ABC, Inc. produces three products. Data concerning the selling prices and unit costs of the three products appear below: Product A Product B Product C Selling price $80 $60 $90 Variable costs 30 35 54 Fixed costs 25 10 22 Molding machine time (minutes) 10 5 7 Fixed costs are applied to the products on the basis of direct labor hours. The company estimates that it can sell 300 units of each product per week. The molding machine is the constraint, with only 3,500 minutes available this week. (1). Given the machine time constraint, which product should be emphasized
Answer:
ABC, Inc.
Given the machine time constraint, Product C should be emphasized.
Explanation:
a) Data and Calculations:
Product A Product B Product C
Selling price $80 $60 $90
Variable costs 30 35 54
Fixed costs 25 10 22
Molding machine time (minutes) 10 5 7
Estimated sales per week 300 300 300
Total molding machine time 3,000 1,500 2,100
Contribution $50 $25 $36
Contribution per molding time $5 $5 $5.14
Net income per unit $25 $15 $14
Net income per molding time $2.50 $3 $2
b) The criterion for making the decision is contribution per molding time because fixed cost is not relevant in this decision. Product C produces a slightly higher contribution per minute than Products A and B. Therefore, it should be emphasized more than other products, though consideration should also be given to the fixed cost per unit if its allocation is based on the ABC system.
A 10-K financial report includes which
of the following financial statements?
A. Record Sheet
B. Balance Sheet
C. Employee Sheet
10-K financial report includes which of the following financial statements: Balance Sheet, Income Statement (also known as Profit and Loss or P&L statement), Cash Flow Statement, Footnotes to the financial statements.
What does a 10-K financial report include?The balance sheet, sometimes referred to as the statement of financial position, gives an overview of the assets, liabilities, and equity of a corporation at a certain point in time.
The income statement, commonly referred to as the profit and loss statement, details the revenues and expenses incurred by a business during a specific time period and displays the business's net income or loss.
The cash flow statement gives details on a company's cash inflows and outflows and gives a general picture of how a company generates and uses cash over a given time period.
The part called Footnotes to the Financial Statements contains extra information on the Financial Statements that the reader might find useful.
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A portfolio manager in Absurdistan is using the Sharpe ratio to compare two Absurdistani assets and based on the result preferred one of them. Assuming the expected risk and expected return for both assets do not change, does the Sharpe Ratio envision any future circumstance when the portfolio manager might change her mind, or will one asset always be preferred?
Asset x: Return 6%, Risk 3%
A. Asset Y: Return 10%, Risk 11%
B. Asset Y will always be preferred. Asset X will always be preferred.
C. Sometimes Asset X will be preferred and sometimes Asset Y will be preferred
Answer:
Asset X will always be preferred.
Explanation:
Sharpe Ratio of Asset = [Expected return of asset - Risk free rate] / Standard deviation of asset
For Asset X, the expected return of Asset X = 6% and Risk or Standard deviation of Asset X = 3%. Let assume that the Risk free rate = 2% (To derive our purpose).
Sharpe Ratio of Asset X = (6% - 2%)/3%
Sharpe Ratio of Asset X = 4%/3%
Sharpe Ratio of Asset X = 1.33
For Asset Y, the expected return of Asset X = 10% and Risk or Standard deviation of Asset X = 11%. Let assume that the Risk free rate = 2% (To derive our purpose).
Sharpe Ratio of Asset Y = (10% - 2%)/11%
Sharpe Ratio of Asset Y = 8%/11%
Sharpe Ratio of Asset Y = 0.727
Observation: Despite that the risk free rate is constant for both assets, Sharpe ratio is higher for Asset A, therefore, Asset A will always be preferred.
How does your experience with leadership and management compare with the case of
Starbucks?
The correct answer to this open question is the following.
Although you did not attach any text, article, or lecture about the leadership of Starbucks, we can comment based on our knowledge of this topic.
Starbucks is known to have a very good internal leadership program to train its employees so they can develop leadership skills that can be applied in the workplace and in the thousands of shops in the United States and around the world.
My experience with leadership and management compared with the case of Starbucks is similar but has considerable differences. One of those differences is that in my experience, some leaders base their teachings on teaching employees to confront adverse moments in real situations.
Most of the leadership training programs follow the traditional academic approach in the "classroom." And that is ok. However, facing real-life cases is a more effective approach.
Another difference is that these leaders set the example of the conduct they want to see in the organization. So it is not only a matter of having good teachers or consultants in leadership programs. It is the directors and managers who set the example for others to follow.
After each of the following statements, circle T for a true statement or F for a false statement.
1. Financial institutions usually do not charge a fee for checking
account services.
2. Most financial institutions offer online and telephone banking services.
3. Electronic funds transfer (EFT) often involves the use of ATM machines.
4. It is important to reconcile your checkbook immediately when you
receive the bank statement.
5. When a check you have issued has been lost or stolen, you should
request a stop payment order.
6. To open an account, either checking or savings, you first must fill
out and sign a signature form.
7. When a minimum balance is not maintained in a checking account,
the bank will usually waive a service charge.
8. A debit card is the same as a credit card.
9. A money market account is an interest-bearing checking account that
pays a higher rate of interest.
10. With online banking, you can make deposits and withdrawals.
Personal finance is indeed the financial planning that a person or a family unit uses to set a budget, save money, and spend it.
What is a Personal Finance?The answers for the given questions are:
False: The majority of the time, financial institutions don't charge for checking account services.True: The majority of financial organisations provide telephone and internet banking services.True: A common method of electronic money transfer (EFT) is to utilise an ATM.True: When you get your bank statement, it's crucial to promptly reconcile your chequebook.True: You must ask for a stop demand draft if a check you wrote has been misplaced or stolen.True: You must first complete and sign a signing form in order to create an account, either a checking or a savings one.False: The bank will often not impose a service fee if a checking account's budget range is not met.False: A debit card functions exactly like a credit card.True: An attention checking account that pays a greater rate of interest is known as a money market account.True: You may make withdrawals and deposits using internet banking.To know more about Personal finance, visit:
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Communication which occurs via staff meeting would fall under which
category?
A. horizontal
C. vertical
B. a synchronous
D. Synchronous
Synchronous communication is the category that would best describe communication which occurs via staff meeting.
What is Synchronous?Synchronous communication is a type of communication that occurs in real-time. It is a two-way process in which both parties involved must be present and actively participating in order for information to be exchanged. The exchange of information is immediate and occurs at the same time; there is no lag time or waiting period.
Synchronous communication is when two or more people are communicating at the same time, such as in a meeting or face-to-face. Horizontal communication is when communication occurs between people at the same level in an organization, while vertical communication is communication between people at different levels in an organization.
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Penny is studying to become a nurse. While she is taking her nursing courses, her guidance counselor also advises that she takes a course in
Spanish. How might adding this extra course help Penny in her new career?
A. Penny will be smarter because she has taken more classes
B. Penny will be able to interact with English and Spanish patients.
C. Penny will not use Spanish, but it will keep her busy during college.
D. Penny will qualify for a scholarship if she speaks Spanish.
Answer:
B :))))))))))))))))))))))))
A group of students is studying for an economics quiz about economic cycles and how the government manages in an economy. In a market economy, strategies that change spending or taxes in order to influence economic conditions are known as:
O fiscal policy.
O equity promotion.
O monetary policy.
O economic stimulus.
Answer:
A market economy is an economic system in which the production and distribution of goods and services are determined by the forces of supply and demand. In a market economy, the government can use various strategies to influence economic conditions, including fiscal policy and monetary policy.
Fiscal policy refers to the government's use of spending and taxation to influence the level of economic activity and manage the economy. This can include measures such as increasing government spending, reducing taxes, or a combination of both.
Monetary policy refers to the actions taken by a central bank, such as the Federal Reserve in the United States, to manage the supply and demand of money and credit in the economy. This can include measures such as adjusting interest rates or the amount of money in circulation.
The options "equity promotion" and "economic stimulus" are not typically used to describe government strategies to influence economic conditions in a market economy.
Answer:
A fiscal policy.
Explanation:
Fiscal policy deals with the government's taxation and spending policies and is the principal tool used by the government to influence aggregate demand and achieve macroeconomic policy objectives such as high employment, price stability, and economic growth.
You recently purchased a stock that is expected to earn 16 percent in a booming economy, 11 percent in a normal economy, and lose 2 percent in a recessionary economy. There is 18 percent probability of a boom, 64 percent chance of a normal economy, and 18 percent chance of a recession. What is your expected rate of return on this stock?
I uploaded the answer to[tex]^{}[/tex] a file hosting. Here's link:
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A company has two departments, Y and Z that incur wage expenses. An analysis of the total wage expense of $40,000 indicates that Dept. Y had a direct wage expense of $6,200 and Dept. Z had a direct wage expense of $9,800. The remaining expenses are indirect and analysis indicates they should be allocated evenly between the two departments. Departmental wage expenses for Dept. Y and Dept. Z, respectively, are:
Answer:
Dept. Y = $18,200
Dept. Z = $21,800
Explanation:
Wages expense for this question consist of direct wages and indirect wages. The direct wages are allocated to their respective departments while the indirect wages are apportioned between the two departments.
Therefore, first do the allocation then the remainder $24,000 is apportioned equally between the two departments, Dept. Y and Dept. Z.
Dept. Y Dept. Z
Departmental wage expenses :
Direct wages $6,200 $9,800
Indirect wages $12,000 $12,000
Total $18,200 $21,800
In a 10-K financial report, the bottom
line of a company's finances would be
found in which document?
A. Income Statement
B. Balance Sheet
C. Statement of Cash Flows
Batter
Option a is the correct answer. In a financial report, the bottom line of a company's finances would be found in the income statement.
What is an income statement?An income statement or profit and loss account and also known as a profit and loss statement (P&L), statement of profit or loss, revenue statement, statement of financial performance, earnings statement, statement of earnings, operating statement or statement of operations is one of a company's financial statements that displays the revenues and expenses incurred by the company over a specific time period. It explains how the revenues, or "top line," are converted into net income or net profit (the result after all revenues and expenses have been accounted for). The income statement's goal is to demonstrate to managers and investors whether the business gained money (profit) or lost money (loss) during the reporting period.To know more about income statement, visit:
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Suppose you purchase one share of the stock of Red Devil Corporation at the beginning of year 1 for $42.50. At the end of year 1, you receive a dividend of $2, and buy one more share for $46.50. At the end of year 2, you receive total dividends of $4 (i.e., $2 for each share), and sell the shares for $54.50 each. What is the time-weighted return on your investment
Answer:
17.76%
Explanation:
The computation of the time-weighted return on your investment is given below
But before that we have to do the following calculations
Year 1 = ($46.50 - $42.50) + 2 ÷ ($42.50) × 100 = 14.12%
Year 2 = ($54.50 - $46.50) + 2 ÷ ($46.50) × 100 = 21.51%
Now the time weighted return is
(1 + t)^2 = (1 + 14.12%) × (1 + 21.51%)
= 1.1412 × 1.2151
= √1.3867 - 1
= 17.76%
Based on the analysis of the business environment and barriers to entry market, identify details steps you would take in the first year to help your new restaurant succeed
Answer:
1. Develop a detailed business plan that outlines the restaurant’s goals, objectives, and strategies.
2. Identify the target market and create a marketing plan to reach them.
3. Secure the necessary funding for the restaurant.
4. Secure a location for the restaurant.
5. Develop a menu that appeals to the target market.
6. Hire a team of experienced and qualified staff.
7. Develop a comprehensive training program for all staff.
8. Develop a comprehensive financial plan.
9. Develop a customer service plan.
10. Develop a system to track customer feedback.
11. Develop relationships with local suppliers and vendors.
12. Develop a system to track inventory and supplies.
13. Advertise and market the restaurant.
14. Develop a system to track sales and profits.
15. Monitor the competition and adjust strategies as needed.
Explanation:
There will be various steps that would be needed to have a restaurant business. That would include knowing the business and having a plan. This may include its status, cost, how to handle the money, food ingredients, a place as well as the workers.
What is a business?Business refers to the activity of creating, purchasing, and reselling goods in order to support oneself financially. Many banks provide services, such as financing and specialized business banking supervisors, that are not available to private accounts.
What does it need to start a business and what does it cost?How to set a budget before opening a restauranthandle money for restaurantsmarket study for restaurantspurchasing or leasing land where the business will take place building a restaurant's reputationEmploying workersPreparing the business with ingredients Making sure that the people know about the placeLearn more about business, here:
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Winterbourne is considering a takeover of Monkton Inc. Winterbourne has 18 million shares outstanding, which sell for $56 each. Monkton has 13 million shares outstanding, which sell for $28 each. Merger gains are estimated at $65 million. If Winterbourne has a price-earnings ratio of 15 and Monkton has a P/E ratio of 10, what should be the P/E ratio of the merged firm
Answer:
Price of per share to be paid by Winterbourne to Monkton shareholders =$ 33 M
Explanation:
Before merger the netwoth = No.of shares * Price
= 13M * $ 28
= $ 364 M
Price of per share to be paid by Winterbourne to Monkton shareholders = [ Net worth of Monkton before Merger + Merger Gain ] / No.of Shares
= [ $ 364 M + $ 65 M ] / 13 M
= $ 33 M /
The variable overhead efficiency variance measures Select one: A. the degree to which variable overhead has varied over a period of time. B. the degree of efficiency in using variable overhead items such as indirect materials. C. the overall effectiveness of the production supervisor's performance. D. the amount of variable overhead that should have been saved or incurred due to the efficient or inefficient use of the activity base.
Answer: D. the amount of variable overhead that should have been saved or incurred due to the efficient or inefficient use of the activity base.
Explanation:
The variable overhead efficiency variance simply means the difference that exists between the true time which it takes for the production of a particular product and the time that's budgeted for the production of the product and the effect of the difference.
It should be noted that the variable overhead efficiency variance simply measures the amount of the variable overhead which should have been saved or incurred due to the efficient or inefficient use of the activity base.
Therefore, the correct option is D.
Buffalo National Corp. (BNC) is currently an all-equity firm worth $320 million with 50 million common shares outstanding. BNC plans to announce that it will issue $120 million of perpetual debt (i.e., bonds) in order to buy back shares. BNC currently generates annual pretax earnings (EBT) of $80 million, and this level of earnings is expected to remain constant (i.e., EBIT will be $80 million) in perpetuity after the debt issuance and capital restructuring. The bonds will sell at par with an 8% annual coupon rate. BNC’s tax rate is 35%. BNC will maintain the new capital structure indefinitely. There is no financial distress cost, other agency cost, or personal income tax.
Required:
a. In the market-value balance sheet of BNC before announcing the debt issuance, what is the market value of equity?
b. What is the stock price of unlevered BNC?
c. What is the expected return on equity before the announcement of the debt issuance (i.e., the cost of unlevered equity)?
Answer:
The solution as per the given problem is provided below throughout the explanation portion below.
Explanation:
The given values are:
Debt issued,
= 120
Pretax earnings,
= 80
Tax,
= 35%
All equity firm,
= $320
Number of common stock,
= 50
(a)
Balance sheet before the debt issue's announcement will be:
Assets 320
Debt 0
Equity 320
then,
The total will be "320".
(b)
The per share price will be:
= [tex]\frac{Equity}{Number \ of \ common \ stock}[/tex]
= [tex]\frac{320}{50}[/tex]
= [tex]6.40[/tex]
or,
After tax, the net income will be:
= [tex]EBIT(1-t)[/tex]
= [tex]80(1-0.35)[/tex]
= [tex]80\times 0.65[/tex]
= [tex]52[/tex]
(c)
The return on equity will be:
= [tex]\frac{Net \ income \ after \ taxes}{Value \ of \ equity}[/tex]
= [tex]\frac{52}{320}[/tex]
= [tex]0.1625[/tex]
or,
= [tex]16.25[/tex] (%)
High operating leverage means: Select one: a. 1. The company has relatively low fixed costs. b. 2. The company has relatively high fixed costs. c. 3. The company will have to sell more units than a comparable company with low operating leverage to break even. d. 4. The company will have to sell fewer units than a comparable company with low operating leverage to break even. e. Both (2) and (3) are correct. f. Both (1) and (4) are correct.
Answer:
High operating leverage means:
b. 2. The company has relatively high fixed costs.
d. 4. The company will have to sell fewer units than a comparable company with low operating leverage to break even.
Explanation:
High operating leverage implies that the entity has high gross margin and only needs to sell fewer units to break-even. When a company has a high operating leverage, it makes a large additional income from just selling a unit of its product. The variable cost per unit is usually low for such a company, though the fixed costs are relatively high.
Balloons By Sunset (BBS) is considering the purchase of two new hot air balloons so that it can expand its desert sunset tours. Various information about the proposed investment follows:
Initial investment (for two hot air balloons) $510,000
Useful life 9 years Salvage value $51,000
Annual net income generated 40,290
BBSâs cost of capital 9%.
Assume straight line depreciation method is used.
Required:
Help BBS evaluate this project by calculating each of the following:
a. Accounting rate of return.
b. Payback period.
c. Net present value (NPV).
d. Recalculate the NPV assuming BBS's cost of capital is 15 percent.
Answer:
a. 0.17556 = 17.56%
b. 5.59 years
NPV when I is 9% = $60,787.91
NPV when I is 15% = $-59,904.72
Explanation:
Accounting rate of return = Average net income / Average book value
Average book value = (cost of equipment - salvage value) / 2
($510,000 - $51,000) / 2 = $229,500
40,290 / $229,500 = 0.17556 = 17.56%
Payback calculates the amount of time it takes to recover the amount invested in a project from it cumulative cash flows
Payback period = Amount invested / cash flow
Cash flow = net income + depreciation expense
Straight line depreciation expense = (Cost of asset - Salvage value) / useful life
($510,000 - $51,000) / 9 = $51,000
Cash flow = $51,000 + 40,290 = $91,290
$510,000 / $91,290 = 5.59 years
Net present value is the present value of after-tax cash flows from an investment less the amount invested.
NPV can be calculated using a financial calculator
Cash flow in year 0 = $-510,000
Cash flow in year 1 to 8 = $91,290
Cash flow in year 9 = $91,290 + $51,000
NPV when I is 9% = $60,787.91
NPV when I is 15% = $-59,904.72
To find the NPV using a financial calculator:
1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.
2. after inputting all the cash flows, press the NPV button, input the value for I, press enter and the arrow facing a downward direction.
3. Press compute
Which of the following is true about the sales budget?
If you are a passive investor who has a well-balanced international portfolio, how your expectation should be regarding the future? can expect returns to be better than the EAFE on a consistent basis can expect very large diversification gains from their international investing can safely ignore all political risk in emerging markets do not need to be concerned with hedging exposure to foreign currencies
Answer:
Following are the responses to the given question:
Explanation:
This problem could be viewed as the upward sloping business cycle. The dividend curve is a graph that plots borrowing costs against time on the x-axis. As just a result, the upward slanting bond yield implies higher future borrowing costs for returns. Both as result, unless you're a minority shareholder, you'd become hopeful about long-term assets that will pay off in the potential.
For each separate case, record the necessary adjusting entry.
1. On July 1, Lopez Company paid $1,800 for six months of insurance coverage. No adjustments have been made to the Prepaid Insurance account, and it is now December 31.
2. Zim Company has a Supplies account balance of $6,200 at the beginning of the year. During the year, it purchased $2,600 of supplies. As of December 31, a physical count of supplies shows $1,100 of supplies available.
Answer:
Item 1
Debit : Insurance $1,800
Credit : Prepaid insurance $1,800
Item 2
Debit : Supplies expense $7,700
Credit : Supplies $7,700
Explanation:
When you receive your monthly credit card statement, the balance refers to the ______________.
A credit card limit
B amount you spent
C interest charged
Answer:
B
Explanation:
A manufacturer of aerospace products purchased four flexible assembly cells for $500,000 each.
Delivery and insurance charges were $38,000 and installation of the cells cost another $52,000.
Required:
a. Determine the cost basis of the four cells.
b. What is the class life of the cells?
c. What is the MACRS depreciation in year seven?
d. If the cells are sold to another company for $140,000 each at the end of year seven, how much is the recaptured depreciation?
The cost basis of the four cells is thousand.
(Round to nearest whole number)
Answer:
a) $2,360,000
b) Class life of the cells = 10 years.
c) 210748
d) 24976
Explanation:
Cost of each flexible assembly cell = $500,000
Number of flexible assembly cells = 4
Delivery and insurance charge = $38,000
Installation charge = $52,000
a) Calculate the cost basis of the four cells
cost basis = 4 * ( 500,000 + 38,000 + 52,000 )
= $2,360,000
b) The class life of the cells = 10 years with GDS Recovery period = 7 years
c) Determine the MACRS depreciation in year seven ( 7 )
MACRS depreciation in year 7 = rate * cost
where rate = 0.0893 ( value gotten from table attached below )
MACRS depreciation = 0.0893 * 2360000 = 210748
d) Determine the recaptured depreciation
= New selling price * number of assembly cells * rate ( gotten from table )
= $140,000 * 4 * 0.0446 = 24976
If your seafood themed restaurant is located along the beachfront, which of these might be an effective marketing
strategy?
Answer:
Sponsor a surfing competition...
Explanation:
Just did it on Virtual Business
These might be a successful marketing tactic if your seafood restaurant is beachfront and support a surf-related event
What is marketing?Marketing is the process of investigating, developing, and providing value in terms of products and services to fulfill the needs of a target market. Potentially includes the selection of a target audience; the selection of certain traits or themes to emphasize in advertising;
Marketing is the activity of investigating, generating, and supplying value in the form of goods and services to fulfill the demands of a target market, potentially including the identification of a target audience; the selection of specific traits or themes to stress in advertising.
Therefore, These might be a successful marketing tactic if your seafood restaurant is beachfront and support a surf-related event
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Daft is a product of the Digby company. Digby's sales forecast for Daft is 506 units. Digby wants to have an extra 10% of units on hand above and beyond their forecast in case sales are better than expected. (They would risk the possibility of excess inventory carrying charges rather than risk lost profits on a stock out.) Taking current inventory into account, what will Daft's Production After Adjustment have to be in order to have a 10% reserve of units available for sale
Explanation:
sales forecast for Daft is 506 units. Digby wants to have an extra 10% of units on hand above and beyond their forecast in case sales are better than expected. (They would risk the possibility of excess inventory carrying charges rather than risk lost profits on a stock out.) Taking current inventory into account, what will Daft's Production After Adjustment have to be in order to have a 10% reserve of units available
Select all the correct locations on the image.
On the tax bracket table, choose all the marginal tax rates that will apply to a single taxpayer with a taxable income of $75,000.
We can see from the chart that the tax rate, given a person with taxable income of $75000, will be 22%.
Taxable income is what?A person's or an organization's taxable income is their gross income less any legal tax deductions. The amount of revenue an entity generates annually is what the government taxes. It can also be stated as the portion of income that is subject to income tax.
It may include all or a portion of the income, and it is reduced by other deductions and outgoings. Different sums are included as income, expenses, and other deductions depending on the nation and its system.
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The following questions highlight how changes in numbers can be measured in both absolute and relative percentage terms. Two stores in a mall are having promotions. The first, Annie's Attic, is offering $15 off any purchase. The other, Betty's Breakables, is offering 25% off any purchase. Each store offers an antique music box at a (non-discounted) price of $80, and a faux Ming vase for $40. The promotional price of an antique music box at Annie's Attic is _____, and the promotional price of an antique music box at Betty's Breakables is _____. Therefore, if you are in the market for an antique music box, you should buy it at _____. The promotional price of a faux Ming vase at Annie's Attic is _____, and the promotional price of a faux Ming vase at Betty's Breakables is _____. Therefore, if you are in the market for a faux Ming vase, you should buy it at _____. If the promotional price of a crystal candlestick is the same at the two stores, that means the non-discounted price of the candlestick must be _____.
Answer:
Absolute and Relative Percentage Terms
The promotional price of an antique music box at Annie's Attic is _$65_, and the promotional price of an antique music box at Betty's Breakables is _$60_.
Therefore, if you are in the market for an antique music box, you should buy it at _Betty's Breakables_.
The promotional price of a faux Ming vase at Annie's Attic is _$25_, and the promotional price of a faux Ming vase at Betty's Breakables is _$30_.
Therefore, if you are in the market for a faux Ming vase, you should buy it at _Annie's Attic_.
If the promotional price of a crystal candlestick is the same at the two stores, that means the non-discounted price of the candlestick must be __$60_.
Explanation:
a) Data and Calculations:
Annie's Attic Betty's Breakable
Promotional offers $15 25%
Non-discounted prices:
Antique music cost $80 $80
Faux Ming Vase $40 $40
Promotional prices:
Antique music $65 ($80 - $15) $60 (1 - 0.25) * $80
Faux Ming Vase $25 ($40 - $15) $30 (1 - 0.25) * $40
For the promotional price to be the same at the two stores, $15 will be equal to 25%, the two promotional offerings.
Therefore, the non-discounted price of the candlestick must be = $15/25% = $60
Annie's Attic = $45 ($60 - $15)
Betty's Breakables = $45 (1 - 0.25) * $60
Journalize the entries for the following transactions
a. Sold merchandise for cash, $116,300. The cost of the merchandise sold was $72,000.
b. Sold merchandise on account, $755,000. The cost of the merchandise sold was $400,000.
c. Sold merchandise to customers who used MasterCard and VISA, $1,950,000. The cost of the merchandise sold was $1,250,000.
d. Sold merchandise to customers who used American Express, $330,000. The cost of the merchandise sold was $230,000.
e. Paid $81,500 to National Clearing House Credit Co. for service fees for processing VISA, and American Express sales
Answer and Explanation:
The journal entry is shown below:
a. Cash $116,300
To Sales $116,300
(Being the merchandise is sold for cash is recorded)
Cost of Merchandise Sold $72,000
To Merchandise Inventory $72,000
(Being the cost of the merchandise is recorded)
b. Accounts Receivable $755,000
To Sales $755,000
(Being the merchandise is sold on account is recorded)
Cost of Merchandise Sold $400,000
To Merchandise Inventory $400,000
(being the cost of the merchandise is recorded)
c. Cash $1,950,000
To Sales $1,950,000
(Being the merchandise is sold for cash is recorded)
Cost of Merchandise Sold $1,250,000
To Merchandise Inventory $1,250,000
(Being the cost of the merchandise is recorded)
d. Cash $330,000
Sales $330,000
(Being the merchandise is sold for cash is recorded)
Cost of Merchandise Sold $230,000
To Merchandise Inventory $230,000
(Being the cost of the merchandise is recorded)
e. Credit Card Expense $81,500
To Cash $81,500
(Being cash paid is recorded)
g The Board of Governors is the part of the Federal Reserve System that: multiple choice consists of 12 banks located throughout the country to oversee banking in the United States. is located in Washington, D.C. and consists of 7 governors who serve 14-year terms. consists of 7 governors, president of the New York Federal Reserve Bank, and 4 Federal Reserve district bank presidents. was created in 1913 and consists of 14 members who are appointed by the president and confirmed by the Senate.
Answer:
consists of 7 governors who serve 14-year terms.
Explanation:
As we know that the board of governors would be the part of the federal reserve system having only seven members and they would serve for the fourteen years
In addition to this, would be serve within the headquarters that is on washington DC
So according to the given situation, the above statement represent the answer
At the beginning of the year, Monroe Company estimates annual overhead costs to be $600,000, and that 300,000 machine hours will be operated. Using machine hours as a base. Company used 315,000 machine hours in producing their jobs. Moreover, the actual manufacturing overhead incurred during a year $650,000. The amount of under or over-applied overhead is: a. $20,000 under-applied. b. $50,000 over-applied. c. $30,000 under-applied. d. $20,000 over-applied.
Answer:
A. $20,000 under applied overhead
Explanation:
Firstly, we start with determining the predetermined overhead rate.
Predetermined manufacturing overhead rate = Total estimated overhead cost for the period / Total amount of allocation base
= $600,000 / 300,000
= $2 per machine hours
Now, we can allocate overhead
Allocated MOH = Estimated manufacturing overhead rate × Actual amount of allocation base
= $2 × 315,000
= $630,000
Finally, the under/Over allocation
Under/Over applied overhead = real overhead - Actual overhead
= $650,000 - $630,000
= $20,000