Answer:
The Partnership of Anna, Brian, and Cole
A) Statement of Partnership Liquidation:
Available cash for distribution = $157,500
Payment of liabilities = 27,500
Cash available for distribution $130,000
Distribution to partners:
Anna 67,500
Brian 30,000
Cole 32,500
Total distributed $130,000
B) Statement of Partnership Liquidation:
Available cash for distribution = $52,500
Payment of liabilities = 27,500
Cash available for distribution $25,000
Capital accounts balances = 85,000
Deficiency = $60,000
Distribution of deficiency to partners:
Anna 3/6 30,000
Brian 20,000
Cole 10,000
Total distributed $60,000
Explanation:
a) Data and Calculations:
Cash 7,500
Noncash assets 105,000
Total assets 112,500
Liabilities 27,500
Anna capital 45,000
Brian capital 15,000
Cole capital 25,000
112,500
Profit sharing ratio = 3:2:1
Sales proceeds from noncash assets = $150,000
Total cash available = $157,500 ($150,000 + 7,500)
Total capital repaid $85,000
Balance to be redistributed: $45,000
Partners Excess Capital Total
Anna 3/6 22,500 45,000 $67,500
Brian 2/6 15,000 15,000 30,000
Cole 1/6 7,500 25,000 32,500
Examples of operational risk include Multiple Choice restrictions imposed on the maximum ownership share by foreigners, mandatory transfer of ownership to local firms over a certain period of time (fade-out requirements), and the nationalization of local operations of MNCs. none of the options the unexpected imposition of capital controls, inbound or outbound, and withholding taxes on dividend and interest payments. unexpected changes in environmental policies, sourcing/local content requirements, minimum wage law, and restriction on access to local credit facilities.
Answer:
unexpected changes in environmental policies, sourcing/local content requirements, minimum wage law, and restriction on access to local credit facilities.
Explanation:
Risk can be defined as the probability that exposure to a hazard will lead to a negative consequence.
Also, risk management can be defined as the process of identifying, evaluating, analyzing and controlling potential threats or risks present in a business as an obstacle to its capital, revenues and profits. This ultimately implies that, risk management involves prioritizing course of action or potential threats in order to mitigate the risk that are likely to arise from such business decisions.
An operational risk can be defined as a type of risk an organization or company faces due to internal actions of its employees, systems, procedures, processes, policies, etc.
Examples of operational risk include unexpected changes in environmental policies, sourcing/local content requirements, minimum wage law, and restriction on access to local credit facilities.
You are an accountant working for Hotel Co. Your supervisor has asked you to research what amount of revenue Hotel Co. should recognize for transactions booked by customers on Expedia. Expedia generally collects the full transaction price from the customer, then withholds a small fee (say, $10) from each transaction and remits the balance to Hotel Co. Should Hotel Co. record the gross transaction fee or only the net amount it receives from Expedia
Answer:
Hotel Co. should record the gross transaction fee and not only the net amount it receives from Expedia.
Explanation:
The revenue that Hotel Co. should account for in its books includes the gross transaction fee, while the collection expense that is withheld by Expedia is recorded as an expense or cost. This method ensures that the revenue due to the Hotel Co. is actually accounted for while the collection expense by Expedia is also separately accounted for. This will enable comparison with another hotel that does not use Expedia for its collection, for example.
Suppose consumers buy 50 million packs of cigarettes per month at a price of $5 per pack. If a $1 tax is added to that
price, By what percentage does the price change
Answer:
Percentage change= 20%
Explanation:
Giving the following information:
Selling price before tax= $5
Tax= $1
Selling price after tax= $6
To calculate the percentage increase, we need to use the following formula:
Percentage change= [(Selling price after tax - Selling price before tax)/Selling price before tax]*100
Percentage change= [(6 - 5)/5]*100
Percentage change= 20%
Employers must provide training and evaluation with employees?
Explanation:
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Assuming a 12% annual interest rate, determine the present value of a five-period annual annuity of $3,500 under each of the following situations:
a. The first payment is received at the end of the first year, and interest is compounded annually.
b. The first payment is received at the beginning of the first year, and interest is compounded annually.
c. The first payment is received at the end of the first year, and interest is compounded quarterly.
Answer:
a. The first payment is received at the end of the first year, and interest is compounded annually.
present value = annual payment x PVIFA
annual payment = $3,500
PVIFA, 12%, 5 periods = 3.6048
present value = $12,616.80
b. The first payment is received at the beginning of the first year, and interest is compounded annually.
annual payment = $3,500
PVIF annuity due, 12%, 5 periods = 4.0373
present value = $14,130.55
c. The first payment is received at the end of the first year, and interest is compounded quarterly.
present value = annual payment x PVIFA
annual payment = $3,500
effective interest rate = 1.03⁴ - 1 = 12.55%
PVIFA, 12.55%, 5 periods = 3.5562
present value = $12,446.70
An argument that opposes the idea of high executive pay is: ___________
a. High salaries provide an incentive for innovation and risk-taking.
b. Not many individuals are capable of running today's large, complex organizations.
c. Top athletes and entertainers make a lot of money, so top executives should, too.
d. High salaries divert resources that could be used to invest in the business.
Answer:
D
Explanation:
when pay becomes high with respect to several executives or just one, the resources and expense needed to keep the business growing....will be shortened
Unfortunately, licensing and franchising are not valuable options for a potential business model. a. True b. False
Answer:
B. False
good luck, i hope this helps :)
Why do people have different belief systems? What are some of the different belief systems held in different countries? How do belief systems affect a country’s political system and culture?
Answer:
.
Explanation:
I don’t know either I’m also in this class.
As part of the initial investment, Jackson contributes accounts receivable that had a balance of $25,581 in the accounts of a sole proprietorship. Of this amount, $1,347 is deemed completely worthless. For the remaining accounts, the partnership will establish a provision for possible future uncollectible accounts of $807. The amount debited to Accounts Receivable for the new partnership is a.$25,581
Answer:
The amount debited to the Accounts Receivable for the new partnership is:
= $2,434.
Explanation:
a) Data and Calculations:
Accounts receivable balance = $25,581
less amount deemed completely worthless = $1,347
Balance after deduction = $2,434.
Provision for possible future uncollectible accounts = $807
b) The Accounts Receivable balance will not exclude the $807 provision for possible future uncollectible accounts. The probability of not collecting the accounts is not established.
Transactions for Buyer and Seller Shore Co. sold merchandise to Blue Star Co. on account, $111,200, terms FOB shipping point, 2/10, n/30. The cost of the goods sold is $66,720. Shore paid freight of $1,800. Journalize Shore Co.'s entry for the sale, purchase, and payment of amount due, using the net method under a perpetual inventory system. If an amount box does not require an entry, leave it blank. Inventory fill in the blank 002d1202e07bfb8_2 fill in the blank 002d1202e07bfb8_3 Accounts Payable fill in the blank 002d1202e07bfb8_5 fill in the blank 002d1202e07bfb8_6 Accounts Payable fill in the blank 002d1202e07bfb8_8 fill in the blank 002d1202e07bfb8_9 fill in the blank 002d1202e07bfb8_11 fill in the blank 002d1202e07bfb8_12 fill in the blank 002d1202e07bfb8_14 fill in the blank 002d1202e07bfb8_15 fill in the blank 002d1202e07bfb8_17 fill in the blank 002d1202e07bfb8_18 fill in the blank 002d1202e07bfb8_20 fill in the blank 002d1202e07bfb8_21 fill in the blank 002d1202e07bfb8_23 fill in the blank 002d1202e07bfb8_24 Journalize Blue Star Co.'s entry for the sale, purchase, and payment of amount due. If an amount box does not require an entry, leave it blank. fill in the blank 2aa3cd04cfa0046_2 fill in the blank 2aa3cd04cfa0046_3 fill in the blank 2aa3cd04cfa0046_5 fill in the blank 2aa3cd04cfa0046_6 fill in the blank 2aa3cd04cfa0046_8 fill in the blank 2aa3cd04cfa0046_9 fill in the blank 2aa3cd04cfa0046_11 fill in the blank 2aa3cd04cfa0046_12
Answer:
SHORE CO BOOKS:
Dec 31
Dr Accounts receivables Blue star Co. $109,760
Cr Sales $109,760
Dec 31
Dr Cost of goods sold $66,720
Cr Inventory $66,720
Dec 31
Dr Cash $111,560
Cr Account receivable Blue star Co. $111,560
Dec 31
Dr Account receivable Blue star Co $1,800
Cr Cash $1,800
BLUE STAR CO BOOKS
Dr Inventory $111,560
Cr Accounts Payable $111,560
Dr Accounts Payable $111,560
Cr Cash $111,560
Explanation:
Preparation of the journal entries for Shore Co.'s entry for the sale, purchase, and payment of amount due
SHORE CO BOOKS:
Dec 31
Dr Accounts receivables Blue star Co. $109,760
Cr Sales $109,760
[$112,000*(100%-2%)]
Dec 31
Dr Cost of goods sold $66,720
Cr Inventory $66,720
Dec 31
Dr Cash $111,560
Cr Account receivable Blue star Co. $111,560
($109,760+$1,800)
Dec 31
Dr Account receivable Blue star Co $1,800
Cr Cash $1,800
BLUE STAR CO BOOKS
Dr Inventory $111,560
Cr Accounts Payable $111,560
($109,760+$1,800)
Dr Accounts Payable $111,560
Cr Cash $111,560
($109,760+$1,800)
Kingston Manufacturing has 29,000 labor hours available for producing X and Y. Consider the following information: Product X Product Y Required labor time per unit (hours) 3 3 Maximum demand (units) 7,000 5,000 Contribution margin per unit $ 5 $ 6 Contribution margin per labor hour $ 4.00 $ 3.50 If Kingston follows proper managerial accounting practices, how many units of Product Y should it produce
Answer:
See below
Explanation:
Contribution margin per labor hour
Contribution margin per labor hour Product X
$4
Product Y
$3.5
Rank
Product X
1
Product Y
3
Optimum mix
Hour
Product X 7,000 × 3 = 21,000 Unit 6,000
Product Y 29,000 - 21,000 = 8,000 Unit 8,000/4 = 2,000
Product Y 6,000 units; 2,000 units
what is the importance of having a good management
Answer:
Employees need to know what is expected of them; having clear expectations helps employees do their job well. A good manager will convey his expectations and make sure employees understand them. He also will make himself available to employees, so they can have the opportunity to clarify any confusion they may have.
To finance the building of a new fire station, a local government is likely to borrow money by issuing?
a. junk bonds
b. treasury bonds
c. municipal bonds
d. money market bonds
Answer:
c
Explanation:
Pedregon Corporation has provided the following information: Cost per Unit Cost per Period Direct materials $ 6.45 Direct labor $ 3.30 Variable manufacturing overhead $ 1.25 Fixed manufacturing overhead $ 16,500 Sales commissions $ 0.45 Variable administrative expense $ 0.50 Fixed selling and administrative expense $ 4,200 If 5,000 units are sold, the total variable cost is closest to:
Answer:
$59,750
Explanation:
Total variable per unit = Direct material pet unit + direct labor per unit + variable manufacturing overhead + sales commission + variable administrative expenses
= $6.45 + $3.3 + $1.25 + $0.45 + $0.5
= $11.45
Total variable cost for 5,000 units
= $11.95 × 5,000
= $59,750
A small firm intends to increase the capacity of a bottleneck operation by adding a new machine. Two alternatives, A and B, have been identified and the associated costs and revenues have been estimated. Annual fixed costs would be $40,000 for A and $30,000 for B; variable costs per unit would be $10 for A and $12 for B; and revenue per unit would be $15 for A and $16 for B.
a) Determine each alternative’s break-even point in units.
b) At what volume of output would the two alternatives yield the same profit?
c) If expected annual demand is 12,000 units, which alternative would yield the higher profit?
Answer:
Results are below.
Explanation:
Giving the following information:
Alternative A:
Fixed costs= $40,000
Variable cost per unti= $10
Revenue per unit= $15
Alternative B:
Fixed costs= $30,000
Variable cost per unti= $12
Revenue per unit= $16
First, we need to calculate the break-even point in units using the following formula:
Break-even point in units= fixed costs/ contribution margin per unit
Alternative A= 40,000 / (15 - 10)
Alternative A= 8,000
Alternative B= 30,000 / (16 - 12)
Alternative B= 7,500
To calculate the indifference point in units, we need to determine the net income equations:
Alternativa A= 5*x - 40,000
Alternative B= 4*x - 30,000
x= number of units
We equal both formulas and isolate x:
5x - 40,000 = 4x - 30,000
x = 10,000
The indifference point is 10,000 units.
Finally, the higher income for 12,000 units:
Alternativa A= 5*12,000 - 40,000= $20,000
Alternative B= 4*12,000 - 30,000= $18,000
For 12,000 units the best option is alternative A.
Suppose that your marginal federal income tax rate is 40%, and the yield on thirty-year U.S. Treasury bonds is 4.5%. You would be indifferent between buying a thirty-year Treasury bond and buying a thirty-year municipal bond issued within your state (ignoring differences in liquidity, risk, and costs of information) if the municipal bond has a yield of Group of answer choices 10.0%. 2.8%. 1.8%. 2.7%.
Answer:
2.7%
Explanation:
Calculation for the municipal bond yield
Municipal bond yield=(1-.4)*0.045
Municipal bond yield=.6*.045
Municipal bond yield=0.027*100
Municipal bond yield=2.7%
Therefore based on the information given You would be indifferent between buying a thirty-year treasury bond and buying a thirty- year municipal bond issued within your state if the municipal bond has a yield of 2.7%
On January 1, 2020, Ann Price loaned $216216 to Joe Kiger. A zero-interest-bearing note (face amount, $280000) was exchanged solely for cash; no other rights or privileges were exchanged. The note is to be repaid on December 31, 2022. The prevailing rate of interest for a loan of this type is 9%. The present value of $280000 at 9% for three years is $216216. What amount of interest income should Ms. Price recognize in 2020
Answer:
$19,459.44
Explanation
Interest expense in 2020 = Loan amount * Prevailing rate of interest
Interest expense in 2020 = $216216 * 9%
Interest expense in 2020 = $19,459.44
So, $19,459.44 is the amount of interest income that Ms. Price should recognize in 2020
Under contract law, a promise not to do something that a person could otherwise do __________. is only deemed legal consideration for a contract if the person giving it is financially harmed is called a forbearance and is an adequate legal value to support the existence of consideration for a contract is called a forbearance, but is not adequate legal consideration for a contract is called promissory estoppel, and qualifies as legal consideration
Answer:
is called a forbearance and is adequate legal consideration for a contract.
Explanation:
A contract can be defined as an agreement between two or more parties (group of people) which gives rise to a mutual legal obligation or enforceable by law.
Mutual assent is a legal term which represents an agreement by both parties to a contract. When two parties to a contract both have an understanding of the parameters, terms and conditions surrounding a contract, it ultimately implies that they are in agreement; this is generally referred to as mutual assent.
Under contract law, a promise not to do something that a person could otherwise do is called a forbearance and is adequate legal consideration for a contract.
For example, a creditor who decides to forebear by refusing to collect money from a debtor.
On January 1, 2021, Kapoor Co. sold equipment to its subsidiary, Howard Corp., for $125,000. The equipment had cost $150,000, and the balance in accumulated depreciation was $70,000. The equipment had an estimated remaining useful life of eight years and no salvage value. Both companies use straight-line depreciation. On their separate 2021 income statements, Kapoor and Howard reported depreciation expense of $86,000 and $64,000, respectively. The amount of depreciation expense on the consolidated income statement for 2021 would have been:
Answer:
$144,375
Explanation:
Excess depreciation on gain on sale of asset = [($125,000 - ($150,000 - $70,000)] $80,000) / 8
= ($125,000 - $80,000) / 8
= $45,000 / 8
= $5,625
Consolidated depreciation = $86,000 + $64,000 - $5,625
Consolidated depreciation = $144,375
So, the amount of depreciation expense on the consolidated income statement for 2021 would be $144,375
Explain how opportunity cost is different for economic goods and free goods
Answer:
The difference is that free goods have exactly zero opportunity cost, because they cost nothing, their price is zero, and their use is non rival, and non excludable, meaning that if a person uses a free good, that person does not prevent any other person from using the good.
Economic goods, on the other hand, are goods that have a price, and that have a cost of production. Besides they are rival and/or exclusionary. The opportunity cost of an economic good varies depending on the good, but it is never zero.
my brothers name is dookie
Answer:
Cool
Explanation:
What is exporting?
..........
Answer:
business owners or even countries who sell thier goods to others
Exporting is defined as the sale of products and services in foreign countries that are sourced or made in the home country. Importing is the flipside of exporting. Importing refers to buying goods and services from foreign sources and bringing them back into the home country.
What is an example of exporting?Export is defined as moving products to another country for the purpose of trade or sale. An example of export is Ecuador shipping bananas to other countries for sale.
Type of exportDirect Export.Indirect Export.Merchant Export.Deemed Export.Penultimate sale.Learn more about exporting here https://brainly.com/question/24473707
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1. There are 20 forging presses in the forge shop of a small company. The shop produces batches of forgings requiring a setup time of 3.0 hours for each production batch/machine. Average standard time for each part in a batch is 45 seconds, and there are 600 parts in a batch/machine. The plant workforce consists of two workers per press, two foreman, plus three clerical support staff. (a) Determine how many forged parts can be produced in 1 month, if there are 8 hours worked per day and average of 21 days per month at one shift per day. (b) What is the labor productivity ratio of the forge shop, expressed as parts per worker-hour
Answer:
The solution according to the given scenario is described below.
Explanation:
The given values are:
No. of foreign presses,
= 20
Required setup time,
= 3 hours
Average standard time,
= 45 seconds
Average produced batch,
= 600
Now,
(a)
The number of workers will be:
= [tex]20\times 2+2+3[/tex]
= [tex]40+2+3[/tex]
= [tex]45[/tex]
The total time for batch's production will be:
= [tex]3\times 60+(45\times \frac{600}{60} )[/tex]
= [tex]180+45\times 10[/tex]
= [tex]630 \ minutes[/tex]
or
= [tex]10.5 \ hours[/tex]
The total number of hours per month will be:
= [tex]8\times 21[/tex]
= [tex]168 \ hours[/tex]
then,
The total batches per month will be:
= [tex]\frac{168}{10.5}[/tex]
= [tex]16 \ batches \ per \ month[/tex]
Total batches = [tex]20\times 16[/tex]
= [tex]320[/tex]
Now,
The produced pieces will be:
= [tex]320\times 600[/tex]
= [tex]192000 \ pieces/month[/tex]
(b)
[tex]Labour \ productivity= \frac{ Total \ production}{ Labour \ hours }[/tex]
On substituting the given values, we get
[tex]=\frac{192000}{(8\times 21\times 45)}[/tex]
[tex]=25.4 \ per \ worker \ hours[/tex]
The labor productivity ratio is the ratio analytical tool that determines the efficiency of labor to perform their task and provide higher returns and production in the specified time limit. It is determined by taking into consideration the total number of products and the labor hours provided to each labor per day.
a) The number of forged parts that can be produced in 1 month is 192,000 pieces per month.
b) The labor productivity ratio of the forged shop is 25.40 per labor hour.
Computations:
a)
[tex]\begin{aligned}\text{Number of pieces}&=\text{Total Batch}\times\text{Parts in Batch per Machine}\\&=320\;\text{batches}\times600\;\text{parts}\\&=192,000\;\text{pieces per month}\end{aligned}[/tex]
Working Note:
[tex]\begin{aligned}\text{Number of Workers}&=\left(\text{No. of foreign presses}\times\text{Worker per press}\right)\\&+\text{Worker per press}+\text{Setup Time}\\&=\left(20\times2 \right )+2+3\\&=45\;\text{no. of workers} \end{aligned}[/tex]
[tex]\begin{aligned}\text{Time for batch production}&=\text{Setup Time}\times\text{Average produced batch}\\&+\left(\text{No. of workers}\times\frac{\text{Average produced batch}}{\text{Minutes}} \right )\\&=3\times60+\left(45\times\frac{600}{60}\right)\\&=630\;\text{minutes or}\;10.50\;\text{hours}\end{aligned}[/tex]
[tex]\begin{aligned}\text{Total Batches}&=\text{No. of Foreign Presses}\times\text{Total Batches per month}\\&=20\times\left(\frac{\text{hours per day}\times\text{days per month}}{\text{Total time for batch production}} \right )\\&=20\times\left(\frac{8\times21}{10.50} \right )\\&=320\end{aligned}[/tex]
b) The labor productivity is computed as follows:
[tex]\begin{aligned}\text{Labor Productivity}&=\frac{\text{Total Production}}{\text{Labor hours}}\\&=\frac{192,000}{8\times21\times45}\\&=25.4\;\text{per worker hours}\end{aligned}[/tex]
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16) When Amazon acquired Whole Foods, the brick-and-mortar supermarket, the company was pursuing a ________ strategy.
A) market development
B) product penetration
C) market penetration
D) diversification
Answer:
D
Explanation:
The acquisition of Whole Foods supermarket by Amazon Company is describing the company's diversification strategy.
Option D is the correct answer.
What is marketing?Marketing is the process of making the promotion of goods or services made by a company. it can be an online promotion or offline promotion.
Diversification is a marketing strategy where a company wants to expand its operations or launch a new product line. The main focus is to enhance and expand its business so that it can increase its business growth.
Therefore, Amazon uses a diversification strategy by acquiring the Wholefoods.
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Let's say that a country produces only 2 final products during a certain period of time: hats and hairdryers. The quantities are 24 hats and 10 hairdryers at a per unit price of $5, and $15 respectively. The country also produces 2 intermediate products (cotton and metals) to help produce the hats and hairdryers; the total value of the intermediate goods is $50. The country's depreciation is $20. What is this country's NDP (Net Domestic Product) during this period of time
Answer:
the country ndp i.e. net domestic product is $250
Explanation:
The computation of the NDP is shown below;
= GDP - depreciation
= (24 × $5 + 10 × $15) - $20
= $120 + $150 - $20
= $250
Hence, the country ndp i.e. net domestic product is $250
We ignored the total value of the intermediate goods
Bibby Auto Shop uses a normal job-costing system to allocate overhead on the basis of labour hours. For the current year, Bibby estimated that the total overhead costs would be $72,000 and that the total labour hours would be 2,400. At the end of the year, Bibby obtained the actual overhead costs from the ledger and found that the shop had incurred $65,800 and had worked 2,350 labour hours.
Predetermined (budgeted) overhead rate.
Overhead Rate $30
overhead amount that was applied for the year.
Overhead amount $4700 over applied
Prepare the journal entry to close the overhead account. Assume that the underapplied and overapplied overhead was not material. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry Required" for the account titles and enter 0 for the amounts.)
Account Titles and Explanation Debit Credit
Answer and Explanation:
The journal entry is shown below:
Overhead $4,700
Cost of goods sold $4,700
(Being overapplied overhead is closed)
Here the overhead is debited as it increased the expenses and credited the cost of goods sold as it decreased the expense
Foster, Inc., purchased a truck by paying $5,000 and borrowing the remaining $30,000 required to complete the transaction. Identify the correct statement(s) based on the transaction. (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.)
The Company's liabilities will increase by $25,000. ?
The Company's liabilities will decrease by $30,000.
2 Foster Inc.'s assets will decrease by a net amount of $30,000. The Company's liabilities will increase by $30,000. ?
Foster Inc.'s assets will increase by a net amount of $30,000. ?
Foster Inc.'s assets will decrease by a net amount of $25,000.
Answer:
Foster Inc.'s assets will decrease by a net amount of $30,000.
The Company's liabilities will increase by $30,000.
Explanation:
The price of the assert is $5,000 + $30,000 = $35,000
this means that the company's fixed assets will increase by $35,000, but since cash is decreasing by $5,000, the net change will be only $30,000
the amount of the loan = $30,000
this means that the company's liabilities will increase by $30,000
The nature of B2B markets requires ________. Multiple Choice impersonal communication at regular intervals through mediums such as direct mail investment of more resources primarily on service sectors organizations to invest more on consumers than suppliers to maintain their business a more personal relationship between the buyer and seller than in B2C markets companies to focus primarily on selling products that end up as components for finished goods
Answer:
a more personal relationship between the buyer and seller than in B2C markets.
Explanation:
B2B markets stand for business to business markets where products are advertised between businesses.
On the other hand B2C is where businesses advertise to customers.
B2B tends to be more complex because they are higher value transactions involved. Buyers want to be very sure of benefits they can gain before making a purchase.
As such it involves a more personal relationship between the buyer and seller than in B2C markets.
Jack Thomas, who live in Minnesota, and Sandy Silver, who live in Oklahoma, each purchased $92,000 worth of securities at the local offices in their home states from Comprehensive Financial Stockbrokers, Inc. Comprehensive is incorporated in Maryland with its principal place of business in Minnesota. Jack and Sandy feel they were a victim of fraud perpetrated by Comprehensive and would like to sue. These two cases deal only with state issues. Discuss the accuracy of the following statements:
a. Thomas is able to sue Comprehensive in a Minnesota state trial court. Please explain.
b. Thomas can sue Comprehensive in a federal district court in Minnesota. Please explain.
c. Silver can sue Comprehensive in an Oklahoma federal district court. Please explain.
Answer:
Follows are the responses to the given points:
Explanation:
In point a:
Yeah, throughout the state court they will ever sue against fraud. As base with the that State is appropriate so because the main place of work is specific budget inventory representatives Inc.
In point b:
Thomas couldn't sue for cheating at the federal court successfully, because equality in nationality would be the only conceivable way. Because as a federal problem also isn't involved, Thomas and both are comprehensive residents of Michigan weren’t diverse for this situation. The business is a resident of all its corporate headquarters and the State of formation.
In point c:
Throughout this situation, silver can claim nationality plurality, as Oklahoma's comprehensive would not be a citizen. It simple company does company in such a state doesn't render that business a citizen. However, if silver has been damaged in terms of $75,000, this failure combined with citizenship diversity would allow it to sue extensively in a federal court. This event does not tell everyone how slowly he lost, however, the facts weren't enough to make a correct judgment.
The following events took place at a manufacturing company for the current year:
a. Purchased $95,900 in direct materials.
b. Incurred labor costs as follows:
1. direct, $56,900
2. indirect, $14,500.
c. Other manufacturing overhead was $107,900, excluding indirect labor.
d. Transferred 80% of the materials to the manufacturing assembly line.
e. Completed 65% of the Work-in-Process during the year.
f. Sold 85% of the completed goods.
g. There were no beginning inventories.
Required:
What is the value of the ending Work-in-Process Inventory?
Answer:
The ending Work-in-Process Inventory is:
= $89,600.
Explanation:
a) Data and Calculations:
Purchases of direct materials = $95,900
Materials used (80% of $95,900) $76,720
Direct labor incurred = 56,900
Overhead costs:
Indirect labor incurred = 14,500
Other overhead costs 107,900 122,400
Total production costs $256,020
Cost of goods completed = 166,413
Ending Work in Process = $89,607
Cost of goods completed = $166,413
Cost of goods sold = 85% of $166,413 = $141,451
Ending Finished goods inventory = $24,962