At the beginning of january of the current year, little mikey's catering ledger reflected a normal balance of $53,000 for accounts receivable. during january, the company collected $15,000 from customers on account and provided additional services to customers on account totaling $12,600. additionally, during january one customer paid mikey $5,100 for services to be provided in the future. at the end of january, the balance in the accounts receivable account should be:
The ending balance in the accounts receivable account at the end of January is $80,500.
To calculate the ending balance in the accounts receivable account at the end of January, we need to consider the transactions that occurred during the month:
1. Beginning balance of accounts receivable: $53,000
2. Collections from customers on account: $15,000
3. Additional services provided to customers on account: $12,600
4. Payment from a customer for future services: $5,100
We can calculate the ending balance by summing up all the transactions:
Beginning balance + Collections - Payments + Additional services
= $53,000 + $15,000 - $5,100 + $12,600
= $53,000 + $15,000 + $12,600 - $5,100
= $80,500
Therefore, the ending balance in the accounts receivable account at the end of January is $80,500.
Qs 22-2 allocating costs to departments lo p1 mervon company has two operating departments: mixing and bottling. mixing has 300 employees and occupies 22,000 square feet. bottling has 200 employees and occupies 18,000 square feet. indirect factory costs for the current period follow: administrative, $160,000; and maintenance, $200,000. administrative costs are allocated to operating departments based on the number of workers. determine the administrative costs allocated to each operating department.
Anthony and cathy jones have been married for twenty-seven years. they have always had a joint bank account, discuss big expenditures before making them, and share household duties. this jones family is an example of a/an ________ family.
Calculate the future value of an investment of $2300, after 7 months, earning 6.6% apr, compounded monthly, by compounding manually. g
What do we learn from the data in case exhibit 2? does the data provide additional valuable information? why or why not?
If you were to invest $120 for two years, while earning 8% simple interest, what is the total amount of interest that you will earn?
Harris corporation produces a single product. last year, harris manufactured 27,970 units and sold 22,200 units. production costs for the year were as follows: fixed manufacturing overhead $335,640 variable manufacturing overhead $240,542 direct labor $131,459 direct materials $234,948 sales were $1,043,400, for the year, variable selling and administrative expenses were $113,220, and fixed selling and administrative expenses were $198,587. there was no beginning inventory. assume that direct labor is a variable cost. the contribution margin per unit would be: (do not round intermediate calculations.) $21.30 per unit $20.20 per unit $25.30 per unit $15.70 per unit
The Contribution Margin per unit (CM) can be calculated from the difference of Selling Price per unit (SP) and Total Expenses per unit (TE).
First, let’s calculate the value of SP:
SP = Sales / Units sold
SP = $1,043,400 / 22,200 units sold
SP = $47
Second, calculate all expenses:
Direct materials per unit = $234,948 / 27,970 units manufactured = $8.4
Direct labor per unit = $131,459 / 27,970 units manufactured = $4.7
Variable manufacturing overhead per unit = $240,542 / 27,970 units manufactured = $8.6
Variable selling expenses per unit = $113,220 / 22,200 units sold = $5.1
TE = $26.8
Therefore the CM is:
CM = SP – TE
CM = $47 - $26.8
CM = $20.2 per unit
Which of the following is NOT a workplace right? Overtime pay for hourly workers who work more than 40 hours in one week equal pay for two people doing the same job with the same set of skills 12 weeks of paid leave for the birth of a child or illness children under 18 cannot work in hazardous conditions
Alexander was being interviewed for the position of an entry-level financial analyst at a well-known asset management company. alexander was asked questions about the current state of the u.s. stock market, the current net worth of certain financial firms, and concepts such as ipo, mergers, and leverage from a set of pre-determined questions that the interviewer had prepared. this is an example of a(n) _____.
The answer to this question is an example of a structured interview. A structured interview is also known as a standardized interview. This is an interview where in the interviewee interviews applicants using the same questions giving it in an exact order. In a structured interview, the employer is focused on finding the candidates skills that matched the criteria of the employer. Also in the structured interview most questions are based on how the candidate can deal with a situational question and most questions are behavioral questions.
Beatrix is planning a research study for her doctoral dissertation. as part of the study, she wants to measure normal aspects of personality in each of the participants, using a measure that is objective and precise. the best measure for beatrix to use would be the
Jed's weekly budget for lunch is $24. he eats only pizza and burgers. each pizza costs $6 and each burger costs $3. jed knows that 2 pizzas and 4 burgers will give him a utility of 8. at his utility-maximizing point, jed's utility is:
A decrease in labor's productivity will cause the economy's sras curve to shift __________ and the price level to __________.
Decreased productivity causes the SRAS curve to shift left, leading to an increase in the overall price level, as fewer goods and services are produced.
Explanation:A decrease in labor's productivity will cause the economy's short run aggregate supply (SRAS) curve to shift left, indicating a reduction in the total quantity of goods and services firms are willing to produce at different price levels. Likewise, this shift in the SRAS curve will cause the overall price level to increase. In other words, goods and services will become more expensive because fewer of them are being produced, characterized by the leftward shift of the SRAS curve.
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Unverferth manufacturing has been a manufacturer and supplier of innovative agricultural equipment since 1948. recently it began developing a new 12-row subsoiler, which prepares 10-inch-wide seed beds spaced 40 inches apart. before introducing the new tiller to the market, unverferth developed and tested nearly three dozen product prototypes. unverferth used ____ to produce the best possible tiller before introducing it to the market.
Feedback given by the job is more effective than formal appraisals from their boss
a. True
b. False
In an essay of at least two well-developed paragraphs, explain how making regular deposits in a savings account or buying shares of stock or bonds makes an impact on our economy.
Pharrell, inc., has sales of $593,000, costs of $265,000, depreciation expense of $67,000, interest expense of $34,000, and a tax rate of 35 percent. the firm paid out $40,000 in cash dividends. what is the addition to retained earnings? (do not round intermediate calculations and round your answer to the nearest whole number,
e.g., 32.)
The income statement begins with revenues and subtracts costs to arrive at Earnings before Interest and Taxes (EBIT).
We then subtract out interest to get taxable income, and then subtract taxes to arrive at net income. Doing so, we get:
Income statement
Sales $593000
Costs (265000)
Depreciation (67000)
--------------------------
EBIT $261000
Interest (34000)
--------------------------
Taxable income $227000
Taxes (35%) (79450)
--------------------------
Net income $147550
The dividends paid plus the addition to retained earnings must equal net income, so:
Net income = Dividends + Addition to retained earnings
$147550 = $40,000 + Addition to retained earnings
Addition to retained earnings = $147550– 40,000
Addition to retained earnings = $107550
Cathy uses, on her new recording drive by, the melody of a song written by earl, without earl's permission. this is
American express established a consulting program that sent expert teams of employees into nonprofits to solve organizational problems. this can be considered an example of
The answer is skill-based volunteering or volunteerism. It is a tactical type of volunteerism that allows professionals to make use of their skills to impact nonprofits to help make stronger their operation and services. Also it fosters cross-departmental cooperation and has been proven to improve a company’s performance.
The answer is "skill-based volunteering".
Skills-based volunteering implies utilizing the particular aptitudes and gifts of people to fortify the framework of charities, helping them assemble and support their ability to effectively accomplish their missions. The following are connections to articles that examine aptitudes based volunteering in more detail, and give instances of corporate SBV programs and their advantages for charitable associations, volunteers and organizations.
The cost of hardware, software, and telecommunications services needed to build a web site have ________ over the last decade.
Notable public health trends and issues do not include addressing one of the biggest public health challenges: hiv/aids because it is largely under control.
A foreign company whose sales will not affect markson's market offers to buy 2,000 units at $15.35 per unit. in addition to variable manufacturing costs, selling these units would increase fixed overhead by $1,690 for the purchase of special tools. if markson accepts this additional business, its profits will:
The business decision involves incremental analysis to determine the effect on Markson's profits when an offer to buy 2,000 units at $15.35 each is made by a foreign company, considering variable manufacturing costs and additional fixed overhead.
Explanation:The subject in question is business, specifically the area of managerial accounting that deals with decision making and incremental analysis. A foreign company offers to buy 2,000 units from Markson at $15.35 per unit. The variable manufacturing costs and the additional fixed overhead expenses for special tools amount to $1,690. To determine how Markson's profits will be affected by this additional business, one must calculate the total additional revenue and compare it with the total additional costs (variable and additional fixed costs).
Suppose the total variable cost per unit is X. Then, the additional revenue generated by this offer would be 2,000 units multiplied by $15.35, and the total additional costs would be the sum of (2,000 units multiplied by X) and the $1,690 for the special tools. The difference between the additional revenue and additional costs represents the change in profit due to the sale.
Cosmos company on july 15 sells merchandise on account to cajon co. for $6,000, terms 2/10, n/30. on july 20 cajon co. returns merchandise worth $1,000 to cosmos company. on july 24 payment is received from cajon co. for the balance due. what is the amount of cash received?
The amount of cash received from Cajon Co. is $4,720 after considering the sales transaction, return, and discount terms.
The amount of cash received from Cajon Co. is $4,720.
To calculate this, first, we determine the net amount after the return by deducting the return amount ($1,000) from the original purchase amount ($6,000), which equals $5,000. Then we apply the discount terms 2/10, which means a 2% discount if paid within 10 days. Therefore, 2% of $5,000 is $100, making the balance due after the discount $4,900. Since the payment is received on July 24, within the discount period, the cash received would be $4,900.
Internal controls are required to safeguard assets and to ensure ethical business practices. (1) identify and explain the reason for any two of the seven internal control procedures and (2) provide examples of how your two selected internal control procedures will meet the goal of safeguarding assets and promoting ethical business practices.
Dybala corporation produces and sells a single product. data concerning that product appear below: the company is currently selling 5,000 units per month. fixed expenses are $173,000 per month. the marketing manager believes that an $6,000 increase in the monthly advertising budget would result in a 170 unit increase in monthly sales. what should be the overall effect on the company's monthly net operating income of this change
The given problem lacks the data about the price of the single product. However assuming that the selling price is similarly $44 which I got from other references, then we can now calculate for the net change of the monthly operating income.
So to solve for the change, we use the formula:
Change in net operating income = Increase in units * Selling price – Increase in advertising budget
Change in net operating income = 170* $44 – $6,000
Change in net operating income = $1,480
Since the change is positive, then it is a good decision to increase the monthly advertising budget by $6,000.
At rue's hunting emporium, a retail store, equipment required for hunting is sold. when a new or revised equipment is introduced, it advertises those products steadily throughout a planned period of time. this is an example of a _____
Axis corporation's division a has average operating assets of $500,000 and the division earned $100,000 as net operating income during a period. the company expects a minimum required rate of return of 15% on its investments. what is the residual income for division a?
The amount of profit that a company forgoes when it decides to drop a particular product line in favor of another one
The amount of profit that a company forgoes when it decides to drop a particular product line in favor of another one, this describes the opportunity cost.
Opportunity cost is defined as the benefit you could receive, but you chose another action. For example if you have $1000 and you have two choices, either to buy shares from x company or invest in another y company. If x company will give you 10% and y will give you 5% and you chose the x company for your benefit but however x company returns only 2% when you could have had 5% from the y company. So your opportunity cost is 5% - 2% = 3%
Which type of fall is responsible for the highest percentage of overall deaths in construction
Answer:
The correct answer is: Fall from roofs.
Explanation:
According to the U.S. Bureau of Labor Statistics, falls from roofs represented 76% of fatalities in the construction industry in the year 2013. The study concludes that workers in the roofing industry are more prone to have more work-related injuries than in any other type of worker in the construction field.
What is the dividend on an 8 percent preferred stock that currently sells for $45 and has a face value of $50 per share?
The dividend of a stock would always depend on the face value of the share. Therefore the dividend is calculated by:
Dividend = (Face Value) * (Interest rate)
Dividend = $50 per share * 0.08
Dividend = $4 per share (ANSWER)
Deviation from the required performance pertaining to a contract is said to be material when the deviation does not result in a substantial change in value of the contract.