Fort Corporation had the following transactions during its first month of operations
1. Purchased raw materials on account, $85,000.
2. Raw Materials of $30,000 were requisitioned to the factory.
3. An analysis of the materials requisition slips indicated that $6,000 was classified as indirect materials labor costs incurred were $175,000 of which $145,000 pertained to factory wages payable and $30,000 pertained to employer payrol
4. Time tickets indicated that $145,000 was direct labor and $30,000 was indirect labor.
5. Overhead costs incurred on account were $198,000
6. Manufacturing overhead was applied at the rate of 150% of direct labor cost.
7. Goods costing $115,000 are still incomplete at the end of the month; the other goods were completed and transferred to finished goods
8. Finished goods costing $100,000 to manufacture were sold on account for $130,000.
Journalize the above transactions for Fort Corporation. (Record journal entries in the order presented in the problem.
Answers
Answer:
DR Raw materials inventory $85,000
CR Accounts payable $85,000
DR Work in process Inventory $24,000
Manufacturing overhead $6,000
CR Raw materials inventory $30,000
Working
Work in Process = 30,000 - 6,000 = 24,000
DR Factory Labor $175,000
CR Factory wages payable $145,000
Payroll taxes payable $30,000
DR Work in process Inventory $145,000
Manufacturing overhead $30,000
CR Factory Labor $175,000
DR Manufacturing overhead $198,000
CR Accounts payable $198,000
DR Work in process Inventory $217,500
CR Manufacturing overhead $217,500
Working
Work in Process Inventory = 145,000*150% = $217,500
DR Finished goods Inventory $271,500
CR Work in process Inventory $271,500
Working
Finished goods = 24,000 + 145,000 + 217,500 - 115,000 = $271,500
DR Cost of goods sold $100,000
CR Finished goods Inventory $100,000
DR Account receivables $130,000
CR Sales $130,000
Related Questions
A firm's marketing mix consists of 4 major components, which are generally referred to as the four
Answers
The major marketing mix elements of any firm is a product, price, place, and promotion.
What is the importance of marketing mix?The marketing mix elements place a significant role in the success of any firm. It helps to determine the offered services to the customers and helps them to educate them about what unique services are offered.
These four elements include Product, Price, place, and promotion which help in targeting the intended audience by making the best appropriate strategies that help to cater to them and persuade them to buy and increase sales.
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One of Shanice's team members is not happy with their performance review and refuses to accept the rating she gave. What should Shanice do?
Answers
Shanice should aim to resolve the issue through open communication, active listening, and a willingness to address the team member's concerns.
Listen and understand: Shanice should create an open and safe space for the team member to express their concerns. She should actively listen and seek to understand their perspective. This demonstrates empathy and shows that she values their input.
Provide clarity: Shanice should provide a clear explanation of the performance review process, including the criteria used to evaluate performance and the specific examples that led to the assigned rating. This can help address any misunderstandings or misconceptions.
Address concerns and offer feedback: Shanice should address the team member's specific concerns and provide constructive feedback. She can highlight areas for improvement and offer guidance on how to enhance performance. It's important for Shanice to focus on specific behaviors and outcomes rather than personal attacks or generalizations.
Seek input and involve the team member: Shanice can ask the team member for their suggestions on how to improve their performance or address their concerns. Involving them in the process can foster a sense of ownership and encourage collaboration.
Consider a reevaluation: If Shanice believes there may have been an oversight or if the team member presents compelling evidence, she can consider a reevaluation of the performance review. This may involve gathering additional feedback or revisiting the evaluation criteria.
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Plot the data in the table on the graph below. Remember, price is on the vertical axis and quantity is on the horizontal axis. PLEASE HELP
Answers
Explanation:
Plot the data in the table on the graph below. Remember, price is on the vertical axis and quantity is on the horizontal axis.
Quantity is on the horizontal axis so the data in the price column are X values
Price is on the vertical axis so the data in the price column are Y values
Quantity is in thousands so your points are:
(1000 , 10)
(2500 , 9)
(4000 , 8)
(5500 , 7)
(7000 , 6)
(8500 , 5)
(10000 , 4)
(11500 , 3)
(13000 , 2)
(14600 , 1)
(16000 , 0)
[NOTE: a photo of the graph grid has not been provided in the photo so scaling may not be exact]
Please upload a photo of the grid you are given for a graph to size.
Many employment contracts have mandatory arbitration clauses.
False
True
Answers
Brent called insurance companies and got insurance quotes for the three trucks. Both the 1996 Ford F150 and the 1998 Chevy 1500 were quoted for $250 and the 2000 Toyota Tundra was quoted for $245. To help Brent make his decision gather some more reliable information by using newspapers, or looking at their Web sites, and reviewing consumer magazines and Web sites. Also, look at the manufacturer Web site or www.fueleconomy.gov for information about gas mileage. List the sources you use and include the notes you take from each source.
Answers
Answer:
Website
Annual Reports
Magazines
Newspaper
Television Advertisement
Explanation:
The company website are the reliable source for the information. These websites include information about the specific product details. Brent can easily get access to details about product design, their specification and details. There can be other website which provide reviews of products. Brent can access those website to observe the reviews of the product but since the reliability of these website can be questioned so its better not to trust everything you read.
Answer:
According to www.fueleconomy.gov, cost thousands more in fuel costs over 5 years compared to the average new veichle. The Ford costs $9500 more with a $3650 annual fuel cost, the Toyota costs $7000 more with a $3150 annual fuel cost, and the Chevy costs $6000 more with a $2950 annual fuel cost. The Chevy has the cheapest fuel costs out of each veichle, and it also has the lowest gas mileage. The Ford uses 7.7 gal/100mi, the Toyota uses 6.7 gal/100mi, and the Chevy uses 6.2 gal/100mi. The Chevy also has the highest MPG of 16, while the Ford has an MPG of 13 and the Toyota with an MPG of 15. According to https://www.edmunds.com, The Ford is rating 4.4 stars out of 5, the Toyota is rated 4.5 stars, and the Chevy is rated 4.5 stars as well.
Explanation:
A user pays for a retail purchase by placing a smart phone next to the merchant's reader. What mobile device connection is being used?
Answers
NFC is the mobile device connection that is being used for the payment of the retail purchase by placing the smart phone next to the merchant's reader.
Near Field Communication is a set of short-range wireless technologies that normally require a connection to be established at a distance of 4 cm or less. Between an NFC tag and an Android-powered smartphone, or between two Android-powered devices, NFC enables the sharing of tiny data payloads.
Tags complexity might vary. Simple tags provide simply read and write semantics, occasionally with sections that can be programmatically turned read-only. More advanced tags feature hardware for cryptography and math operations that allow for sector access authentication.
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OSHA can help a business avoid this type of risk
Answers
Answer
compliance risk
Explanation:
At the beginning of the year, Shinedown, Corp., had a long-term debt balance of $47,880. During the year, the company repaid a long-term loan in the amount of $14,205. The company paid $5,650 in interest during the year, and opened a new long-term loan for $12,450. How much is the ending long-term debt account on the company's balance sheet
Answers
Answer:
Shinedown, Corp.
The ending long-term debt account on the company's balance sheet is:
= $46,125
Explanation:
a) Data and Calculations:
Interest expense for the year = $5,650
Beginning long-term debt balance = $47,880
Repayment of a long-term loan (14,205)
New long-term loan 12,450
Ending long-term debt balance = $46,125
b) This means that the long-term debt was reduced by a small difference from $47,880 to $46,125 because of the repayment of a loan and the addition of a new loan to the debt portfolio. Adding and subtracting the new loan and the old repayment give the balance at the end of the year as $46,125.
Your premium will cover many preventive care procedures, such as vaccines and health screenings. & A-True B-False
Answers
Question 3 a. In choosing a supplier of raw materials for operations, there are a number of factors that need to be considered. Mention any three (3) of such factors.
Answers
When choosing a supplier of raw materials for operations, it's important to consider a variety of factors to ensure that you're making the best decision for your business. The factors are Quality, Price, Delivery time and reliability.
Below are three of such factors to consider:
1. Quality: The quality of the raw materials is a vital factor that you should consider when selecting a supplier. The quality of the raw materials will influence the quality of the finished goods produced. As a result, you'll need to ensure that the supplier you choose provides consistent, high-quality raw materials that meet your specifications.2. Price: Cost is an important factor to consider when selecting a supplier. You should ensure that the supplier is providing you with high-quality raw materials at a reasonable cost. It's also important to note that the cheapest supplier may not always be the best option, as quality may be compromised.3. Delivery time and reliability: It's critical to consider the delivery time and reliability of the supplier. The supplier should be able to deliver the raw materials on time and as agreed upon. Delayed deliveries can disrupt your operations, and if they occur frequently, they can damage your business reputation. Reliability is also important to ensure consistent supply and avoid running out of raw materials.For more such questions on supplier
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In most states insurance companies O a higher standard of care of first party Clemets then they do third party Clemets because
Answers
Answer:
Most states do not allow the third-party claimant to proceed
against the insurer, once he has been paid the maximum recover-
able on the policy, except as the policyholder's assignee. Some
states, however, have altered this result either by using statutes to
create an assignment where the policyholder has not voluntarily
made one, or by fashioning a direct third-party suit against the insurer.
Assume that EEG Company wanted to reduce the cost of materials handling in each of its stores, and management set a target reduction of 2 percent per year. If a given store has current annual materials handling costs of $200,000 and expected an increase next year due to 15 percent growth, the budget for next year would be: A. $230,000 B. $216,000 C. $196,000 D. $225,400
Answers
If I paid 550 dollars every month how much did i pay in the past 7 years?
Answers
Hello!
1 month => 550
1 year = 12months => 550 x 12 =6600
7 year = 6600 x 7 = 46200
The answer is 46200
introduction of business presentation on investment: securities
Answers
Securities play a vital role in modern investment portfolios, providing individuals and organizations with opportunities to grow their wealth and achieve their financial goals.
Securities are financial instruments that represent ownership or a creditor relationship with a corporation, government, or other organizations. They are tradable assets, such as stocks, bonds, mutual funds, and exchange-traded funds (ETFs).
The primary goal of investing in securities is to generate returns through capital appreciation, income generation, or a combination of both. By investing in securities, individuals and businesses can diversify their portfolios, mitigate risks, and potentially earn higher returns than traditional savings accounts.
Securities offer various advantages to investors. Stocks provide an ownership stake in a company, offering potential capital gains and dividend income. Bonds, on the other hand, represent loans made to governments or corporations and offer fixed interest payments. Mutual funds and ETFs enable investors to pool their money and gain exposure to a diversified portfolio managed by professionals.
Investing in securities requires careful consideration of individual risk tolerance, investment horizon, and financial objectives. It is crucial to conduct thorough research, analyze market trends, and seek professional advice when making investment decisions.
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price an investor pays to purchase outstanding bond
Answers
The price an investor pays to purchase an outstanding bond is typically referred to as the "purchase price" or "transaction price." This price is determined by various factors, including the bond's face value, coupon rate, current market interest rates, and the remaining time to maturity.
When a bond is traded on the secondary market, its price may differ from its face value. If the bond's coupon rate is higher than the prevailing market interest rate, the bond may be sold at a premium, meaning the purchase price will be higher than the face value. Conversely, if the coupon rate is lower than the market interest rate, the bond may be sold at a discount, and the purchase price will be lower than the face value.
The purchase price of a bond is influenced by supply and demand dynamics, credit rating changes, economic conditions, and investor sentiment. It is important for investors to consider these factors when determining the price they are willing to pay for an outstanding bond in order to achieve their desired yield or return on investment.
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Provide the formulas and use the function formula builder in Excel.
Answers
Click into any blank cell you want to use as the basis for your formula before opening the formula builder. then select the formula button (fx) located just to the formula bar's left. On the right side of your screen, Excel will launch the sidebar for the Formula Builder.
The most significant ones are mathematical theorems. In mathematics, a formula typically refers to an identity that compares one mathematical expression to another.
An entity that is created utilizing the symbols and formation rules of a specific logical language is referred to screen syntactically as a formula (also known as a well-formed formula).
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1. Which of the following is not one of the six strategic business objectives of information systems? A. New Products and Service B. Improved Decision Making C. Competitive Advantage D. Improved Employee Morale E. Survival
Answers
Option A. The six strategic business objectives of information systems are goals that organizations strive to achieve by leveraging information technology to support their business operations.
The six strategic business objectives of information systems are typically considered to be:
New Products and Services is not one of the six commonly recognized strategic business objectives of information systems, but it can be considered a broader objective that can be achieved through the use of information systems in support of the six main objectives. For example, information systems can be used to develop and launch new products and services by providing access to customer and market data, enabling better collaboration between teams, and supporting the design and testing of new offerings. These objectives are designed to help organizations improve their overall performance, gain a competitive advantage, and stay ahead of the curve in a rapidly changing business environment.
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Which of the following is not one of the six strategic business objectives of information systems?
A. New Products and Service
B. Improved Decision Making
C. Competitive Advantage
D. Improved Employee Morale
E. Survival
What are three different advertising techniques that sponsors use to encourage you to buy a
product? Describe each technique.
Answers
Answer: Three different advertising techniques that sponsors use to encourage people to buy products include emotional appeal, endorsements, and bribery. Emotional appeals could be you NEED this because this could happen to feed off your fear and anxiety, endorsements are when advertisements use celebrities in their brand with their product, and bribery is ads that bribe costumers with lines like 'buy one and get one free' so the costumer consumes more products.
The three different types adverstising techniques that sponsors use to encourage you to buy a product are :
ethoslogospathosEthosIt is a persuasive advertising strategies which appeals to the character or the credibility of the product.
It shown how the organization is honest and credible to their customers.
LogosThis advertising technique appeals to the reason or to the logic which encourages a customer to buy a product.
PathosThis technique of advertising attempts a sense of emotional responses in the mind of the customer.
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2. In 1972, what association made borrowing money to attend college
much easier than it had been?
The Student Loan Marketing Association (SLMA)
The Student Loan Approval Association (SLAA)
The Federal Student Approval Association (FSAA)
The Student Federal Funding Association (SFFA)
Answers
Option A is the correct choice which can be defined as follows:
A federally-listed company that enhances the availability of training loans by guaranteeing student loans traded in the secondary market.It was founded by Congress and a public-owned profit-making firm, better known as Sallie Mae. In 1972, Sallie Mae was established as a secondary market to swap student guaranteed federally insured loans.The wrong choice can be defined as follows:
The SLAA is wrong since student debt helps you repay those fees & aid you with living costs throughout your education.The FSAA is wrong since these organizations offer grants, work, and mortgages to college or trade school students.The SFFA is wrong as these are the surplus assets placed in the local Federal Reserve banks by private banks.So, the correct choice is "Option A".
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Which situation best illustrates an effect of the law of supply?
A. A restaurant loses customers when a similar restaurant opens nearby.
B.a theme park gains customers after it lowers its ticket prices
C. A car dealership increases the number of high cost cars it has for sale
D. A store stops selling a brand of phone that is too expensive for its customers
Answers
Answer:
C. A car dealership increases the number of high cost cars it has for sale
Explanation:
APE X
The situation that perfectly illustrates the effect of the law of supply is the increase in the number of cars for sale when the car dealership increases.
Option C is the correct answer.
What is meant by supply?Supply refers to the products that are being manufactured by the producer for sale in the market.
The law of supply states that if the price of products available in the market tends to increase, then the suppliers will also produce more products. This shows a direct relationship between the price of goods and the quantity sold.
Therefore, the law of supply can be figured out from the increase in car dealerships, then the seller is provided with the high-cost cars.
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The Coffee’s Spot depreciation expense was $1,600 for its building for the 2020 fiscal year. Prepare the journal entry to record the expense if the company’s fiscal year ends September 30, 2020.
Answers
Answer:
Explanation:
The Coffee’s Spot depreciation expense was $1,600 for its building for the 2020 fiscal year. Prepare the journal entry to record the expense if the company’s fiscal year ends September 30, 2020.
In a progressive tax structure, the higher a taxpayer's
income, the greater percentage he or she must pay in
taxes. This chart shows a sample progressive income tax
CEPTS for a taxpayer with total taxable income of $100,000.
Income According to the chart, what would be the total
tax on taxable income of $65,000?
Answers
Answer:According to the chart, the total tax on taxable income of $65,000 would be $16,250.
Explanation:
Question 4
Select the appropriate response
Ken is a producer who has obtained Consumer Information Reports under false pretenses. Under the
Fair Credit Reporting Act, what is the maximum penalty that may be imposed on Ken?
Answers
34. Teller Co. is planning to sell 900 boxes of ceramic tile, with production estimated at 870 boxes during May. Each box of tile requires 44 pounds of clay mix and a quarter hour of direct labor. Clay mix costs $0.40 per pound and employees of the company are paid $12.00 per hour. Manufacturing overhead is applied at a rate of 110% of direct labor costs. Teller has 3,900 pounds of clay mix in beginning inventory and wants to have 4,500 pounds in ending inventory. What is the total amount to be budgeted for manufacturing overhead for the month?
Answers
Answer:
budgeted manufacturing overhead=$2871
Explanation:
Direct labour hours= budgeted production × standard hours per unit
= 870× 1/4 hour=217.5 hours
Direct labour cost = 217.5 × $12 =$2610
Manufacturing overhead = Overhead absorption rate × direct labour cost
= 110%×2610 =2,871
Budgeted manufacturing overhead=$2871
5) An investor obtained a fully amortizing mortgage five years ago for $95,000 at 11 percent for 30 years. Mortgage rates have dropped, so that a fully amortizing 25-year loan can be obtained at 10 percent. There is no prepayment penalty on the mortgage balance of the original loan, but three points will be charged on the new loan and other closing costs will be $2,000. All payments are monthly.
a. Should the borrower refinance if they plan to own the property for the remaining loan term? Assume that the investor borrows only an amount equal to the outstanding balance of the loan.
b. Would your answer to part (a) change if the investor only planned to own the property for five more years?
Answers
a. If the new loan offers a lower monthly payment and the total savings from the lower payment outweigh the costs of refinancing (points and closing costs), it may be beneficial for the borrower to refinance.
b. If the investor plans to own the property for only five more years, the decision to refinance becomes different.
a. To determine whether the borrower should refinance, we need to compare the costs and benefits of the new loan with the remaining balance of the original loan.
Remaining balance of the original loan after 5 years:
The loan term was 30 years, and 5 years have passed, so the remaining loan term is 30 - 5 = 25 years.
Using an amortization schedule or mortgage calculator, we can calculate the remaining balance on the original loan after 5 years.
Cost of refinancing:
The new loan is for $95,000 (equal to the outstanding balance of the original loan). However, three points will be charged on the new loan, which is 3% of the loan amount. Therefore, the points charged will be 3% of $95,000, which is $2,850. Additionally, there are closing costs of $2,000.
Monthly payments:
We need to compare the monthly payments on the original loan with the new loan.
Original loan: Using the original loan details ($95,000 at 11% for 30 years), we can calculate the monthly payment using a mortgage calculator.
New loan: Using the new loan details ($95,000 at 10% for 25 years), we can calculate the monthly payment using a mortgage calculator.
After calculating the monthly payments for both loans, we can compare them to determine if there is a significant difference.
If the new loan offers a lower monthly payment and the total savings from the lower payment outweigh the costs of refinancing (points and closing costs), it may be beneficial for the borrower to refinance.
b. If the investor plans to own the property for only five more years, the decision to refinance becomes different. In this case, the focus should be on the interest savings during the ownership period rather than the total savings over the loan term.
Calculate the interest savings:
Calculate the total interest payments for the remaining term of the original loan (20 years) using the original loan details.
Calculate the interest payments for the new loan over the planned ownership period (5 years) using the new loan details.
Compare the interest savings from the new loan with the costs of refinancing (points and closing costs).
If the interest savings outweigh the refinancing costs, it may still be beneficial to refinance even if the monthly payment doesn't significantly decrease.
It is important to note that these calculations provide a general framework for evaluating the decision to refinance. Other factors, such as individual financial circumstances, future plans, and market conditions, should also be considered. Consulting with a mortgage professional can provide more personalized advice based on specific details and goals.
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Explain the meaning of environmental scanning. Illustrate with examples the
relevance of technological, political, economic, social, and regulatory environments
in the context of marketing strategy. How managers are involved in environmental
scanning?
Answers
Environmental scanning refers to the process of gathering and analyzing information about the external factors that can impact an organization's business environment.
Technological factors include advancements in technology, such as the rise of e-commerce, mobile applications, or automation, which can create new marketing channels or change consumer behaviors.
Political factors encompass government policies, regulations, and political stability that can impact marketing strategies. For example, changes in trade policies or regulations related to data privacy can influence international marketing activities.
Economic factors include economic conditions, such as inflation rates, exchange rates, or consumer purchasing power, which can affect consumer behavior and demand for products or services.
Social factors refer to societal trends, cultural norms, and consumer preferences that can influence marketing strategies. For instance, shifts in consumer values towards sustainability or increased focus on health and wellness can shape product development and advertising campaigns.
Regulatory factors involve laws and regulations that organizations must comply with, such as consumer protection laws or industry-specific regulations. These can impact marketing activities, advertising content, or product labeling.
Managers play a crucial role in environmental scanning. They are responsible for monitoring and analyzing the external environment, identifying relevant trends and potential opportunities, and making informed decisions based on the insights gained.
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what link-building strategy do search engines implicitly approve?
Answers
The link building strategies that the search engines are known to have to approve of implicitly would be the
Nofollowthe sponored links attributesWhat is meant by the link building strategies?This is the term that is used to refer to the practice that has to do with the ways that the one way hyperlinks can be built. This is usually done through the use of the website that had to have the goal of helping to get visibility through the use of search engines.
The strategies that are used are the ones that have to do with content writing, the ones that have to do with useful tools and those that have to do with the outreach that is done with the use of mails.
The other ways that this can be done would be through the use of the social media outreach. Hence the links that they would use implicitly would have to do with the nofollow links etc.
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Ruskin has a $150,000 cash balance on both its ledger balance and its available bank balance. If Ruskin receives a check and deposits it in its checking account, funds are not made available on this particular check for 2 days. What is the float amount?
Answers
Answer:
Ruskin receives a check and deposits it in its checking account, the float amount is $300,000.
What is the float amount?
The float amount is the amount that a customer's account reads in the bank at a particular point in time.
The float amount is usually briefly counted twice due to time gaps in registering a deposit and processing the paper checks.
Thus, if Ruskin receives a check and deposits it in its checking account, the float amount is $300,000.
What is the combination of two or more tables and their data called?
a query join
a query combo
a queried table
a queried unity
Answers
Answer:
Query join
Explanation:
Answer:a query join
Explanation:
As a Paralegal, you have been asked to prepare a contract for your client based upon the following: Client: Tire Manufacturer, FT. Wayne, Indiana. The client is contracting to provide 15,000 tires per month to Car Assembly Plant in Louisville, Kentucky for the next 3 years. The price agreed upon is $30 per tire. The tires must be all-weather with a 60,000-mile warranty. It will be a destination contract. The car Assembly Plant is insistent that the tires be delivered in a manner so that there is always only a two-day supply stored at the Car Assembly Plant. The plant does not have enough room to store any additional tires. They would like there to be a penalty if the Tire Manufacturer brings too many. Your client is concerned about this provision as the number of cars manufactured each day varies. Car Assembly Plant is also concerned that the tire supply is never delayed because Car Assembly Plant has to pay the assembly workers if the assembly line stops because there are no tires. Car Assembly Plant wants Tire Manufacturer to pay for any downtime expenses due to lack of tires. Your Client would like there to be an Arbitration clause and that Indiana is the state to resolve issues. Additionally, there should be a Liquidation clause and a non-disclosure clause. Prepare a contract for your client. Attach the completed contract.
Answers
The question is about a contract between the Car assembly plant and tire manufacturer.
Supply Agreement is effective {date} between
Tire Manufacturer, FT. Wayne, Indiana. {the supplier}
and Car Assembly Plant in Louisville, Kentucky. {the purchaser}
Whereas Tire Manufacturer will supply Car Assembly Plant with 15,000 tires per month at a fixed rate of USD 30/- per tire for the next 3 years. The tire will be all-weather and a warranty of 60,000 mile is agreed.
The supply of the tire will be delivered by the Tire Manufacturer according to the daily needs of Car Assembly, the number of tires to be delivered will be communicated five days earlier and the tires should arrive at Car Assembly with in three days, failure to do so will result in a penalty. If the number of tire delivered are more than the number of tires ordered will result in penalty.
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