Answer:
the amount of credit sales is $47,000
Explanation:
The computation of the amount of credit sales is shown below;
= Ending balance of account receivable + cash receipts - opening balance of account receivable
= $13,000 + $52,000 - $18,000
= $47,000
Hence, the amount of credit sales is $47,000
Holly files married filing jointly and reports income of $300,000 ($340,000 AGI - $40,000 itemized deductions) before the deduction for qualified business income. She has no capital gains or dividends included in taxable income. Holly's engineering consulting service generates $20,000 of qualified business income. She paid no wages during the current year. What is Holly's deduction for qualified business income
Answer:
$4,000
Explanation:
The computation of the deduction for qualified business income is shown below:
In this the lower amount should be considered
20% of net income or 20% of qualified business income
20% of $300,000 or 20% of $20,000
So the lower amount is $4,000
hence, the same would be represented as a deduction
Golden Corporation uses direct labor-hours in its predetermined overhead rate. At the beginning of the year, the estimated direct labor-hours were 22,300 hours. At the end of the year, actual direct labor-hours for the year were 21,100 hours, the actual manufacturing overhead for the year was $538,980, and manufacturing overhead for the year was underapplied by $24,140. The estimated manufacturing overhead at the beginning of the year used in the predetermined overhead rate must have been
Answer:
$544,120
Explanation:
Calculation for what The estimated manufacturing overhead at the beginning of the year used in the predetermined overhead rate must have been
First step is to calculate the Applied manufacturing overhead
Applied manufacturing overhead = $538,980 - $24,140
Applied manufacturing overhead = $514,840
Second step is to calculate the Predetermined overhead rate using this formula
Predetermined overhead rate = Applied manufacturing overhead / Actual direct labor hours
Let plug in the formula
Predetermined overhead rate = $514,840 / 21,100
Predetermined overhead rate = $24.4
Now let calculate the Estimated total manufacturing overheads using this formula
Estimated total manufacturing overheads = Estimated direct labor hours * Predetermined overhead rate
Let plug in the formula
Estimated total manufacturing overheads= 22,300 *$24.4
Estimated total manufacturing overheads= $544,120
Therefore The estimated manufacturing overhead at the beginning of the year used in the predetermined overhead rate must have been $544,120
Match each role with the action performed by people playing that role.
Producer
?
Provide labor and
investment
Government
?
Provide individual goods
Consumer
?
Provide public goods
Answer:
Consumer
Explanation:
I took the test!
Providing labor is done with the help of the consumers
What is a Producer?
A producer is a person who develops and offers products or services. Producers mix labor, also known as intermediate goods, to produce, or turn into another thing. Multinational companies are the primary producers that economic experts refer to when discussing producers.
People incur a risk when they start a company and they hope to generate a profit as compensation. Making as much money as possible is the main objective of most enterprises.
Providing labor is done with the help of the consumers
creating foods and services is done with the help of the producers so that it will give them something to consume.
protecting competition is done with the help of the governments giving equal opportunity to people.
Learn more about Producer, Here:
https://brainly.com/question/14616889
#SPJ2
Your boss approaches you in mid-December and requests that you pay certain employees their gross pay amount as if there were no deductions as their year-end bonuses. None of the employees have reached the Social Security wage base for the year. Required: What is the gross-up amount for each of the following employees
Answer:
The gross up amount for each employee is $4,500.
Explanation:
Social security wage base is a amount of tax on the salary which is used as a social security at the old age. The amount is determined based on a person's salary. The employees will have no deduction from their salary as they do are not eligible for social security wage base. The year end bonus will be the gross which is paid to the employees.
what is the major difference between corporations and other kinds businesses?
Answer:
A corporation is a separate entity apart from that of the owners. A corporation is not responsible for its debts if it fails. A corporation is much larger than other kinds of businesses.
Explanation:
A corporation has a separate legal entity apart from that of the owners and workers.
An
is an additional feature on a rental car that is available at an extra cost.
Answer:
Yes because it will always coast more
Explanation:
My Dad teach me about that hope this help.
"You think that you will be able to retire when you have $1 million dollars in your retirement account. Currently, you only have $200,000 in the account. You plan to save $5000 every year, and your account can generate an annual return of 6%. How many more years you need to work before you can retire?"
Answer:
23 years
Explanation:
PV = 200000
PMT = 5000
RATE = 6%
FV = 1000000
Number of years = Nper(Rate, -Pmt, -Pv, Fv)
Number of years = Nper(6%, -5000, -200000,1000000)
Number of years = 23 years
Stevens placed an ad in a literary magazine offering $7,400 for a complete set of Vacation in Paradise, a five volume set. Adams, who was not aware of the offer, gave to Stevens four volumes of the Vacation in Paradise set as a birthday present. Adams was informed of the offer at some point, obtained the missing volume, brought the volume to Stevens and requested the $7,400 payment. Stevens refused. If Adams sues, will he prevail
Answer:
Yes he will prevail because the advert placed is a unilateral contract
Explanation:
A unilateral contract is one that has only one promisor who receives a promise for his from the offeror. It is usually settlement for a particular service or product.
On the other hand bilateral agreement has both parties as the promisor and offeror. Meaning both of them have conditions that must be fulfilled in the contract by the other person.
In the given instance Stevens placed an ad in a literary magazine offering $7,400 for a complete set of Vacation in Paradise, a five volume set.
Any service short of this can be viewed as a failure in the contract.
Adams gave to Stevens four volumes of the Vacation in Paradise set as a birthday present. Adams was informed of the offer at some point, obtained the missing volume, brought the volume to Stevens.
Since Adams had not initially satisfied conditions set by Stevens, Stevens can refuse to make the $7,400 payment
In the current year, Tanager Corporation (a calendar year C corporation) had operating income of $480,000 and operating expenses of $390,000. In addition, Tanager had a long-term capital gain of $55,000 and a short-term capital loss of $40,000. a. Compute Tanager's taxable income and tax for the year.
Answer: See explanation
Explanation:
Tanager's taxable income would be calculated as:
= Operating income - Operating expense + Long term gain + Short term loss
= $480,000 - $390,000 + $55,000 - $40,000
= $105,000
Tanager's tax for the year will be:
= $105,000 × 21%
= $105,000 × 0.21
= $22,050
Before year-end adjusting entries, Crane Company's account balances at December 31, 2017, for accounts receivable and the related allowance for uncollectible accounts were $1400000 and $75000, respectively. An aging of accounts receivable indicated that $120000 of the December 31 receivables are expected to be uncollectible. The net realizable value of accounts receivable after adjustment is
Answer:
$1,280,000
Explanation:
The net realizable value of accounts receivable after the net adjustment is computed as
= Ending balance in Accounts receivables - Uncollectible ageing accounts receivables
Given that;
Ending balance in Accounts receivables = $1,400,000
Uncollectible ageing accounts receivables = $120,000
Net realizable value of the accounts receivables after the net adjustment = $1400,000 - $120,000
= $1,280,000
Jackson, Inc. produces two different products (Product 5 and Product Z) using two different activities:Machining, which uses machine hours as an activity driver, and Inspection, which uses a number of batches as an activity driver. The cost of Machining is $255,000, while the cost of Inspection is $35,000. Product 5 uses 33% of total machine hours and 65% of total batches.What is the total Inspection cost assigned to Product Z?(a) $12,250(b) $17,500(c) $84,150(d) $170,850
Answer:
Inspection costs allocated= $12,250
Explanation:
Giving the following information:
The cost of Machining is $255,000, while the cost of Inspection is $35,000. Product 5 uses 33% of total machine hours and 65% of total batches.
First, we need to determine the allocation rate of Inspection for Product Z:
Allocation rate Product Z= 1 - Product 5 use of batches
Allocation rate Product Z= 1 - 0.65
Allocation rate Product Z= 0.35
Now, we can allocate Inspection costs:
Inspection costs allocated= 35,000*0.35
Inspection costs allocated= $12,250
Prompt What is the term for a potential customer who has shown interest in the company‘s product?
What is currency exchange?
O A. The assessment of the value of raw materials that have been
converted into manufactured items
O B. The conversion of money from one system to another system
O C. The printing of money that is easy to carry
O D. The purchase of stock in public corporations
Answer:
O B. The conversion of money from one system to another system
Explanation:
Currency exchange is converting the currency of a country into the currency of another country. It is the conversion of the country's A currency to the country's B currency. The rate of converting the currency of one country to another is the exchange rate.
Currency exchange takes place in the foreign currency exchange market. Demand and supply factors determine the exchange rate between currencies of two countries.
2. Firm A has a 15 percent marginal tax rate and Firm Z has a 35 percent marginal tax rate. Firm A owns a controlling interest in Firm Z. The owners of Firm A decide to incur a $40,000 deductible expense that will benefit both firms. Compute the after-tax cost of the expense assuming that: a) Firm A incurs the expense.
Answer: $34000
Explanation:
From the question, we are informed that Firm A has a 15 percent marginal tax rate. Based on the information given, the after tax cost that Firm A will incur will be:
= $40000 - ($40000 × 15%)
= $40000 - ($40000 × 0.15)
= $40000 - $6000
= $34000
The Harris company has 3 options for a new production process. A Labor-Intensive process (A) would cost $350,000 for equipment and $35 for labor and materials for each item produced. A More Automated process (B) costs $970,000 in equipment but has a labor/material cost of $30 per item produced. A Fully Automated process (C) costs $2,510,000 for equipment and $22 per item produced. Based solely on cost, for what range of production should process B be chosen
Answer:
B is more profitable when the production level is higher than 124,000 units, but lower than 192,500
Explanation:
the difference between B and A per unit = $5
the difference in investment = $970,000 - $350,000 = $620,000
B is more profitable when total output is higher than $620,000 / $5 = 124,000 units
the difference between C and A = $8
the difference in investment = $2,510,000 - $970,000 = $1,540,000
C is more profitable when total output is higher than $1,540,000 / $8 = 192,500 units
On April 1, Cyclone's Co. purchases a trencher for $314,000. The machine is expected to last five years and have a salvage value of $57,000. Exercise 8-11 Straight-line, partial-year depreciation LO C2 Compute depreciation expense at December 31 for the first and second year assuming the company uses the straight-line method.
Answer:
Annual depreciation= $51,400
Explanation:
Giving the following information:
Purchase price= $314,000
Salvage value= $57,000
Useful life= 5 years
To calculate the depreciation expense under the straight-line method, we need to use the following formula:
Annual depreciation= (original cost - salvage value)/estimated life (years)
Annual depreciation= (314,000 - 57,000) / 5
Annual depreciation= $51,400
The depreciation expense is the same every year.
Columbia Sportswear makes nylon activewear. Its marketing manager set a goal to increase sales 12 percent over the next three years through the introduction of a new line of comfortable, lightweight clothing for people who fish. The marketing manager is engaged in ________.
Answer:
a) functional planning
Explanation:
The functional planning is the planning that need to be done for each type of department so that the goals and the objectives of the company could be accomplish in a efficient and effective manner
Since in the question it is mentioned that the marketing manager have set a goal to rise the sales by 12% over the next three years so this represent that the manager is engaged in the functional planning
On September 30, 2021, Athens Software began developing a software program to shield personal computers from malware and spyware. Technological feasibility was established on February 28, 2022, and the program was available for release on April 30, 2022. Development costs were incurred as follows: September 30 through December 31, 2021 $ 2,310,000 January 1 through February 28, 2022 910,000 March 1 through April 30, 2022 510,000 Athens expects a useful life of five years for the software and total revenues of $7,000,000 during that time. During 2022, revenue of $1,050,000 was recognized. Required: Prepare a journal entry in each year to record development costs for 2021 and 2022.
Answer and Explanation:
The journal entries are shown below:
For 2021
Research and development expense $2,310,000
To Cash $2,310,000
(Being expenses incurred on R&D is recorded)
Here expenses are debited as it increased the expense and credited the cash as it decreased the assets
For 2022
Research and development expense $910,000
Software development expense $510,000
To Cash $1,420,000
(Being expenses incurred is recorded)
Here expenses are debited as it increased the expense and credited the cash as it decreased the assets
Covent Gardens Inc. is considering two financial plans for the coming year. Management expects sales to be $300,000, operating costs to be $265,000, assets to be $200,000, and its tax rate to be 35%. Under Plan A it would use 25% debt and 75% common equity. The interest rate on the debt would be 8.8%, but under a contract with existing bondholders the Times Interest Earned (TIE) ratio would have to be maintained at or above 4.5. Under Plan B, the maximum debt that met the TIE constraint would be employed. Assuming that sales, operating costs, assets, the interest rate, and the tax rate would all remain constant, by how much would the ROE change in response to the change in the capital structure?
Answer:
Assets = $200,000
For Plan A
25% debt = 200,000 * 25% = 50,000
75% equity = 200,000 * 75% = 150,000
The debt will generate 8.8% interest expense. Interest expense = 50,000 * 8.8% = 4,400
Income for the expected project under Plan A
Sales revenue 300,00
Operating cost 265,000
EBIT 35,000
Interest expense 4,400
EBT 30,600
Income tax 10,710
Net income $19,890
Times interest earned = EBIT /interest expense = 35,000 / 4,400 = 7.95. So, it achieve the requirement of 4.5 or above.
ROE for plan A = Net income / Equity = 19,890/150,000 = 0,1326 = 13.26%
Under Plan B
We will take as much debt as we can until Times interest earned = 4.5
EBIT / interest expense = Times interest earned
35,000/Interest expense = 4.5
Interest expense = 35,000/4.5
Interest expense = 7.777,78
Net income = (EBIT - interest) x (1- tax-rate)
Net income = (35,000 - 7,777.78) x (1-35%)
Net income = 17.694,443
Interest expense = Debt * Rate
Debt = Interest expense / Rate
Debt = 7,777.78/0.088
Debt = 88.383,86
Asset = Debt + Equity
200,000 = 88,383.86 + Equity
Equity = 200,000 - 88,383.86 =
Equity = 111,616.14
ROE for Plan B = Net income/ Equity = 17,694.443 / 111,616.14 = 0,15852943 = 15.85%
So, we compare both ROE
Plan A = 13.26%
Plan B = 15.85%
Difference = 2.59%
So therefore, using the Plan B will increase the ROE for 2.59%
the discount rate refers to which tool of monetary policy?
A. The ability to buy and sell treasury securities on an open market.
B. The ability to require banks to hold a certain amount of money in reserve.
C. The ability to adjust interest rates for investors who purchase stocks.
D. The ability to change the cost banks have to pay to borrow money.
Answer:
D. The ability to change the cost banks have to pay to borrow money.
Explanation:
Reserve( FED) sets the discount rate and applies it on loans to commercial banks and other institutions. Commercial banks use the discount rate as the basis for determining the interest rate to charge customers for loans issued.
The discount rate is among the monetary policy tools available for use by the FED. An increase in the discount rate leads to a rise in commercial banks' loan interest rates, thereby discouraging borrowing. Reduced borrowing reduces the money supply in the economy.
Zeke shares the company’s organizational chart with employees during an all-staff meeting
The correct answer to this open question is the following.
We have no question here. It is a statement. You forgot to include the question. What is it that you want to know?
Although you forgot to include the question we can help you with the following comments.
If Zeke shares the company’s organizational chart with employees during an all-staff meeting, the intention of Zerek is to inform the employees of the structure of the company in order for them to be familiar with the hierarchy of the company.
This is very important so employees know the lines of communication and the different roles people play in the company so they can know who refer to or who to contact in case they need it.
The types of charts in an organization are the Divisional Structure, the Matrix Organizational chart, the Functional Top-Down, and the Flat chart.
A company has3process options with the following costs:Process OptionsABCfixed cost ($)1,200,000220,000580,000variable cost/unit ($)31371)Find the range of forecasted volumes where process Cis optimal.2)The Point of Indifference between Process A and Process Boccurs at a total costof $________.3)The company has chosen process Aand expects to operate at a lossuntil 30,000 units have been sold.What is the price for each unit s
Answer: See explanation
Explanation:
a. First and foremost, we have to get the total cost equations which will be:
Total cost (A) = 1200000 + 3Q
Total Cost (B) = 220000 + 13Q
Total Cost (C) = 580000 + 7Q
To get the range of forecasted volumes where process C is optimal, we have to get the cross-over point between A, B and C which goes thus:
Between A and C will be:
= (1200000 - 580000)/(7 - 3)
= 620000/4
= 155,000
Between B and C will be:
= (220000 - 580000)/(7 - 13)
= 360,000 / 6
= 60,000
Therefore, the range of the forecasted volumes where process C is optimal will be [60000, 155000]
(b) The point of indifference between A and B will be the difference in their fixed cost divided by the difference in their variable cost which will be:
= (1200000 - 220000)/(13 - 3)
= 980,000 / 10
= 98,000
(c) The price for each unit will be:
30,000 = 1200,000 / (Selling price - 3)
Selling price - 3 = 1200,000 / 30,000
Selling price - 3 = 40
Selling price = 40 + 3
Selling price = $43
On January 1, 2021, Glanville Company sold goods to Otter Corporation. Otter signed an installment note requiring payment of $19,500 annually for six years. The first payment was made on January 1, 2021. The prevailing rate of interest for this type of note at date of issuance was 10%. Glanville should record sales revenue in January 2021 of: (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Multiple Choice $117,000 $84,928 None of these answer choices are correct. $93,420
Answer:
the amount of sales revenue recorded is $86,234
Explanation:
The computation of the amount of sales revenue recorded is shown below:
= Annual payments × PVAD of $1
= $19,500 × 1+(1 - (1.10)^-5) ÷ 0.10
= $86,234
Hence, the amount of sales revenue recorded is $86,234
We simply applied the above formula
What does greater capital mobility mean? A. Governments impose restricted trade policies. B. Investment money flows freely around the world. C. Foreign investment is tightly controlled. D. Companies can only profit by investing, not producing.
Answer:
B. Investment money flows freely around the world
Explanation:
Capital mobility refers to the movement of investment funds from one country to another. Greater capital mobility implies free movement of capital across borders.
Greater capital mobility is only possible where there are no restrictions on capital movements. Restrictions of capital mobility include taxes, transaction costs, and government regulations.
Answer:
b
Explanation:
What are the aims of standardization
Answer: The aims of standardization are as follows: to make a product, process or service fit for its purpose, controlling variety by using the optimum number of types or sizes, ensuring compatibility of various products, health, safety, protection of the environment, etc. The basic principle of standardization is consensus.
Explanation: there you go
Question 1 of 10
If a product lacks necessary instructions, it is a(n)
product.
A. defective
B. express warranty
C. limited warranty
D. extended warranty
What is the answer to this
What is 1.
2.
3.
4.
5.
6.
?
The June 30, 2021, year-end trial balance for Askew company contained the following information: Account Debit Credit Inventory, 7/1/2020 33,900 Sales revenue 399,000 Sales returns 13,900 Purchases 259,000 Purchase discounts 7,900 Purchase returns 11,900 Freight-in 20,800 In addition, you determine that the June 30, 2021, inventory balance is $41,900. Required: Calculate the cost of goods sold for the Askew Company for the year ending June 30, 2021.
Answer:
$252,000
Explanation:
Calculation for the cost of goods sold for the Askew Company for the year ending June 30, 2021.
First step is to calculate the Net Purchase
Purchases 259,000
Less Purchase discounts (7,900)
Less Purchase returns (11,900)
Add Freight-in 20,800
Net purchase 260,000
Now let calculate the cost of goods sold
Inventory, 7/1/2020 33,900
Add 260,000
Less inventory balance ($41,900)
Cost of goods sold $252,000
Therefore the cost of goods sold for the Askew Company for the year ending June 30, 2021 will be $252,000
Richards Company manufactures a single product. All raw materials used are traceable to specific units of product. Current information for the company follows: Beginning raw materials inventory $ 10,000 Ending raw materials inventory 12,000 Raw material purchases 90,000 Beginning work in process inventory 40,000 Ending work in process inventory 25,000 Direct labor 130,000 Total factory overhead 60,000 Beginning finished goods inventory 55,000 Ending finished goods inventory 45,000 The company's cost of direct materials used, cost of goods manufactured and cost of goods sold is:
Answer:
1.Cost of Raw Materials $88,000
2.Cost of Goods Manufactured $293,000
3. Cost of Goods Sold $321,000
Explanation:
1. Calculation for the Cost of Raw Materials Used using this formula
Cost of Raw Materials = Beginning Inventory + Purchases - Ending Inventory
Let plug in the formula
Cost of Raw Materials= $10,000 + $90,000 - $12,000
Cost of Raw Materials= $88,000
B) Calculation of Cost of Goods Manufactured
Using this formula
Cost of Goods Manufactured = Beginning Work in process Inventory + Direct Material + Direct Labor+ Factory Overhead - Ending Work in process
Let plug in the formula
Cost of Goods Manufactured = $ 40,000 + $88,000 + $130,000 + $60,000 - $25,000
Cost of Goods Manufactured = $293,000
3. Calculation for Cost of Goods Sold
Using this formula
Cost of Goods Sold=Beginning Inventory + Production During Period - Ending Inventory
Let plug in the formula
Cost of Goods Sold= $40,000 + $293,000 - $12,000
Cost of Goods Sold= $321,000
Therefore The company's cost of direct materials used, cost of goods manufactured and cost of goods sold will be :
1.Cost of Raw Materials $88,000
2.Cost of Goods Manufactured $293,000
3. Cost of Goods Sold $321,000
Why is it important to select products and services that represent best value for money
Answer:
Too low of a price means you forgo potential profits. The most important factor in product price setting is choosing a price low enough that customers perceive they are getting a good value relative to what your competitors are offering and the prices they are charging -- but yet high enough to generate a profit.
Explanation: