Factory Overhead Rates, Entries, and Account Balance Sundance Solar Company operates two factories. The company applies factory overhead to jobs on the basis of machine hours in Factory 1 and on the basis of direct labor hours in Factory 2. Estimated factory overhead costs, direct labor hours, and machine hours are as follows: Factory 1 Factory 2 Estimated factory overhead cost for fiscal year beginning March 1 $708,050 $1,155,000 Estimated direct labor hours for year 15,400 Estimated machine hours for year 20,230 Actual factory overhead costs for March $56,680 $100,080 Actual direct labor hours for March 1,390 Actual machine hours for March 1,580 a. Determine the factory overhead rate for Factory 1. $ per machine hour b. Determine the factory overhead rate for Factory 2. $ per direct labor hour c. Journalize the entries to apply factory overhead to production in each factory for March. Factory 1 Factory 2 d. Determine the balances of the factory overhead accounts for each factory as of March 31, and indicate whether the amounts represent overapplied factory overhead or underapplied factory overhead. Factory 1 $ Factory 2 $

Answer:

The answer to this question can be defined as follows:

Explanation:  

In point a:

[tex]\text{Factory Overhead Rate 1} = \frac{\text{Expected administrative overhead to factory}}{\text{Estimated period time to machine}}[/tex]

                                        [tex]=\frac{12900000}{ 600000 }\\\\ = \$ \ 21.50[/tex]

In point b:

[tex]\text{Factory overtime rate 1} = \frac{\text{overhead costs estimated expense}}{\text{Specific hours of work estimated for the year}}[/tex]

                                     [tex]= \frac{10,200,000 }{250000} \\\\ = \$ \ 40.80[/tex]

In point c:

Daily paper  

Number      Name of account                                   Debit                     Credit

   1.              Working [tex](610000 \times $21.50)[/tex]                      [tex]\$ \ 13115000[/tex]                

                    Plant Overhead                                                        [tex]\$ \ 13115000[/tex]

   2.             Job under way [tex](245000\times $40.80)[/tex]              [tex]\$ \ 9996000[/tex]

                   Overhead plant                                                            [tex]\$ \ 9996000[/tex]

In point d:

[tex]\text{Factory 1} = 12,990,000 - 13,115,000[/tex]

                [tex]= 125000 \ Overapplied\ credit[/tex]

[tex]\text{Factory 1} = 10,090,000 - 9,996,000[/tex]

                [tex]= $94000 \ Underapplied \ Debit[/tex]

Question 7: Which of the following is true about entrepreneurs and risk?

A. Entrepreneurs take more risks than the average person.
B. Risk is an objective assessment.
C. Entrepreneurs who take greater risks tend to be more successful than those who take fewer or smaller risks.
D. Most successful entrepreneurs are very calculated risk takers

Mickey is a 12-year-old dialysis patient. Three times a week for the entire year he and his mother, Sue, drive 20 miles one way to Mickey’s dialysis clinic. On the way home, they go 10 miles out of their way to stop at Mickey’s favorite restaurant. Their total round trip is 50 miles per day. How many of those miles, if any, can Sue use to calculate an itemized deduction for transportation? Use the mileage rate in effect for 2019.

Refer to the following items on the balance sheets of a firm for the years ending December 31, 2018 and 2019.
Item 2018 2019
Accounts Payable $729,500 $917,300
Long Term Debt $1,267,700 $1,093,400
Common Stock ($1 par) $2,184,000 $2,471,300
Retained Earnings $3,227,100 $3,419,800
If the firm's interest expense on its 2019 income statement was $312,920, calculate the net cash flow to the firm's creditors in 2019.
a) $312,920
b) $138,620
c) $425,920
d) $487,220

Your annual sales are $240,000. The sales are spread evenly over four quarters. What are your sales in each quarter?

Instructions: Round your answers to 2 decimal places. If you are entering a negative number include a minus sign. a. Using the midpoint method, what is the price elasticity of demand from a price of $4.00 to a price of $4.50 per iced coffee? , and demand is said to be price (Click to select) . b. Using the midpoint method, what is the price elasticity of demand from a price of $2.00 to a price of $3.00 per iced coffee? , and demand is said to be price (Click to select) . c. Using the midpoint method, what is the price elasticity of demand from a price of $0.50 to a price of $1.00 per iced coffee? , and demand is said to be price (Click to select) .

The city of Ashkelon, on the eastern end of the Mediterranean Sea, is one of the major cities of the Philistines. A powerful merchant family (known henceforth as The Family) of this city has to decide how to allocate its vast but finite resources to further their own wealth and the glory and influence of their state. Some trade routes use camel caravans and go to the southern deserts, where they may trade in salt and gold with the great inland African nations; others may go north and west, oversea by galley, toward the Greeks; others may push their foul-mouthed, humped mounts east, overland toward Sumeria, to trade in spices and the crafted goods specific to that region. Some of the routes are over more arduous terrain than others, so make take longer to pay off (no revenue is realized by The Family until the caravan returns to Ashkelon). The financial costs and returns of each route are as follows (in Phils, the currency of the Philistines:
Route Costs,Period 0 Revenue, Period1 Revenue, Period 2 Revenue, Period 3
African Route - 75,000 215,000
Greek Route - 50,000 140,000
Sumerian Route -125,000 385,000
Costs are incurred at the end of year zero, and revenues accrue at the end of Periods 1, 2, and 3, for each respective route (for instance, the African caravan returns at the end of period two, at which time its revenue is realized). The discount rate for the shipping company is 5%.
a. Calculate the NPV, B/C ratio, Payback period, and IRR for each route option
b. Rank the route options according to NPV, B/C ratio, Payback period, and IRR
c. If the company had unlimited funds, which trade routes would you recommend the family pursue? Why? Be sure to consider all combinations of routes, including multiple caravans on the same trade route
d. Given that the family can only invest 150,000 Phils, which combination of trade routes would you recommend pursuing? Why?

Following are the transactions of Sustain Company. June1 T. James, owner, invested $11,000 cash in Sustain Company in exchange for common stock. 2 The company purchased $4,000 of furniture made from reclaimed wood on credit. 3 The company paid $600 cash for a 12-month insurance policy on the reclaimed furniture. 4 The company billed a customer $3,000 in fees earned from preparing a sustainability report. 12 The company paid $4,000 cash toward the payable from the June 2 furniture purchase. 20 The company collected $3,000 cash for fees billed on June 4. 21 T.James invested an additional $10,000 cash in Sustain Company in exchange for common stock. 30 The company received $5,000 cash from a client for sustainability services for the next 3 months. Prepare general journal entries for the above transactions.

15. Your company contracted for a 30-second commercial (an advertisement) that aired during the Super Bowl at a cost of $1.2 million. It is legally obligated to pay for the commercial, but has not yet done so. How is your company's balance sheet affected on the day the commercial aired? It increases both assets and liabilities by $1.2 million. It increases assets and decreases stockholders' equity by $1.2 million each. It does not affect the balance sheet. D) It increases liabilities and decreases stockholders' equity by $1.2 million each.

Calculate GDP, NDP, NI, PI, and DI from the following information. All numbers are in billions of dollars. Wages $ 26,500 Consumption Expenditures $36,000 Government Expenditures $18,500 Imports $20,330 Exports $18,580 Property Taxes $16,000 Sales Taxes $9,715 Retained earnings $1,310 Personal Income Taxes $2,200 Private Domestic Investment Expenditures $15,650 Interest Income $1,940 Pay Roll taxes $1,300 Transfer Payments $880 Depreciation $1,300 Net Income Made Abroad by Americans $160 Indirect Business taxes $2,520 Corporate Income Taxes $320 2. Calculate a) labor force, b) labor force participation rate, and c) unemployment rate if the population of a country is 380 million people out which 92 million are under the age of 16, 58 million don't want to work and 20 million are looking for work. 3. Calculate the inflation rate from 2004-2005 if the index number in 2005 was 120 and the index number in 2004 was 135.

Kingbird Windows manufactures and sells custom storm windows for three-season porches. Kingbird also provides installation service for the windows The installation process does not involve changes in the windows, so this service can be performed by other vendors. Kingbird enters into the following contract on July 1, 2017, with a local homeowner.
The customer purchases windows for a price of $2,470 and chooses Kingbird to do the installation. Kingbird charges the same price for the windows irrespective of whether it does the installation or not. The installation service is estimated to have a standalone selling price of $580. The customer pays Kingbird $1,940 (which equals the standalone selling price of the windows, which have a cost of $1,050) upon delivery and the remaining balance upon installation of the windows. The windows are delivered on September 1, 2017, Kingbird completes installation on October 15, 2017, and the customer pays the balance due.
Prepare the journal entries for Kingbird in 2017.

On May 1, 2021, Meta Computer, Inc., enters into a contract to sell 4,000 units of Comfort Office Keyboard to one of its clients, Bionics, Inc., at a fixed price of $68,000, to be settled by a cash payment on May 1. Delivery is scheduled for June 1, 2021. As part of the contract, the seller offers a 25% discount coupon to Bionics for any purchases in the next six months. The seller will continue to offer a 5% discount on all sales during the same time period, which will be available to all customers. Based on experience, Meta Computer estimates a 50% probability that Bionics will redeem the 25% discount voucher, and that the coupon will be applied to $40,000 of purchases. The stand-alone selling price for the Comfort Office Keyboard is $19.00 per unit. Required: 1. How many performance obligations are in this contract

Tracy Company, a manufacturer of air conditioners, sold 200 units to Thomas Company on November 17, 2021. The units have a list price of $550 each, but Thomas was given a 30% trade discount. The terms of the sale were 3/10, n/30. Exercise 7-5 (Algo) Part - 1 Required: 1. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26, 2021, assuming that the gross method of accounting for cash discounts is used. 2. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on December 15, 2021, assuming that the gross method of accounting for cash discounts is used.

Jason Day Company had bonds outstanding with a maturity value of $300,000. On April 30, 2020, when these bonds had an unamortized discount of $10,000, they were called in at 104. To pay for these bonds, Day had issued other bonds a month earlier bearing a lower interest rate. The newly issued bonds had a life of 10 years. The new bonds were issued at 103 (face value $300,000).

Required:
Compute the gain or loss.

how do you understand the word business finance?​

You’ve observed the following returns on Yamauchi Corporation’s stock over the past five years: −10 percent, 24 percent, 21 percent, 11 percent, and 8 percent. The average inflation rate over this period was 3.1 percent and the average T-bill rate over the period was 4.1 percent. a. What was the average real return on the stock? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) b. What was the average nominal risk premium on the stock? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)

objective of management​

A dry cleaner uses exponential smoothing to forecast equipment usage at its main plant. August usage was forecasted to be 46 percent of capacity; actual usage was 56 percent of capacity. A smoothing constant of .05 is used.
a. Prepare a forecast for September. (Round your final answer to 2 decimal places.) Forecast for September percent of capacity
b. Assuming actual September usage of 64 percent, prepare a forecast for October usage. (Round your answer to 2 decimal places.) Forecast for October percent of capacity

The Candle Shop experienced the following events during its first year of operations, Year1
1. Acquired cash by issuing common stock
2. Paid a cash dividend to the stockholders.
3. Paid cash for operating expenses.
4. Borrowed cash from a bank.
5. Provided services and collected cash.
6. Purchased land with cash.
7. Determined that the market value of the land is higher than the historical cost.
Required
a. Indicate whether each event is an asset source, use, or exchange transaction. (Select "NA" if there is no effect on the "Activity classification") Event Activity classification 2. 3. 4. 5. 6. 7
b. Use a horizontal statements model to show how each event affects the balance sheet, income statement, and statement of cash flows. Indicate whether the event increases (), decreases (D), or does not affect (NA) each element of the financial statements. Also, in the Statement of Cash Flows column, classify the cash flows as operating activities (OA), investing activities (IA), financing activities (FA), or not applicable (NA). The first transaction is shown as an example
THE CANDLE SHOP Horizontal Statements Model for Year 1 Balance Sheet Income Statement Statement of Cash Flows Event O. Assets Liabilities+Stockholders' Equity Effect onType CommonRetained RevenueExpense Net Income Cash LandNotes Cash Activity Earnin +NA Payable +NA = | NA NA - NA -INA FA 2 4 5. 7

The city of Ashkelon, on the eastern end of the Mediterranean Sea, is one of the major cities of the Philistines. A powerful merchant family (known henceforth as The Family) of this city has to decide how to allocate its vast but finite resources to further their own wealth and the glory and influence of their state. Some trade routes use camel caravans and go to the southern deserts, where they may trade in salt and gold with the great inland African nations; others may go north and west, oversea by galley, toward the Greeks; others may push their foul-mouthed, humped mounts east, overland toward Sumeria, to trade in spices and the crafted goods specific to that region. Some of the routes are over more arduous terrain than others, so make take longer to pay off (no revenue is realized by The Family until the caravan returns to Ashkelon). The financial costs and returns of each route are as follows (in Phils, the currency of the Philistines):


Route Costs, Period 0 Revenue, Period1 Revenue, Period 2 Revenue, Period 3
African Route -75,000 215,000
Greek Route -50,000 140,000
Sumerian Route -125,000 385,000

Costs are incurred at the end of year zero, and revenues accrue at the end of Periods 1, 2, and 3, for each respective route (for instance, the African caravan returns at the end of period two, at which time its revenue is realized). The discount rate for the shipping company is 5%.

Required:
a. Calculate the NPV, B/C ratio, Payback period, and IRR for each route option.
b. Rank the route options according to NPV, B/C ratio, Payback period, and IRR.
c. If the company had unlimited funds, which trade routes would you recommend the family pursue? Why? Be sure to consider all combinations of routes, including multiple caravans on the same trade route.
d. Given that the family can only invest 150,000 Phils, which combination of trade routes would you recommend pursuing? Why?

oca, Inc., manufactures and sells two products: Product M6 and Product X7. The company has an activity-based costing system with the following activity cost pools, activity measures, and expected activity: Activity Cost Pools Activity Measures Estimated MOH Cost Expected Activity Product M6 Product X7 Total Labor related DLH $152,100 3,000 4,800 7,800 Product orders orders $63,035 400 300 700 Order size Machine hours $505,452 3,700 3,600 7,300 The total overhead to be applied to Product X7 using activity-based costing is closest to:

John Wiggins is considering the purchase of a small restaurant. The purchase price listed by the seller is $890,000. John has used past financial information to estimate that the net cash flows (cash inflows less cash outflows) generated by the restaurant would be as follows: (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.)
Years Amount
1-6 $89,000
7 79,000
8 69,000
9 59,000
10 49,000
If purchased, the restaurant would be held for 10 years and then sold for an estimated $790,000.
Required:
Determine the present value, assuming that John desires an 11% rate of return on this investment. (Assume that all cash flows occur at the end of the year.) (Do not round intermediate calculations. Round your final answers to nearest whole dollar amount.)

Which characteristic describes the privatization of Social Security?
A. increases the employer’s contribution to Social Security
B. raises the retirement age to claim full benefits to 70
C. enables Americans to invest their Social Security contributions in the stock market
D. reduces benefits across the board by 13 percent
E. obtains a loan from the Fed

Dorcan Corporation manufactures and sells T-shirts imprinted with college names and slogans. Last year, the shirts sold for $8.40 each, and the variable cost to manufacture them was $2.25 per unit. The company needed to sell 20,600 shirts to break-even. The after tax net income last year was $5,220. Donnelly's expectations for the coming year include the following: (CMA adapted) The sales price of the T-shirts will be $12. Variable cost to manufacture will increase by one-third. Fixed costs will increase by 10%. The income tax rate of 40% will be unchanged. The selling price that would maintain the same contribution margin ratio as last year is:

You sell $4,000 per week in bags of dog food at 30% margin. You sell $3,000 per week in dog toys at 45% margin. Which generates more margin for you?

What is one main objective in the study of economics?

recognizing the types of services available to everyone
recognizing the relationship between producers and consumers
recognizing the reasons why consumers supply services
recognizing the difference between producers and consumers

X Corporation reported the following data for the month of August: Inventories: Beginning Ending Raw materials $36,000 $24,000 Work in process $23,000 $17,000 Finished goods $37,000 $55,000 Additional information: Budgeted manufacturing overhead cost $672,000 Budgeted direct labor cost $1,680,000 Raw materials purchased $79,000 Manufacturing overhead cost incurred $51,975 Indirect materials included in manufacturing overhead cost incurred $8,000 Manufacturing overhead cost applied to Work in Process using direct labor cost 37800 Job #82 started in August Direct materials used $4,000 Direct labor cost $6,000 Round your answers to the nearest dollar. Fill in the blank without $ or comma or period, e.g., 12345 What was Job# 82's total manufacturing cost in August using normal costing?

Peabody, Inc., sells fireworks. The company’s marketing director developed the following cost of goods sold budget for April, May, June, and July. April May June July Budgeted cost of goods sold $79,000 $89,000 $99,000 $105,000 Peabody had a beginning inventory balance of $2,700 on April 1 and a beginning balance in accounts payable of $15,000. The company desires to maintain an ending inventory balance equal to 20 percent of the next period’s cost of goods sold. Peabody makes all purchases on account. The company pays 70 percent of accounts payable in the month of purchase and the remaining 30 percent in the month following purchase. Required a. Prepare an inventory purchases budget for April, May, and June. b. Determine the amount of ending inventory Peabody will report on the end-of-quarter pro forma balance sheet. c. Prepare a schedule of cash payments for inventory for April, May, and June. d. Determine the balance in accounts payable Peabody will report on the end-of-quarter pro forma balance sheet. This is the last question in the assignment. To submit, use Alt + S. To access other questions, proceed to the question map button.Next Visit question mapQuestion 7 of 7 Total7 of 7 Prev

Barton and Fallows form a partnership by combining the assets of their separate businesses. Barton contributes accounts receivable with a face amount of $48,000 and equipment with a cost of $193,000 and accumulated depreciation of $103,000. The partners agree that the equipment is to be priced at $90,000, that $3,100 of the accounts receivable are completely worthless and are not to be accepted by the partnership, and that $1,300 is a reasonable allowance for the uncollectibility of the remaining accounts receivable. Fallows contributes cash of $28,700 and merchandise inventory of $56,000. The partners agree that the merchandise inventory is to be priced at $60,500.Journalize the entries to record in the partnership accounts (a) Barton's investment and (b) Fallows' investment. If an amount box does not require an entry, leave it blank or enter "0".

A can of dog food is on sale for 20% off the original price. If the original price is $1.35, what is the discount?

Time period used to compute indirect cost rates. Capitola Manufacturing produces surfboards. The company uses a normal-costing system and allocates manufacturing overhead on the basis of direct manufacturing labor-hours. Most of the company's production and sales occur in the first and second quarters of the year. The company is in danger of losing one of its larger customers, Pacific Wholesale, due to large fluctuations in price. The owner of Capitola has requested an analysis of the manufacturing cost per unit in the second and third quarters. You have been provided the following budgeted information for the coming year:
Quarter
1 2 3 4
Surfboards manufactured and sold 500 400 100 250
It takes 2 direct manufacturing labor-hours to make each board. The actual direct material cost is $65.00 per board. The actual direct manufacturing labor rate is $20 per hour. The budgeted variable manufacturing overhead rate is $16 per direct manufacturing labor-hour. Budgeted fixed manufacturing overhead costs are $20,000 each quarter.
1. Calculate the total manufacturing cost per unit for the second and third quarters assuming the company allocates manufacturing overhead costs based on the budgeted manufacturing overhead rate determined for each quarter.
2. Calculate the total manufacturing cost per unit for the second and third quarters assuming the company allocates manufacturing overhead costs based on an annual budgeted manufacturing overhead rate.
3. Capitola Manufacturing prices its surfboards at manufacturing cost plus 20%. Why might Pacific Wholesale be seeing large fluctuations in the prices of boards? Which of the methods described in requirements 1 and 2 would you recommend Capitola use? Explain.