Answer:
The equivalent units of conversion is 351,300
Explanation:
The computation of the conversion equivalent units is shown below:
= (Units completed and transferred out × conversion percentage) + (Ending Inventory × conversion percentage)
= 348,000 × 100% + $33,000 × 10%
= 348,000 + 3,300
= 351,300
All other information which is given in the question are not relevant. So, ignore other information.
Answer: The answer is ($76,280,000)
Explanation:
POAR = Budgeted Overhead / Budgeted labour cost
Total direct labour cost = hours worked × wage rate per hour
Hours worked = 2,500 hours , wage rate per hour = $20
= 2,500 × 20
= $50,000
Budgeted Overhead = $1,500,000, Budgeted labour cost = $50,000
= 1,500,000 / 50,000
= 30 × actual activity
Actual activity direct labour = 618,000 +577,000 + 310,000 + 730,000 + 328,000 + 31,000 = 2,596,000
Overhead absorbed = 30 × 2,596,000
= 77,880,000
Actual Overhead = 1,600,000
Actual Overhead - Overhead absorbed
= 1,600,000 - 77,880,000
= ($76,280,000)
Since the overhead absorbed is greater than actual overhead, this is known as over absorption.
Answer:
The amount of effective interest expense that chaco will record in the first six months is $14,375
Explanation:
interest payment that will be first made is on June 30, Year 1. Therefore, the outstanding balance used in the calculation is the issue price.
The interest expense is calculated by these formula
Interest expense = Effective semiannual interest rate × Outstanding balance
Interest expense = (8% ÷ 2) × $359,378 = $14,375
So the interest expense is gotten as %14,375
The Chaco Company will record an effective interest expense of $14,375.12 for the six months ended June 30, Year 1.
The effective interest method is a technique used for discounting bonds. This method is used to calculate the amount of interest expense for a specific time period. In this case, we are finding the effective interest for the six months ended June 30, Year 1 on a bond issued by the Chaco Company.
The formula for the effective interest method is: Book value of the bond at the beginning of the period X Yield rate/Number of periods per year.
The book value of the bond at the beginning of the time period (January 1, Year 1) was $359,378. The yield was 8% and there are two periods in the year because the interest is paid semiannually.
So, the effective interest for the six months ended June 30, Year 1 = $359,378 * 8%/2 = $14,375.12.
Therefore, the amount of effective interest expense that Chaco will record for the six months ended June 30, Year 1 is $14,375.12.
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2. Accounts Receivable
3. Supplies
4. Prepaid Insurance
5. Equipment
6. Truck
7. Notes Payable
8. Accounts Payable
9. Merry Walker, Capital
10. Merry Walker, Drawing
11. Fees Earned
12. Wages Expense
13. Rent Expense
14. Utilities Expense
15. Truck Expense
16. Miscellaneous Expense
17. Insurance Expense
Answer:
a. Recorded jobs completed on account and sent Invoices to customers.
Account to be Debited ⇒ 2. Accounts Receivable
Account to be Credited ⇒ 11. Fees Earned
The fees are to be credited as it is revenue. The amount will be debited to Accounts receivables because the customers owe the company.
b. Received an invoice for truck expense to be paid in February.
Account to be Debited ⇒ 15. Truck Expense
Account to be Credited ⇒ 8. Accounts Payable
This is an expense so it is debited as expenses are debited when they increase. As it is to be paid in future, it is a liability and will be credited to Payables.
c. Paid utilities expense
Account to be Debited ⇒ 14. Utilities Expense
Account to be Credited ⇒ 1. Cash
As explained, this is an expense and will have to be debited. It was paid with cash which will reduce the cash balance so Cash should be credited.
d. Received cash from customers on account
Account to be Debited ⇒ 1. Cash
Account to be Credited ⇒ 2. Accounts Receivable
Debtors are paying the company cash which will increase the cash balance so Cash is debited. The Receivables will be credited to reflect that they are decreasing from the debt settlement.
e. Paid Employees Wages
Account to be Debited ⇒ 12. Wages Expense
Account to be Credited ⇒ 1. Cash
As explained, this is an expense and will have to be debited. It was paid with cash which will reduce the cash balance so Cash should be credited.
f. Withdrew cash for personal use.
Account to be Debited ⇒ 10. Merry Walker, Drawing
Account to be Credited ⇒ 1. Cash
The owner withdrew cash for personal use and so this is sent to the Drawings account. It is debited to reflect that it is reducing capital. Cash will be credited as it is decreasing.
In a catering business transaction, you would debit the receiver and credit the giver account for each transaction. Such accounts may include Cash, Supplies, Fees Earned, etc. However, without specific details on transactions (a) through (f), more specific account identification cannot be provided.
The transaction entries would follow the standard principle of accounting - debit the receiver, credit the giver. It would also adhere to another principle - debit what comes in and credit what goes out. Each transaction would affect two accounts; one involves a debit entry, while the other one a credit entry.
For instance, if Merry Walker purchased supplies by cash (Transaction a), it would result in a debit to Supplies (3) and credit to Cash (1). If Merry received cash for catering services provided (Transaction b), Fees Earned (11) would be credited and Cash would be debited (1).
I cannot be more specific without seeing the details of transactions (a) through (f) that you mentioned. However, the principles mentioned above will guide you in identifying the accounts to debit and credit for each transaction.
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Answer:
common stock book value: 273.5 dollars
Explanation:
(equity - preferred stock) / outstanding shares
In this case:
(common stock + RE) divide over shares outstanding
20,000 shares x $ 20 = 400,000
Retained Earnings:
5,000,000 + 70,000 = 5,070,000
Total Common Equity: 5,470,000
Common stock: 20,000
5,470,000 / 20,000 = 273.5
The book value per share of Meyer's common stock is $253.5. This is calculated by dividing the total equity ($5,070,000) by the number of common shares outstanding (20,000).
The book value per share is the value of a company's equity divided by the total number of common shares outstanding. It is a financial ratio that investors use to assess whether a company's stock is overpriced or underpriced.
In this case, the total equity of Meyer, Inc. is calculated by adding its retained earnings to its net income for the year. This totals to $5,070,000. Since there are 20,000 shares of common stock, the book value per share of Meyer's common stock would be $5,070,000 divided by 20,000, which equals to $253.5.
This represents the intrinsic value of a company, which could be significantly different from its market price depending on numerous factors such as the company's earnings potential and risk profile.
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Answer:
Direct labor rate variance= $12,575 unfavorable
Explanation:
Giving the following information:
Last year, the company’s direct labor payroll totaled $352,100 for 50,300 direct labor hours. The standard wage rate is $6.75 per direct labor hour.
To calculate the direct labor rate variance, we need to use the following formula:
Direct labor rate variance= (Standard Rate - Actual Rate)*Actual Quantity
Actual rate= 352,100/50,300= $7 per hour
Direct labor rate variance= (6.75 - 7)*50,300
Direct labor rate variance= $12,575 unfavorable
Answer:
Ideas
Explanation:
While doing the business in the financial market the fundamental thing that prior supposed is that of ideas which could be respected
With the ideas of an individual, the individual could accomplish their targets and if there is no ideas than it is impossible to accomplish their goals and objectives
Therefore the ideas would be the answer