Answer:
Tiger Equipment Inc.
Welding Department
Factory Overhead Cost Variance Report for May
Variable costs: Estimates Flexible Actual Variance
Indirect factory wages $30,240 $34,117 $32,400 $1,717 F
Power and light 20,160 22,745 21,000 1,745 F
Indirect materials 16,800 18,954 18,250 704 F
Total variable cost $67,200 $75,816 $71,650 $4,166 F
Fixed costs:
Supervisory salaries $20,000 $20,000 $20,000 $ 0
Depreciation of plant & equipment 36,200 36,200 36,200 0
Insurance and property taxes 15,200 15,200 15,200 0
Total fixed cost 71,400 71,400 71,400 0
Total factory overhead cost $138,600 $147,216 $143,050 $4,166 F
Explanation:
a) Data and Calculations:
Variable costs: Estimates Flexible Actual Variance
Indirect factory wages $30,240 $34,117 $32,400 $1,717 F
Power and light 20,160 22,745 21,000 1,745 F
Indirect materials 16,800 18,954 18,250 704 F
Total variable cost $67,200 $75,816 $71,650 $4,166 F
Fixed costs:
Supervisory salaries $20,000 $20,000 $20,000 $ 0
Depreciation of plant & equipment 36,200 36,200 36,200 0
Insurance and property taxes 15,200 15,200 15,200 0
Total fixed cost 71,400 71,400 71,400 0
Total factory overhead cost $138,600 $147,216 $143,050 $4,166 F
Flexible costs:
Indirect factory wages = $30,240/7,800 * 8,800 = $34,117
Power and light = $20,160/7,800 * 8,800 = $22,745
Indirect materials = $16,800/7,800 * 8,800 = $18,954
Normal capacity = 7,800 hours (100%)
Actual capacity = 8,800 hours (113%)
19. If line 18 is more than line 15, subtract line 15 from line 18. This is the amount you overpaid?
þne day, on his way back from selling his blood, Paul fell asleep and crashed his car into a light
pole. The car was repairable but the charges for parts and labor totalled more than $4,000.
Should he have to pay sales tax on this whole amount? Why or why not?
The market for tennis shoes is in equilibrium. If the government increases business taxes, then we would expect to see a(n)
Answer:
Decrease in supply
Explanation:
When a government increases taxes it means that cost of production increases. Suppliers will have no choice but to increase prices at all levels of quantity demanded. This results in a decrease in supply because suppliers will not be able to maintain supply at all price levels.
Supply curve will shift to the left. Find attached an illustration.
If the market for tennis balls was in equilibrium an increase in taxes will result in decrease in ability of supplier to provide the good at all price levels so supply shifts to the left.
Segmenting the market based on their needs, geography, demographics, psychographics, and other factors, enables entrepreneurs to: (Check all that apply) Group of answer choices
Question Completion with the choices:
a. Minimize diluting resources across multiple segments
b. Identify key market segments to focus limited time and resources on
c. Determine who is most desirable to serve first
d. Focus on capturing the served market
Answer:
Segmenting the market based on their needs, geography, demographics, psychographics, and other factors, enables entrepreneurs to:
b. Identify key market segments to focus limited time and resources on.
Explanation:
Market segmentation divides customers or potential customers into groups based on their group needs, wants, and effective demand. Each group shares similar traits, e.g. demographics, interests, needs, or location. Market segmentation benefits the consumer as well as the company. The satisfaction of consumers is assured, and corporate resources are put to effective and strategic uses.
We use the accounting equation to identify what a company owns and owes. _____ are resources a company owns or controls, _____ are claims creditors have against a company’s assets, and _____ is the owner’s claim on a company’s assets.
Answer:
We use the accounting equation to identify what a company owns and owes. Assets are resources a company owns or controls, Liabilities are claims creditors have against a company’s assets, and Equity is the owner’s claim on a company’s assets.
Explanation:
The accounting equation reads as Assets = Liabilities plus Equity.
The accounting equation forms the basis for preparing the balance sheet and the double-entry accounting system. When well prepared, the assets side should balance with liabilities and equity.
The accounting equation is very useful as its shows us:
Assets ⇒ Resources owned by companyEquity ⇒ Owner's claim on company assets Liabilities ⇒ Claims of creditors on company assetsThe accounting equation is:
Assets = Equity + Liabilities
Assets are the thing owned by the company such as buildings, lands, and stock.
Equity are refers to the portion of assets contributed by the owners while liabilities are those that were acquired by borrowing from creditors.
In conclusion, the accounting equation shows the relationships between assets, liabilities, and equity.
Find out more about the accounting equation at https://brainly.com/question/1347011.
Suppose that the marginal cost of an additional ton of steel produced by Japanese firm is the same whether the steel is set aside for domestic use or exported abroad. Suppose that this firm is a pure monopolist both in Japan as well as in abroad. If the price elasticity of demand for steel is smaller abroad than it is in Japan, which of the following will be correct?
a. the Japanese firm will sell more steel abroad than they will sell in Japan.
b. the Japanese firm will sell more steel in Japan than they will sell abroad.
c. the Japanese firm will sell steel at a lower price abroad than at home.
d. the Japanese firm will sell steel at a higher price abroad than at home.
e. None of the above,
Answer: d. the Japanese firm will sell steel at a higher price abroad than at home.
Explanation:
Price elasticity measures the change in quantity demanded resulting from a change in price. The higher the price elasticity, the more the change.
In this scenario, the price elasticity is lower abroad than it is in Japan. The company will therefore charge a higher price abroad because they know that the quantity demanded will not change as much even if they raise prices. This is as opposed to Japan where the quantity demanded will change more if they increase prices.
A job was budgeted to require 3 hours of labor per unit at $8.00 per hour. The job consisted of 7,100 units and was completed in 19,300 hours at a total labor cost of $172,800. What is the total labor cost variance?
Answer:
$2,400 unfavorable
Explanation:
Given that;
Time = 3 hours
Cost of labor = $8 per hour
Number of units = 7,100
Total actual labor cost = $172,800
Standard labor cost = 7,100 × 3 × $8 = $170,400
Total labor cost variance = Standard labor cost - Actual labor cost variance
Total labor cost variance = $170,400 - $172,800
Total labor cost variance = -$2,400
The negative sign here means that it is unfavorable, hence total labor cost variance is $2,400 unfavorable
Sabv Corporation's break-even-point in sales is $840,000, and its variable expenses are 75% of sales. If the company lost $34,000 last year, sales must have amounted to:
Answer:sales must have amounted to:$704,000
Explanation:
Contribution ratio = Sales ratio - Variable cost ratio
= 100%- 75%
=25%
Sales to break even = Fixed expenses / Contribution margin ratio
Therefore,
Fixed expenses = Sales to break even x Contribution margin ratio
=$840,000 x 25%
=$210,000
Contribution margin can also be calculated as
Fixed expenses- Operating loss
=$210,000 -$34,000
=$176,000
Sales = Contribution margin/ Contribution ratio
= $176,000/25% =$704,000
Approximately how many years would it take for an investment to grow fourfold if it was invested at 16 percent compounded semiannually
Answer: 4.5 years
Explanation:
You can use the Rule of 144 to calculate how long it will take for an investment to grow fourfold.
It works by dividing 144 by the interest rate the investment is growing at;
= 144/16
= 9
As the investment is being compounded semi-annually, the number of years it will take are;
= 9/2
= 4.5 years
On September 1, Home Store sells a mower (that costs $310) for $610 cash with a one-year warranty that covers parts. Warranty expense is estimated at 9% of sales. On January 24 of the following year, the mower is brought in for repairs covered under the warranty requiring $43 in materials taken from the Repair Parts Inventory.
Required:
Prepare the September 1 entry to record the mower sale (and cost of sale) and the January 24 entry to record the warranty repairs.
Answer: Please find answer in explanation column
Explanation:
1. To record the sale of mower.
Date Account Titles and explanation Debit Credit
Sep 1 Cash $610
Sales revenue $610
2.Journal To record the cost of mower sales
Date Account Titles and explanation Debit Credit
Sep 1 Cost of Goods Sold $310
Inventory $310
3.Journal To record the warranty expense
Date Account Titles and explanation Debit Credit
Sep 1 Warranty expense $54.90
Estimated warranty liability $54.90
Calculation
Warranty expense = $610 X 9%=$54.90
4.Journal to record the cost of the warranty repairs.
Date Account Titles and explanation Debit Credit
Jan 24 Estimated warranty liability $43
Repair parts inventory $43
The marketing researcher for a game company is conducting an experiment to test customer reaction to the pricing of a new game designed for use by adults. A list of customers who had sent the company complaint letters was readily available, and the researcher rearranged this list by ZIP code, sending every third person a color brochure on the new game. Each respondent was asked to return a postcard, stating an intention to purchase or not to purchase the game at the listed price. Which of the following is true?
a. The sampling method ensures that all geographic areas are represented.
b. The external validity of the study is ensured, since respondents who are sitting in their homes are reacting under real life circumstances.
c. The sample is likely to over-represent the lower class.
d. The design of the study suffers from selection bias.
e. None of the above.
Answer:
The correct option is D) The design of the study suffers from selection bias.
Explanation:
In research, Selection Bias occurs when the researcher decides who the respondents are or those who are being evaluated or studied.
Every research ought to be designed in such a way that the respondents are selected at random.
In the information provided, the respondents were selected from a group of people who on a balance of probability were already inclined to decline because it was a list of dissatisfied customers. The chances of them declining to respond or responding with a negative were higher than the chances of them indicating that they would buy and this defeats the purpose of the research. The research ought to have also included a sample of respondents who didn't have the product, who had enjoyed the services of the company and were content, those who didn't even know what the product did until they got the survey.
That way holistic information can be obtained from the research about how different sets of people will react and not just those who are already dissatisfied with the company's product(s).
Some of the ways to avoid selection bias in research are:
To employ the use of random techniques selecting sample sets from populations.To check that the traits or characteristics of the larger population are well represented in the samples selectedCheers
Lyons Company deducts insurance expense of $126,000 for tax purposes in 2014, but the expense is not yet recognized for accounting purposes. In 2015, 2016, and 2017, no insurance expense will be deducted for tax purposes, but $42,000 of insurance expense will be reported for accounting purposes in each of these years. Lyons Company has a tax rate of 40% and income taxes payable of $108,000 at the end of 2014. There were no deferred taxes at the beginning of 2014.
What is the amount of the deferred tax liability at the end of 2014?
A. $43,200
B. $18,000
C. $0
D. $50,400
Answer:
D. $50,400
Explanation:
The computation of the deferred tax liability is shown below:
= Insurance expense for taxation purpose × rate of tax
= $126,000 × 0.40
= $50,400
Hence, the deferred tax liability is $50,400
Therefore the correct option is C.
Hence, the same is to be considered by applying the above formula in order to determine the accurate amount
Moraine, Inc., has an issue of preferred stock outstanding that pays a $5.35 dividend every year in perpetuity. If this issue currently sells for $93 per share, what is the required return
Answer:
5.75%
Explanation:
the required rate of return for a preferred stock can be calculated by dividing the preferred dividend by the current market price:
required rate of return = $5.35 / $93 = 5.75%The preferred dividend is fixed, but the market price varies depending on the required rate of return.
Melinda signs a three year contract for employment as a legal studies lecturer. Does this type of contract fall within the scope of the statute of frauds
Answer: Yes, because it is a contract whose terms prevent possible performance within one year
Explanation:
The Statute of Fraud mandates that certain contracts need to be written down. These contracts include the sale of land, amounts involving more than $500 and contracts that have a timeframe of over a year.
Melinda entered into a contract with terms that have to be fulfilled in more than a year. It is therefore under the Statute of Frauds.
WILL NAME BRAINLIEST IF SOMEONE CAN HELP!!!
when a teacher's salary increases will it be demand or supply?
Answer:
Demand.
Explanation: Because the demand is how much or what they want while supply is how much they can give.
In 2019, Audrey claimed $2,100 on her Federal tax return for her Child and Dependent Care Expenses Credit. Her Federal adjusted gross income (AGI) was $32,750 and she meets all other requirements. What amount can she claim for the California Child and Dependent Care Expenses (CDC) Credit
Answer:
$1,050
Explanation:
Her adjusted gross income is $32,750, so she can claim maximum of 50% of Child and Dependent Care Expenses as CDC Credit
= $2,100 * 50%
= $1,050
So, the amount she can claim for the California Child and Dependent Care Expenses (CDC) Credit is $1,050
The Fowlers own a townhouse that they have been renting out for many years. It provides a steady source of income each month, but sometimes they have to do major repairs on it. What are some alternative investments the Fowlers could look into that would give this type of regular income stream? Give pros and cons for each along with your recommendation.
Answer:
Explanation:
There are a wide range of different types of investments that can be made. One of which are Dividend-paying Stocks. These are individual company stocks that payout dividend payments to the holders of their stocks. Usually, these payments are made quarterly throughout the year but is a steady way of making extra regular passive income, without the maintenance work. Even though the income is usually steady the price of the stock can fluctuate and either increase or decrease in price depending on many different factors.
Another investment idea would be to create a digital course. If you invest time and a little money into creating a video course with information that is valuable to individuals around the world. Then that course can generate passive income for years to come. There is always something that someone around the world wants to learn which makes these courses valuable and people are willing to pay for that. The pros to this are that it can generate income steadily and for a very long time with little to no maintenance, while the cons are that it does take time to create and even more time if you do not yet possess the required knowledge in that topic.
The amount that people are willing to pay for each additional unit of a product or service is the A. Opportunity cost B. Marginal benefit C. Marginal cost D. Investment opportunity Please select the best answer from the choices provided O A OB C С D
Answer:
B marginal benefit
hope this helps xx
Answer:
B:Marginal benefit
Explanation:
If you were to make an advertisement using the three word technique what three words would you use
example: powerful, brilliant, useful
Answer:
convenient, durable, easy
On April 1, 2021, Shoemaker Corporation realizes that one of its main suppliers is having difficulty meeting delivery schedules, which is hurting Shoemaker's business. The supplier explains that it has a temporary lack of funds that is slowing its production cycle. Shoemaker agrees to lend $450,000 to its supplier using a 12-month, 12% note.
Required:
a. The loan of $450,000 and acceptance of the note receivable on April 1, 2021.
b. The adjustment for accrued interest on December 31, 2021.
c. Cash collection of the note and interest on April 1, 2022.
Record the above transactions for Shoemaker Corporation.
Answer: Please find answer in explanation column
Explanation:
1.To record loan given
Date Account title and explanation Debit Credit
Apr 1 2021 Notes receivable $450,000
Cash $450,000
2.To record accrued interest
Date Account title and explanation Debit Credit
Dec 31 2021 Interest receivable $40,500
Interest revenue $40,500
Calculation
Interest Revenue = Principal x rate x Time
= $450,000 x 12% x 9/12 ( April- December)
=$40,500
To record cash collection
Date Account title and explanation Debit Credit
Apr 1,2022 Cash $504,000
Notes receivable $450,000
Accrued Interest $54,000
Calculation:
Interest Revenue for January -March 31 =Principal x rate x Time/ Period
=450,000 X 12% X 3/12
=$13,500
Accrued Interest for (April- December of 2021) and (January -March 31 of 2022) =$40,500+$13,500=$54,000
Suppose that the marginal cost of an additional ton of steel produced by Japanese firm is the same whether the steel is set aside for domestic use or exported abroad. Suppose that this firm is a pure monopolist both in Japan as well as in abroad. If the price elasticity of demand for steel is smaller abroad than it is in Japan, which of the following will be correct?
a. the Japanese firm will sell more steel abroad than they will sell in Japan.
b. the Japanese firm will sell more steel in Japan than they will sell abroad.
c. the Japanese firm will sell steel at a lower price abroad than at home.
d. the Japanese firm will sell steel at a higher price abroad than at home.
e. None of the above,
Answer:
d. the Japanese firm will sell steel at a higher price abroad than at home.
Explanation:
Since the price elasticity of demand is higher in Japan than abroad, a slightly higher price will not affect exports negatively. Corporations will always try to maximize their profits and if they will try to sell their products at the highest possible price. If the price elasticity of demand is high, a high price will decrease total sales significantly, but if the price elasticity of demand, is low, a higher price has little influence on the quantity sold.
On January 1, 2018, Dreamworld Co. began construction of a new warehouse. The building was finished and ready for use on September 30, 2019. Expenditures on the project were as follows:
January 1, 2018 $334,000
September 1, 2018 $498,000
December 31, 2018 $498,000
March 31, 2019 $498,000
September 30, 2019 $334,000
Dreamworld had $6,600,000 in 12% bonds outstanding through both years. Dreamworld's average accumulated expenditures for 2018 was:________
a. 500,000
b. 668,000
c. 583,500
d. 334,000
Answer:
Dreamworld's average accumulated expenditures for 2018 was:________
a. 500,000
Explanation:
a) Data and Calculations: Weights:
January 1, 2018 $334,000 12/12 $334,000
September 1, 2018 $498,000 4/12 166,000
December 31, 2018 $498,000 0/12 0
March 31, 2019 $498,000
September 30, 2019 $334,000
Average accumulated expenditure for 2018 $500,000
b) To calculate the average accumulated expenditures for 2018, weights relative to the fraction representing the capitalization period in terms of years is applied to the actual amount of expenditure as above.
Novak Corp. had accounts receivable of $140,000 on January 1, 2022. The only transactions that affected accounts receivable during 2022 were net credit sales of $3,795,000, cash collections of $3,725,000, and accounts written off of $20,000.
Required:
a. Compute the ending balance of accounts receivable.
b. Compute the accounts receivable turnover for 2016.
c. Compute the average collection period in days.
Answer:
a. $210,000
b. 21.69 times
c. 16.83 average days to collect receivables
Explanation:
a. Ending balance of accounts receivable
= Beginning account receivable + Net credit sales - Cash collections
= $140,000 + $3,795,000 - $3,725,000
= $210,000
b. Account receivable turnover
= Net credit sales ÷ [(Beginning inventory + Ending inventory)/2]
= $3,795,000÷ [($140,000 + $210,000)/2]
= $3,795,000 ÷ $175,000
= 21.69 times
c. Average collection period in days
= Average account receivable ÷ [ Annual sales ÷ 365]
= $175,000 ÷ [$3,795,000 ÷ 365]
= $175,000 ÷ $10,397
= 16.83 average days to collect receivables
A-One Auto Sales, Inc., employs Best Collection Company as a collection agent. While repossessing goods from Carl, one of A-One's customers, Best causes an accident in which Carl is injured. Carl can recover from
Answer: c. A-One or Best.
Explanation:
Best Collection Company are the ones who cause the accident and so they can be held liable and have to compensate Carl for injuries and harm caused.
Best however, was acting as an agent on behalf of A-One Auto Sales so A-One can be held liable as well for the incident. Carl can therefore also be compensated by A-One as well.
Carl cannot be compensated by both for the same incident as this amounts to double compensation but can be compensated by either one of them.
A trial balance before adjustment included the following: Debit Credit Accounts receivable $120,000 Allowance for doubtful accounts 730 Sales $510,000 Sales returns and allowances 8,000 Give journal entries assuming that the estimate of uncollectibles is determined by taking (1) 5% of gross accounts receivable and (2) 1% of net sales.
Answer and Explanation:
The journal entries are as follows:
a. Allowance for doubtful debts Dr. $5,270 ($120,000 × 5% - $730)
To Accounts Receivables $5,270
(Being allowance for doubtful debts is recorded)
Here the allowance for doubtful debt is debited as it increased the assets and credited the account receivable as it decreased the assets
2. Allowance for doubtful debts Dr. $4,290 ($510,000 × 1% - $730)
To Accounts Receivables $4,290
(Being allowance for doubtful debts is recorded)
Here the allowance for doubtful debt is debited as it increased the assets and credited the account receivable as it decreased the assets
ou borrow $1,000 from the bank and agree to repay the loan over the next year in 12 equal monthly payments of $90. However, th bank also charges you a loan initiation fee of $25, which is taken out of the initial proceeds of the loan. What is the effective annual interest rate on the loan, taking account of the impact of the initiation fee? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places. Use a financial calculator or Excel.) Eflective annual interest rate 19.98 %
Answer:
19.20%
Explanation:
For computing the effective annual rate first determine the rate of interest which is shown below;
Given that
NPER = 12
PMT = $90
PV = $1,000 - $25 = $975
FV = $0
The formula is shown below:
= RATE(NPER;PMT;-PV;FV;TYPE)
The present value comes in negative
After applying the above formula, the rate of interest is 1.6097%
Now the effective annual rate is
= (1 + Monthly Interest Rate)^12 - 1
= (1 + 1.6097%)^11 - 1
= 1.016097^11 - 1
= 1.1920291076 - 1
= 19.20%
The cash flows from operating activities are reported by the direct method on the statement of cash flows. Determine the following: a. If sales for the current year were $516,400 and accounts receivable decreased by $32,000 during the year, what was the amount of cash received from customers
Answer:
the Cash Received from Customers is $548,400
Explanation:
The computation of the cash amount received by the customers is as follows:
Cash Received from Customers is
= Sales + Decrease in Accounts Receivables
= $516,400 + $32,000
= $548,400
hence, the Cash Received from Customers is $548,400
We simply applied the above formula so that the correct value could come
And, the same is to be considered
In its first month of operation, Sheffield Corp. purchased 230 units of inventory for $9, then 330 units for $10, and finally 270 units for $11. At the end of the month, 310 units remained. Compute the amount of phantom profit that would result if the company used FIFO rather than LIFO.
Answer:
If the company uses FIFO, the gross income will increase by $500.
Explanation:
Giving the following information:
Purchases:
230 units of inventory for $9
330 units for $10
270 units for $11
At the end of the month, 310 units remained.
The difference in gross profit is in the cost of goods sold. First, we will determine the number of units sold:
Units sold= total units - ending inventory
Units sold= 830 - 310
Units sold= 520
The FIFO method uses the cost of the firsts units incorporated into inventory. The LIFO method uses the cost of the lasts units incorporated into inventory.
FIFO:
COGS= 230*9 + 290*10= $4,970
LIFO:
COGS= 270*11 + 250*10= $5,470
Difference= 5,470 - 4,970= $500
If the company uses FIFO, the gross income will increase by $500.
A production process has two workstations. The first workstation has a capacity of 200 units per hour and the second workstation has a capacity of 150 units per hour. Demand for the process is 250 units per hour. What is the utilization of the first workstation in a push process
Answer:
100%
Explanation:
Since demand for process (250/hour) is greater than the Capacity of first workstation (200/hour) . Then, the first workstation will be utilized 100%
A Machine makes 5 buttons at a time each doll shirt gets 5 buttons how many doll shirts can be finished with 5 buttons
Answer:
1
Explanation:
If each doll shirt gets 5 buttons then only one can be finished with 5 buttons.
