Answer: Please refer to Explanation
Explanation:
There are different activities involved in making a final product by a company to get a good ready.
These Activities are divided into the levels, Unit, Batch, Product, Customer and Organizational.
Unit Level Activities are activities that are performed on the individual units. If you see an activity that focuses on a singular unit at a time, it is a Unit Level Activity.
Batch Level Activity. When units are put together in a set, they form a batch. Batch Level Activity therefore refers to those activities on a set of units at a particular time.
Product Level Activity. When taling about activities related to the entire product this is where they fall under. The entire product refers to what is being produced exactly. For instance, out of 300 units of Ford Mustangs produced, the product is the Ford Mustang. Recalling all Ford Mustangs is a Product Level Activity.
Customer Level Activities are those related to what the company does regarding those who buy it's products. As long as the activity has to do with a customer, it is a Customer Level Activity.
Finally, an Organizational Activity refers to an activity that encapsulates or affects the organization as a whole.
Classifying the above therefore,
a. production run of 500 units. BATCH LEVEL ACTIVITY as it involves multiple units.
b. Conducting a seminar for local doctors on the benefits of a new drug. PRODUCT LEVEL ACTIVITY as it speaks to the entire product.
c. Embossing a company logo on every product made. UNIT LEVEL ACTIVITY as it speaks of putting a logo on EACH UNIT.
d. Seating a party of 11 at a restaurant. BATCH LEVEL because in this case each person is a unit and putting them together creates a batch.
e. Providing technical support for two years following a sale. CUSTOMER LEVEL ACTIVITY as it involves services related to the customer.
f. Managing a corporation's accounting department. ORGANIZATIONAL LEVEL ACTIVITY as it speaks to the management of an organization wide system.
g. Attaching a price tag to each product. UNIT LEVEL ACTIVITY as it speaks to an activity related to a single unit.
h. Issuing an invoice. CUSTOMER LEVEL ACTIVITY as it deals with issuing invoices which is done to customers who have bought a good.
i. Developing a corporate advertising campaign. ORGANIZATIONAL LEVEL ACTIVITY because it is at a Corporate Level thereby affecting the entire organization. Had it been a specific product advertisement it would be a Product Level Activity.
j. Recalling a defective product. PRODUCT LEVEL ACTIVITY as it concerns the entire product in question.
At December 31, 2020, Sandra’s Boutique had 1850 gift certificates outstanding, which had been sold to customers during 2020 for $70 each. Sandra’s operates on a gross profit of 60% of its sales. What amount of revenue pertaining to the 1850 outstanding gift certificates should be deferred at December 31, 2020?
Answer: $129,500
Explanation:
According to the Accrual Basis in Accounting, revenue and expenses should only be recognised when goods have been delivered.
On the December 31, 2020 Sandra's Boutique had 1,850 gift certificates outstanding but these had been sold already to people during the year for $70.
This means that they have been paid for a service that they have not given (they provide the service when the GIFT certificate is renewed).
They cannot therefore recognize the revenue as Revenue yet and have to defer it.
The amount to be Deferred will therefore be,
= 1,850 * $70
= $129,500
The Woods Co. and the Spieth Co. have both announced IPOs at $49 per share. One of these is undervalued by $14, and the other is overvalued by $5, but you have no way of knowing which is which. You plan to buy 1,500 shares of each issue. If an issue is underpriced, it will be rationed, and only half your order will be filled. a. If you could get 1,500 shares in Woods and 1,500 shares in Speith, what would your profit be
Answer:
The profit that would result from both shares is $13,500
Explanation:
Loss would emanate from overvaluation while profit would result from undervaluation,that is the key to solving the question.
Loss from overvaluation=1,500*$5=$7,500
Profit from undervaluation=1,500*$14=$21,000
Profit from the investment =Profit from undervaluation-loss from overvaluation=$21,000-$7,500=$13,500
Which of these behaviors is BEST for managing an intercultural project team?
a. Enter the situation with no knowledge of the local culture and customs to avoid any appearance of bias.
b. Classify members of the project team in accordance with popular stereotypes.
c. Learn alternative means of exchanging information.
d. Foster an atmosphere of inclusivity by ignoring cultural differences.
Answer:
Foster an atmosphere of inclusivity by ignoring cultural differences.
Explanation:
When we gather a team of individuals from different cultural backgrounds to form a team that undertake tasks to create a unique product or service, its good we acknowledge that differences exist between cultures. We are not expected to assign values to such cultures, terming some as right or wrong, good or bad. Every form of cultural stereotypes or bias much be avoided.
Analysis reveals that a company had a net increase in cash of $22,420 for the current year. Net cash provided by operating activities was $20,200, net
cash used in investing activities was $11,100 and net cash provided by financing activities was $13,320. If the year-end cash balance is $27,300, the
beginning cash balance was:
Answer: $4,880
Explanation:
The Cashflow Statement shows just how much raw cash a company has and so is very important in Accounting as it shows the company how much it can actually spend.
The beginning Cashflow can be calculated using the formula,
Beginning Cash Balance = Ending Cash Balance - Net Increase in CASH for the year
Beginning Cash Balance = 27,300 - 22,420
Beginning Cash Balance = $4,880
Normally this would be the formula,
Beginning Cash Balance = Ending Cash Balance + Net Outflows - Net Inflows.
Because however, you were already given the Net Increase in cash, use that instead.
The beginning cash balance is $15,000. Sales are forecasted at $800,000 of which 80% will be on credit. 70% of credit sales are expected to be collected in the year of sale, 28% in the year thereafter. Cash expenditures for the year are forecasted at $475,000. Accounts Receivable from previous accounting periods totaling $9,000 and will all be collected in the current year. The company is required to make a $15,000 loan payment on the last day of every year.. Compute the excess of cash receipts over cash disbursements during the current year.
Answer:
$127,000
Explanation:
Cash sales=1-80%=20%*$800,000=$160,000.00
Credit sales collection=($800,000-$160,000)*70%=$448,000.00
Accounts receivable from previous year=$9,000
Total cash receipts=$160,000+$448,000+$9,000=$ 617,000.00
Total cash payments= cash expenditure+loan payment
cash expenditures is $475,000
loan payment is $15,000
total cash payments=$475,000+$15,000=$490,000
excess of cash receipts over cash disbursements=$617,000-$490,000=$127,000
Tanning Company analyzes its receivables to estimate bad debt expense. The accounts receivable balance is $280,000 and credit sales are $1,000,000. An aging of accounts receivable shows that approximately 3% of the outstanding receivables will be uncollectible. What adjusting entry will Tanning Company make if the Allowance for Doubtful Accounts has a credit balance of $1,400 before adjustment
Apple Inc. is the number one online music retailer through its iTunes music store. Apple sells iTunes gift cards in $15, $25, and $50 increments. Assume Apple sells $19.8 million in iTunes gift cards in November, and customers redeem $12.8 million of the gift cards in December.
Required:
a. Record the receipt of cash for gift cards.
b. Record the revenue earned from redemption of gift cards.
c. What is the ending balance in Deferred revenue?
Answer:
a and b is recorded in the attached
c=$19,800,000 - $12,800,000 = $7,000,000
Explanation:
Kindly check the attached word file for the records
Colah Company purchased $2,400,000 of Jackson, Inc., 6% bonds at their face amount on July 1, 2021, with interest paid semi-annually. The bonds mature in 20 years but Colah planned to keep them for less than 3 years, and classified them as available for sale investments. When the bonds were acquired Colah decided to elect the fair value option for accounting for its investment. At December 31, 2021, the Jackson bonds had a fair value of $2,740,000. Colah sold the Jackson bonds on July 1, 2022 for $2,160,000.
The purchase of the Jackson bonds on July 1.
Interest revenue for the last half of 2021.
Any year-end 2021 adjusting entries.
Interest revenue for the first half of 2022.
Any entry or entries necessary upon sale of the Jackson bonds on July 1, 2022.
Required:
1. Prepare Colah’s journal entries for above transactions.
2. Complete the following table to show the effect of the Jackson bonds on Colah’s net income, other comprehensive income, and comprehensive income for 2021, 2022, and cumulatively over 2021 and 2022.
Answer:
Dr bonds investment $2,400,000
Cr cash $2,400,000
Dr cash $ 72,000.00
Cr interest revenue $72,000.00
Dr fair value adjustment $ 340,000.00
Cr unrealized gains $340,000.00
2022:
Dr cash $ 72,000.00
Cr interest revenue $72,000.00
Dr realized loss($2,160,000-$2,400,000) $240,000
Cr fair value adjustment $240,000
sale of bonds:
Dr cash $2,160,000
Dr realized loss $240,000
Cr bonds investment $2,400,000
Explanation:
Upon purchase of investment,the bond investments is debited with $2.4 million and cash credited with same amount
Interest revenue for last half year=$2,400,000*6%*6/12=$72,000.00
unrealized gains=$2,740,000-$2,400,000=$340,000.00
Interest for first half of 20222=$2,400,000*6%*6/12=$72,000.00
"What is the value today of $1,400 per year, at a discount rate of 10 percent, if the first payment is received 5 years from now and the last payment is received 26 years from today
Answer:
Present Value= $7,518.22
Explanation:
Giving the following information:
Cash flow= $1,400 per year
Interest rate= 10 percent
Number of years= 21 years
5 years from now a
First, we need to calculate the value of the investment 5 years from now. To do that, we determine the final value and then the present value.
FV= {A*[(1+i)^n-1]}/i
A= annual deposit
FV= {1,400*[(1.10^21)-1]}/0.1
FV= 89,603.50
PV= FV/(1+i)^n
PV= 89,603.50/ (1.1^21)
PV= 12,108.17
Finally, the value today:
PV= 12,108.17/1.1^5
PV= $7,518.22
A small firm makes three products, which all follow the same three-step (milling, inspection, and drilling) process. Product A requires 6 minutes of milling, 5 minutes of inspection, and 4 minutes of drilling; product B requires 2.5 minutes of milling, 2 minutes of inspection, and 2 minutes of drilling; and product C requires 5 minutes of milling, 4 minutes of inspection, and 8 minutes of drilling. The firm has 20 hours available during the next period (next week) for milling, 15 hours for inspection, and 24 hours for drilling. Product A contributes $6.00 per unit to profit, product B contributes $4.00 per unit, and product C contributes $10.00 per unit. 1 hour has 60 minutes. The firm needs to determine the quantities of product A, B, and C, with a goal of maximizing the total profit.
At the optimum solution, what is the company's profit during the next period?
How many units of each are produced at the optimal solution (use numbers)?
Answer:
At the optimum solution, what is the company's profit during the next period?
$2,070How many units of each are produced at the optimal solution (use numbers)?
180 units of product B135 units of product CExplanation:
Milling Inspection Drilling C.M.
Product A 6 5 4 $6
Product B 2.5 2 2 $4
Product C 5 4 8 $10
total time 1,200 900 1,440
Contribution margin per minute
Milling Inspection Drilling Total
Product A $1 $1.20 $1.50 $3.70
Product B $1.60 $2 $2 $5.60
Product C $2 $2.50 $1.25 $5.75
Even though product C has a higher contribution margin, its total production will be contrained by Drilling, since only 180 units can be completed (= 1,440 hours / 8 hours per unit) profits will equal $1,800.
So we must continue with product B which has the second highest contribution margin per minute with a maximum production of 450 units (Milling is the constraint). This would result in a total profit of $1,800.
The maximum production of product A is also 180 units (inspection is the constraint), which would generate only $1,080 in profits. So we can eliminate product A from the analysis.
Now we need to determine which combination of products B and C should be produced.
If we produce 180 units of product B and 135 units of product C, our total profits will be (180 x $4) + (135 x $10) = $2,070
total number of machine hours employed:
Milling Inspection Drilling
Product B 450 360 360
Product C 675 540 1,080
total 1,125 900 1,440
only 75 hours of Milling will be idle under the production schedule.
Evaluate the set of events below. Determine how the events will impact their respective markets. a. In examining the market for personal computers, a technological improvement reduces the cost of production. The effect of the event will be in . As a result, the equilibrium price will and the equilibrium quantity will . b. In examining the market for smart phones, there is a reduction in the number of sellers. The effect of the event will be in . As a result, the equilibrium price will and the equilibrium quantity will . c. In examining the market for apps for smart devices, there is a tax levied on the sellers of apps. The effect of the event will be in . As a result, the equilibrium price will and the equilibrium quantity will .
Answer:
One thing to clear ab initio is that equilibrium quantity and price are achieved when the demand and supply curves intersect at a point. Therefore, at equilibrium, the demand and supply in quantity are equal.
a) If a technological improvement reduces the cost of product, the equilibrium price will reduce and equilibrium quantity will be equal to the quantity demanded and supplied.
b) If there is a reduction in the number of sellers, the equilibrium price will increase and the equilibrium quantity will be equal to the quantity demanded and supplied.
c) If there is a tax levied on the sellers of apps, the equilibrium price will increase and the equilibrium quantity will be equal to the quantity demanded and supplied.
Explanation:
a) The market is in equilibrium when the supply and demand curves intersect, meaning that the quantity demanded and quantity supplied are equal. The price and quantity at which this intersection occurs are called the equilibrium price and equilibrium quantity respectively. In economics, when quantity supplied equals quantity demanded, an equilibrium situation is achieved, and it is represented by this equation: Qs = Qd; where Qs is quantity supplied and Qd is quantity demanded.
b) Equilibrium price reduces when there is a cost reduction and more supplies are pushed to the market to meet demand.
c) When suppliers leave the market, it means that the market price and demand are no longer attractive and beyond their individual influence. This leads to a reduction in quantity supplied overall.
d) Sales tax increases the price of goods and services, and equilibrium will be achieved when there consumers demand the product with increased price and sellers are willing to produce and sell at such a price.
a company earned $3,000 in net income for october. its net sales for october were $10,000. its profit margin is
Answer:
30%
Explanation:
The computation of the profit margin is shown below:
Given that
Net income earned for the month of October = $3,000
And, the net sales for the month of October is $10,000
Based on the above information, the profit margin is
= Net income ÷ Net sales
= $3,000 ÷ $10,000
= 30%
By dividing the net income from the net sales we can get the profit margin and the same is to be considered
Answer:
30%
Explanation:
quick math
Inventory Valuation under Absorption CostingDuring the most recent year, Judson Company had the following data associated with the product it makes:Units in beginning inventory 300Units produced 14,200Units sold ($300 per unit) 12,700Variable costs per unit: Direct materials $20Direct labor $60Variable overhead $13Fixed costs: Fixed overhead per unit produced $30Fixed selling and administrative $140,000Required:1. How many units are in ending inventory?2. Using absorption costing, calculate the per-unit product cost.3. What is the value of ending inventory under absorption costing?
Answer:
Instructions are below.
Explanation:
Giving the following information:
Units in beginning inventory 300
Units produced 14,200
Units sold ($300 per unit) 12,700
Variable costs per unit:
Direct materials $20
Direct labor $60
Variable overhead $13
Fixed costs:
Fixed overhead per unit produced $30
Fixed selling and administrative $140,000
1) Ending inventory= units produced + beginning inventory - units sold
Ending inventory= 14,200 + 300 - 12,700
Ending inventory= 1,800
2) The absorption costing method includes all costs related to production, both fixed and variable. The unit product cost is calculated using direct material, direct labor, and total unitary manufacturing overhead.
Unit product cost= 20 + 60 + 13 + 30
Unit product cost= $123
3) Ending inventory= 1,800*123= $221,400
The cash flows for a project include the:_______.a. net income generated by the project plus the annual depreciation expense. b. sunk costs, opportunity costs, and erosion costs of the project. c. incremental operating cash flow, as well as the capital spending and net working capital requirements. d. net operating cash flow generated by the project, less both sunk cost and erosion costs.
Answer: c. incremental operating cash flow, as well as the capital spending and net working capital requirements
Explanation:
During financial planning for projects, understanding the inflows and outflows of cash which will be created by the project is important. The cash flows for a project include the incremental operating cash flow, and the capital spending and net working capital requirements
The incremental cash flow is an additional operating cash flow which an organization receives from doing a new project. Capital spending is the money an organization spends to purchase, maintain, and improve its fixed assets, like vehicles, land, buildings, or equipment.
Suppose the current spot rate for the Norwegian kroner is $1 = NKr6.6869. The expected inflation rate in Norway is 6 percent and in the U.S. it is 3.1 percent. A risk-free asset in the U.S. is yielding 4 percent. What risk-free rate of return should you expect on a Norwegian security?
Answer:
The risk-free rate of return expected on a Norwegian security is 6.9%
Explanation:
Here, we are expected to calculate the risk-free rate of return on a Norwegian security.
We use the mathematical formula as follows;
Risk-free home - Expected inflation home = Risk free foreign - Expected inflation foreign
Kindly note that home refers to the US while foreign refers to Norway
From the question, we identify the following terms;
Risk-free home = 4%
Expected inflation home = 3.1%
Risk-free foreign = ?
Expected inflation foreign = 6%
Now, plugging these values, we have;
4% - 3.1% = ? - 6%
0.9% = ?- 6%
6% + 0.9% = ?
? = 6.9%
Thus, the risk-free rate of return expected on a Norwegian security is 6.9%
The risk-free asset in the U.S. is yielding 4 percent.
Risk-free rate in US - Inflation rate = Risk free rate in Norway - Inflation rate
4% - 3.1% = Risk free rate - 6%
Risk-free rate in Norway = 0.9% + 6%
Risk-free rate in Norway = 6.9%
So, the risk-free rate of return expected on a Norwegian security is 6.9%.
What is risk-free return?The risk-free rate of return is the theoretical rate of return of an investment with zero risk. The risk-free rate represents the interest an investor would expect from an absolutely risk-free investment over a specified period of time.
A risk-free asset is one that has a certain future return and virtually no possibility of loss.
Thus, the risk-free rate of return expected on a Norwegian security is 6.9%.
Learn more about risk-free return here,
https://brainly.com/question/15040989
#SPJ5
Without authorization, Brady uses the trademark of Ciera Coffee Company to promote cheap, flavorless candy, which is not similar to Ciera's products but diminishes the quality of the coffee company's mark. This is:________.
a. cybersquatting.
b. typosquatting.
c. trademark infringement.
d. trademark dilution.
Answer:
d. trademark dilution.
Explanation:
-Cybersquatting. is when someone registers a domain with the name of an organization or brand to sell it for a higher price.
-Typosquatting is when someone creates a website with a similar name of a well-known site so people will go to their website when they make a mistake writing the address.
-Trademark infringement is when someone uses a trademark on a similar product without permission from the owner and this can cause confusion to the customers.
-Trademark dilution is a concept that allows the owner to forbid someone from using their brand on a similar product if it can negatively affect the perception people have.
According to this, the answer is trademark dilution because Brady's use of the trademark have a negative impact on the perception people have about the brand.
Dexo Inc. plans to launch a new version of its beverage, Lime n' Lemon. The new variant will be similar to the current Lime n' Lemon in terms of taste and packaging, but it will be fortified with vitamins and minerals. The company decides to market the new drink as Lime n' Lemon Extreme. Which of the following new product categories does this new beverage fall into?
a. New-to-the-world products
b. New-to-the-firm products
c. Improvements and revisions of existing products
d. Repositionings
Answer:
C. Improvements and revisions of existing products.
Explanation:
The new and improved product may have significantly or slightly changed. Most products fit into the revision or improvement category.
Product improvements can be quite substantial or quite minor.
There are also benefits of a product been improved which could range from:
1). Match or outperform competition.
2). Meet changing consumer needs.
3). Leverage improvements in materials or manufacturing technology.
4). Provide variety etc.
An instance can be seen for a food product one of the ingredients may be changed to enhance the taste. Or the packaging may be changed to make it easier to open or to protect the product better.
Answer:
c. Improvements and revisions of existing products
Explanation:
Dexco is planning to launch a new version of its beverage that is fortified with minerals and vitamins. Also the name it intends to use for marketing this product is Lime n Lemon Extreme.
When categorising the product it will be a modification or revision of an existing product Lime n Lemon.
This is not a new product for the company as it is produced based on idea form a previous product.
The predetermined overhead rate for manufacturing overhead for 2018 is $4.00 per direct labor hour. Employees are expected to earn $5.00 per hour and the company is planning on paying its employees $100,000 during the year. However, only 75% of the employees are classified as "direct labor." What was the estimated manufacturing overhead for 2018
Answer:
$60,000= total estimated overhead costs
Explanation:
Giving the following information:
The predetermined overhead rate for manufacturing overhead for 2018 is $4.00 per direct labor hour.
Direct labor hour= $5.00 per hour
Direct labor hours= (100,000*0.75)/5= 15,000 hours
To calculate the estimated overhead costs, we need to use the following formula:
Estimated manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base
4= total estimated overhead costs for the period/15,000
$60,000= total estimated overhead costs for the period
Shen's Performance Pizza is a small restaurant in Philadelphia that sells gluten-free pizzas. Shen's very tiny kitchen has barely enough room for the three ovens in which his workers bake the pizzas. Shen signed a lease obligating him to pay the rent for the three ovens for the next year. Because of this, and because Shen's kitchen cannot fit more than three ovens, Shen cannot change the number of ovens he uses in his production of pizzas in the short run.
However, Shen's decision regarding how many workers to use can vary from week to week because his workers tend to be students. Each Monday, Shen lets them know how many workers he needs for each day of the week. In the short run, these workers are_________ inputs, and the ovens are__________ inputs.
Answer:
Variable
Fixed
Explanation:
Varbaibe inputs are inputs that can be changed or varied with production. If production is rising, the demand for variable inputs would increase. Because Shen varies his workers, they are a variable input.
Fixed inputs are inputs that cannot be varied or changed in the short run.
I hope my answer helps you
Richard Palm is the accounting clerk of Olive Limited. He uses the source documents such as purchase
orders, sales invoices and suppliers’ invoices to prepare journal vouchers for general ledger entries.
Each day he posts the journal vouchers to the general ledger and the related subsidiary ledgers. At the
end of each month, he reconciles the subsidiary accounts to their control accounts in the general
ledger to ensure they balance.
Discuss the internal control weaknesses and risks associated with the above process
Answer:
Internal control weaknesses and risks associated are as follows:
No proper segregation of duties - the accounting clerk is the who prepares the journal voucher and records the transactions in the system. He is also the one who performs monthly reconciliation. With no proper segregation of duties, there is an increased risk of material misstatements due to error or fraud not being detected and corrected. Assets will also be susceptible to theft or misappropriation due to a lack of segregation of duties.
No review is being performed by the clerk before recording the transaction - before recording, the accounting clerk should have matched and reviewed the details per invoice to its supporting documents. With no proper review, there is increased risk that balances in the financial statements are not recorded at correct amounts e.g., liabilities recorded are not valid due to undelivered inventories, assets are overstated due to no actual goods received yet, etc. There's also a risk that transactions are not recorded at the correct accounting period since the clerk does not review the details in the source document.
No review is being performed on the work performed by the clerk - since no oversight or review is being performed, there is an increased risk that the clerk will record fictitious transactions e.g., fictitious sales, fictitious cash disbursement, etc that may result to material misstatements in the financial statements.
The following are the risks associated with the above process;
There is a lot of burden placed on one individual (Richard Palm).
There is no work distribution- Richard does the entire job from dealing with purchasing orders, sales invoices and suppliers' invoices.
The process is prone to fraud and errors as Richard has to manage too much work on his own. In the process of reconciling of the subsidiary accounts to the control accounts he may lose some of the data.
There is also data confidentiality risk- organizations' data should be handled with confidentiality and information should remain private.
Frogue Corporation uses a standard cost system. The following information was provided for the period that just ended:
Actual price per kilogram $2.50
Actual kilograms of material used 31,000
Actual hourly labor rate $18.10
Actual hours of production 4,900 labor hours
Standard price per kilogram $2.80
Standard kilograms per completed unit 6 kilograms
Standard hourly labor rate $18.00
Standard time per completed unit 1 hour
Actual total factory overhead $34,900
Actual fixed factory overhead $18,000
Standard fixed factory overhead rate $1.20 per labor hour
Standard variable factory overhead rate $3.80 per labor hour
Maximum plant capacity 15,000 hours
Units completed during the period 5,000
The direct materials cost variance is:_________.
Answer:
Materials Cost Variance = 6500 favorable
Explanation:
Frogue Corporation
AP= Actual price per kilogram $2.50
AQ= Actual kilograms of material used 31,000
SP = Standard price per kilogram $2.80
SQ= Standard kilograms per completed unit 6 kilograms = 5000 units *6 kg= 30,000 kg
Material Price Variance =( AP -SP)(AQ)=
= ( $2.50- $2.80)31,000 = 9300 Favorable
It is favorable because the standard price is higher than the actual price.
Material Quantity Variance =( AQ -SQ)(AP)= (31000- 30,000) 2.8
= 1000*2.8= 2800 unfavorable
It is unfavorable because the standard quantity is lower than the actual quantity.
Materials Cost Variance =Material Price Variance+Material Quantity Variance
=9300 Favorable+2800 unfavorable=
Materials Cost Variance = 6500 favorable
When favorable and unfavorable are added the unfavorable is with negative sign so they are subtracted.
The proposals submitted to the customer should:
A. be set aside and have the team request a best and final offer from every bidder to get a lower price and choose the one with the new lowest price.
B. be examined for free advice on how to solve the problem then assign an internal project team to what was the best solution.
C. be reviewed by one person without any predefined criteria for evaluation.
D. be reviewed by a team and evaluated on predefined evaluation criteria.
Answer:
The proposals submitted to the customer should:
D. be reviewed by a team and evaluated on predefined evaluation criteria.
Explanation:
In business, a proposal is a business application from one entity to another, soliciting for a contract based on an understanding of the customer's problems and requirements.
There many sections, including objectives, recommended solution, estimated project schedule, company's background information, fee summary, and other important terms and conditions.
Given the above sections, it becomes necessary for a team to evaluate proposals before they are submitted to customers. Teamwork will help modifications to be made based on each customers requirements.
A company often uses proposals for different purpose. The proposals submitted to the customer should be set aside and have the team request a best and final offer from every bidder to get a lower price and choose the one with the new lowest price.
RFP is simply known as request for proposal. It is simply known as a type of document that contains a lists all of the requirements and needs of a specific project.It aid firms in their preparation for upcoming projects as it is a kind of a proposal used by potential contractors and agencies.
Conclusively an RFP for a potential customer should be well written, stated out and one should take great care that is carried out rightly.
Learn more from
https://brainly.com/question/14444806
Joe must pay liabilities of 2000 due one year from now and another 1000 due two years from now. He exactly matches his liabilities with the following two investments: Mortgage I: A one year mortgage in which X is lent. It is repaid with a single payment at time one. The annual effective interest rate is 6%.Mortgage II: A two-year mortgage in which Y is lent. It is repaid with two equal annual payments. The annual effective interest rate is 7%. Calculate X + Y.
Answer:
The value of X+Y=2,769
Explanation:
According to the given data we have the following:
x=present value of 2,000
=2,000/(1+0.06)=1,886.79
y=present value of 1,000
=1,000(1+0.07)∧2=873.44
x+y=1,886.79+873.44
=2,760.23
=2,769
The value of X+Y=2,769
Answer:
$2,760.23
Explanation:
As X and Y is the mortgage value, and we need to calculate it by using following formula
FV = PV x ( 1 + r )^n
PV = FV / ( 1 + r )^n
First we will calculate the X
Where FV =Future Value = 2,000
r = Annual effect interest rate = 6%
n = numbers of periods = 1 Year
By Placing values in the formula
PV = $2,000 / ( 1 + 6% )^1
PV = $1,886.79
Now we will Calculate the Y
Where FV =Future Value = 1,000
r = Annual effect interest rate = 7%
n = numbers of periods = 2 Year
By Placing values in the formula
PV = $1,000 / ( 1 + 7% )^2
PV = $873.44
As we need to calculate
X + Y = ?
So,
X + Y = $1,886.79 + $873.44 = $2,760.23
Games Galore Corp. hires Haley, a minor, to create new customized game software for certain clients. Haley signs a contract that requires her to work for Games Galore for eighteen months. Before beginning work, however, Haley tells Games Galore that she will not create new software for Games Galore and that she is going to work for Ideal Worldcraft, Inc., a Games Galore competitor. Is Games Galore's contract with Haley enforceable? Why or why not?
Explanation:
In the scenario exemplified in the question above, it can be said that because he is a minor, Haley's contract with Games Galore can be canceled.
Therefore, if the case is brought to court, it will likely be determined that Haley will return the valuable work materials provided by Game Galore and any amounts received by Haley that were provided for in the contract.
Although appealing to more refined tastes, art as a collectible has not always performed so profitably. During 2015, an auction house sold a painting for a price of $1,180,000. Unfortunately for the previous owner, he had purchased it three years earlier at a price of $1,760,000. What was his annual rate of return on this painting?
Answer:
≅-12.48
Explanation:
During 2015,$1,180,000 sales was made
3 years earlier, the previous owner would had purchased it at a price of $1,760,000
Annual rate of return on this painting
=[tex]\sqrt[1/3]{Final Value/Starting Value - 1}\\\sqrt[1/3]{1,180,000/1,760,000 - 1}[/tex]
≅-12.48
QS 6-6 Petty cash accounting LO P2 1. Brooks Agency set up a petty cash fund for $280. At the end of the current period, the fund contained $198 and had the following receipts: entertainment, $50; postage, $24; and printing, $8. Prepare journal entries to record (a) establishment of the fund and (b) reimbursement of the fund at the end of the current period.
Answer:
1a
Dr Petty cash $ 280
Cr Cash $ 280
1b
Dr Entertainment $ 50
Dr Postage $ 24
Dr Printing $ 8
Cr Cash $ 82
Explanation:
Journal entry
1a
Dr Petty cash $ 280
Cr Cash $ 280
( To record petty cash fund created)
1b
Dr Entertainment $ 50
Dr Postage $ 24
Dr Printing $ 8
Cr Cash $ 82
(50+24+8)
(To Record Petty cash replenished)
Midas Corporation is a sporting goods manufacturer. Most of its energies and resources are devoted to manufacturing and selling a line of sports shoes that has been a reasonable hit in the past. The company rarely undertakes any marketing research studies to assess consumer wants and needs and seldom devises new advertising or promotional strategies. Midas Corporation is exhibiting _____. Selected Answer: Correct production orientation Answers: investor orientation market orientation customer orientation
Answer:
Production orientation
Explanation:
When a company engages in production orientation it means that they are producing what they believe their customers will purchase simply because they are offering it. The company does not care about their customers' needs and preferences, and simply believes that because they are good at producing a certain type of product that was successful in the past, it will continue to be successful and its customers will remain loyal to them. This philosophy was very popular during the industrial revolution where companies produced what they could hoping that there would be enough customers to buy their production regardless of what it was.
Hercules Inc. manufactures elliptical exercise machines and treadmills. The products are produced in its Fabrication and Assembly production departments. In addition to production activities, several other activities are required to produce the two products. These activities and their associated activity rates are as follows:
Activity Activity Rate
Fabrication $31 per machine hour
Assembly $17 per direct labor hour
Setup $58 per setup
Inspecting $26 per inspection
Production scheduling $18 per production order
Purchasing $15 per purchase order
The activity-base usage quantities and units produced for each product were as follows:
Activity Base Elliptical Machines Treadmill
Machine hours 1,956 1,154
Direct labor hours 394 154
Setups 44 14
Inspections 700 420
Production orders 69 14
Purchase orders 195 119
Units produced 300 201
Required:
Use the activity rate and usage information to calculate the total activity cost and activity cost per unit for each product. Complete the Activity Tables for elliptical machines and treadmills. If required, round per-unit answers to the nearest cent.
Use the activity rate and usage information to calculate the total activity cost and activity cost per unit for elliptical machines product. Complete the Activity Table for elliptical machines. If required, round per-unit answers to the nearest cent.
Elliptical Machines
Activity Activity-
Base Activity Activity
Usage X Rate = Cost
Fabrication
Assembly
Setup
Inspecting
Production scheduling
Purchasing
Total activity cost
÷ Number of units ÷
Activity cost per unit
Use the activity rate and usage information to calculate the total activity cost and activity cost per unit for treadmill product. Complete the Activity Table for treadmills. If required, round per-unit answers to the nearest cent.
Treadmills
Activity Activity-
Base Activity Activity
Usage X Rate = Cost
Fabrication
Assembly
Setup
Inspecting
Production scheduling
Purchasing
Total activity cost
÷ Number of units ÷
Activity cost per unit
Answer: Please see below for answers
Explanation: step by step explanation
For Elliptical Machines
Acitvity Activity usage Activity Rate Activity cost(Activty
usagexActivity Rate)
Fabrication 1,956 $31 $60,636
Assembly 394 $17 $6,698
SET up 44 $58 $2552
inspections 700 $ 26 $18,200
production scheduling 69 $18 $1242
purchasing 195 $15 $2925
Total Activity cost $92,253
For Treadmills
Acitvity Activity usage Activity Rate Activity cost(Activity
usage x Activity Rate)
Fabrication 1154 $31 35,774
Assembly 154 $17 2618
SET up 14 $58 $812
inspections 420 $26 $10,920
production schedulimng 14 $18 $252
purchasing 119 $15 $1785
Total Activity cost $52,161
Elliptical Machines Treadmill
Total Activity cost $92,253 $52,161
Units produced 300 201
Activity cost per unit $307.51 $259.507
≈$307.5 ≈$259.5
Lomani Ltd acquired two new machines for cash on 1 January 2017. The cost of machine A was $400 000, plus GST, and of machine B, $600 000, plus GST. Each machine was expected to have a useful life of 10 years, and residual values were estimated at $20 000 for machine A and $50 000 for machine B. Because of technological advances, Lomani Ltd decided to replace machine A. It traded in machine A on 31 March 2021 for a new machine, C, which cost $420 000. A $200 000, plus GST, trade-in was allowed for machine A, and the balance of machine C’s cost was paid in cash. Machine C was expected to have a useful life of 8 years and a residual value of $20 000. On 2 July 2021, extensive repairs were carried out on machine B for $66 000 cash. Lomani Ltd expected these repairs to extend machine B’s useful life by 4 years and it revised machine B’s estimated residual value to $19 500. Machine B was eventually sold on 1 April 2023 for $300 000, plus GST, cash. On 1 July 2023, Lomani Ltd decided to use the revaluation model for valuation of Machine C. The fair value of Machine C was assessed to be $220 000 and the future useful life was estimated to be 5 years, residual value remains the same. Lomani Ltd uses the straight-line depreciation method, recording depreciation to the nearest whole month. The end of the reporting period is 30 June. Required: Prepare general journal entries to record the above transactions and depreciation journal entries required at the end of each reporting period up to 30 June 2024. Required: Prepare general journal entries to record the above transactions and depreciation journal entries required at the end of each reporting period up to 30 June 2024
Answer:
2017
Machine A (Dr.) $400,000
Machine B (Dr.) $600,000
Cash (Cr.) $1,000,000
2018
Depreciation Expense (Dr.) $93,000
Accumulated Depreciation (Cr.) $93,000
2019
Depreciation Expense (Dr.) $93,000
Accumulated Depreciation (Cr.) $186,000
2020
Depreciation Expense (Dr.) $93,000
Accumulated Depreciation (Cr.) $279,000
2021
Machine C (Dr.) $420,000
Machine A (Cr.) $200,000
Cash (Cr.) $220,000
(To record trade in of machine A)
Repairs expense Machine B (Dr.) $66,000
Cash (Cr.) $66,000
(To record repairs of machine B)
2022
Depreciation Expense (Dr.) $79,450
Accumulated Depreciation (Cr.) $358,450
2023
Cash (Dr.) $300,000
Machine B (Cr.) $284,550
Gain on selling (Cr.) $15,450
Explanation:
Straight line depreciation recognize an assets carrying amount evenly over its useful life.
Straight line Depreciation = (Cost - Estimated Residual Value) / useful life
Depreciation expense for Machine A:
($400,000 - $20,000) / 10 years
= $38,000
Depreciation expense for Machine B:
($600,000 - $50,000) / 10 years
= $55,000
Depreciation expense for Machine C:
($420,000 - $20,000) / 8 years
= $50,000
Revised Depreciation of Machine B:
($314,000 - $19,500) / 10 years
= $29,450
Prescott Corp. owned 90% of Bell Inc., while Bell owned 10% of the outstanding common shares of Prescott. No goodwill or other allocations were recognized in connection with either of these acquisitions. Prescott reported operating income of $266,000 for 2013 whereas Bell earned $98,000 during the same period. No investment income was included within either of these income totals. On a consolidated income statement, what is the non-controlling interest in Bell's net income?
Answer:
Non-controlling interest in Bell's net income = $136,923
Explanation:
Given:
Prescott Corp. owned 90% of Bell Inc.
Bell Inc. owned 10% Prescott Corp
Computation:
Total income of Prescott Corp = $266,000 + 90% of Bell Inc income......Eq1
Total income of Bell Inc = $98,000 + 10% of Prescott Corp income...........Eq2
From Eq1 and Eq2
Total income of Prescott Corp = $266,000 + 90%($98,000 + 10% of Prescott Corp income)
Total income of Prescott Corp = $266,000 + $88,200 + 0.09 Prescott Corp income
Total income of Prescott Corp - 0.09 Prescott Corp income = $354,200
0.91 Prescott Corp income = $354,200
Prescott Corp income = $389,230.769
Prescott Corp income = $389,231
Non-controlling interest in Bell's net income = $98,000 + 10% of Prescott Corp income
Non-controlling interest in Bell's net income = $98,000 + 10%($389,231)
Non-controlling interest in Bell's net income = $98,000 + $38,923
Non-controlling interest in Bell's net income = $136,923
