Answer:
Instructions are below.
Explanation:
Giving the following information:
Fabrication, $645,000
Assembly, $393,750.
Speedboats:
Fabrication Direct labor hours= 4
Assembly Direct labor hours= 3
Bassboats:
Fabrication Direct labor hours= 2
Assembly Direct labor hours= 4
Each product is budgeted for 5,000 units of production for the year.
First, we need to calculate the budgeted direct labor hours:
Fabrication= 4*5,000 + 2*5,000= 30,000
Assembly= 3*5,000 + 4*5,000= 35,000
Now, we can determine the predetermined overhead rate using the following formula:
Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base
Fabrication= 645,000/30,000= $21.5 per direct labor hour
Assembly= 393,750/35,000= $11.25 per direct labor hour
Finally, we can allocate overhead to each product:
Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base
Speedboat= 4*21.5 + 3*11.25= $119.75
Bassboat= 2*21.5 + 4*11.25= $88
Coastal Shores Inc. (CSI) was completely destroyed by Hurricane Fred on August 5, 2021. At January 1, CSI reported an inventory of $153,000. Sales from January 1, 2021, to August 5, 2021, totaled $432,000 and purchases totaled $175,500 during that time. CSI consistently marks up its products 60% over cost to arrive at a selling price. The estimated inventory loss due to Hurricane Fred would be:
Answer:
58,500
Explanation:
Given the information above, the formula for Inventory loss is
Inventory loss = Opening inventory + Purchases - Cost of sales
Where,
Cost of sales = $432,000 × 100 ÷ 160
=$270,000
Since opening inventory = $153,000
Purchases = $175,500
Therefore,
Inventory loss = $153,000 + $175,500 - $270,000
= $58,500
Samuel, a longtime employee of the ABCD Corporation, was injured when he fell off a ladder while stocking widgets at ABDC at their East Lansing, Michigan location. Samuel believes ABCD Corporation was negligent for selling widgets. If Samuel sues his employer in a circuit court under a negligence theory of recovery:
a. he will lose
b. he will win
c. he will forfeit his rights to workers compensation benefits, completely
d. he will forfeit his rights to workers compensation benefits, but only if the court awards him non-economic damages
Answer:
Option B. He will win
Explanation:
If Samuel is desiring to sue his employer in a circuit court because he thinks that the employer was negligent then he will have to sue under negligence Act, which says that the employer is obliged to take all necessary precautions and if found negligent then the court may apply contributory negligent theory as well as comparative negligent theory. These two negligent theories means that the employer was partly responsible for injury, which means that this would result in compensation to Samuel.
Hence it is more likely that Samuel will win the case.
It is likely that if Samuel sues ABCD Corporation in a circuit court under a negligence theory of recovery, a. he will lose.
The question to ask is, is ABCD Corporation negligent in selling widgets? No. Is it the case that the corporation's sale of widgets caused Samuel to fall off a ladder while he was stocking them at the Michigan location? No.
For Samuel to be successful in the circuit court, he must prove that ABCD Corporation acted negligently with its sales of widgets, especially:
ABCD Corporation owed a duty to Samuel not to sell widgets ABCD Corporation breached this duty to Samuel ABCD's breach was the actual cause of Samuel's injury ABCD's breach was also the proximate cause of Samuel's fall and injury Samuel suffered actual damages as a result of the negligent act by ABCD Corporation.
Thus, based on the above, Samuel will lose the case because the corporation was not negligent for selling widgets nor for the fall of Samuel from the ladder.
Related: https://brainly.com/question/17101789
On January 1, 2017, Marin Company purchased 12% bonds, having a maturity value of $320,000, for $344,260.74. The bonds provide the bondholders with a 10% yield. They are dated January 1, 2017, and mature January 1, 2022, with interest received on January 1 of each year. Marin Company uses the effective-interest method to allocate unamortized discount or premium. The bonds are classified as available-for-sale category. The fair value of the bonds at December 31 of each year-end is as follows. 2017 $342,000 2020 $330,700 2018 $329,700 2021 $320,000 2019 $328,700 (a) Prepare the journal entry at the date of the bond purchase. (b) Prepare the journal entries to record the interest revenue and recognition of fair value for 2017. (c) Prepare the journal entry to record the recognition of fair value for 2018.
Answer and Explanation:
The Journal entry is shown below:-
1. Debt Investment Dr, $344,260.74
To Cash $344,260.74
(Being cash paid is recorded)
2. Interest Receivable Dr, $38,400
To Debt Investment $3,973.93
To Interest Revenue $34,426.07
(Being interest received is recorded)
Fair Value Adjustment Dr, $1,713.19 ($342,000 -$340,286.81)
To Unrealized Holding Gain or Loss - Equity $1,713.19
(Being fair value adjustment is recorded)
3. Unrealized Holding Gain or Loss - Equity $7928.68
($335,915.49 - $329,700 + $1,713.19)
To Fair Value Adjustment 7,928.68
(Being unrealized loss or gain is recorded)
Working note
Book value of Interest Interest Amortization Book value
debt beginning Revenue Receivable (d = c - d) of debt
(a) b=(a × 10%) c at the end
($320,000 × 12%) (e - d)
$344,260.74 $34,426.07 $38,400 $3,973.93 $340,286.81
$340,286.81 $34,028.68 $38,400 $4,371.32 $335,915.49
If the IRS intends to close a Taxpayer Assistance Center, they must notify the public at least _____ days in advance of the closure date.
Answer: 90 days
Explanation:
The Internal Revenue Service is typically known as the revenue service of the federal government as it is in charge of tax collection and enforcing tax laws.
If the IRS intends to close a Taxpayer Assistance Center, they must notify the public at least 90 days in advance of the closure date.
All of the following are disadvantages of using the average rate of return except a.The average rate of return method does not consider the expected timing of the expected cash flows. b.The average rate of return method does not use present values. c.The average rate of return method does not use the expected cash flows from the proposal. d.All of these choices are disadvantages.
Answer:
D
Explanation:
average rate of return = average net income / average book value
an advantage of average rate of return is that it is easy to calculate.
its disadvantages include :
a.The average rate of return method does not consider the expected timing of the expected cash flows like the NPV and IRR method.
b.The average rate of return method does not use present values.
c.The average rate of return method does not use the expected cash flows from the proposal. it makes use of accounting values instead.
"Which of the following are covered under the Securities Exchange Act of 1934? I Registration of new issues II Stabilization of new issues III Registration of exchanges IV Registration of broker/dealers"
Answer: II. stabilization of new issues
III. registration of exchanges
IV. registration of broker-dealers
Explanation:
The Securities Exchange Act of 1934 was put in place in order to be in charge of security trading.
From the options, those that are covered under the Securities Exchange Act of 1934 include the stabilization of new issues, the registration of exchanges and the registration of broker/dealers.
It should be noted that the Securities Exchange Act of 1934 does not cover the registration of new issues.
A(n) ________ is designed to build customer goodwill, collect customer feedback, and supplement other sales channels rather than sell the company's products directly.
Answer: a corporate website
Explanation: A corporate website is one that is designed to build customer goodwill, collect customer feedback, and supplement other sales channels rather than sell the company's products directly. It is also known as a brand website. However, a marketing website will engage consumers in interactions that will move them closer to a direct purchase or some other marketing outcome .
15 POINTS IF U ANSWER NOW!!!!! Which non-income factor for a potential job promotion would influence a person whose mother needs frequent medical attention? A.) Location (im pretty sure its not A) B.) Personal satisfaction C.) Independence D.)Family
Answer:
D. Family
Explanation:
What is the yield to maturity on a bond that pays annual coupon rate of 14%, has a par value of $1,000, matures in 10 years, and is selling for $911?
Answer:
Yield to Maturity =15.6%
Explanation:
The Yield to maturity is the discount rate that equates then price of the bonds to the present of cash inflows expected from the bond
The yield on the bond can be determined as follows using the formula below:
YM = C + F-P/n) ÷ 1/2 (F+P)
YM-Yield to maturity-
C- annual coupon
F- Face Value
P- Current Price
n- number of years
DATA
Coupon = coupon rate × Nominal value = 1,000 × 14%=140
Face Value = 1000
YM-?, C- 140, Face Value - 1,000, P-911 , n- 10
YM = (140 + (1000-911)/10) ÷ ( 1/2× (1000 + 911) )
YM = 0.156 × 100 = 15.6%
Yield to Maturity =15.6%
Macklin Company forecasts that total overhead for the current year will be $13,500,000 with 500,000 total machine hours. Year to date, the actual overhead is $14,000,000 and the actual machine hours are 530,000 hours. If Macklin Company uses a predetermined overhead rate based on machine hours for applying overhead, as of this point in time (year to date), the overhead is
Answer:
Instructions are below.
Explanation:
Giving the following information:
Macklin Company forecasts that total overhead for the current year will be $13,500,000 with 500,000 total machine hours.
Year to date, the actual overhead is $14,000,000 and the actual machine hours are 530,000 hours.
First, we need to calculate the predetermined overhead rate:
Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base
Predetermined manufacturing overhead rate= 13,500,000/500,000
Predetermined manufacturing overhead rate= $27 per machine-hour
Now, we can allocate overhead:
Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base
Allocated MOH= 27*530,000= 14,310,000
Finally, the under/over allocated overhead:
Under/over applied overhead= real overhead - allocated overhead
Under/over applied overhead= 14,000,000 - 14,310,000
Under/over applied overhead= 310,000 overallocated
Based on your case knowledge, to what extent do you agree or disagree with the following statement - "Kay Whitmore - Kodak CEO, had an understanding of Kodak's potential in the PC market. This was illustrated by her strong engagement with Bill Gates and Microsoft."
1. Strongly Agree
2. Mildly Agree
3. Neither Agree nor Disagree
4. MIldly Disagree
5. Strongly Disagree
6. Not Applicable
Answer:
3. Neither Agree nor Disagree
Explanation:
The reason was that the Kay Whitmore's engagement with Bill Gates and Microsoft has not much impacts on the potential of Kodak's products to exploit additional opportunities in Microsoft hence statement in consideration is not a one side argument as it is doubtful position.
So I am neither agreeing nor disagreeing with the statement hence the option 3 is correct here.
Target costing is arrived at by taking a.the selling price and adding desired profit b.the selling price minus desired profit c.the budget standard cost and reducing it by 10% d.the selling price and subtracting the budget standard cost
Answer:
The answer is B. the selling price minus desired profit
Explanation:
The formula for target costing is:
Selling price minus desired profit(profit margin).
Target costing is one of the tools used by management to determine the cost at which a product will be sold for at every stage of its life-cycle.
One of the advantages of target costing is that it enables firms to think about the best way to produce a product at the lowest possible costs
Consider a project with a first cost (investment) of $250,000, an annual O&M cost of $50,000, annual revenue of $160,000, and a salvage value of $40,000 after a 10-year life. Find the annual worth of the project assuming an interest of 12% per year.
Answer:
$68,030
Explanation:
According to the given situation, the computation of annual worth is shown below:-
Annual worth = -250,000 (A/P, 12%, 10) - $50,000 + $160,000 + $40,000 (A/F, 12%, 10)
= -$250,000 × 0.1770 - $50,000 + $160,000 + $40,000 × 0.0570
= -$44,250 - $50,000 + $160,000 + $2,280
= $68,030
So, the right answer is $68,030
Assuming a 360 -day year the maturity value of a 15000, 9%,60-day note receivable dated February 10th is:
Answer:
the maturity value of the note receivable is $15,225, and includes both principal plus interest revenue.
Explanation:
when the note is collected on April 11, the journal entry should be:
April 11, collection of notes receivable
Dr Cash 15,225
Cr Notes receivable 15,000
Cr Interest revenue 225
interest revenue = $15,000 x 9% x 2/12 = $225
Assume short-run production. Indicate whether the statement below is true (T) or false (F). nothing: The difference between the total cost and the total variable cost is a constant. nothing: When total cost or total variable cost is increasing, there are increasing marginal returns to the variable input. nothing: Changes in fixed costs do not affect the shape or placement of the total cost curve. nothing: The marginal cost is the slope of the total cost curve or the total variable cost curve. nothing: The average cost curve is everywhere above the average variable cost curve. nothing: The marginal cost at a particular output level is the slope of a line from the origin to the corresponding point on the cost curve.
Answer:
1. The difference between the total cost and the total variable cost is a constant. - TRUE
The difference between the 2 is indeed constant and is the Total Fixed cost which does not change throughout the production process.
2. When total cost or total variable cost is increasing, there are increasing marginal returns to the variable input. - FALSE
With only the total cost or total variable cost given, it is not possible to tell how the Marginal returns to the input is faring.
3. Changes in fixed costs do not affect the shape or placement of the total cost curve. - FALSE
Fixed costs are part of the total cost curve so if they change they will impart the total cost curve. An increase may not change the shape but it will definitely change the placement of the Total cost curve.
4. The marginal cost is the slope of the total cost curve or the total variable cost curve. - TRUE
The slope of either the Total cost or variable cost curves are the graphical representations of a change in either which is the definition of the Marginal cost.
5. The average cost curve is everywhere above the average variable cost curve. - TRUE
As the average cost is the sum of both the average fixed and average variable costs, it will always be higher than either so it is higher than the Average variable cost.
6. The marginal cost at a particular output level is the slope of a line from the origin to the corresponding point on the cost curve. - FALSE
Marginal cost measures the difference in cost from one unit to the next. A line from the origin to the corresponding point would have measured for all units produced making it the Average cost not Marginal Cost.
The offer curve describes Group of answer choices different wage offers a firm will make to workers of different education levels. different wage-and-risk level offers made by different firms. different wage-and-risk levels available to one firm. different risk levels associated with the same wage level.
Answer: different wage-and-risk level offers made by different firms.
Explanation:
The offer curve show the different wage-and-risk level offers made by different firms.
When firms make different wages and risk level offers, the offer curve can be used to show the comparison and relationship between the offers by the firms that are involved.
An economy begins in long-run equilibrium, and then a change in government regulations makes holding money less attractive. a. (1.5 points) How does this change affect the demand for money
Answer: Demand Curve shifts left
Explanation:
Money is now less attractive to hold so people will demand less of it. This will cause the demand curve in the monetary market therefore to shift to the left.
Shifts in the demand curve for money are usually caused when a non-interest determinant of demand changes such as a decrease in income.
Webcom. Inc. had the following current assets and current liabilities at the end of two recent years:
Current Year (in millions) Previous Year (in millions)
Cash and cash equivalents $8,297 $4,067
Short-term investments, at cost 422 458
Accounts and notes receivable, net 7,041 6,912
Inventories 3,581 3,827
Prepaid expenses and other current assets 1,479 2,377
Short-term obligations 4,815 6,205
Accounts payable 12,774 11,949
Requried:
a. What is the Current Ratio for the current year?
b. What is the Current Ratio for the preceding year?
c. What is the Quick Ratio for the current year?
d. What is the Quick Ratio for the preceding year?
e. What is the Working Capital for the current year?
f. What is the Working Capital for the preceding year?
Answer:
a. Current Ratio for the current year = 1.18
b. Current Ratio for the preceding year = 0.97
c. Quick Ratio for the current year = 0.98
d. Quick Ratio for the preceding year = 0.76
e. Working Capital for the current year = $3,231
f. Working Capital for the preceding year = –$513
Explanation:
Based on the information provided in the question, we first state the following formula to be used before answering the question:
Current asset = Cash and cash equivalents + Short-term investments, at cost + Accounts and notes receivable, net + Inventories + Prepaid expenses and other current assets ................... (1)
Current liabilities = Short-term obligations + Accounts payable ................. (2)
Current ratio = Current assets / Current liabilities ............................ (3)
Quick Ratio = (Current assets - Inventory) / Current liabilities ............... (4)
Working capital = Current assets - Current Liabilities ........................... (5)
We now calculate the answers as follows:
a. What is the Current Ratio for the current year?
Using equation (1), we have:
Current asset for the current year (in millions) = $8,297 + $422 + $7,041 + $3,581 + $1,479 = $20,820
Using equation (2), we have:
Current liabilities for the current year (in millions) = $4,815 + $12,774 = $17,589
Using equation (3), we have:
Current ratio for the current year = $20,820 / $17,589 = 1.18
b. What is the Current Ratio for the preceding year?
Using equation (1), we have:
Current asset for the preceding year (in millions) = $4,067 + $458 + $6,912 + $3,827 + $2,377 = $17,641
Using equation (2), we have:
Current liabilities for the preceding year (in millions) = $6,205 + $11,949 = $18,154
Using equation (3), we have:
Current ratio for the preceding year = $17,641 / 18,154 = 0.97
c. What is the Quick Ratio for the current year?
Using equation (4) and calculations from part a, we have:
Quick Ratio for the current year = ($20,820 - 3,581) / $17,589 = 0.98
d. What is the Quick Ratio for the preceding year?
Using equation (4) and calculations from part b, we have:
Quick Ratio for the preceding year = ($17,641 - 3,827) / $18,154 = 0.76
e. What is the Working Capital for the current year?
Using equation (5) and calculations from part a, we have:
Working Capital for the current year = $20,820 - $17,589 =$3,231
f. What is the Working Capital for the preceding year?
Using equation (5) and calculations from part b, we have:
Working Capital for the preceding year = $17,641 - $18,154 = –$513
A beta of 0.5 for a security indicates Group of answer choices the security has no market risk. the security has above average market risk. the security has above average company-unique risk. the security has below average company-unique risk. the security has below average market risk.
Answer:
the security has below average market risk.
Explanation:
As we know that the beta is the systematic risk i.e. market risk of the stock.
if we assume that the average risk in the market is 1 so the beta of the market or market beta is the average risk
Now if the beta of the stock is less than 1 i.e. 0.5 so it is below the average risk of the market
Hence, the correct option is d.
A factory costs $400,000. It will produce an inflow after operating costs of $100 000 in year 1. $ 200,000 in year 2, and $ 300,000 in year 3. The opportunity cost of capital is 12%. Calculate NPV.
Answer:
NPV = $62,258.56
Explanation:
initial outlay year 0 = $400,000
cash inflow year 1 = $100,000
cash inflow year 2 = $200,000
cash inflow year 3 = $300,000
discount rate = 12%
using a financial calculator, NPV = $62,258.56
if you do it by hand:
NPV = -$400,000 + $100,000/1.12 + $200,000/1.12² + $300,000/1.12³ = -$400,000 + $89,285.71 + $159,438.78 + $213,534.07 = $62,258.56
A market situation in which a large number of firms produce similar but not identical products is called
Answer:
A market situation in which a large number of firms produce similar but not identical products is called perfectly competitive.
Explanation:
An insurance company will only sell its Select policy to people for whom the probability of a stroke in the next ten years is less than .01. If a smoker with a systolic blood pressure of 230 applies for a Select policy, under what condition will the company sell him the policy if it adheres to this standard?
Answer:
The insurance company would only sell the Select Policy insurance to a smoker with systolic blood pressure of 230 if after carrying out a medical test, t was found out that, the probability of him or her having a stroke is actually less than 0.01.
This is to insure that, the smoker didn't capitalise on his dying nature in-order to obtained the insurance thereby defrauding the insurance company.
Explanation:
Because of the legal protection for intellectual property, such as patents, a firm has a better chance of recouping the costs of research if it pursues:_________.
a. Basic technological research
b. Technologically innnovative research
c. Appllied technological research
d. Technologically positive research
Answer:
D. Technologically positive research
Explanation:
Technology positive research can be said to be a scientific method which explain elaborately on the approach that is seen to deal with research founded on the premise of the modern world is been defined by a set of regular laws or patters, and that we can investigate these laws. Generally, it is known that positivity brings open doors and also a level ground for normal discussions with even people that have spent barely few hours with a said person. This research method is also been seen as the type where theory is typically provided as a set of related variables express by some form of formal logic, proven empirically to be significant.
You observe a portfolio for five years and determine that its average return is 11.3% and the standard deviation of its returns in 19.7%. Would a 30% loss next year be outside the 95% confidence interval for this portfolio?
Answer:
-28.1%
Explanation:
Calculation for what would a 30% loss next year be outside the 95% confidence interval for the portfolio
The standard deviation of 95% confident will be 2
The first step is to find the Upper tail using this formula
Upper tail= Average return percentage +(Standard deviation of 95% confident *Standard deviation of its returns)
Let plug in the formula
Upper tail=0.113+(2*0.197)
Upper tail =0.113+0.394
Upper tail=0.507*100
Upper tail =50.7%
Second step is to find the Lower tail using this formula
Lower tail=Average return percentage -(Standard deviation of 95% confident *Standard deviation of its returns)
Let plug in the formula
Upper tail=0.113-(2*0.197)
Upper tail =0.113-0.394
Upper tail=-0.281*100
Upper tail =28.1%
Based on the above calculation the lower tail was -28.1% which means that it wouldn't in any way loss more than the 30% of it value next year outside the 95% confidence interval for the portfolio
A retail operation has an average gross margin of 35%. If the average monthly sales for the store is $200,000.00, what is the cost of goods sold?
Answer:
COGS= $130,000
Explanation:
Giving the following information:
A retail operation has an average gross margin of 35%.
Sales= $200,000.00
To calculate the cost of goods sold, we need to use the following formula:
Gross margin= sales - COGS
COGS= sales - gross margin
COGS= 200,000 - (200,000*0.35)
COGS= $130,000
Seven Manufacturing Corporation uses both standards and budgets. The company estimates that production for the year will be 100,000 units of Product Fast. To produce these units of Product Fast, the company expects to spend $600,000 for materials and $800,000 for labor.
Required:
Compute the estimates for a standard cost.
Answer:
Unitary cost= $14
Explanation:
Giving the following information:
Production= 100,000
To produce these units of Product Fast, the company expects to spend $600,000 for materials and $800,000 for labor.
First, we need to calculate the total cost and then the unitary cost:
Total cost= 600,000 + 800,000= $1,400,000
Unitary cost= 1,400,000/100,000= $14
The Baldwin Company currently has the following balances on their balance sheet: Total Assets $260,881 Total Liabilities $150,673 Retained Earnings $52,700 Suppose next year the Baldwin Company generates $44,200 in net profit, pays $12,000 in dividends, total assets increase by $55,000, and total liabilities remain unchanged. What will ending Baldwins balance in Common Stock be next year
Answer:
common stock = $80,308
Explanation:
assets = liabilities + equity
current balance:
$260,881 = $150,673 + $110,208
$110,208 = common stock + retained earnings = $57,508 + $52,700
next year:
net income = $44,200
dividends = $12,000
assets = $260,881 + $55,000 = $315,881
liabilities = $150,673
equity = $315,881 - $150,673 = $165,208
retained earnings = $52,700 + $44,200 - $12,000 = $84,900
common stock = $165,208 - $84,900 = $80,308
Under the Securities Act of 1933, signatures will be obtained by which of the following persons involved in an underwriting?
I. Chief Executive Officer of the issuer
II. Chief Financial Officer of the issuer
III. Accountants of the issuer
IV. Lawyers of the issuer
a. I and II
b. III and IV
c. I, II, III
d. I, II, III, IV
Answer: d. . I, II, III, IV
Explanation:
The Securities Act of 1933 was put in place in order to ensure that the investors get adequate information regarding the securities that are being sold to the public and to also prevent fraud and deceit.
Under the Securities Act of 1933, signatures will be obtained by the Chief Executive Officer of the issuer, Chief Financial Officer of the issuer, the accountants of the issuer and the lawyers of the issuer.
In his 1935 book, Harold Laswell described politics as "Who Gets What When How." The American concept of pluralism, or group politics, includes all of the following except _________________.
A) placing others into decision-making positions.
B) removing inefficient or ineffective representatives.
C) casting one's ballot on Election Day.
D) influencing decisions affecting one's life.
Answer:
D) influencing decisions affecting one's life.
Explanation:
Pluralism is an American theory of governance that states that political power is controlled by several groups of people and not the citizens as a whole. These several groups of people constitute organizations, activists, environmentalists, and other impactful groups who seek recognition and acceptance from the populace and who make decisions that affect the citizens. One attribute of Pluralism is the fact that no single elite or groups of elites control decision making in governance.
The groups of people have powers that are limited in scope and regulated by competition with other groups. Moreso, these groups seek approval from the populace and that is why opinion polls, surveys, elections, etc., are carried out in order to ascertain which entities are more popular with the people.
At 17 years old, Otto signed a contract to purchase a new Hummer by advancing a payment of $50,000. However, when Otto turned 20, he wished to disaffirm this contract. Does the law permit this