The following information pertains to Lance Company.
1. Cash balance per bank, July 31, $8,732.
2. July bank service charge not recorded by the depositor $45.
3. Cash balance per books, July 31, $8,768.
4. Deposits in transit, July 31, $3,500.
5. $2,023 collected for Lance Company in July by the bank through electronic funds transfer. The accounts receivable collection has not been recorded by Lance Company.
6. Outstanding checks, July 31, $1,486.
Required:
Prepare bank reconciliation at July 31, 2022.
Answers
Answer and Explanation:
The preparation of the bank reconciliation statement is presented below:
Balance as per bank $8,732.00
Add: Deposit in transit $3,500.00
Less: Outstanding checks -$1,486.00
Adjusted bank balance $10,746.00
Balance as per books $8,768.00
Add: EFT received from customer $2,023.00
10791.00
Less: Service charges -$45.00
Adjusted book balance $10,746.00
The Lance Company's Bank Reconciliation , as at July 31, 2022 is shown in the attached image below.
Bank reconciliation is the process of comparing and reconciling the cash balance recorded in a company's books (the "book balance") with the balance reported by the bank in its statement (the "bank balance"). It aims to identify and resolve any discrepancies between the two balances, ensuring that the company's financial records accurately reflect its actual cash position. The purpose of bank reconciliation is to ensure the accuracy and reliability of the company's financial records.
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Related Questions
Assume today is December 31, 2019. Imagine Works Inc. just paid a dividend of $1.25 per share at the end of 2019. The dividend is expected to grow at 15% per year for 3 years, after which time it is expected to grow at a constant rate of 6% annually. The company's cost of equity (rs) is 9.5%. Using the dividend growth model (allowing for nonconstant growth), what should be the price of the company's stock today (December 31, 2019)
Answers
Answer:
Value of stock = $47.99
Explanation:
The price of a stock using the dividend valuation model is the present value of the the future dividend expected from the stock discounted at the required rate of return.
Year Present Value
1 1.25× 1.15^1 × 1.095^(-1) =1.31
2 1.25× 1.15^2 × 1.095^(-2) = 1.38
3. 1.25× 1.15^3 × 1.095^(-3)= 1.45
Present value of Dividend in Year 4 and beyond
This will be done in two steps
Step 1
PV in year 3 terms
= Dividend in year 4× (1.06)/(0.095-0.06)
1.25× 1.15^3 × 1.06/(0.095-0.06)=57.57
PV in year 0 terms =
PV in year 3 × 1.095^(-3)
=57.5759 × 1.095^(-3)= 43.852
Value of stock = 1.3 + 1.38 + 1.45 + 43.852= $47.99
Value of stock = $47.99
Valentina recently made a friend from another country who works as a buyer at a large business firm. They get together with a group of friends and have a fun time hanging out. Valentina works at a computer firm, and when she finds out her friend's firm is looking to purchase new computers, she schedules an appointment with her friend. When they get together, Valentina is surprised when her friend quickly kisses her on both cheeks as a form of greeting. She is not sure what to do in return. This type of _________________ is not common in the United States as a form of greeting among new friends or business associates. Group of answer choices tactile communication integrated marketing communication kinesic communication proxemic communication paralinguistic
Answers
Answer:
Tactile communication
Explanation:
Options are: "a. kinesic communication b. integrated marketing communication c. paralinguistic d. proxemic communication e. tactile communication"
This type of tactile communication is not common in the United States as a form of greeting among new friends or business associates. Tactile communication is a form of non-verbal communication in which the sender sends the message either by a handshake, kiss or simply by appropriate touching to the receiver. In this case, the friend kissed Valentina this is a form of tactical communication.
A- Tactile communication is not a common practice in the America as they are known to be more subtle and direct in their way of communication and most of their communication is straight.
The tactile communication is a way of greeting and talking by means of non-verbal communication. The way of this communication is mostly not accepted in the countries with a developed or a developing status.
When Valentina was greeted in this way she could simply respond in the most comfortable manner by giving more focus on the matter of the meeting and not the way she is greeted.Valentina also could ask about the correct way of responses she could give talking to him. She could also respond that if she likes or dislikes the way she has been greeted.Tactile communication is the way of communicating with other person by way of gestures rather than verbal ones. Like shaking hands, kissing, wink an eye.Hence, the correct option is A that the tactile communication is not an adopted way of communication in the united states.
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The following selected transactions were completed by Fasteners Inc. Co., a supplier of buttons and zippers for clothing:
20Y3
Nov. 21. Received from McKenna Outer Wear Co., on account, a $96,000, 60-day, 3% note dated November 21 in settlement of a past due account.
Dec. 31. Recorded an adjusting entry for accrued interest on the note of November 21. 20Y4
Jan. 20. Received payment of note and interest from McKenna Outer Wear Co.
Required:
Journalize the entries to record the transactions.
Answers
Answer:
1. Nov-21
Dr Notes receivable $96,000
Cr Accounts receivable-McKenna Outer Wear Co. $96,000
2. Dec-31
Dr Interest receivable $320
Cr Interest revenue $ 320
3 Jan-20
Dr Cash $96,480
Cr Note Receivable $96,000
Cr Interest receivable $160
Cr Interest receivable $320
Explanation:
Preparation of the journal entries
1. Nov-21
Dr Notes receivable $96,000
Cr Accounts receivable-McKenna Outer Wear Co. $96,000
(To record note received)
2. Dec-31
Dr Interest receivable $320
($96,000*3%*40/2/360)
Cr Interest revenue $ 320
(To record Interest accrued till Dec 31)
3 Jan-20
Dr Cash $96,480
($96,000+$160+$320)
Cr Note Receivable $96,000
Cr Interest receivable $160
($96,000*3%*20/2/360)
Cr Interest receivable $320 ($96,000*3%*40/2/360)
(To record payment received of note and interest)
An object was thrown from rest upward with an initial velocity of 10m/s with time frame of 6s find the distance of the object from it's resting point
Answers
Answer:
5.10 m
Explanation:
Given that :
Initial Velocity, u = 10m/s
Time taken, t = 6s
Distance traveled by the object , s
The final velocity, v at this point = 0
Upward throw, g = - (negative)
Using the relation :
u² =. V²-2gs
g = 9.8 m/s
10² = 0² - 2(9.8)*S
100 = 19.6S
S = 100 / 19.6
Distance traveled = 5.10 m
Keith Inc. has 4 product lines: sour cream, ice cream, yogurt, and butter. Demand of individual products is not affected by changes in other product lines. 30% of the fixed costs are direct, and the other 70% are allocated. Results of June follow:
Sour Cream Ice Cream Yogurt Butter Total
Units sold 2,000 500 499 200 3,100
Revenue 10,000 20,000 10,000 20,000 60,000
Variable departmental costs 6,000 13,000 4,200 4,800 28,000
Fixed costs 7,000 2,000 3,000 7,000 19,000
Net income (loss) (3,000) 5,000 2,800 8,200 13,000
Required:
Prepare an incremental analysis of the effect of dropping the sour cream product line.
Answers
Answer:
Dropping Sour would lead to a net loss of $(1,900)
Explanation:
To determine whether or not it will be profitable to drop a loss making product, we compare the savings in fixed cost to the lost contribution from dropping it.
It is noteworthy that only the fixed cost attributed to the product would be saved should it be discontinued.
The incremental analysis is done as follows:
Direct fixed cost of Sour = 30%× 7,000 = 2,100
Lost contribution = sales value - variable cost = 10,000-6,000= 4,000
$
Lost contribution (4,000)
Savings in fixed cost 2,100
Net loss in contribution (1,900)
Dropping Sour would lead to a net loss of $(1,900)
Suppose you know a company's stock currently sells for $90 per share and the required return on the stock is 15 percent. You also know that the total return on the stock is evenly divided between a capital gains yield and a dividend yield. If it's the company's policy to always maintain a constant growth rate in its dividends, what is the current dividend per share
Answers
Answer:
$ 3.87
Explanation:
It is given that :
Cost of the company's stock per share = $ 90
The required return on the stock is = 15 %
Therefore, the dividend yield = [tex]$\frac{9}{2}=4.5$[/tex]
We known that
[tex]$\frac{\text{dividend in one year}}{\text{current price}}=0.045$[/tex]
[tex]$D_1=0.045 \times 90$[/tex]
= 4.05
The current dividend is,
[tex]$D_0= \frac{4.05}{1.045}$[/tex]
= $ 3.87
which activity is an economic activity?
a / watching tv
b / reading a book
c / playing video games
d / helping a friends decorate for a party
e / selling vegetables and fruits
Answers
Answer:
e
Explanation:
by buying goods you are stimulating the economy
Quaker State Inc. offers a new employee a single-sum signing bonus at the date of employment. Alternatively, the employee can receive $10,000 at the date of employment plus $40,000 at the end of each of his first two years of service. Assuming the employee's time value of money is 9% annually, what lump sum at employment date would make him indifferent between the two options
Answers
Answer:
$80.364.45
Explanation:
The lump sum that would make the employee indifferent can be determined by calculating the present value of the annuity
Present value is the sum of discounted cash flows
Present value can be calculated using a financial calculator
Cash flow in year 0 = $10,000
Cash flow in year 1 = $40,000
Cash flow in year 2 = $40,000
I = 9%
PV = $80,364.45
To find the PV using a financial calculator:
1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.
2. after inputting all the cash flows, press the NPV button, input the value for I, press enter and the arrow facing a downward direction.
3. Press compute
Swifty Company reports the following financial information before adjustments. Dr. Cr. Accounts Receivable $136,200 Allowance for Doubtful Accounts $3,670 Sales Revenue (all on credit) 813,600 Sales Returns and Allowances 54,790 Prepare the journal entry to record bad debt expense assuming Swifty Company estimates bad debts at (a) 4% of accounts receivable and (b) 4% of accounts receivable but Allowance for Doubtful Accounts had a $1,360 debit balance.
Answers
Answer:
(a) Debit Bad Debt Expense for $1,778; and Credit Allowance for Doubtful Accounts for $1,778.
(b) Debit Bad Debt Expense for $6,808; and Credit Allowance for Doubtful Accounts for $6,808.
Explanation:
(a) Company estimates bad debts at 4% of accounts receivable
Estimated bad debt = Accounts Receivable * 4% of accounts receivable = $136,200 * 4% = $5,448
Bad Debt Expense = Estimated bad debt - Allowance for Doubtful Accounts = $5,448 - $3,670 = 1,778
The journal entries will now look as follows:
Particulars Debit ($) Credit ($)
Bad Debt Expense 1,778
Allowance for Doubtful Accounts 1,778
(To record bad debt expense.)
(b) Company estimates bad debts at 4% of accounts receivable but Allowance for Doubtful Accounts had a $1,360 debit balance.
Bad debt expense = (Accounts Receivable * 4% of accounts receivable) + Allowance for Doubtful Accounts debit balance = ($136,200 * 4%) + $1,360 = $6,808
The journal entries will now look as follows:
Particulars Debit ($) Credit ($)
Bad Debt Expense 6,808
Allowance for Doubtful Accounts 6,808
(To record bad debt expense.)
Neap, spring, high, and low are all types of ____________________.
Answers
1. Ownership of the 1,000 shares outstanding are evenly divided among 80 shareholders. The shareholders are 78 individuals, 10 of whom are married to each other, and two estates. Permitted 2. A domestic corporation elects S status on April 15. Retroactively effective 3. Articles of incorporation authorize 800 shares of voting common stock, 200 shares of nonvoting preferred, and no other shares. Not permitted 4. A domestic corporation elects S status on March 3. When is the earliest effective date
Answers
Answer: hello the options to your question is missing attached below are the missing options
permittedsubsequently effectivepermittedRetroactively effectiveExplanation:
1) permitted ; because the ownership is divided into less than 100 shareholders at the time .
2) subsequently effective ; Because April 15 is after 2.5 months of the beginning of the Financial year
3) Permitted : Because S status can issue voting and Non-voting stock
4) Retroactively effective : The earliest effective date is within 2.5 months of the Financial year
A student wants to have $30,000 at graduation 4 years from now to buy a new car. His grandfather gave him $10,000 as a high school graduation present. How much must the student save each year if he deposits the $10,000 today and can earn 12% on both the $10,000 and his earnings in a mutual fund his grandfather recommends
Answers
Answer:
Annual deposit= $2,984.69
Explanation:
First, we need to calculate the Future Value of the lumpsum investment using the following formula:
FV= PV*(1+i)^n
FV= 10,000*(1.12^4)
FV= $15,735.19
Now, the annual deposit to cover the difference:
Difference= 30,000 - 15,735.19= 14,264.81
FV= {A*[(1+i)^n-1]}/i
A= annual deposit
Isolating A:
A= (FV*i)/{[(1+i)^n]-1}
A= (14,264.81*0.12) / [(1.12^4) - 1]
A= $2,984.69
On October 14, the Patrick Company sold merchandise with an invoice price of $1,200 ($770 cost), with terms of 2/10, n/30, to the Baxter Company. On October 18, $220 of the merchandise ($170 cost) was returned because it was the wrong size. On October 24, the Patrick Company received a check for the amount due from the Baxter Company.
Required:
Prepare the journal entries for the Patrick Company using the perpetual inventory system.
Answers
Answer:
Patrick Company
Journal Entries:
Oct. 14: Debit Accounts receivable (Baxter Company) $1,200
Credit Sales revenue $1,200
To record the sale of goods on account, terms of 2/10, n/30.
Oct. 14: Debit Cost of goods sold $770
Credit Inventory $770
To record the cost of goods sold.
Oct. 18: Debit Sales returns $220
Credit Accounts receivable (Baxter Company) $220
To record the return of goods (wrong size) by Baxter.
Oct. 18: Debit Inventory $170
Credit Cost of goods sold $170
To record the cost of goods returned.
Oct. 24: Debit Cash $960
Debit Cash discounts $20
Credit Accounts receivable (Baxter Company) $980
To record the receipt of check on full settlement, including discounts.
Explanation:
a) Data and Calculations:
Oct. 14: Accounts receivable (Baxter Company) $1,200 Sales revenue $1,200, terms of 2/10, n/30.
Oct. 14: Cost of goods sold $770 Inventory $770
Oct. 18: Sales returns $220 Accounts receivable (Baxter Company) $220
Oct. 18: Inventory $170 Cost of goods sold $170
Oct. 24: Cash $960 Cash discounts $20 Accounts receivable (Baxter Company) $980
Ballard Company uses the perpetual inventory system. The company purchased $10,000 of merchandise from Andes Company under the terms 2/10, net/30. Ballard paid for the merchandise within 10 days and also paid $450 freight to obtain the goods under terms FOB shipping point. All of the merchandise purchased was sold for $19,000 cash. What is the amount of gross margin that resulted from these business events
Answers
Answer: $8750
Explanation:
The amount of gross margin that resulted from these business events will be calculated as:
Purchase = $10000
Less: Purchase discount = $10000 × 2% = $200
Add: Freight paid = $450
Total purchase = $10250
Gross margin = Sales - Total Purchases
= $19000 - $10250
= $8750
Tina specializes in newspaper print layout. Unfortunately, her newspaper transformed into a digital-copy only and she was laid off because her print-laying skills were no longer needed. Is Tina's scenario is an example of ____________________ unemployment. Select the correct answer below: voluntary frictional cyclical structural
Answers
Answer:
Structural
Explanation:
It is correct to say that Tina's scenario is an example of structural unemployment, that there are structural economic changes, which can have several different reasons, in the case of the above question, the structural change was caused by a technological change that made the newspaper where Tina worked if she scanned, and Tina's skills were not sufficient to keep up with such changes, which resulted in her resignation.
This is a type of long-term unemployment, which can negatively impact a society, with a large number of people unemployed and disqualified for current job openings, to reduce this problem, it is necessary that companies invest in training programs and effective qualifications so that its employees can follow the structural changes that occurred in their jobs.
Mission Corp. borrowed $50,000 cash on April 1, 2019, and signed a one-year 12%, interest-bearing note payable. The interest and principal are both due on March 31, 2020. Assume that the appropriate adjusting entry was made on December 31, 2019 and that no adjusting entries have been made during 2020. How much interest expense should Mission Corp. record on March 31, 2020?
Answers
Answer:
The amount of interest expense that Mission Corp. should record on March 31, 2020 is $1,500.
Explanation:
This can be calculated as follows:
Monthly interest expense = (Amount borrowed * Interest rate) / Number of months in a year = ($50,000 * 12%) / 12 = $500
Remaining number of months = Number of months from January 1, 2020 to March 31, 2020 = 3
Interest expense to record on March 31, 2020 = Monthly interest expense * Remaining number of months = $500 * 3 = $1,500
Required information Skip to question [The following information applies to the questions displayed below.] The December 31, 2021, adjusted trial balance for Fightin' Blue Hens Corporation is presented below. Accounts Debit Credit Cash $ 10,400 Accounts Receivable 134,000 Prepaid Rent 4,400 Supplies 22,000 Equipment 240,000 Accumulated Depreciation $ 119,000 Accounts Payable 10,400 Salaries Payable 9,400 Interest Payable 3,400 Notes Payable (due in two years) 24,000 Common Stock 140,000 Retained Earnings 44,000 Service Revenue 340,000 Salaries Expense 240,000 Rent Expense 12,000 Depreciation Expense 24,000 Interest Expense 3,400 Totals $ 690,200 $ 690,200 Required: 1. Prepare an income statement for the year ended December 31, 2021.
Answers
Answer and Explanation:
The preparation of the income statement is presented below:
Service Revenue 340,000
Less:
Salaries Expense 240,000
Rent Expense 12,000
Depreciation Expense 24,000
Interest Expense 3,400
Net income $60,600
Hence, we simply deduct the expenses from the service revenue so that we get the net income
8. The interactions between those who ____
and those
who______
drive the market in a capitalist economy.
Answers
Answer:
The interactions between those who sell and those who buy drive the market in a capitalist economy.
Explanation:
Workers in Transportation and Logistics careers who believe in the benefits of a union are most likely to work for
local, state, or federal governments.
nonprofit organizations that use unions.
companies that use self-employed contractors.
private companies and businesses.
HELP PLEASE
Answers
Answer:
A.) local, state, or federal governments.
Explanation:
Workers in Transportation and Logistics careers who believe in the benefits of a union are most likely to work for local, state, or federal governments. Thus, option A is correct.
What is Transportation?Transportation, the development of merchandise and people from one spot to another, and the different means by which such development is achieved.
Laborers in Transportation and Logistics vocations who have confidence in the advantages of an association are probably going to work for it. not-for-profit associations that utilize associations.
Laborers in operations vocations who put stock in the advantages of an association are probably going to work for neighborhood, state, or central legislatures.
Union have better work well-being securities and preferred paid leave over non-association laborers, and are safer practicing their freedoms in the workplace.
Therefore, option A is correct.
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Tax Increment Financing zones encourage economic development by Group of answer choices reducing or eliminating state or local taxes paid by businesses locating in the zone. reserving taxes generated by a new tax base in the zone for infrastructure or other public services within the zone. cutting the interest rate on private debt issued on business investment increments in the zone. providing financing to help pay additional taxes when business expands in an impacted area. All of the above. None of the above.
Answers
Answer:
Tax Increment Financing zones encourage economic development by
reserving taxes generated by a new tax base in the zone for infrastructure or other public services within the zone.
Explanation:
A Tax Increment Financing (TIF) zone is an economic development tool that reserves the property taxes within the zone for a period of time. Thereafter, the accumulated taxes are used to finance approved infrastructure and development improvement projects in the TIF zone through developer refunds. As an economic tool, a TIF zone encourages continued development of an area by attracting investors to the location.
Why is it necessary to track the progress of a plan?
O A. To create a progress chart for employees to help them calculate
their pay
O B. To ensure the plan is based on faulty assumptions
O C. To identify potential problems that could impact the schedule
O D. To provide information for manager's reports
Answers
Answer:
to identify potential problems that could impact the schedule
Explanation:
a p e x
It is important for an organization to track the process of a plan in order to identify potential problems that could impact the schedule. Hence, option C holds true.
What is planning?Planning is the most basic function of management of a business organization. It is a continuous process. Planning involves setting up the goals and objectives and the actions needed to achieve them.
Furthermore, because planning is a continuous process, it helps in identification of difficulties that may create obstacles in achievement of organizational goals.
Hence, option C holds true regarding planning.
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Buzz Lightyear has been offered an investment in which he expects to receive payments of $4,000 at the end of each of the next 10 years in return for an initial investment of $10,000 now. a. What is the IRR of the proposed investment
Answers
Answer:
IRR= 21.86%
Explanation:
Giving the following information:
Initial investment (PV)= $10,000
Cash flows (PMT)= $4,000 per year
Number or years (n)= 4
It is extremely difficult to calculate the IRR using the formula. We will use the financial calculator.
Function: CMPD
n= 4
I%= SOLVE = 21.86%
PV= 10,000
PMT= -4,000
IRR= 21.86%
The master budget at Western Company last period called for sales of 225,000 units at $9 each. The costs were estimated to be $3.75 variable per unit and $225,000 fixed. During the period, actual production and actual sales were 230,000 units. The selling price was $9.10 per unit. Variable costs were $4.50 per unit. Actual fixed costs were $225,000.
Required:
Prepare a flexible budget for Western.
Answers
Answer:
Operating profit = $982,500
Explanation:
Given:
Sales = 225,000 units at $9 each
Variable per unit = $3.75
Fixed cost = $225,000
Actual production and actual sales = 230,000 units
Selling price = $9.10 per unit
Variable costs = $4.50 per unit
Actual fixed costs $225,000
Find:
Flexible budget
Computation:
Flexible budget
Particular Amount
Sales revenue (230,000 x $9) $2,070,000
Less: Variable (230,000 x $3.75) $862,500
Contribution margin $1,207,500
Less: Fixed cost 225,000
Operating profit $982,500
Eclipse Motor Company manufactures two types of specialty electric motors, a commercial motor and a residential motor, through two production departments, Assembly and Testing. Presently, the company uses a single plantwide factory overhead rate for allocating factory overhead to the two products. However, management is considering using the multiple production department factory overhead rate method. The following factory overhead was budgeted for Eclipse:
Assembly Department $280,000
Testing Department 800,000
Total $1,080,000
Direct machine hours were estimated as follows:
Assembly Department 4,000 hours
Testing Department 5,000
Total 9,000 hours
In addition, the direct machine hours (dmh) used to produce a unit of each product in each department were determined from engineering records, as follows:
Commercial Residential
Assembly Department 1.5 dmh 1.0 dmh
Testing Department 3.0 2.0
Total machine hours per unit 4.5 dmh 3.0 dmh
Required:
a. Determine the per-unit factory overhead allocated to the commercial and residential motors under the single plantwide factory overhead rate method, using direct machine hours as the allocation base.
b. Determine the per-unit factory overhead allocated to the commercial and residential motors under the multiple production department factory overhead rate method, using direct machine hours as the allocation base for each department.
Answers
Answer:
A. Commercial 540
Residential 360
B. Commercial 585
Residential 390
Explanation:
a) Calculation to Determine the per-unit factory overhead allocated to the commercial and residential motors .
First step is to calculate the Plantwide overhead rate using this formula
Plantwide overhead rate =Estimated overhead /Esimated machine hours
Let plug in the formula
Plantwide overhead rate = 1080000/9000
Plantwide overhead rate = $ 120 per MH
Now let Determine the per-unit factory overhead allocated to the commercial and residential motors
Using this formula
Per -unit factory overhead allocated=Actual MH per unit *Plantwide overhead rate
Let plug in the formula
Per -unit factory overhead allocated to COMMERCIAL=4.5 dmh*120
Per -unit factory overhead allocated to COMMERCIAL=540
Per -unit factory overhead allocated to RESIDENTIAL=3.0 dmh*120
Per -unit factory overhead allocated to RESIDENTIAL=360
Therefore the per-unit factory overhead allocated to the commercial and residential motors under the single plantwide factory overhead rate method will be:
Commercial 540
Residential 360
b. Calculation to Determine the per-unit factory overhead allocated to the commercial and residential motors
First step is to calculate the Departmental overhead rate
ASSEMBLY TESTING
Estimated overhead 280,000 800,000
÷Estimated machine hours each department 4,000 5,000
=Departmental overhead rate 70 160
Now calculation the per-unit factory overhead allocated to the commercial and residential motors
COMMERCIAL RESIDENTIAL
Assembly 1.5 dmh*70=105 1.0 dmh*70=70
Testing 3.0*160= 480 2.0*160= 320
Per -unit factory overhead allocated 585 390
(105+480=585)
(70+320=390)
Therefore the per-unit factory overhead allocated to the commercial and residential motors under the multiple production department factory overhead rate method will be:
Commercial 585
Residential 390
Jazz Corporation receives management consulting services from its 90 percent owned subsidiary, Laker Inc. During 20X7, Jazz paid Laker $70,000 for its services. Laker's labor cost and other associated costs for the employees providing services to Jazz totaled $30,000 in 20X7. Jazz reported $330,000 of income from its own separate operations for 20X7, and Laker reported net income of $85,000. Based on the preceding information, what amount of income should be reported as consolidated income on the 20X7 Consolidated Financial Statements
Answers
Answer:
the amount of income that should be reported is $415,000
Explanation:
The computation of the amount of income that should be reported is shown below:
= Jazz separate operations income + laker net income
= $330,000 + $85,000
= $415,000
hence, the amount of income that should be reported is $415,000
Simply used the above formula to determine the consolidated income
How can students experience "free rider" problems at school?
CHOOSE ALL THAT APPLY
Students who copy others students' homework.
Students who don't do their fair share of work on a group project, but expect to get the same grade as students who worked hard on the project.
Students who cheat off of a others student during an exam.
Answers
Answer:
All of the above
Explanation:
these are all reasons on how you can experience being a free rider
If the denominator activity is less than the standard hours allowed for the actual output, one would expect that: Multiple Choice the variable overhead efficiency variance would be unfavorable. the fixed overhead volume variance would be favorable. the fixed overhead budget variance would be unfavorable. the variable overhead efficiency variance would be favorable.
Answers
Answer:
The variable overhead efficiency variance would be favorable.
Explanation:
Variable overhead efficiency variance: Variable overhead efficiency variance aims to determine whether or not their exist savings or extra cost incurred on variable overhead as a result of workers being faster or slower that expected.
Since the variable overhead is charged using labour hours, any amount by which the actual labour hours differ from the standard allowable hours would result in a variance
A favourable variance would occurs when actual hours is less than the standard hours allowed for the actual output.
The variance in Dollars is the difference in actual hours and standard hours for actual output multiplied by the standard variable overhead rate
Jackson Company has two service departments (S1 and S2) and two producing departments (A and B). Department S1 serves Departments S2, A, and B in the following percentages, respectively: 15%, 25%, and 60%. Department S2 serves Departments S1, A, and B in the following percentages, respectively: 0%, 70%, and 30%. Direct department costs for S1, S2, A, and B are $200,000, $16,000, $210,000, and $185,000, respectively. If Jackson uses the step method of allocating service department costs beginning with Department S1, what is the total amount of cost that will be allocated from S2 to Department A?
Answers
Answer:
The total amount of cost that will be allocated from S2 to Department A is $32,200.
Explanation:
This can be calculated as follows:
Cost allocated from Department S1 to Department S2 = Direct department costs of Department S1 * Percentage of service to Department S2 = $200,000 * 15% = $30,000
Total Direct department costs for S2 = Direct department costs for S2 + Cost allocated from Department S1 to Department S2 = $16,000 + $30,000 = $46,000
Cost allocated from Department S2 to Department SA = Total direct department costs for S2 * Percentage of service to Department A = $46,000 * 70% = $32,200
Therefore, the total amount of cost that will be allocated from S2 to Department A is $32,200.
An effective performance management system is comprised of four steps: defining performance, monitoring and evaluating performance, reviewing performance, and providing consequences. This activity is important because, when administered properly, an effective performance management system is a powerful tool in your managerial repertoire for enhancing individual, group, and organizational effectiveness.
The goal of this exercise is to challenge your knowledge of the steps in the performance management process. cuook. Match each person to the step of performance management that his or her description best exemplifles.
1. Define Performance
2. Review Performance
3. Provide Consequences
4. Monitor and Evaluate Performance
Match eech of the options above to the items below.
A. Aileen and her supervisor discuss how the market is looking and how much of an increase sales she believes is realistic and attainable for this year.
B. Quentin has a discussion with his supervisor about how sales are going and whether or not it looks like he will make this year's budgeted sales figures.
C. While Vonda's sales are strong, they do not appear to be in line with what she and her supervisor anticipated, so they are meeting to discuss how she can boost her sales In time to meet her goals.
D. Yang receives his bonus check when he beats his sales goals by 10%.
Answers
Answer:
Marching items with Performance Management Steps:
Item Performance Management Step
A. Define Performance
B. Review Performance
C. Monitor and Evaluate Performance
D. Provide Consequences
Explanation:
1. Define Performance: This is the stage when performance objectives and goals are clearly defined and agreed upon. The best performance goals are SMART goals, which are specific, measurable, attainable, realistic, and time-bound.
2. Review Performance: This is the stage when a goal is reviewed in the light of operational realities.
3. Provide Consequences: This stage issues the reward and punishment for either good or bad performance.
4. Monitor and Evaluate Performance: This stage enables realistic goals to be reset amidst performance uncertainty.
Natchez, Inc. is considering the purchase of a new machine costing $200,000. The company will incur $5,000 per year in cash operating expenses but it will allow the company to earn an additional $100,000 per year in revenues. Natchez expects the machine to provide future benefits for 3 years and salvage value at the end of the 3-year period to be $10,000. The company uses straight-line depreciation method. The income tax rate is 30%. If the required rate of return is 10%, how much is the net present value of this project
Answers
Answer:
$20,138.74
Explanation:
Net present value is the present value of after-tax cash flows from an investment less the amount invested.
NPV can be calculated using a financial calculator
To determine cash flow, use this formula
Cash flow = (revenue - cost - depreciation) (1 - tax rate) + depreciation
Straight line depreciation expense = (Cost of asset - Salvage value) / useful life
(200,000 - 10,000) / 3 = 63,333
(100,000 - 5000 - 63,333) x ( 1 - 0.3) + 63,333 = 85499.90
Cash flow in year 0 = $-200,000
Cash flow in year 1 = 85499.90
Cash flow in year 2 = 85499.90
Cash flow in year 3 = 85499.90 + 10,000 = 95,499.90
I = 10
NPV = $20,138.74
To find the NPV using a financial calculator:
1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.
2. after inputting all the cash flows, press the NPV button, input the value for I, press enter and the arrow facing a downward direction.
3. Press compute