Answer:
Overapplied overhead= $7,575
Explanation:
First, we need to calculate the predetermined overhead rate:
Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base
Predetermined manufacturing overhead rate= 1,250,000 / 40,000
Predetermined manufacturing overhead rate= $31.25 per machine hour
Now, we can allocate overhead:
Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base
Allocated MOH= 31.25*4,780
Allocated MOH= $149,375
Finally, the over/under allocation:
Under/over applied overhead= real overhead - allocated overhead
Under/over applied overhead= 141,800 - 149,375
Overapplied overhead= $7,575
Liza's budgets sales of $42,000 for May and $56,000 for June. Assume 60% of Liza’s sales are for cash. The remaining 40% are credit sales; credit customers pay the entire amount owed in the month following the sale.
Prepare the schedule of cash receipts from sales for June.
Answer:
$50400
Explanation:
May:
Sales = 42000
From cash = 42000*60% = 25200
From credit = 42000 - 25200 = 16800 (Jun cash in)
June:
Sales = 56000
From cash = 56000*60% = 33600
June cash receipts = 33600 + 16800 = 50400
QUESTION 2 of 10: Three smoothie shops exist in your town with annual sales of $300,000; $344,000; and $412,000. What is the average of their sales?
Answer:
352,000
Explanation:
add up all the numbers, then you divide by 3
The average of the three smoothie shop sales is $352,000.
What are sales?A sale is a transaction between two or more parties with respect to a particular product or a service. the payment can be done in cash, digital form, or a barter system. sales can be found out with the help of cost price and profit or loss incurred on selling the product or rendering service.
The annual sale of the first smoothie shop is $300,000
The annual sale of the second smoothie shop is $344,000
The annual sale of a third smoothie shop is $412,000
The average sale of smoothie shop = total of sales/ number of shops
= (300,00 + 344,000 + 412,000) / 3
=$352,000
Therefore, the average sales of the three shops are $352,000.
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Alva Nunez is a punch press operator for Drummond Machine Company. She earns
$1.10 for every molding she presses. What is her total pay for a week in which she
presses 310 moldings?
Multiple Choice Question Yates Co. uses the allowance method to account for bad debts. At the end of the period, Yate's unadjusted trial balance shows an accounts receivable balance of $10,000; allowance for doubtful accounts balance of $400 (credit); and sales of $500,000. Based on history Yates estimates that bad debts will be 1% of sales. The entry to record estimated bad debts will include a debit to bad debts expense in the amount of $5,000 $1,400 O $600 $4.500 O $5.400 Need help? Review these concept resources. Reading
The entry to be recorded will include a bed debt expense $5000 when there is a sale of $500,000 and bad debts will be of 1% of sales.
"Bad debt is the debt which cannot be recovered. Bad debts are known as those outstanding balances or loans that can not be considered as recoverable and must be written off."
Yates trial balance shows an receivable account balance of $10,000 which has an credit allowance of $400.
Sales of Yates = $500,000
Bad debts on sales = 1%
The expense of bad debts
= $500,000×1%
= $500,000×0.01
=$5000
Hence, the amount of expense for bad debts is $5000
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Identify the major advantages of automated materials handling systems versus manual or nonautomated systems.
Automated materials handling systems offer several advantages over the manual or non-automated systems, including Increased efficiency, Improved safety, higher throughput and better inventory control.
What is efficiency?Efficiency refers to the ability to achieve maximum output with minimum input, thereby minimizing waste and maximizing productivity. It is a measure of how well resources are utilized to achieve a specific goal. In the context of business, efficiency can be applied to various areas, such as production, logistics, and customer service. Improving efficiency can lead to increased profits, reduced costs, and improved customer satisfaction. Various techniques can be used to improve efficiency, such as automation, streamlining processes, and improving communication and collaboration between team members. Ultimately, achieving high efficiency requires a focus on continuous improvement and a willingness to adapt to changing circumstances and new technologies.
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Last year, loana's revenues totaled $121,000. This year, she anticipates a 20% increase. However, her
expenses, which totaled $97,000 last year, are expected to increase 25%. How much more/less will loana
earn compared to last year?
$23,950 MORE due to 25% of 97,000 added on which is 121,250, and then add 20% of 121,000 onto that and subtract 121,250 off your new total to get $23,950.
This chapter is all about trade--imports and exports and the balance of payments.
Give me a good example of operation and management please.
Answer:
Answersendiri goblob is a great place to work for a well and very friendly and friendly and welcoming hotel you are welcome to join us and join us in the evening and join us in the following luxury hotels in North Wales . Because he can't afford to stay there for a few days and we are away for a few weeks and we have booked for another holiday in the next few months we will be staying at the hotel
At year-end, a trial balance showed total credits exceeding total debits by $4,950. This difference could have been caused by: ______________
a. An error in the general journal where a $4,950 increase in Accounts Receivable was recorded as an increase in Cash.
b. A net income of $4,950.
c. An error in the general journal where a $4,950 increase in Accounts Payable was recorded as a decrease in Accounts Payable.
d. The balance of $5,500 in the Office Equipment account being entered on the trial balance as a debit of $550.
e. The balance of $49,500 in Accounts Payable being entered in the trial balance as $4,950.
There are ways to know the differences in account. This difference could have been caused by An error in the general journal where a $4,950 increase in Accounts Payable was recorded as a decrease in Accounts Payable.
What is a trial balance?A trial balance is a document that depicts all asset, liabilities etc. It is often prepared so as to ensure that posting of amounts and accounts are done well and right.
Here, the Total debits must equal total credits. The issue could have been caused by option d due to different factors.
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If Tarek and Samantha do not write wills and one or both were to pass away, how will the distribution of their assets be decided
If both Trek and Samantha do not write wills and passed away, their asset will be distributed to the beneficiaries through the court's letter of administration.
Usually, when an estates dies without a will stating its beneficiary, the asset will be administer by a court because no-one is recognized as a beneficiary to the deceased.
In conclusion, If both Trek and Samantha do not write wills and passed away, their asset will be distributed to the beneficiaries through the court's letter of administration.
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Concord Corporation has 8,800 shares of common stock outstanding. It declares a $3 per share cash dividend on November 1 to stockholders of record on December 1. The dividend is paid on December 31. Prepare the entries on the appropriate dates to record the declaration and payment of the cash dividend
Answer:
Declaration date:
Dr retained earnings $26400
Cr dividends payable $26400
Payment date:
Dr dividends payable $26400
Cr Cash $26400
Explanation:
Total dividend declared is the number of shares multiplied by cash dividend per share
total dividend=$3*8,800=$26400
On the record date no entries are required since record date, is just about verifying the bonafide shareholders.
On declaration date,dividends payable would be credited with $26,400 while retained earnings is debited.
On payment date,dividends payable is debited and cash credited
8.
Which of these best describes a statement of financial position?
A.An account proving the books balance
B.A record of closing entries
C.A listing of balances
D.A statement of assets
Answer:
C. A listing of balances
Explanation:
Balance sheet or statement of financial position is a financial statement that reports all the company's assets and liabilities and equity in a specific accounting period
Requirements for legal capacity for an individual are that a person must be at least sixteen and intelligent. true false
Answer:
False
Explanation:
You have to be 18
How is an excise tax different from a sales tax?
A). An excise tax is not deductible.
B). An excise tax applies to specific products.
C). An excise tax applies only to imported goods.
D). An excise tax is an indirect tax.
The answer is B.
An excise tax applies to specific products.
Hopes this helps :)
The difference between excise tax and sales tax is that an excise tax applies to specific products.
So, option B). is correct.
Excise tax and sales taxSales tax is applied to practically everything you buy, whereas excise tax is only applied to certain goods and services. Excise duty is charged on the manufacture of goods, whereas sales tax is levied on the selling of commodities.
One distinction between sales and excise taxes is that sales taxes are computed as a percentage of the purchase price, whereas excise taxes are assessed per unit. The difference between excise tax and sales tax is that an excise tax applies to specific products.
So, option B). is correct.
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Louis and Raymond had shared responsibility for liability of their company's debt because they had formed a _____.
Louis and Raymond had shared responsibility for liability of their company's debt because they had formed a limited liability partnership
Limited liability partnership :
A limited liability partnership is a partnership in which some or all of the partners have limited liability. Therefore, it can have elements of partnerships and companies. Under LLP, partners are not responsible for the misconduct or negligence of other partners. An LLP is an alternative legal form that offers the benefits of a limited liability company and the flexibility of partnerships. • An LLP can survive a change of partners. She can enter into contracts in her own name and retain her property.
What are the main advantages of a limited partnership?The main advantage of forming an LLP is the balance between business control and debt risk mitigation. Similar to a general partnership, an LLP allows qualified parties to form a business entity, allowing its partners to actively participate in the operation of the business.
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Which of the following would be out of place in a career portfolio?
A. Descriptions of problems with former bosses
B. Records of all academic degrees completed
C. Projects completed with preyingus employers
D. Awards won for past performance
SUBMIT
The problems faced by us with our former bosses should not be mentioned in a career portfolio. The correct option here is a.
What should be included in a career portfolio?A career portfolio is important for an individual who is seeking employment. It is the first impression that an individual creates while applying for a job. A portfolio which is much more detailed than a resume contains a collection of artefacts which showcases our skills, education and abilities.
A good portfolio can create a strong visual impact. But one must know what are the important things that should be included in the portfolio. Some of the things that an attention-grabbing portfolio contains are the summary of our career which should be mentioned in bullet points, percentages of our education and providing examples which are necessary for that particular job.
Other than that, objectives, short biography, communication skills, awards, projects and professional accomplishments, internships, samples of our previous work, certificates and references.
Updating our career portfolio once a year is necessary and helps us monitor our progress.
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Problem 13-1 A company currently using an inspection process in its material receiving department is trying to install an overall cost reduction program. One possible reduction is the elimination of one inspection position. This position tests items for which the probability of a material defect averages 0.04. By inspecting all items, the inspector is able to remove all defects. The inspector can inspect 50 units per hour. The hourly rate including fringe benefits for this position is $9. If the inspection position is eliminated, defects will go into product assembly and will have to be replaced later at a cost of $10 each when they are detected in final product testing. Assume that the line will operate at the same rate (i.e., the inspection rate) if the inspection operation was eliminated.
Required:
a. If the inspector position is eliminated, what will the hourly cost of defects be?
b. Should this inspection position be eliminated based on costs alone?
c. What is the cost to inspect each unit?
Answer:
a. $20
b. No.
c. $0.18 per unit
Explanation:
a. Hourly cost = Material defects * Cost to replace
50 units are inspected per hour with a 0.04 chance of defects.
= 50 * 0.04 = 2 units
Hourly cost = 2 * 10
= $20
b. No. Based on costs alone, Paying the inspector $9 an hour would be more cost effective than paying $20 to replace the defect.
c. Cost of inspecting each unit = Instructor fee/ Units inspected in an hour
= 9 / 50
= $0.18 per unit
I need help!!
What is considered a negative impact caused by a strike?
a. Loss of profits
b. Loss of wages
c. Loss of jobs
d. all of the above
Answer:
d
Explanation:
hope this helps
What is the purpose of consumer-advocacy groups?
to enforce consumer-protection regulations
to lobby the government for lower taxes
to promote the interest of consumers
to provide essential social services
To promote the interest of consumers is the purpose of consumer-advocacy groups. Actions performed by people or organizations to advance and defend the interests of the buying public are referred to as consumer advocacy.
Most countries have implemented legislation to safeguard customers against unsafe or subpar craftsmanship, dishonest sales tactics, and deceptive advertising. Consumer advocacy, movements, or laws that protect consumers' interests by regulating the goods, services, practices, and expectations of producers, merchants, and advertising.
Protecting the interests of the consumer or buyer is the goal of consumer advocacy groups. These organizations use a variety of tactics to expose companies that engage in unfair business practices or sell dangerous goods. These tactics include litigation, letter-writing campaigns, boycotts, and public relations. The Consumer Federation of America, which has 220 member groups, is the biggest consumer advocacy organisation in the United States.
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Why do you
think it's easier to forget entrepreneurship than labor or capital?
Entrepreneurship is much less tangible than other factors of production capital, that is why it's far more hard to discover.
Entrepreneurship is the assignment of latest business ventures that could eventually become profitable agencies. Some economists identify entrepreneurship as a factor of production due to the fact it is able to boom the effective performance of a company. Land refers to herbal resources, exertions refers to work attempt, and capital is anything made that is used to make something else. The final aid, entrepreneurship, refers to the capability to place the opposite 3 sources together to create capital.
Labor refers to all salary-incomes activities, including the work of specialists, retail workers, and so forth. Entrepreneurship refers back to the projects taken by way of entrepreneurs, who commonly begin as the first people in their firms after which regularly appoint different elements of production to grow their organizations.
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Which of the following is the most
"liquid" asset?
A. currency
B. checking accounts
C. certificate of deposits
Answer:
A. currency
Explanation:
Answer:
a
Explanation:
Haile Resort opened for business on June 1 with eight air conditioned units. Its trial balance on August 31 is as follows. Haile Resort Trial Balance August 31, 2022 Debit Credit Cash Br. 39,200 Prepaid Insurance 9,000 Supplies 5,200 Land 40,000 Buildings 240,000 Equipment 32,000 Accounts Payable Br. 9,000 Unearned Rent Revenue 9,200 Mortgage Payable 100,000 Share Capital—Ordinary 200,000 Retained Earnings 0 Dividends 10,000 Rent Revenue 172,400 Salaries and Wages Expense 89,600 Utilities Expense 18,400 Maintenance and Repairs Expense 7,200 Br.490,600 Br.490,600 Other data: 1. The balance in prepaid insurance is a 1-year premium paid on June 1, 2022. 2. An inventory count on August 31 shows Br.1,300 of supplies on hand. 3. Annual depreciation rates are buildings (4%) and equipment (10%). 4. Unearned rent revenue of Br.7,600 should be recognized as revenue prior to August 31. 5. Salaries and wages of Br.750 were unpaid at August 31. 6. Rentals of Br.1,600 were due from tenants at August 31. 7. The mortgage note is dated 1/1/2022. The mortgage interest rate is 8% per year. Instructions a. Journalize the adjusting entries on August 31 for the 3-month period June 1–August 31. b. Prepare an adjusted trial balance on August 31.
The general ledger account balances are shown in an adjusted trial balance following any revisions.
What is Adjusted Trial Balance ?These changes often cover depreciation, prepaid expenses, accruing expenses, and other non-cash costs.
Haile Resort
Adjusted Trial Balance
August 31, 2022
Debit Credit
Cash Br. 39,200
Rental Receivable 1,600
Prepaid Insurance 9,000 - 5,250
Supplies 5,200 - 3,900
Land 40,000
Buildings 240,000
Equipment 32,000
Accounts Payable Br. 9,000
Unearned Rent Revenue 9,200 - 7,600
Salaries and Wages Payable 750
Mortgage Interest Payable 5,333
Mortgage Payable 100,000
Share Capital—Ordinary 200,000
Retained Earnings 0
Dividends 10,000
Rent Revenue 172,400 + 7,600 + 1,600
Salaries and Wages Expense 89,600 + 750
Utilities Expense 18,400
Maintenance and Repairs Expense 7,200
Insurance Expense 5,250 (Br. 9,000 x 7/12)
Supplies Expense 3,900
Depreciation Expenses:
Buildings 9,600 (Br. 240,000 x 4%)
Equipment 3,200 (Br. 32,000 x 10%)
Mortgage Interest Expense 5,333 (Br. 100,000 x 8% x 8/12)
Totals Br.490,600 Br.490,600
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A trial balance is a bookkeeping worksheet in which the balances of all ledgers are compiled into debit and credit account column totals that are equal.
What is a Trial Balance?A trial balance is a list of every general ledger account in a company's ledger. Each nominal ledger account's name and the current balance amount will be listed in this list. Either a debit balance or even a credit balance will be present in each nominal ledger account.
Businesses utilize a trial balance, which is a list of credit and debit entries, to internally evaluate their double-entry accounting systems. In order to determine whether any entries have indeed been made in the incorrect account and to make sure that the total of all debits and credits matches one another.
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In a perfectly competitive resource market the Marginal Revenue Product Curve is
A. HORIZONTAL (WRONG)
B. VERTICAL
C. DOWNWARD-SLOPING
D. UPWARD-SLOPING
In a perfectly competitive resource market, the Marginal Revenue Product Curve is downward sloping. The Option C is correct.
What is the marginal revenue curve in perfect competition?The marginal revenue curve is a curve that graphically represents the relation between the marginal revenue received by a perfectly competitive firm for selling its output and the quantity of output sold.
As a perfectly competitive firm is a price taker and faces a horizontal demand curve, its marginal revenue curve is also horizontal and coincides with its average revenue (and demand) curve. It also maximizes profit by producing the quantity of output found at the intersection of the marginal revenue curve and marginal cost curve.
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"unemployed person." Your definition should answer such questions as: Are students on summer vacation unemployed? Are college professors who do not teach summer school unemployed? At what age are people considered to be eligible for the workforce? Are people who are out of work but not actively seeking a job unemployed?
Unemployed people are those who don't have a job but are looking for one and are willing to work. Both working and jobless people are part of the labor force.
Are students on summer vacation unemployed?
Individuals who are neither employed or looking for work are not part of the labor force. Your base period non-school earnings are sufficient to support a legitimate claim. When determining whether you have accrued sufficient income to support an Unemployment Insurance (UI) claim, we use a specified 12-month period known as a base period.
You can work for a school employer who has said they may contact you to work during break time. When the break is over, you don't have a good guarantee that you'll be able to go back to work. Your job may be affected by program changes, financing, or enrollment.
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Mary purchased a home in 2020 for $200,000. She made a 20-percent down payment and financed the rest with a 15- year loan at six percent. In 2020, she took out a $20,000 home equity loan and used the proceeds to go on a trip around the world. In 2021, her interest payments were $9,600 on her mortgage and $1,400 on her home equity loan. What amount can she deduct in 2021 as an itemized deduction
The amount Mary can deduct in 2021 as an itemized deduction is $9,600 because the home equity loan of $20,000 used for the world trip does not qualify as acquisition indebtedness.
Data and Calculations:
Cost of home purchased in 2020 = $200,000
Down payment for the home = $40,000 ($200,000 x 20%)
Mortgage value = $160,000 ($20,000 - $40,000)
Maturity period of mortgage = 15 years
Interest rate = 6%
Interest expense = $9,600 ($160,000 x 6%)
Home equity loan = $20,000
Interest on home equity loan = $1,400
Thus, Mary can only deduct $9,600 as an itemized deduction in 2021.
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Complete the statement below by choosing either imply or infer.
Am I to from your sitting in front of the TV that you don't need to study for the exam?
Inferring that you don't need to study for the exam by watching TV, if I may assume so.
Study can also indicate research, which is a method of gaining new knowledge. Learning strategies and study skills. A room in the home that functions similarly to a home office is the study. Drawings made prior to a larger work of art are called studies. Studying is crucial for the development of personal talents in addition to schooling. Your self-esteem, competence, and confidence can all increase with effective study techniques. Furthermore, it aids in lowering tension and stress related to tests and deadlines. Active listening, reading comprehension, taking notes, managing stress, managing time, taking tests, and remembering are all skills. You learn more about historical events, current activities, and future developments by studying.
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On May 1, Year 1, Benz's Sandwich Shop loaned $10,000 to Mark Henry for one year at 6 percent interest.
Required
a. What is Benz's interest income for Year 1?
b. What is Benz's total amount of receivables at December 31, Year 1?
c. How will the loan and interest be reported on Benz's Year 1 statement of cash flows?
d. What is Benz's interest income for Year 2?
e. What is the total amount of cash that Benz's will collect in Year 2 from Mark Henry?
f. How will the loan and interest be reported on Benz's Year 2 statement of cash flows?
g. What is the total amount of interest that Benz's earned on the loan to Mark Henry?
$
600
a. Interest income
b. Receivables
c.
d. Interest income
e. Cash
f.
2 of 2
Next
< Prev
76
>
.
a. Benz's Sandwich Shop interest income for Year 1 is equal to $400.
b. Benz's Sandwich Shop total receivables at December 31, Year 1 is equal to $10,400.
c. The loan receivable will be reported on Benz's Sandwich Shop Statement of Cash Flows under operating activities as an outflow of resources in the amount of $10,000.
d. Benz's Sandwich Shop interest income for Year 2 is equal to $200.
e. The total amount of cash that Benz's Sandwich Shop will collect in Year 2 from Mark Henry is $10,600.
f. On Benz's Year 2 Statement of Cash Flows, the loan and interest will be reported under Operating Activities as inflows in the total amount of $10,600.
g. The total amount of interest that Benz's Shop earned on the loan to Mark Henry is $600 ($10,000 x 6%).
Data and Calculations:
Amount of loan = $10,000
Interest rate = 6%
Months for Year 1 = 8 months (12 - 4)
Interest income for Year 1= $400 ($10,000 x 6% x 8/12)
Loan Receivable = $10,000
Interest Receivable = $400
Total receivable for Year 1 = $10,400 ($10,000 + $400)
Interest Income for Year 2 = $200 ($10,000 x 6% x 4/12)
Total Interest Income = $600 ($10,000 x 6%)
Thus, the interest is the income that Benz's receives for lending $10,000 to Mark Henry for a period of one year at 6%.
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Prepare a comparative income statement for any company extracting their P&L statement for the years 2020-21 & 2021-22. Analyse the incline and decline in the different elements in the P&L Statement and provide detailed insights.
Answer:
this is my own answer
Explanation:
hi
How to Prepare a Comparative Income Statement?
Step 1: Specify absolute figures of items like goods sold, net sales, selling expenses, etc., relating to the accounting period under consideration for analysis.
Step 2: Calculate the absolute change in the items mentioned in the income statement.
What are 2 key benefits of budgeting?
Budgeting allows for effective financial management, empowering individuals and organizations to control their finances, plan for the future, achieve goals, and enhance long-term security.
Budgeting offers several key benefits for individuals, households, businesses, and organizations. Here are two key benefits of budgeting:
Financial Control and Planning: Budgeting provides a framework for financial control and planning.
By setting clear financial goals and allocating resources effectively, individuals and organizations can have better control over their income, expenses, and overall financial situation. Budgeting allows for proactive decision-making, as it helps identify areas of overspending or potential savings, enabling adjustments and course corrections as needed.
It helps in prioritizing expenses, reducing wasteful spending, and ensuring that financial resources are allocated in line with priorities and objectives.
Goal Achievement and Future Security: Budgeting plays a crucial role in goal achievement and future security. By setting specific financial goals, such as saving for a house, education, retirement, or business expansion, budgeting helps individuals and organizations allocate resources towards these goals systematically.
It provides a roadmap for saving and investing, ensuring progress towards long-term objectives. Budgeting also helps in managing debt effectively, reducing financial stress, and building a strong financial foundation for the future.
By establishing savings and emergency funds, budgeting provides a safety net, enhancing financial resilience in case of unexpected events or economic downturns.
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Answer for lab Plato
* Who is the teen entrepreneur? Young people the age of 13 to 18.
* What makes this business successful? Useful for the community, solves their problems.
* How did the teens prepare for entrepreneurship?looked for solutions for people, requirements to start a business, get financially help from family etc.
* Where did they get startup money? Selling s service to get paid, Crowdsourcing through Kickstarter could be an option, while parents and friends might help, too.
* What was the motivation for starting a business? To overall help their community.
The teen entrepreneur are young people the age of 13 to 18.
This business is successful because it is useful for the community, solves their problems.
What are the responses to other questions?* The teens prepare for entrepreneurship by looking for solutions for people, requirements to start a business, get financially help from family etc.
* They got startup money from selling service to get paid, Crowdsourcing through Kickstarter could be an option, while parents and friends might help, too.
* The motivation for starting a business was too overall help their community.
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