Answer:
30 points
Explanation:
If the question is worth 60 points, split between 2 people, it's 30.
Juanita Corporation uses a job-order costing system and applies overhead on the basis of direct labor cost. At the end of October, Juanita had one job still in process. The job cost sheet for this job contained the following information:
Direct materials $480
Direct labor $150
Manufacturing overhead applied $600
An additional 4 hours of labor was incurred in November to complete this job. Considering the additional work in November, how much should Juanita have transferred to finished goods inventory in November when this job was completed?
a. $1,330
b. $1,730
c. $1,000
d. $1,630
e. $1,230
Answer:
Juanita Corporation
Considering the additional work in November, Juanita should have transferred $1,980 to finished goods inventory in November when this job was completed
Explanation:
a) Data and Calculations:
Direct materials $480
Direct labor $150
Manufacturing overhead applied $600
Initial labor hours = $600/$150 = 4 hours
Additional labor hours = 4 hours
Total labor hours = 8 hours
Direct labor rate = $150/4 = $37.50
New Total costs:
Direct materials $480
Direct labor 300 ($37.50 * 8)
Overhead 1,200 ($150 * 8)
Total cost = $1,980
b) Note that there is additional direct labor cost of $150 for 4 hours and additional manufacturing overhead of $600 for the additional 4 direct labor hours. When these are factored in, the total cost that should be transferred to finished goods inventory in November rises to $1,980.
The following transactions occur for Cardinal Music Academy during the month of October: Provide music lessons to students for $12,500 cash. Purchase prepaid insurance to protect musical equipment over the next year for $3,660 cash. Purchase musical equipment for $15,500 cash. Obtain a loan from a bank by signing a note for $21,000.
Answer:
a. Journal entry to record music lesson
Date Account title and Explanation Debit Credit
October Cash $12,500
Service revenue $12,500
(To record music lesson for cash)
b. Journal entry to record prepaid insurance purchase
Date Account title and Explanation Debit Credit
October Prepaid insurance $3,660
Cash $3,660
(To record prepaid insurance paid for next year)
c. Journal entry to record musical equipment purchased
Date Account title and Explanation Debit Credit
October Equipment $15,500
Cash $15,500
(To record musical equipment purchase for cash)
d. Journal entry to record
Date Account title and Explanation Debit Credit
October Cash $21,000
Notes payable $21,000
(To record loan taken by signing a note)
An employee works 42 hours (42 - 40 were overtime hours) during a workweek in December of 2018. He earns $40.50/hour, with his employer paying 1.5 times the regular rate of pay for overtime hours. To date, he has earned $127,800 during the year. He has requested that his employer withhold 7% of gross pay, which is to be contributed to a 403(b) plan.
Taxable income for federal income tax withholding = $
Taxable income for social security tax = $
Taxable income for medicare tax = $
Answer:
For 2018, Social security wage limit is $128,400
Gross earning of the period = (40*40.50)+(2*60.75) = $1,741.50
a. Taxable income for federal income tax withholding = Gross Income = $1,741.50
b. Taxable income for social security tax = $128,400 - $127,800 = $600
c. Taxable income for medicare tax = $1,741.50
How would living conditions in these two countries affect birth and death rates
True or False: A FICO score can be as low as 200 and as high
as 900
Answer:
FALSE
Explanation:
Matt deposits $4,000 in a savings account at 2% interest. What is his real interest rate if the current inflation rate is 1.5%?
1%
3.5%
3%
0.5%
Answer:
0.5%
Explanation:
The real rate of interest considers the prevailing inflation rate. It is the nominal or quoted interest rate adjusted for inflation.
The real interest rate is determined by subtracting the inflation rate from the nominal rate.
In this case, the inflation rate is 1.5%, and the nominal or quoted rate is 2%.
The real rate = 2% - 1.5%
=0.5%
Cynthia Cybersquatter registered a domain name that would cause confusion to an existing trademark belonging to Frank Famous. Frank may not obtain which of the following remedies from Cynthia if he prevails in his Anticybersquatting Consumer Protection Act action?
a. attorney fees and costs
b. injunctive relief that bars Frank from using the name
c. profits Cindy made on the use of domain name
d. forfeiture of the domain name
Answer:
The remedies which Frank may not obtain from Cynthia if he prevails in his Anticybersquatting Consumer Protection Act action is:
a. attorney fees and costs
Explanation:
This is because the Anticybersquatting Consumer Protection Act (ACPA) provides that courts may award attorneys' fees for violations of the Act in "exceptional cases" under Section 1117(a). The Anticybersquatting Consumer Protection Act was enacted on November 29, 1999. The law applies to all domain names whether they were registered before the enactment date or after. The Act aims to avoid confusion in domain name registrations.
Ravi, a young and enthusiastic employee, loved his job as a technical service executive. He enjoyed being creative and dealing with challenges. Ravi was offered a supervisory position in his department because of his performance and enthusiasm. He accepted the job assuming that it is challenging and creative. However, he finds that the job has little creativity and challenge in it. Later, his team performs poorly under his supervision. In the context of characteristics of a successful supervisor, Ravi lacks:_______
a. desire for the job.
b. a positive attitude.
c. the ability to delegate.
d. communication skills.
Answer:
A) desire for the job
Explanation:
From the question we are informed about Ravi, a young and enthusiastic employee, who loved his job as a technical service executive. He enjoyed being creative and dealing with challenges. Ravi was offered a supervisory position in his department because of his performance and enthusiasm. He accepted the job assuming that it is challenging and creative. However, he finds that the job has little creativity and challenge in it. Later, his team performs poorly under his supervision. In the context of characteristics of a successful supervisor, Ravi lacks desire for the job. Desire for ones job can be regarded as craving, longing to carry out ones responsibility with great enthusiasms in one's profession. When an employee desires his/ her job there will be strong intention in performing the required task inorder to achieve the goals of the organization.
A profit-maximizing entrepreneur rents an apple orchard for a day. He is a price taker in both the market for labor and the market for apples. Assume that a bushel of apples sells for $10. Laborers are hired by the day (the variable input) to pick apples (the product). The production function (the relationship between the number of laborers hired and the number of bushels of apples picked) looks like this:
Laborers hired per day Total product(bushels of apples per day)
4 52
5 60
6 66
7 70
8 72
Required:
How many laborers would the entrepreneur employ if the government raised the minimum wage to $75 per day?
a. 4
b. 8
c. 5
d. 7
e. 6
Answer:
c. 5
Explanation:
L Q MPL (ΔinQ/ΔinL) VMPL
4 52
5 60 8 80
6 66 6 60
7 70 4 40
8 72 2 20
Note: Labour hired per day = L, Total product = Q, Marginal Product of labor=MPL, VMPL =Price*MPL
A firm will maximize the profit by increasing the number of labor as long as VMPL is higher than or equal to the wage rate. In this case, we observe that VMPL ($80)>wage rate ($75) for L=5 but VMPL ($60)<wage rate ($75) for L=6. So, the optimal number of labor to be hired is 5.
Based on your focus group, you ask your product research team to propose different formulas for turmeric meal replacement shakes. Keeping in mind that all In Fine Fettle's products use ingredients that are of higher quality than the competition's, your food scientists offer you three different formulations. Choose the formula that would be most attractive to the target market.
A. Has the highest turmeric content and anti—inflammatory properties
Made with quality ingredients
Taste rated as 5/10
B. Has the second-highest turmeric content and anti—inflammatory properties
Made with superior quality ingredients
Taste rated as 7/10
C. Has the lowest turmeric content and anti—inflammatory properties
Made with quality ingredients
Taste rated as 9/10
Answer: B. Has the second-highest turmeric content and anti-inflammatory properties
Made with superior quality ingredients
Taste rated as 7/10
Explanation:
The formula in B would be the most attractive because it is a compromise between the first and the second more 'extreme' formulas.
The first one for instance has the highest turmeric content but is lacking in taste. The third has the lowest content and is sweet. Consumers would most probably go for a compromise and pick the formula with the second highest content and not to bad taste wise whilst still being made of superior ingredients.
You need a 25-year, fixed-rate mortgage to buy a new home for $240,000. Your mortgage bank will lend you the money at an APR of 5.35 percent for this 300-month loan. However, you can afford monthly payments of only $800, so you offer to pay off any remaining loan balance at the end of the loan in the form of a single balloon payment. How large will this balloon payment have to be for you to keep your monthly payments at $800
Answer:
409,461.10
Explanation:
Present value = Annuity value * [1 - (1/(1+r)^r)] / r
Present value = 800 * [1 - (1/(1+0.0535/12)^25*12)}/0.0535/12
Present value = 132196.0205
Remaining balance = Total loan - Present value of monthly payments = 240,000 - 132196.0205 = 107803.9795
Future value = Cash flow * [1 + Interest rate/Number of months)^Time period
Future value = 107803.9795*[1+0.0535/12]^360
Future value = 409,461.10
Note: Balloon payment mean final payment made by the borrower after the end of partial amortization over the time period of the mortgage
Carolyn is a server at Olive Garden restaurant and enjoys meeting new people who dine at the restaurant. Recently, an elderly couple visited, and Carolyn overheard them talking about their financial struggles. They asked Carolyn for refills of salad and extra breadsticks that they could take home with them. Carolyn agreed even though it was against corporate policy. What Carolyn exhibited conforms to the ethical theory of:_________
Answer:
act utilitarianism
Explanation:
Act utilitarianism is defined as an ethical view that weighs the level of happiness or best possible results in a given situation.
For example of selling soda during the summer will make people happier then it is morally right compared to staying home and watching television.
In the given scenario Carolyn agreed to give the elderly couple refills of salad and extra breadsticks that they could take home with them.
Although this is against corporate policy, she justified it by thinking it's the best for them considering their financial struggle.
This is an example of act utilitarianism where Carolyn's action was against corporate policy but she considered it ethical because it was for the greater good of the elderly couple
Norton Textile Co. manufactures a variety of fabrics. All materials are introduced at the beginning of production; conversion cost is incurred evenly through manufacturing. The Weaving Department had 2,000 units of work in process on April 1 that were 30% complete as to conversion costs. During April, 9,000 units were completed and on April 30, 4,000 units remained in production, 40% complete with respect to conversion costs. The equivalent units of direct materials for April total:
Answer:
10,600
Explanation:
total:The equivalent units of conversion for April total = April units completed + 40% of conversion costs that are added evenly to units remaining in production = 9,000 + (4,000 × 40%) = 10,600 Equivalent units of conversion
The equivalent units of direct materials for April total: 10,600
Given that;
April units completed = 9,000
40% of conversion costs that are added evenly to units remaining in production = 4,000 × 40%
Then, the equivalent units of conversion for April is computed as ;
= April units completed + 40% of conversion costs that are added evenly to units remaining in production
= 9,000 + (4,000 × 40%)
= 9,000 + 1,600
= 10,600 Equivalent units of conversion
Therefore, equivalent units of direct materials for April total is 10,600
Learn more at : https://brainly.com/question/12931522
Tate Corporation purchased a building for its grocery store for $30,000 in 1970.Based on inflation estimates,the amount of this asset has been adjusted in the accounting records.The building is now reported at $75,000.Which of the following concepts or principles of accounting is being violated?
A) Going-concern concept
B) Stable monetary unit concept
C) Entity concept
D) None of the above
Answer:
B) Stable monetary unit concept
Explanation:
Based on the information given the concepts or principles of accounting that was being violated is called STABLE MONETARY UNIT CONCEPT reason been that this type of accounting principle believe that the dollar purchasing power should often be stable or fixed regardless of the increase or rise in market price which is inflation which is why an accountant will often ignore the impact of inflation on goods and services based on the assumption of the principle of STABLE MONETARY UNIT CONCEPT.
Therefore Tate corporation has violated the accounting principle of STABLE MONETARY UNIT CONCEPT by adjusting the building amount that was purchase in 1970 in the Accounting record from the amount of $30,000 to the amount of $75,000 due to the effect of inflation.
According to the information mentioned in the course, which of the following color schemes is best practice for financial modeling?
a. Hard Codes in Black, Hard Codes in Red
b. Hard Codes in Red, Formulas in Black
c. Hard Codes in Blue, Formulas in Black
d. Hard Codes in Black, Formulas in Blue
Answer:
c. Hard Codes in Blue, Formulas in Black
Explanation:
The color schemes that shows the best practice for the financial modelling is as follows;
Blue - inputs or hard coded data like historical values, etc
Black - formulas, calculations to the same sheet
Green - formulas, calculations to the other sheet
So the option c is correct
And, the rest of the options are incorrect
Summarize jpmorgan chase swot analysis?
Answer:
In JP Morgan and Chase SWOT Analysis, the strengths and weaknesses are the internal factors whereas opportunities and threats are the external factors. SWOT Analysis is a proven management framework which enables a brand like JP Morgan and Chase to benchmark its business & performance as compared to the competitors and industry.
If you own 500 shares of stock in a company that has 100,000
shares of stock outstanding, what fraction of the firm do you own?
Answer:
1/200
Explanation:
The fraction will be the shares owned divided by the outstanding shares
=500/100,000
=5/1000
=1/200
The fraction is 1/200
A company purchased factory equipment on April 1, 2022 for $69600. It is estimated that the equipment will have a $12000 salvage value at the end of its 10-year useful life. Using the straight-line method of depreciation, the amount to be recorded as depreciation expense at December 31, 2022 is:____________
Answer:
$4,320
Explanation:
Calculation for the amount to be recorded as depreciation expense at December 31, 2022
Using this formula
Depreciation expense at December 31, 2022=[(Factory equipment - Salvage value) ÷ 10]× 9/12
Let plug in the formula
Depreciation expense at December 31, 2022=[($69,600 - $12,000) ÷ 10] × 9/12
Depreciation expense at December 31, 2022=$5,760×9/12
Depreciation expense at December 31, 2022=$4,320
Note that 1 April 2022 to 31st December 2022 will give us 9months
Therefore Using the straight-line method of depreciation, the amount to be recorded as depreciation expense at December 31, 2022 is:$4,320
Aji Fatou and Mustapha both obey the two-period model of consumption. Aji Fatou earns $100 in the first period and $100 in the second period. Mustapha earns nothing in the first period $210 in the second period. Both of them can borrow or lend at the interest rate r. You observe both Aji Fatou & Mustapha consuming $100 in the first period and $100 in the second period. Suppose the interest rate increases. The increase in interest rate will make Aji Fatou better off in both period.
a. True
b. False
Answer:
Aji Fatou and Mustapha both obey the two-period model of consumption. Aji Fatou earns $100 in the first period and $100 in the second period. Mustapha earns nothing in the first period $210 in the second period. Both of them can borrow or lend at the interest rate r. You observe both Aji Fatou & Mustapha consuming $100 in the first period and $100 in the second period. Suppose the interest rate increases. The increase in interest rate will make Aji Fatou better off in both period.
a. True
b. False
Barnegat Light sold 190,000 shares in an initial public offering. The underwriter's explicit fees were $68,000. The offering price for the shares was $38, but immediately upon issue, the share price jumped to $45. What is the best estimate of the total cost to Barnegat Light of the equity issue? Multiple Choice $68,000 $1,262,000 $1,398,000 $1,330,000
Answer:
$1,398,000
Explanation:
Calculation for What is the best estimate of the total cost to Barnegat Light of the equity issue
Total cost = $68,000 + ($45 - $38)190,000 shares
Total cost = $68,000+($7)190,000 shares
Total cost = $68,000+$1,330,000
Total cost =$1,398,000
Therefore the best estimate of the total cost to Barnegat Light of the equity issue will be $1,398,000
The market for corporate control
leads to less diversification
leads to higher firm profits
limits unprofitable acquisitions by managers
leads to higher managerial compensation
none of the above
Answer:
The market for corporate control
limits unprofitable acquisitions by managers
Explanation:
Some managers engage in the indiscriminate acquisition of other companies because they are interested in increasing their prestige. Prestige and power are increased by managing a bigger entity. In this way, the market for corporate control has been known to limit managerial discretion. Managerial discretion refers to the freedom that managers exercise in the pursuit of their own objectives (pay, power, status, and prestige) rather than shareholders' interests. It also creates room for the shareholders to replace inefficient management. It enables the management team to pursue shareholders' interests, at least in the interim.
An application of the Law of Supply is,
Answer:The law of supply says that a higher price will induce producers to supply a higher quantity to the market. Supply in a market can be depicted as an upward sloping supply curve that shows how the quantity supplied will respond to various prices over a period of time.
Explanation:
GAAP is comprised of:________
a. FASB standards, interpretations, and concepts statements.
b. FASB fi nancial standards.
c. FASB standards, interpretations, EITF consensuses, and accounting rules issued by FASB predecessor organizations.
d. any accounting guidance included in the FASB Codifi cation.
Answer: any accounting guidance included in the FASB Codification
Explanation:
GAAP is an acronym that implies generally accepted accounting principle. They are the rules that are used in accounting to guide businesses and corporate bodies.
It should be noted that the GAAP is used by The Financial Accounting Standards Board as the basis for its practices. Therefore, GAAP comprises of any accounting guidance included in the FASB Codification.
Harry Watson is an engineering student taking an economics elective in his senior year. He has the option to work as a petroleum engineer or to design rollercoasters after college. He uses concepts learned from his economics course to help with this decision. When he considers the increasing popularity of electronic vehicles and a decrease in demand for petroleum in the future, he is acknowledging the dependencies that exist:______
a. through time.
b. between people or businesses in the same market.
c. between his own choices.
d. between markets.
Answer: c. between his own choices
Explanation:
Based on the scenario given in the question, we can say that Harry is acknowledging the dependencies that exist between his own choices.
We make choices when we have different alternatives and due to the scarcity of resources. In this case, Harry has to make a choice between the alternatives that he has and he has to make a decision regarding that.
Brian lives in Chicago and runs a business that sells pianos. In an average year, he receives $793,000 from selling pianos. Of this sales revenue, he must pay the manufacturer a wholesale cost of $430,000; he also pays wages and utility bills totaling $301,000. He owns his showroom; if he chooses to rent it out, he will receive $15,000 in rent per year. Assume that the value of this showroom does not depreciate over the year. Also, if Brian does not operate this piano business, he can work as a financial advisor and receive an annual salary of $50,000 with no additional monetary costs. No other costs are incurred in running this piano business.
Identify each of Brian's costs in the following table as either an implicit cost or an explicit cost of selling pianos.
Implicit Cost Explicit Cost
The wages and utility bills that Brian pays
The rental income Brian could receive if he chose to rent out his showroom
The salary Brian could earn if he worked as a financial advisor
The wholesale cost for the pianos that Brian pays the manufacturer
Complete the following table by determining Brian's accounting and economic profit of his piano business.
Profit
(Dollars)
Accounting Profit
Economic Profit
Answer:
Brian
1. Implicit and Explicit Costs:
Implicit costs:
The rental income Brian could receive if he chose to rent out his showroom
The salary Brian could earn if he worked as a financial advisor
Explicit costs:
The wages and utility bills that Brian pays
The wholesale cost for the pianos that Brian pays the manufacturer
2. Brian's accounting and economic profit of his piano business:
Accounting profit = $62,000
Economic profit (loss) = ($3,000)
Explanation:
a) Data and Calculations:
Accounting Profit Economic Profit
Sales Revenue $793,000 $793,000
Cost of pianos 430,000 430,000
Wages and utility bills 301,000 301,000
Implicit (Opportunity) Costs:
Rent 15,000
Salary as an accountant 50,000
Total costs 731,000 796,000
Profit (loss) $62,000 ($3,000)
b) Implicit costs are opportunity costs. They include the costs that arise from forgone benefits when another opportunity is taken instead of the other. Explicit costs are costs that are actually incurred by taking an opportunity.
You sell short 600 shares of Microsoft that are currently selling at $25 per share. You post the 40% margin required on the short sale. If you earn no interest on the funds in your margin account, what will be your rate of return after 1 year if Microsoft is selling at $24? (Ignore any dividends.) Multiple Choice 10.00% 7.50% 17.50% 5.00%
Answer:
10.00%
Explanation:
Calculation for what will be your rate of return after 1 year if Microsoft is selling at $24
Using this formula
Rate of return = (Current price - Initial price ) /Current price *margin
Let plug in the formula
Rate of return=($25 per share-$24)/$25 per share*0.40
Rate of return=$1/10
Rate of return=0.1*100
Rate of return=10.00%
Therefore what will be your rate of return after 1 year if Microsoft is selling at $24 is 10.00%
Suppose the banking system does NOT hold excess reserves and the reserve ratio is 25%. If Melanie deposits $1,000 of cash into her checking account, the banking system can increase the money supply by:__________
Answer:
$3,000
Explanation:
Calculation for the increase the money supply
Using this formula
Increase in money supply=(Cash/Reserve ratio)-Cash
Increase in money supply=($1,000/0.25)-$1,000
Increase in money supply=$4,000-$1,000
Increase in money supply=$3,000
Therefore based on the information given the banking system can increase the money supply by $3,000
Suppose that one were to observe an economy in which fluctuations in output and fluctuations in employment are positively correlated. Based upon your answers to parts e and f, can you unambiguously choose either fluctuations in total factor productivity or in consumption utility weight as the source of the fluctuations in output and employment?
Answer:
I can unambiguously choose fluctuations in total factor productivity as the source of the fluctuations in output and employment.
Explanation:
Total factor productivity refers to the measure of economic efficiency based on the ratio of total outputs to total inputs used in the production of goods and services. The total factor productivity is obtained by dividing output by the weighted average of labor and capital input, with the standard weights of 0.7 assigned to labor and 0.3 assigned capital. Increasing total factor productivity in an economy yields higher output with the same resources, and therefore drive economic growth, leading to high levels of employment. Therefore, total factor productivity is contrasted to consumption utility weight, which measures consumers' satisfaction with goods and satisfaction.
On January 4, 2016, Franc Company purchased for $30,000 a patent that had been filed 8 years earlier. The patent covers a manufacturing process that the company plans to use for 15 years. On January 3, 2017, the company paid its lawyers $11,000 for successfully defending the patent in a lawsuit.
Required:
How to calculate amotization?
Answer:
Patent amortization expense during 2016 = $30,000 / 15 = $2,000
During 2017, the patent's value increases by $11,000 to $39,000.
Legal costs must be capitalized, that is why the patent's carrying value increases.
Patent amortization expense during 2017 = $39,000 / 14 = $2,785.71
From the following list, identify those that are likely to serve as source documents. (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.)
Sales ticket
Trial balance
Balance sheet
Telephone bill
Invoice from supplier
Company revenue account
Income statement
Bank statement
Prepaid insurance
Answer:
The Source Documents include:
Sales ticket
Telephone bill
Invoice from supplier
Bank statement
Explanation:
Source documents are the original documents through which business transactions are initiated. They include receipts, bills, invoices, statements, checks, etc. They usually document or initiate a transaction. Any time a business spends or receives money or enters into a contract with another party, a source document is created. Source documents form an integral part of the accounting and bookkeeping process, and auditors need them to trace records to the underlying transactions.
