Monte Services, Inc. is trying to establish the standard labor cost of a typical brake repair. The following data have been collected from time and motion studies conducted over the past month. Actual time spent on the brake repairs 1.0 hour
Hourly wage rate $12
Payroll taxes of wage rate 10%
Setup and downtime of actual labor time 20%
Cleanup and rest periods 30%
of actual labor time
Fringe benefits 25%
of wage rate
a. Determine the standard direct labor hours per brake repairs.
(Round answer to 2 decimal places, e.g. 1.25.)
Standard direct labor hours per brake repair_____________
b. Determine the standard direct labor hourly rate. (Round answer to 2 decimal places, e.g. 1.25.)
Standard direct labor hourly rate __________
c. Determine the standard direct labor cost per brake repair. (Round answer to 2 decimal places, e.g. 1.25.)
Answers
Answer:
a) standard direct labor hours per brake repair = hour spent repairing the brakes + setup time + cleanup time = 1 + (1 x 20%) + (1 x 30%) = 1.5 hours per brake repair
b) standard direct labor hourly rate = hourly wage rate + payroll taxes + fringe benefits = $12 + ($12 x 10%) + ($12 x 25%) = $16.20
c) standard direct labor cost per brake repair = 1.5 x $16.20 = $24.30
Related Questions
On December 31, a $1,500,000 bond issue on which there is an unamortized discount of $70,100 is redeemed for $1,455,000.
You are asked to lend money for a major commercial real estate development in a foreign country. There is some talk about a further devaluation of the foreign country's currency. What information do you need to assess the creditworthiness of this project? In your evaluation of the project, be sure to take into account translation exposure and economic exposure (operating and transaction), as well as exchange risk.
4. Problems and Applications Q4 Identify which of the arguments for restricting trade that each of the following rebuttals directs against. Rebuttals The Jobs Argument The National-Security Argument The Infant-Industry Argument The Unfair-Competition Argument The Protection-as-a-Bargaining-Chip Argument (A) The gains of the consumers from buying imports at the low price subsidized by foreign governments would exceed the losses of domestic producers. (B) Companies may exaggerate the degree to which their products are essential to national defense in order to obtain protection from foreign competition at the expense of consumers. (C) The country may be forced into deciding between implementing trade restrictions as threatened, which would make the society as a whole worse off, or backing down on its own threat, which would cause it to lose credibility in foreign affairs. (D) Opening up to free trade may impose hardship on some workers in the short run, but it also creates jobs in industries in which the country has a comparative advantage and enables the country as a whole to enjoy a higher standard of living.
If you were looking for an advertising medium that worked for segmented audiences, had prestige, had a long shelf life, and money was of no object, which of the following would you select?a. interactive adsb. magazinesc. direct maild. televisione. radio
Answers
Answer:
$1,684,084.19
Explanation:
If the company needs $31 million, and it must deposit 5% of what it borrows in a non-interest bearing account, then to have a net borrowing of $31 million, the amount it must borrow, B, is
B * (1 - 5%) = 31 million
= 0.95B = 31 million
and B = $32,631,578.95.
At 0.631% interest rate per month, for 8 months, the amount to be repaid after 8 months
=
Therefore, the amount paid in interest = 34,315,663.14 - 32,631,578.95
= $1,684,084.19.
B. a comment
c. a conversation,
D. only about producing words.
Answers
Answer:c
Explanation:
Answers
Answer:
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uigykyjgExplanation:
Answers
Answer:
dividends 24,900
dividen payable 24,900
to record declaration of dividends
dividend payable 24,900
cash 24,900
to recored payment of dividends
Explanation:
amount of dividends:
8,300 shares x $3 per share = 24,900
dividends 24,900
dividend payable 24,900
to record declaration of dividends
we post the dividends declared and we post the payable
dividend payable 24,900
cash 24,900
to recored payment of dividends
we decrease the cash account and write-off the dividend payable
offer incentives to the team with the highest sales
offer college reimbursement for business classes
offer free leadership seminars to all employees
hold a weekly "employee appreciation" party
Answers
Answer:
The correct answer is letter "E": hold a weekly "employee appreciation" party.
Explanation:
Organizational commitment plays a key role in employees' performance. The more engaged workers are with the company they work for, the more likely their production is going to be higher. Affective commitment refers to increasing the bonds that link workers within the organization. Casual reunions after every period of time are one of the many activities firms could use to engage employees with their brand.
Requirements
1. Record each transaction in the journal, using the following account titles: Cash; Accounts Receivable; Office Supplies; Prepaid insurance; Land; Building; Furniture; Accounts Payable; Utilities Payable; Notes Payable; Common Stock; Dividends; Service Revenue; Salaries Expense; Rent Expense; and Utilities Expense. Explanations are not required.
2. Open the following four-column accounts including account numbers: Cash, 101; Accounts Receivable, 111; Office Supplies, 121; Prepaid Insurance, 131; Land, 141; Building, 151; Furniture, 161; Accounts Payable, 201; Utilities Payable, 211; Notes Payable, 221; Common Stock, 301; Dividends, 311; Service Revenue, 411; Salaries Expense, 511; Rent Expense, 521; and Utilities Expense, 531.
3. Post the journal entries to four-column accounts in the ledger, using dates, account numbers, journal references, and posting references. Assume the journal entries were recorded on page 1 of the journal.
4. Prepare the trial balance of Theodore McMahon, Attorney, at April 30, 2018.
Answers
Answer:
1. Record each transaction in the journal. Explanations are not required.
April 1
Dr Cash 70,000
Cr Common stock 70,000
April 3
Dr Office supplies 1,100
Dr Furniture 1,300
Cr Accounts payable 2,400
April 4
Dr Cash 2,000
Cr Service revenue 2,000
April 7
Dr Land 30,000
Dr Building 150,000
Cr Cash 40,000
Cr Notes payable 140,000
April 11
Dr Accounts receivable 400
Cr Service revenue 400
April 15
Dr Salaries expense 1,200
Cr Cash 1,200
April 16
Dr Accounts payable 1,100
Cr Cash 1,100
April 18
Dr Cash 2,700
Cr Service revenue 2,700
April 19
Dr Accounts receivable 1,700
Cr Service revenue 1,700
April 25
Dr Utilities expense 650
Cr Accounts payable 650
April 28
Dr Cash 1,100
Cr Accounts receivable 1,100
April 29
Dr Prepaid insurance 3,600
Cr Cash 3,600
April 29
Dr Salaries expense 1,200
Cr Cash 1,200
April 30
Dr Rent expense 2,100
Cr Cash 2,100
April 30
Dr Dividends 3,200
Cr Cash 3,200
2. Open the following four-column accounts including account numbers:
3. Post the journal entries to four-column accounts in the ledger,
I used an excel spreadsheet to answer questions 2 and 3
4. Prepare the trial balance of Theodore McMahon, Attorney, at April 30, 2018.
In order to prepare a trial balance we must prepare an income statement first.
Service revenue $6,800
Salaries expense -$2,400
Rent expense -$2,100
Utilities expense -$650
Net income $1,650
retained earnings = net income - dividends = $1,650 - $3,200 = -$1,550
Theodore McMahon, Attorney
Balance Sheet
For the Month Ended April 30, 2018
Assets:
Cash $23,400
Accounts receivable $1,000
Prepaid insurance $3,600
Office supplies $1,100
Furniture $1,300
Land $30,000
Building $150,000
Total assets: $210,400
Liabilities and Equity:
Accounts payable $1,950
Notes payable $140,000
Common stock $70,000
Retained earnings ($1,550)
Total liabilities and equity: $210,400
Final answer:
The process involves journalizing each transaction that occurred in April 2018, posting these journal entries into their corresponding accounts and then preparing a trial balance to check that total debits equal total credits. However, without specific transactional data, a step-by-step guide could not be provided.
Explanation:
The question pertains to the fundamentals of financial accounting, primarily dealing with the concepts of journalizing transactions, posting journal entries to four-column accounts, and preparing a trial balance. Due to the lack of specific transactional data provided within the question, an exact step-by-step guide cannot be provided. However, the process can be generally explained and understand in following steps:
- Journalizing Transactions: Here, each business transaction that occurred during April 2018 would be recorded. These entries involve pairs of debt and credit entries, corresponding to individual business operations.
- Posting Journal Entries: The journal entries would then be transferred or 'posted' to the corresponding four-column accounts. In this case sequentially to accounts: Cash, 101; Accounts Receivable, 111; and so on, following the provided list of accounts.
- Preparation of Trial Balance: The trial balance summarizes all of the ledger accounts, including its final balances. It is used to verify that total debits equal total credits, crucial for maintaining the balance in double-entry accounting.
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