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Answer:
Related Questions
Data concerning a recent period’s activity in the Prep Department, the first processing department in a company that uses process costing, appear below: Materials Conversion Equivalent units in ending work in process inventory 2,200 940 Cost per equivalent unit $ 15.26 $ 6.13 A total of 20,200 units were completed and transferred to the next processing department during the period. Required: 1. Compute the cost of ending work in process inventory for materials, conversion, and in total. 2. Compute the cost of the units completed and transferred out for materials, conversion, and in total. (Round your final answers to the nearest whole dollar amount.)
One of your customers is delinquent on his accounts payable balance. you’ve mutually agreed to a repayment schedule of $500 per month. you will charge 1.40 percent per month interest on the overdue balance. if the current balance is $13,000, how long will it take for the account to be paid off?
Gitli Company sells its product for $ 55 and has variable cost of $ 30 per unit. The total fixed costs are $ 25 comma 000. What will be the effect on the breakeven point in units if variable cost increases by $ 10 due to an increase in the cost of direct materials? (Round your answer up to the nearest whole unit.) A. It will decrease by 667 units. B. It will increase by 167 units. C. It will decrease by 167 units. D. It will increase by 667 units.
What is one course of action available in every decision making process?a. Respond in a way which will have only positive consequencesb. Respond in a way which will have no negative consequencesChoose to do nothing about the issued. None of the abovePlease select the best answer from the choices providedА
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Question Completion:
Sandersen Inc, sells minicomputers. During the past year, the company's sales were 3.00 million. The cost of its merchandise sold came to 2.00 million, and cash operating expenses were 400,000; depreciation expense was 100,000, and the firm paid 150,000 in interest on its bank loans. Also, the corporation paid 25,000 in the form of dividends to its own common stockholders.
Calculate the corporation tax liability.
The corporate tax rates are listed here:
15% $0-$50,000
25% $50,001-$75,000
34% $75,001-$10,000,000
35% over $10,000,000
Answer:
Sandersen Inc.
Computation of the Corporation's Tax Liability:
Taxable profit = $350,000
15% $0-$50,000 $7,500 ($50,000 * 15%)
25% $50,001-$75,000 6,250 ($25,000 * 25%)
34% $75,001-$10,000,000 93,500 ($275,000 * 34%)
35% over $10,000,000 0
Total Tax Liability = $107,250
Explanation:
Data and Calculations:
Sales Revenue $3,000,000
Cost of goods sold 2,000,000
Gross profit $1,000,000
Operating expenses 400,000
Depreciation expense 100,000
Operating profit $500,000
Interest expense 150,000
Profit before taxes $350,000
Income Taxes 107,250
Profit after taxes $242,750
Dividend 25,000
Retained Earnings $217,750
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Answer:
The Earnings after taxes will be $400,000
Explanation:
According to the data we have the following Long term financing funds of Permanent current assets = $1,610,000 and Fixed assets = $790,000 so the total of Long term financing funds= $ 2,400,000
Also, we have Termperory current assets = $3,200,000
Therefore, the Long term interest expenses = $2,400,000 * 15%
= $360,000
and the Short term interest expenses = $3,200,000* 10%
= $ 320,000
Hence, Total interest expenses=$360,000+$ 320,000=$680,000
So, Earnings before taxes=Earnings before interest and taxes-Interest expenses=$ 1,180,000- $ 680,000=$500,000
The tax rate is 20 percent, hence, taxes=$500,000*20%=$100,000
Therefore, The Earnings after taxes would be=Earnings before taxes-taxes
=$500,000-$100,000
=$400,000
2. Record the entry that shows Dextra sending the sales tax on this sale to the government on October 15.
3. Record the cost of Sept. 30th sales.
4. Record the entry that shows the remittance of the 5% tax on this sale to the state government on October 15.
5. Record the cash sales and 3% sales tax.
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Answer:
1.
Sept - 30
DR Cash $6,300
CR Sales $6,000
CR Sales Tax $300
(To record Cash sales and Tax Payable)
Working
Sales Tax = 6,000 * 5%
= $300
2.
Oct - 15
DR Sales Tax Payable $300
CR Cash $300
(To record remittance of Sales Tax to the State Government)
3.
Sept - 30
DR Cost of Goods Sold $3,900
CR Merchandise Inventory $3,900
(To transfer inventory to Cost of Goods sold)
4. Repeat question for question 2.
5. Repeat question for question 1.
1. Dr. Cash $6300
Cr. Sales $6000
Cr. Sales tax $300
(Being the cash sales and tax payable recorded.)
2. Oct 15
Dr. Sales Tax Payable $300
Cr. Cash $300
(Being remittance of Sales Tax to the State Government is recorded)
Sept. 30
Dr. Cost of Goods Sold $3,900
Cr. Merchandise Inventory $3,900
(Being transfer of inventory to Cost of Goods sold is recorded)
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There are seven main instruments used in trade policy with tariffs being the oldest and the simplest. local content requirements tariffs subsidies voluntary export restraints import quotas.
Explanation:
Trade policy incorporates seven principal tools: tariffs, subsidies, import quotas, voluntary restrictions on exports, local content needs, administrative policies and anti-dumping duties. Tariffs are the easiest and earliest type of the tools of trade policy.
They have historically been utilized as a reservoir of government revenue but are primarily employed nowadays to shield particular home industries from foreign competition by artificially hiking the local cost of the foreign good.These are also the mechanism most effective in restricting by the GATT and WTO.
Interest received on municipal bonds of $ 20,000
The enacted tax rate for 20X0 is 30% and 25% thereafter. In its December 31, 20X0, balance sheet, Lake should report a deferred income tax liability of:
a.$4,500
b.$0
c.$3,750
d.$28,500
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Answer:
b.$0
Explanation:
As we know that
When there is a temporary discrepancy between financial income and taxable income a deferred tax benefit or liability occurs. Temporary difference means an benefit or cost with respect to treatment that has just a timing gap.
Moreover, the Premium on officer's life insurance is tax deductible i.e $15,000 as it is paid by the company due to which difference arise between the financial and taxable income.
And,
Interest received on municipal bonds $20,000 are mostly exempt from federal income tax.
Therefore, it shows no such difference as it indicates the permanent difference
It was also estimated that the setup cost pool would have $100,000 of overhead, with 1,000 hours for the Standard and 1,500 hours for the Extreme.
A. What is the overhead rate per product under Traditional costing?
What is the overhead rate under Absorption Costing for:
B. The machine pool overhead rate
C. The setup pool overhead rate
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Answer:
Instructions are listed below.
Explanation:
Giving the following information:
Estimated costs and direct labor hours:
The total overhead= $300,000
Standard= 150,000 hours
Extreme= 50,000 hours
1) Under traditional costing, overhead gets allocated using a single plantwide manufacturing overhead rate.
To calculate the estimated manufacturing overhead rate we need to use the following formula:
Estimated manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base
Estimated manufacturing overhead rate= 300,000/200,000= $1.5 per direct labor hour
Now, we can allocate overhead to each product:
Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base
Standard= 1.5*150,000= $225,000
Extreme= 1.5*50,000= $75,000
2) Machine:
Overhead= $200,000
Hours= 4,000 hours used on the Standard product and 1,000 hours used on the Extreme product.
Estimated manufacturing overhead rate= 200,000/5,000= $40 per hour
3)Set up:
Overhead= $100,000
Hours= 1,000 hours for the Standard and 1,500 hours for the Extreme.
Estimated manufacturing overhead rate= 100,000/2,500= $40