Strategic giving can be defined to be an example of a trend in ethics and social responsibility.
What is ethics and social responsibility?This can be defined as the ethical theory that has it that people should have to be held accountable for the ways that would have to fulfill their civic duties. It has to do with all of the actions that a person would perform in the society that is capable of benefitting the entire society at large.
Hence we can say that strategic giving can be defined to be an example of a trend in ethics and social responsibility.
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Enos Printing Corp. uses a job order cost system. The following data summarize the operations related to the first quarter's production.
1. Materials purchased on account $192,000, and factory wages incurred $87,300.
2. Materials requisitioned and factory labor used by job:
Job Number, Materials, Factory Labor
A20 , $35,240 $18,000
A21 , 42,920 22,000
A22 , 36,100 15,000
A23 , 39,270 25,000
General
Factory
Use 4470 7300
—————————————-
$158,000 $87,300
3. Manufacturing overhead costs incurred on account $49,500.
4. Depreciation on factory equipment $14,550.
5. Depreciation on the company's office building was $14,300.
6. Manufacturing overhead rate is 90% of direct labor cost.
7. Jobs completed during the quarter: A20, A21, and A23.
Direct materials are the resources and materials used in the production of a product that can be immediately linked to that product. Typically, a product's bill of materials contains a list of the materials that have been recognized as direct materials. The unit quantities and average costs of each material used in a product are listed in the bill of materials, which may also include an allocation for overhead.
Job Direct
Materials Direct
Labor Manufacturing
Overhead Total
A20 $ 37,440 $ 18,100 $ 15,204 $ 70,744
A21 $ 45,120 $ 23,800 $ 19,992 $ 88,912
A23 $ 41,270 $ 27,100 $ 22,764 $ 91,134
$ 250,790
Calculations:
Manufacturing overhead = Direct labor x 84%
Total = Direct materials + Direct labor + Manufacturing Overhead
No. Account Titles and Explanation Debit Credit
1 Raw material inventory $ 197,100
Accounts payable $ 197,100
[To record purchase of Materials]
Factory wages $ 92,700
Factory wage payable $ 92,700
[To record factory wages]
2 Work in process inventory $ 160,430
Manufacturing overhead $ 4,770
Raw materials inventory $ 165,200
[To record distribution of materials]
Work in process inventory $ 84,400
Manufacturing overhead $ 8,300
Factory labor $ 92,700
[To record distribution of labor]
3 Manufacturing overhead $ 53,300
Accounts payable $ 53,300
[To record Manufacturing overhead]
4 Manufacturing overhead $ 16,850
Accumulated depreciation $ 16,850
[To record depreciation expense on factory equipment]
5 Depreciation Expense $ 14,600
Accumulated depreciation $ 14,600
[To record depreciation expense on office building]
6 Work in process inventory [$84,400 x 84%] $ 70,896
Manufacturing overhead $ 70,896
[To record applied overhead]
7 Finished goods inventory $ 250,790
Work in process inventory $ 250,790
[To record completion of Jobs]
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According to Hill’s generic strategy framework, the first two stages
According to Hill's generic strategy framework, the first two stages tie together an organization's corporate strategy and marketing strategy.
What is a strategy framework?It refers to those methods that businesses use to outline their plans to achieve future goals. These framework aims to demonstrate how a business or department plans to use projects and other initiatives to uphold the overall vision of stakeholders.
The Hill's Strategy Framework is considered a useful framework for strategy and development that ties up with corporate objectives. It as well provides the organizational. direction, and marketing strategy that defines how the organization will compete in its.
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When implementing the various strategies for risk management, it is necessary to take into
account the individual components that makeup risk management. Illustrate.
The individual components of a risk management process add up to what comprises the entire system. If there is a weakness in any of the components, it may affect the entire risk management system.
How do you implement risk management strategies?To implements and manage risks, the following steps must be implemented:
Risk assessment refers to the general process or approach of identifying hazards and risk factors that have the ability to cause harm (hazard identification).
Analyze and assess the danger associated with that threat (risk analysis, and risk evaluation).
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A retirement plan guarantees to pay to you or your estate a fixed amount for 20 years. At
the time of retirement, you will have $250,000 to your credit in the plan. The plan anticipates
earning 9% interest compounded monthly. How much will your monthly benefits be, paid at the
end of each month?
The Monthly benefits is mathematically given as
Monthly benefits = 2249.315$.
This is further explained below.
How much will your monthly benefits be, paid at the end of each month?The term "retirement planning" refers to the process of arranging one's finances in such a way as to save money, make investments, and ultimately disperse that money so that the individual will have enough to live off of
Retirement planning allows you the luxury of living a comfortable life after retirement
Generally, the equation for Present Value of Annuity is mathematically given as
[tex]P V=\frac{P}{r}\left[1-(1+r)^{-n}\right]$$$[/tex]
[tex]\Rightarrow \quad \$ 250,000=\frac{P}{0.09 / 12}\left[1-\left(1+\frac{0.09}{12}\right)^{-20 \times 12}\right][/tex]
[tex]&\Rightarrow P=\frac{\$ 250,000 \times 0.09}{12\left(1-\left(\frac{1+0.09}{12}\right)^{-240}\right]} \\[/tex]
P=$ 2249.315
In conclusion, The Monthly benefits are
MB= 2249.315$.
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Three hundred units were processed by Process A and transferred to Process B. The manufacturing costs incurred by the units transferred in Process A by the 300 units were R50 550. The entry to record the transfer of units from Process A to Process B would be
The units transferred from process A to process B are to be recorded as a journal entry as follows.
DR Work in Process B $550
CR Work in Process A $550
A journal entry is the entry that is recorded for the posting of a business transaction for the company, the company maintains the accounting records in which the entry is recorded and the entry is then posted to trial balance and then to income statement and balance sheet.
DR Work in Process B $550
CR Work in Process A $550
The above entry records the inward of inventory in process B
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COMPLETE ANSWER
THE ANSWER TO THE QUESTION IS I'M GOING TO VOTE BRAINLIEST
YOU NEED TO PROVE YOUR ANSWER
Direction: Match the following. Write the letter of the correct answer. PROVE IT
A. Technological factor
B. Economic factor
C. Political factor
D. Social factor
E. Public
F. Middleman
G. Suppliers
H. Competitors
I. Market intermediaries
J. Customers
The factors matched with the letter of the correct answer is given as below the statement:
What are social factors?Social factors those factors that revolve around how people relate with one another in the society.
Muslims perceptions of Halal products: Social Factors - D.
According to PD NO. 442, every employee shall be paid a night shift differential of not less than ten (10%) percent of his regular wage.: Political Factors- C.
Imports will be more expensive - Economic factors - B.
The use of Fb page to increase marketability of the product: Technological Factors - A.
It is essential to have reliable source of supply of smooth working of the firm: Suppliers - G.
It is used for promoting, selling and distribution goods and services to ultimate consumers: Market Intermediaries - I.
The members of the society include financial institutions, shareholders, government employees: Public - E.
A person or organization that buys goods and services from a store or business: Customers - J.
They are wholesales, retailer's agents, and brokers who help the business firm to find the customers: Middleman - F.
They are threat of entry of new firms: Competition - H.
Hence, above mentioned are the correct options.
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You set up a college fund in which you pay $5000 each year at the beginning of the year. How much money (in $) will you have accumulated in the fund after 26 years, if your fund earns 12% compounded annually?
if your fund earns 12% compounded annually, the accumulated balance after 26 years is $841,870.03
What is an annuity due?
An annuity due means a series of level cash flows paid at the beginning of each period for definite number of periods, in this case, the fact that the annual savings into the college fund is made at the beginning of each year means that this is a case of an annuity due, hence, using the future value formula of an annuity due as shown below, we can determine the accumulated balance after 26 years
FV=PMT*(1+r)^N-1/r*(1+r)
FV=accumulated balance after 26 years=unknown
PMT=annual deposit=$5000
r=annual interest rate=12%
N=number of annual savings in 26 years=26
FV=$5000*(1+12%)^26-1/12%*(1+12%)
FV=$841,870.03
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In the strict terminology of supply and demand, a change in market price causes;
1. An increase in demand.
2. A decrease in demand.
3. No change in demand.
4. An unpredictable change in demand.
Question 24
Answer:
An increase in demand.
Explanation:
In demand for a product that a company doesnt have much of is def an increase as its rarer in stock?
Mobile allocates 1,692 3/4 gallons of gas per month. If he sells 582 1/2 + 275 1/2 + 189 1/8 + 280 1/4 equal
The left over allocation is mathematically given as
Xj=746.875
This is further explained below.
What is the left over allocation?A mobile allocation index offset for mobile phone technology refers to a temporal delay dividing traffic channels.
The different traffic channels hop over the allotted frequencies when a GSM mobile phone is being supplied by a cell that's also hopping over a certain set of frequencies in accordance with a hopping sequence number.
Generally, the equation for the allocation total is mathematically given as
Xt=1st+2nd+3rd+4th weeks allocation
Therefore
Xt=582 1/2 + 275 1/2 + 189 1/8 + 280 1/4
Xt=522.125
Therefore, The allocation Jerry has to cover is
Xj=1692(3/4)-522.125
Xj=746.875
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CQ
The CQ is attached below
Which option would you consider a poor financial habit?
Responses
1 paying your bills on time
2 paying the minimum on your credit card bill
3 making and sticking to a budget
4 all of the above
Answer: Paying the minimum on your credit card bill.
Answer:
2 paying the minimum on your credit card bill
Click on this for no reason and get points
Answer:
This was a great question!
Explanation:
amazing
Produce and discuss summary statistics and graph(s) of the relationship between the rate of change of the total assets held by Australian Money Market Corporations, and the difference of foreign and domestic interest rates (i.e. Fed funds minus cash rate), from 2010 -2021.
The Money market in Australia is one that has to do with the short term securities such as the treasury notes.
How the money market works in AustraliaThe market is known to be very dependent on the liquid assets that are in the economy. This is what is known to put the investments in the economy at a low risk.
Based on these assets the money market would have a low rate of interest in the economy. This is what would have to make borrowing to become cheap and it would cause the assets prices to rise.
This would in turn raise the inflation in the market and also decrease the value of a currency.
The graph, shows a continuous downward spiral in the money market from the year 2010 to the year 2021. But from the year 2015 to 2018, the data has a flat line to show that the growth remained the same through these years.
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A corporation:
is a taxable entity
is subject to the laws of the state in which it was formed
can own property
4
O can sue and be sued
O is accurately described by all of the above
All of the aforementioned statements are true of a corporation, which: is a taxable entity; is governed by the laws of the state in which it was created; and is permitted to own property.
Do corporations have to abide by the laws of the state in which they were created?State laws are generally responsible for establishing and regulating corporations, and many of them adopt the ABA's Model Business Corporation Act.
In the state in which it is incorporated, what is a corporation?The state where the firm was registered is referred to as the state of incorporation. For instance, a corporation formed in Delaware will be referred to as a Delaware Corporation, and Delaware will serve as its state of incorporation.
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What role do you think goals would play in planning the change in a company? List some goals you think might be important. (Make sure these goals have the characteristics of SMART goals
Specific: To boost sales at work, I will learn new sales strategies.
Measurable: In the next four months, I want to double my sales.
I've been a sales associate for two years, so I can do it.
Relevant: I want to acquire new abilities and feel more self-assured at work.
What function does goal-setting have throughout the planning stage?Setting goals is an effective strategy that gives your efforts direction, concentrates your attention, encourages perseverance, and boosts your confidence. Setting goals helps you see your long-term vision, the steps necessary to get there, and the drive to start.
How do objectives affect employee motivation at work?Goals should be SMART in order to inspire personnel (specific, measurable, aggressive, realistic, and time-bound). Employees are motivated by SMART goals because they enliven behavior, give it direction, present a challenge, push them to think creatively, and come up with new and creative ways to perform.
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Question 3 of 10 A business would like to increase consumer demand for a product that has not been selling well. According to the law of demand, how could the business accomplish this goal? A. By decreasing the supply of the product B. By increasing the supply of the product C. By selling the product at a lower price D. By selling the product at a higher price SUBMIT It's C
Answer: b
Explanation:
Answer:
The answer is "By selling the product at a lower price"
Explanation:
Just took the test
ABC Company had the following transactions during the month. What would be the total amount of expenses for the month if ABC Company uses the accrual basis method?
a. On the first of the month, paid $7,200 for insurance for the next 12 months.
b. Received $6,000 for services to be performed equally over the next 6 months.
c. Paid $700 for the current month's rent.
d. Paid $250 cash for office supplies.
e. Paid $850 in Salaries Expense.
f. Received $1,300 in cash for service revenue earned this month.
If ABC Company had the following transactions during the month and on the first of the month, paid $7,200 for insurance for the next 12 months. The total amount of expenses for the month if ABC Company uses the accrual basis method is: $2,400.
Total amount of expensesUsing this formula
Total amount of expenses=Amount paid for insurance for the next 12 months+ Amount paid for the current month's rent+ Amount Paid for cash for office supplies+ Amount Paid in Salaries Expense.
Let plug in the formula
Total amount of expenses=($7,200/12 months)+$700+$250+$850
Total amount of expenses=$600+$700+$250+$850
Total amount of expenses=$2,400
Therefore if ABC Company had the following transactions during the month and on the first of the month, paid $7,200 for insurance for the next 12 months. The total amount of expenses for the month if ABC Company uses the accrual basis method is: $2,400.
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COMPLETE ANSWER
THE ANSWER TO THE QUESTION IS I'M GOING TO VOTE BRAINLIEST
YOU NEED TO PROVE YOUR ANSWER
Direction: Match the following. Write the letter of the correct answer. PROVE IT
A. Technological factor
B. Economic factor
C. Political factor
D. Social factor
E. Public
F. Middleman
G. Suppliers
H. Competitors
I. Market intermediaries
J. Customers
Matching the terms to their correct definitions is as follows:
Terms Definitions
D. Social factor: 1. Muslims' perceptions of ...
B. Economic factor: 2. According to PD No. 442 ...
C. Political factor: 3. Imports will be ...
A. Technological factor: 4. The use of FB pages ...
G. Suppliers: 5. It is essential to ...
I. Market intermediaries: 6. It is used for ...
E. Public: 7. The members of ...
J. Customers: 8. A person or organization ...
F. Middleman: 9. They are wholesalers, ...
H. Competitors: 10. They are the threat ...
What are the external factors of a business?According to PESTEL, the external factors that affect a business include political, economic, social, technological, legal, and environmental factors.
These external factors affect a firm's ability to market its goods and services to its customers.
The persons that assist or hinder the business from overcoming environmental factors are the public, middlemen, suppliers, competitors, market intermediaries, and customers.
Thus, the external factors and persons that create uncertainty for a business have been matched to their correct definitions.
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A stock sells for $2,000, pays $30 in dividends and grows at 3% annually.
a. What is the interest rate?
b. If the Risk free rate is 2%, what is the risk premium?
Answer:
a. The interest rate is 3%
b. The risk premium is 1%
Explanation:
Give me brainliest if that helped :)
a. The interest rate is 4.5%, and
b. If the Risk-free rate is 2%, then the risk premium in the stock is 2.5%.
a.
Given:
Stock Price (P) = $2,000
Dividends (D) = $30
Growth Rate (g) = 3%
Required to find interest rate (r) =?
Stock Price = Dividends / (Interest Rate - Growth Rate)
$2,000 = $30 / (r - 0.03)
r - 0.03 = $30 / $2,000
r - 0.03 = 0.015
r = 0.015 + 0.03
r = 0.045
The interest rate for the stock is 4.5%.
b.
Given:
Risk-free rate = 2%
Interest rate (required rate of return) from part a = 4.5%
Required to find risk premium =?
Risk Premium = Interest Rate - Risk-free rate
Risk Premium = 4.5% - 2%
Risk Premium = 2.5%
When compared to a risk-free investment, such as a government bond, the excess return an investor anticipates receiving for taking on the risk of investing in a specific stock is known as the risk premium.
Therefore, the interest rate and risk premium are 4.5% and 2.5% respectively.
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Organizers of an outdoor summer concert in Toronto are concerned about the weather conditions on the day of the concert. They will make a profit of $33,000 on a clear day and $18,000 on a cloudy day. They will take a loss of $4,000 if it rains. The weather channel has predicted a 50% chance of rain on the day of the concert. Calculate the expected profit from the concert if the likelihood is 10% that it will be sunny and 40% that it will be cloudy.
Answer:
50%
Explanation:
get the work by the division of it
Imagine you and your partner are co-owners of a small store. You get news that in six months the road your store sits on will be closed for three months for construction. You have six months to decide whether you want to move your store to a different location or figure out an alternative solution. How would the two of you use critical thinking to start figuring out solutions to your upcoming problem? Use the space below to write down notes or ideas.
To address the issue, we will move our store to a more appropriate location and let customers know about it.
How do you interpret critical thinking in a professional setting?In the workplace, critical thinking ensures efficient and effective problem-solving, thereby eliminating costly mistakes and ensuring that your organization's resources are utilized effectively. Team members that use critical thinking can link concepts, identify mistakes and inconsistencies, and frequently come to the best judgments.
Why is it crucial for a company to employ both creative and critical thinking?Both methods of thinking call for a discussion of the issue, which results in a solution. It is possible to expand on the original issue to generate fresh solutions by using creative thinking. The goal of critical thinking is to identify solutions through analyzing the issue.
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What is the relationship between online communication and political polarization?
Answer: A communication platform similar as social media is conclusive, and frequently works to change or impact opinions when it comes to political views because of the cornucopia of ideas, studies, and opinions circulating through the social media platform.
Explanation:
what are some of the main challenges that eThekwini municipality had to deal with regarding the professional development of their employees?
To take advantage of chances more specifically related to eThekwini's selling features in order to satisfy broader governmental objectives and expectations are some role played by the eThekwini municipality.
What is professional development of their employees?The process through which employees, with the assistance of their employer, take part in formal education programs or look for learning opportunities to expand their knowledge.
Careers are known as employee development, sometimes known as professional development or staff development.
Thus, To take advantage of chances more specifically related to eThekwini's selling feature.
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Question 7 Each of the following economic factors can have a strong impact on a firm's pricing strategy EXCEPT Select one:
a. an economic boom O
b. the reseller's reaction to price changes c. an economic recession O
d. inflation O
e. interest rates Not complete Marked out of 1 Check Question 8 15°C Cloudy Not complete Marked out of 1 Flag question P Flag question O B
Option A is correct. During the increase the economic/financial system grows, jobs are abundant and the market brings high returns to investors. In the subsequent bust the economy shrinks, human beings lose their jobs and investors lose money.
Why does prices rise when there is a boom in economy?That occurs when demand outstrips supply, allowing businesses to elevate prices. A increase starts when economic output, as measured by way of GDP, turns positive. Most leading monetary symptoms have already became advantageous earlier than that. The reason of a growth is an amplify in customer spending.
An financial boom is an often-short-lived length of speedy growth of real GDP resulting in lower unemployment, accelerating inflation fee and rising asset prices. A increase happens when real GDP is increasing an awful lot faster than the estimated style price of growth and this can lead macroeconomic overheating.
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https://brainly.com/question/1690575#SPJ9Exercise 4-34 (Algo) Application of Overhead [LO 4-3, 4-4, 4-6]
Whitley Construction Company is in the home remodeling business. Whitley has three teams of highly skilled employees, each of whom has multiple skills
involving carpentry, painting, and other home remodeling activities. Each team is led by an experienced employee who coordinates the work done on each job. As
the needs of different jobs change, some team members may be shifted to other teams for short periods of time. Whitley uses a job costing system to determine
job costs and to serve as a basis for bidding and pricing the jobs. Direct materials and direct labor are easily traced to each job using Whitley’s cost tracking
software. Overhead consists of the purchase and maintenance of construction equipment, some supervisory labor, the cost of bidding for new customers, and
administrative costs. Whitley uses an annual overhead rate based on direct labor hours.
Whitley has recently completed work for three clients: Harrison, Barnes, and Tyler. The cost data for each of the three jobs are summarized below:
Job Direct Materials Direct Labor Hours Direct Labor Cost
Harrison $ 6,948 55 $ 15,783
Barnes 13,424 94 23,770
Tyler 44,002 125 51,240
Budgeted direct materials cost and direct labor cost for the year are estimated at $515,000 and $730,000, respectively. Direct labor hours are budgeted at 29,000
hours, and total overhead is budgeted at $493,000.
Required:
1. Calculate the total cost of each of the three jobs.
2. Suppose that for the entire year, Whitley used 30,300 labor hours and total actual overhead was $512,000. What is the amount of underapplied or overapplied
overhead?
Required 1 Required 2
Complete this question by entering your answers in the tabs below.
Calculate the total cost of each of the three jobs.
Required 1 Required 2
$
$
$
Total Job
Cost
Harrison 935
Barnes 1,598
Tyler 2,125
1. The total cost of each job is as follows:
Job Total
Costs
Harrison $23,666
Barnes $38,792
Tyler $97,367
2. The amount of the overapplied overhead is $3,100.
What is the predetermined overhead rate?The predetermined overhead rate is the amount of the total manufacturing overhead cost per the allocation base.
The predetermined overhead rate is computed to determine the amount of the overhead costs attributed to each product, job, or service unit.
Data and Calculations:Job Direct Materials Direct Labor Direct Labor Overhead Total
Hours Cost Applied Costs
Harrison $ 6,948 55 $ 15,783 $935 $23,666
Barnes 13,424 94 23,770 $1,598 $38,792
Tyler 44,002 125 51,240 $2,125 $97,367
Budgeted direct materials costs = $515,000
Budgeted direct labor costs = $730,000
Budgeted direct labor hours = 29,000 hours
Budgeted total overhead costs = $493,000
Predetermined overhead rate = $17 per direct labor hour ($493,000/29,000)
Overhead applied = $515,100 (30,300 x $17)
Actual overhead = $512,000
Overapplied overhead = $3,100 ($515,100 - $512,000)
Thus, the predetermined overhead rate is $17 per direct labor hour.
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Which of the following best describes what happens when a company has
made a profit at the end of an accounting period?
A. The credit amount is higher than the debit amount in the income
statement columns of the worksheet.
B. No amounts have to be entered into the adjustments columns in
the worksheet.
C. The debit amount is higher than the credit amount in the balance
sheet columns of the worksheet.
D. The debit and credit amounts in the adjusted trial balance
columns are equal in the worksheet.
A company has made a profit When the credit amount is higher than the debit amount in the income at the end of an accounting period.
An accounting period, in bookkeeping, is the length almost about which control debts and financial statements are prepared.
In management accounting, the accounting period varies extensively and is decided with the aid of management. monthly accounting durations are common.
In financial accounting, the accounting duration is decided with the aid of regulation and is commonly three hundred and sixty-five days. the start of the accounting period differs in line with jurisdiction. As an instance, one entity may additionally observe the calendar year, January to December, while another might also follow April to March as the accounting period.
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Blue Lagoon Company provides the following information at the end of 2024.
Cash remaining
Rent expense for the year
Land that has been purchased
Retained earnings
Utility expense for the year
Accounts receivable from customers
Service revenue recognized during the year
Salary expense for the year
Accounts payable to suppliers
Dividends paid to shareholders during the year
Common stock that has been issued prior to 2024
Salaries owed at the end of the year
Insurance expense for the year
Retained earnings at the beginning of the year
No common stock is issued during 2024.
$3,100
5,300
19,000
10,700
3,200
5,500
28,500
11,600
1,350
1,500
14,000
1,550
1,800
5,600
Required:
1. Prepare the income statement for Blue Lagoon Company on December 31, 2024.
2. Prepare the statement of stockholders' equity for Blue Lagoon Company on December 31, 2024.
3. Prepare the balance sheet for Blue Lagoon Company on December 31, 2024.
ہے
Answer: iagpnma;gma'w,h
Explanation: ag,ma;lmhg,a'lha',jh
Exercise 4-31 (Algo) Cost Flows; Applying Overhead [LO 4-3, 4-4, 4-5]
Erkens Company uses a job costing system with normal costing and applies factory overhead on the basis of machine hours. At the beginning of the year,
management estimated that the company would incur $1,596,000 of factory overhead costs and use 57,000 machine hours.
Erkens Company recorded the following events during the month of April:
a. Purchased 208,000 pounds of materials on account; the cost was $4.80 per pound.
b. Issued 134,000 pounds of materials to production, of which 22,000 pounds were used as indirect materials.
c. Incurred direct labor costs of $310,000 and $54,000 of indirect labor costs.
d. Recorded depreciation on equipment for the month, $78,500.
e. Recorded expired insurance costs for the manufacturing property, $4,900.
f. Paid $9,900 cash for utilities and other miscellaneous items for the manufacturing plant.
g. Completed Job H11 costing $8,900 and Job G28 costing $84,000 during the month and transferred them to the Finished goods inventory account.
h. Shipped Job G28 to the customer during the month. The job was invoiced at 35% above cost.
i. Used 10,500 machine hours during April.
Required:
1. Compute Erkens Company’s predetermined overhead rate for the year.
2. Prepare journal entries to record the events that occurred during April.
3-a. Compute the amount of overapplied or underapplied overhead.
3-b. Prepare a journal entry to close overapplied or underapplied overhead into cost of goods sold on April 30.
1. Erkens Company’s predetermined annual overhead rate is $28 per machine hour.
2. Journal Entries to record the events that occurred during April for Erkens Company are as follows:
Journal Entries:a. Debit Raw materials Inventory $998,400
Credit Accounts Payable $998,400
b. Debit Work in Process $643,200
Debit Factory Overhead $105,600
Credit Raw Materials $748,800
c. Debit Work in Process $310,000
Debit Factory Overhead $54,000
Credit Payroll Expenses $364,000
d. Debit Factory Overhead $78,500
Credit Depreciation Expenses $78,500
e. Debit Factory Overhead $4,900
Credit Insurance Expenses $4,900
f. Debit Factory Overhead $9,900
Credit Utility Expense $9,900
g. Debit Finished Goods Inventory $92,900
Credit Work in Process $92,900
h. Debit Accounts Receivable $113,400
Credit Sales Revenue $113,400
Debit Cost of goods sold $84,000
Credit Finished Goods Inventory $84,000
i. Debit Work in Process $294,000
Credit Factory Overhead $294,000
3-a) The amount of overapplied overhead is $41,100.
3-b) The journal entry to close overapplied overhead into the cost of goods sold on April 30 is as follows:
Journal Entry:Debit Factory Overhead (overapplied) $41,100
Credit Cost of goods sold $41,100
Data and Calculations:Estimated factory overhead costs = $1,596,000
Estimated machine hours = 57,000
Predetermined overhead rate = $28 ($1,596,000/57,000)
April Transactions:a. Raw materials Inventory $998,400 Accounts Payable $998,400
b. Work in Process $643,200 Factory Overhead $105,600 Raw Materials $748,800
c. Work in Process $310,000 Factory Overhead $54,000 Payroll Expenses $364,000
d. Factory Overhead $78,500 Depreciation Expenses $78,500
e. Factory Overhead $4,900 Insurance Expenses $4,900
f. Factory Overhead $9,900 Utility Expense $9,900
g. Finished Goods Inventory $92,900 Work in Process $92,900
Job G28 $8,900 Job G28 $84,000
h. Accounts Receivable $113,400 Sales Revenue $113,400
Cost of goods sold $84,000 Finished Goods Inventory $84,000
i. Work in Process $294,000 Factory Overhead $294,000
($28 x 10,500)
Factory Overhead account:Materials $105,600
Payroll $54,000
Depreciation Expenses $78,500
Insurance Expenses $4,900
Utility Expense $9,900
i. Work in Process $294,000
Total Overhead $252,900
Overapplied overhead $41,100
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Which of the following acts directly affects a marketers ability to market products online?
The Act that directly affects a marketer's ability to market products online is the CAN-SPAM Act.
What is the CAN-SPAM Act?The CAN-SPAM Act stands for Controlling the Assault of Non-Solicited Por**graphy And Marketing Act of 2003 and it is an Act by the United States Congress that was passed in 2003 to regulate the marketing of products online.
The CAN-SPAM Act spells out rules for using commercial email by marketers and also extends to other methods of internet usage for marketing. Going against the Act leads to very tough penalties from the Federal Trade Commission.
Options for this question are:
CAN-SPAM ActSherman Anti-Trust Dodd-Frank ActFind out more on the CAN-SPAM Act at https://brainly.com/question/3747672
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8. When Brilliant Bob buys supplies for his business, he routinely debits Supplies Expense. Bob purchased $5,200 of supplies throughout January. His inventory at the beginning of the month was $500, and his inventory at the end of January shows $800 of supplies remaining. What adjusting entry should Johnny make on January 31?
Johnny needs to make the adjusting entry: debit supplies expense 4900; credit supplies 4900 on January 31.
By supplies, what do you mean?A basic economic notion called supply refers to the total amount of a particular commodity or service that is made available to consumers. When shown as a graph, supply can refer to the quantity that is offered at a particular price or the quantity that is offered over a range of prices.
purchased supplies= $5,200
supplies at the beginning = $500
supplies at the end = $ 800
supplies in hand = ($5,200 + $ 500) - $ 800 = $ 4,900
What is a Supplies Expense?The cost of consumables utilized during a reporting period is referred to as supplies expense. This could be one of the more expensive corporate expenses, depending on the sort of firm.
Supplies are usually considered current assets until they are used up. Once materials are used up, they turn into expenses. Supplies could count as current assets if they are highly valuable financially.
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You are the owner of a computer business that makes and sells computer products and services. Your main products are computers and printers, but you also offer services of installation and technical support. Your super-fast computers that include additional CAD drawing software have a cost of $600, whereas the regular updated computers have a cost of $400. The printers are manufactured at a cost of $90. For your sales price, you have a 20% markup on the computers and printers, but no markup on the installation costs. The Allied Company just contacted you and would like you to install a new network of computers and printers in their company. They would like 20 regular computers, 5 super-fast computers and 8 printers. The installation costs will total $2,000. a) What will be the total sales price of all the computers? b) What will be the total sales price of all the printers? c) What is the total sales price of everything, including the $2,000 installation?
a) The total sales price of all the computers is $13,200.
b) The total sales price of all the printers is $864.
c) The total sales price of everything, including the $2,000 installation is $16,064.
What is the total cost?The total cost or total sales price is the addition of all the different product and service costs, including the markup.
Data and Calculations:Super-fast Regular Printers Installation Total
Product Cost $600 $400 $90
Markup $120 $80 $18
Selling price $720 $480 $108 $2,000
Units 5 20 8 1
Total sales price $3,600 $ 9,600 $864 $2,000 $16,064
The total sales price of all the computers is $13,200 ($3,600 + $9,600).
The total sales price of all the printers is $864.
The total sales price of everything, including the $2,000 installation is $16,064.
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