Laubitz Company begins operations on Apr.1. Information from job cost sheets shows the following:
Manufacturing Costs Assigned
Job Number April May June Month Completed
10 $7,500 $4,400 May
11 $4,100 $6,900 $3,000 June
12 $3,200 April
13 $4,700 $9,400 June
14 $4,400 $3,600 Not complete
Each job was sold for 25% above its cost in the month following completion.
(a) Work in Process Inventory at
April 30: $Answer
May 31: $Answer
(b) Finished Goods Inventory at
April 30: $Answer
May 31: $Answer
(c) Gross Profit for
May: $Answer
June: $Answer
Answers
Answer:
1. 2. April 30 $11600
31-May $20100
2. April 30 $3,200
31-May $11,90
3. Profit April 0
May$800
June $2975
Explanation:
1) Calculation for Work in Process Inventory at
April 30 and 31-May
Work in Process Inventory at
April 30=7500+4100
Work in Process Inventory at
April 30=$11600
Work in Process Inventory at31-May =4100+6900+4700+4400
Work in Process Inventory at31-May= $20100
2) Calculation for Finished Goods Inventory at
April 30 and 31-May
Finished Goods Inventory at
April 30: $3,200
Finished Goods Inventory at 31-May =7500+4400
Finished Goods Inventory at 31-May= $11,900
3) Calculation for Gross Profit
Gross Profit April : 0
Gross Profit May =3200*25%
Gross Profit May=800
Gross ProfitJune :- Job 10 =(7500+4400)*25% Gross Profit June 2975
Related Questions
If Mexico exports to Canada decline by $14 billion, by how much will Mexico's aggregate spending drop if their MPC is 0.8?
Answers
Answer:
\(14 \times 0.8 = (11.2\)
QUESTION 4 of 10: Venture capitalists often seek a return of 10 times their investment in 7 years. Approximately what is this compound
annual rate of return?
ОООО
a) 39%
b) 43%
c) 57%
d) 65%
Submit
C2021 Knowledge Matters, Inc.
Due Date: Mar 17, 2021 at 7:00 pm EUT
Answers
Answer:
A
Explanation:
The compound rate of the return annually will be 39%. Then the correct option is A.
What is compound interest?A loan or deposit's interest is computed using the starting principle and the interest payments from the ago decade as compound interest.
We know that the compound interest is given as
A = P(1 + r)ⁿ
Where A is the amount, P is the initial amount, r is the rate of interest, and n is the number of years.
Venture capitalists often seek a return of 10 times their investment in 7 years. Then the equation is given as,
10 = (1 + r)⁷
Simplify the equation, then we have
10 = (1 + r)⁷
log 10 = 7 log(1 + r)
log (1 + r) = 1 / 7
1 + r = 1.3895
r ≈ 0.39
r = 39%
The compound rate of the return annually will be 39%. Then the correct option is A.
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Question 1
Which is the best example of specialization?
A
A surf shop lowers the price on swimsuits.
A dry cleaner spends extra time on grease spots.
Oc
An assistant in a tailoring shop only replaces zippers.
D An online clothing outlet offers customized monograms.
Answers
An assistant in tailoring shop
closing entries result in the transfer of net income or net loss into the retained earnings account.T/F
Answers
The statement "closing entries result in the transfer of net income or net loss into the retained earnings account" is true.
Closing entries are made at the end of an accounting period to close temporary accounts such as revenues, expenses, gains, and losses. The purpose of the closing entries is to reset the balances of these accounts to zero and transfer the net income or net loss to the retained earnings account.
This is because temporary accounts only track the transactions for a single accounting period, and the balances in these accounts do not carry forward to the next accounting period.
Retained earnings, on the other hand, is a permanent account that accumulates the net income or net loss from all previous accounting periods, and the closing entries update this account with the current period's net income or net loss.
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NBM common stock recently paid annual dividend in the amount of $2.25 per share. The analyst’s estimate of the firm’s growth forecast over the next 4 years is 18.00% and over 3 years after that of 16.5%. You expect the firm to slow down in the long run and estimate the long-term growth rate after 7 years to be 6.5%. If the required rate of return on the stock is 11%, what is your estimate of the stock price?
Answers
Using the dividend discount model with given growth rates and required rate of return, the estimated stock price for NBM common stock is calculated by discounting future dividends, resulting in the stock price.
To estimate the stock price of NBM common stock, we can use the dividend discount model (DDM) which calculates the present value of future dividends.
First, let's calculate the dividends for the next 7 years:
Year 1: $2.25 (given)
Year 2: $2.25 * (1 + 18%) = $2.655
Year 3: $2.655 * (1 + 18%) = $3.1399
Year 4: $3.1399 * (1 + 18%) = $3.7029
Year 5: $3.7029 * (1 + 16.5%) = $4.3177
Year 6: $4.3177 * (1 + 16.5%) = $5.0273
Year 7: $5.0273 * (1 + 6.5%) = $5.3485
Next, let's calculate the present value of these dividends using the required rate of return of 11%:
PV = D1 / (1 + r) + D2 / (1 + r)^2 + ... + D7 / (1 + r)^7
PV = $2.25 / (1 + 0.11) + $2.655 / (1 + 0.11)^2 + $3.1399 / (1 + 0.11)^3 + $3.7029 / (1 + 0.11)^4 + $4.3177 / (1 + 0.11)^5 + $5.0273 / (1 + 0.11)^6 + $5.3485 / (1 + 0.11)^7
Finally, summing up the present values, we can estimate the stock price:
Stock Price = PV
Calculating this equation will give the estimated stock price of NBM common stock.
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One of the objectives of facility location analysis is to select a site with the lowest cost. Is suppliers one of the hidden costs?
Answers
Answer: No it is not.
Explanation:
The 2 main hidden costs to watch out for when selecting a site are;
Movement of Pre-production Material between locations.If the site is located such that the movement of goods to be manufactured from one site to the other would be quite expensive, this is a hidden cost that should be included in the analysis.
Becoming less responsive to the customer.This can happen if the site is located too far from where the Customers are primarily based. Should this happen, the distance will make responding to the customer harder and responsiveness will invariably become less.
Entrepreneurial orientation is the tendency of an organization to engage in activities designed to identify and capitalize successfully on opportunities to launch new ventures by entering new or established markets with new or existing goods or services. Are there selected organizations that seem to be more adept at recruiting and retaining these types of employees? Could you provide an example or two of these types of organizations?
Answers
Yes, there are organizations that are generally more adept at recruiting and retaining employees with a strong entrepreneurial orientation.
Examples of such organzations are salesforce and 3M
These organizations often foster a culture and environment that encourages innovation, risk-taking, and entrepreneurial behavior. They provide opportunities for employees to explore new ideas, take ownership of projects, and pursue entrepreneurial initiatives within the company.
Here are a few examples of organizations known for their ability to recruit and retain employees with an entrepreneurial orientation:
Salesforce: Salesforce is a customer relationship management (CRM) software company that has created a culture of innovation and entrepreneurship.
The company values and encourages entrepreneurial thinking among its employees, supporting initiatives such as the "Innovation Hour" where employees can dedicate time to work on their own entrepreneurial projects. Salesforce also has a strong focus on employee development and provides resources and support for employees to grow their skills and pursue new opportunities.
3M: 3M is a multinational conglomerate known for its innovative products across various industries. The company has a long history of fostering an entrepreneurial culture, allowing employees to spend up to 15% of their time on personal innovation projects.
This has resulted in the development of iconic products like Post-it Notes and Scotch Tape. 3M encourages risk-taking, idea-sharing, and collaboration, providing a supportive environment for employees to pursue entrepreneurial endeavors.
These organizations are just a few examples of companies that have successfully created an environment that attracts and retains employees with an entrepreneurial orientation.
By fostering a culture of innovation, providing resources for exploration, and supporting employees' entrepreneurial initiatives, these companies have been able to harness the entrepreneurial talent within their workforce and drive ongoing success and growth.
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Americans spend the largest portion of their budget on
a. entertainment
b. housing
c. transportation
d. food
Please select the best answer from the choices provided
Ο Α
ОВ
OD
Answers
American spending larges portion in housing to live in rent are very high of living each each year up up 3 present of rent.
The below two statements are related to mindfulness
a. It is not obscure or exotic.
b. It is evidence-based.
TRUE
FALSE
Answers
It is true that mindfulness is evidence based and false that it is exotic.
What is mindfulness?Mindfulness. It's an easy term to understand. It implies that the mind is entirely focused on what is taking place, what you are doing, and the environment you are moving through. That might sound insignificant, but it annoys me that we frequently stray from the topic at hand. When our mind wanders, we get disconnected from our physical selves and quickly become preoccupied with compulsive thoughts about the past or worry about the future. And it stresses us out.
However, awareness is always present to bring us back to where we are, what we are doing, and how we are feeling, no matter how far we go. It's great to give mindfulness a go for a time if you want to understand what it is. You will discover tiny variances in the meaning in books, online, audio, and video since it's difficult to put into words.
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In a classroom discussion of the display, in a consolidated balance sheet, of the minority interest of preferred stockholders in the net assets of a subsidiary, student Ross suggested that such a minority interest differs from the minority interest of common stockholders, and thus possibly warrants display in the “mezzanine” section between liabilities and stockholders’ equity. Student Kerry disagrees; she maintains that the term minority applies to preferred stockholders as well as common stockholders other than the parent company; both minority interests are part of consolidated stockholders’ equity. Instructions Do you support the position of student Ross or of student Kerry? Explain.
Answers
I would support student Ross suggestion that such a minority interest differs from the minority interest of common stockholders.
What privileges do ordinary stockholders have?Six rights are granted to common shareholders: the ability to vote, the right to own property, the right to transfer ownership, the right to dividends, the right to see corporate records, and the right to bring legal claims for wrongdoing.
What benefits are there for holders of common stock?Generally speaking and over time, investing in common stock has shown to be a wonderful way to generate returns for investors through capital gains and regular dividends. The fact that companies avoid debt commitments by issuing shares, though they do give up some ownership position, is another advantage.
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why do private and public sector cannot br looked up as two separate entities
Answers
Answer:
The private sector and the public sector cannot be viewed as separate entities because the two of them are closely intertwined.
Explanation:
The public sector defines the rules and conditions under which the private sector develops, and the private sector contributes to the finances of the private sector.
For example, a regulatory agency in an economic sector sets the rules of the mining economic sector in a country, and private mining companies abide by these rules in order to develop their business activity. Part of the revenue earned from these business activities are taken as taxes by the public sector, in order to finance the regulatory agency.
Sometimes, the public sector can also consists in public companies that can work together with private firms in common projects.
At the end of the year, a company has a balance in Allowance for Uncollectible Accounts of $2,500 (debit) before any year-end adjustment. The balance of Accounts Receivable is $179,000. The company estimates that 6% of accounts receivable will not be collected over the next year.
Record the adjustment for uncollectible accounts. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
Answers
Answer:
go on mathaway and scan the question it will solve it for you really easy
A conventional mortgage loan closed on July 1 for $165,000 at 3.75% interest amortized over 25 years at $857.06 per month. Using a 360-day year and interest paid in arrears, what would the principal amount be after the monthly payment was made August 1 ?
A. $164,936.30
B. $164,484.38
C. $164,142.94
D. $164,658.57
Answers
Answer:
D. $164,658.57
Explanation:
Initial Borrowing = $165000
Annual Interest Rate = 3.75%
Monthly Payments = $ 857.06
Interest Accrued Between 1st July and 1st August = (30/360) * 0.0375 * 165000 = $516.625
Principal Repaid in first monthly payment = Monthly Repayment - Interest Accrued
= $857.06 - $515.625
= $341.435
Principal Outstanding post 1st Monthly Repayment = $165,000 - $341.435
= $164658.565
= $164658.57
Randy owns a landscaping businessAt the beginning of the season, Randy must decide how many commercial lawn mowers he should purchase. Assume that each additional lawn mower costs $10,000 and that Randy's investment will be financed by a bank loan Randy has estimated his rate of return, as shown in the table below
Answers
From the table we can see that if the interest rate is 6 % the lawn mowers that is bought would be 5
What is real interest rate?The real interest rate is the rate of interest adjusted for inflation. It represents the actual increase in purchasing power that an individual or organization earns on their savings or investments, after accounting for the impact of inflation.
In other words, the real interest rate is the nominal interest rate (the rate of return before adjusting for inflation) minus the rate of inflation. For example, if the nominal interest rate is 5% and the inflation rate is 2%, the real interest rate would be 3% (5% - 2%).
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Connect information which relates.
Inside-out perspective Choose..
competitive intelligence
the organisation's goals and values
the resources and capabilities to achieve competitive advantage
the industry environment
Answers
Competitive intelligence bridges the gap between the organization's goals and values, the industry environment, and the resources and capabilities necessary to gain a competitive edge. The correct option is a.
Competitive intelligence plays a crucial role in connecting the organization's goals and values with the industry environment and the resources and capabilities required to achieve competitive advantage. Competitive intelligence involves gathering and analyzing information about competitors, market trends, and customer preferences to gain insights and make informed business decisions.
By understanding the industry environment through competitive intelligence, organizations can identify opportunities and potential threats. This knowledge helps align the organization's goals and values with the external factors impacting its success. For example, if the industry is shifting towards sustainable practices, an organization that values environmental responsibility can leverage this trend to enhance its competitive position.
Furthermore, competitive intelligence helps identify the resources and capabilities needed to achieve competitive advantage. It provides insights into the strengths and weaknesses of competitors, allowing organizations to benchmark their own capabilities and identify areas for improvement. This knowledge can guide strategic planning and resource allocation, ensuring that the organization aligns its resources with its competitive goals. The correct option is a.
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What company advertised the most in 2023?
Answers
The company which made most advertisement in 2023 includes Goo/gle, Netflix and Uber through internet, which is a popular medium of advertising.
Why is internet a popular medium of advertising?The internet has become a popular medium of advertising due to its wide reach, cost-effectiveness, and ability to target specific audiences. With the internet, businesses can reach a vast number of people globally through various channels, such as search engines, social media, email marketing, and display advertising.
Moreover, advertising on the internet is cost-effective as it allows businesses to run campaigns with low budgets and track the performance of their campaigns in real-time. Additionally, the internet enables businesses to target specific audiences based on demographic, geographic, and behavioral factors, which ensures that their advertising messages reach the right people at the right time.
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a pregnant employee who violated several attendance rules due to her physical conditions. She is about to get fire by hr manager of the company.discuss what business ethics issues present on this situation. what can be done?
Answers
Answer:
answer is no
Explanation:
You cannot be fired for being pregnant under most circumstances.employers from terminating employees due to pregnancy and pregnancy-related conditions
Glass straws are another alternative and offer many of the same benefits as metal straws. Both are dishwasher-safe and highly reusable. Unlike metal, however, glass can break easily, which is something that needs to be taken into account. Nevertheless, glass straws often feature unique designs that can be seen as works of art, which is a plus for some consumers.
What is the meaning of the the word consumers as it is used in this text?
a
Animals that eat other animals
b
Animals that eat plants
c
People who buy and use goods
d
People who serve others
Answers
The meaning of the the word "consumers" as being used in this text tells about the people who buy and use goods.
Who are known as a consumer?Basically, a consumer, in economics, is defined as any person or group who intends to order or uses a purchased goods, products or services for personal, social, family, household needs and not directly related to either an entrepreneurial or business activities. It is commonly used to refers to a person who purchases goods and services for personal use.
As stipulated that the glass straws often feature unique designs that can be seen as works of art which is an added advantage for some consumers, the word consumers means the people who bought and use the glass straw for decoration.
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What is the best definition of a credit report?
E
A number that shows how much of your overall credit you're using
A period of time between when you spend money and when the company
charges you interest
A history of how you pay back loans and credit cards
A number that shows a snapshot of your credit at a specific moment in time
Answers
A credit report is a detailed summary of an individual's credit history and financial behavior, compiled by credit reporting agencies. option C.
It contains information about an individual's borrowing and payment habits, including loans, credit cards, mortgages, and other financial obligations. The report typically includes information on credit accounts, balances, payment history, and any delinquencies or defaults. It may also include public records such as bankruptcies, tax liens, and civil judgments. The credit report is used by lenders and other financial institutions to assess an individual's creditworthiness and ability to repay loans. A credit report provides lenders with an objective view of an individual's financial behavior, enabling them to make informed decisions about whether or not to extend credit.
The report includes a credit score, which is a three-digit number that reflects an individual's creditworthiness. The score is calculated based on several factors, including payment history, credit utilization, length of credit history, and types of credit used. A higher credit score indicates a lower risk of default, and may make it easier to obtain credit and better interest rates. Overall, a credit report is a critical tool for anyone seeking credit or financing. By understanding what information is included in a credit report, individuals can take steps to improve their creditworthiness and increase their chances of obtaining favorable credit terms. Option C
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Suppose that you purchased your home in 2014 and believe that, based upon recent
comparable home sales in your vicinity, your home has a market value of $675,000. You
decide to put your home on the market for $720,000 to allow room for future negotiation
towards your desired selling price of $675,000. After several days, you receive a text
message from your broker informing you that prospective buyers have been balking at
making you an offer as they have seen that Zillow is valuing your house online for only
$600,000. Explain whether you have a right to sue Zillow and, if so, under what liability
law(s).
Answers
Zillow, a popular online real estate database and marketplace, provides estimates of home values through its proprietary Zestimate tool. However, in the case where a seller disagrees with Zillow’s valuation of their property, the seller does not have the right to sue Zillow, and there are no legal grounds for a lawsuit.
In addition, the seller voluntarily uses the tool to estimate their property's worth. Although Zillow uses a complex algorithm that considers various factors to determine the value of a property, the tool is not perfect, and its estimates can be incorrect. A home’s value depends on various factors, including location, condition, recent sales prices of comparable homes in the area, and market trends. It is essential to note that Zillow’s Zestimate tool does not physically visit homes, and, therefore, may not be able to factor in some critical variables affecting the value of a property.
As a result, Zillow's online estimates should be used only as a starting point for determining the property's value. Ultimately, the actual value of the property will be determined by the final price a buyer is willing to pay, the seller’s selling price, and the current market conditions. Therefore, it is essential to get a professional appraisal to get an accurate valuation of the property. In conclusion, a seller does not have the right to sue Zillow as there are no grounds for a lawsuit.
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A quality-of-life index measures absolute poverty levels.
A. True
B. False
Answers
Answer:
B. False
Explanation:
The quality of life index refers to an index that was established by the sociologist whose name is Morris David Morris in the year 1970 that are depend on the basic literacy level, infant mortality, and the life expectancy level
In the given question, it is mentioned that the quality of life index measures the absolute levels of poverty i.e. totally wrong as it measured the things that are stated above
Hence, the given statement is false
What is a financial planner? Responses
O a person that advises you on legal matters
O a qualified investment professional who helps individuals and corporations meet their long-term financial objectives
O a person whose job it is to keep, inspect, and analyze financial accounts
O a person who often works at a financial institution and is primarily concerned with raising capital for corporations, governments, or other entities
Answers
1. What is a financial planner?
a qualified investment professional who helps individuals and corporations meet their long-term financial objectives
2. How do financial planners get paid?
on the basis of fees or commissions
3. Which of these do financial planners advise on?
investing
4. What is the role of a financial planner?
a qualified investment professional who helps individuals and corporations meet their long-term financial objectives
5. What is the CFP?
a formal certification of expertise in the areas of financial planning, taxes, insurance, estate planning, and retirement
Personal Finance- Financial Planning Quick Check4/22/2023
QUESTION 10
A
is a system that satisfy customers' needs by transforming
lower-value inputs into high-value outputs.
business
church
financial institution
movie theater
Answers
Answer:
business
Explanation:
Business is a term that generally describes a firm, company, or individual's combined activities, or system that deal with the creation of commodities or services for the purpose of meeting the targeted consumers' demands.
In order to meet the targeted consumers' demands, businesses transform lower-value inputs into high-value outputs.
Hence, in this case, the correct answer is BUSINESS
Project task E has the following estimates: (1) optimistic time – 10 days, (2) Pessimistic time - 20 days, and (3) Most likely time – 12 Days. The standard deviation for time using the beta statistical distribution is ________ days.
Answers
Answer:
13 days
Explanation:
Calculation for the standard deviation for time using the beta statistical distribution
Expected time = [10 days + (4 * 12 days) + 20 days) / 6]
Expected time = [10 days + 48 days + 20 days) / 6]
Expected time=78 days/6
Expected time=13 days
Therefore the standard deviation for time using the beta statistical distribution is 13 days.
A__ is an example of a primary stakeholder for a business.
Answers
The customers are an example of one of the primary stakeholders of a business. Therefore, option B is the correct option.
What is business?A business is an economic activity. The activity of the business is generally carried out by manufacturing goods and producing services according to the needs generated in society. The major purpose of conducting a business is to make a profit. There are many ways of doing business. It may also include purchasing and selling goods and services produced by other individuals and organizations.
There are several types of businesses, such as small-scale businesses, and medium and large-scale businesses. This classification of businesses is based upon the capital invested in them and also the amount of profit generated.
One of the main stakeholders in a business is its customers. Option B is therefore the best choice.
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The engagement team performed testing of the tax account rollforward and documented the following for testing of the income tax payments for the
current year, "Agreed balance to Tax payments/refunds schedule prepared by the client without exception." Which is the best response as a result of
your review?
Answer the question, then select Confirm
A. You consider the source of the payments/refunds schedule noting it comes from a key system and ITGCs were deemed to be
effective and add this fact to the team's documentation.
B. Additional procedures are not necessary, as the appropriate tie-out procedures were performed.
C. You consider the testing over the accuracy and completeness of management's schedule which has been performed in a
separate EGA, ensure the balance in the rollforward agrees to the testing performed, and enhance the tax team's documentation to
reference the additional testing.
D. As part your review of the team's work, you re-perform their procedures by agreeing the balance to the payments/refunds
schedule obtained from the client.
Confirm
Answers
The best response that you would have as a result of your review would be ; You consider the testing over the accuracy and completeness of management's schedule which has been performed in a separate EGA, ensure the balance in the roll forward agrees to the testing performed, and enhance the tax team's documentation to reference the additional testing.
What does it mean to carry out testing of tax account?This is the term that has to do with the performing of the procedure in such a way that it would be able to take care of an underlying account record or a given transaction.
The answer to this question is option C. You would have to ensure that you consider the testing over the accuracy and completeness of management's schedule.
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challenge that south Africa's main coal export terminal is currently facing
Answers
According to Frost & Sullivan industrial automation, mining and manufacturing, the South African coal mining industry is dealing with a number of difficulties, with railway capacity limitations being the most important one impeding coal transportation to the Richards Bay Coal Terminal (RBCT), where it is shipped to the export market.
The top 10 coal producers in the world, including South Africa, have witnessed an increase in shipments to Europe this year as those nations look for alternatives to Russian coal in the wake of Russia's war on Ukraine.
In spite of the rising demand from Europe, South Africa is having trouble transporting coal. Currently, it is challenging to move significant volumes of coal swiftly from mines to ports due to the nation's relatively limited rail and road infrastructure.
The ports that South African coal producers use are many. The major terminal, Richards Bay Coal Terminal, is one of the biggest in the world and has an annual capacity of 91 million tons of coal; but, as I previously stated, in 2022, the capacity for rail will be 56 million tons.
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PLEASE HELP, WILL GIVE BRAINLIEST
1. The industrial wood planers currently valued at $58,000 each were purchased two years ago for $65,000 each. The company plans to keep them for six more years. Jasmine uses the straight-line method to determine the depreciation for these machines. Be sure to follow FASB
a. What is the salvage value of each planner, and how is this amount determined? (2 points)
Answers
The salvage value of each planner is $23,000 and this is derived by first calculating the depreciation amount which is then deducted from Original cost of the asset.
How do we calculate our salvage value?The salvage value of each industrial wood planer is the estimated value of the machine at the end of its useful life, after it has been fully depreciated. It is determined by subtracting the accumulated depreciation from the original cost of the asset.
In Jasmine's case, using the straight-line method of depreciation, the annual depreciation for each machine is calculated as follows:
$65,000 - $58,000 = $7,000 (depreciation per year)
The company plans to keep the machines for six more years, so the total amount of accumulated depreciation would be:
$7,000 x 6 = $42,000
Therefore, the estimated salvage value of each industrial wood planer would be:
= $65,000 - $42,000
= $23,000
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A stockbroker predicts whether a stock will go up or down by tossing a coin and so has a 50% chance of making a correct prediction. Another broker, who is skilled, has a 60% chance of making a correct prediction. You don’t know which broker is which, so you watch their predictions for three days. Each broker gets all three predictions correct. What are the relevant probabilities? How do you decide who is the skilled broker? Search entries or author
Answers
Answer:
A skilled broker will be right at 60% of time compared to 50%
Explanation:
Solution
Given that:
Now,
Let X be represented as = number of correct predictions/outcomes
X foll binomial distribution with n = 3 and p = 0.5 for broker who use a toss coin
Thus,
P(X = 3) = p^3 = 0.5^3 which gives us = 0.125
So,
For a skilled broker, Y goes with the binomial distribution with n = 3 and p is = 0.6
Then,
P(Y = 3) = 0.6^3 = 0.216
We can therefore conclude who is skilled broker by making large number of observations
Hence, we say that a skilled broker will be correct 60% of time compared to 50% .
Assume a company has variable manufacturing costs of $20 per unit and total fixed manufacturing overhead per period is $150,000. In its first year of the operations, the company produced 12,500 units and reported absorption costing net operating income of $38,000 and variable costing net operating income of $20,000.
Requried:
How many units did the company sell in its first year of operations?
Answers
Answer:
11,000
Explanation:
150,000/12,500=12
38,000-20,000=18,000
18,000/12=1,500
12,500-1,500=11,000
The units sold during the first year of operations are 11,000 units.
Data and Calculations:
Variable manufacturing costs per unit = $20
Total fixed manufacturing overhead for the period = $150,000
Production units in the first year of operations = 12,500
Absorption costing's net operating income = $38,000
Variable costing's net operating income = $20,000
Fixed manufacturing overhead per unit = $12 ($150,000/12,500)
The difference between Absorption costing net operating profit and variable costing net operating income = $18,000 ($38,000 -$20,000)
The units for ending inventory = Difference in profits divided by fixed cost per unit
= 1,500 ($18,000/$12) units
Units sold = Total production units for the year - Ending Inventory
= 11,000 (12,500 -1,500) units
Under Variable Costing, Sales Revenue is determined as follows:
Contribution = $170,000 ($150,000 + $20,000)
Sales Revenue = Variable costs + Fixed Costs
= $390,000 ($170,000 + $220,000)
Variable Costing Income Statement:
Sales revenue as above = $390,000
Cost of goods sold 220,000 ($20 x 11,000)
Contribution $170,000
Fixed costs 150,000
Net operating income = $20,000
Absorption Costing Income Statement:
Sales revenue as above = $390,000
Cost of goods sold 352,000 ($32 x 11,000)
Net operating income = $38,000
Thus, the units that the company sold in the first year of its operations are 11,000 units.
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