BUSINESS COLLEGE

On March 31, 2017, Alpha Corporation recorded the following factory overhead costs incurred: Factory Manager Salary $7,000 Factory Utilities 2,000 Machinery Deprecation 11,000 Machinery Repairs 2,500 Factory Insurance (prepaid) 1,000 The overhead application rate is based on direct labor hours. The preset formula for overhead application estimated that $21,000 would be incurred, and 10,000 direct labor hours would be worked. During March, 7,100 hours were actually worked on Job Order A-2 and 3,000 hours were actually worked on Job Order A-3. Use this information to prepare the March 31 General Journal entry to record the factory overhead costs. (round any final dollar answers to the nearest whole dollar):

Answers

Answer 1
Answer:

Answer:

Explanation:

check the file attached for full explanation

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IF COUNTRIES FIND WAYS OF IMPROVING THEIR FACTOR OF PRODUCTIVITY

Answers

Answer:

THEIR FACTOR OF PRODUCTIVITY will increase.

Through self-guided internet research, the intellectually curious mind can find many examples of potential rewards in business. Add two (2) or more examples of Business Rewards to this list.

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Through self-guided internet research, the intellectually curious mind can find many examples of potential rewards in business. Add two (2) or more examples of Business Rewards to this list:

Business Rewards

A deep sense of satisfaction

Being the one in control

Providing sustainable jobs and income for others

The opportunity to give back / community responsibility

The satisfaction of excellent customer feedback

Financial Rewards

After conducting additional research, what other business rewards can you add here?

Answer:

1. Independence and Flexibility

2. Learning opportunities

Explanation:

The rewards of having a business are tremendous and cannot be overemphasized. Hence, asides from the listed business rewards, here are two additional business rewards

1. Independence and Flexibility: One of the rewards of doing business is the independence that comes with it. As the business grows, a business owner gets to have the independence to work whenever he wishes, and have the flexibility of time to be active in business life and other events outside the business.

2. Learning Opportunities: business activities allows business owners to see and learn how certain aspects of the business is getting done. Even when there are employees to perform those functions, business owners still have the opportunity to see, learn, and understand how those activities are being carried out.

Sherri's Tan-O-Rama is a local tanning salon. The following information reflects its number of appointments and total costs for the first half of the year:Month Number of Appointments Total Cost
January 325 5,900
February 375 6,200
March 300 5,650
April 350 5,450
May 275 5,550
June 450 6,250

Using the high-low method, calculate the total fixed cost per month and the variable cost per tanning appointment. (Round your "Variable Cost per Unit" answer to 2 decimal places and "Fixed Cost" answer to the nearest dollar amount.)

Answers

Answer:

C =  6.5Q + 3,762.5

Explanation:

High-low method:

We subtract the high from the low:

\left[\begin{array}{ccc}High&375&6200\nLow&275&5550\nDiference&100&650\n\end{array}\right]

The difference tell us that 100 untis generate 650 additional cost

So we can calcualte the variable cost:

cost 650 / Unis 100 = variable cost 6.5

Now on low or high we solve for fixed cost:

cost = 6.5 x 375 + fixed cost

Total Cost 6200

Variable 2437.5

Fixed Cost 3762.5

cost = 6.5 x 275 + fixed cost

Total Cost 5550

Variable 1787.5

Fixed Cost 3762.5

the formula will be:

C =  6.5Q + 3,762.5

Javonte Co. set standards of 2 hours of direct labor per unit of product and $15.80 per hour for the labor rate. During October, the company uses 12,100 hours of direct labor at a $193,600 total cost to produce 6,400 units of product. In November, the company uses 16,100 hours of direct labor at a $258,405 total cost to produce 6,800 units of product. AH = Actual Hours SH = Standard Hours AR = Actual Rate SR = Standard Rate (1) Compute the direct labor rate variance, the direct labor efficiency variance, and the total direct labor cost variance for each of these two months. Classify each variance as favorable or unfavorable. (2) Javonte investigates variances of more than 5% of actual direct labor cost. Which direct labor variances will the company investigate further?

Answers

Answer:

October

direct labor rate variance =$2,420 unfavorable

direct labor efficiency variance  =$11,060 favorable

direct labor cost variance  = $ 8,640 favorable

Investigate : direct labor efficiency variance

November

direct labor rate variance = $4,025 unfavorable

direct labor efficiency variance =$ 39,500 favorable

direct labor cost variance  = $35,475 favorable

Investigate : direct labor efficiency variance

Explanation:

October

direct labor rate variance = (Aq × Ap) -  (Aq × Sp)

                                          = (12,100×$16) - (12,100×$15.80)

                                          =$2,420 unfavorable

direct labor efficiency variance = (Aq × Sp) - (Sq × Sp)

                                                    =(12,100 × $15.80) - (6,400×2 ×$15.80)

                                                    =$11,060 favorable

direct labor cost variance = direct labor rate variance + direct labor efficiency variance  

                                           = $2,420 (A) + $11,060 (F)

                                           = $ 8,640 favorable

November

direct labor rate variance = (Aq × Ap) -  (Aq × Sp)

                                          = (16,100×$16.05) - (16,100×$15.80)

                                          = $4,025 unfavorable

direct labor efficiency variance = (Aq × Sp) - (Sq × Sp)

                                                    =(16,100 × $15.80) - (6,800×2 ×$15.80)

                                                    =$ 39,500 favorable

direct labor cost variance = direct labor rate variance + direct labor efficiency variance

                                          = $4,025 (A) + $ 39,500 (F)

                                           = $35,475 favorable

Investors expect the market rate of return this year to be 14.50%. The expected rate of return on a stock with a beta of 1.2 is currently 17.40%. If the market return this year turns out to be 12.10%, how would you revise your expectation of the rate of return on the stock?

Answers

Answer:

14.52%

Explanation:

The computation of the rate of return on the stock is shown below:-

The expected rate of return on the stock = Beta × (Rate of return - Market rate of return)

= 1.2 × (0.121 - 0.145)

= - 2.88%

So, the expected rate of return on the stock = Current percentage - expected rate of return on the stock

= 0.174 - 0.0288

= 14.52%

Therefore we simply applied the above formulas

The Miller Company earned $133,000 of revenue on account during Year 2. There was no beginning balance in the accounts receivable and allowance accounts. During Year 2, Miller collected $87,000 of cash from its receivables accounts. The company estimates that it will be unable to collect 3% of its sales on account. The net realizable value of Miller's receivables at the end of Year 2 was:

Answers

Answer:

The net realizable value of Miller's receivables at the end of Year 2 was:  $42,010

Explanation:

Open a Trade Receivable Account as follows :

Debits :

Revenue $133,000

Totals      $133,000

Credits:

Cash        $87,000

Balance   $46,000

Totals      $133,000

Note that Allowance for Doubtful debts is estimated at 3% of the Company`s Sales on Account

Allowance for Doubtful debts = $133,000 × 3%

                                                 = $ 3, 990

Net realizable value of Miller's receivables

Trade Receivable Balance                $46,000

Less Allowance for Doubtful Debts    $3,990

Trade Receivables                              $42,010

Final answer:

The net realizable value of Miller Company's receivables at the end of Year 2 is calculated by estimating bad debt and subtracting it from the ending accounts receivable. The estimated bad debt is 3% of sales, leading to a net realizable value of $42,010.

Explanation:

The question revolves around calculating the net realizable value of accounts receivable for the Miller Company at the end of Year 2. First, we need to calculate the estimated bad debt. The company estimates that 3% of its sales on account will be uncollectible, which equates to $133,000 * 0.03 = $3,990. After subtracting the cash collected from receivables, $133,000 - $87,000, we get ending accounts receivable of $46,000. Finally, we deduct the estimated bad debts from ending accounts receivable to obtain the net realizable value, which is $46,000 - $3,990 = $42,010.

Learn more about Net Realizable Value here:

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