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
Answer:
Tariffs are bans or taxes on stuff that gets imported and exported in and out of countries. This doesn't really affect consumers because they buy stuff and don't tend to notice. This does affect producers because they need supply to fill in the demand.
Note:
Hope this helps! Good Luck (^-^)
-kiniwih426
Answer:
Tariffs hurt consumers because it increases the price of imported goods. Because an importer has to pay a tax in the form of tariffs on the goods they are importing, they pass this increased cost onto consumers in the form of higher prices.
Explanation:
i dont know if this helps
Answer:
A 15-year mortgage monthly payments is: $1,496.5
A 30-year mortgage monthly payments is: $1,060.1
=> The difference of monthly payment between the two options is: $436.4 ( $1,496.5 - $1,060.1) where the monthly payment of the option of 15-year mortgage is higher.
Explanation:
The borrowed amount in both options is : $250,000 * 80% = $200,000;
* A 15-year mortgage monthly payments is:
We have (1+APR) = ( 1 + Monthly Interest rate)^12 <=> 1.0425 = ( 1 + Monthly Interest rate)^12 <=> Monthly Interest rate = 0.3475%;
Amount of payment periods = 15 * 12 = 180
=> Monthly payment = (200,000 * 0.3475%) / [ 1 - 1.003475^(-180) ] = $1,496.5
* A 30-year mortgage monthly payments is:
We have (1+APR) = ( 1 + Monthly Interest rate)^12 <=> 1.05 = ( 1 + Monthly Interest rate)^12 <=> Monthly Interest rate = 0.4074%;
Amount of payment periods = 30 * 12 = 360
=> Monthly payment = (200,000 * 0.4074%) / [ 1 - 1.004074^(-360) ] = $1,060.1
Answer:
Dr Cash 105,600
Dr Compensation Expense 14,400
Cr Common Stock 10,000
Cr Paid-In Capital – Excess of Par 110,000
Explanation:
KL Corp Journal entry
Dr Cash 105,600
Dr Compensation Expense 14,400 (10,000*12*12%)
Cr Common Stock 10,000 (10,000*1)
Cr Paid-In Capital – Excess of Par 110,000
(10,000*(12-1))
Accumulated Depreciation-Equipment $ 292,000
Payroll Taxes Payable 177,591
Inventory 239,800
Bonds payable 300,000
Rent payable (short-term) 45,000
Discount on bonds payable 15,000
Income taxes payable 98,362
Cash 360,000
Rent payable (long-term) 480,000
Land 480,000
Common stock, $1 par value 200,000
Notes receivable 445,700
Preferred stock, $10 par value 150,000
Notes payable (to banks) 265,000
Prepaid expenses 87,920
Accounts payable 490,000
Equipment 1,470,000
Retained earnings ?
Retained earnings ?Debt investments (trading) 121,000Income taxes receivable 97,630Accumulated depreciation-buildings 270,200Notes payable (long-term) 1,600,000Buildings 1,640,000
Required:
Required:1. Prepare a classified balance sheet in good form.
Answer:
MONTOYA, INC.
Balance Sheet
December 31, 2017
Assets
Current assets
Cash $360,000
Equity Investments (Trading) 121,000
Notes Receivable 445,700
Income Taxes Receivable 97,630
Inventory 239,800
Prepaid Expenses 87,920
Total current assets $1,352,050
Property, plant, and equipment
Land 480,000
Buildings $1,640,000
Less: Accum Deprec - Buildings 270,200 1,369,800
Equipment 1,470,000
Less: Accum Deprec - Equipment292,000 1,178,000
3,027,800
Intangible assets
Goodwill 125,000
Total assets $4,504,850
Liabilities and Shareholders’ Equity
Current liabilities
Accounts Payable $490,000
Notes Payable to Banks 265,000
Payroll Taxes Payable 177,591
Income Tax Payable 98,362
Rent Payable - Short-term 45,000
Total current liabilities $1,075,953
Long-term liabilities
Unsecured Notes Payable (Long-term) 1,600,000
Bonds Payable $300,000
Less: Discount on Bonds Payable 15,000 285,000
Rental Payable Long-term 480,000 2,365,000
Total liabilities 3,440,953
Shareholders’ equity
Capital Stock
Preferred stock, $10 par; 20,000 shares authorized, 15,000 shares issued 150,000
Common stock, $1 par; 400,000 shares authorized, 200,000 issued 200,000 350,000
Retained Earnings ($1,063,897 - $350,000) 713,897
Total shareholders’ equity ($4,504,850 – $3,440,953) 1,063,897
Total liabilities and shareholders’ equity $4,504,850
Computation of Retained earnings:
Accounting Equation
Total assets $4,504,850
Less: Liabilities 3,440,953
Less: Contributed capital 350,000
Retained earnings $713,897
A classified balance sheet divides assets, liabilities, and equity into subcategories. Assets and liabilities are further divided into current and non-current. Retained earnings, part of equity, is calculated by adding this period's net income to last period's retained earnings and subtracting dividends paid.
A classified balance sheet categorizes assets, liabilities, and equity into subcategories to provide more meaningful information.
Assets
can be categorized as current assets (e.g. Cash, Debt investments (trading), Notes receivable, Prepaid expenses, Income taxes receivable, Inventory), long-term investments, property plant and equipment (PPE), Intangible assets such as Goodwill, and other assets.
Liabilities
can be categorized as current liabilities (e.g. Accounts payable, Notes Payable to the bank, Rent payable (short-term), Payroll Taxes Payable, Income taxes payable) and long-term liabilities (e.g. Notes payable (long-term), Rent payable (long-term), Bonds payable less discount on bonds payable).
Equity
is comprised of share capital (Common stock and Preferred stock) and Retained earnings.
To calculate Retained earnings, begin with the last period's retained earnings, add this period's net income, and subtract dividends paid. Given the provided information, we can't calculate it as not all necessary information is provided. Hence, it is mentioned as ?.
For such more questions on Balance Sheet
#SPJ3
Answer:
$1,280 million
Explanation:
The change between the opening inventory balance and the ending inventory balance for a period is as a result of the purchases of inventory and the sale of inventory during the period.
All of these elements are related as;
Opening inventory + purchases - cost of goods sold = ending inventory
As such, to estimate the merchandise inventory purchased,
let the purchase for the period be T
1500 + T - 880 = 1900 (All amounts in millions of $)
T = 1900 + 880 - 1500
= 1280
The merchandise purchases for the third quarter is $1,280 million.
Answer:
$55.50
Explanation:
The bid price is $55,25 is the price applicable to investors would intend to sell their investment.
The ask price is $55.50 is the price applicable to investors who wish to acquire the Fincorp stock.
The prices have been computed in such a way that the broker will always gain, whether an investor is buying or selling his/her stake.
Conclusively, the order given to the broker to buy at market would be executed at the ask price of $55.50, not the other way round.