Superior Micro Products uses the weighted-average method in its process costing system. During January, the Delta Assembly Department completed its processing of 26,800 units and transferred them to the next department. The cost of beginning work in process inventory and the costs added during January amounted to $662,560 in total. The ending work in process inventory in January consisted of 4,000 units, which were 50% complete with respect to materials and 30% complete with respect to labor and overhead. The costs per equivalent unit for the month were as follows:
Materials Labor Overhead
Cost per equivalent unit $12.70 $4.00 $6.60
Required:1. Compute the equivalent units of materials, labor, and overhead in the ending work in process inventory for the month.2. Compute the cost of ending work in process inventory for materials, labor, overhead, and in total for January.3. Compute the cost of the units transferred to the next department for materials, labor, overhead, and in total for January.4. Prepare a cost reconciliation for January.
Answers
Answer:
1. Units of Ending work in process
4,000 2,000 1,200 1,200
2. Cost of Ending WIP $25,400 $4,800 $7,920
Total for January $38,120
3.Cost of Units transferred
$340,360 $107,200 $176,880
Total in January $624,440
4. Costs to be accounted for $662,560
Total cost accounted for $662,560
Explanation:
1. Compute the equivalent units of materials, labor, and overhead
Equivalent units of production (EUP) in the Ending work in process - Weighted Average method
Units %Material EUP-Material % Labor EUP- Labor % Overhead EUP- Overhead
Units of Ending work in process
4,000 50% 2,000 30% 1,200 30% 1,200
2. Computation for the cost of ending work in process for January
Computation of Ending Work in process inventory
Materials Labor Overhead
Equivalent units 2,000 1,200 1,200
×Cost per equivalent unit $12.70 $4.00 $6.60
=Cost of Ending WIP $25,400 $4,800 $7,920
Total for January $38,120
3. Computation of the cost of the units transferred to the next department
Computation of Cost of the units transferred
Materials Labor Overhead Total for January
Equivalent units (26,800*100%) 26,800 26,800 26,800
×Cost per equivalent unit $12.70 $4.00 $6.60
=Cost of Units transferred
$340,360 $107,200 $176,880 Total in January $624,440
4. Preparation of a cost reconciliation for January.
Cost Reconciliation Report
Costs to be accounted for $662,560
Costs accounted for as follows:
Cost of unit transferred out $624,440
Add Cost of Ending Work in process inventory $38,120
Total cost accounted for $662,560
Related Questions
Two key aspects of financial planning are cash planning and profit planning. Cash planning involves the preparation of the cash budget and profit planning involves preparation of pro forma statements. To make cash budget and pro forma statements for a firm, accounting knowledge is needed. Do accounting courses you took before help you better understand how to make cash budget and pro forma income statement and balance sheet? Explain.
Answers
Yes. Accounting courses I took before helps us understand how to make cash budget and pro forma income statement and balance sheet.
Here's how accounting courses can help individuals in creating cash budgets, pro forma income statements, and balance sheets:
Cash Budget: Accounting courses teach students about the importance of cash flow management and how to prepare a cash budget. Pro Forma Income Statement: Accounting courses teach students how to analyze historical financial data and use it to forecast future performance. Balance Sheet: Accounting courses provide a comprehensive understanding of balance sheets and their components. Students learn how to analyze assets, liabilities, and shareholders' equity to assess the financial position of a company.By studying accounting, individuals gain a solid foundation in financial concepts, reporting standards, and analytical techniques. This knowledge equips them with the skills necessary to create cash budgets, pro forma income statements, and balance sheets effectively.
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Management consultant David Clutterbuck's model traces a team's growth from start-up to maturity in five phases. What is the correct order of these phases ?
Answers
The correct order of the five phases in David Clutterbuck's model for a team's growth from start-up to maturity is A. Gathering, Initiation, Becoming a Team, Becoming a High-Performing Team, Continuous Reinvention.
What is the David Clutterbuck's model ?David Clutterbuck's model for a team's growth from start-up to maturity is based on five phases that describe the development process of a team. Gathering is the initial phase when a group of individuals come together and form a team.
Initiation this phase, the team begins to establish its goals, roles, and responsibilities. Becoming a Team this stage, the team members start working together and develop a shared sense of accountability.
Becoming a High-Performing Team phase, the team is highly effective and efficient. Continuous Reinvention is final phase is about continuously improving the team's performance.
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If a corporate building has nine office suites that rents for $14,800 per month each, but suffers from a 14% vacancy rate and annual expenses of $21,100, what is the NOI of the building
Answers
Answer:
=$1,353, 524
Explanation:
NOI stands for net operating income
In this case, NOI will be calculated as follows
Rent per suit = $14,800
Number of suits 9
The monthly rent will be
=$14,800 x 9
=$133,200
Annual rent will be monthly rent x 12
= $133,200 x 12
=$1,598,400
Considering a 14 % vacancy rate, expected annual rent collection
=$1, 598,400 minus 14% of $1, 598,400 or 86% of $1, 598,400
= 86/100 x $1, 598,400
=$1,374,624
Adjusting for annual expenses
= $1,374,624 - $21,100
=$1,353, 524
who is sus? pink or blue im playing among us
Answers
Answer:
pink smh
Explanation:
Answer:
Its blue i have photographic evidence
Explanation:
Bill spends his money on flowers and cookies so as to maximize his total utility. Both flowers and cookies start off costing $2 each. At that price, Bill buys three flowers and two cookies. When the price of flowers is lowered to $1, Bill buys eight flowers and one cookie. Which of the following statements about Bill's reaction to the price change is NOT true?
Answers
It is not true that Bill's total expenditure on flowers increased after the price change.
When the price of flowers was lowered from $2 to $1, Bill increased his quantity of flowers from three to eight, but he also decreased his quantity of cookies from two to one. As a result, his total expenditure on flowers did not necessarily increase.
Instead, the price change may have resulted in an increase or decrease in Bill's total expenditure depending on the relative changes in the quantities of flowers and cookies he bought, and the corresponding changes in the total cost of each item.
To determine the effect of the price change on Bill's total expenditure, we would need to calculate his total expenditure before and after the price change and compare the two.
List six daily activities you perform. They might include preparing homework assignments, shopping and other activities. Ensure that three of the activities call for decision making that is unstructured(or semi-structured) and three involve structured decision making. Prepare a report explaining what decision making is required and why the decision making is unstructured or structured
Answers
Answer:
Work, School, Making dinner, Driving, Choosing music, Doing homework
Explanation:
Suppose you are planning for retirement in a two-period world. In the first period you are young and earn $1 million, and in the second period you are old and retired and earn nothing. The interest rate is initially 10 percent, but then it falls to 7 percent. After the interest rate falls, the:
a. income effect will induce you to consume more when you are young.
b. substitution effect will induce you to consume less when you are young.
c. change in interest rates affects the substitution effect but not the income effect.
d. substitution effect will induce you to consume more when you are young.
Answers
Explanation:
i think "A" should be the answer tho I'm not pretty sure about it
Which of the following is a characteristic of general partnerships? (1 point) O The partnership has limited life. O The partners have limited liability. O Each partner has different rights when representing the partnership. O One person is the owner of a general partnership.
Answers
Each partner has different rights when representing the partnership is a characteristic of general partnerships
What happens in a general partneship?A general partnership is a business arrangement by which two or more individuals agree to share responsibilities assets profits and financial and legal liabilities of a jointly owned business.
The basic characteristics of a general partnership include group ownership personal liability decentralized management and pass through federal income taxation limited liability of owners for business matters is the primary benefit that is available under other business structures but it is not characteristic of a general partnership.
Therefore the correct answer to your question is Each partner has different rights when representing the partnership.
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give at least 2 diffrences of entrepreneurs and intrapreneurs."
Answers
Answer:
The main difference between an entrepreneur and intrapreneur is that an intrapreneur is already an employee of an existing organization or buissness, while the entrepreneur creates and oversees a new organization or buissness. Another difference is when an entrepreneur introduces an idea, they are usually introducing a new idea that doesnt already exist or belong to a company. an intrapreneur on the other hand promotes an idea innovation within the already existing company. Also, an intrapreneur is usually an "inside entrepreneur" within an inside co. while an entrepreneur is typically in a larger firm.
Explanation:
I hope this helps have a great day:)
A All the costs chargeable to the bu Depreciation on the building for 2014 Explanations are not required. 2 Report Garrett's Book Store's plant assets on the company's balance sheet at December 31, 2014 3. What will Garrett's income statement for the year ended December 31, 2014, report for this situation? E-33 (Learning Objective 3: Determine depreciation amounts by three methods) Royce's Pizza bughaused Honda delivery van on January 2, 2014, for $43,000. The van was expected to emain in service for four years (208,000 miles). At the end of its useful life, Royce's officials esti- mated that the van's residual value would be $3,500. The van traveled 65,000 miles the first year, 64,000 miles the second year, 42,000 miles the third year, and 37,000 miles in the fourth year. Requirements 1. Prepare a schedule of depreciation expense per year for the van under the three depreciation ⁷roduction and double-declining-balance, mund to the nearest two decimal places after each step of the calculation.) 2. Which method best tracks the wear and tear on the van? 1. Which method would Royce's prefer to use for income tax purposes? Explain in detail why Royce's prefers this method. 27-448 (
Answers
Answer:answer choices
Explanation:
Large businesses depend on small businesses why?
Answers
Answer:
Small businesses can signal emerging trends and needs to large businesses
the following are important reasons why we maintain our tools, implements,and equipment except: no
Answers
To assure the operational readiness of the tools, implements, equipment and
maximum return on investments.
HelpHelpHelpHelpHelpHelpHelpHelpHelpHelpHelpHelpHelpHelpHelpHelpHelpHelpHelpHelpHelpHelpHelpHelpHelpHelpHelp
Answers
Answer:
okokokokokokokokokokokookokokokokokokok
Answer:
Idkidkidkidkidkidkidk
Explanation:
Wickland Company installs a manufacturing machine in its production facility at the beginning of the year at a cost of $156,000. The machine's useful life is estimated to be 20 years, or 110,000 units of product, with a $1,000 salvage value. During its second year, the machine produces 4,400 units of product. Determine the machines' second-year depreciation under the straight-line method.
Multiple Choice
$7,800.
$6,240.
$6,200.
$7,850.
$7,750.
Answers
Answer:
Explanation:
Annual depreciation=(cost-salvage value)/useful life
Annual depreciation =(156,000-1000)/20
Annual depreciation =$7750/year
Hence Depreciation for second year=$7750.
SELECT AN ORGANISATION OF YOUR CHIOCE.
1.1 SUMMARISE THE NATURE OF BUSINESS
1.2 SUMMARISE THE BUSINESS MODEL
1.3 WHAT ARE THE KEY BUSINESS DRIVERS
2.1 NATURE OF DECISION DESCRIBING WHAT DECISION NEEDED TO BE MADE AND WHY
2.2 SUMMARISE HOW WAS THE DECISION MADE
2.3 ANALYSE THE DECISION MADE AND DESCRIBE IF A QUALITATIVE OR QUANTITATIVE APPROACH WAS USED AND JUSTIFY YOUR RESPONSE
2.4CONFIRM WHY WAS THIS APPROACH TAKEN BY THE BUSINESS AND APPRAISE THIS APPROACH FROM RISK MODELLING PERSPECTIVE
3.1 USING THE SELECTED BUSINESS DECISION FROM ABOVE, IDENTIFY AT LEAST 5 RISKS THAT NEEDED TO BE CONSIDERED TO MAKE THE SAME
3.2 USING THE RISK REGISTER IN THE PREVIOUS SECTION, CONDUCT A QUALITATIVE RISK ANALYSIS FOR THESE 5 RISKS BY PROPOSING THE PROBABILITY OF OCCURRENCE AND IMPACT FOR EACH RISK
3.3 USING A MATRIX INCLUDED IN APPENDIX A, PLOT THE RISKS ON A HEAT MAP AND EXPLAIN WHAT THE MAP MEANS
4.1 USING THE REGISTER DERIVED IN QUESTION 3.1, CALCULATE THE AVERAGE IMPACT (EXPECTED MONETARY VALUE) USING AGGREGATION OF STATIC VALUES
4.2 SUMMARISE WHAT DOES THIS AVERAGE IMPACT VALUE MEANS FOR THE ORGANISATION
5.1 USING THE REGISTER FROM 3.1, CALCULATE THE 5 POSSIBLE EXPECTED MONETORY VALUES USING THE AGGREGATION OF THE RISK DRIVEN OCCURRENCES METHODOLOGY
5.2 DESCRIBE THE RESULT OF THIS METHODOLOGY USING AN APPROPRIATE DIAGRAM
5.3 SUMMARISE WHAT DOES THIS AVERAGE IMPACT VALUE MEANS FOR THE ORGANISATION
Answers
An organization that will be analyzed in this context is Coca-Cola.1.1 Summary of the nature of the business:Coca-Cola is one of the most well-known beverage manufacturers in the world. They create fizzy drinks, juices, and water for a variety of markets.
Their drink portfolio includes more than 200 brands sold in over 200 countries.1.2 Summary of the business model:Coca-Cola Company follows a business model based on creating strong brands that generate significant customer demand.
Their main goal is to build and enhance brand equity. They engage in extensive advertising and promotion campaigns to attract more consumers.1.3 What are the key business drivers:Coca-Cola's essential business drivers are its brand, extensive distribution network, market reach, product innovation, customer satisfaction, and product differentiation.2.1 Nature of decision describing what decision needed to be made and why:The business decision that was taken by Coca-Cola was regarding the selection of the right marketing mix, which is a critical decision.
This allowed them to gain valuable insights into how the consumers perceive their products, which they could use to develop targeted marketing strategies. From a risk modeling perspective, the approach is beneficial because it allows the company to minimize the risks by identifying the issues that consumers may face with their products.3.1 Using the selected business decision from above, identify at least 5 risks that needed to be considered to make the same:1. Competition from other beverage manufacturers2. Consumer preferences and behavior3. Changes in market trends4. Fluctuating economic conditions
5. Changing health and safety regulations3.2 Using the risk register in the previous section, conduct a qualitative risk analysis for these 5 risks by proposing the probability of occurrence and impact for each risk:The following table shows the qualitative risk analysis for the five risks that were identified:RiskProbabilityImpactCompetitionMediumHighConsumer preferences and behaviorHighHighChanges in market trendsLowHighFluctuating economic conditionsHighMediumChanging health and safety regulationsLowMedium3.3 Using a matrix included in Appendix A, plot the risks on a heat map and explain what the map means:The risks were plotted on a heat map, as shown below:The heat map shows that the competition and consumer preferences risks have a higher probability of occurrence and impact, while the changes in market trends and health and safety regulations have a lower probability of occurrence and impact.4.1 Using the register derived in question 3.1, calculate the average impact (expected monetary value) using aggregation of static values:
The five possible expected monetary values are calculated by multiplying the probability of each risk and the range of possible impacts.RiskProbabilityImpactRange of possible impactsExpected Monetary ValueCompetitionMedium$2,000,000-$4,000,000$1,200,000Consumer preferences and behaviorHigh$3,000,000-$5,000,000$3,000,000Changes in market trendsLow$1,000,000-$3,000,000$300,000Fluctuating economic conditionsHigh$1,000,000-$2,000,000$1,200,000Changing health and safety regulationsLow$500,000-$1,000,000$50,000Total Expected Monetary Value$5,750,0005.2 Describe the result of this methodology using an appropriate diagram:The following diagram shows the possible expected monetary values for the five risks:5.3 Summarize what does this average impact value mean for the organization:
The average impact value means that the Coca-Cola Company could potentially lose an estimated $5,750,000 due to the five risks that were identified. This value represents the range of possible impacts that the company may face, given the probability of occurrence of each risk. The company can use this information to identify the risk mitigation strategies that are required to minimize the impact of these risks.
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A woman who weighs approximately 180 pounds has two "double" mixed drinks in one hour. Which of the following is CORRECT?
Answers
The correct option is that she is likely intoxicated.
What happened due to the drinkingThe effect of alcohol consumption can vary depending on factors such as body weight, tolerance, metabolism, and the specific alcoholic beverages consumed.
Given that the woman in question has had two "double" mixed drinks in one hour, it is possible that she may be impaired or experiencing some level of intoxication.
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A woman who weighs approximately 180 pounds has two "double" mixed drinks in one hour. Which of the following is CORRECT?
•
She is impaired
•
She is not intoxicated.
•
She is likely intoxicated.
She is possibly impaired.
An important role that IS plays in management control processes includes: Communication Conversion Management Transformation Implementation
Answers
An important role that IS plays in management control processes includes is Communication.
What role does management plays in an organization?IS is known to have three important roles in management control processes. These processes are said to be;
Data collectionEvaluationCommunicationManagement often operates via functions such as planning, organizing, staffing and others.
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The CEO is interested in learning more about probability and how it works. The CEO is also asking about how probability and analytics can be integrated into the business model. In the process of looking for information on probability, you find that it is important to understand optimization and forecasting and how they can be applied to benefit the business. Do some research and present the results for the CEO. The following is the necessary information to complete this lab assignment. Deliverables Step 2: Probability Research • Considering the CEO's request, you determine that some research needs to take place. • Define the following terms for the CEO and locate some chart examples of each type of analysis. o Probability o Optimization o Forecasting Step 3: Integrating Data Research for Business • In one to two paragraphs, discuss what role probability and statistics play in business decisions. • In one to two paragraphs, discuss any ethical considerations when doing probability. • Summarize by explaining why probability is a good method for the CEO to consider.
Answers
Step 2: Probability Research Probability, Optimization, Forecasting.
Step 3: Integrating Data Research for Business.
Probability:
Probability is a branch of mathematics that deals with the likelihood of events occurring. It is a measure of uncertainty and is expressed as a number between 0 and 1, where 0 represents impossibility and 1 represents certainty.
Optimization:
Optimization involves finding the best possible solution from a set of alternatives. It aims to maximize desired outcomes or minimize undesirable ones, considering constraints and objectives.
Forecasting:
Forecasting is the process of predicting future events or outcomes based on historical data and statistical models. It helps businesses anticipate demand patterns, market trends, and other factors that can influence decision-making.
Step 3: Integrating Data Research for Business
Probability and statistics play a crucial role in business decisions. They provide a framework for analyzing and interpreting data, assessing risks, making predictions, and supporting evidence-based decision-making.
When working with probability, ethical considerations are important. It is essential to ensure that data used in probability analysis is collected ethically, respects privacy and confidentiality, and adheres to relevant legal and regulatory requirements.
Probability is a valuable method for the CEO to consider because it provides a systematic and quantitative approach to analyzing uncertainty and making informed decisions.
By integrating probability into the business model, the CEO can better understand risks, optimize resource allocation, improve forecasting accuracy, and ultimately enhance strategic decision-making and business performance.
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Malcolm (37) is a U.S. citizen. He was married at the beginning of 2020. His wife lived in the household until the end of February, then she moved out of the home. Their divorce was finalized on November 30, 2020, and Malcolm has not remarried. Malcolm provided 100% of the support for his son, who lived with him all year and is his qualifying child. Malcolm's most advantageous filing status is:
Answers
Based on the fact that Malcolm is a U.S. citizen and provided 100% of the support for his son, who lived with him all year and is his qualifying child, his most advantageous filing status is D. Head of household.
It should be noted that Malcolm can file a separate return from his ex-wife as the head of household. This is due to the fact that he stayed with his son and paid 100% maintenance for the son.
Under the head of household, the gross income is $18650 for those under the age of 65. Malcolm can also get dependent care credit, earned income credit, and education credit.
Therefore, he should file as head of household.
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Project manager Anna is working with her team on risk management. Match the components of risk management with what each component involves.
Answers
The components of Risk Management are written below:-
Risk Evaluation involves:-
includes risk identificationincludes analysis of consequencesincludes impacts of risks and responsesRisk Control involves:-
includes action for minimizing risksincludes risk monitoringincludes prioritization of measuresRisk management is the process of identification, prevention and mitigation of risks. This process is used by the companies to avoid any monetary losses or unexpected events. Risk evaluation defines the seriousness of the risk and is considered to be the quantitative part of the assessment. Risk control is identified as one of the tools which can be used under risk management.
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what is a tax you pay on your income known as
Answers
Answer:
Income Tax.
Explanation:
Income tax is levied on incomes, especially an annual government tax on personal incomes.
March 1: Owner borrowed $125,000 to fund/start the business. The loan term is 5 years. March 1; Owner paid $250 to the county for a business license. March 2: Owner signed lease on office space: paving first (March 20XX) and last month's rent of $950 per month. March 5: Owner contributed office furniture valued at $2,750 and cash in the amount of $15,000 to the business. March 6: Owner performed service for client in the amount of $650. Customer paid in cash. March 8: Owner purchased advertising services on account in the amount of $500. March 10: Owner provided services to client on account, in the amount of $1,725. March 15: Owner paid business insurance in the amount of $750. March 20: The owner received first utility bill in the amount of $135, due in April. March 20: Office copier required maintenance; owner paid $95.00 for copier servicing. March 22: Owner withdrew S500 cash for personal use. March 25: Owner paid $215 for office supplies. March 25: Owner provided service to cllent in the amount of $350. Client paid at time of service. March 30: Owner paid balance due for advertising expense purchase on March 8. March 30: Received payment from customer for March 10 invoice in the amount of $1,725. March 31: Last day of pay period; owner owes part-time worker $275 for the March 16 through March 31 pay period. This will be paid on April 5. March 31: Provided service for cliet on account in the amount of $3,500. March 31: Record depreciatlon of the office furniture at $45.83.
How do I make the ledger accounts for this?
Answers
Ledger accounts are specific to each business and require a more detailed understanding of the specific accounts used by the business.
March 1:
Debit cash for $125,000 Credit notes payable for $125,000.March 1:
Debit expenses for $250 Credit cash for $250.March 2:
Debit prepaid rent for $1,900 Credit cash for $1,900.March 5:
Debit furniture and fixtures for $2,750 Debit cash for $15,000. Credit owner's equity for $17,750.March 6:
Debit cash for $650 Credit service revenue for $650.March 8:
Debit advertising expense for $500 Credit accounts payable for $500.March 10:
Debit accounts receivable for $1,725 Credit service revenue for $1,725.March 15:
Debit insurance expense for $750 Credit cash for $750.March 20:
Debit utilities expense for $135 Credit accounts payable for $135.March 20:
Debit office equipment maintenance expense for $95 Credit cash for $95.March 22:
Debit owner's drawings for $500 and Credit cash for $500.March 25:
Debit office supplies expense for $215Credit cash for $215.March 25:
Debit accounts receivable for $350Credit service revenue for $350.March 30:
Debit accounts payable for $500 Credit cash for $500.March 30:
Debit cash for $1,725 Credit accounts receivable for $1,725.March 31:
Debit salaries and wages expense for $275 Credit salaries and wages payable for $275.March 31:
Debit accounts receivable for $3,500Credit service revenue for $3,500.March 31:
Debit depreciation expense for $45.83 Credit accumulated depreciation for $45.83.The ledger accounts for each transaction can be created using these journal entries. The date, account name, debit or credit amount, and a brief summary of the transaction should all be included in the ledger accounts.
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Suppose two factors are identified for the U.S. economy: the growth rate of industrial production, IP, and the inflation rate, IR. IP is expected to be 4% and IR 6%. A stock with a beta of 1 on IP and 0.4 on IR currently is expected to provide a rate of return of 14%. If industrial production actually grows by 5%, while the inflation rate turns out to be 7%, what is your best guess for the rate of return on the stock? (Round your answer to 1 decimal place.)
Answers
Answer:
15.4%
Explanation:
Calculation to determine your best guess for the rate of return on the stock
The revised estimate on the rate of return on
the stock would be:
Before
14% = α +[4%*1] + [6%*0.4]
α = 14% - 6.4%
α = 7.6%
With the changes:
7.6% + [5%*1] + [7%*0.4]
= 7.6% + 5% + 2.8%
= 15.4%
Therefore your best guess for the rate of return on the stock will be 15.4%
During 2021, its first year of operations, Pave Construction provides services on account of $160,000. By the end of 2021, cash collections on these accounts total $110,000. Pave estimates that 25% of the uncollected accounts will be uncollectible. In 2022, the company writes off uncollectible accounts of $10,000. Required:1. Record the adjusting entry for uncollectible accounts on December 31, 2021. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)2-a. Record the write-off of accounts receivable in 2022. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)2-a. Record the write-off of accounts recelvable In 2022 (if no entry is required for a particular transaction/event, select2-b. Calculate the balance of Allowance for Uncollectible Accounts at the end of 2022 (before adjustment in 2022).2-b. Calculate the balance of Allowance for Uncollectible Accounts at the end of 2022 (before adjustment In 2022) Beginning B3-a. Assume the same facts as above but assume actual write-offs in 2022 were $15,000. Record the write-off of accounts receivable in 2022. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)3-a. Assume the same facts as above but assume actual write-offs In 2022 were $15,000. Record the write-off of accounts recel3-b. Assume the same facts as above but assume actual write-offs in 2022 were $15,000. Calculate the balance of Allowance for Uncollectible Accounts at the end of 2022 (before adjustment in 2022).
Answers
Answer:
1. December 31, 2021
Dr Uncollectible amounts $12,500
Cr Allowance uncollectible amounts $12,500
2a. Dr Allowance uncollectible amounts $10,000
Cr Accoutns receivables $10,000
2b $2,500
Explanation:
1. Preparation to Record the adjusting entry for uncollectible accounts on December 31, 2021.
December 31, 2021
Dr Uncollectible amounts $12,500
Cr Allowance uncollectible amounts $12,500
[($60,000-$110,000)*25%]
(To record allowance)
2a. Preparation of the journal entry to Record the write-off of accounts receivable in 2022
Dr Allowance uncollectible amounts $10,000
Cr Accoutns receivables $10,000
(To Record the write-off of accounts receivable in 2022)
2b. Calculation to determine the balance of Allowance for Uncollectible Accounts at the end of 2022
Balance of the allowance accounts=[ 60,000-110,000)*25%] -$10,000
12,500 - 10,000 = 2,500
allowance uncollectible amounts 15,000 debit
accoutns receivables 15,000 credit
--to record write-off 2022--
in preparation of standard cost we consider what situation macroeconomics or microeconomics???
Answers
When preparing standard costs, we primarily consider microeconomics, which is the study of the behavior of individual consumers, firms, and industries. Standard cost is the estimated cost of producing a unit of product or service, based on historical data and budgeted costs.
It is used as a benchmark to compare actual costs with expected costs and to analyze the variances between them. In order to determine standard costs, we need to consider the cost of each individual input such as direct materials, direct labor, and overheads. This analysis is done at the microeconomic level because it involves the behavior and decision-making of individual firms and their interactions with suppliers, customers, and competitors.
The macroeconomic factors such as inflation, interest rates, and unemployment rates may also have an impact on the cost of production but these are generally outside the scope of standard cost analysis. Therefore, while macroeconomics can indirectly influence the cost of production, the focus of standard cost analysis remains on the microeconomic factors that affect the cost of individual inputs.
Overall, standard cost preparation involves a detailed microeconomic analysis to determine the estimated cost of producing a product or service, which is then compared with the actual costs to identify any variances and improve the cost efficiency of the firm.
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(2+45) + [(+3) + (-4)] + {(+6) + [(-14) + (-13) + (+9)] + (-17)}
Can someone please help me to do this step by step? :(
Answers
Answer:
10
Explanation:
first solve in parenthesis
2+45) + [(+3) + (-4)] + {(+6) + [(-14) + (-13) + (+9)] + (-17)}
46+(-1)+(-35)
46-1-35
10
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The graphs illustrate an initial equilibrium for the economy. Suppose that the stock market broadly increases.
Use the graphs to show the new positions of aggregate demand (AD), short-run aggregate supply (SRAS), and long-run
aggregate supply (LRAS) in both the short run and the long run, as well as the short-run and long-run equilibriums resulting
from this change. Then, indicate what happens to the price level and real GDP (or aggregate output) in the short run and in the
long run.
Answers
Since the stock market increases broadly, this has the effect of expanding the aggregate demand thus, shifting it rightwards. This consequently leads to an increase in price level and real GDP. See the Short Run Effect Graph.
In the Long Run, given that demand shifted to the right, this created an imbalance between demand and expected price levels.
All things being, equal the laws of demand and supply as it affects price trigger an upward adjustment in price hence creating a new equilibrium point. See the Long Run Effect Graph.
What is aggregate demand?Aggregate demand, also known as domestic final demand in macroeconomics, is the entire demand for final products and services in an economy at any particular time.
It is frequently referred to as effective demand, albeit this phrase is differentiated at times. This is a country's demand for its gross domestic output.
Aggregate demand is estimated by combining consumer expenditure, government and business investment spending, and net imports and exports. AD = C + I + G + Nx is the equation that represents it.
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02. Which of the following is not a general management function during staffing? (a) Employee training and development (b) Employee performance appraisal (c) Development of employee according to expertise (d) Follow-up by the manager who delegated the responsibility
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Development of employee according to competence is not a generic management function during staffing.
What are the four objectives of performance reviews?y identifying employees' skills and weaknesses, put the right people in the right jobs. to maintain and assess a person's capacity for growth. to provide employees with feedback on their work and pertinent status.
What do supervisors often concentrate on the given statement?Managing a team is one of a supervisor's most crucial responsibilities. Supervisors frequently organise and lead the team's efforts to finish a task. Supervisors are responsible for setting goals, communicating them, and assessing team performance in which we describe everything.
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The rate established before the start of a period that uses estimated overhead costs and an estimated activity base such as estimated direct labor, and that is used to apply estimated overhead to jobs, is the:
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The rate established before the start of an accounting period that is used to apply estimated overhead to jobs, is the: Predetermined Overhead Rate.
What is the Predetermined Overhead Rate?The Predetermined Overhead Rate is a calculation that is performed at the beginning of an accounting period. It is intended to the standard price of a product.
The calculation is performed by obtaining the estimated manufacturing overhead and dividing this by the estimated base of activity.
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Starting a new business as a sole proprietorship
O requires retaining the services of an attorney.
O is very similar to starting a business as a corporation.
O is usually simpler and less expensive than starting other forms of ownership.
O is simple, but the proprietorship fee is very expensive in some provinces.