Answer:
The correct answer is letter "A": importing.
Explanation:
Importing activities involve businesses or individuals purchasing goods from manufacturers abroad with the purpose of reselling those goods or for personal use. Importing goods imply paying tariffs on those products as a way to protect national businesses.
The West European buyers who purchase and resell Entrée Specialités’ food products in their home countries are in the importing business. An import business involves buying goods from another country and bringing them into your own country for resale or distribution.
Explanation:The West European buyers who purchase and resell Entrée Specialités’ food products in their home countries are in the importing business.
An import business involves buying goods from another country and bringing them into your own country for resale or distribution. In this case, the West European buyers are importing Entrée Specialités’ food products from another country (presumably the United States) and reselling them in their home countries.
Examples of import businesses include retailers who import clothing or electronics from overseas manufacturers and sell them to customers in their home countries.
If the price of good A decreases by 10 percent and the quantity demanded of good B increases by 10 percent, this is evidence that goods A and B are :
a. substitute goods
b. complement goods
c. inferior goods
d. normal goods
e. not related
Answer:
b. complement goods
Explanation:
Complement goods -
These are the type of goods , that are related to each other in a certain manner , is referred to as complement goods.
These type of good are also referred to as paired goods or associated goods .
In case of complement goods , if a person buys first good , then he might require the second good too.
These goods can even alters the prices of each other .
For example ,
people buying a CD player , need to buy the corresponding CD too , and hence ,
CD player and CD are complement goods.
Hence , from the given scenario of the question,
The correct option is b. complement goods .
A complementary good is a good whose use is related to the use of an associated or paired good. Two goods (A and B) are complementary if using more of good A requires the use of more of good B.
The field of accounting that reports according to generally accepted accounting principles (GAAP) is called:cost accounting.financial accounting.managerial accounting.responsibility accounting
Answer:
Financial accounting
Explanation:
The Generally accepted accounting principle (GAAP) is the standard, principles and procedures that accountant must follow or adhere to when compiling financial statements. The major objective of GAAP is to make the accounting process uniform so financial reports are comparable from one company to another.
The branch of accounting that adheres to GAAP is financial accounting. It prepares necessary financial statements to deliver comprehensive economic data to stakeholders.
Explanation:The field of accounting that reports according to generally accepted accounting principles (GAAP) is called financial accounting. Financial Accounting focuses on the preparation of financial statements for an entity, which should be in accordance with relevant standards and regulations like GAAP. These financial statements are vital as they provide information to stakeholders such as investors, creditors, and regulators about the overall financial performance and position of the entity. Unlike managerial or cost accounting, financial accounting deals more with historical data and is universal, meaning the procedures are the same across the globe.
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Packaging Solutions Corporation manufactures and sells a wide variety of packaging products. Performance reports are prepared monthly for each department. The planning budget and flexible budget for the Production Department are based on the following formulas, where q is the number of labor-hours worked in a month: Cost Formulas Direct labor $16.40q Indirect labor $4,100 + $1.30q Utilities $5,400 + $0.80q Supplies $1,600 + $0.20q Equipment depreciation $18,200 + $2.70q Factory rent $8,300 Property taxes $2,900 Factory administration $13,600 + $0.60q The Production Department planned to work 4,100 labor-hours in March; however, it actually worked 3,900 labor-hours during the month. Its actual costs incurred in March are listed below: Actual Cost Incurred in March Direct labor $ 65,560 Indirect labor $ 8,610 Utilities $ 9,070 Supplies $ 2,630 Equipment depreciation $ 28,730 Factory rent $ 8,700 Property taxes $ 2,900 Factory administration $ 15,290 Required:
1. Prepare the Production Department’s planning budget for the month.
2. Prepare the Production Department’s flexible budget for the month.
3. Prepare the Production Department’s flexible budget performance report for March, including both the spending and activity variances.
Answer:
1) Planning Budget
Packaging Solutions Corporation
Production Department Planning Budget
For the Month Ended March 31
Direct labor 66010
Indirect labor 10240
Utilities 8270
Supplies 2520
Equipment depreciation 29890
Factory rent 8400
Property taxes 2600
Factory administration 16380
Total expense 144310
2) Flexible budget :
Packaging Solutions Corporation
Production Department Flexible Budget
For the Month Ended March 31
Direct labor 62790
Indirect labor 9960
Utilities 8130
Supplies 2480
Equipment depreciation 29310
Factory rent 8400
Property taxes 2600
Factory administration 16220
Total expense 139890
3.Packaging Solutions Corporation
Production Department Flexible Budget Performance Report
For the Month Ended March 31
Spending Variances
Direct labor 1540 U
Indirect labor 540 F
Utilities 530 U
Supplies 250 U
Equipment depreciation None
Factory rent 400 U
Property taxes None
Factory administration 610 F
Total expense 1570 U
Explanation:
Based on the information given from the question, the planning budget will look like the following
1) Planning Budget
Packaging Solutions Corporation
Production Department Planning Budget
For the Month Ended March 31
Direct labor 66010
Indirect labor 10240
Utilities 8270
Supplies 2520
Equipment depreciation 29890
Factory rent 8400
Property taxes 2600
Factory administration 16380
Total expense 144310
2) Flexible budget :
Packaging Solutions Corporation
Production Department Flexible Budget
For the Month Ended March 31
Direct labor 62790
Indirect labor 9960
Utilities 8130
Supplies 2480
Equipment depreciation 29310
Factory rent 8400
Property taxes 2600
Factory administration 16220
Total expense 139890
3.Packaging Solutions Corporation
Production Department Flexible Budget Performance Report
For the Month Ended March 31
Spending Variances
Direct labor 1540 U
Indirect labor 540 F
Utilities 530 U
Supplies 250 U
Equipment depreciation None
Factory rent 400 U
Property taxes None
Factory administration 610 F
Total expense 1570 U
To prepare the Production Department’s planning and flexible budgets, use the provided cost formulas and plug in the planned or actual number of labor-hours. Compare the actual costs to the flexible budget to calculate the spending and activity variances.
Explanation:To prepare the Production Department’s planning budget for the month, we can use the cost formulas provided. The planning budget is based on the expected number of labor-hours worked. For each cost category, we can plug in the planned number of labor-hours (4,100) into the corresponding formula to calculate the total planned cost. Summing up the costs for each category gives us the planning budget.
To prepare the Production Department’s flexible budget for the month, we can use the same cost formulas but plug in the actual number of labor-hours worked (3,900) instead. Again, we calculate the total cost for each category and sum them up to get the flexible budget.
The flexible budget performance report for March can be prepared by comparing the actual costs incurred to the costs in the flexible budget. We calculate the spending variances by subtracting the actual costs from the flexible budget costs. Similarly, we calculate the activity variances by subtracting the flexible budget costs from the planning budget costs.
You would like to have enough money saved after your retirement such that you and your heirs can receive $100,000 per year in perpetuity. How much would you need to have saved at the time of your retirement in order to achieve this goal? (Assume that the perpetuity payments start one year after the date of your retirement. The annual interest rate is 12.5 percent.)
Answer:
$900,000
Explanation:
Given that,
Perpetuity payment = $100,000
Annual interest rate = 12.5 percent
Total value of investment should be:
= Perpetuity payment ÷ Annual interest rate
= $100,000 ÷ 0.125
= $800,000 (should be as balance on the date of retirement)
The first payment of $100,000 should be on the date of retirement
Therefore,
Total investment on the date of retirement should be:
= $800,000 + $100,000
= $900,000
To receive $100,000 annually in perpetuity with an interest rate of 12.5%, you would need to have saved $800,000 at the time of your retirement. This is calculated by dividing the desired annual payment by the interest rate.
Explanation:The subject of this question relates to finance, particularly the concept of perpetuity. Perpetuity is an infinite series of payments or cash flows that occur at regular intervals. In this case, the student wants to find out how much they need to save by retirement to receive $100,000 every year indefinitely, with an annual interest rate of 12.5%.
To calculate this, we can use the formula of Perpetuity Value = Payment / Interest rate. Here the payment is $100,000 and the interest rate is 12.5% or 0.125. Let's plug these into the formula:
Perpetuity Value = 100,000 / 0.125 = $800,000.
So you would need to have saved $800,000 by retirement to achieve your goal of getting $100,000 per year in perpetuity.
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An online investment blogger advises investing in mutual funds that have performed badly the past year because 'regression to the mean tells us that they will do well next year.'
Is he correct?
Answer:
The correct answer is: No, he is not correct.
Explanation:
Regression to the mean is a statistical phrase that tries to explains that is something happened at the first attempt, it is likely to happen again at a second attempt and if it happens at the second attempt it is because it almost happened at the first attempt.
Then, following the concept of regression to the mean, if a mutual fund performed badly on the last period, it is likely to perform even worse in the current period. Thus, the online investment blogger is wrong.
Regression to the mean doesn't assure a poorly performing mutual fund will do well in the subsequent year. Investment decisions should be based on thorough research, and an understanding of the investment vehicle and market conditions.
Explanation:The advice given by the online investment blogger is based on a concept in statistics referred to as 'regression to the mean.' This phrase says that a variable will often be less distant from the average on its subsequent measurement if it is severe on its first measurement. However, applying this principle to stock market investments is not always accurate. The performance of mutual funds in a previous year does not necessarily predict their performance in the subsequent year.
Mutual fund performance is dependent on numerous factors, including the expertise of the fund manager, the state of the economy, company performance, and sector trends. A fund doing poorly one year might improve the following year, but it could also continue to do poorly. So, it's crucial to consider more than just past performance when choosing investments.
Investment decisions should be based on thorough research and a comprehensive understanding of the investment vehicle and the market conditions, not solely on statistical phenomena like 'regression to the mean.'
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Several years ago MMM Company borrowed money through a bond issue with the following features. Each individual bond has a $1,000 par value and a 9% annual coupon interest rate, with interest paid semi-annually (twice per year), and will mature five years from today.
What price should someone who requires an 8% annual rate of return (yield to maturity) be willing to pay for one of these bonds?
Answer:
$1040.56
Explanation:
A bond is debt instrument issued by a borrower which promises to pay the holder regular interest for the holding period and the terminal value at the end of the period.
According to the discounted cash flow model, the value of an asset is the present value of the future cash flows arising from the assets discounted at the required rate of return.
Present value is the worth today of an amount expected in the future.The process of calculating the present value is called discounting
To calculate the price of this bond, we shall discount the future cash flows using the required return of 8% per annum, which is the same as 4% per six-month
Interest payment per 6 month = (9% × $1000)/2= $45
PV of interest payment = 45 × (1- (1.04)^(-2×5))/0.04)= 364.995
PV of redemption value = 1000 × 1.04^(-2× 5) = 675.56
Price of the bond 1040.56
Students in the United States consistently score ________ on international assessments of mathematics and science than do students in other industrialized and even some nonindustrialized nations.
Answer: The correct answer is "lower".
Explanation: Students in the United States consistently score lower on international assessments of mathematics and science than do students in other industrialized and even some nonindustrialized nations.
You express your concern for Alexei's girlfriend and her family without asking personal questions. When Alexei seems surprised that you didn't know about the situation, you are confused. Don't you know?
Answer:
You heard from someone and you were not sure.
Explanation:
In case that you did knew about the situation but you are not telling that to Alexei, you need to come up with a plausible explanation. The best explanation is that you had heard of the situation briefly from a friend or a colleague at work. However, you weren't completely sure of the situation and found it impolite to inquire from Alexei. Being certain that there is a problem, you are expressing your concern and well wish for Alexei's girlfriend and her family.
The basic competencies of selling that are required of top professional salespeople include selling skills and _________.a. Accounting knowledgeb. Product knowledgec. Ethical social responsibilityd. Interpersonal communication
Answer:
The correct answer is (d)
Explanation:
Interpersonal communication skills are considered vital for marketing professionals, and companies usually arrange workshops and seminars to improve the interpersonal skills of their marketing employees. Apart from selling skills, interpersonal skills are vital to become a top professional salesman. The face to face communication is all about interpersonal skills which include verbal and non-verbal actions that help to attract more customers.
Planter Corporation used debentures with a par value of $566,000 to acquire 100 percent of Sorden Company's net assets on January 1, 20X2. On that date, the fair value of the bonds issued by Planter was $550,000. The following balance sheet data were reported by Sorden:
Balance Sheet Item Historical Cost Fair Value
Assets
Cash & Receivables $59, 000 $53, 000
Inventoy 101, 000 203, 000
Plant & Equipment 413,000 310,000
Less: Accunulat ed Depreciation (168,000)
Goodwill 13,000
Total Assets $480, 000 $675, 000
Liabilities and Equities
Accounts Payable $47,000 $47,000
Common Stock 89,000
Additional Paid-In Capital 60, 000
Retained Eamings 284, 000
Total Liabilities& Equities $ 480,000
Required:
1. Determine the amount Planter Corporation would record as a gain on bargain purchase and prepare the journal entry Planter would record at the time of the exchange. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Answer:
$78,000
Explanation:
The journal entry is shown below:
Cash & Receivables A/c Dr $53,000
Inventory A/c Dr $203,000
Land A/c Dr $109,000
Plant & Equipment A/c Dr $310,000
Discount on Bonds payable A/c Dr $16,000 ($566,000 - $550,000)
To Account payable $47,000
To Bond payable $566,000
To gain on purchase $78,000
(Being the exchange is recorded and the balancing figure is credited to gain on purchase account)
The computation of gain on purchase account would be
= Fair value of assets - fair value of account payable - fair value of the bonds issued by Planter
= $675,000 - $47,000 - $550,000
= $78,000
Note: The land historical cost and fair value is $62,000 and $109,000 respectively
This information is not given in the question
The work of the Holy Spirit in the life of the individual believer regarding the interpretation and application of Scripture is known as ________
Answer:
illumination.
Explanation:
The work of illumination of the holy spirit corresponds to the divine assistance of the ministry of the Holy Spirit so that the believer may have wisdom to understand and apply in his life the information and revelations contained in the sacred scriptures.
Reading the Bible is extremely important for believers, but according to the scripture, human understanding is not sufficient for understanding the word, so the holy spirit illuminates what is already revealed in the scriptures, so that in a reading and biblical study, there is divine interference to enter the minds of believers and provide knowledge and interpretation of the word of God, so that the bible is an instrument of salvation and faith.
Leah has just handed in a major required report to her professor, and after careful scrutiny, the professor finds numerous instances of plagiarism. If the school policy and the professor's personal perspective follow a principles-based approach, Leah should be charged and suffer whatever penalty is prescribed by school policy.A. True
B. False
Answer:
The correct answer is letter "A": True.
Explanation:
A principles-based approach aims to apply regulations that have been implemented. The practice consists of taking a strict set of rules and enforcing them in different ways according to the problematic situation. It could be flexible but eventually ends making the rule to be effective.
In the past 5 years, the cost of producing 4K televisions has decreased. At the same time, many consumers are opting to watch television programs on their smartphones, tablets or laptops. Considering these two facts, assess the following claim: "The price of 4K TVs are decreasing, but it is not clear whether the quantity of 4K televisions bought and sold have increased or decreased." a. Correctb. Incorrect
Answer:
Correct.
Explanation:
If the cost of production of 4K televisions decreases then as a result this will increase the supply of 4K televisions and shifts the supply curve of 4K televisions rightwards.
At the same time, there is a unfavorable change in the consumer preference. Now, consumers prefer to watch television programs on their smartphones, tablets or laptops. This will shift the demand curve of 4K televisions leftwards.
Therefore, there is a fall in the equilibrium price level and the effect on equilibrium quantity is ambiguous because it depends upon the magnitude of the shifts of demand and supply curve.
There are four basic principles of finance. Which principle correctly describes the following statement: "A dollar today is worth more than a dollar received in the future. Conversely, a dollar received in the future is worth less than a dollar received today"?
Answer:
Time value of money
Explanation:
The ability of money kept in a savings deposit to earn interest over time and the increase in the total interest in line with the length of time, brought us to a conclusion that an amount of money to be received now, that is in the present, is worth more than the same amount if received in the future.
The increase in the value of money as a result of interest earned on it, increases the value of money, this concept is what is referred to time value of money.
3F − is bigger than F because
1. F − has one more electron so there is less effective shielding of the nuclear charge.
2. F − has one more electron which causes greater electron repulsions in the outer orbitals, thus expanding the electron cloud.
3. F − has one less electron so there is more effective shielding of the nuclear charge.
4. F − has one more electron which causes less electron repulsions in the outer orbitals, thus expanding the electron cloud.
5. F − has one less electron so there is less effective shielding of the nuclear charge
The fluoride ion (F-) is larger than the neutral fluorine atom due to increased electron repulsion from an extra electron and less effective nuclear charge.
Explanation:The ion F− or fluoride ion is larger than the neutral fluorine atom (F), primarily due to two reasons. The first reason is the addition of one extra electron into the outer orbitals of the F− ion which causes greater electron repulsion, expanding the electron cloud and making it larger than the neutral F atom. The second reason is due to the fact that the F−ion now has a greater number of electrons compared to protons, leading to less effective nuclear charge and fewer forces pulling the electrons close to the nucleus, thus increasing the size.
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What do you think would be the greatest challenge in maintaining a Job-Order Costing system for a manufacturing company?
Answer:
To calculate the predetermine overhead rate
Explanation:
As we know that
Predetermined overhead rate = (Total estimated manufacturing overhead) ÷ (estimated direct labor-hours or estimated machine hours)
Plus if we talk about the manufacturing overhead, it is an indirect cost which could not be easy to trace the cost to a specific job or task
And the fixed cost would remain unchanged although the number of production units changes and the average cost per unit also changes due to changes in the production level
These reasons could be the greatest challenge.
On November 30, 2019, Constance purchased an apartment building for $750,000 (assume this is the Depreciable Cost excluding any Land valuation). Determine her cost recovery deduction for 2019 rounded to the nearest dollar.
Answer:
$3,412.5
Explanation:
Since the property is purchased by Constance in the month of November, therefore it was not in service for the whole year of 2019 and accordingly the cost deduction rate for the month of november which is 0.455% shall be used for the purpose of calculating Constance cost recovery deduction for the year ended 2019.
Cost recovery deduction for 2019=Purchased amount*0.455%
=$750,000*0.455%=$3,412.5
Consider the economy of Arcadia. Its households spend 75% of increases in their income. There are no taxes and no foreign trade. Its currency is the are. Potential output Is 600 billion arcs (Scenario: Fiscal Policy) Look at the scenario Fiscal Policy. If actual output Is 500 billion arcs, to restore the economy to potential output government should by 25 billion arcs.
a. increase spending
b. increase taxes
c. decrease spending
d. decrease taxes
Answer:
Consider the economy of Arcadia. Its households spend 75% of increases in their income. There are no taxes and no foreign trade. Its currency is the are. Potential output Is 600 billion arcs (Scenario: Fiscal Policy) Look at the scenario Fiscal Policy. If actual output Is 500 billion arcs, to restore the economy to potential output government should by 25 billion arcs.
increase taxes
Explanation:
Identify one environmental factor or risk that affects the decision-making opportunities within your organization. Provide a brief description of the concerns and potential solutions for addressing the concerns or risks. Are there financial requirements that must be considered when processing decisions within a company?
Answer:
Explanation:
Businesses can be affected by various environmental facors as political, economic, social and technological facors (PEST). All of these factors influence the decision making within the organization.
Let's briefly describe each of the factors:
1. Political factors: In some countries there are subsidiaries and tax exemptions for running a particular businesses. For example, tax exemptions for those doing green business or producing electric cars. In order to adress such risks, business people should investigate about legislation and political environment of countries.
2. Economic factors: Businesses are affected by economic well being of the market where it is based. For example, market largely differs in European ccountries and Central Asian countries. Most of the countries in Central Asia are developing countries, whereas European countries are developed and have economic stability. To handle such risks, businessman should research the potential markets on the issues of inflation rate, average income of people and etc.
3. Social factors: How society views the markets and what it demands. Some support green initiatives and want zero waist products and etc.
4. Technological environment: In case of electro cars, if there are no energy for charging them that could be the potential issue. Or if market is not really technologically advanced, business will need to educate the market about their innovational products and etc.
In order to manage such concerns there should be particular research and investigations held and of course financial requirements are important and should be met for budgeting purposes.
Which of the following is not involved with the demographic component of an organization's external environment?
A) gender
B) income
C) values
D) race
Answer:
The correct answer is letter "C": values.
Explanation:
The demographic components of an organization's external environment are composed of those features of the people that do not belong to the firm. Those features can be measured and represent information from where companies can determine what their target population could be.
In that case, as values cannot be measured, they do not fall into this category. Gender, income, and race do.
There are different aspects or component of demographic environment. The option that is not involved with the demographic component of an organization's external environment is values.
Demographic analysis is simply known to be the study of a population using the factors such as age, race, and sex.
Demographic data are therefore any socioeconomic information that is often shown statistically such as employment, education, income, etc.
Some examples of demographics are age, race, ethnicity, gender, marital status, income, etc. and therefore values is not one of them.
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Tyare Corporation had the following inventory balances at the beginning and end of May:
May 1 May 30
Raw materials $ 32,500 $ 44,000
Finished Goods $ 82,000 $ 80,000
Work in Process $ 20,500 $ 17,578
During May, $65,500 in raw materials (all direct materials) were drawn from inventory and used in production. The company's predetermined overhead rate was $12 per direct labor-hour, and it paid its direct labor workers $15 per hour. A total of 440 hours of direct labor time had been expended on the jobs in the beginning Work in Process inventory account. The ending Work in Process inventory account contained $7,750 of direct materials cost. The Corporation incurred $44,100 of actual manufacturing overhead cost during the month and applied $43,800 in manufacturing overhead cost.
The amount of direct labor cost in the May 30 Work in Process inventory was:
a. $5,460
b. $9,828
c. $4,368
d. $5,020
The amount of direct labor cost(DLC) in the May 30 Work in Process inventory was $4,368. Thus, option C is appropriate.
In this question, we are given the following information: Raw materials on May 1 = $32,500Raw materials on May 30 = $44,000Direct material used = $58,500Predetermined overhead rate = $12 per direct labor-hourDirect labor rate = $15 per hour direct labor cost(DLC) = 300Direct materials cost in the ending Work in Process inventory account = $7,050Actual manufacturing overhead cost = $42,000Manufacturing overhead cost applied = $39,600Work in Process on May 1 = $20,500Work in Process on May 30 = $17,578We can calculate the total manufacturing cost by adding the direct materials cost, direct labor cost, and manufacturing overhead cost. Then, we can subtract the cost of goods completed from the total manufacturing cost to get the cost of goods in process.
A direct labor cost(DLC) is a component of the wage bill or salary that can be specifically consistently attributed to or related to the production of a good, the completion of completing a specific task, or providing a service.
The term "direct labor cost"(DLC) describes the compensation and benefits paid to employees that may be directly linked to certain goods or services. It covers the price of standard working hours, extra work hours, payroll taxes, jobless tax, Medicare, employment coverage, etc.
Thus, option C is correct.
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World-class businesses use which of these systems to integrate all of a company’s worldwide functions, departments, anddata into a single system?a. Cost standardsb. Enterprise resource planningc Just-in-time managementd. Items a, b, and c are correct
Answer:
All items are correct.
Explanation:
A world-class company is one that uses several integrated factors to improve its activities and processes. Therefore, all alternatives are correct, as these companies stand out for their flexibility and ability to adapt to trends and capitalize on opportunities for their success in the market.
It is necessary that these companies adopt cost behavior patterns so that there is better control and management of the stability or instability of operating and commercial expenses when influenced by different internal and external events.
In order to meet organizational cost standards, an information system that integrates all organizational processes and data into a single system, called Enterprise Resource Planning, must be implemented in the company.
Finally, for better cost management and resource planning, it is the adoption of the just-in-time system, which is the way to produce according to demand, avoiding waste of the process, reducing inventories and making the product arrives at the right destination and at the right time, so that there is a maximum reduction of waste and a culture of continuous improvement is implemented.
According to the Flow of Funds Accounts of the United States, the largest financial asset of U.S. households is ____.
Answer
Real estate
Explanation:
Real estate comprises of land and upgrades, which incorporate structures, apparatuses, streets, structures, and utility frameworks.
Business property alludes to land and structures that are utilized by organizations to do their activity.
It is the property, land, structures, air rights over the land and underground rights beneath the land. The term land implies genuine, or physical, property. "Genuine" originates from the Latin root res, or things.
The U.S. Constitution at first confined democratic rights to just proprietors of land.
Morganton Company makes one product and it provided the following information to help prepare the master budget for its first four months of operations:a.The budgeted selling price per unit is $65. Budgeted unit sales for June, July, August, and September are 9,300, 24,000, 26,000, and 27,000 units, respectively. All sales are on credit.b.Forty percent of credit sales are collected in the month of the sale and 60% in the following month.c.The ending finished goods inventory equals 30% of the following month’s unit sales.d.The ending raw materials inventory equals 20% of the following month’s raw materials production needs. Each unit of finished goods requires 4 pounds of raw materials. The raw materials cost $2.50 per pound.e.Thirty percent of raw materials purchases are paid for in the month of purchase and 70% in the following month.f.The direct labor wage rate is $14 per hour. Each unit of finished goods requires two direct labor-hours.g.The variable selling and administrative expense per unit sold is $1.90. The fixed selling and administrative expense per month is $63,000.2. What are the expected cash collections for July?3. What is the accounts receivable balance at the end of July?4. According to the production budget, how many units should be produced in July?5. If 105,200 pounds of raw materials are needed to meet production in August, how many pounds of raw materials should be purchased in July?6. What is the estimated cost of raw materials purchases for July?7. If the cost of raw material purchases in June is $158,880, what are the estimated cash disbursements for raw materials purchases in July?8. What is the estimated accounts payable balance at the end of July?9. What is the estimated raw materials inventory balance at the end of July?10. What is the total estimated direct labor cost for July assuming the direct labor workforce is adjusted to match the hours required to produce the forecasted number of units produced?11. If the company always uses an estimated predetermined plantwide overhead rate of $9 per direct labor-hour, what is the estimated unit product cost?
The detailed answer provides explanations and calculations for expected cash collections, accounts receivable balance, and production budget for July in the context of a business's master budget preparation.
Expected Cash Collections for July: To calculate this, you need to find the credit sales for June and July, apply the collection percentages provided, and sum them up. In this case, it would be (June credit sales * 40%) + (July credit sales * 60%).
Accounts Receivable Balance at the end of July: This is the amount of money customers owe the company at the end of July. It is calculated as (June credit sales * 60%) + (July credit sales * 40%).
Production Budget for July: You determine this based on the August sales forecast and the required ending finished goods inventory, taking into account the beginning finished goods inventory.
Although GDP is a reasonably good measure of a nation's output, it does not necessarily include all transactions and production for that nation.
Which of the following scenarios is either not accounted for or measured inaccurately by either the income or the expenditure methods of calculating GDP for the United States? Check all that apply.
a. The loss of enjoyment people incur when scenic land is converted to commercial use
b. The value of babysitting services, when the babysitter is paid in cash and the transaction isn't reported to the government
c. Expenditures on federal highways
d. The variety of goods available to consumers
Answer:
A. The loss of Enjoyment People incur when scenic land is converted for commercial use
B. The value of baby sitting services when the baby sitter is paid cash and the transaction isn't reported to the government
D. The variety of goods available to the consumers
Explanation:
The Gross Domestic Product (GDP) represents the total market value monetarily of all finished products or all services that are produced in a country, within its borders and it is measured for a period of time.
The GDP broadly measures this market value and since it represents a broad measurement, there are apparently transactions and productions or even services that won't be adequately measured or accounted for
1. The loss of enjoyment people incur when scenic land is converted to commercial use is a cost that cannot be monetarily valued hence it won't be accounted for
2. The value of babysitting services, when the babysitter is paid in cash and the transaction isn't reported to the government- This will not be measured accurately because not all persons who hire baby sitters will report the transaction
3. The variety of goods available to consumers are numerous and the government will not be able to account for every single one
Final answer:
GDP does not include non-market transactions like the loss of enjoyment from converting scenic land to commercial use or underground economic activities like unreported cash payments for babysitting. However, it does include government expenditures such as spending on federal highways and the total market value of goods but not their variety.
Explanation:
Gross Domestic Product (GDP) is the primary indicator used to gauge the health of a country's economy. However, it has certain limitations and does not capture all economic transactions. The following scenarios are those that GDP, either via the income or the expenditure methods, does not account for accurately:
The loss of enjoyment people incur when scenic land is converted to commercial use, which is not a market transaction and thus not included in GDP.The value of babysitting services, when the babysitter is paid in cash and the transaction isn't reported to the government, represents underground economic activity, which is not included in GDP because it's often unreported.Expenditures on federal highways are accounted for in GDP as government spending.The variety of goods available to consumers does not directly impact GDP as it measures the total market value, not the diversity of products.Economists speaking like scientists make a. positive statements. b. prescriptive statements. c. claims about how the world should be. d. More than one of the above is correct.
Answer:
a. positive statements.
Explanation:
Positive statements is a statement from the field of positive economics that deals with measurement and explanation of economic phenomena, it deals with or studies 'what is' or how the various economics problems of what to produce, how to produce, when to produce and for whom to produce are actually solved. it uses relevant fact for its analysis.
Economists, like scientists, primarily make positive statements, based on observable and measurable facts. They also make normative statements that describe how they believe the world should be, based on values and opinions.
Explanation:When economists speak like scientists, they make positive statements that describe the world as it is, based on observable and measurable facts that can be tested. This approach is rooted in the economic way of thinking which is meant to understand human behavior and how people, firms, and governments act. On the other hand, prescriptive statements or normative statements are those that describe how the world should be, based on subjective opinions and values, and these can't be tested for validity.
Therefore, in answer to your question, more than one option is correct. Economists speaking like scientists make both a. positive statements and b. prescriptive statements. However, they predominantly make positive statements, and their analysis is mostly based on these.
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John Porter is an hourly employee of Motter Company located in New York City. This week, Porter had to travel to the company's regional office in Albany. He left Sunday at noon and arrived in Albany at 3:00 P.M. During the week, he worked his normal 40 hours in the Albany office (Monday through Friday—9 A.M. to 5 P.M.). In addition, he attended the company's mandatory 4-hour work training session on Wednesday evening. Porter's hourly rate of pay is $24.80 per hour.
Calculate Porter's OT rate for the week and total earning for the week.
Final answer:
John Porter's overtime rate is $37.20 per hour. He earned $992.00 for his regular 40-hour workweek and an additional $148.80 for 4 hours of overtime during the mandatory training session, totaling $1140.80 for the week.
Explanation:
To calculate John Porter's overtime (OT) rate and total earnings for the week, follow these steps:
Calculate the OT rate, which is typically 1.5 times the regular hourly rate. John's regular hourly rate is $24.80, so his OT rate is 24.80 imes 1.5 = $37.20 per hour.Calculate the regular earnings for the week. John worked his normal 40 hours, so his regular earnings are 40 imes 24.80 = $992.00.John also attended a mandatory work training session for 4 hours, which should be paid at the OT rate, as it is beyond his regular 40 hours. These additional earnings are 4 imes 37.20 = $148.80.Add the regular earnings and the overtime earnings to find the total earnings for the week: 992.00 + 148.80 = $1140.80.John Porter's total earnings for the week are $1140.80.
Selene owns a craft store. Her total costs are $1.2 million per year, and her variable costs are $750,000 per year. This means that her fixed costs are
Answer:
fixed costs = $450000
Explanation:
given data
total costs = $1.2 million per year
variable costs = $750,000 per year
solution
we get her fixed costs that is express here as
fixed costs = total costs - variable costs ...........................1
put here value and we will get fixed costs
fixed costs = $1.2 million - $750,000
fixed costs = $1200000 - $750,000
fixed costs = $450000
A loan's principal contains the assets you promise to give the bank if you do not repay a loan as agreed.
True or false?
Answer:
The statement is: False.
Explanation:
For banks, the principal refers to the amount due on a loan and it is used to calculate interest payments. In other words, it represents the amount of money individuals borrow. The assets individuals promise to give to banks if they cannot repay a loan is called collateral and they include houses, vehicles, investment accounts or any other valuable object.
W. Glass & Company reported the following information in its recent annual report: 2015 2016Cost of goods sold $4,000,000 $4,600,000Beginning inventory $900,000 860,000Ending inventory 860,000 640,000Calculate the company’s inventory turnover and days’ sales in inventory for both years.
Answer:
2015 inventory turnover is 4.5
2016 inventory turnover is 6.1
Explanation:
Inventory turnover is computed by dividing Cost of goods sold over average inventory.
First step: Compute the Average inventory for the period. Average inventory is simply Beginning inventory plus Ending inventory divided by 2.
2015:
($900,000 + $860,000) / 2 = $880,000
2016:
($860,000 + $640,000) / 2 = $750,000
Finally, we can now compute the inventory turnover by dividing Cost of Goods Sold over Average inventory.
2015:
$4,000,000 / $880,000 = 4.5
2016:
$4,600,000 / $750,000 = 6.1