Financial Statements of a Manufacturing Firm The following events took place for Sorensen Manufacturing Company during January, the first month of its operations as a producer of digital video monitors: A. Purchased $68,500 of materials. B. Used $52,700 of direct materials in production. C. Incurred $78,800 of direct labor wages. D. Incurred $111,000 of factory overhead. E. Transferred $184,300 of work in process to finished goods. F. Sold goods for $329,500. G. Sold goods with a cost of $146,600. H. Incurred $84,300 of selling expense. I. Incurred $37,000 of administrative expense. Using the information given, complete the following: A. Prepare the January income statement for Sorensen Manufacturing Company.B. Determine the inventory balances at the end of the first month of operations.
Answers
Answer:
A. income statement for Sorensen Manufacturing Company
Sales $329,500
Less Cost of Sales
Opening Finished Goods Inventory $0
Cost of Goods Manufactured $184,300
Less Finished Goods Inventory ($37,700) $146,600
Gross Profit $182,900
Less Expenses
selling expense ($84,300)
administrative expense ($37,000)
Net Income or Loss $61,600
B. inventory balances at the end of the first month of operations.
Raw Materials Inventory = $15,800
Work In Process Inventory = $58,200
Finished Goods Inventory = $37,700
Explanation:
Raw Materials Inventory Calculation :
Open a Raw Materials T - Account
Debit :
Opening Balance $0
Purchases $68,500
Totals $68,500
Credit:
Used in Production $52,700
Closing Balance (Balancing figure) $15,800
Totals $68,500
Work In Process Inventory Calculation :
Make a Schedule of Manufacturing Cost
Raw Materials $52,700
direct labor wages $78,800
factory overhead $111,000
Total cost of Manufacture $242,500
Less Transfer to Finished Goods ( $184,300)
Work In Process Inventory $58,200
Finished Goods Inventory Calculation :
Transfer to Finished Goods $184,300
Less Cost of Sales ($146,600)
Finished Goods Inventory $37,700
Related Questions
john and mabel's company, high-tech solutions, is a medium-sized high-tech firm with a core employee group of highly skilled professionals. around this core is a group of twice as many part-time contract programmers and other computer professionals. as they win programming contracts, they hire contract workers. when work slows, they let the part-timers go but keep their core group. their target industries are facing increasing government scrutiny and possible regulation due to the number of firms that are doing poor work and causing long-term problems for customers. john believes, when hiring for either the core group or for the part-time work force, they need to look not only at each candidate's technical work skills and competency but also think about other factors as well: the candidate's emotional control, team orientation, self-awareness, self-esteem, and what the company has to offer them in terms of family support. mabel agrees to a degree. she thinks that the key to productivity and quality is through their people, but she wants to focus more on technical competencies and less on the other areas john mentions. high-tech solutions uses teams extensively. employees are trained how to work in teams, handle conflict, work cooperatively, etc. joan, a five-year veteran at high-tech, plays softball in a church league with several of her coworkers. she has asked for investment advice from a couple of the work-group members who are heavily into the stock market. she, in general, highly enjoys her work because of the relationships she has with her coworkers. in sharp contrast, one of the new employees is having a hard time with her supervisor. she wants greater independence and more affirming feedback. the supervisor wants to be sure the new employee can do her job, so he is supervising closely and is giving a lot of corrective feedback. refer to case 1.1. john's approach to hiring is an example of the concept of hiring
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The idea of employing a total person is demonstrated by John's hiring strategy.
The Total Person concept is a way of life that emphasizes goal-setting and action plans that take into account six crucial areas: family and home, financial and career, mental and education, physical and mental well-being, social and cultural diversity, and morality and ethics. In this individualized Plan of Action, self-evaluations are used to help people determine their values, set priorities, and set goals. These efforts enable the individuals in your business to establish equilibrium in all six spheres of existence. People who attain that balance are happier and more productive, according to study, and when everyone is more productive, your organization as a whole performs better.
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Jason and Katrina work on the loading dock for Longhaul Transport Company. Jason has a disability. Katrina has seniority. Jason asks for a transfer, which would represent an accommodation for his disability. Longhaul gives the transfer to Katrina on the basis of her seniority. Jason files a suit against Longhaul for discrimination on the basis of his disability. The court is most likely to rule that:___.
1. Jason’s disability is a sufficient basis for relief.
2. Katrina’s seniority is a good defense.
3. Longhaul’s action was a business necessity.
4. Longhaul’s action was a reasonable accommodation.
Answers
Answer:
Katrina's seniority is a good defense.
Explanation:
Industrial Jurisprudence
This is refered to as a system of rules and regulations that is used by labor and management fashion to show their specific employment rights and obligations in the work environment.
Seniority System
This is refered to as different rules and procedures usually within an agreement that shows the allocation of certain job situations including promotion, layoff and recall, as well as certain economic benefits based on length of service. This is application to many organizations.
Seniority
This very important measure of employee job security and it start with acquiring seniority on the date & time of hire (cannot be awarded until completion of probationary period).
Jason may lose the case as a result of the seniority system.
How did corporations and companies deal with the problem posed by competition?
Group of answer choices
They used fraud and corporate espionage to put rivals out of business.
They got politicians to endorse them, in exchange for large campaign donations.
They bribed police to shut their rivals down.
Multiple companies merged into single companies, which could have monopolies and set prices as they liked.
Answers
Answer:
Correct option : Multiple companies merged into single companies, which could have monopolies and set prices as they liked.
Explanation:
Corporations and companies deal with the problem posed by competition when two or more companies come together and merged into a single companies, which could have monopolies in which they set their own prices as they liked which inturn lead to NO COMPETITORS and inturn enables this single companies to deal with all the problems that is been posed by competition in the market reason been that the products or goods sold by this merged single companies or single firms are unique and different from others goods sold in the market by other company.
Example Company X, Y and Z may decide to merged into a single companies in which after merging they went into production of a unique products like Designer wears which means that this single merged companies can set prices for this unique designer wears as they like by either selling it at $300,$400,$500 or even at lesser price or more higher price because they are the only producer of such unique designers wears which inturn will enable them to have a competitive advantage over other company in the market because they have NO COMPETITORS.
Please I need help with this exercise, I'm struggling so hard!
Based on this table from week 1 (Table2 attached).
-During the second week of business, the following transactions, all through the business bank account as appropriate, took place:
i. On 8 October M paid by cheque a quarter of the money owing on her payables account.
ii. On 11 October M paid by cheque £600 for two weeks’ rent for her business premises.
iii. On 11 October M paid by cheque £250 for two weeks’ insurance.
iv. By the end of the day on the 14 October (i.e. after two weeks of trade), M had made sales for £4,000. Fifty per cent of the sales had been in cash and the rest on credit. M had sold all her inventory after these two weeks of trade.
Using the new template below, demonstrate how the transactions in the second week will affect the expanded accounting equation (Assets = Capital + (Income – Cost of Sales – Expenses) + Liabilities. Your answer should include a summary total for each of the Assets, Capital, and Liabilities at the beginning of the second week, i.e. from your answer to part (a), as well as at the end of the same week.
(Template attached as TableToFollow).
Thank you sooo much!
Answers
A demonstration of how the transactions in the second week will affect the expanded accounting equation is as follows:
Assets = Capital + (Income – Cost of Sales – Expenses) + Liabilities
Balance from
Week 1 £16,430 = £14,930 + £1,500
1. -375 -375
2. -600 £ -600
3. -250 -250
4. 4,000 £4,000
4. -1,500 £1,500
Bal. £17,705 = £14,930 + £4,000 - £1,500 - £850 + £1,125
Bal. £17,705 = £16,580 + £1,125
What is the accounting equation?The accounting equation is a statement that assets are always equal to capital or equity plus liabilities, given each business transaction.
Also known as the balance sheet equation, the accounting equation is the basis for the double-entry system of accounting.
Transaction Analysis:1. Accounts Payable £375 Bank £375
2. Rent Expense £600 Bank £600
3. Insurance Expense £250 Bank £250
4. Cash £2,000 Accounts Receivable £2,000 Sales Revenue £4,000
4. Cost of goods sold £1,500 Inventory £1,500
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Which of the following statements is true regarding project managers?
O a. Project managers have authority over the project but not over the people assigned to it.
O b. Project managers have authority over finances but not over the product assigned to them.
c. Project managers have authority over resources but not over the project assigned to them.
d. Project managers have authority over people but not over the project assigned to them.
O e. Project managers have authority over people but not over the other resources assigned to the project.
Answers
The truth regarding project managers is option a. Project managers have authority over the project but not over the people assigned to it.
As the leader of a project, a project manager is responsible for ensuring the project's success by overseeing various aspects such as planning, execution, monitoring, and closure. They are also in charge of managing the project's scope, time, cost, quality, and risks. However, a project manager's authority over the people assigned to the project is often limited.
While they can assign tasks and set deadlines, they may not have direct control over the team members, as these individuals usually report to their functional managers. Project managers work with functional managers to coordinate resources and ensure team members are engaged and contributing effectively to the project. This arrangement enables project managers to focus on the overall project objectives and delegate specific tasks to team members with relevant expertise.
Project managers rely on their communication, negotiation, and problem-solving skills to work effectively with team members and stakeholders to achieve project goals. In summary, project managers have authority over the project, but their authority over the people assigned to it is often limited, as team members usually report to their respective functional managers. Therefore, the correct answer is option a.
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QUESTION 3
a) What are the similarities and differences between competitive firms and firms that
operate under imperfect competition?
b) How do you calculate the social welfare loss due to monopoly. Demonstrate your answer
using a well labelled diagram.
c) How does a monopolist generate more profits than that obtained under a uniform pricing
policy?
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When others have helped you write a report, you usually thank them in an acknowledgments section somewhere in the report
Answers
Answer: Acknowledgments are a section in a report where you thank and credit the individuals or organizations who have helped you in your work.
Explanation: In academic or professional writing, it is common practice to include an acknowledgments section in a report where you can thank and credit individuals or organizations who have helped you in your work. This section is typically placed at the beginning or end of the report, and is a way to recognize the contributions of those who have assisted you.
Acknowledgments could include thank you notes to individuals who provided their expertise, resources or time towards a research project, or those who supported you in other ways, such as colleagues, friends or family. The acknowledgments section is also a place to acknowledge funding sources that supported your research or project, or organizations that provided in-kind support.
It is important to acknowledge the contributions of others in your work as a sign of appreciation for their help, but also as a way of establishing transparency in your research or project. It helps to legitimize your work and makes it clear that you did not take credit for someone else's ideas or contributions. Additionally, acknowledging others’ contributions might create opportunities for future collaborations and working relationships.
Overall, the acknowledgments section is a crucial part of a report, as it helps to recognize the efforts of all those who have contributed to the work, and establishes the writer as a trustworthy and collaborative professional.
The endpoint method computes the percent change as a percent of the starting value.
a. True
b. False
Answers
Answer: True
Explanation:
Endpoint elasticity measures the price change and demand during the endpoint of the change. It uses a simple formula for the calculation of the price and the demand relationships. The formula is:
= (D2 - D1)/D1 ÷ (P2 - P1)/P1
where,
D2 = new demand
D1 = initial demand
P2 = new price
P1 = initial price.
The statement that "The endpoint method computes the percent change as a percent of the starting value" is true.
First National Bank charges 12.0 percent compounded monthly on its business loans. First United Bank charges 12.2 percent compounded semiannually.
Requirement : Calculate the EAR for each bank. (Do not include the percent signs (%).
Answers
Answer: Thats the right one
Explanation: im not gay
Each marketing function occurs _____ a product or service is developed and sold.
A. one time
B. two times
C. every time
D. none of the above
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Each marketing function occurs every time a product or a service is developed and sold in the market.
What is a marketing function?A marketing activity, which is essential for the transfer of goods from place of origin to the place of consumption in the market, is known as a marketing function. It is a continuous process.
Hence, option C holds true regarding a marketing function.
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What's the first step in creating a resume?
Create an opening statement of the type of work you are seeking
Gather your references
Write out your work history
List your diplomas, degrees, and certifications
Answers
Create an opening statement of the type of work you are seeking
Irfan runs a small business. His business’s total liabilities amount to $200,000. His net profit for the latest accounting period is $50,000. The total value of all the business assets comes to $600,000. What is the debt to asset ratio in the case of Irfan’s business? The debt to assets ratio of Irfan’s business, to two decimal places, is percent.
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Small businesses are either services or retail operations like grocery stores, medical stores, tradespeople, bakeries, and small manufacturing units.
What is the meaning of Small businesses?Small companies typically offer services or are retail establishments like grocery stores, pharmacies, tradesmen, bakeries, and micro-manufacturing facilities. Small businesses are privately held companies that need less equipment, labor, and cash than larger companies.
The most straightforward type of business is a sole proprietorship. Small businesses are distinct legal entities such as corporations, partnerships, and sole proprietorships that have fewer employees and/or lower yearly income than a regular-sized company. Businesses are considered "small" if they are eligible for government assistance and favorable tax treatment.
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plzz someone help me
Answers
Blue Llama Mining Company is analyzing a project that requires an initial investment of $3,225,000. The project’s expected cash flows are: Year Cash Flow Year 1 $300,000 Year 2 –100,000 Year 3 425,000 Year 4 450,000 Blue Llama Mining Company’s WACC is 10%, and the project has the same risk as the firm’s average project. Calculate this project’s modified internal rate of return (MIRR):
Answers
Modified Internal Rate of Return (MIRR) = (Future value of positive cash flows / present value of negative cash flows) (1/n) – 1
= ($11,75,000 /-$3,304,400) (1/5) - 1
= -0.35558x -0.8
= 0.28446
MIRR = 28.46.
The modified internal rate of return (MIRR) presupposes that initial investments are funded at the firm's financing cost and that positive cash flows are reinvested at the firm's cost of capital.
The MIRR is calculated as:
Future Value of positive cash flows:
1 $300,000
3 $425,000
4 $450,000
Total $1,175,000
Present value of negative cash flows:
0 -$3,225,000
2 -$79400 )$100,000 x 0.794)
Total -$3,304,400
The Modified Internal Rate of Return for Blue Llama Mining Company is greater than its Weighted Average Cost of Capital. Therefore, the project should be accepted.
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Question 6
Answer asap please
Answers
What will produce more accurate results when giving a survey?
A. Using the word "frequently" in a question
B. Creating face-to-face interviews
C. Adding boxes to check for answers
D. Creating an open questions
Answers
Answer:
Option B; Creating face-to-face interviews
Explanation:
Research has shown that face-to-face interviews tend to produce more accurate results when giving a survey. So the correct answer is option B.
Problem-6; (chapter 3) SS Ltd. obtained significant influence over YY Ltd by buying 30% of Y's 100,000 outstanding ordinary shares at a cost of Br 18 per share on January 1, 2022. On May 15, YY declared and paid a cash dividend of Br 150,000. On December 31, YY reported net income of Br 270,000 for the year. (a) record acquisition of shares (a) record revenue and dividends
Answers
(a) Record acquisition of shares: Investment in YY Ltd. Dr. Br 540,000, Cash Cr. Br 540,000.
(a) Record revenue and dividends: Dividend Receivable Dr. Br 45,000, Revenue from Investment in YY Ltd. Cr. Br 45,000; Investment in YY Ltd. Dr. Br 81,000, Revenue from Investment in YY Ltd. Cr. Br 81,000.
(a) To record the acquisition of shares by SS Ltd. on January 1, 2022:
Investment in YY Ltd. (30% of 100,000 shares * Br 18) Dr. Br 540,000
Cash Cr. Br 540,000
This journal entry records the purchase of 30% of YY Ltd.'s outstanding shares for a total cost of Br 540,000.
(b) To record revenue and dividends for the year:
On May 15, YY Ltd. declared and paid a cash dividend of Br 150,000. This dividend represents the portion of the company's earnings that will be distributed to its shareholders.
Dividend Receivable Dr. Br 45,000 (30% of Br 150,000)
Revenue from Investment in YY Ltd. Cr. Br 45,000
This entry recognizes the dividend revenue earned by SS Ltd. from its investment in YY Ltd.
On December 31, YY Ltd. reported net income of Br 270,000 for the year. As SS Ltd. has significant influence over YY Ltd., it needs to adjust its investment account for its share of the net income.
Investment in YY Ltd. Dr. Br 81,000 (30% of Br 270,000)
Revenue from Investment in YY Ltd. Cr. Br 81,000
This entry records the revenue earned by SS Ltd. from its share of YY Ltd.'s net income.
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On this graph, what does the green arrow represent?
Answers
Answer:D
Explanation:
2. What are the issues/problems that Elon Musk and other members of Tesla’s top management team need to address as of mid-2018?
Answers
MC algo 3-13 Equity Multuiplier Use the following information to answer this question Windswept, Inc. 2017 Income Statement ($ in millions) $ 8.700 Net sales Cost of goods sold 7,250 350 Depreciation Earnings before interest and taxes Interest paid $ 1,100 83 $ 1,017 Taxable income 356 Taxes 661 Net income Windswept, Inc. 2016 and 2017 Balance Sheets ($ in millions) 2017 2016 2017 2016 $ 1070 $ 1,212 Cash $ 140 120 Accounts payable Long-term debt Accounts rec. 800 720 980 1,213 1,510 1,535 Inventory Common stock 3,150 450 2,890 $2.450 $ 2,375 Retained earnings Total 700 Net fixed assets 3,200 3,640 $ 6,015 $5,650 5,650 6,015 Total liab. & equity Total assets What is the equity multiplier for 2017? a) 2.08 times b) 2.42 times c) 3.01 times d) 1,68 times e) 1,26 times
Answers
Answer:
The answer is Option D. 1.68 times
Explanation:
The formula for equity multiplier is:
Equity Multiplier = Total assets ÷ Total stockholder's equity
In 2017:
Total stockholder's equity = Common stock + Retained earnings
Total stockholder's equity = $2890 + $700 = $3590
Total assets = $6,015
Now, putting these values in the above formula, we get,
Equity multiplier = $6,015 ÷ $3,590 = 1.68 times
HURRRYYYY PLEASE HELP ME ASAP!!!!
1, Select a company with an international presence that you are familiar with or that you learn about by searching the internet
2.Identify the laws, treaties, acts, and governing bodies (e.g. U.N., WTO, and IMF) that impact their business.
3.Explain the impact these laws, treaties, acts, and governing bodies have on their business.
4.Differentiate the impact of those various laws etc. on their business abroad from the impact of similar things on their business in the United States.
Please provide citation and reference to sources. Quoted language must be put inside quotation marks
Answers
The WTO has a major impact on Toyota in a similar manner.The WTO's primary responsibility is to negotiate trade regulations among its members. As a result, the WTO regulations have a big impact on the Toyota industry.
The company is permitted to import and export the medicine in accordance with WTO regulations. The WTO may have both beneficial and bad effects on enterprises.
Toyota was able to enhance product exports with the help of the WTO. As the WTO upholds the organization's viewpoint to comply with WTO regulations and rules, the company's sales rate has increased.
However, the WTO also has a detrimental effect on Toyota's operations. Due to the substantial influence of its quantity of exports, the World Trade Organisation has continually raised the tariff ceiling. Therefore, it is conceivable to assert that the WTO has an impact on the Toyota company both advantageously and badly.
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all of the decisions and activities of an individual or family regarding their money, including spending, saving, budgeting, etc.
Answers
Personal finance refers to the management of an individual's or a family's money, including income, expenses, saving, investing, and budgeting.
It also encompasses financial planning, such as setting financial goals and creating a plan to achieve them, as well as managing debt and understanding credit. Income management: Personal finance includes managing one's income, whether it comes from employment, investments, or other sources. This includes budgeting, tracking expenses, and making sure that income is sufficient to meet necessary expenses.
Saving and Investing: Personal finance also involves setting money aside for future expenses, such as retirement or unexpected expenses. This includes creating a savings plan, setting financial goals, and selecting appropriate investment vehicles.Budgeting: Personal finance involves creating and sticking to a budget, which is a plan for how to allocate money to different expenses. This includes identifying fixed expenses, such as rent or mortgage payments, as well as variable expenses, such as entertainment or dining out.Debt management: Personal finance also includes managing debt, such as credit card debt, student loans, or mortgages. This can involve creating a plan to pay off debt, consolidating debt, or seeking professional help.Financial Planning: Personal finance also includes financial planning, which is the process of setting financial goals and creating a plan to achieve them. This may involve creating a retirement plan, creating a plan for saving for a down payment on a home, or creating a plan for paying for children's education.To know more about Personal finance:
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Is it better to own or rent and why?
(Thank you)
Answers
Answer:
Renting offers flexibility, predictable monthly expenses, and someone to handle repairs. Homeownership brings intangible benefits, such as a sense of stability and pride of ownership, along with the tangible ones of tax deductions and equity.
Explanation:
In general, the short-term costs of renting are lower than the costs of buying a home.
How would the Supply of cars change, given an increase in the price of steel.
Answers
Answer:
car production would decrease or slow down rapidly due to most car parts being made of steel, such as steering and suspension parts
When considering decision alternatives, both relevant and irrelevant costs are included when using the (1) (2) approach. (Enter only one word per blank.)
Answers
When considering decision alternatives, both relevant cost and irrelevant cost are included when using the full cost approach.
The full cost approach involves considering all costs associated with a product or service, including both direct and indirect costs, and allocating them to each unit produced. This approach takes into account both variable and fixed costs, as well as overhead costs, such as rent, utilities, and equipment depreciation. While the full cost approach can provide a more accurate picture of the true cost of producing a product or service, it may not be as useful for making short-term decisions, as it includes both relevant and irrelevant costs. For short-term decisions, the differential or incremental approach may be more appropriate.
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Households do not provide capital?
True
О
False
Answers
Answer:
Household do provide capital
How can I start a business with no money?
Answers
Explanation:
Starting a business with no money can be a challenging task, but it is not impossible. Here are some steps you can take to get started:
Identify your skills and talents: Consider your skills, expertise, and knowledge to determine what type of business you can start with little or no money.Research your market: Conduct market research to identify what products or services are in demand in your area. This will help you determine what type of business you can start and what your potential customers might be willing to pay for.Create a business plan: Develop a detailed business plan that outlines your goals, target market, marketing strategy, revenue streams, and expenses. This will help you stay focused and organized as you start your business.Use free resources: Take advantage of free resources such as social media platforms, networking events, and online marketplaces to promote your business and connect with potential customers.Offer your services for free: Initially, you may need to offer your products or services for free or at a reduced price to gain exposure and build your customer base.Seek out funding opportunities: Consider applying for grants or loans from government agencies, non-profit organizations, or microfinance institutions to help fund your business.Be resourceful: Be creative and resourceful in finding ways to save money and reduce expenses. For example, you can work from home, use free or low-cost marketing tools, or barter with other businesses to exchange goods or services.Starting a business with no money requires persistence, creativity, and hard work. But with the right mindset and approach, it is possible to turn your dreams into a successful reality.
A company has the following liabilities as of December 31:
Accounts payable $150,000
Notes payable (current portion) 217,000
Salaries and wages payable 55,000
Installment notes payable 1,140,000
Interest payable 32,000
Payroll taxes payable 15,500
What is the amount of total current liabilities reported on the balance sheet?
a. $319,500
b. $469,500
c. $1,609,500
d. $437,500
Answers
Mark produced 9 cans of sauce with 3 pounds of tomatoes. When he increased to 5 pounds, he produced 13 cans. What is the marginal product?
Answers
Answer:
Marginal Product is 2
Explanation:
Marginal Product (MP) is defined as the ration of change in quantity of output produced to the change in quantity of input raw material
Change in quantity of input raw material \(= 5 -3 = 2\)
Change in quantity of output of products = 13 - 9 = 4
Marginal Product (MP) \(= \frac{4}{2} = 2\)
Marginal Product is 2
At the conclusion of his article "Marketing to Inner City Blacks: PowerMaster And Moral Responsibility," Brenkert concludes the following regarding targeted ad campaigns, "We must look to the responsibility of groups of persons as well as groups of corporations. Such responsibility is not personal or individual, but ___________."
Answers
Question Completion:
a) Universal
b) Collective
c) Limited to stockholders
Answer:
Such responsibility is not personal or individual, but ___________."
b) Collective
Explanation:
Collective responsibility, in this context, refers to the moral responsibility of the group of marketers or corporations who target a market segment for their brands. The collective responsibility is evoked because of the harmful effects of the particular product on the target consumers. Such marketers should be held accountable for the harmful results experienced by the market segment, according to Brenkert.