Total direct labor cost budget for June 2017 small home is $13,920 , medium home is $22,040 and large home is $11,658
Explanation: Total direct labor cost budget for June 2017
small home medium home large home
budgeted painting requirement 15 10 3
direct labor needs (in hours) 40 76 134
-----------------------------------------------------
Total direct labor hours 480 760 402
direct labor cost per hour $29 $29 $29
-----------------------------------------------------Total direct labor cost budget for $13,920 $22,040 $11,658
June 2017 -----------------------------------------------------
Total direct labor cost =
(Total direct labor hours×direct labor cost per hour )
B. is less likely to face government regulation.
C. is less likely to advertise.
D. usually produces an inefficiently small level of output.
Answer:
D. usually produces an inefficiently small level of output.
Explanation:
A perfect competition is characterised by many buyers and sellers of homogenous goods and services. Market prices is usually set by market forces. There is no need for advertising because all firms produce homogenous products. There is little or no need for government regulation because goods and services are efficiently distributed.
A monopoly is characterised by one firm in the industry. The firm sets the market price. The government regulates the activities of the activities of a monopoly to reduce inefficiency that usually occur. Either quantity produced or price are usually regulated by the government to reduce inefficiency and ensure fair distribution of goods and services.
Monopoly firms usually advertise and undertake more research activities when compared to a pure competition.
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Answer:
The query definition is mentioned in the clarification section following.
Explanation:
Sales $38,000 Assets $27,300 Debt $6,700
Costs 32,600 Equity 20,600
Net income $5,400 Total $27,300 Total $27,300
The company has predicted a sales increase of 20 percent. Assume the company pays out half of net income in the form of a cash dividend. Costs and assets vary with sales, but debt and equity do not.
a. Prepare the pro forma statements.
b. Determine the external financing needed.
Answer and Explanation:
a. Proforma income statement
Sales $45,600
Costs $39,120
Net income $6,480
b. Proforma balance sheet
Particulars Amount Liabilities Amount
Assets $32,760 Debt $8,950
Equity $23,810
Total $32,760
External finance = Predicted debt - Beginning debt
= $7,585 - $6,700
= $885
Working note:-
For pro forma statements:
Sales = $38,000 × (1 + 0.20)
= $38,000 × 1.20
= $45,600
Costs = 32,600 × (1 + 0.20)
= $32,600 × 1.20
= $39,120
Net income = Sales - Costs
= $45,600 – 39,120
= $6,480
Assets = 27,300 × (1 + 0.20)
= 27,300 × 1.20
= $32,760
Equity = Beginning balance + Net income - Dividend
= $20,600 + $6,480 - ($6,480 × 1 ÷ 2)
= $20,600 + $6,480 - $3,240
= $23,810
Debt = Assets - Equity
= $31,760 - $23,810
= $8,950
The pro forma statements are prepared by adjusting the sales, costs, and assets by the 20% increase. The net income and dividends are then calculated. The external financing needed is found by deducting the sum of debt, equity and retained earnings from the adjusted total assets.
The pro forma statements are prepared by first adjusting sales, costs, and assets by the predicted increase of 20%. The new sales amount would be $38,000 * 1.20 = $45,600. Costs increase at the same rate, so the new costs would be $32,600 * 1.20 = $39,120. The new assets would be $27,300 * 1.20 = $32,760.
On the pro forma income statement, the net income is calculated by subtracting the new costs from the new sales, which is $45,600 - $39,120 = $6,480. The dividend would be $6,480 * 0.50 = $3,240. The retained earnings (AKA addition to retained earnings) increase by the net income minus the dividends, which is $6,480 - $3,240 = $3,240.
On the pro forma balance sheet, the total assets increased to $32,760. As debt and equity don't change, then they remain at $6,700 and $20,600 respectively. The sum of debt and equity added to the predicted retained earnings is $6,700 + $20,600 + $3,240 = $30,540. Therefore, the external financing needed is the new total assets minus this sum, which is $32,760 - $30,540 = $2,220.
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B) Briana does not have a cause of action for racial harassment, as she resigned at her own will.
C) Briana has a cause of action for racial harassment under Title VII of the Civil Rights Act of 1964, as there is evidence that she was harassed.
D) Briana does not have a cause of action for racial harassment, as the actions of her co-workers were not pervasive or severe.
Answer:
C) Briana has a cause of action for racial harassment under Title VII of the Civil Rights Act of 1964, as there is evidence that she was harassed.
Explanation:
It is noteworthy that under the Civil Rights Act of 1964 it directly prohibits discrimination in public places. Thus, we could rightly say that Briana's frequent subjection to racial slurs, misbehavior, and threats from her co-workers constitutes "discrimination in public places".
Hence, she has enough evidence to take legal action against Tropical Coast Airlines.
Answer:
Explanation:
The journal entry for July 8, 2016 is shown below:
Bank A/c Dr $11,700
Commission fee A/c $300 ($12,000 × 2.5%)
To Sales A/c $12,000
Since the sales is recorded at $12,000 which includes commission fee of $300 ($12,000 × 2.5%) , the remaining balance i.e $11,700 ($12,000 - $300) would be debited to the bank account.
b. Journalize the adjusting entry on December 31 for the amortization of the paten
Answer:
a. The journal entries for the impaired goodwill as at Dec 31 would be:
Debit Impairment expense/charge $51,500
Credit Goodwill/Allowance for impairment $51,500
(To recognize impairment expense on goodwill)
b. Journal entries for the amortization of the patent as at Dec 31 would be:
Debit Amortization expense $9,600 [$115,200/12]
Credit Accumulated amortization $9,600
(To recognize amortization expense on patent)
Explanation:
A goodwill is impaired when its carrying value exceeds its fair value. The impairment test is carried out annually and the difference by which the carrying value of the goodwill exceeds the fair value is charged to the profit or loss account as impairment expense. The impairment reduces the goodwill to its fair value.
Goodwill belongs to a class of intangible asset and it arises essentially as a result of business combination. A business combination occurs when a company acquires another company.