Answer:
I. Spokesperson and Entrepreneur.
II. Donors may be less likely to contribute.
Explanation:
Managers of small businesses often find that spokesperson and entrepreneur are their most important roles. As a manager, you are saddled with the responsibility of providing relevant and reliable information about the organization you are working with or the business you manage as an entrepreneur. Also, it is extremely important that the manager sees to the day-to-day management and control of the business.
One consequence for nonprofits of using resources inefficiently is that donors may be less likely to contribute. This is simply because no one likes to be associated with failure or have their wealth, resources or money being wasted and ruined.
The Princeville Company placed five (5) orders for Product 12B from Brookston Corporation. Brookston has the following information about Product 12B:
Activity Cost Pools Activity Rate Product 12B
Activity Machine Setups $12.00per Machine hour 40MHs
Customer Orders $10.00per Order 5 Orders
What is the overhead cost assigned to Princeville for its five (5) orders of Product 12B?
Answer:
Cost assigned to Princeville = Machine setup cost + Customer order cost.
Cost assigned to Princeville = $12.00*40MHs + $10.00*5MHs
Cost assigned to Princeville = $530
So, the overhead cost assigned to Princeville for its five (5) orders of Product 12B is $530
An income statement reports the revenues earned minus expenses incurred by a business over a period of time.
True or false ?
Answer:
True
Explanation:
This is an income statement. Ex: Rent expenses, salaries expense, total revenues, etc.
12. You are thinking of purchasing a house. The house costs $350,000. You have $50,000 in cash that you can use as a down payment on the house, but you need to borrow the rest of the purchase price. The bank is offering a 30-year mortgage that requires annual payments and has an interest rate of 7% per year. What will your annual payment be if you sign this mortgage? (Answer: $24,176)
Answer:
The Annual Payment will be $24,176.
Explanation:
First we need to calculate the loan amount as follow
Loan = Cost of House - Down payment = $350,000 - $50,000 = $300,000
Now use following formula to calculate the annual payment
PV of Annuity = Annuity Payment x ( 1 - ( 1 + interest rate )^-Numbers of periods ) / Interest rates
Where
PV of Annuity = Loan = $300,000
Interest rate = 7%
Numbers of periods = 30 years
Annuity Payment = Annual payment = ?
Pacing values in the formula
$300,000 = Annual Payment x ( 1 - ( 1 + 7% )^-30 ) / 7%
$300,000 = Annual Payment x 12.409
Anual Payment = $300,000 / 12.409
Anual Payment = $24,176.00
. Job 1 pays $50,000 per year and offers 10 days of vacation. Job 2 pays $48,000 per year and offers 25 days of vacation. Which job has a higher pay per workday (Job 1 or Job 2)?
Answer:
Job option 2 has a high pay per day
Explanation:
Job option 1:
The total number of hours worked in job 1 will be 365- 10 days of vacation. Pay per day
=$50,000/ (365 - 10)
=$50,000/ 355
=$140,845
Job option 2:
total hours worked will be 365 - 25
Pay per day
=$48,000/ 340
=$141.17
Job option 2 has a high pay per day
In addition to ensuring the transportation of people and products, workers in the Transportation and Logistics career cluster also
A. pass regulations for how to inspect vehicles, examine workplace safety, and plan systems to make traffic flow easier.
B. inspect and maintain vehicles, examine workplace safety, and plan systems to make traffic flow easier.
C. teach people how to inspect vehicles, develop workplace safety products, and plan systems to make traffic flow easier.
D. make vehicles that pass inspection, develop workplace safety products, and pass laws to make traffic flow easier
In addition to ensuring the transportation of people and products, workers in the Transportation and Logistics career cluster also inspect and maintain vehicles, examine workplace safety, and plan systems to make traffic flow easier. Thus, option B is correct.
What is logistics?Supply chain management includes logistics, which deals with the effective forward and reverse flow of goods, services, and related information from the point of origin to the site of consumption in accordance with customer needs. One element that keeps the supply chain together is logistics management. The resources controlled in logistics may include consumables like food and other consumables as well as tangible products like consumables like materials, equipment, and supplies.
In addition to the transportation of the troops themselves, military logistics is concerned with preserving army supply lines for food, weapons, ammunition, and spare components. The procurement, transportation, and storage of raw materials, semi-finished items, and final goods are the purview of civil logistics.
Therefore, we can conclude that option B is correct.
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On December 20, 2017, Butanta Company (a U.S. company headquartered in Miami, Florida) sold parts to a foreign customer at a price of 75,000 ostras. Payment is received on January 10, 2018. Currency exchange rates for 1 ostra are as follows:
December 20, 2017 $1.17
December 31, 2017 1.14
January 10, 2018 1.10
Required:
a. How does the fluctuation in exchange rates affect Butanta's 2017 income statement?
b. How does the fluctuation in exchange rates affect Butanta's 2018 income statement?
Answer:
A. Decrease in asset $2,250
B. Decrease in asset $3,000
Explanation:
A. Calculation for How does the fluctuation in exchange rates affect Butanta's 2017 income statement
Transaction amount in Dollar terms as on date of transaction ($75,000*1.17) $ 87,750
Transaction amount in Dollar terms as on Year end 31/12/2017 ($75,000*1.14) $ 85,500
Decrease in asset ($ 87,750 -$ 85,500 ) $ 2,250
Since will have Decrease in asset of the amount of $2,250 in 2017 which means that their is foreign exchange loss due to DECREASES in dollar value
B. Calculation for does the fluctuation in exchange rates affect Butanta's 2018 income statement
Transaction amount in Dollar terms as on Year end 31/12/2017 (75,000*1.14) $ 85,500
Transaction amount in Dollar terms as on date of receipt of payment 10/1/2018 (75,000*1.10) $ 82,500
Decrease in asset (85,500 - 82,500) $ 3,000
Since will have Decrease in asset of the amount of $3,000 in 2018 which means that their is foreign exchange loss due to DECREASES in dollar value
The cost of direct materials transferred into the Bottling Department of the Mountain Springs Water Company is $918,400. The conversion cost for the period in the Bottling Department is $516,000. The total equivalent units for direct materials and conversion are 28,700 and 8,600 liters, respectively. Determine the direct materials and conversion cost per equivalent unit.
Answer:
Equivalent Unit of Materials=$32
Equivalent Unit of Conversion Costs=$60
Explanation:
Calculation to Determine the direct materials and conversion cost per equivalent unit
Calculation for DIRECT MATERIALS
Using this formula for direct materials
Equivalent Unit of Materials=Cost of direct materials transferred/Total equivalent units for direct materials
Let plug in the formula
Equivalent Unit of Materials=$918,400/28,700 liters
Equivalent Unit of Materials=$32
Calculation for CONVERSION COST PER EQUIVALENT UNIT
Using this formula
Equivalent Unit of Conversion Costs=Conversion cost/Total equivalent units for Conversion
Let plug in the formula
Equivalent Unit of Conversion Costs=$516,000/8,600 liters
Equivalent Unit of Conversion Costs=$60
Therefore the direct materials and conversion cost per equivalent unit will be :
Equivalent Unit of Materials=$32
Equivalent Unit of Conversion Costs=$60
What is one of the Agile Release Train sync meetings?
a. Iteration Review
b. Solution DemoIteration
c. Retrospective
d. Scrum of Scrum
Answer:
D. Scrum of scrums
Explanation:
When groups are divided into Agile teams of 5persons to 10 persons, . Every daily scrum that is within each of these sub-team is usually ended by making one member in the sub team as ambassador. The ambassador would then participate in a daily meeting with other appointed ambassadors from other sub-teams. This Is what is known as the Scrum of Scrums.
In his job, Damon often identifies causes of problems with telecommunication equipment. Which is most likely his employer?
A) a government-run company
B) a local cable company
C) a publishing company
D) a production company
—this question is from edge 2020/2021–
Answer:
B) a local cable company
Explanation:
A local cable company provides communication services using underground cables. Service offed by a cable company includes televisions, internet connectivity, and telephone services. Such a company needs communication equipment to facilitate signal and message transmission.
Damien repairs communication equipment. He probably works for a local cable company.
Browning, Inc., collects cash from customers in advance and from other customers after the sale.
Read the requirement
a. Journalize Browning earning service revenue of $15,000 on account and then collecting $10,000 on account. (Record debits first, then credits. Exclude explanations from any jounal entries.)
Start by recording Browning earning $15,000 of service revenue on account.
Journl Entry
Date Accounts Debit Credit
2018
Journalize the followibg transactions for Browning:
a. Accrued revenue. Some customers pay Browning after Browning has performed the service for the customer. During 2018, Browning performed services for $15,000 on account and later received cash of $10,000 on account from these customers.
b. Unearned revenue. A few customers pay Browning in advance, and Browning later performs the service for the customer. During 2018, Browning collected $2,000 cash in advance and later earned $1,500 of this amount.
Answer and Explanation:
The journal entries are shown below:
a)
i) Accounts receivable $15,000
To Service revenue $15,000
(Being the service revenue on account is recorded)
ii) Cash $10,000
To Accounts receivable $10,000
(Being cash received is recorded)
b)
i) Cash $2,000
To Unearned Service revenue $2,000
(being cash received is recorded)
ii) Unearned Service revenue $1,500
To Service revenue $1,500
(being unearned service revenue is recorded)
What is the function of the Securities and Exchange Commission (SEC)?
O Monitors the money supply
O Purchases money securities
O Controls the amount of investments
O Regulates against fraud
Suppose that your demand schedule for pizza is as follows:
Price Quantity of Pizzas Demanded Quantity of Pizzas Demanded
(Dollars) (Income = $20,000) (Income = $24,000)
8 40 50
10 32 45
12 24 30
14 16 20
16 8 12
Using the midpoint method, your price elasticity of demand as the price of pizzas increases from $14 to $16 is 0.27/0.20/5.00/3.75 if your income is $20,000 and 5.00/0.27/0.20/3.75 if your income is $24,000.
If the price of a pizza is $10, your income elasticity of demand is 1.22/0.07/0.10/1.86 as your income increases from $20,000 to $24,000. However, if the price of a pizza is $14, your income elasticity is 1.86/0.07/0.10/1.22.
Answer:
1. 5.00
2. 3.75
3. 1.86
4. 1.22
Explanation:
The calculations are all in the attachment.
1. As the price elasticity goes from $14 to $16, the price of pizza becomes $5 at an income of $20,000
2. With income = $24000, if the price should move from $14 to $16, the price elasticity of demand is 3.75
3. With the price of pizza at $10, the income elasticity of demand as income rises from 20000 to 24000 = 1.86
4. If we have price if pizza as 24 dollars, with income rising from $20000 to $24000, then the income elasticity of demand = 1.22
Please check the attachment for the calculations
The income elasticity of demand as your income increases from $20,000 to $24,000, with a price of $10, is 0.07 if the price of a pizza is $10. However, if the price of a pizza is $14, the income elasticity is 0.10. The correct option is C.
Income elasticity of demand is a measure that indicates how sensitive the quantity demanded of a good or service is to changes in income. It measures the percentage change in the quantity demanded divided by the percentage change in income.
If the income elasticity of demand is positive, it indicates that the good is a normal good, meaning that as income increases, the quantity demanded of the good also increases.
Thus, the ideal selection is option C.
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Choose a company you know well. Identify primary competitors of the company. Discuss how the company differentiates its product/service. Discuss primary channels of marketing. Explain how a company should adapt prices and marketing channels to meet varying circumstances and opportunities?
Answer:
Coca Cola is the beverage company which produces many types of flavored carbonated drinks for its customers.
Explanation:
Coca Cola has many competitors and one of the biggest competitors is Pepsi cola. Coca Cola differentiates its products by frequently changing its packaging. It introduces new packaging with national hero's , country flags and other similar initiatives to attract its customers.
The primary channels of marketing for Coca Cola are Social media, Faacebook and advertisements on television. The company focuses on selling the product with additional attracting features. Sometimes company also introduces discount or complimentary products to boost its sales.
The company should keep value for money and do not go for cheap pricing as it will increase sales for the company but on the other hand the value of the product will decline in customers eye. The company can introduce new products which are some sort of snacks which compliments the beverage.
Investment A has an expected return of 14% with a standard deviation of 4%, while investment B has an expected return of 20% with a standard deviation of 9%. Therefore:__________
a. A rational investor will pick investment B because the return adjusted for risk (20% - 9%) is higher than the return adjusted for risk for investment A ($14% - 4%).
b. A risk averse investor will definitely select investment A because the standard deviation is lower.
c. it is irrational for a risk-averse investor to select investment B because its standard deviation is more than twice as big as investment A's, but the return is not twice as big.
d. rational investors could pick either A or B, depending on their level of risk aversion.
Answer:
d. rational investors could pick either A or B, depending on their level of risk aversion
Explanation:
In making investment decisions investors use various analysis to make an informed decision on which assets will suit their needs.
Two of such analysis are returns standard deviation.
Returns shows the percentage of original investment that is expected to come back as profit.
Standard deviation is the tendency of investment performance to deviate from a mean value.
The higher the standard deviation the more the risk of getting low returns or getting higher profit. This is well suited to risk takers.
The lower the standard deviation the less variance from a mean value, so risk averse investors will prefer this.
In the given scenario risk averse investors will prefer Investment A with expected return of 14% with a standard deviation of 4%. Because of the low standard deviation.
Risk takers will prefer investment B with expected return of 20% with a standard deviation of 9%. Because of the higher standard deviation.
Gruman Company purchased a machine for $198,000 on January 2, 2016. It made the following estimates:
Service life 5 years or 10,000 hours
Production 180,000 units
Residual value $18,000
In 2016, Gruman uses the machine for 1,700 hours and produces 40,000 units. In 2017, Gruman uses the machine for 1,200 hours and produces 34,000 units. If required, round your final answers to the nearest dollar.
Required:
Compute the depreciation for 2016 and 2017 under each of the following methods:
a. Straight-line method
b. Sum-of-the-years'-digits method
c. Double-declining-balance method
d. Activity method based on hours worked
e. Activity method based on units of output
Answer:
$36,000 $36,000
b. $60,000 $48,000
c. $79,200, $47,520
d. $30,600, $21,600
e. $40,000 $34,000
Explanation:
A. Straight line depreciation expense = (Cost of asset - Salvage value) / useful life
( $198,000 - $18,000 ) / 5 = $36,000
Depreciation expense each year would be $36,000
B. Sum-of-the-year digits = (remaining useful life / sum of the years ) x (Cost of asset - Salvage value)
Sum of the years = 1 +2 +3 +4 + 5 = 15
Depreciation expense in year 1 = (5/15) X ( $198,000 - $18,000 ) = $60,000
Depreciation expense in year 2 = (4/15) x ( $198,000 - $18,000 ) = $48,000
C. Depreciation expense using the double declining method = Depreciation factor x cost of the asset
Depreciation factor = 2 x (1/useful life)
2 x(1/5) = 0.4
Depreciation expense in year 1 = 0.4 x $198,000 = $79,200
Book value at the end of year 1 = $198,000 - $79,200 = $118,800
Depreciation expense in year 2 = 0.4 x $118,800 = $47,520
D. Activity method based on hours worked = (hours worked that year / total hours of the machine) x (Cost of asset - Salvage value)
Depreciation expense in year 1 = (1,700 / 10,000) x ( $198,000 - $18,000 ) = $30,600
Depreciation expense in year 1 = (1,200 / 10,000) x ( $198,000 - $18,000 ) = $21,600
E. Activity method based on units of output = (output produced that year / total output capacity of the machine) x (Cost of asset - Salvage value)
Depreciation expense in year 1 = ( 40,000 / 180,000) x ( $198,000 - $18,000 ) = $40,000
Depreciation expense in year 12= ( 34,000 / 180,000) x ( $198,000 - $18,000 ) = $34,000
The definition of the economic concept of income is usually attributed to which of the following economists?
J. R. Hicks
Paul Samuelson
Ben Bernanke
Adam Smith
Answer: Adam Smith
Explanation:
The definition of the economic concept of income is usually attributed to Adam Smith. He's also regarded as the father of economics.
He wrote a book regarding the wealth of countries and how countries should hoard golds and encourage industrialization.
When setting a short-term financial plan, it should lover the following timeframe:
A) Less than a year
B) 1-5 years
C) Over 5 years
D) Retirement
Financial Statement Ratios
Financial statement ratios play an important role in understanding and interpreting financial data. The solvency, liquidity, savings, and debt service ratios are important tools that will provide you with information, helping you chart and improve your personal financial planning. Complete the equations for each of the following financial statement ratios.
Soleency Ratio
Liquidity Ratio
Sarings Ratio
Debe Service Ratio
Brock Newman has prepared his annual finencial statements in order to analyze the data. The data provided are items from Brock's balance sheet and ncome and expense statement. Use the data provided to calcuilate Brock's financial statement ratos. For example, 15006 would be entered as "15.0%".
Brock's Financial Data
Total liquid assets $414
Total assets $8,275
Total current debts $2,069
Total net worth $2,896
Total cash surplus $163.6667
Income after taxes $1,342
Total monthly loan payments $295
Monthly gross (before-tax) income $1,636.6667
Answer:
Solvency Ratio = Total Net Worth / Total Assets
Solvency Ratio = 2,896/8,275
Solvency Ratio = 0.3499698
Solvency Ratio = 35.00%
Liquidity Ratio = Total Liquid Assets / Total Current Debts
Liquidity Ratio = 414/2,069
Liquidity Ratio = 0.20009667
Liquidity Ratio = 20.01%
Savings Ratio = Cash Surplus / Income After Taxes
Savings Ratio = 163.6667/1,342
Savings Ratio = 0.121957303
Savings Ratio = 12.20%
Debt Service Ratio = Total Monthly Payments / Monthly Gross Income
Debt Service Ratio = 295/1636.6667
Debt Service Ratio = 0.180244396
Debt Service Ratio = 18.02%
The opportunity to defer investing in a project until a later date may have value primarily because: __________
a. the option to abandon may disappear.
b. investment costs tend to increase over time.
c. market conditions may improve.
d. the cost of capital may increase.
e. project cash flows may be lower in the future.
Answer:
c. market conditions may improve.
Explanation:
Investing in the right time and at the right place is very important. It can help to make money or profit or to loose money.
When a company permanently rejects the opportunity to invest in a project to day may not be a good or a wise decision mainly because the company is foregoing all the possible future options. And so the opportunity to postpone an investment by a company in a project until another time in the future has value as in the future the market condition may improve. And it will be better to invest at that time in the project.
Sanborn Company has 10 employees, who earn a total of $2,100 in salaries each working day. They are paid on Monday for the five-day workweek ending on the previous Friday. Assume that year ended December 31, is a Wednesday and all employees will be paid salaries for five full days on the following Monday. The adjusting entry needed on December 31 is:
Answer:
Journal entry to record accrued wages on December 31, 202x
Dr Wages expense 1,260
Cr wages payable 1,260
Journal entry to record wages expense on Friday, January 2
Dr Wages expense 840
Cr wages payable 840
Journal entry to record payment of wages on Monday, January 5
Dr Wages payable 2,100
Cr Cash 2,100
Assume that an economy produces only two goods, pizza and wings, and that it is producing on its production possibilities frontier (PPF). If the economy can only produce two goods, in which ways would allow the economy to produce even more pizza?
Answer:
- growth in labour force
- improved pizza making technology
Explanation:
A production possibility frontier is a curve that shows the combinations of 2 products that can be manufactured given the available resources.
That means given the resources available there is no way a different combination of products can be manufactured.
In the given scenario there has to be an increase in resources for more pizzas to be produced.
There are two options that will allow more pizza to be produced:
- if there is growth in labour force, the production of both wings and pizzas will increase.
- of there is improved pizza making technology, the amount of pizzas produced will increase
Washburn Company produces earbuds. During the year, manufacturing overhead costs are estimated to be $216,000. Estimated machine usage is 2,700 hours. The company assigns overhead based on machine hours. Job No. 551 used 90 machine hours.
Required:
a. Compute the predetermined overhead rate.
b. Determine the amount of overhead to allocate to Job No. 551.
c. Prepare the entry to assign overhead to Job No. 551 on January 15.
Answer:
1. Predetermined Overhead Rate = Manufacturing overhead costs / Machine Hours
Predetermined Overhead Rate = $216,000/2,700 hours
Predetermined Overhead Rate = $80 per machine hour
2. Allocated overheads =Predetermined Overhead Rate * Machine hours used by Job 551
Allocated overheads = $80 * 90 machine hour
Allocated overheads = $7,200
3. Date Description Debit Credit
15/01 Work In Progress Inventory $7,200
Manufacturing overhead $7,200
(To record allocation of overheads towards Job 551)
In the Control Process, it is important to use the proper comparison method when comparing task results with its objectives and standards. Out of the following alternatives methods, which method is not an acceptable method?
Historical comparison
Relative comparison method
Engineering comparison
Personal comparison
Answer: Personal comparison
Explanation:
When it comes to the Control Process, entities are allowed to use several comparison methods when comparing task results with objectives.
These include:
the Historical method where current performance is compared to past performancethe Relative comparison method where the organization's performance is compared against a benchmark of other organizations in the industry.Engineering comparison where schedules are used to ensure that activities finish on time.Personal comparison is not an acceptable method.
Transfer payments alter household income, but they do not reflect the economy's production.
a. True
b. False
Read the following editorial and answer the question that follow.
Hyundai:Rising Sales, Falling Quality?
In 2010, Hyundai Motor Company achieved a 4.6 shares of the U.S. auto market, but it was forced to recall almost 140,000 Sonatas after an investigation by the U.S. National Highway Traffic Safety Administration. Two consumers reported that their cars,assembled in Alabama, had defective steering systems. The problem appeared to stem from a sinple assembly mistake: Bolts weren't being connected to the steering column correctly.
An editorial in The Chosun Ilbo suggests that the action should sound an alarm for Hyundai, citing Toyota's massive recall ans resulting sales problems as an example of what can happen when rapid growth overshadows a commitment to quality. Noting that Hyundai's share of the U.S. auto market was steadily increasing and that there had been another recall of 46,000 Hyundai cars with faulty front latches, the article advised Hyundai managers to focus on quality and rethink the company's rapid growth policy.
Korean automakers are hungry to become major players in the automobile industry and need new markets to expand their global share. However, parts manufacturers are having a hard time keeping up with demand, and quality control processes can falter when production increases too quickly. The article warns Korea's largest automobile manufacturer that "expansion must not come at the expense of quality"
1) The author of this editorial suggest that:
a. rapid expansion gets in the way of quality control
b. quality control is enhanced by rapid expansion
c. rapid expansion is necessary for quality control
d. quality control is necessary for rapid expansion
2) Researchers who study total quality management have criticized a number of things about the technique and the way it is implemented in corporations today. Which of the following criticisms might be responsible for the problems Hyundai encountered with its steering system? Check all that apply
1. Total quality management may focus workers so intently on one part of the process that other parts of the process are ignored or neglected.
2. Workers may be asked to make suggestions for improvement, but their suggestions may not be implemented.
3. Implementing total quality management may consume resources that would otherwise be directed toward production of goods and services.
4. Benchmarking best practices in other organizations may reduce true innovation,
Answer:
Hyundai:Rising Sales, Falling Quality?
1) The author of this editorial suggest that:
a. rapid expansion gets in the way of quality control
2. The criticisms responsible for the problems Hyundai encountered with its steering system are:
b. Workers may be asked to make suggestions for improvement, but their suggestions may not be implemented.
c. Implementing total quality management may consume resources that would otherwise be directed toward production of goods and services.
d. Benchmarking best practices in other organizations may reduce true innovation,
Explanation:
Total quality management is a management approach in which all the members of the organization actively participate in improving processes, products, services, and the organizational culture in order to achieve long-term organizational success through customer satisfaction. Benchmarking helps an organization to improve the quality of its products and services and its overall business performance.
The income statement for the Bonita Pines Golf Club Inc. for the month ended July 31 shows Service Revenue $16,000, Salaries and Wages Expense $8,400, Maintenance and Repairs Expense $2,500, and Income Tax Expense $1,000. The statement of retained earnings shows an opening balance for Retained Earnings of $20,000 and Dividends $1,300.
Required:
a. Prepare closing journal entries.
b. What is the ending balance in Retained Earnings?
Answer:
a. 31-Jul
Dr Service Revenue16,000
Cr Income Summary16,000
31-Jul
Dr Income Summary11,900
Cr Salaries & Wages Expense8,400
Cr Maintenance & Repairs Expense2,500
Cr Income Tax Expense1,000
31-Jul
Dr Income Summary4,100
Cr Retained Earnings4,100
31-Jul
Dr Retained Earnings1,300
Cr Dividends1,300
b. $22,800
Explanation:
a. Preparation of closing journal entries.
31-Jul
Dr Service Revenue16,000
Cr Income Summary16,000
(Being To close revenue account)
31-Jul
Dr Income Summary11,900
(8,400+2,500+1,000)
Cr Salaries & Wages Expense8,400
Cr Maintenance & Repairs Expense2,500
Cr Income Tax Expense1,000
(Being To close expense accounts)
31-Jul
Dr Income Summary4,100
Cr Retained Earnings4,100
(16,000-11,900)
(Being To close net income to Retained earning)
31-Jul
Dr Retained Earnings1,300
Cr Dividends1,300
(Being To close dividends to Retained earning )
b. Calculation fo What is the ending balance in Retained Earnings
Retained Earnings ending balance=$20,000−$1,300+$16,000−$8,400−$2,500−$1,000
Retained Earnings ending balance=$22,800
Therefore Retained Earnings ending balance will be $22,800
A new surgical facility called Cut & Sew is opening in neighborhoods throughout the United States. They are job shops that handle a variety of outpatient surgical procedures. Their process is set up so that one doctor cuts and the other sews. They have five patients to sequence for tomorrow. Since the weather forecast is for a cool and sunny day, they would also like to play golf tomorrow. They want to sequence their patients with the objective of minimizing the time from the beginning of the first job until the finish of that job. The patients and estimated times are as follows:
Patient Cut Time (hours) Sew Time (hours)
A 2.3 2.8
B 2.5 3
C 2 1.5
D 0.6 1
E 3.6 2.6
Sequence the patients using Johnson's Method, state the schedule for each operation, and determine the minimum makespan.
Answer:
Sequence: D| A| B| E| C|
Makespan = 14.1 hours.
Explanation:
Solution: We are asked to use Johnson's Method to sequence the patients and to determine the minimum makespan.
In Johnson's Method of sequencing, there are some conditions which must be met in order to solve this questions which are as follows:
1. Constant time for jobs, no variation.
2. No job priorities.
3. Jobs will go through from machine 1 to machine 2.
Keeping all those conditions in mind, let's start sequencing by Johnson's method.
Sequence:
D| A| B| E| C|
Hence, this is the sequence to reduce the total time efficiently to perform all the jobs.
Rules to do sequencing:
First of check the number of jobs, here in our case, we have 5 jobs. So create a line of 5 boxes.
Secondly, you have check the data, check for the job and the machine which gives minimum time. If machine 1 (which is Patient cut) gives minimum job time, then write it on the left most box and proceed towards right if other minimum times are also from machine 1. Otherwise, if machine 2 gives minimum job time for a particular job then write in the right most box and so on. Here you can see, Job C and Machine 2 gives the minimum job time, that is why I have put it on the right most box. Now, after including C, you cannot repeat job C. Moreover, you can see, Job D machine 1 gives minimum time, that is why wrote it in the left most box.
Hope, you have understood the method.
Let's Calculate the Makespan for this.
Makespan: It is basically the total elapsed time from the start of job 1 to the end of job 5.
I have attached a table showing the starting and ending of each job and hence calculating the makespan. Please refer to the attachment.
Makespan = 14.1 hours.
On January 1, 2009 the accounts receivable and the allowance for doubtful accounts carried balances of $20,000 (debit) and $500 (credit), respectively. During the year, the company reported revenues of $100,000; 30% of which were cash sales. There were $550 of receivables written-off as uncollectible in 2009. Cash collections of receivables amounted to $74,550. If the company estimates bad debts expense to be 1% of credit sales, determine the net realizable value of receivables appearing on the 2009 balance sheet:
Answer:
The net realizable value of receivables appearing on the 2009 balance sheet is $14,250
Explanation:
First, we need to calculate the balance of account receivables
Ending balance = Beginning Balance + Credit sales - Cash collected - Bad debt written off
Where
Beginning Balance = $20,000
Credit sales = $100,000 x ( 100% - 30% ) = $70,000
Cash collected = $74,550
Bad Debt written off = $550
Placing values in the formula
Ending balance = $20,000 + $70,000 - $74,550 - $550 = $14,900
Now, we need to calculate the balance of allowance for doubtful accounts as follow
Ending Balance = Beginning balance + Bad debt Expense - Bad debt written off
Where
Beginning balance = 500
Bad debt expense = $70,000 x 1% = $700
Bad debt written off = $550
placing values in the formula
Ending Balance = $500 + $700 - $550 = $650
Now calculate the balance of realizable value of account receivables as follow
Net realizable value of receivables = Ending balance of receivables - Ending balance of allowance for doubtful accounts = $14,900 - $650 = $14,250
On January 1, 2020, Walker Inc. acquired equipment for $56,000. The expected useful life is 10 years and the residual value is $1,120. Total service hours for the equipment are estimated to be 14,000 while actual hours for 2020 were 1,260. Compute depreciation expense in 2020, under the following methods.
A. Straight-line method.
B. Double-declining-balance.
C. Sum-of-the-year digits.
D. Units-of-production.
Answer:
$5488
$11,200
$9978.18
$4939.20
Explanation:
A. Straight line depreciation expense = (Cost of asset - Salvage value) / useful life
($56,000 - $1120) / 10 = $5488
Depreciation expense for each year of the useful life would be $5488
B. Depreciation expense using the double declining method = Depreciation factor x cost of the asset
Depreciation factor = 2 x (1/useful life)
Depreciation factor = 2 x (1/10) = 1/5
1/5 x $56,000 = $11,200
C. Sum-of-the-year digits = (remaining useful life / sum of the years ) x (Cost of asset - Salvage value)
Sum of the years = 1 +2 +3 +4 + 5 + 6 + 7 + 8 + 9 + 10 = 55
Undepreciated life of the asset = 10
10/ 55 x ($56,000 - $1120) = $9,978.18
D. (hours used in year 1 / total number of hours of the machine) x (Cost of asset - Salvage value)
(1260 / 14,000) x ($56,000 - $1120) = $4939.20
For each of the following events, identify which of the determinants of demand or supply are affected.
a. Engineers develop new automated machinery for the production of electric cars.
b. People increase their concern for the environment.
c. An economic boom raises people's wealth.
d. A strike by aluminum workers raises the price of aluminum.
e. The price of gas-powered cars fans.
Answer:
Identifying the determinants of demand and supply affected by the following events:
a. Engineers develop new automated machinery for the production of electric cars.
Technology
b. People increase their concern for the environment.
Environmental concerns and government regulations
c. An economic boom raises people's wealth.
Income distribution
d. A strike by aluminum workers raises the price of aluminum.
Price of resource
e. The price of gas-powered cars fans.
Price
Explanation:
We can identify the following determinants of supply: resource prices, technology, taxes and subsidies, prices of other related goods, price expectations, and the number of sellers in the market. Similarly, demand determinants include price, income, prices of complementary goods and substitutes, consumers' taste and expectations, etc.
(a) Technological advancements: Determinant of supply (b) Consumer preferences: Determinant of demand (c) Consumer income: Determinant of demand (d) Input prices: Determinant of supply (e) Price of related goods: Determinant of demand.
Supply refers to the amount of a good or service that manufacturers are willing and able to offer for sale in a market at a particular price during a specific time period.
As a price of a good rises, the producers than have a greater motivation to supply more of it because it becomes more profitable for them. In contrast, if the price falls, the motivation to supply may fall.
Learn more about supply here:
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