Answer:
The property tax rate is $26.67
Explanation:
In this question, first, we have to compute the net assessed value which is shown below:
= Property value - property tax exemption - homestead exemption - veterans - old age - non profits
= $40,000,000 - $3,000,000 - $1,300,000 - $700,000 - $5,000,000
= $30,000,000
Now the property tax equals to
= (estimated property taxes) ÷ (Net assessed value) × 1000
= ($800,000 ÷ $30,000,000) × 1000
= $26.67
2. Does the pattern of variances suggest that the company’s managers have been making trade-offs? Explain.
Answer and Explanation:
According to the scenario, computation of the given data are as follow:-
1. Direct Material Price is
= Actual Quantity × (Standard Rate - Actual Rate)
= 1,780,000 × ($1.40 - $1.30)
= 1,780,000 × 0.10
= $178,000 Favorable
Direct Material Quantity Variance is
= Standard Rate × (Standard Quantity - Actual Quantity)
= $1.40 × [(210,000 × 8) - 1,780,000]
= $1.40 × (1,680,000 - 1,780,000)
= $1.40 × -100,000
= -$140,000 Unfavorable
Direct Labor Rate Variance is
= Actual Hour × (Standard Rate - Actual Rate)
= 4,900 hours × ($12 - $13)
= -4,900 hours × $1
= -$4,900 Unfavorable
Direct Labor Efficiency Variance is
= Standard Rate × (Standard Hours - Actual Hours)
= $12 × [(210,000 × 0.024) - 4,900]
= $12 × [5,040 - 4,900]
= $12 × 140 hour
= $1,680 Favorable
2. As we can see that the material price variance and labor efficiency variance comes in favorable while on the other side, the material quantity variance and labor rate variance comes in unfavorable.
And we assume that the managers are purchasing the materials efficiently at lesser rates and the usage is not efficient.
Consequently , labor is efficient if the company paid at higher rate.
Therefore the managers are making trade offs.
Moreover, they are compromising of labor rate so that there would be rise in efficiency.
And at the same time if cheaper material is buyed so the quality is compromised and the changes of wastage is high that reflects the material quantity variance unfavorable
Answer: $12,000
Explanation:
Only the $12,000 will be reported in Statement of Activities ( the financial statement used to report revenues and expenses for governmental and business-type activities) as a change in net position for business-type activities.
Why?
The Water Entreprise Fund is the only listed fund type listed that would fall under BUSINESS TYPE because it is an ENTREPRISE Fund. The Motor Pool Internal Service falls under GOVERNMENT ACTIVITIES and the Pension Find is only displayed in the Fund Financial Statements.
Because the Water Entreprise Fund is the only fund here concerned with BUSINESS TYPE activities, it's rise by $12,000 is what will be reported as the Net Change.
How many servings can you make? Whole servings only - round down
rather than using partial servings.
Answer:
to make a servings of roast beef gravy.
Answer:
19.2 serving
Explanation:
Because if you have 24 cups of milk and need 1.25 cups to make 1 serving we would have to divide.
24 cups of milk - 1.25 cups of milk per serving = 19.2
Answer:
Each firm sets it price equal to its average total cost.
Explanation:
In economic theory, perfect competition is a market with a large number of sellers and buyers, producing similar products and having a small market share that does not affect prices. Let's explain the characteristics of the perfect competition :
1) manufacturers of identical products. . .
Products in the perfect competitive market are completely substitute. In other words, products and services offered by vendors do not differ from one another in terms of quality or character.. . .
2) the firm has a small market share that will not affect prices. . .
No vendor in this market has the ability to influence prices by increasing or decreasing production. Also, no buyer can reduce the supply of goods and lead to lower prices
3)Market where there are many buyers and sellers. . .
The above feature is directly related to this. Thus, if there is a seller or buyer in the market (such as monopoly or monopsony), it can easily affect the market price. However, in perfect competition, every seller and buyer must act based on market prices.
4)There is no obstacle to entering and leaving the market. . .
That is, access to the market is extremely easy and at the same time neither the state nor the old market participants have a barrier for the new participant.
5)Perfect information. . .
Every market participant knows the prices, quality and production methods.
6) Zero transaction costs...
Buyers and sellers do not bear any transaction costs (contract costs, etc.) during the purchase of goods and services. . .
7) Maximizing profits. . .
In a highly competitive market, the main purpose of firms is to maximize their profits, without any serious obstacles. In a fully competitive market, maximum profits are earned when marginal costs are equal to marginal revenue.
As you see there is information above about the easy entry and exit, the identical products and maximizing profits but nothing about the equal prices to average costs.
Required:
a. Compute the predetermined variable overhead rate and the predetermined fixed overhead rate.
b. Compute the applied overhead for Byrd for the year.
c. Compute the total overhead variance.
Answer:
Instructions are below.
Explanation:
Giving the following information:
Standard= 1 direct labor hour per unit
The total budgeted overhead at normal capacity is $1,080,000 comprised of $420,000 of variable costs and $660,000 of fixed costs.
During the current year, Byrd produced 74,000 putters, worked 98,300 direct labor hours, and incurred variable overhead costs of $133,200 and fixed overhead costs of $612,000.
First, we need to calculate the estimated overhead rate:
Estimated manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base
Estimated manufacturing overhead rate= (420,000 + 660,000)/120,000
Estimated manufacturing overhead rate= $9 per direct labor hour
Now, we can allocate overhead:
Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base
Allocated MOH= 9*98,300= $884,700
Finally, the total overhead variance:
Overhead variance= real overhead - allocated overhead
Overhead variance= 745,200 - 884,700
Overhead variance= 139,500 favorable
Requirements:
a. What accounting action should Aquarium take in this situation?
b. Give any journal entry required.
c. At what amount should Aquarium report Inventory on the balance? sheet?
d. At what amount should the company report Cost of Goods Sold on the income? statement?
e. Discuss the accounting principle or concept that is most relevant to this situation.
Answer:
a. What accounting action should Aquarium take in this situation?
the balance of inventory account should decrease to match the replacement cost.
b. Give any journal entry required.
Dr Cost of goods sold 75,000
Cr Inventory 75,000
c. At what amount should Aquarium report Inventory on the balance? sheet?
Inventory = $200,000 - $75,000 = $125,000
d. At what amount should the company report Cost of Goods Sold on the income statement?
Cost of goods sold = $820,000 + $75,000 = $895,000
e. Discuss the accounting principle or concept that is most relevant to this situation.
US GAAP states that companies must use the lower of cost or market rule, which means that inventory must be recognized at the lowest cost either original purchase cost or market value.