Use the May 31 fiscal year-end information from the following ledger accounts (assume that all accounts have normal balances).
General Ledger
M. Muncel, Capital Acct. No. 301 Salaries Expense Acct. No. 622
Date PR Debit Credit Balance Date PR Debit Credit Balance
May 31 G2 88,000 May 31 G2 44,000
M. Muncel, Withdrawals Acct. No. 302 Insurance Expense Acct. No. 637
Date PR Debit Credit Balance Date PR Debit Credit Balance
May 31 G2 63,000 May 31 G2 5,460
Services Revenue Acct. No. 401 Rent Expense Acct. No. 640
Date PR Debit Credit Balance Date PR Debit Credit Balance
May 31 G2 155,056 May 31 G2 11,520
Depreciation Expense Acct. No. 603 Income Summary Acct. No. 901
Date PR Debit Credit Balance Date PR Debit Credit Balance
May 31 G2 21,000
Required:
1. Prepare closing journal entries from the above ledger accounts.
2. Post the above entries to their respective ledger accounts in the order entered under Part 1.
Answers
Answer and Explanation:
Answer and explanation attached
observe in the ledger accounts that we have posted to ledger accounts using our journal entries
Related Questions
On June 15, 2021, Allen sold land held for investment to Stan for $65,000 and an installment note of $300,000 payable in five equal annual installments beginning on June 15, 2022, plus interest at 10%. Allen’s basis in the land is $255,500. What amount of gain is recognized in 2021 under the installment method?
Answers
The amount of gain that will be recognized in 2021 under the installment method, is $27, 857 . 14
How to find the gain recognized?First, find the profit margin on the land sold by Allen to Stan:
= ( Selling price of land - Allen's basis in the land) / Allen's basis in the land
= ( ( 300, 000 + 65, 000) - 255, 500) ) / 255, 500
= 109, 500 / 255, 500
= 42. 857 %
The gain to be recognized, using the installment method is:
= Profit margin x Amount paid by Allen in 2021
= 42. 857 % x $ 65, 000
= $27, 857 . 14
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he following transactions apply to Jova Company for Year 1, the first year of operation: Issued $13,000 of common stock for cash. Recognized $68,000 of service revenue earned on account. Collected $60,400 from accounts receivable. Paid operating expenses of $35,500. Adjusted accounts to recognize uncollectible accounts expense. Jova uses the allowance method of accounting for uncollectible accounts and estimates that uncollectible accounts expense will be 2 percent of sales on account. The following transactions apply to Jova for Year 2: Recognized $75,500 of service revenue on account. Collected $68,400 from accounts receivable. Determined that $960 of the accounts receivable were uncollectible and wrote them off. Collected $100 of an account that had previously been written off. Paid $49,100 cash for operating expenses. Adjusted the accounts to recognize uncollectible accounts expense for Year 2. Jova estimates uncollectible accounts expense will be 1 percent of sales on account. Required: Complete the following requirements for Year 1 and Year 2. Complete all requirements for Year 1 prior to beginning the requirements for Year 2.
Answers
According to the given condition, in year 1 Issued $13,000 of common stock for cash and year 2 recognized $75,500 of service revenue on account both are the Assets Source.
What do you mean by adjusted accounts?The bookkeeper can move a modified account from the trial balance to the balance sheet since it has no other sums for the year to debit or credit.
A bookkeeper might examine the "Accounts Receivable" account, for instance, to see if any suppliers made payments throughout the year that would reduce the account.
Adjusting notes are used to transform monetary transactions into accrual accounting transactions.
Therefore, according to the condition the type of each transaction are classified as:
Year 1 Type of transaction Year 2 Type of transaction
1 Assets Source 1 Assets Source
2 Assets Source 2 Assets Exchange
3 Assets Exchange 3 Assets Use
4 Assets Use 4(a) Assets Source
4(b) Assets Exchange
5 Assets Exchange 5 Assets Use
6 Assets Exchange
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This is an incomplete question the complete question attached below:
Conducting a survey of your friends to see how many might go to a trampoline park is an example of
Answers
Answer: Primary research
Explanation: Primary research is defined as the type of research where the person himself collects information. In this type of research, surveys, observation, and interviews are used.
In the primary research, the information is collected directly and not depending on other research that has been done previously. One of the advantages of this research is that it is carried out around a specific problem and with this information find a solution.
What is the income from operations of discontinued component?
Answers
Answer:
Income (or Loss) from Discontinued Operations is a line item on an income statement of a company below Income from Continuing Operations and before Net Income. It represents the after tax gain or loss on sale of a segment of business and the after tax effect of the operations of the discontinued segment for the period. :)
Help me answer the following question
Answers
Here are the journal entries for the given transactions:
October 1, 2015:
Debit: Investment in Bogha shares - $260,000
Debit: Investment in Neymar shares - $318,000
Debit: Investment in Sergio Ramos shares - $142,000
Credit: Cash - $720,000
What informs the other part of the entries?December 3, 2015:
Debit: Cash - $5,000
Credit: Dividend Income (from Neymar shares) - $5,000
December 31, 2015 (adjusting entry):
Debit: Unrealized loss on Neymar shares - $198,000
Credit: Unrealized holding gain or loss - $198,000
($300,000 - $102,000)
December 31, 2015 (adjusting entry):
Debit: Investment in Bogha shares - $60,000
Credit: Unrealized holding gain or loss - $60,000
($320,000 - $260,000)
December 31, 2015 (adjusting entry):
Debit: Investment in Neymar shares - $198,000
Credit: Unrealized holding gain or loss - $198,000
($300,000 - $102,000)
December 31, 2015 (adjusting entry):
Debit: Investment in Sergio Ramos shares - $142,000
Credit: No entry required
January 23, 2016:
Debit: Cash - $278,000
Debit: Realized loss on Bogha shares - $42,000
Credit: Investment in Bogha shares - $260,000
Explanation:
On October 1, 2015, Raul Corporation purchased ordinary shares of three companies and paid for them with cash. The total amount of cash paid was $720,000.On December 3, 2015, Raul Corporation received a cash dividend of $5,000 on its investment in the Neymar shares, which was recorded as dividend income.On December 31, 2015, Raul Corporation adjusted the carrying value of its equity investment portfolio to its fair value. As a result, it recognized unrealized gains or losses on its investments in Neymar and Bogha shares. There was no adjustment required for the investment in Sergio Ramos shares as the carrying value was equal to the fair value.On January 23, 2016, Raul Corporation sold all of its Bogha ordinary shares for $278,000, which resulted in a realized loss of $42,000.learn more about journal entries: https://brainly.com/question/28390337
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Please choose one of following answers that are in quote
What is the opportunity cost in this scenario?
Harry has been very busy at work for the past two weeks. He has been working weekends too. Finally, he is going to get a weekend off. "Originally, he planned to paint his apartment that weekend." "He also considered going fishing for the weekend." "But then his parents called and asked him to come for dinner because it has been a while since they have seen each other."
"Later on, his friend Theo informed him about a surprise birthday party for another friend." Theo plans to reserve a room at a restaurant for the celebration, with the cost to reserve the room split between Theo, Harry, and three other friends.
Now Harry is confused about what he should do over the weekend. He decides that, for him, the most important commitments are going over to his parent's house and attending his friend's birthday party. In the end, Harry decides to see his parents.
Answers
Answer:
it would be better to go the his parents house so it would be cheaper, probably around $10
Explanation:
Match each CRM technique with its description
-RFM
-loyalty programs
-clickstream analysis
offers discounts or free items to customers
who keep coming back
calculates a customer's most recent visit,
the frequency of visits, and annual spending
discovers through data mining what customers
have in common to predict behavior
tracks every image, link, or object that
a customer clicks
clustering
Answers
A loyalty program is a type of marketing strategy that aims to keep customers coming back to a business or using its services.
What precisely is RFM examination (recency, recurrence, and money related)?RFM analysis is a marketing strategy that uses a quantitative ranking and grouping of customers based on the recency, frequency, and monetary total of their most recent transactions to identify the best customers and carry out targeted marketing campaigns.
What levels of clickstream investigation are there?Clickstream investigation, which is a kind of Web examination (see a different section), is the following and examination of site visits. Clickstream investigation ordinarily screens and measures site movement by using the Internet server log records, regardless of the way that there are different techniques for gathering this information.
Two levels of clickstream analysis are possible: traffic analysis and an examination of online businesses.
tracks each image, link, or object clicked by a customer- clickstream analysisgives away free or discounted items to repeat customers.- loyalty programsdetermines a customer's most recent visit, the number of visits, and the amount spent annually- RFMuses data mining to discover what customers- clusteringLearn more about RFM analysis: https://brainly.com/question/28537349
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identify 3 ways that international trade by united states businesses can have a positive effect on small businesses and three negative ways it had on these businesses.
Answers
Answer:
What actions could be taken to encourage international trade? Free-trade zones, free-trade agreements, and common markets
Explanation:
Which of the following is not an asset? A. Buildings B. Cash balance C. Debtors D. Loan from K Harris
Answers
Answer:
C. Debtors is the answer that I feel is correct
The following is not an asset is : Loan from K Harris , because Loan from K Harris is Liability not an asset. Loan from K Harris is definitely is not an asset its a liability and recorded on credit site of the Balance Sheet.
An asset is an item from which economic benefits flow unto an entity (a person or company in control of it). Thus, we can conclude from the question that:1. A Building - It is an asset.
2. A Cash Balance - It is an asset.
3. A Debtors - It is an asset.
4. Loan from K Harris-It is not an asset.
What is an asset?An asset is something containing economic value and/or future benefit. An asset can often generate cash flows in the future, such as a piece of machinery, a financial security, or a patent. Personal assets may include a house, car, investments, artwork, or home goods.What are Asset types?Cash and cash equivalents.Accounts Receivable.Inventory.Investments.PPE (Property, Plant, and Equipment)Vehicles.Furniture.Patents (intangible asset)Thus, we can say that the correct answer is : D - Loan from K Harris is not an assets .
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Which type of business is owned by anyone who wants to buy stock?
sole proprietorship
limited partnership
public corporation
private corporation
(I think the answer is public corporation)
Answers
The type of business owned by someone who wants to buy stock is C. public corporation.
What is a public corporation ?A public corporation is a type of business organization that is owned by shareholders who can buy and sell stocks in the company. When a person buys stock in a public corporation, they become a part owner of the company and have a financial stake in its success.
Public corporations are usually large, well-established companies that have gone through the process of an initial public offering (IPO) to raise funds by selling shares of ownership to the public.
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Answer: public corporation
Explanation:
Farmer Pete owned a farm that he was planning on selling for about $250,000. He decided to run an advertisement in the local newspaper. Bob saw the
advertisement, called Farmer Pete, and offered to purchase the farm. Later, Farmer Pete wrote Bob a letter, informing him that he no longer would sell him
the farm. Bob really wanted the farm and filed a lawsuit against Farmer Pete, seeking to enforce the contract. Farmer Pete defended on the grounds that
the contract was unenforceable because of the statute of frauds. The letter Farmer Pete had sent to Bob did not contain any of the terms of the sale even
though he had signed it. Bob claimed that the advertisement could be combined with the letter and satisfy the statute of frauds. How will the court
decide the matter?
Answers
The court will bring justice in favor of Farmer Pete and not on the side of bob after looking at all the pieces of evidence.
What is a courtroom?A courtroom is an enclosed space where a trial takes place before a judge. The court may house multiple courtrooms, Courts are the center of judicial activity and provide a fair environment in which most court proceedings take place. The size and interior design of each courtroom can be based on the specific requirements of the type of hearings and trials that take place in that courtroom.the chief justice will bring justice in favor of farmer Pete because he planned to sell his land which is an agreement to the sale which is an offer for the public at large, in which the offerer offers advertisement is subject to the public at large at the price mentioned and anyone from aggregate universe can apply for that ad.
so keeping in mind that no actual contract was made between Mr. Pete & Mr. Bob.
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Show all steps of your work. Only writing the final answer is not enough.
Question 1: Consider a good that has an existing demand curve given by Q = 44 – 6p and an existing
supply curve given by Q = 12 + 2p. Suppose there is a change in the demand curve and the new
demand curve is given by Q = 32 – 8p. There is no change in the supply curve.
a) Is the new demand curve a parallel shift from the existing demand curve? Briefly explain your answer.
b) Does the new demand curve lie on the right or left of the existing demand curve? Briefly explain your answer.
c) Determine the existing equilibrium price and quantity before the change in the demand curve.
d) Determine the new equilibrium price and quantity after the change in the demand curve.
Answers
The demand and supply curve give the quantity demanded and supplied at a given price
a) The new demand curve is not parallel to the existing demand curveb) The new demand curve lay on the left of the existing demand curvec) Before the change in the demand curve, the equilibrium price is 4 and the equilibrium quantity is 20d) After the change in the demand curve, the equilibrium price is 2 and the equilibrium quantity is 16Reason:
Question 1:
Existing demand curve function is Q\(_d\) = 44 - 6·p
Existing supply curve function is Q\(_s\) = 12 + 2·p
New demand curve function is Q\(_{new \, d}\) = 32 - 8·p
No change in supply curve
a) The slope of the demand curve is given by the coefficient of p
Two demand curves are parallel if their slopes are equal or the same
The coefficient of p, of the existing demand curve, (-6) is not the same as the coefficient of p, in the new demand curve, (-8), therefore, the slopes are different, and the new demand curve is not parallel to the old demand curve
b) The y-value of the y-intercept of the existing demand curve is 44
The y-value of the y-intercept of the new demand curve is 32
The x-value of the x-intercept of the existing demand curve is \(p = \frac{44}{6} = 7.\overline 3\)
x-value of the x-intercept of the new demand curve is \(p = \frac{32}{8} = 4\)
The y, and x-intercepts of the new demand curve are lower than those of the existing demand curve, therefore;
The new demand curve lie on the left of the existing demand curvec) The equilibrium price before the change in the demand curve is given by the solution of the existing demand and supply curve as follows;
At equilibrium, we have;
Q\(_d\) = Q\(_s\)
Therefore;
44 - 6·p = 12 + 2·p
44 - 12 = 2·p + 6·p
32 = 8·p
\(p = \dfrac{32}{8} = 4\)
The equilibrium price, p = 4
The equilibrium quantity is 44 - 6 × 4 = 12 + 2 × 4 = 20
The equilibrium quantity = 20
d) The new equilibrium price is given as follows;
Q\(_s\) = Q\(_{new \, d}\)
We have;
12 + 2·p = 32 - 8·p
2·p + 8·p = 10·p = 32 - 12 = 20
\(p = \dfrac{20}{2} = 2\)
p = 2
The equilibrium price, p = 2
The equilibrium quantity = 12 + 2× 2 = 16
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Select the correct text in the passage.
Read the following paragraph and determine which components highlight the purpose of personal protective equipment.
The food service manager of the restaurant San Lucas requests permission from the owner to buy personal protective equipment for some of the
kitchen staff. The owner comments that it is a good idea. She thinks that personal protective equipment would help the kitchen staff feel happier at
work. The staff would also look more professional when working in the open kitchen. The food service manager added that the personal protective
equipment would keep the employees safer, especially when working with extreme temperature items. He also informed the owner that the equipment
would allow the restaurant to comply with the latest government regulations on food service operations.
Reset
Next
Answers
The purpose of personal protective equipmentis that the personal protective equipment would keep the employees safer, especially when working with extreme temperature items.
What is personal protective equipment?Personal protective equipment can be described as the meausres that can help to prevent the employee from danger in broader sense oit can be described as the items such as gloves, safety glasses and shoes, earplugs or muffs, hard hats, as well as full body suits that can be used to ensure proper safety with theuse of personal protective equipment.
In conclusion, from the paragraph it can be seen that purpose of personal protective equipment is one that would keep the employees safer, especially when working with extreme temperature items which is the components that highlight the purpose of personal protective equipment.
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1. Identify two wastes in the above process flow?
2. What is your suggested approach to reduce the waste
Answers
Answer:
you gust need to analyze the pipicture
Explanation:
Jordan Sports Inc. has labor costs and overhead totaling $2.2 million during a given period. The company purchased $10.3 million of materials during the period and used $9.7 million of this amount. What is the amount of total manufacturing cost for the period?
Answers
If the company has labor costs and overhead totaling $2.2 million during a given period. The company purchased $10.3 million of materials during the period and used $9.7 million of this amount. The amount of total manufacturing cost for the period is: $11.9 million
How to determine the total manufacturing cost?Using this formula to find the total manufacturing cost for the period
Total manufacturing cost = Labor cost and overhead cost + Material used
Where:
Labor cost and overhead cost = $2.2 million
Material used = $9.7 million
Let plug in the formula
Total manufacturing cost = $2.2 million + $9.7 million
Total manufacturing cost = $11.9 million
Therefore we can conclude that the total manufacturing cost is the amount of $11.9 million.
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What is the purpose of a W-2 form and how is it used to file taxes?
Answers
Think of a time when effective or ineffective communication affected your success at home, school, or work.
In paragraph 1, describe what happened, in detail.
In paragraph 2, explain how strong communication contributed to or could have improved the situation’s outcome. Be specific.
Answers
Answer:
Ineffective communication affected my success when I wanted to sell my skincare product to an Asian who did not really have a full grasp of the English language.
Explanation:
I experienced ineffective communication which was caused by a language barrier between me and an Asian woman to whom I wanted to sell a skincare cream. I tried explaining the benefits of the cream to her, but she seemed not to understand what I was saying. At the end of the day, she did not purchase the cream.
In order to sell skincare creams, a person must communicate the full benefits of such cream to a potential buyer since he/she might already have had something he uses before. If the woman had a strong grasp of the English language, it would have been easier for me to convince her to buy the cream as I would have employed persuasive terminologies that would appeal to her.
An example of ineffective communication was when I went to France for vacation and I tried communicating with someone in English but he didn't understand me.
Ineffective communication simply means a form of communication where the receiver can't understand the message and therefore the message wasn't conveyed properly.
An example of ineffective communication was when I went to France for vacation and I tried communicating with someone in English but he didn't understand me.
The communication was ineffective because we were both speaking different languages. It'll have been effective if we spoke the same language.
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Which of the following statement is TRUE?
(1 Point)
Developmental programs improve conceptual skills of managers for the future job.
Training programs improve conceptual skills of nonmanagers for the future job.
Developmental programs improve technical skills of nonmanagers for the current job.
Training programs improve technical skills of mangers for the current job.
Answers
'Developmental programs improve conceptual skills of managers for the future job' is true. The right answer is a.
The goals and content of training and development are different from one another. While "development" refers to a long-term method through which managerial personnel understand conceptual and theoretical knowledge for broad reasons, "training" is a short-term process through which non-managerial personnel acquire technical knowledge and skills for a specific purpose.
Development covers the process through which managers and executives build capacity for both future managing roles as well as skills and competence for their current ones.
The correct answer is option a.
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QUESTION 1 (a) The most recent financial statements for Mandy Company are shown here: Income Statement Balance Sheet RM 11,980 Debt RM 32,400 Sales Costs Taxable income Taxes (21%) Net income RM 20,300 Current assets RM 13,900 Fixed assets RM 6,400 RM 1,344 RM 5,056 Total RM 44,380 Equity Total RM 16,540 RM 27,840 RM 44,380 Assets and costs are proportional to sales. Debt and equity are not. The company maintains a constant 45 percent dividend pay-out ratio. What is the sustainable growth rate for this company? (10 marks) (b) A project that costs RM21,000 today will generate cash flows of RM7,300 per year for seven years. Calculate the project's payback period? (5 marks)
Answers
For this Mandy Company's, the sustainable growth rate is 16.81%. This indicates that the business can expand at a pace of up to 16.81% annually without needing to obtain more equity or debt capital.
(RM6,400 / RM7,300) = 0.8767, or around 9 months, is the repayment term, which is 2 years. This indicates that it will take fewer than three years to recoup the project's initial investment in Mandy Company's.
Sustainable Growth Rate is calculated using the formula ROE x Retention Ratio (RM5,056 / RM16,540 = 0.3057 or 30.57%).
Dividend payout ratio divided by one is one-half (0.55), or 55%, which is the retention ratio.
As a result, Mandy Company's sustainable growth rate is 0.3057 0.55 = 0.1681 or 16.81%.
RM7,300 in Year 1, RM14,600 in Year 2, RM21,900 in Year 3, RM29,200 in Year 4, RM36,500 in Year 5, RM43,800 in Year 6, and RM51,100 in Year 7.
The third year's cash inflow is RM7,300, and RM21,000 - RM21,900 + RM7,300 = RM6,400 must still be paid to reach the initial cost. This means that the repayment time is 2 years, or around 9 months, and that (RM6,400 / RM7,300) = 0.8767.
As a result, the significance of the Mandy Company's period are the aforementioned.
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Chapter 3 Problem 3-9 Determining the effects of business transactions on the accounting equation
Answers
Depending on the specifics of the transaction, if a business's total assets decline, the sum of its liabilities and owner equity may or may not also do so.
What are the effects of business transaction?Every business transaction affects the components of accounting in two different ways. The three main components of accounting are capital, liabilities, and assets. The two fold effect states that an equal amount is given for every value received.
By using debits and credits to record each transaction when using the accounting equation, this method of bookkeeping is referred to as double-entry bookkeeping.
Why is it important to analyze the effects of a business transaction?The examination of transactions kicks off the accounting cycle. It is crucial to properly analyze business transactions because it guarantees accurate journal entries.
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right decision in right time get success in our life?
Answers
Answer:
You are the only person who get's to decide if you are happy or not- Do not put you're happiness into the hands of someone else. Do not make it contingent their acceptance of you, or there feelings for you. At the end of each day , it doesn't matter if someone dislikes you, or if someone doesn't want to be with you. All that matters is that you are happy with the person you are becoming. All that matters is that you like yourself, that you are proud of what you put out into the world. Never forget that you are in charge of you're joy, and of you're worth. You get to be you're own validation. Please never forget that!
including scholarships and financial aid Rachel has 39,000 to spend on college if the total cost of her college education is_____, she will have enough resources to pay
a 36,000
b 42,000
c 48,000
d 45,000
Answers
Answer:
A. 36,000
Explanation:
If the college education cost is less than your financial aid limit then it can pay for it.
Answer:36,000
Explanation:because it say it
There are six workers, one at each of the six stations (A-F). They begin their workday at 8:00 a.m. and work steadily until 4:00 pm. (They are replaced with other workers for breaks and lunches, but the production is not slowed or stopped during these times.) Their hourly wage rate is $25 per hour. You can assume unlimited demand.
What are the direct labor costs (you can ignore any start-up or empty system effects)associated with producing one razor, in dollars?
Answers
The direct labor costs is $ 1500
What is Direct Labor Costs?
Wages paid to employees directly related to producing goods or rendering customer services are referred to as direct labor costs. The overall direct labor cost exceeds wages paid by a significant amount.
Any employee directly involved in a product's manufacturing is referred to as direct labor.
Calculation for What is the process capacity in razors/hour
Based on the information given we would be using process capacity of station D Assembly 3:
Process capacity of D = 1/60*60sec * 60 mins
Process capacity of D = 1/60*3600 razors per hour
Process capacity of D = 60
Therefore, the process capacity in razors/hour will be 60.
Since, their hourly wage rate is $25 per hour. Therefore, the direct labor costs is
= 60 * 25
= $ 1500
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Under what circumstances might Dimon need to change his approach to organizational
control?
Answers
Answer:
The circumstances that Dimon may need to change his approach to organizational control are if managers are reluctant to submit their 50-page reports showing financial ratios and results, product, sales, and detailed expenses of every worker
Explanation:
The circumstances that Dimon may need to change his approach to organizational control are if managers are reluctant to submit their 50-page reports showing financial ratios and results, product, sales, and detailed expenses of every worker.
What is organizational control?Organizational control is the process by which managers and other leaders in an organisation ensure that the company meets its objectives. It entails developing rules, procedures, or best practices for an individual or department within a company.
These policies can assist in directing the actions of a team or other members of the company, potentially increasing the organization's overall productivity.
Organizational control is important because it allows us and our colleagues to focus on and achieve your objectives. Implementing organizational control systems can help the company save money and time by outlining how to perform specific actions or ensuring employees meet certain sales targets.
Therefore, Dimon need to change his approach to organizational control.
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ohansen Corporation uses a predetermined overhead rate based on direct labor-hours to apply manufacturing overhead to jobs. The Corporation has provided the following estimated costs for the next year: Direct materials $ 6,000 Direct labor $ 20,000 Rent on factory building $ 15,000 Sales salaries $ 25,000 Depreciation on factory equipment $ 8,000 Indirect labor $ 12,000 Production supervisor's salary $ 15,000 Jameson estimates that 20,000 direct labor-hours will be worked during the year. The predetermined overhead rate per hour will be:
Answers
Answer:
The right solution is "$ 2.50 per DLH".
Explanation:
The given values are:
Rent,
= $ 15,000
Factor equipment's depreciation,
= $ 8,000
Indirect labor,
= $ 12,000
Production supervisor's salary,
= $ 15,000
Estimated DLHs,
= 20,000
The total manufacturing overhead will be:
= \(Rent+Factory's \ equipment \ depreciation+Indirect \ labor+Production \ supervisor's \ salary\)On substituting the given values, we get
= \(15000+8000+12000+15000\)
= \(50,000\) ($)
Now,
The predetermined overhead rate will be:
= \(\frac{50000}{20000}\)
= \(2.50 \ per \ DLH\) ($)
Indicate the financial statement on which each of the following items appears. Use I for income statement, E for statement of retained
earnings, and B for balance sheet?
a. Equipment
b. Factory
c. Furniture
d. Haircutting Revenue
e. Insurance Expense
f. Interest Expense
g.
Interest Payable
h. Interest Revenue
i. Janitorial Expense
j. Land
k. Legal Expense
L Note Payable
Answers
The following items are indicated in the income statement.
Haircutting RevenueInsurance ExpenseInterest ExpenseInterest PayableInterest RevenueJanitorial ExpenseLegal ExpenseThe correct options are d, e, f, g, h, i, and k.
What is not included in the income statement?Everything below Operating Income is unrelated to the business's ongoing operations, such as ou pas expenses, provision for income taxes (i.e., future taxes), and equity fund activity (profits or losses from minority investments), net of tax.
An income statement summarises a company's revenue, expenses, and profitability over time. It is also known as a profit-and-loss (P&L) or earnings statement. It displays your: revenue from the sale of goods or services. Expenses are incurred in order to generate revenue and manage your business.
Thus, the correct options are d, e, f, g, h, i, and k.
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Universal Claims Processors processes insurance claims for large national
insurance companies. Most claim processing is done by a large pool of
computer operators, some of whom are permanent and some of whom are
temporary. A permanent operator can process 16 claims per day, whereas a
temporary operator can process 12 per day, and on average the company
processes at least 450 claims each day. The company has 40 computer
workstations. A permanent operator generates about 0.5 claim with errors each
day, whereas a temporary operator average about 1.4 defective claims per day.
The company wants to limit claims with errors to 25 per day. A permanent
operator is paid $64 per day, and a temporary operator is paid $42 per day.
The company wants to determine the number of permanent and temporary
operators to hire to minimise costs.
a) Formulate a linear programming model for this problem.
b) Solve this model by using graphical analysis.
Answers
The optimal solution is to hire 22 permanent operators and 19 temporary operators, with a total cost of $2272.50.
a) Formulating the linear programming model:
Let x represent the number of full-time employees and y represent the number of temporary employees to be hired.
The objective function is to minimize the cost of hiring operators, which is given by:
Cost = 64x + 42y
The constraints are:
The total number of claims processed per day cannot be less than 450:
16x + 12y ≥ 450
The total number of defective claims per day cannot be more than 25:
0.5x + 1.4y ≤ 25
The number of workstations available is limited to 40:
x + y ≤ 40
The number of operators cannot be negative:
x ≥ 0, y ≥ 0
Following are some ways to express the linear programming model:
Minimize Cost = 64x + 42y
Subject to:
16x + 12y ≥ 450
0.5x + 1.4y ≤ 25
x + y ≤ 40
x ≥ 0, y ≥ 0
b) Solving the model using graphical analysis:
We can graph the constraints to find the feasible region and then use the corner-point method to find the optimal solution.
First, we graph the constraint 16x + 12y ≥ 450:
12y ≥ -16x + 450
y ≥ (-4/3)x + 37.5
Next, we graph the constraint 0.5x + 1.4y ≤ 25:
1.4y ≤ -0.5x + 25
y ≤ (-5/14)x + 25/1.4
y ≤ (-5/14)x + 17.86
Finally, we graph the constraint x + y ≤ 40:
y ≤ -x + 40
Combining these three constraints, we get the following feasible region:
16x + 12y = 450
y ≤ (-4/3)x + 37.5
y ≤ (-5/14)x + 17.86
y ≤ -x + 40
We now evaluate the objective function at the corner points of the feasible region to find the optimal solution.
The corner points are:
(0, 25/1.4) = (0, 17.86)
(0, 37.5)
(21.875, 18.75)
(27.27, 12.73)
(28.125, 11.25)
When we assess the objective function at these intervals, we obtain:
(0, 17.86): Cost = 42y = 42(17.86) = 750.12
(0, 37.5): Cost = 42y = 42(37.5) = 1575
(21.875, 18.75): Cost = 64x + 42y = 64(21.875) + 42(18.75) = 2272.5
(27.27, 12.73): Cost = 64x + 42y = 64(27.27) + 42(12.73) = 2536.08
(28.125, 11.25): Cost = 64x + 42y = 64(28.125) + 42(11.25) = 2587.5
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A real estate brokerage should __________ that will help to minimize risk and potential liability exposures.
Every brokerage should adopt written policies and procedures that define the company's agency representation policies, competitive practices, fair housing guidelines, personnel policies, communications policies, documentation and record keeping policies, and a statement of the company's overall commitment to the ethical and legal practice of real estate. Once adopted, these policies should become part of each licensee's everyday practice and enforced on a consistent basis.
Answers
Adopt written guidelines and regulations maintain audio recordings of all discussions, employ a legal team, and get liability insurance.
By brokerage, what do you mean?A brokerage offers middleman services in a variety of contexts, including investing, borrowing money, and buying real estate. A counselor is a facilitator who really arranges a sale between a firm and its customers. A reseller could be either an people or a business.
What is a brokerage's process?On behalf of the clients, such brokerage business sells and purchases stock, bonds, options, and many other financial goods. To combine resources and provide the finest service, a lot of brokerages employ lone brokers. Additionally, a lot of businesses which provide financial products include brokerage houses within their range of offerings.
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Based on the evidence available to you, which investment opportunity is more likely to be fraudulent? What are the true risks of investment with this company, and does the company accurately describe these risks? What are the potential returns on an investment, and does the company accurately describe these returns?
Answers
It is important to note that any investment opportunity can be risky, and investors should always conduct thorough the research and seek professional advice before making any investment decisions.
What is an investment?Investment refers to the act of allocating resources, such as money, time, or effort, with the expectation of generating a profitable return in the future. Investments can take many forms, including stocks, bonds, real estate, mutual funds, and businesses. Investors aim to grow their wealth over time by investing in assets that will appreciate in value, generate income, or both. However, investing also carries risks, such as market fluctuations, economic downturns, and unforeseen events that can impact the value of investments. To make informed investment decisions, investors need to conduct research, analyze data, and evaluate the potential risks and rewards of different investment opportunities. Diversification, asset allocation, and a long-term investment horizon are some of the strategies used to manage risk and optimize returns.
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LEONE COMPANY Income Statement For Year Ended December 31 Sales Cost of goods sold Finished goods inventory, beginning Cost of goods manufactured Goods available for sale Less: Finished goods inventory, ending Cost of goods sold Gross profit General and administrative expenses Selling expenses Net income $ 84,000 84,000 92.000 $ 3,251,000 $ (8,000) 3,259,000 127.000 603,000 2,529,000
How do you find the cost of goods manufactured?
Answers
The cost of goods manufactured (COGM) is the cost of all the products that a company has manufactured during a period.
How to calculateIt is calculated by adding the beginning finished goods inventory to the total manufacturing costs, and then subtracting the ending finished goods inventory.
In the income statement you provided, the cost of goods manufactured is calculated as follows:
COGM = $92,000 + $3,251,000 - $127,000 = $3,224,000
Therefore, the cost of goods manufactured for Leone Company is $3,224,000.
Here is the formula for calculating COGM:
COGM = Beginning finished goods inventory + Total manufacturing costs - Ending finished goods inventory
The total manufacturing costs include direct materials, direct labor, and manufacturing overhead.
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