BUSINESS COLLEGE

During March, Zea Inc. transferred $55,000 from Work in Process to Finished Goods and recorded a Cost of Goods Sold of $61,000. The journal entries to record these transactions would include a:

Answers

Answer 1

Answer:

See below

Explanation:

Given the above information, the journal entries to record these transactions would be ;

Finished goods Dr $55,000

______ Work in process Cr $55,000

(Being record of transfer from work in process to finished goods)

Cost of goods sold Dr $61,000

__________ Finished goods Cr $61,000

(Being record of cost of goods sold)

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Elsa joined her new law firm expecting to participate in exciting environmental law cases, and cutting edge research. After one month at the firm she still hasn't been assigned a case and spends most of her time filing standardized appeals for title disputes with insurance companies. In which stage of the socialization process is Elsa?
An income statement for Alexander's Bookstore for the second quarter of the year is presented below: Alexander's Bookstore Income Statement For Quarter Ended June 30 Sales $ 1,000,000 Cost of goods sold 665,000 Gross margin 335,000 Selling and administrative expenses Selling $ 107,000 Administration 118,000 225,000 Net operating income $ 110,000 On average, a book sells for $50. Variable selling expenses are $4 per book with the remaining selling expenses being fixed. The variable administrative expenses are 3% of sales with the remainder being fixed. The contribution margin for Alexander's Bookstore for the second quarter is:
3. Explain why price is equal to marginal revenue in pure competition but not in a monopoly. Include in your explanation why the marginal revenue curve is steeper than the demand curve for a single price monopolist?
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Super Grocery store allocates its service department expenses to its various operating (sales) departments. The following data is available for its service departments: Expense Basis for allocation Amount Administrative Square feet of floor space $ 34,000 Advertising Amount of dollar sales $ 27,000 The following information is available for its three operating (sales) departments: Department Square Feet Dollar Sales Produce 1,470 $ 99,000 Bakery 980 $ 49,000 Meats 2,450 $ 61,000 Totals 4,900 $ 209,000 What is the total administrative expense allocated to the Meats department?

Yankee Tours provide seven-day guided tours along the New England coast. The company pays its guides a total of $100,000 per year. The average cost of supplies, lodging and food per customer is $500. The company expects a total of 500 customers during the period January through June, and a total of 1,500 customers from July through December. Yankee wants to earn $100 income per customer. For promotional reasons the company desires to charge the same price throughout the year. Based on this information, what is the correct price per customer? (Round to nearest dollar.)

Answers

Answer:

The correct price per customer is $650

Explanation:

The computation of the correct price is shown below:

= Fixed cost + expected number of customers + net income per customer

where,

Fixed cost per customer = Total cost ÷ (total customers + expected customers)

= $100,000 ÷ (1,500 + 500)

= $50

The other values would remain the same

Now put these values to the above formula

So, the value would equal to

= $50 + $500 + $100

= $650 per customer

Stayman Co. declared a 30% stock dividend. This transaction A) Increases total equity and retained earnings. B) Decreases total equity and retained earnings. C) Has no effect on total equity or retained earnings. D) Has no effect on total equity but decreases retained earnings.

Answers

Answer:

D) Has no effect on total equity but decreases retained earnings.

Explanation:

Dividends refer to the distribution of profits to the common stock holders.

This is basically an appropriation of profits.

When dividends are declared, then the retained earnings are reduced and a liability is created.

Announcing and declaring a dividend is a right to claim dividend by shareholders.

Thus, it do not affect the equity at all, but a liability is created and the moment dividend is paid liability is settled.

Unlike supportive leadership, participative leadership is used when _____. a. workers have an external locus of control b. the formal authority system is clear c. workers lack experience d. tasks are complex

Answers

Unlike supportive leadership, participativeleadership is used when the formal authority system is clear.

What is participative leadership?

Participative leadership is based on getting engagement and involvement of employees in the decision-making process. This style enables employees to feel motivated and belonged to the organization.

Therefore, this is usually incorporated in big organizations where there are more layers of hierarchy, which calls for collaboration of employees as all role and authority is clearly defined.

Learn more about leadership here:

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Answer:

Explanation:

Sam bought 100 shares of common stock on company A at the price of $40.97 per share on June 1. Since then Sam has closely watched the monthly prices for company A: $45.19 on July 1, $49.75 on August 1 and $51.58 on September 1 of the same year. company A doesn’t pay any dividend. Based on the stock performance over these three months, what is the standard deviation for monthly returns on company A?A. 10.50%
B. 10.09%
C. 3.68%
D. 3.76%

Answers

The standard deviation for monthly returns on company A is approximately 8.03%

What is the standard deviation for monthly returns on company A

To calculate the standard deviation of monthly returns, we need to first calculate the monthly returns for the three months of observation. We can do this by using the formula:

Monthly Return = (Current Price - Purchase Price) / Purchase Price

For July 1:

Monthly Return = ($45.19 - $40.97) / $40.97 = 0.103 or 10.3%

For August 1:

Monthly Return = ($49.75 - $40.97) / $40.97 = 0.2143 or 21.43%

For September 1:

Monthly Return = ($51.58 - $40.97) / $40.97 = 0.2589 or 25.89%

Next, we need to calculate the average monthly return (R) over the three months:

R = (10.3% + 21.43% + 25.89%) / 3 = 19.2%

Now, we can calculate the standard deviation (σ) of the monthly returns using the formula:

σ = √ [(Σ (Ri - R)^2) / (n - 1)]

where Ri is the return for the ith month, and n is the number of observations (in this case, n = 3).

Plugging in the values, we get:

σ = √[((10.3% - 19.2%)^2 + (21.43% - 19.2%)^2 + (25.89% - 19.2%)^2) / (3 - 1)]

= √[(94.86 + 3.62 + 35.37) / 2]

= √[(133.85) / 2]

= 8.03%

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An asset used in a four-year project falls in the five-year MACRS class for tax purposes The asset has an acquisition cost of $5,100,000 and will be sold for $1,600,000 at the end of the project. If the tax rate is 21 percent, what is the aftertax salvage value of the asset? Refer to Table 10.7 (Do not round intermediate calculations and enter your answer in dollars, not millions of dollars, e.g., 1,234,567.)

Answers

Answer:

$1,449,068.80

Explanation:

Book value on purchase $5,100,000

Less: Accumulated depreciation $4,218,720

(5,100,000*(0.2+0.32+0.192+0.1152)

Book value on sales $881,280

Salvage value of paint $1,600,000

Book value of as set $881,280

Gain on disposal $718,720

Tax on gain on disposal = $718,720 * 21% = $150,931.20

After tax cash flow = $1,600,000 - $150,931.20

After tax cash flow = $1,449,068.80

Rida, Inc., a manufacturer in a seasonal industry, is preparing its direct materials budget for the second quarter. It plans production of 240,000 units in the second quarter and 52,500 units in the third quarter. Raw material inventory is 43,200 pounds at the beginning of the second quarter. Other information follows:Direct materials Each unit requires 0.60 pounds of a key raw material, priced at $175 per pound. The company plans to end each quarter with an ending inventory of materials equal to 30% of next quarter’s budgeted materials requirements.
Prepare a direct materials budget for the second quarter.