Based on the following Information and the post-closing trial Balance that follow, prepare a balance sheet in report form at December 31 of the current year:
The Merchandise inventory is stated at cost by the LIFO method.
The product warrant payable is a current liability.
Vacation pay payable:
Current liability $7,140
Long-term liability 3,360
The unfunded pension liability is a long-term liability.
Notes Payable:
Current liability $70,000
Long-term liability 630,000
Kornett Company
POST-CLOSING TRIAL BALANCE
December 31, 2016
Petty cash 4,500
Cash 243,960
Notes Receivable 100,000
Accounts Receivable 470,000
Allowance for Doubtful Accounts 16,000
Merchandise Inventory 320,000
Interest Receivable 1,875
Prepaid Insurance 45,640
Office Supplies 13,400
Land 654,925
Buildings 900,000
Accumulated Depreciation-Buildings 36,000
Office Equipment 246,000
Accumulated Depreciation- 44,000
Office Equipment
Store Equipment 112,000
Accumulated Depreciation-Store 5,000
Equipment
Mineral Rights 546,000
Accumulated Depletion 30,000
Patents 42,000
Social Security Tax payable 25,470
Medicare Tax payable 4,710
Employees federal Income Tax payable 40,000
State Unemployment Tax Payable 270
Federal Unemployment Tax payable 40
Salaries Payable 157,000
Accounts Payable 131,600
Interest Payable 28,000
Product Warrenty Payable 76,000
Vacation Pay Payable 10,500
Unfunded Pension Liability 50,700
Notes Payable 700,000
J. Kornett, Capital 2,345,010
3,700,300 3,700,300
Answers
Find the given attachments
Related Questions
Which of the following is not a relevant factor in computing depreciation? Multiple Choice Cost. Salvage value. Useful life. Depreciation method. Market value.
Answers
The factor that is not a relevant factor in computing depreciation is: market value.
What is market value?Market value can be defined as the value at which an assets will be sold in the market.
All the following factor listed above above are relevant or important when calculating depreciation which can be defined as the wear and tear of an assets.
CostSalvage valueUseful lifeDepreciation methodInconclusion the factor that is not a relevant factor in computing depreciation is: market value.
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Vaughn Company reports the following operating results for the month of August: sales $315,000 (units 5,000); variable costs $219,000; and fixed costs $71,600. Management is considering the following independent courses of action to increase net income. Compute the net income to be earned under each alternative. 1. Increase selling price by 10% with no change in total variable costs or sales volume.
Answers
Answer: $55,900
Explanation:
Based on the information given in the question, the following can be derived:
Units = 5000
Sales = $315000
Variable costs = $219,000
Fixed costs = $71,600
Selling price per unit
= 315,000/5000.
= 63
Variable expense per unit
= 219,000/5,000
= 43.8
Contribution margin per unit
= 63 - 43.8
= 19.2
We then calculate the 10% increase in selling price. This will be:
= $63 × (100% + 10%)
= $63 × 110%
= $63 × 1.10
= $69.3
Sales = 5000 × 69.3 = 346500
Less: Variable expense = 5000 × 43.80 = 219000
Contribution margin = 127500
Less: Fixed expense = 71,600
Net operating income = 55,900
To speed the process of surveying, surveyors use brass metal plates to record important information. The benchmarks, as they are called, are used to save time so surveyors do not have measure the datum plane each time. Benchmarks refer to what standard of measurement?
Answers
Answer: Construction surveys are those surveys that provide line and grade.
Explanation:
Benchmarks for surveying the construction site involves the fixed reference point along with a precisely published elevation levels. In the given condition, the brass metal plate is used to record and measure parameters from the set benchmark. This will save the time of the survey.
A true statement about credit unions is that they usually
1-cannot make personal loans.
2-cannot offer depositors checking accounts.
3- charge lower fees and loan rates than banks.
4-give interest-free loans to their depositors.
Answers
A true statement about credit unions is that they usually charge lower fees and loan rates than banks.
What is Credit Union?Credit union is a cooperative financial institution that offers primary banking services to its members and established for the basic interest of its members. Its main aim is to meeting the needs of the members.
The members of the credit union are it's shareholders, depositor and it's not for profit making basis.
Hence, a true statement about credit unions is that they usually charge lower fees and loan rates than banks.
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Acme Direct Funding’s loan package contains an additional acknowledgment certificate with instructions for the Notary Signing Agent to sign and affix a seal impression and return the certificate with the completed documents. Which of the following is the best course of action for the agent to take?
Answers
Since, the options have not been given, the question is incomplete. The complete question is as follows:
Acme Direct Funding’s loan package contains an additional acknowledgment certificate with instructions for the Notary Signing Agent to sign and affix a seal impression and return the certificate with the completed documents. Which of the following is the best course of action for the agent to take?
a. Sign, seal, and photocopy the additional certificate before returning it as requested
b. Sign, seal, and return the additional certificate as requested
c. Refuse to sign and seal the additional certificate
d. Sign, the certificate but refuse to apply your seal impression
Answer: Refuse to sign and seal the Acknowledgement certificate.
Explanation:
The notary signing agent must not sign the acknowledgment certificate. The company or loan funding agency may require extra certificates to rectify any mistake committed by the notary signing agent on the deed. Any mistake on the loan package is not consultation with the client and rejected without sending back the documents to the notary signing agent to correct.
Once her teams goals were set Alyssa asked each team member to come up with a(n)____ to reach her goals.
Answers
Once her team's goals were set Alyssa asked each team member to come up with a(n) action plan to reach her goals.
What is an Action Plan?This refers to the document that shows the list of steps that should be taken by a person in order to achieve or actualize their goals in a methodical manner.
Hence, we can see that based on the fact that the team goals have been set, Alyssa asked her team to form an action plan which was to help them achieve her goals and shows the list of actions and steps to be taken.
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38:38
Mark is a college student and frequently needs to either rent a car or borrow his friend's car. Although he doesn't own a car of his own,
he wants to buy himself some liability coverage that would apply whenever he drives someone else's car. Which coverage should Mark get?
Answers
Mark is a college student and frequently needs to either rent a car or borrow his friend's car, Mark should get Non-owner coverage.
Non-owner coverage is non-public vehicles that your business would not own, rent, or lease. Non-owned automobile coverage helps provide legal responsibility and safety if a car you haven't leased, hired, or rented is pushed on your business and is a coincidence.
In case you drive often but do not own an automobile, a non-proprietor insurance policy provides legal responsibility coverage for bodily harm and property harm, which means that it'll cover you if you're answerable for damages or injuries in a coincidence.
Non-owner vehicle coverage is for individuals who sometimes drive an automobile they don't own but need to prove insurance. It affords liability coverage that will pay for accidents and assets that harm our purpose to other humans in a twist of fate. but, it doesn't cowl damage to the automobile you have rented or borrowed, nor for any accidents.
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The Dorilane Company specializes in producing a set of wood patio furniture consisting of a table and four chairs. The set enjoys great popularity, and the company has ample orders to keep production going at its full capacity of 2,000 sets per year. Annual cost data at full capacity follow:
Direct labor $ 118,000
Advertising $ 50,000
Factory supervision $ 40,000
Property taxes, factory building $ 3,500
Sales commissions $ 80,000
Insurance, factory $ 2,500
Depreciation, administrative office equipment$4,000
Lease cost, factory equipment $ 12,000
Indirect materials, factory $ 6,000
Depreciation, factory building $ 10,000
Administrative office supplies (billing) $ 3,000
Administrative office salaries $ 60,000
Direct materials used (wood, bolts, etc.) $ 94,000
Utilities, factory $ 20,000
Required:
1. Enter the dollar amount of each cost item under the appropriate headings. Note that each cost item is classified in two ways: first, as variable or fixed with respect to the number of units produced and sold; and second, as a selling and administrative cost or a product cost. (If the item is a product cost, it should also be classified as either direct or indirect.)
Cost Behavior
Selling or Administrative
Product Cost
Cost Item
Variable Fixed Cost Direct Indirect Direct labor$118,000$118,000Advertising50,00050,000Factory supervisionProperty taxes, factory buildingSales commissionsInsurance, factoryDepreciation, administrative office equipmentLease cost, factory equipmentIndirect materials, factoryDepreciation, factory buildingAdministrative office supplies (billing)Administrative office salariesDirect materials used (wood, bolts, etc.)Utilities, factoryTotal costs$118,000
2. Compute the average product cost of one patio set.
Average product cost per set = ????
3. Assume that production drops to only 1,000 sets annually. Would you expect the average product cost per set to increase, decrease, or remain unchanged?
Increase
Decrease
Remain unchanged
Answers
Answer:
1.COST BEHAVIOUR
Variable Fixed
$321,000 $182,000
SELLING OR ADMINISTRATIVE
Cost $197,000
PRODUCT COST
Direct Indirect
$212,000 $94,000
2. $153 per set
3. I would expect the average product cost per set to increase.
Explanation:
1. Calculation to Enter the dollar amount of each cost item under the appropriate headings
COST BEHAVIOUR
VARIABLE FIXED
Direct labor $118,000 $0
Advertising $0 $50,000
Factory supervision $0 $40,000
Property taxes, factory building$0 $3,500
Sales commissions$80,000 $0
Insurance, factory $0 $2,500
Depreciation, administrative office equipment$0 $4,000
Lease cost, factory equipment$0 $12,000
Indirect materials, factory $6,000 $0
Depreciation, factory building $0 $10,000
Administrative office supplies (billing) $3,000 $0
Administrative office salaries $0 $60,000
Direct materials used (wood, bolts, etc.)$94,000 $0
Utilities, factory $20,000 $0
TOTAL COSTS $321,000 $182,000
SELLING OR ADMINISTRATIVE
COST
Direct labor $0
Advertising $50,000
Factory supervision $0
Property taxes, factory building $0
Sales commissions $80,000
Insurance, factory $0
Depreciation, administrative office equipment $4,000
Lease cost, factory equipment $0
Indirect materials, factory $0
Depreciation, factory building $0
Administrative office supplies (billing) $3,000
Administrative office salaries$60,000
Direct materials used (wood, bolts, etc.) $0
Utilities, factory $0
TOTAL COSTS $197,000
PRODUCT COST
DIRECT INDIRECT
Direct labor $118,000 $0
Advertising $0 $0
Factory supervision $0 $40,000
Property taxes, factory building$0 $3,500
Sales commissions $0 $0
Insurance, factory $0 $2,500
Depreciation, administrative office equipment $0 $0
Lease cost, factory equipment$0 $12,000
Indirect materials, factory$0 $6,000
Depreciation, factory building $0 $10,000
Administrative office supplies (billing) $0 $0
Administrative office salaries $0 $0
Direct materials used (wood, bolts, etc.)$94,000 $0
Utilities, factory$0 $20,000
TOTAL COSTS $212,000 $94,000
Therefore the dollar amount of each cost item under the appropriate headings will be :
COST BEHAVIOUR
Variable Fixed
$321,000 $182,000
SELLING OR ADMINISTRATIVE
Cost $197,000
PRODUCT COST
Direct Indirect
$212,000 $94,000
2. Computation to determine the average product cost of one patio set.
Using this formula
Average product cost of one patio set =(Direct costs +Indirect costs)/Capacity set per year
Let plug in the formula
Average product cost of one patio set=($212,000+$94,000)/2,000 sets
Average product cost of one patio set =$306,000/2,000 sets
Average product cost of one patio set = $153 per set
Therefore The Average product cost of one patio set will be $153 per set
3. In a situation were the production drops I Would expect the average product cost per set to INCREASE, reason been that the fixed costs would extend over few units which will inturn cause the average cost per unit to increase.
Project: Creating an Investment Portfolio
Do you want to own a home some day? Would you like to enjoy your retirement and go on vacations to some of those beautiful destinations advertised on television? Do you sometimes wonder how you are ever going to accomplish these things on your salary?
The good thing is that it is never too late to start saving, and time is on your side if you start now and follow through. It takes financial planning, execution of the plan, and some discipline. Once you develop your plan and set your goals, you'll need to execute that plan, and stick to it.
An investment portfolio is a collection of assets held for investment purposes by an individual or a company. It includes different asset classes such as stocks, bonds, CDs, and, in some cases, real estate. The amount allocated to each asset class is called asset allocation, which is usually referred to in percentages. The economy and market conditions are always changing, so it is not enough to just build an investment portfolio. You have to monitor the portfolio for its reaction to the economy and social events and periodically make adjustments to assets in your portfolio. Some of the factors that impact an investment portfolio are interest rates, the performance, or lack thereof, of the assets in your portfolio, this list goes on. The key is to keep an eye on it to make sure it is doing what you intended it to do. However, don't try to change your asset portfolio every time the market changes, as that will likely result in losses. The best strategy is to assess your portfolio annually, and only then make any necessary changes.
investment portfolio
OBJECTIVES
Create an investment portfolio to meet short-term and long-term financial objectives.
VOCABULARY
asset allocation the mix or combination of assets such as stocks, bonds, CDs, and money-market accounts
investment portfolio collection of investments owned by an individual or entity
If one of Jane’s goals is to build an emergency fund, how many months’ salary should she reserve for this fund and why? Where should the emergency fund be invested and why? Explain your answers using complete sentences.
Answers
To help her with her short-term goals, Jane can consider depositing a portion of her inheritance in a money market fund or a high-yield savings account. To assist Jane reach her long-term goals, the majority of her inheritance may be invested in a well-diversified portfolio of stocks and bonds.
If Jane wants to create an emergency fund, she should try to save enough money to cover her living needs for three to six months. This is a typical amount that is advised for unforeseen circumstances like job loss, medical emergency, or auto repairs. Jane needs to keep a close eye on her long term and short-term investments and rebalance her portfolio as necessary. Also, she should think about how her assets will affect her taxes and make every effort to reduce expenses. A safe, liquid account, such as a money market fund or a high-yield savings account, should be used to hold the emergency fund. These accounts provide faster access to money in an emergency and higher interest rates than typical savings accounts.
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Categories of rights
Answers
When is China's economy set to overtake US?
Answers
Answer:
China would overtake the US to become the world's largest economy set by 2028.
Explanation:
hope it would help.
Which statement best summarizes the role of businesses in the flow of
goods?
A. Businesses earn revenue by providing services.
B. Businesses consume goods produced by households.
C. Businesses sell goods that are created in product markets.
D. Businesses provide natural resources to product markets.
Answers
C. The easiest way to describe how businesses participate in the flow of goods is to say that they sell products that are made in product markets.
Describe businesses.A business is a firm or enterprising entity engaged in commercial, industrial, or professional activities. Organizing any type of economic activity is what a business is designed to do (of goods or services). Businesses can be for-profit enterprises or nonprofit organizations that promote social causes or engage in charitable endeavors.
The size and operational scope of businesses range from small, local businesses to large, international corporations. Business includes both the production and sale of goods and services for a profit as well as individual endeavors and efforts. In many instances, the term "business" refers to a firm that operates for industrial, commercial, or professional objectives.
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Answer:
A
Explanation:
Question 7 of 10
Business health insurance plans are
A. required
B. varied
C. non-existent
D. uniform
so
Answers
If the amount of gasoline purchased per car at a large service station has a population of $15 and a population standard deviation of$4 then 99.73% of all cars will purchase between $3 and $27
Answers
The range between $3 and $27 is three standard deviations away from the mean.
Since we know that 99.73% of the data falls within three standard deviations of the mean, we can estimate that 99.73% of all cars will purchase gasoline between $3 and $27.
According to the given information, the population mean is $15, and the population standard deviation is $4.
This means that 99.73% of all cars will purchase gasoline within three standard deviations of the mean, using the empirical rule.
Therefore, we can use the empirical rule to estimate the percentage of cars that will purchase gasoline between $3 and $27.
The empirical rule is also known as the 68-95-99.7 rule, which states that:Approximately 68% of the data falls within one standard deviation of the meanApproximately 95% of the data falls within two standard deviations of the meanApproximately 99.7% of the data falls within three standard deviations of the mean.
To find the number of standard deviations that correspond to $3 and $27, we need to calculate the z-scores.
The z-score formula is given as:z = (x - μ) / σwhere z is the standard score, x is the value of the variable, μ is the population mean, and σ is the population standard deviation.
To find the z-score for $3, we plug in the values:z = (3 - 15) / 4z = -3To find the z-score for $27, we plug in the values:z = (27 - 15) / 4z = 3.
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Your interest rate is compounded annually ,beginning balance $1166.40 annual rate 8%, how much will you earn in interest alone?
Answers
You will earn $93.31 in interest alone.
To calculate the amount of interest you will earn, we can use the formula for compound interest:
A = P(1 + r/n)^(nt)
Where:
A = the final amount
P = the principal amount (beginning balance)
r = annual interest rate (in decimal form)
n = number of times interest is compounded per year
t = number of years
In this case, the beginning balance is $1166.40, the annual interest rate is 8%, and the interest is compounded annually.
First, we need to convert the annual interest rate to a decimal form by dividing it by 100: 8% / 100 = 0.08.
Next, we substitute the values into the formula:
A = 1166.40(1 + 0.08/1)^(1*1)
Simplifying the equation, we have:
A = 1166.40(1.08)
Now, we can calculate the final amount
A = $1166.40 * 1.08
A = $1259.71
To find the amount of interest earned, we subtract the principal amount (beginning balance) from the final amount:
Interest earned = $1259.71 - $1166.40
Interest earned = $93.31
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Solutions for lack of accurate and timely information?
Solutions for information overload?
Answers
Information overload is a rising issue for organisations all over the world, and improving employee experience is a top concern for the majority of them. The problem is that, despite the fact that information overload is a well-known issue, it appears that most firms have yet to find effective methods to address it, which is rather concerning.
Information overload in the workplace refers to the large volume of irrelevant information that circulates among employees. In today's job, it is difficult to prevent information overload. Most businesses, from start-ups to huge corporations, are experiencing information overload.
It is also critical to deliver correct and timely information. People and organizations will make poor judgements in the absence of accurate, reliable, and timely information.
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Assume the following taxpayer information: The taxpayer is a South African manufacturing company (not a small business corporation as defined) with a 31 March 2023 year of assessment. Calculate the recoupment on the disposal of the machine BELOW. Information pertaining to manufacturing machine: Events Sold Purchased Tax value at date of sale Date 30 December 2022 1 August 2020 Amount R 605 000 R 490 000 R 98 000
Answers
The depreciation allowances allowed in prior years of R533 665 (recoupment amount)The recoupment amount is included in taxable income.
An asset disposed of in the year of assessment (2022) for proceeds exceeding its tax written down value (TWDV) triggers a recoupment of depreciation allowances. The recoupment is calculated by deducting the TWDV from the proceeds, but limited to the sum of depreciation allowances allowed in respect of the asset less any amount that has been recouped in a prior year.
Manufacturing machine sold R605 000 Purchased R490 000 Tax value at date of sale R98 000Calculate recoupment on the disposal of the machine;
The machine's TWDV is R71 335; this is calculated by taking the original cost of R490 000 less the depreciation allowances allowed in prior years of R34 665.R605 000 (proceeds) - R71 335 (TWDV) = R533 665 (recoupment amount)The recoupment amount is included in taxable income.
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Perpetual Inventory Using Weighted Average
Beginning inventory, purchases, and sales for WCS12 are as follows:
340 units at $10
200 units
360 units at $11
400 units
Oct. 1
13
22
29
Inventory
Sale
Purchase
Sale
a. Assuming a perpetual inventory system and using the weighted average method, determine the weighted average unit cost after the October 22 purchase. Round your answer to
two decimal places.
per unit
b. Assuming a perpetual inventory system and using the weighted average method, determine the cost of goods sold on October 29. Round your "average unit cost" to two decimal
places.
$
c. Assuming a perpetual inventory system and using the weighted average method, determine the inventory on October 31. Round your "average unit cost" to two decimal places
Answers
Perpetual Inventory can be calculated as follows:
a. Weighted average unit cost after the October 22 purchase:
Beginning inventory:
340 units at $10 = $3,400
Purchases:
200 units at $10 = $2,000
360 units at $11 = $3,960
Total units: 340 + 200 + 360 = 900 units
Total cost: $3,400 + $2,000 + $3,960 = $9,360
Weighted average unit cost = Total cost / Total units
=$9,360 / 900 units
≈ $10.40 (rounded to two decimal places)
b. Cost of goods sold on October 29:
Units sold: 400 units
Cost of goods sold = Units sold * Weighted average unit cost
= 400 units * $10.40
= $4,160
c. Inventory on October 31:
Remaining units: 100 units (900 units - 400 units)
Weighted average unit cost (from part a): $10.40
Inventory value = Remaining units * Weighted average unit cost
= 100 units * $10.40
= $1,040
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For each transaction:
a. analyze the transaction using the accounting equation
b. record the transaction in journal entry form
c. post the entry using T-accounts to represent ledger accounts.
1. On May 15, DeShawn Tyler opens a landscaping company called Elegant Lawns by investing $7,000 in cash along with equipment having a $3,000 value in exchange for common stock.
2. On May 21, Elegant Lawns purchases office supplies on credit for $500.
3. On May 25, Elegant Lawns receives $4,000 cash for performing landscaping services.
4. On May 30, Elegant Lawns receives $1,000 cash in advance of providing landscaping services to a customer.
Answers
Answer:
Elegant Lawns
a. Analysis of transactions using the accounting equation:
1. May 15, Assets Cash $7,000 Equipment $3,000 Equity: Common stock $10,000
2. May 21, Assets: Office supplies $500 Liabilities: Accounts Payable $500
3. May 25, Assets: Cash $4,000 Equity: Service Revenue $4,000
4. May 30, Assets: Cash $1,000 Equity: Service Revenue $1,000
b. Journal Entries:
Date Account Titles Debit Credit
1. May 15, Assets: Cash $7,000
Assets: Equipment $3,000
Equity: Common stock $10,000
2.
May 21, Assets: Office supplies $500
Liabilities: Accounts Payable $500
3. May 25, Assets: Cash $4,000
Equity: Service Revenue $4,000
4. May 30, Assets: Cash $1,000
Equity: Service Revenue $1,000
c. T-accounts:
Cash
Date Account Titles Debit Credit
1. May 15 Common stock $7,000
3. May 25, Service revenue 4,000
4. May 30, Service revenue 1,000
Equipment
Date Account Titles Debit Credit
1. May 15 Common stock $3,000
Office Supplies
Date Account Titles Debit Credit
2. May 21, Accounts Payable $500
Common Stock
Date Account Titles Debit Credit
1. May 15 Cash $7,000
1. May 15 Equipment 3,000
Accounts Payable
Date Account Titles Debit Credit
2. May 21, Office supplies $500
Service Revenue
Date Account Titles Debit Credit
3. May 25, Cash $4,000
4. May 30, Cash 1,000
Explanation:
a) Data and Analysis with Accounting Equation:
1. May 15, Assets Cash $7,000 Equipment $3,000 Equity: Common stock $10,000
2. May 21, Assets: Office supplies $500 Liabilities: Accounts Payable $500
3. May 25, Assets: Cash $4,000 Equity: Service Revenue $4,000
4. May 30, Assets: Cash $1,000 Equity: Service Revenue $1,000
Question 4 of 4
How impactful was high shipping demand on
customer questions?
Not
impactful
Extremely
impactful
Submit
Answers
Customers often have a lot of questions. Extremely impactful was high shipping demand on customer questions.
What is customer experience: This is simply known as the product of an interaction that exist between an organization and a customer.
Customer service is simply the assistance provided by a company to individuals who buy or use its products or services.
The questions of customers will help one to know if the high shipping demand is due to the needs of the customer.
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pls help i will give branlyist
Choose a specific administrative support job. Then explain the type of multitasking a person might have to do in that job.
Give an example of a clear subject line for an email and an unclear subject line. Then explain why the clear subject line is better.
Answers
The administrative position of human resources entails multiple tasks, including payroll, hiring, recruiting, preserving the work environment, and others.
Describe human resources.?Human resources professionals hire, interview, and screen job prospects as well as designate positions for newly hired personnel. They could also be in charge of pay and benefits, employee relations, and training. Professionals in labor relations supervise and assess employment contracts.
Processing payroll, writing job descriptions, establishing workplace norms, and purchasing benefits are all common HR administration tasks.
Thus, the administrative position is in human resources.
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The top salary you can make.
A) Career
B) Productivity
C) Earning potential
D) Human capital
Answers
Answer:
earning potential
Explanation:
Earning potential refers to the potential gains from dividend payments and capital appreciation shareholders might earn from holding a stock. In other words, it reflects the largest possible profit that a corporation can make
The operations of Winston Corporation are divided into the Blink Division and the Blur Division. Projections for the next year are as follows: Blink Division Blur Division Total Sales $ 380,000 $ 198,000 $ 578,000 Variable costs 118,000 97,000 215,000 Contribution margin $ 262,000 $ 101,000 $ 363,000 Direct fixed costs 104,000 90,000 194,000 Segment margin $ 158,000 $ 11,000 $ 169,000 Allocated common costs 59,000 51,500 110,500 Operating income (loss) $ 99,000 $ (40,500 ) $ 58,500 If the Blur Division were dropped, Blink Division's sales would increase by 30%. If this happened, the operating income for Winston Corporation as a whole would be:
Answers
Answer:
$126,100
Explanation:
Operating income is computed as;
= [Contribution margin of Blink division × increase sales percentage] - fixed costs of Blink division - Allocated common costs of Blink division - Allocated common costs of Blur division
= [$262,000 × 130%] - $104,000 - $59,000 - $51,500
= $340,600 - $104,000 - $59,000 - $51,500
= $126,100
Financial aid letters show your aid and costs of attendance for _____.
Answers
Financial aid letters show your aid and costs of attendance for an academic year.
What is a financial aid letter?This is a letter that a tertiary institution gives to a student to show the cost of their attendance at the college they are currently enrolled in.
The period covered in the letter is the academic year which means that the costs associated with two semesters of attending the university will be shown to the student.
These costs will include things like tuition fees, room and board fees, transportation and other miscellaneous costs.
The letter will also include all the financial aids that the student may receive including federal grants, college grants, state grants, and federal loan options that a person may be eligible for.
In conclusion, financial aid letters show the costs of attendance in an academic year and the aid that comes with it.
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Auto Shoppe is considering the purchase of a new engine computer code reader for $30,000. Auto Shoppe can charge $50 for the service of reading the codes from a single car engine, while the actual cost of the reading would only be $10 per car engine. Suppose that the manager of Auto Shoppe is concerned about this purchase, and has stated that if Auto Shoppe were to buy the new engine computer code reader, "..the machine needs to pay for itself by the time we use it to read the codes of 200 car engines." The manager says this is because, "…those sorts of engine computer code readers go out of date very quickly, so if we don’t get our money back soon, we will probably just wind up replacing the machine before it ever breaks even." What would Auto Shoppe need to charge for the service of reading each car engine, to just break-even when it reads the codes from 200 car engines?
Answers
Answer:
Auto Shoppe
For Auto Shoppe to just break-even when it reads the codes from 200 car engines, it would charge $160 for the service of reading each car engine.
Explanation:
a) Data and Calculations:
Fixed cost of new engine computer code reader = $30,000
Service charge for reading the code from a single car engine = $50
Variable cost of reading per car engine = $10
Number of engines to read their codes = 200
To break-even, total costs must equal total revenue
Total costs = Fixed costs + Variable costs
= $30,000 + $10 * 200
= $32,000
Therefore, revenue should be equal to $32,000
The amount to charge in order to break-even is:
= $160 ($32,000/200)
b) This implies that to break-even at $50 selling price, the number of engines should be increased to 750 ($30,000/$40). This is because the contribution margin per unit = $40 ($50 - $10) and the fixed costs = $30,000.
A plant asset cost ₤320,000 and is estimated to have a ₤40,000 residual value at the end of its 8-year useful life. The annual depreciation expense recorded for the third year using the double-declining-balance method would be？
Answers
Depreciation is the process of allocating the price of a plant asset to expense in the accounting periods benefiting from its use.
How is the whole depreciation of a plant asset calculated?Determine the value of the asset. Subtract the estimated salvage price of the asset from the cost of the asset to get the whole depreciable amount. Determine the beneficial lifestyles of the asset. Divide the sum of step (2) by using the wide variety arrived at in step (3) to get the annual depreciation amount.
Depreciation is the technique of allocating to expense the cost of a plant asset over its beneficial (service) existence in a rational and systematic manner. Such cost allocation is designed to desirable in shape prices with revenues.
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https://brainly.com/question/28108679#SPJ1Problem 8, MacroSoft Inc. has capitalized $600,000 of software costs. Sales from this product were $360,000 in the first year. MacroSoft estimates additional revenues of $840,000 over the product’s economic life of 5 years.
Instructions
Prepare the journal entry to record software cost amortization for the first year. Show all computations.
Answers
Journal Entry:
Date: [First year-end date]
The amortization expense for the first year is $120,000.
Debit: Amortization Expense - Software Cost - Year 1 ($600,000 / 5 years) = $120,000Credit: Accumulated Amortization - Software Cost - Year 1 ($600,000 / 5 years) = $120,000Explanation:To record the software cost amortization for the first year, we need to allocate a portion of the capitalized software costs as an expense. Since the software has an estimated economic life of 5 years, we divide the total software cost ($600,000) by 5 to determine the annual amortization expense. In this case, the amortization expense for the first year is $120,000. We debit the Amortization Expense - Software Cost account to recognize the expense and credit the Accumulated Amortization - Software Cost account to accumulate the amortization over time.For more such questions on Journal Entry
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Evaluate various ethical issues Walmart has faced and how the company responded to stakeholders?
Answers
The Walmart had faced the ethical issues as it had kept the high profits for the stakeholders. The path to maintaining low costs and satisfied customers has been littered with ethical transgressions.
What is Ethics?Ethics is concerned with the moral values what is good and what is wrong and undertaking the actions in the direction of right behavior.
There are many ethical issues such as:-
Low compensation that barely meets the minimum wage: The workers are not given the most fundamental benefits, such as health care and insurance. Abuse of illegal immigrant employees: This keeps costs down and many of these workers are forced to perform additional tasks by being threatened with deportation.Unfair contracting: all to achieve low cost and give high discounts, fair price not offered to manufacturers and farmers. Whatever contracts are signed, with promises to increase their money with time, are not completely honored with negotiations happening to decrease prices.Extreme Resistance to unionsEvading ethical supply chain practiceEnvironmental violationsWal-troubles Mart's don't seem to be going away, therefore the company has committed to working continually with several NGOs and other businesses to come up with ethical solutions that benefit both consumers and producers.
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Meetings are a good place to decide what business to discuss.
Please select the best answer from the choices provided
OT
OF
Answers
It is a true statement that meetings are a good place to decide what business to discuss.
Why are meetings good place to decide what business to discuss?When teams plan to discuss ideas, share information or offer solutions to workplace challenges, they might schedule meetings to review these items. This provides coworkers with a collaborative space to freely express opinions and update each other on current tasks.
When conducting a meeting, consider sending an agenda and informing employees of the meeting's topic beforehand to ensure it's productive and engaging. Hence, it is true that meetings are a good place to decide what business to discuss. because it means that you can discuss whatever you want with team since everyone has gathered.
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At the end of 2011, the XYZ city deferred Br. 40,000 in property taxes, and that
amount is reflected in the beginning balance sheet is recognized as revenue for
2012.
Answers
At the end of 2011, the XYZ city deferred Br. 40,000 in property taxes, which means that the city did not recognize this amount as revenue in the 2011 financial statements. Instead, it carried it forward as a liability on the beginning balance sheet for 2012.
In 2012, the Br. 40,000 deferred property taxes are recognized as revenue, reflecting an increase in the city's financial resources. This recognition follows the accrual accounting principle, where revenue is recognized when it is earned, regardless of when the cash is received. By recognizing the deferred property taxes as revenue in 2012, the city accurately reflects its financial position and performance for that year.
The recognition of the deferred property taxes as revenue in 2012 will impact the city's income statement, increasing its revenue figure, and potentially affecting its net income or surplus. It also signifies the city's ability to generate resources from property taxes, which can contribute to funding public services and projects within the XYZ city.
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