Answer:
Ashad Company
Molding Department
Process Cost Summary using the FIFO Method:
Costs per EUP Direct Materials Conversion
Costs of beginning work in process $43,950 $5,360
Costs incurred this period 490,050 280,730
Total costs $534,000 $286,090
Equivalent units of production 44,500 EUP 45,900 EUP
Cost per equivalent unit $12 $6.233
Units in beginning work in process Units Degree of Completion
Materials Conversion
(all completed during July) 4,000 100% 20%
Units started this period 40,500
Units completed & transferred out 40,000 100% 100%
Units in ending work in process 4,500 100% 60%
Cost assigned to: Direct Materials Conversion Total
Beginning work in process 3,200 $0 $19,946 $19,946
Completed & transferred out 40,000 480,000 249,320 729,320
Ending work in process 4,500 54,000 16,829 70,829
Total costs assigned $534,000 $286,095 $820,095
Cost Reconciliation: Direct Materials Conversion Total
Costs of beginning work in process $43,950 $5,360 $49,310
Costs incurred this period 490,050 280,730 770,780
Total costs $534,000 $286,090 $820,090
Explanation:
a) Data and Calculations:
Equivalent Units of Production Direct Materials Conversion
Beginning Work in Process 0 EUP 3,200 EUP (4,000*80%)
Units transferred out 40,000 EUP 40,000 EUP
Units of ending work in process 4,500 EUP 2,700 EUP
Equivalent units of production 44,500 EUP 45,900 EUP
A new machine costing $1,800,000 cash and estimated to have a $60,000 salvage value was purchased on January 1. The machine is expected to produce 600,000 units of product during its 8-year useful life. Calculate the depreciation expense in the first year under the following independent situations: The company uses the units-of-production method and the machine produces 70,000 units of product during its first year. The company uses the double-declining-balance method. The company uses the straight-line method.
Answer:
Results are below.
Explanation:
Giving the following formula:
Purchase price= $1,800,000
Salvage value= $60,000
Useful life= 8 years or 600,000 units
To calculate the annual depreciation using the units-of-production method, we need to use the following formula:
Annual depreciation= [(original cost - salvage value)/useful life of production in units]*units produced
Annual depreciation= [(1,800,000 - 60,000) / 600,000]*70,000
Annual depreciation= $203,000
To calculate the annual depreciation using the double-declining balance, we need to use the following formula:
Annual depreciation= 2*[(book value)/estimated life (years)]
Annual depreciation= 2*[(1,800,000 - 60,000) / 8]
Annual depreciation= $435,000
Finally, the annual depreciation using the straight-line method:
Annual depreciation= (original cost - salvage value)/estimated life (years)
Annual depreciation= (1,800,000 - 60,000) / 8
Annual depreciation= $217,500
On January 1, a company issued and sold a $320,000, 5%, 10-year bond payable, and received proceeds of $315,000. Interest is payable each June 30 and December 31. The company uses the straight-line method to amortize the discount. The carrying value of the bonds immediately after the first interest payment is:
Answer:
$315,250
Explanation:
total discount on bonds payable = $320,000 - $315,000 = $5,000
amortization of bond discount per coupon payment = $5,000 / 20 = $250
bonds carrying value after the first coupon payment is made = $315,000 + $250 = $315,250
Dr Interest expense 8,250
Cr Cash 8,000
Cr Discount on bonds payable 250
Food and shelter are examples of a need.
False
True
Answer:
its ture 100% you need food and shelter
Answer:
TrueExplanation:
Food is the things that people and animals eat to stay alive.
Shelter is to protection from the weather or from danger or attack. Stay somewhere that protects you from the weather or from danger or attack.
It’s a small structure that protects you from the weather etc.
These statements are true.
Question 5 of 10
What are the disadvantages of a contract
for deed? Select two.
Gray Corp. employees work 2 hours on each of the 200 units that they produce and are paid $8 per hour. The standards for Gray Corp. indicate that employees should be paid $7 per hour and should spend 1.75 hours working on each unit. What is the Direct Labor Efficiency Variance
Answer:
Direct labor time (efficiency) variance= $400 unfavorable
Explanation:
Giving the following formula:
Standard= $7 per hour and should spend 1.75 hours working on each unit.
Actual= 2 hours
To calculate the direct labor efficiency variance, we need to use the following formula:
Direct labor time (efficiency) variance= (Standard Quantity - Actual Quantity)*standard rate
Direct labor time (efficiency) variance= (200*1.75 - 200*2)*8
Direct labor time (efficiency) variance= $400 unfavorable
explain root mean square speed in the context of gas laws
Answer:
The root-mean-square speed is the measure of the speed of particles in a gas, defined as the square root of the average velocity-squared of the molecules in a gas. ... The root-mean-square speed takes into account both molecular weight and temperature, two factors that directly affect the kinetic energy of a material.
Ramort Company reports the following cost data for its single product. The company regularly sells 21,500 units of its product at a price of $63.00 per unit. Direct materials $ 10.30 per unit Direct labor $ 12.30 per unit Overhead costs for the year Variable overhead $ 3.30 per unit Fixed overhead per year $ 52,900.00 Selling and administrative costs for the year Variable $ 2.30 per unit Fixed $ 65,500 Normal production level (in units) 21,500 units Compute gross margin under absorption costing. (Round unit cost amounts to 2 decimal places.)
Answer:
Gross margin= $744,760
Explanation:
The absorption costing method includes all costs related to production, both fixed and variable. The unit product cost is calculated using direct material, direct labor, and total unitary manufacturing overhead.
Unitary fixed overhead= 52,900 / 21,500= $2.46
Total unitary production cost= 10.3 + 12.3 + 3.3 + 2.46= $28.36
Now, the gross margin:
Gross margin= sales - COGS
Gross margin= 21,500*63 - 21,500*(28.36)
Gross margin= $744,760
8. Percy Original caters to a market of individuals and households that
buys goods and services for personal consumption. Percy Original caters
market.
to a
OA) business
O B) reseller
OC) government
O D) consumer
E) marketing intermediary
Answer:
vsw vds vDS Vsdvds Vds VSD Vdsv dSVDS vd sV DS
Explanation:
A U.S. bakery buys wheat from Canada and pays for it with US dollars. This transaction a. increases Canadian net exports, and increases U.S. net capital outflow. b. increases Canadian net exports, and decreases U.S. net capital outflow. c. decreases Canadian net exports, and increases U.S. net capital outflow. d. decreases Canadian net exports, and decreases U.S. net capital outflow.
Answer: b. increases Canadian net exports, and decreases U.S. net capital outflow.
Explanation:
Based on the information given, the net export of Canada will increase. Net exports measures the total trade of a country. It's the difference between the country's export and its import.
Since the U.S bakery is buying wheat from Canada, it means the export will increase thereby increasing the country net export. On the other hand, there's a reduction in the net capital outflow of the United States.
Therefore, the correct option is B
Crane Company Ltd. publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine cost $28 per year. During November 2022, Crane sells 9,000 subscriptions for cash, beginning with the December issue. Crane prepares financial statements quarterly and recognizes subscription revenue at the end of the quarter. The company uses the accounts Unearned Subscription Revenue and Subscription Revenue. The company has a December 31 year-end.
Required:
a. Prepare the adjusting entry at December 31, 2022, to record subscription revenue in December 2022.
b. Prepare the adjusting entry at March 31, 2023, to record subscription revenue in the first quarter of 2023.
Answer:
A. Debit unearned subscription revenue $21,000
Credit Subscription Revenue $21,000
B. Debit Unearned Subscription Revenue $63,000
Credit Earned Subscription Revenue $63,000
Explanation:
A. Preparation of the adjusting entry at December 31, 2022, to record subscription revenue in December 2022.
Debit unearned subscription revenue $21,000
Credit Subscription Revenue $21,000
[($28 per year*9,000)/12]
(Being to record subscription revenue )
B. Preparation of the adjusting entry at March 31, 2023, to record subscription revenue in the first quarter of 2023.
Debit Unearned Subscription Revenue $63,000
Credit Earned Subscription Revenue $63,000
[($28 per year*9,000)/12*3]
(Being to record subscription revenue in the first quarter)
Sacajawea Mercantile Co. uses the gross method for recording sales discounts. The following data were extracted from the accounting records of Sacajawea Mercantile Co. for the year ended June 30, 20Y4: Unadjusted Balances June 30, 20Y4 Account Balances* Sales$10,000,000 Accounts Receivable850,000 Allowance for Sales Discounts400 Adjustment Data Estimated sales discounts related to sales for the current fiscal year that will taken in the next fiscal year ending June 30, 20Y5.$ 7,000 * Assume all normal balances Assume that Mark Bishop pays his June 30, 20Y4, account receivable of $1,500 on July 6, 20Y4, and takes a 2% sales discount. Illustrate the effects of the payment on account from Mark Bishop on the accounts and financial statements of Sacajawea Mercantile Co.
Answer:
Sacajawea Mercantile Co.
Effect of the payment:
1. The current assets will increase (Cash) and decrease (Accounts receivable) by $1,470 and $1,500 respectively.
2. The retained earnings will reduce by $40.
Account balances will now be:
Accounts Receivable $848,500 (850,000 - 1,500)
Allowance for Sales Discounts $440 (400 + 40)
Explanation:
a) Data and Calculations:
Sacajawea Mercantile Co.
Unadjusted Balances June 30, 20Y4 Account Balances*
Sales $10,000,000
Accounts Receivable 850,000
Allowance for Sales Discounts 400
Estimated sales discounts related to sales for the current fiscal year that will taken in the next fiscal year ending June 30, 20Y5 = $ 7,000
Analysis:
July 6, 20Y4 Cash $1,470 Cash Discounts $30 Accounts receivable (Mark Bishop) $1,500
2% sales discount of $1,500 = $30
Cash Received = $1,470
If a bank that desires to hold no excess reserves and has just enough reserves to meet the required reserve ratio of 15 percent receives a deposit of $600, it has a a. $600 increase in excess reserves and no increase in required reserves. b. $600 increase in required reserves and no increase in excess reserves. c. $510 increase in excess reserves and a $90 increase in required reserves. d. $90 increase in excess reserves and a $510 increase in required reserves.
Answer:
c
Explanation:
Required reserves is the percentage of deposits required of banks to keep as reserves by the central bank
Required reserves = reserve requirement x deposits
0.2 x $100,000 = $20,000
Excess reserves is the difference between reserves and required reserves
Required reserves = 0.15 x 600 = 90
Excess reserves = 600 - 90 = 510
Monetary approach and forecasting.
Suppose relative PPP and the quantity theory of money hold. Suppose you expect the rate of money growth of Argentina in the next year to be around 15% while your forecast for its real GDP growth is at 2%. Suppose inflation in Brazil is expected to be at 4%.
Suppose you learn that the government of Argentina is planning to cut taxes. You expect this tax cut to be financed through money creation and revise your forecast for money growth to be 25% instead of 15%.
Suppose that you also expect the UIP to hold. You know that the nominal interest rate in Brazil today is 6% (on deposits maturing in a year).
1. What is the nominal interest rate in Argentina?
2. What is the world real interest rate?
Answer:
1. The nominal interest rate in Argentina is:
= 25%
2. The world real interest rate is:
= 2%.
Explanation:
a) Data and Calculations:
Expected money growth rate of Argentina next year = 15%
Forecasted real GDP growth = 2%
Expected inflation rate = 13% (15% - 2%)
Nominal interest rate = real interest rate + inflation rate
Real interest rate = 25% - 13% = 12%
Nominal interest rate = 12% + 13% = 25%
The world real interest rate = nominal interest rate minus inflation rate
= 6% - 4% = 2%
Snyder Painting is transitioning to an ABC system. So far, the company has traced its costs back to several different activities, including customer consultation, paint storage, onsite paint application, and site preparation and cleanup. If Snyder wants to reduce its non-value-added activities to the greatest extent possible, it should concentrate its efforts on reducing the amount of time and money it spends on
Answer:
Snyder Painting
If Snyder wants to reduce its non-value-added activities to the greatest extent possible, it should concentrate its efforts on reducing the amount of time and money it spends on
B. paint storage.
Explanation:
a) Identified Activities of Snyder Painting:
A. customer consultation.
B. paint storage.
C. site preparation and cleanup.
D. onsite paint application.
b) Non-value added activities are activities that are currently necessary and consume resources but do not add value to the company's product or service. For example, equipment set-up, parts inspection, recording job time, job scheduling, product storage, and customer billing. These activities should be reduced to the barest minimum in order to maximize value.
Harcourt Manufacturing (HM) has the capacity to produce 10,000 fax machines per year. HM currently produces and sells 7,000 units per year. HM currently leases its excess capacity for a rental fee of $12,000. The fax machines normally sell for $100 each. Modem Products has offered to buy 2,000 fax machines from HM for $60 each. Unit-level costs associated with manufacturing the fax machines are $15 each for direct labor and $40 each for direct materials. Product-level and facility-level costs are $50,000 and $65,000, respectively.
Based on this information (ignore qualitative characteristics) :________.
a. HM should reject the offer because accepting it will reduce profitability by $2,000.
b. HM should accept the offer because accepting it will contribute $10,000 to profit.
c. HM should reject the offer because accepting it will reduce profitability by $10,000.
d. HM should accept the offer because accepting it will contribute $12,000 to profit.
A company should accept a special order if: _______.
a. additional revenue is greater than relevant costs.
b. the avoidable cost of making the products is less than the sunk cost.
c. the company is operating at full capacity.
d. qualitative features are unfavorable.
Answer:
Harcourt Manufacturing (HM)
1. Based on this information (ignore qualitative characteristics) :________.
a. HM should reject the offer because accepting it will reduce profitability by $2,000.
2. A company should accept a special order if: _______.
a. additional revenue is greater than relevant costs.
Explanation:
a) Data and Calculations:
Production capacity for fax machines per year = 10,000
Current production units per year = 7,000
Excess capacity = 3,000 (10,000 - 7,000)
Rental fee for excess capacity = $12,000
Selling price of the fax machine per unit = $100
Unit-level costs:
Direct labor = $15
Direct materials = $40
Total cost per unit = $55
Special order = 2,000 units
Product-level costs= $50,000
Facility-level costs = $65,000
Total revenue from special order = $120,000 (2,000 * $60)
Total variable cost for special order = 110,000 (2,000 * $55)
Contribution margin from special order $10,000 (2,000 * $5)
Comparison with Rental fee $12,000 and $10,000
Micropolois Technology began a new development project in 2017. The project reached technological feasibility on September 1, 2018, and was available for release to customers at the beginning of 2019. Development costs incurred prior to September 1, 2018, were $4,200,000 and costs incurred from June 30 to the product release date were $1,800,000. The 2019 revenues from the sale of the new software were $3,000,000, and the company anticipates additional revenues of $12,000,000. The economic life of the software is estimated at three years. Amortization of the software development costs for the year 2019 would be:
Answer: $600,000
Explanation:
The Development costs prior to the project reaching technological feasibility are to be expensed according to U.S. GAAP.
Costs incurred after the point of technological feasibility was reached however, will be amortized over the life of the asset.
Life of asset is 3 years and costs incurred would be $1,800,000.
Amortization amount in 2019 would be:
= 1,800,000 / 3
= $600,000
what is mean by vocational training?
Answer:
Hope this helps
Explanation:
It means a instrustional program or courses that focus on the skills required for a particular job function or trade.In vocational training educates and prepares students for specific careers, disregarding transitional unrelated academic subjects.
A Production costs computed and recorded; reports prepared LO P1, P2, P3, P4 Skip to question [The following information applies to the questions displayed below.] Marcelino Co.'s March 31 inventory of raw materials is $88,000. Raw materials purchases in April are $540,000, and factory payroll cost in April is $388,000. Overhead costs incurred in April are: indirect materials, $59,000; indirect labor, $25,000; factory rent, $38,000; factory utilities, $23,000; and factory equipment depreciation, $61,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $655,000 cash in April. Costs of the three jobs worked on in April follow.
Job 306 Job 307 Job 308
Balances on March 31
Direct materials $28,000 $44,000
Direct labor 23,000 17,000
Applied overhead 11,500 8,500
Costs during April
Direct materials 138,000 205,000 $115,000
Direct labor 104,000 155,000 104,000
Applied overhead ? ? ?
Status on April 30 Finished (sold) Finished (unsold) In process
Required:
Determine the total of each production cost incurred for April (direct labor, direct materials, and applied overhead), and the total cost assigned to each job (including the balances from March 31).
Answer:
Marcelino Co.
Total production cost incurred for April and the total cost assigned to each job:
Job 306 Job 307 Job 308 Total
Total production cost
incurred for April $294,000 $437,500 $271,000 $1,002,500
Total cost assigned $356,500 $507,000 $271,000 $1,134,500
Explanation:
a) Data and Calculations:
March 31 inventory of
raw materials = $88,000
April costs:
Raw materials purchases = $540,000
Factory payroll cost = $380,000
Overhead costs incurred = $206,000
Total costs = $1,214,000
April ending WIP inventory 271,000
Total cost incurred $943,000
Overhead costs incurred:
Indirect materials = $59,000
Indirect labor = $25,000
Factory rent = $38,000
Factory utilities = $23,000
Factory equipment depreciation = $61,000
Total factory overhead = $206,000
Predetermined overhead rate = 50% of DLC
Sales of Job 306 in April = $655,000 cash
Job 306 Job 307 Job 308 Total
Balances on March 31
Direct materials $28,000 $44,000 $72,000
Direct labor 23,000 17,000 40,000
Applied overhead 11,500 8,500 20,000
Total Beginning WIP $62,500 $69,500 $0 $132,000
Costs during April
Direct materials 138,000 205,000 $115,000 458,000
Direct labor 104,000 155,000 104,000 363,000
Applied overhead 52,000 77,500 52,000 181,500
Total production cost
incurred for April $294,000 $437,500 $271,000 $1,002,500
Total cost assigned $356,500 $507,000 $271,000 $1,134,500
Status on April 30 Finished (sold) Finished (unsold) In process
Job 306 Job 307 Job 308
Thomlin Company forecasts that total overhead for the current year will be $13,502,000 with 157,000 total machine hours. Year to date, the actual overhead is $8,179,100, and the actual machine hours are 91,900 hours. If Thomlin Company uses a predetermined overhead rate based on machine hours for applying overhead, as of this point in time (year to date), the overhead is
Answer:
$275,700 underapplied
Explanation:
The computation of the overhead is shown below:
But before that following calculation need to be done
Applied overhead is
= Actual machine hours × predetermined overhead rate
= 91,900 hours × ($13,502,000 ÷ 157,000)
= $7,903,400
And, the actual overhead is $8,179,100
So, the under applied overhead is
= $8,179,100 - $7,903,400
= $275,700
Assume the following: The variable portion of the predetermined overhead rate is $1.50 per direct labor-hour. The standard labor-hours allowed per unit of finished goods is 3 hours. The actual quantity of labor hours worked during the period was 44,000 hours. The total actual variable manufacturing overhead cost for the period was $63,000. The company produced 15,000 units of finished goods during the period. What is the variable overhead rate variance
The variable overhead rate variance or spending variance is 1500.
What is variable overhead rate variance?The difference between the variable manufacturing overhead that actually occurred and the variable manufacturing overhead that was anticipated given the number of hours worked is known as the variable overhead rate variation or spending variance.
The term "variable overhead efficiency variance" refers to both the impact of the discrepancy between the actual manufacturing time and the projected manufacturing time. Variations in production efficiency are the cause of it.
Variable overhead efficiency variance= Standard overhead rate x (Actual hours - Standard hours)
Standard quantity= 3* 15,00
= 45,000 hours
Actual quantity= 44,000 hours
Standard rate= $1.50
Variable overhead variance= 1000* $1.50
= 1500
To learn more about variable overhead rate variance
https://brainly.com/question/15085917
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Assalam waliakum
How are you?
Answer:
oh wait ..... I know this language ... are you from Pakistan???...
As the full-time bookkeeper, your job is to make any corrections to the general ledger accounts. Each correction needs the reason for the change and the effect on each account, whether it is an increase or decrease. For the third time this month, a co-worker has recorded a cash receipt twice and wants you to record a correcting entry that will reverse the mistakes. The correcting entry will record a credit to the Cash account and a debit to the Sales account. Your co-worker has offered to buy you dinner for fixing this mistake.
Required:
What should you investigate before making a decision about the correcting entry?
Answer: See explanation
Explanation:
Based on the information given, we are informed that the co-worker has recorded a cash receipt twice and wants the full time bookkeeper to record a correcting entry that will reverse the mistakes.
Before making a decision about the correcting entry, it is necessary to check the entry and cross check the balances for sales and cash. One has to also check the receipts and every other necessary details in order to make sure that the transaction is genuine and not fraudulent.
After the through check, if the person is sure and confident that everything is okay, then the correcting entry can be made.
Assume that you have been hired as a consultant by CGT, a major producer of chemicals and plastics, including plastic grocery bags, styrofoam cups, and fertilizers, to estimate the firm's weighted average cost of capital. CGT's balance sheet data are as follows.
The stock is currently selling for $15.25 per share, and its noncallable $1,000 par value, 20-year, 7.25% bonds with semiannual payments are selling for $875.00. The beta is 1.25, the yield on a 6- month Treasury bill is 3.50%, and the yield on a 20-year Treasury bond is 5.50%. The required return on the stock market is 11.50%, but the market has had an average annual return of 14.50% during the past 5 years. The firm's tax rate is 40%. Determine the best estimate of the after-tax cost of debt.
Assets 2018
Current assets $38,000,000
Net plant, property, and equipment $101,000,000
Total assets $139,000,000
Liabilities & Equity
Accounts payable $10,000,000
Accruals $9,000,000
Current liabilities $19,000,000
Long-term debt (40,000 bonds.
$1,000 par value) $40,000,000
Total liabilities $59,000,000
Common stock (10,000,000 shares) $30,000,000
Retained earnings $50,000,000
Total shareholders' equity $80,000,000
Total liabilities and shareholders' equity $139,000,000
a. 5.40%.
b. 5.67%.
c. 4.64%.
d. 5.14%.
Answer:
d. 5.14%.
Explanation:
Calculation to determine the best estimate of the after-tax cost of debt.
First step
Based on the information given we would make use of rate formula in excel.
=rate(nper,pmt,-pv,fv)
Where,
nper= coupon every six months for 20 years = 40 coupon payments
Pmt =$1000*7.25%*6/12=$36.25
Pv = $875
Fv =$1000
Let plug in the formula
=rate(40,36.25,-875,1000)=4.28% semiannually
=4.28% *2=8.56% annually
Now let calculate the after tax cost of debt using this formula
After tax cost of debt=8.56%*(1-t)
Where,
t represent tax rate of 40%
Let plug in the formula
After tax cost of debt=8.56%*(1-0.4)
After tax cost of debt=5.14%
Therefore the best estimate of the after-tax cost of debt is 5.14%
Sheffield Corp. uses the percentage-of-receivables basis to record bad debt expense and concludes that 3% of accounts receivable will become uncollectible. Accounts receivable are $430,800 at the end of the year, and the allowance for doubtful accounts has a credit balance of $2,864. (a) Prepare the adjusting journal entry to record bad debt expense for the year. (b) If the allowance for doubtful accounts had a debit balance of $887 instead of a credit balance of $2,864, prepare the adjusting journal entry for bad debt expense.
Answer and Explanation:
The journal entries are shown below:
a. Bad-debt expense A/c [($430,800 × 3%) - $2,864] Dr. $10,060
To Allowance for doubtful accounts A/c $10,060
(Being bad-debts expense is recorded)
Here the bad debt expense is debited as it increased the expense and credited the allowance as it decreased the assets
b. Bad-debt expense A/c [($430,800 × 3%) + $887] Dr. $13,811
To Allowance for doubtful accounts A/c $13,811
(Being bad-debts expense is recorded)
Here the bad debt expense is debited as it increased the expense and credited the allowance as it decreased the assets
Schedule of Cash Collections of Accounts Receivable Pet Place Supplies Inc., a pet wholesale supplier, was organized on May 1. Projected sales for each of the first three months of operations are as follows: May $290,000 June 410,000 July 520,000 All sales are on account. Of sales on account, 52% are expected to be collected in the month of the sale, 44% in the month following the sale, and the remainder in the second month following the sale. Prepare a schedule indicating cash collections from sales for May, June, and July.
Answer:
Results are below.
Explanation:
Giving the following formula:
Sales:
May $290,000
June 410,000
July 520,000
52% are expected to be collected in the month of the sale
44% in the month following the sale
4% in the second month following the sale
We need to calculate the cash collection for each month:
Cash collection May:
Cash collection from sales on account May= (290,000*0.52)= 150,800
Total cash collection May= $150,800
Cash collection June:
Cash collection from sales on account May= (290,000*0.44)= 127,600
Cash collection from sales on account June= (410,000*0.52)= 213,200
Total cash collection June= $340,800
Cash collection July:
Cash collection from sales on account May= (290,000*0.4)= 11,600
Cash collection from sales on account June= (410,000*0.44)= 180,400
Cash collection from sales on account July= (520,000*0.52)= 270,400
Total cash collection July= $462,400
describe the distorting effects of taxes to intrapreneurs
Answer:
The higher the tax rate, the more capital is taken out of the hands of the entrepreneur and into the hands of the government. Therefore, many believe that higher tax rates leave entrepreneurs with less money to reinvest in their businesses, leading to less job creation.
Explanation:
https://smallbusiness.chron.com/tax-rates-affect-entrepreneurship-39006.html
discuss intrapreneurship and give 5 reasons for the beef of intrapreneurship in work places
Answer:
1. Growth: During the economic downturn most companies stopped investing in the future. Now they are sitting on piles of cash. They know they need to grow, they just aren’t sure how. Intrapreneurship answers the question of – HOW!
The goal of Intrapreneurship is to create the entrepreneurial mindset and infrastructure needed to support growth. It takes a systems view of growth. It is a framework for transformation.
Intrapreneurship helps organizations generate new business growth.
2. Innovation: Innovation is the key element in providing aggressive top line growth. But doing one or two innovation initiatives a year will not support or sustain innovation. Organizations need to be innovating all the time. Failure rates for innovation are still high, 50% to 90%.
Innovation alone is not enough. Organizations need to set the context for innovation; the right people, the right processes and the right environment. Innovation and intrapreneurship are entwined, they are tied together. You need both to be successful.
Intrapreneurship provides an environment to support and sustain innovation over time.
3. Leadership: Research has identified leadership as the key predictor of innovation success. Yet a majority of CEOs to not feel like they have the capabilities inside their organizations to achieve their growth agenda. The skills and capabilities that propelled most executives to the top in the past are not the skills required to build new growth businesses. Only 4% of leaders are intrapreneurial.
Intrapreneurship requires a new set of competencies and behaviors. Intrapreneurial leaders think and act differently, they have different motivations and aspirations, and they prefer working in different work environments. It is this differentiation that makes them the perfect candidate to lead new growth initiatives.
Intrapreneurship is the one of the best ways to attract and retain your most entrepreneurial leaders.
4. Change: Change is one of the least understood and under developed management disciplines. Most studies report a 60% – 70% failure rate when it comes to change initiatives. Risk adverse cultures and resistance to change impede an organizations ability to grow.
Intrapreneurial leaders are change agents. They blaze new trails. They become the very change they wish to see. Not just driving change, but modeling change so others can change as well.
Intrapreneurship enables organizations to effectively accelerate and manage change.
5. Engagement: Gallup Research estimates that disengaged employees cost US organizations over $450 billion in lost productivity. In 2012, only 30% of American workers were engaged and committed to their workplace. Lost productivity translates to slow or no growth.
Intrapreneurship provides a platform to engage employees in work that is challenging and meaningful. Intrapreneurs are highly engaged in their work. Their passion and determination inspire others to get involved and try new things. As they grow, the organization grows.
Intrapreneurship helps employees stretch and grow while keeping them engaged.
Intrapreneurship has become a critical imperative for all organizations and a survival strategy for others. Organizations that have embraced Intrapreneurship have achieved higher financial returns, increased productivity, more innovation and higher levels of employee engagement.
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Synergy Corp. manufactures LED light bulbs. It applies manufacturing overhead to production on the basis of direct labor hours. A predetermined overhead application rate of $15 per direct labor hour was used for the current fiscal year. Actual manufacturing overhead incurred by Synergy during the year amounted to $100,000 against 9,100 hours, which was the expected number of direct labor hours to be used during the year. Calculate the amount of over- or underapplied overhead during the year.
Answer:
Under applied overhead of $36,500
Explanation:
With regards to the above , the over or under applied overhead is computed as;
Budgeted overhead = Predetermined overhead application rate per direct labor hour × Expected number of direct labor hours to be used
= $15 × 9,100
= $136,500
Actual manufacturing overhead incurred = $100,000
Budgeted overhead - Actual overhead incurred
= $136,500 - $100,000
= $36,500
The above is under applied over head because what was budgeted is less that what was actually incurred.
For its fleet of trucks, Overland Transport, Inc., purchased 580 tires rated at 50 pounds each. The tires had a retail price of $85 each. The sales tax is 4.5%, and the federal excise tax is $0.15 per pound. What are the amount of sales tax per tire and the total sales tax
Answer:
The amount of sales tax per tire = $3.825
The total sales tax = $2,218.50.
Explanation:
These can be be calculated as follows:
Sales tax per tire = Retail price per tire * Sales tax rate = $85 * 4.5% = $3.825
Total sales tax = Number of tire purchased * Sales tax per tire = 580 * $3.825 = $2,218.50
Therefore, the amount of sales tax per tire is $3.825 and the total sales tax is $2,218.50.
At the beginning of the year, Grillo Industries bought three used machines from Freeman Incorporated. The machines immediately were overhauled, were installed, and started operating. Because the machines were different, each was recorded separately in the accounts.
Machine A Machine B Machine C
Cost of the asset $10,800 $40,000 $23,800
Installation costs 950 3,900 3,000
Renovation costs prior to use 750 3,500 4,000
Repairs after production began 700 900 2,500
By the end of the first year, each machine had been operating 8,000 hours.
Required:
Compute the cost of each machine.
Answer:
the cost of machine for A, B and C is $12,500, $47,400 and $30,800 respectively
Explanation:
The computation of the cost of the machine is given below:
For Machine A
= $10,800 + $950 + $750
= $12,500
For Machine B
= $40,000 + $3,900 + $3,500
= $47,400
And, for machine C
= $23,800 + $3,000 + $4,000
= $30,800
Hence, the cost of machine for A, B and C is $12,500, $47,400 and $30,800 respectively