Answer:
total equivalent units using weighted average method:
materials = 76,500 unitsconversion = 74,000 unitsExplanation:
beginning inventory 14,000 units
40% complete to materials = 5,600 equivalent units20% complete to conversion = 2,800 equivalent unitsduring the month 64,000 were started
68,000 units were transferred out
ending inventory 10,000 units
85% complete to materials = 8,500 equivalent units60% complete to conversion = 6,000 equivalent unitstotal equivalent units using weighted average method:
materials = units completed and transferred out + ending inventory = 68,000 + 8,500 = 76,500 unitsconversion = units completed and transferred out + ending inventory = 68,000 + 6,000 = 74,000 unitsPayroll entries.
Total payroll of Walnut Co. was $1,840,000, of which $320,000 represented amounts paid in excess of $106,800 to certain employees. The amount paid to employees in excess of $7,000 was $1,440,000. Income taxes withheld were $450,000. The state unemployment tax is 1.2%, the federal unemployment tax is .8%, and the F.I.C.A. tax is 7.65% on an employee's salaries and wages to $106,800 and 1.45% in excess of $106,800.
Instructions
(a) Prepare the journal entry for the salaries and wages paid.
(b) Prepare the entry to record the employer payroll taxes.
Answer:
A. Dr Salaries & Wages exp. $1,840,000
Dr Fed tax withheld & payable $450,000
Cr FICA Taxes withheld & payable $120,920
Cr Cash $2,169,080
B. Dr Employer's Tax expenses $112,920
Cr FICA taxes payable $120,920
Cr SUTA payable $4,800
Cr FUTA payable $3,200
Explanation:
a. Preparation of the journal entry for the salaries and wages paid.
Dr Salaries & Wages exp. $1,840,000
Dr Fed tax withheld & payable $450,000
Cr FICA Taxes withheld & payable $120,920
[($1,840,000-$320,000*7.65%)+($320,000*1.45%)]
Cr Cash $2,169,080
($1,840,000+$450,000-$120,920)
(Being net salaries and wages paid after holding taxes)
b. Preparation of the entry to record the employer payroll taxes.
Dr Employer's Tax expenses $112,920
($120,920-$4,800 -$3,200)
Cr FICA taxes payable $120,920
[($1,840,000-$320,000*7.65%)+($320,000*1.45%)]
Cr SUTA payable $4,800
($1,840,000-$1,440,000*1.2%)
Cr FUTA payable $3,200
($1,840,000-$1,440,000*.8%)
(Being employer's taxes made payable towards salaries & wages)
In recording the acquisition cost of an entire business: goodwill is recorded as the excess of cost over the fair market value of identifiable net assets. assets are recorded at the seller's book values. goodwill, if it exists, is never recorded. goodwill is recorded as the excess of cost over the book value of identifiable net assets.
How can questionnaires be distributed to potential respondents?
Answer:
Questionnaires can be administered by an interviewer or answered by the respondents themselves (self-administered). Self-administered questionnaires can be mailed or given in person to the respondents. ... Interviews conducted by interviewers can be personal (face-to-face) or by telephone
00 For Market failures means that the market has not achieved its optimum production outcome. This means that it has not produced the correct quantity of goods and services. QUESTION 1 Conduct a research to any small business that is manufacturing goods in your community. Make an appointment to interview the owner for the purpose of collecting the information using the questionnaire below. 1.1 General information: ● Name of the firm / business Specify the type of goods or service ● ● Position of the person interviewed ● Date of the interview 1,2 Explain briefly the negative impact the following factors have in your business. (10) Lack of information: ● Price discrimination Immobility of factors of production with special reference to: Physical capital Structural changes ● ● (1) ● (1) (1) (1) [14] QUESTION 2: Interview 3-4 community members that reside near the business you have visited. 2.1 Ask them to name any TWO negative externalities and TWO positive externalities caused by the local business, (2 x 2) (4) 2.2 Request them to list any TWO characteristics of public goods. (2 x 1) (2) 2.3 Use the negative externality and positive externality graphs to explain the impact this business have to the society (10) [16]
The first step in researching a small business in your neighborhood is to find a suitable nearby manufacturing company.
Once you do, contact the manager or owner to arrange an interview. Gather general information during the interview, such as the name of the company or business, what types of products or services they provide, the interviewer's position, and the time and date of the interview.
Then, focus on the detrimental effects different situations can have on the company. Briefly describe the impact on business of informational gaps, price discrimination, immobility of production variables (with a focus on physical capital), and structural changes.
Interview three to four locals who live close to the establishment you just visited. Ask them to list two unfavorable and two beneficial externalities brought about by the neighborhood business. Ask them to add two properties of public goods to the list as well.
Finally, use the data from the interviews to create graphs showing the positive and negative externalities of business on society. These infographics will graphically describe the costs and benefits that the company's neighborhood has.
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Which is an example of an ethical decision?
Answer:
customer service representative taking responsibility for failing to follow through with a service action
A manufacturing company that produces a single product has provided the following data concerning its most recent month of operations:
Selling price
Units in beginning inventory
Units produced
Units sold
Units in ending inventory
Variable costs per unit:
Direct materials
Direct labor
Variable manufacturing overhead
Variable selling and administrative expense
Fixed costs:
Fixed manufacturing overhead
Fixed selling and administrative expense
The total gross margin for the month under absorption costing is:
$
$
$
$
143
e
2,820
2,770
50
47
23
14
11
$95,880
$19,390
The total gross margin for the month under absorption costing is $16,120.
What is the total gross margin?Total variable cost per unit:
Direct materials cost per unit = $44Direct labor cost per unit = $19Variable manufacturing overhead per unit = $13Variable selling and administrative expenses per unit = $12Total variable cost per unit:
= Direct materials cost per unit + Direct labor cost per unit + Variable manufacturing overhead per unit + Variable selling and administrative expenses per unit
= $44 + $19 + $13 + $12
= $88
Total fixed costs:
Fixed manufacturing overhead = $85,260Fixed selling and administrative expenses = $16,440Total fixed costs:
Fixed manufacturing overhead + Fixed selling and administrative expenses
= $85,260 + $16,440
= $101,700
Total gross margin:
= (Selling price per unit - Total variable cost per unit) * Units sold - Total fixed costs
= ($131 - $88) * 2,740 - $101,700
= $43 * 2,740 - $101,700
= $117,820 - $101,700
= $16,120.
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Download the attached excel file. 4- Working Capital.xlsx 9 Why would an increase in the company's days in A/P produce cash for a business? The company is collecting on its credit sales faster. The company is selling more product at a quicker pace, and therefore experiencing cash inflows. The company is 'stretching its payables' and deferring a cash outflow. This is a non-cash item on the balance sheet, and therefore not applicable. Review Later
Accounts payables is actually an accounting term, and this indicates that a company has not immediately spent cash.
Accounts payable is money owed by a commercial enterprise to its providers proven as a legal responsibility on an organization's balance sheet. it is distinct from notes payable liabilities, which might be money owed created via formal felony instrument documents.
A payable is created any time money is owed with the aid of a firm for offerings rendered or merchandise provided that has now not yet been paid for via the firm. this could be from a buy from a seller on credit, or a subscription or installment charge this is due after items or offerings were received.
While money owed payable represents money that your enterprise owes to providers, bills receivable represent debts for your enterprise by using customers. Similarly, accounts receivable are taken into consideration as a cutting-edge asset, whereas debts payable are taken into consideration as a present-day liability.
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Why is pricing such an important function of marketing
Answer:
Capitalism
Explanation:
We live in a SocietyWhat is the ordinary interest paid on a loan of $1,200 for 120 days at a simple interest rate of 12% annually
Answer:
$48
Explanation:
Simple Interest = P*R* T / 100 where P = $1,200. R = 12, T=4
Simple interest = $1200 * 12 * 4/12 / 100
Simple interest = $12 * 12 * 4/12
Simple interest = $48
So, the ordinary interest paid on a loan of $1,200 for 120 days at a simple interest rate of 12% annually is $48.
The best way to research an expensive product is to? A. Visit multiple company websites B. Watch many television commercials C. Make a purchase and test it out D. Read consumer information magazines
Answer:
D
Explanation:
edge 2020
The best way to research an expensive product is to read consumer information magazines. Thus option (D) is correct.
What is research ?Research is a defined as the whole process of making hypothesis, collection of data; and analysis and interpretation of that data/information, in accordance with suitable methodologies and drawing the conclusion.
Behavioral research tries to find out how individuals make decisions, interact and influence other individuals, organizations, markets, and society.
The Behavioral research about individuals like consumers is used in accounting to analyze and study about the outcome or result like profits.
The best way to research an expensive product is to read consumer information magazines. Therefore, option (D) is correct.
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If your main focus is to be able to buy or sell an investment quickly without substantially affecting the investment's value, you are most concerned with a. Income b. Growth c. Liquidity d. Business failure risk e. Market risk
Answer:
C. Liquidity
Explanation:
How does small business affect employment in a country?
Small businesses affect employment in a country in many ways.
Some are:
1. Successful small businesses put money back into their local community through paychecks and taxes, which can support the creation of new small businesses and improve local public services.
2. For example, smaller entrepreneurs are more willing to hire employees with limited or no education, thus providing opportunities to people from all sections of society.
3. Not only do small businesses provide more jobs, but they also bring careers and opportunities.
4. Entrepreneurs also tend to hire locally, which reinforces the social fabric of their surrounding communities.
5. Having more businesses in the local economy can boost tax income for local governments, bringing in more money to repair roads, develop schools and improve public services.
6. They employ a large number of people and are important sources of innovation and entrepreneurship.
7. Create employment in countries, especially those that lack stable economic conditions.
8. Small Scale Industries are Labour Intensive: There is a shortage of capital in small-scale industries. They are labor-intensive. They use more manpower than machines, they create more opportunities for rural employment.
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What is probability and non probability sampling?
Explanation:
I hope this will help you.
Which situation is an example of indirect taxation?
OA. Stores charge sales tax on each purchase and give that money to
the government.
OB. Homeowners must pay a percentage of their home's worth to the
government.
OC. Businesses must send a portion of their income each year to the
government.
OD. Every citizen sends the government money to support the armed
forces.
SUBMIT
Option A is the correct answer. Indirect taxation is the situation where taxes are imposed on products or services and not directly on individuals. Therefore, the example of indirect taxation in the situation given is when stores charge sales tax on each purchase and give that money to the government.
Stores charge sales tax on each purchase and give that money to the government is an example of indirect taxation.Indirect taxation is a method of taxation in which individuals are not taxed directly, but instead, the tax is paid through an intermediary.
The tax is generally imposed on products or services. This tax, which is passed on to the customer as part of the price of the good or service, is then collected by the seller and forwarded to the government.
Sales tax, excise tax, and customs duty are all examples of indirect taxes.
Therefore, Option A is the correct answer.
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On this graph, what does the green arrow represent?
Answer:D
Explanation:
The shape of a normal Treasury yield curve can be characterized as: (a) inverted throughout the maturity spectrum; (b) inverted over a portion of the maturity spectrum, such as between 2 and 7 years; (c) monotonically upward sloping; (d) unaffected by the relative supply and demand for Treasury securities.
Answer:
(c) monotonically upward sloping
Explanation:
The shape of a normal Treasury yield curve can be characterized as monotonically upward sloping curve. This is because a normal treasury yield curve have lower yields for short term, but gradually increases as the maturity period of the bonds increases. Thus, giving the yield curve an upward sloping shape.
Which methods can be used to run a query? Check all that apply.
On the Create tab, in the Queries group, click Run.
In query Design view, on the Design tab, click Run.
Switch to Datasheet view before any other commands.
Close the Show Table dialog box in the Datasheet view.
On the Create tab, in the Queries group, click Create Query.
Answer:
Option B and C
Explanation:
A query can be run by selecting query option visible through deign view option. After selecting the appropriate option, the query must be run. This shall execute the function for the selected option.
Like wise in data sheet view, one can see the action query before running it.
Hence, option B and C are correct
Answer:
B) In query Design view, on the Design tab, click Run.
C) Switch to Datasheet view before any other commands.
Explanation:
Discuss the functions of government necessary for a country
The functions of government are crucial for the proper functioning and development of a country. These functions can vary depending on the type of government system in place, but there are several key functions that are commonly considered necessary for a country's stability and progress.
1. Legislation and Governance: One of the primary functions of government is to create and enforce laws that maintain order, protect individual rights, and promote the welfare of the citizens. Governments establish institutions and frameworks for governance, ensuring the rule of law and providing a system of justice.
2. Defense and Security: Governments are responsible for safeguarding the country and its citizens from external threats. This involves maintaining armed forces, intelligence agencies, and diplomatic relations to protect national security interests.
3. Economic Management: Governments play a crucial role in managing and regulating the economy. They establish fiscal and monetary policies, oversee financial institutions, promote trade, and create an environment that supports economic growth and stability. Government intervention is often necessary to address market failures, promote fair competition, and protect consumers.
4. Social Welfare: Governments have a responsibility to ensure the well-being and social welfare of their citizens. This includes providing basic services such as healthcare, education, social security, and infrastructure development. Governments also implement social policies to address poverty, inequality, and promote equal opportunities.
5. Public Services: Governments are responsible for delivering essential public services, such as transportation, utilities, public safety, and environmental protection. These services are necessary for the functioning of society and improving the quality of life for citizens.
6. Diplomacy and International Relations: Governments engage in diplomatic activities and maintain relationships with other nations. They negotiate treaties, participate in international organizations, and represent the country's interests abroad. Governments also address global challenges, such as climate change and human rights, through international cooperation.
7. Public Communication and Information: Governments have a role in providing transparent and accurate information to the public. They engage in public communication, disseminate information, and promote citizen engagement and participation in the decision-making process.
These functions of government are essential for maintaining social order, promoting economic growth, protecting citizens' rights, and ensuring the overall well-being of a country. Effective governance requires a balance between these functions, adaptability to changing circumstances, and responsiveness to the needs and aspirations of the citizens.
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Define the term product mix and describe at least two strategies that companies may use to manage their product mix.
Describe the stages of the product life cycle.
Describe the purpose and common uses of a SWOT analysis.
Explain the goal of product planning and typical product planning activities. What impact do operation needs, such as size of staff, distribution, etc. have on making decisions about products and services?
Explain the four components of a product’s utility.
FIVE SHORTS ANSWERS PLEASE.
1) Product mix refers to the set of all products or product lines that a company offers for sale. This includes variations in product size, style, color, and other features. Companies may use various strategies to manage their product mix, including product line extension and product line contraction. Product line extension involves adding new variations or products to an existing product line, while product line contraction involves eliminating products or variations that are no longer profitable or aligned with company goals.
2) The goal of product planning is to ensure that a company's products meet customer needs and are profitable. Typical product planning activities include identifying customer needs and trends, researching and developing new products, determining pricing and promotional strategies, and evaluating product performance. Operation needs, such as the size of staff and distribution capabilities, can impact decisions about which products and services a company offers. For example, a company with limited distribution capabilities may choose to focus on a smaller product mix that can be efficiently distributed to customers. Similarly, a company with a small staff may choose to focus on a narrower product mix that can be effectively managed with limited resources.
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A system of charging issues to production at a price which starts with the price of the earliest consignment on hand is?
Answer:
This system of charging issues to production is known as First-in, First-out (FIFO) pricing. The first consignment to arrive is charged at the earliest price, and subsequent consignments are charged at prices that reflect the cost of the production process.
Explanation:
One way to gain information is by participating in trade fairs and trade missions.
a. True
b. False
Answer: true
Explanation: source from https://www.business.qld.gov.au/running-business/marketing-sales/marketing-promotion/show-exhibition/benefits
Trade shows are generally targeted at an industry and people involved or interested in that industry. Exhibiting at a trade show can be a great way to advertise to a target market and create brand awareness.
Exhibitions are open to a large and sometimes diverse range of audiences (usually the general public). This provides you with a platform to promote your product or service to a broader group that may have little or no knowledge of your products and services.
Depending on your type of business, product and market testing can be carried out at trade shows and exhibitions to gain industry or general opinion about your offering.
Being involved in a trade show or exhibition can provide you with opportunities to branch out to business-to-business trading and create a customer database from the visitors to your display booth.
blank be chartered by an appropriate governmental body to exist.
Answer:
A charter is a legal document that formally establishes a corporate entity. Charters are issued by national or provincial governments.
Explanation:
The incorporator oversees setting up the company, prepares and files the charter, and supervises the creation of other corporate documents. The business may also propose an amended charter if the number of directors changes, the board members themselves change, or the corporation moves its primary location.
What is the most popular brand in the world?
Answer:
I would say Amazon
Explanation:
Answer:
Apple!
Explanation:
Ranks # 1
3 The stagnation stage of the life cycle of a resort is often characterized by the increasing cost of public services and the lowering of the ‘quality of life’ for many residents.
Describe this situation from the viewpoint of (i) older residents living in the community, many of whom are ‘incomers’ from industrial cities in other parts of the country and (ii) a well-educated middle class couple with young children, who are staying
in the resort for their main holiday.
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Reese, a calendar-year taxpayer, uses the cash method of accounting for her sole proprietorship. In late December, she received a $31,000 bill from her accountant for consulting services related to her small business. Reese can pay the $31,000 bill anytime before January 30 of next year without penalty. Assume Reese’s marginal tax rate is 30 percent this year and will be 40 percent next year, and that she can earn an after-tax rate of return of 6 percent on her investments.a. What is the after-tax cost if she pays the $31,000 bill in December?b. What is the after-tax cost if she pays the $31,000 bill in January?
Answer:
a) The after-tax cost if she pays the bill in December is $21,700
b) The after-tax cost if she pays the bill in January is $19,306.80
Explanation:
a) If she pays the $31,000 bill in December
Present value tax savings = amount × marginal tax rate
= $31,000 × 30%
= $9,300
After-tax cost = Pre-tax cost - present value tax
= $31,000 - $9,300
= $ 21,700
b) If she pays the $31,000 bill in January
Present value tax savings = amount × marginal tax rate
= $31,000 × 40%
= $12,400
Calculation of discount factor = Present value = \(\frac{FutureValue}{(1+r)^{n} }\)
= \(\frac{1}{(1+0.06)^{1} }\)
= 0.943
Present value tax savings = amount × discount factor
= $ 12,400 × 0.943
= $11,693.20
After-tax cost = Pre-tax cost - present value tax
= $31,000 - $11,693.20
= $ 19,306.80
Suppose that a portfolio management company manages an investment fund. The fund
manager observes a bond in the market and intends to add it to the fund portfolio. The
bond has a 100.000 TL par value, 10% coupon rate (coupon payments are annual) and a
6-years maturity. The business model is to “hold-to-maturity”. The company purchases
the bond at the beginning of the year when the market yields are 8%. After exactly 3
years of investment, market yields increase to 12%. What would be the profit or loss
amount in the income statement for that third year?
a) 1.427,92 TL loss
b) 1.470,06 TL profit
c) 8.529.94 TL profit
d) 10.000 TL loss
Answer: The correct answer is (a) 1.427,92 TL loss.
Explanation:
To calculate the profit or loss for the third year, we need to determine the market value of the bond at the end of the second year and compare it to the par value of 100,000 TL.
At the beginning of the investment, the bond has a coupon rate of 10% and a market yield of 8%, so its price is:
PV = (10000/1.08) + (10000/1.08^2) + (110000/1.08^3) = 104,406.40 TL
After 3 years, the market yield has increased to 12%, so the bond's price would have changed to reflect this new yield. To calculate the new price, we can discount the remaining coupon payments and the par value at the current market yield:
PV = (10000/1.12^1) + (10000/1.12^2) + (10000/1.12^3) + (100000/1.12^3) = 88,572.08 TL
The market value of the bond at the end of the second year is 88,572.08 TL, which represents a loss compared to the par value of 100,000 TL:
Loss = 100,000 - 88,572.08 = 11,427.92 TL
Therefore, the correct answer is (a) 1.427,92 TL loss.
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QUESTION THREE.
The following data give the savings bank accounts balances of nine sample
households selected in a survey. The figures are in SSP
745.2,000.1.500.68,000.461,549,3750,1800,4795
(a) Find the mean and the median for these data;
(6) Do these data contain an outlier? If so, exclude this value and recalculate th
mean and median. Which of these summary measures has a greater change wh
outlier is dropped?;
(c) Which of these two summary measures is more appropriate for this series?
Answer:
We can first order the data from smallest value to largest value:
461
549
745
1500
1800
2000
3750
4795
68000
a) The mean is 9289, and the median is 1800
b) The data does have an outlier, which is 68000, because it is more that three standards deviations away from the mean, excluding this value, our new mean is 1950 and our new median is 1650. We can see that the greatest change in value was for the mean.
c) the median is more appropriate because the median is less sensitive to outliers. The mean can be easily swayed by outliers in either way, and this can give an erroneous impression of the data.
221 HW4 Ch 21
Question 6 of 10
- / 1
Prepare a cost reconciliation schedule. (Round unit costs to 2 decimal places, e.g. 2.25 and final answers to 0 decimal places, e.g. 125.)
Cost Reconciliation
Cost accounted for
Transferred out
$
Work in process
Materials
$
Conversion costs
Total cost accounted for
$
eTextbook and Media
The cost reconciliation schedule:
Cost accounted for Transferred out $54,000Work in process Materials $36,000Conversion costs $25,500Total cost accounted for $115,500eTextbook and Media $0Transferred out: The transferred out cost is the sum of the materials, labor, and overhead. In this case, it is $36,000 (materials) + $88,500 (labor) + $54,000 (overhead) = $178,500.
Work in process - Materials: The work in process cost for materials is $36,000.
Conversion costs - Work in process: The work in process cost for conversion costs is calculated by multiplying the percentage of completion for conversion costs (50%) by the equivalent units of production for conversion costs (57,000). Therefore, it is 0.5 * 57,000 = $28,500.
Total cost accounted for: The total cost accounted for is the sum of the transferred out cost, work in process cost for materials, and work in process cost for conversion costs. In this case, it is $54,000 + $36,000 + $25,500 = $115,500.
eTextbook and Media: The cost of eTextbook and Media is not specified in the provided information. If there is no cost associated with eTextbook and Media, it would be $0.
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Ms. Fresh bought 1,000 shares of Ibis Corporation stock for $5,100 on January 15, 2018. On December 31, 2020, she sold all 1,000 shares of her Ibis stock for $4,550. Based on a hot tip from her friend, she bought 1,000 shares of Ibis stock on January 23, 2021, for $3,025. What is Ms. Fresh's recognized loss on her 2020 sale, and what is her basis in her 1,000 shares purchased in 2021?a. $0 LTCL and $4,850 basis.b. $560 LTCL and $4,290 basis.c. $840 LTCL and $4,010 basis.d. $1,120 LTCL and $3,730 basis.e. $1,400 LTCL and $3,450 basis.
Answer:
LTCL = $0
Basis = $3,575
Explanation:
January 15, 2018, buy 1,000 shares at $5,100
December 31, 2020, sold 1,000 shares at $4,550
If Ms. Fresh hadn't repurchased the stock in January, she could have reported a long term capital loss of $550. But since she repurchased the 1,000 shares just after selling them, it is considered a wash sale.
So no long term capital loss will be recognized and the basis of the 1,000 stocks = $3,025 + $550 = $3,575
What is VAT
Value added tax in business
Answer:
Value-added-tax is a tax that is assessed incrementally, and is levied on the price of a product.
Value-Added Tax (VAT) is a tax, which is payable on sales of goods or services within the territory of the Member States of the EU. The tax, in all cases, is ultimately payable by the final consumer of the good or service