

Answers

Answer:

Foster Manufacturing

Journal Entries

Sr. No                       Particulars                       Debit           Credit

1                    Work in Process Job No. 221        1200

                    Work in Process Job No. 222      1700

                   Work in Process Job No. 223       2400

                    Work in Process Job No. 224      2600

         Factory Overhead  Indirect Materials      600

                              Materials Inventory                                  8500

Materials Requisitioned to specific jobs work in process inventory.

2. Direct Labor    Work in Process Job No. 221        1600

     Direct Labor  Work in Process Job No. 222      2200

  Direct Labor    Work in Process Job No. 223       2900

    Direct Labor Work in Process Job No. 224      2800

                                                   Indirect Labor      400

                                      Payroll                                               9500

                                         Factory OverheadControl               400

Direct Labor used for specific jobs.

3.          Work in Process Job No. 221              1120

                    Work in Process Job No. 222      1540

                   Work in Process Job No. 223       2030

                    Work in Process Job No. 224      1960  

                         Manufacturing Overheads                            6930

Manufacturing Overheads applied to specific jobs at the rate of 70%.

4.     Finished Goods Inventory          $ 7940

      Opening   Work in Process Job No. 221                       3600

         Work in Process Job No. 221 Materials                     1200

         Work in Process Job No. 221 Direct Labor               1600

         Work in Process Job No. 221 MOH                          1540

Job 221 completed and transferred to finished goods.

                   

Which of the following statements regarding changes in accounting principles is not true? Most changes in accounting principles are retroactively reported. Most changes in accounting principles are only reported in current periods when the principle change takes place. Changes in accounting principles are allowed when new principles are preferable to old ones. Consistency is one of the biggest concerns when a change in accounting principle is undertaken.

Answers

Answer:

Most changes in accounting principles are only reported in current periods when the principle change takes place.

Explanation:

Accounting principle can be defined as a general guideline to be followed by accountants or financial institutions when they record and report their financial transactions.

A change in an accounting principle involves a change in an accounting method used.

For instance, an accountant switching between First In, First Out (FIFO) to Last In, First Out (LIFO) method of inventory valuation or by using another depreciation method.

Additionally, an accounting principle should only be changed, if it's applicable to the accounting framework being used such as Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS).

Also, it is important to state in the footnotes of the financial statements a full disclosure to highlight the justification for the preferred change and financial implications of this change.

The following are true about the change in accounting principles;

1. Most changes in accounting principles are retroactively reported.

2. Changes in accounting principles are allowed when new principles are preferable to old ones.

3. Consistency is one of the biggest concerns when a change in accounting principle is undertaken.

Pearson Motors has a target capital structure of 45% debt and 55% common equity, with no preferred stock. The yield to maturity on the company's outstanding bonds is 10%, and its tax rate is 40%. Pearson's CFO estimates that the company's WACC is 14.50%. What is Pearson's cost of common equity

Answers

Answer:

21.45%

Explanation:

Pearson motors has a target capital structure of 45% debt and 55% common equity

The yield to maturity is 10%

Tax rate is 40%

WACC is 14.50%

First of all we have to find the tax cost of debt

Tax cost of debt= Yield to maturity×(1-tax rate)

= 8×(1-25/100)

= 8×(1-0.25)

= 8×0.75

= 6%

The next step is to calculate the common equity

Therefore, the common equity can be calculated as follows

WACC= Respective cost×Respective weight

14.50= (6×0.45)+(0.55×common equity)

14.50= 2.7+(0.55×common equity)

14.50-2.7= (0.55×common equity)

11.8= (0.55×common equity)

Common equity= 11.8/0.55

Common equity= 21.45%

Hence Pearson's cost of common equity is 21.45%

A clothing manufacturer produces clothing in five locations in the United States. In a move to vertical integration, the company is planning a new fabric production plant that will supply fabric to all five clothing plants. The clothing plants have been located on a coordinate system as follows: Location (X,Y) A 7,2 B 4,7 C 5,5 D 6,2 E 8,4 If the amount of fabric shipped to each plant are equal, what is the optimal location for the fabric plant?

Answers

Answer:

(6,4)

Explanation:

The computation of optimal location for the fabric plant is shown below:-

           X       Y

A          7       2

B          4       7

C          5       5

D          6       2

E          8        4

Total    30      20

[tex]\bar X = \frac{Total\ of\ X}{Total\ number\ of\ locations}[/tex]

[tex]\bar X = \frac{30}{5}[/tex]

= 6

[tex]\bar Y = \frac{Total\ of\ Y}{Total\ number\ of\ locations}[/tex]

[tex]\bar Y = \frac{20}{5}[/tex]

= 4

So, the optimal location for the fabric plant is (6,4)

Exceptional Electronics began operations September 1, 2019. The firm sells its merchandise for cash and on open account. Sales are subject to a 7 percent sales tax. During September, Exceptional Electronics engaged in the following transactions:Date Transactions2019Sept. 1 Sold a high-definition television set on credit to Candy Cho: issued Sales Slip 101 for $2,100 plus sales tax of $147.3 Sold stereo equipment on credit to Jim Peters; issued Sales Slip 102 tor $900 plus sales tax of $63.7 Sold a microwave oven on credit to Bridgette Huffman: issued Sales Slip 103 for $300 plus sales tax or $21.12 Accepted return of defective stereo equipment from Jim Peterson: issued Credit Memorandum 101 for $200 plus sales tax of $14. The stereo equipment was sold on September 3.15 Recorded cash sales for the period from September 1 to September 15 of $10,500 plus sales tax of $735.16 Sold a gas dryer on credit to Kathy Sundstrand: issued Sales Slip 104 tor $600 plus sales tax of $42.17 Sold a home entertainment system on credit to Mark Navalta; issued Sales Slip 105 for $2,100 plus sales tax of $147.18 Received $670 from Candy Cho on account.20 Received payment in full from Jim Peterson for the sale of September 3, less the return of September 12.25 Gave Mark Navalta an allowance because of scratches on his home entertainment system sold on September 17, Sales slip 105; issued Credit Memorandum 102 for $200 plus sales tax of $14.27 Received payment in full from Bridgette Huffman tor the sale of September 7.29 Sold a dishwasher on credit to Mark Navalta: issued Sales Slip 106 tor $400 plus sales tax or $28.30 Recorded cash sales for the period From September 16 to September 30 of $10,800 plus sales tax of $756.GENERAL LEDGER ACCOUNTS101 Cash111 Accounts Receivable221 Sales Tax Payable481 Sales421 Sales Returns and AllowancesACCOUNTS RECEIVABLE LEDGER ACCOUNTSCandy Cho Jim PetersonBridgette Huffman Kathy SundstrandMark Navalta Required:2. Post the entries from the general journal into the appropriate accounts in the general ledger and in the accounts receivable ledger.3. Prepare a schedule of accounts receivable.

Answers

Answer:

Since there is not enough room here, I prepared the general ledger, the accounts receivable ledger and the schedule of accounts receivable in an excel spreadsheet (attached).    

Explanation:

Colleague responsibilities related to compliance include which of the following:________. A. Report if you have been placed on a state or federal exclusion list B. Report if you have been convicted of a minor traffic violation C. Report when your employment-related professional licenses have been renewed D. Report when you complete annual continuing education

Answers

Answer:

A. Report if you have been placed on a state or federal exclusion list

Explanation:

While working in an organization you have some responsibilities which are related to compliance, integrity, honesty, etc are as follows

1. They have to report if they are placed on a state or federal exclusion list that also includes Officer of Inspector General (OIG), General Service Administration (GSA)

2. Instant report the criminal offense if you are convicted other than the minor traffic violation

The conviction excludes the following things

a. Arrest or charges

b. Judicially dismissed

c. That does not consider except felony convictions that also includes controlled substances should always be reported

hence, the correct option is a.

In a company, individuals have roles and responsibilities which should be fulfilled. It can include truthfulness, virtue, compliance's etc.

The correct answer is:

Option A. Report if you have been placed on a state or federal exclusion list.

This can be explained as:

The colleague should report if they were on the state or national exclusion list.

The exclusion list can also contain General Service Administration or Officer of Inspector General.

If the charges were other than minor traffic violations like criminal offences should be reported instantly.

The convictions do not include charges, arrests, court dismissals etc.

Therefore, if placed on the exclusion list should be reported.

To learn more about federal exclusion list follow the link:

https://brainly.com/question/25087292

Which of the following statements is CORRECT? a. If a company follows a policy of "matching maturities," this means that it matches its use of short-term debt with its use of long-term debt. b. If a company follows a policy of "matching maturities," this means that it matches its use of common stock with its use of long-term debt as opposed to short-term debt. c. Net working capital is defined as current assets minus the sum of payables and accruals, and any decrease in the current ratio automatically indicates that net working capital has decreased. d. Although short-term interest rates have historically averaged less than long-term rates, the heavy use of short-term debt is considered to be an aggressive strategy because of the inherent risks associated with using short-term financing. e. Net working capital is defined as current assets minus the sum of payables and accruals, and any increase in the current ratio automatically indicates that net working capital has increased.

Answers

Answer: d. Although short-term interest rates have historically averaged less than long-term rates, the heavy use of short-term debt is considered to be an aggressive strategy because of the inherent risks associated with using short-term financing.

Explanation:

Using short term financing is generally considered to be an aggressive strategy and is more often than not frowned upon by investors.

This is because of the reputational risk involved. A company that keeps using short term financing gives off the impression that it is barely keeping afloat and therefore relying on short term loans to continue functioning.

Other risks involved include, short term loans are usually given in small quantities so they cannot be used effectively as they will bareky go anywhere in terms of investment and their payback installment schedule can be in weeks instead of months like long term financing which can be detrimental to survival.

This is as opposed to a Conservative Approach that uses long term financing to finance most of it's Working Capital.

Engineering Wonders reports net income of $63 million. Included in that number is building depreciation expense of $5.3 million and a gain on the sale of land of $1.3 million. Records reveal decreases in accounts receivable, accounts payable, and inventory of $2.3 million, $3.3 million, and $4.3 million, respectively. What are Engineering Wonders' net cash flows from operating activities? (List cash outflows and any decrease in cash as negative amounts. Enter your answer in millions. (i.e., $10,000,000 should be entered as 10).)

Answers

Answer:

70.3

Explanation:

The calculation of net cash flows from operating activities is shown below:-

Engineering Wonders reports

Net cash flow from operating activities

Particulars                                      Amount

Net income                                       63

Adjustment to reconcile net

income to net cash

flow from operating activities

Add: Depreciation expense              5.3

Less: Gain on sale of land                 1.3

Add: Decrease in Accounts

receivable                                           2.3

Less: Decrease in accounts

payable                                                3.3

Add: Decrease in inventory                4.3

Net cash flow from operating

activities                                               70.3

Therefore the net cash flow from operating activities is 70.3.

As discussed in the case and the text, W. L. Gore and Zappos adopted new organizational structures during periods of growth. In general, most firms follow a predictable pattern of structural change. Which of the following best exemplifies this pattern?

a. Simple to functional to multidivisional structures
b. Ambidextrous to functional to matrix structures
c. Functional to simple to matrix structures
d. Global to functional to multidivisional structures
e. Simple to matrix to functional structures

Answers

Answer: a. Simple to functional to multidivisional structures

Explanation:

An Organisational structure refers to how tasks flow in a company to enable them to achieve their goals.

As a company grows, they tend to go through different types of structures which fit their size and enable them to reach their goals better.

They generally start with the Simple Structure which is very common in smaller businesses. Here most decisions are centred on the owner. The owner as the proprietor is in charge of coming up with basically everything to push the business forward.

As the company grows they switch to a Functional Structure. This is when the company will be structured by function to enable better specialization and divisions of labour. Examples of separation by function include, IT Department, Marketing Department, Production Department etc.

If the growth continues the company finds it best to specialize even more and this is when Multidivisional Structures kick in. In a Multidivisonal Structure, the company divides itself into different divisions while maintaining a parent company. The Divisions are fairly independent and pursue different goals and products but all under the direction of the parent company. An example is Google splitting into divisions with Alphabet Inc being the Parent Company and Divisions such as Google, Calico, Deepmind and Waymo being created.

A store sells 20 ice cream bars per hour for $4 each, but on discount days, it sells 35 ice cream bars per hour for $3. Based on these two data points, what would be the slope for the relationship between the price and the quantity of ice cream sold?

Answers

Answer:

The slope for the relationship between the price and the quantity of ice cream sold would be of -1/15

Explanation:

In order to calculate the slope for the relationship between the price and the quantity of ice cream sold we would have to calculate the following formula:

Slope= change in yaxis( vertical)/change in xaxis(horizontal)

Slope= change in price/change in quantity demand

Slope=P2-P1/Q2-Q1

Slope=3-4/35-20

Slope=-1/15

The slope for the relationship between the price and the quantity of ice cream sold would be of -1/15

The text states, "Over sufficiently long time periods, net income equals cash inflows minus cash outflows, other than cash flows with owners." Demonstrate the accuracy of this statement in the following scenario: Two friends contributed $50,000 each to form a new business. The owners used the amounts contributed to purchase a machine for $100,000 cash. They estimated that the useful life of the machine was five years and the salvage value was $20,000. They rented out the machine to a customer for an annual rental of $25,000 a year for five years. Annual cash operating costs for insurance, taxes, and other items totaled $6,000 annually. At the end of the fifth year, the owners sold the equipment for $22,000, instead of the $20,000 salvage value initially estimated. (Hint: Compute the total net income and the total cash flows other than cash flows with owners for the five-year period as a whole.)

Answers

Answer:

                                 Cash       Equipment   Common stock Net income

Cash contributed

by Owners        $ 100,000               $  100,000  

Purchase of

machine for cash $ (100,000)    $ 100,000  

Recoginition of

rent revenue         $125,000                                   $125,000

Recoginition of

operating

expense                $(30,000)                                   $(30,000)

Recoginition of

Depreciation                             $ (80,000)                                 $(80,000)

Sale of Machine   $ 22,000     $ (20,000)                          $ 2,000

Totals               $ 117,000          $0                $100,000         $ 17,000

Explanation:

Bob Clarke Corporation has provided the following data from its activity-based costing system: Activities Estimated Overhead Cost Expected Activity Assembly $1,005,040 68,000 machine-hours Processing orders $102,500 2,000 orders Inspection $139,840 1,900 inspection-hours The company makes 450 hockey sticks a year, requiring a total of 710 machine-hours, 42 orders, and 12 inspection-hours per year. The product's direct materials cost is $36.42 per hockey stick and its direct labor cost is $30.16 per hockey stick. Required: 1. Calculate the unit product cost of one hockey stick according to the activity-based costing system (Round your final answer to two decimal places).

Answers

Answer:

Total Unit Cost=  $ 96.65

Explanation:

Bob Clarke Corporation

Activities           Estimated Overhead Cost       Expected Activity

Assembly                     $1,005,040                 68,000 machine-hours

Processing orders       $102,500                       2,000 orders

Inspection                    $139,840                    1,900 inspection-hours

First we find the overhead rates using ABC costing method.

Overhead Rates=  Estimated Overhead Cost/ Expected Activity

Assembly Rate=   $1,005,040 /68,000 = $ 14.78 per machine-hours

Processing rate= $102,500 / 2,000= $ 51.25 per orders

Inspection Rate=  $139,840/ 1,900=  $ 73.6 per inspection-hours

Then we find the overhead costs applying the ABC Costing rates

Overhead Costs Of 450 Hockey

Assembly= 710 machine-hours, * $ 14.78= $10493.8

Processing=42 orders, *$ 51.25= $ 2152.5

Inspection= 12 inspection-hours*$ 73.6 = $ 883.2

Total Overhead Costs of 450 Hockey = $ 13529.5

Overhead Cost of One Hockey= 13529.5/450= 30.065=  $ 30.07

Then the:

Product Cost

Direct materials cost is $36.42 per hockey stick

Direct labor cost is $30.16 per hockey stick

Overhead Costs is $ 30.07

Total Unit Cost=  $ 96.65

Assume the company is considering investing in a new machine that will increase its fixed costs by $36,000 per year and decrease its variable costs by $10 per unit. Prepare a forecasted contribution margin income statement for 2018 assuming the company purchases this machine

Answers

Answer:

Find below complete question:

Hudson Co. reports the contribution margin income statement for 2017. Assume sales remain constant at 10.000 units.

HUDSON CO.

Contribution Margin Income Statement

For Year Ended December 31, 2017

Sales (10,000 units at $244 each)                    $2,440,000

Variable costs (10,000 units at $195 each)             $1,950,000

Contribution margin                                              $490,000

Fixed costs                                                               $327,600

Pretax Income                                                       $162,400

Assume the company is considering investing in a new machine that will increase its fixed costs by $36,000 per year and decrease its variable costs by $10 per unit.

Prepare a forecasted contribution margin income statement  for 2018 assuming the company purchases this machine

The new pretax income is  $226,400 compared to 2018 $162,400,which implies that investing in the new machine is viable

Explanation:

The forecast contribution margin income statement for 2018 is prepared below with fixed costs of $36,000 added to the previous cost of $327,600 while variable cost per unit drops by $10 to $185 per unit

Hudson Co,forecast contribution margin income statement for 2018

Sales (10,000*$244)                                  $2,440,000

variable cost(10,000*$185)                       ($1,850,000)

Contribution margin                                   $590,000

fixed costs( $327,600+$36,000)              ($ 363,600)

Pretax income                                             $ 226,400

Sheridan Company uses the periodic inventory system. For the current month, the beginning inventory consisted of 485 units that cost $66 each. During the month, the company made two purchases: 725 units at $69 each and 364 units at $71 each. Sheridan Company also sold 1198 units during the month. Using the average cost method, what is the amount of ending inventory? (Round average cost per unit to 2 decimal places, e.g. 21.48.)

Answers

Answer:

Value of closing inventory = $25771.04

Explanation:

To calculate the value of ending inventory under a periodic average cost method, we will calculate the average price per unit of inventory at the end of the month. To calculate the average price per unit, we simply divide the total cost of the inventory by the total number of units for the month.

Average cost per unit = Total cost of all units for the month / Total units available for the month

Total cost of all units:

Beginning inventory (485 * 66)            32010

Purchase 1     (725 * 69)                        50025

Purchase 2     (364 * 71)                        25844

Total                                                       107879

Total Units

Beginning Inventory     485

Purchase 1                     725

Purchase 2                    364

Total                              1574

Average cost per unit =   107879 / 1574

Average cost per unit = $68.54

Units of closing inventory = 1574 - 1198     =   376 units

Value of closing inventory =  376 * 68.54

Value of closing inventory = $25771.04

Presented below are certain account balances of Paczki Products Co.Rent revenue$ 6,500Interest expense 12,700 Beginning retained earnings 114,400Ending retained earnings 125,000Dividend revenue 71,000 Sales returns and allowances 12,400 Allocation to noncontrolling interest 17,000 Sales discounts$ 7,800Selling expenses 99,400Sales revenue 390,000 Income tax expense 31,000 Cost of goods sold 184,400 Administrative expenses 82,500Instructions From the foregoing, compute the following: (a) total net revenue, (b) net income, and (c) income attributable to controlling stockholders.

Answers

Answer:

Kindly check attached picture for the detailed computations

Henry Corporation bases its predetermined overhead rate on the estimated machine-hours for the upcoming year. At the beginning of the most recently completed year, the company estimated the machine-hours for the upcoming year at 20,000 machine-hours. The estimated variable manufacturing overhead was $9 per machine-hour and the estimated total fixed manufacturing overhead was $600,000. The predetermined overhead rate for the recently completed year was closest to:__________

Answers

Answer:

Estimated manufacturing overhead rate= $39 per machine hour

Explanation:

Giving the following information:

Estimated machine-hours= 20,000

The estimated variable manufacturing overhead was $9 per machine-hour.

The estimated total fixed manufacturing overhead was $600,000.

To calculate the estimated manufacturing overhead rate we need to use the following formula:

Estimated manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

Estimated manufacturing overhead rate= (600,000/20,000) + 9

Estimated manufacturing overhead rate= $39 per machine hour

Balance sheet The balance sheet provides a snapshot of the financial condition of a company. Investors and analysts use the information given on the balance sheet and other financial statements to make several interpretations regarding the company's financial condition and performance.
Cold Goose Metal Works Inc. is a hypothetical company. Suppose it has the following balance sheet items reported at the end of its first year of operation. For the second year, some parts are still incomplete. Use the information given to complete the balance sheet.
Cold Goose Metal Works Inc. Balance Sheet for Year Ending December 31 (Millions of Dollars)
Year 2 Year 1 Year 2 Year 1
Assets Liabilities and equity
Current assets: Current liabilities
Cash and equivalents $4,612 Accounts payabl $0 $0
Accounts receivable 2,109 1.688 Accruals 293 293 0
Inventories 6,187 4,950 Notes par 1,660 1,562
Total current assets $14,062 $11,250 Total current abilities $1,562
Net fixed assets: Long-term debt 5,859 4,688
Net plant and equipment $13.750 Total debt $7,812 $6,250
Conon equity
Common stock 15.235 12,188
Retained earnings 6,562
Total common equity $23,438 $18,750
Total assets $31,250 $25,000 Total abilities and equity $31,250 $25,000
Given the information in the preceding balance sheet—and assuming that Cold Goose Metal Works Inc. has 50 million shares of common stock outstanding—read each of the following statements, then identify the selection that best interprets the information conveyed by the balance sheet.Statement #1: Cold Goose’s pool of relatively liquid assets, which are available to support the company’s current and future sales, decreased from Year 1 to Year 2.This statement is , because:Cold Goose’s total current asset balance increased from $11,250 million to $14,062 million between Year 1 and Year 2Cold Goose’s total current liabilities balance increased from $1,688 million to $2,109 million between Year 1 and Year 2Cold Goose’s total current liabilities balance decreased by $2,812 million between Year 1 and Year 2Statement #2: Over the past two years, Cold Goose Metal Works Inc. has relied more on the use of short-term debt than on long-term debt financing.This statement is , because:Cold Goose’s total current liabilities increased by $391 million, while its use of long-term debt increased by $1,171 millionCold Goose’s total current liabilities decreased by $391 million, while its long-term debt account decreased by $1,171 millionCold Goose’s total notes payable increased by $98 million, while its common stock account increased by $3,047 millionStatement #3: One way to interpret the change in Cold Goose’s accounts receivable balance from Year 1 to Year 2 is that more customers purchased new items on credit rather than paying off existing credit accounts.This statement is , because:The $421 increase in accounts receivable means either that Year 1’s existing credit customers are not paying off their owed balances and new or existing customers are making additional purchases on credit, or that Year 1’s credit customers have repaid their owed balances and Year 2 credit sales have exceeded Year 1’s credit salesThe decrease from $2,109 million to $1,688 million implies a net decrease in accounts receivable and that more customers are paying off their receivables balances than are buying on creditThe change from $4,950 million to $6,187 million reflects a net accumulation of new credit salesBased on your understanding of the different items reported on the balance sheet and the information they provide, if everything else remains the same, then the cash and equivalents item on the current balance sheet is likely to if the firm buys a new plant and equipment at a cost of $1 million with liquid capital.

Answers

Answer:

                  Cold Goose Metal Works Inc.

                              Balance Sheet

   For Year Ending December 31 (Millions of Dollars)

                                                          Year 2            Year 1

Assets

Current assets:

Cash and equivalents                   $5,766             $4,612

Accounts receivable                        2,109                1.688  

Inventories                                        6,187               4,950

Total current assets                    $14,062             $11,250

Net fixed assets:

Net plant and equipment            $17,188             $13.750

Total assets                                 $31,250           $25,000

Liabilities and Equity

Current liabilities:

Accounts payable                                   $0                     $0

Accruals                                                 293                      0

Notes payable                                     1,660                1,562

Total current abilities                        $1,953           $1,562

Long-term debt                                   5,859               4,688

Total debt                                           $7,812            $6,250

Common equity

Common stock                                  15.235               12,188

Retained earnings                          $8,203               6,562

Total abilities and equity                $31,250           $25,000

Statement #1: Cold Goose’s pool of relatively liquid assets, which are available to support the company’s current and future sales, decreased from Year 1 to Year 2.

This statement is FALSE, because: Cold Goose’s total current asset balance increased from $11,250 million to $14,062 million between Year 1 and Year 2

Statement #2: Over the past two years, Cold Goose Metal Works Inc. has relied more on the use of short-term debt than on long-term debt financing.

This statement is FALSE, because: Cold Goose’s total current liabilities increased by $391 million, while its use of long-term debt increased by $1,171 million

Statement #3: One way to interpret the change in Cold Goose’s accounts receivable balance from Year 1 to Year 2 is that more customers purchased new items on credit rather than paying off existing credit accounts.

This statement is TRUE, because:The $421 increase in accounts receivable means either that Year 1’s existing credit customers are not paying off their owed balances and new or existing customers are making additional purchases on credit, or that Year 1’s credit customers have repaid their owed balances and Year 2 credit sales have exceeded Year 1’s credit sales

Based on your understanding of the different items reported on the balance sheet and the information they provide, if everything else remains the same, then the cash and equivalents item on the current balance sheet is likely to DECREASE if the firm buys a new plant and equipment at a cost of $1 million with liquid capital.

Other Questions
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