Answer:
The adjusting entries should be:
December 31, adjusting entry Shimeca Company
Dr Cost of goods sold 2,150
Cr Manufacturing overhead costs 2,150
December 31, adjusting entry Garcia Company
Dr Manufacturing overhead costs 997
Cr Cost of goods sold 997
Both accounts (manufacturing overhead and cogs) are expense accounts that have debit balances, but manufacturing overhead is included under cogs and has to be closed against it at the end of the year.
Answer:
COGS 1,153 debit
MO 1,153 credit
Explanation:
The manufacturing overhead debit represent the actual overhead
while the credit represent the applied overhead for the firm and charged into their product already.
At the end of the period, we adjust to match the applied against the actual overhead.
As we apply 997 while the actual cost was 2,150 we underapplied we must charge more cost to our product.
We credit the manufacturing overhead and post that cost against cost of good sold.
2,150 - 997 = 1,153
Novartis created the Novartis Research Institute for Tropical Diseases in Singapore. The institute is unique because it is a not-for-profit organization that focuses on the discovery of new drugs for the treatment of neglected diseases, such as dengue fever and tuberculosis. Not only is this good business, it is also: A. mandated by Supreme Court rulings
B. socially responsible
C. not ethically motivated
D. demonstrating a lack of concern for diversity
E. using environmental marketing
Answer:
B. Socially responsible.
Explanation:
Tuberculosis and Dengue fever are endemic to the tropical regions of West Africa and the south Americas. Tuberculosis is of public health importance and affects millions of people in these regions yearly. It is caused by a bacteria called mycobacterium tuberculosis and is highly contagious. It mostly attacks the airways and lungs but can also affect other organs like the liver in people with weak or absent immunity such as in conditions like HIV and cancer. It is spread through air droplets when people with the infection cough, sneeze or spit. Tuberculosis can be cured and prevented and this is possible through the various researches done by companies like Novartis.
Dengue fever is a viral infection caused by mosquitoes in the tropical regions. It's symptoms include high fever, joint pains, bleeding and shock. There's no known cure for it.
Other neglected diseases include; hookworm infection, ascariasis, schistosomiasis, leprosy and trypanosomiasis also known as African sleeping sickness and caused by trypanosoma brucei.
Novartis research centers for tropical diseases offer social responsibility in looking into these neglected but fatal diseases and trying to find ways in which we can better manage and prevent them. Manufacturing affordable and readily available medications and providing them in these impoverished regions says a lot about the social responsibility and ethical standards of this company and therefore putting their name out there as one of today's global heavyweights in pharmaceuticals as well as charitable organizations.
At the close of a federal civil trial, the court held in favor of the student loan provider for the full amount plus post-verdict interest at 8%. When the court clerk typed up the final order to send to all parties, she accidentally typed in 9% as the post-verdict interest rate. The law student did not notice the error until 14 months after the judgment was entered. She immediately filed a motion for relief from judgment based on a clerical mistake to correct the order to reflect the accurate interest rate.
Answer:
D) Yes, because motions for relief from judgment to correct clerical mistakes can be made at any time.
Explanation:
Since there is no time limit to file a motion fro relief from judgment to correct clerical mistakes, the court will likely grant the motion. The court order should correct the error dates back to the time when the judgment was entered.
This is called a clerical mistake because court clerk incorrectly recorded the interest rate at 9% while the court ordered that it should be 8%.
Dominic’s boss at the Chuck Wagon restaurant expects that he will stay late to clean up the bar areas on Friday and Saturday nights. However, Dominic needs to be home to take over babysitting from his wife, who works a night shift. This is a work-family conflict. True or false?
Answer:
True
Explanation:
Work-family conflict is a form of conflict that occurs when an individual is torn between performing expected roles at work and family roles, in such a way that carrying out both roles becomes impossible without creating an imbalance. Devoting more attention and energy to one would mean, reducing devotion to the other. Dominic's family role interferes with his expected role at work.
Information related to Kerber Co. is presented below.1. On April 5, purchased merchandise from Wilkes Company for $23,000, terms 2/10, net/30, FOB shipping point.2. On April 6, paid freight costs of $900 on merchandise purchased from Wilkes.3. On April 7, purchased equipment on account for $26,000.4. On April 8, returned damaged merchandise to Wilkes Company and was granted a $3,000 credit for returned merchandise.5. On April 15, paid the amount due to Wilkes Company in full.Prepare the journal entries to record these transactions on the books of Kerber Co. under a perpetual inventory system.
Answer: please refer to the explanation section for journals and notes
Explanation:
1 April
DR Inventory 23000
CR Trade Payable 23000
inventory is purchased on Free on Board Shipping terms, risks and Ownership of inventory transfers to Kerber Co the moment Wilkes company ships the inventory. inventory must be recognised
6 April
DR Freight costs 900
CR Bank 900
DR Inventory 900
CR Freight costs 900
Kerber Co Paid Freight costs of $900. There are two events happening in this transaction being the payment of freight costs and the capitalisation of freight costs. Freight costs are capitalised (included in the value of inventory) as they are costs necessary to get the inventory in to the premises of the customer (Kerber Co).
7 April
DR Equipment 26000
CR Creditor/Liability 26000
Kerber Co purchase inventory on credit. equipment is debited because Equipment is an asset and liability is credited.
8 April
DR Trade Payable 3000
CR inventory 3000
Damaged inventory returned will decrease inventory balance and also decrease the amount owed to the creditor (Wilkes Company) . Trade Payable account is Debited and inventory account is credited to record the decrease in inventory and amount payable
15 April
DR Trade Payable 20000
CR Bank 20000
23000 - 3000 = 20 000
recording payment made to the Creditor for inventory purchased or settlement of the trade payable account
If a company pays dividends of $8000, total stockholders:______.a. equity will be reduced by $8000. b. retained earnings will be reduced by $8000. c. both retained earnings and total stockholders equity will be reduced by $8000. d. net income will be reduced by $8000.
Answer:
b. retained earnings will be reduced by $8000
Explanation:
The journal entries are as follows:
Retained earning A/c Dr $8,000
To Dividend payable A/c $8,000
(Being the dividend is declared)
Dividend payable A/c Dr $8,000
To Cash A/c $8,000
(Being the dividend is paid in cash)
So at the time of dividend paid, the retained earnings got reduced by $8,000
The County Commission of Canyon County adopted its General Fund budget for the year ending June 30, comprising estimated revenues of $13,200,000 and appropriations of $12,900,000. The budgeted excess of estimated revenues over appropriations will be recorded as:_______.A. A credit to Surplus Revenues, $300,000. B. A debit to Estimated Excess Revenues, $300,000.
C. A credit to Budgetary Fund Balance, $300,000.
D. A memorandum entry only.
Answer:
The correct answer is "C".A credit to Budgetary Fund Balance. $300,000
Miller Company makes two types of chairs. One of the chairs is a rocking chair. The other is a straight-back chair. Both chairs are made by hand. Miller Company uses a companywide overhead rate that is based on direct labor hours to assign overhead costs to the two products. If Miller automates the production of straight-back chairs and continues to use direct labor hours as a companywide allocation basis:
Answer:
C. straight back chairs will be overcosted
Explanation:
Miller Company makes two types of chairs. One of the chairs is a rocking chair. The other is a straight-back chair. Both chairs are made by hand. Miller Company uses a company-wide overhead rate that is based on direct labor hours to assign overhead costs to the two products. If Miller automates the production of straight-back chairs and continues to use direct labor hours as a company-wide allocation basis:
A. rocking chairs will be undercosted
B. There should be no impact on unit cost
C. straight back chairs will be overcosted
D. rocking chairs will be overcosted.
EXPLANATION
If Miller automates the production of straight-back chairs and continues to use direct labor hours as a company-wide allocation basis then the straight back chairs will be overcosted because the automation process directly implies that it no longer drives labor hours since it is no longer made by hand.
Automated processes should use machine hours rather than labor hours, for the allocation of its overhead.
Answer:
The question is incomplete, the options include:
a). rocking chairs will be undercosted
b). there should be no impact on unit cost
c). straight back chairs will be overcosted
d). rocking chairs will be overcosted. is Correct
Explanation:
The immediate working hours of straight back chairs will be shortened following the automation of straight back chairs, and that of rocking chairs will remain unchanged.
Suggesting the overall overhead remains unregulated, Gross Direct working hours would minimize the ratio of Direct rocking chair working hours in total direct working hours.
And the overhead distribution on the basis of Direct Labor hours for Rocking chair would also increase as before. And it would overcost the rocking chairs.
Elise recently quit her job at a well-known insurance company and started a home-based business preparing medical transcriptions for doctors. Based on recent statistics, she can expectA. a negative reaction from friends and family who wonder when she will get a real job.B. the government will discourage her attempts to create a home-based business in the hopes that she will opt for locating in an enterprise zone.C. the emergence of affordable technology will make it less challenging for her to compete with larger firms offering the same service.D. to find security, routine, and a paycheck from her new enterprise.
Answer:C. The emergence of affordable technology will make it less challenging for her to compete with larger firms offering the same service.
Explanation: Medical transcription is an health based field which involves transcribing that is putting voice recorded messages or oral lectures into written form. Most medical transcriptions work with physicians, hospitals as most of the voice recordings are made by physicians and other health workers. There are also third party companies who are involved in medical transcription.
The emergence of affordable technology will make it less challenging for Elsie to compete with larger firms offering the same service, as there are many word processing softwares which can be used at very affordable cost or rate coupled with knowledge of medical terminologies and grammar.
Amber, a district manager for a large restaurant chain, is comparing the goals of her restaurants with recent sales. She knows that two restaurants are underperforming, so she plans on meeting with those managers to discuss corrective action; this process is the controlling managerial function. True or false?
Answer:
True
Explanation:
Amber who is the district manager is charged with the responsibilities to ensure the overall progress of the restaurant company. and every organization has their policy, set goals and objectives and methods of operation. so if it is observed that any of the restaurants are underperforming or not meting up to the required standard then it is the responsibility of the Manager in this scenario Amber to call for meeting to review the goals and policy and carry out a SWOT (Strengths, Weaknesses, Opportunities, and Threats, analysis.
Dita takes out a student loan from Everloan Bank. When she fails to make the scheduled payments for six months, Everloan advises her of further action that it will take. This violates
Answer:This violates no federal law
Explanation:
Federal laws are bills that have passed both houses of Congress, been signed by the president, passed over the president's veto, or allowed to become law without the president's signature. Individual laws, also called acts, are arranged by subject in the United States Code.
Direct strategies of power are used when: A. one is an expert or has more knowledge. B. one is a novice or has less knowledge. C. indirect styles have not worked; D. it's the strategy of last resort. one is female.
Answer:
(A) one is an expert or has more knowledge.
Explanation:
Power is an individual's ability to influence others and do what the individuals wants as well as persons ability to resit the influence attempts of others.
Answer: what he said was right^^^
Explanation:
The Lory Company had net earnings of $127,000 this past year. Dividends of $38,100 were paid. The company's equity was $1,587,500. If Lory has 100,000 shares outstanding with a current market price of $11.625 per share, and a dividend growth rate is 5.6%, what is the firm’s discount rate?
Answer:
Rate = 9.05%
Explanation:
To calculate the Dividend per share we'll have to
= Total Dividends Paid / Total Shares
= 38,100/100,000
= 0.38 Dividend per share
So, if we are to be using the constant Growth Model,
P = Price of Stock
= Estimated Dividends for next period
r = Required rate of return
g = Growth Rate
11.625 = 0.38(1.056)/(r - 0.056)
r = 9.05%
Hint: Round your answers in the first row down to the nearest baseball cap. For example, if you find that the deposit will cover 20.7 baseball caps, you would round the purchasing power down to 20 baseball caps under the assumption that Alyssa will not buy seven-tenths of a baseball cap.
Answer:
is equal to 200 baseball caps.
given the following inflation rates, how does the purchasing power of Alyssa change:
inflation rates for 1 year 5% 10% 15%
new price of caps $15.75 $16.50 $17.25
in 1 yer Alyssa will have $3,300 $3,300 $3,300
purchasing power 209 200 191
Supervisor: "We reached our goal by helping 2000 customers this month which is 14% more than last month." Employee: "That means that we must have helped __________ customers last month."
The correct word for the blank is approximately 1,754 customers. This means that 1,754 customers were helped last month.
The given information in the context are:
Total number of Customers = 2000
The percentage of the customers that were served = 14%
Let the number of customers helped last month be x customers.
Therefore, the total number of customers is 1754.
To know more about the number of customers, refer to the link below:
brainly.com/question/25322426
Answer:
Approximately 1,754 customers were helped last month
Explanation:
The question asks to know the number of customers helped last month given that percentage change.
Let the number of customers helped last month be x customers.
This means :
14/100 * x = 2000 - x
14x = 100(2000-x)
14x = 200,000 - 100x
114x = 200,000
x = 200,000/14
x = 1,754
Approximately, 1,754 customers were helped last month
Broker Nina and Broker Vesta work for Principal Broker Griffin. Vesta is working with Marlin, who is interested in purchasing a property in McMinnville. Nina's client, Cody, is also looking to purchase a property in McMinnville. A very well priced property has recently been listed by a competing brokerage. Nina and Vesta present the property to their buyers and both Cody and Marlin are interested in making an offer on the property. Broker Vesta is in a ____________ relationship with Buyer Marlin.A. Disclosed limited agency.B. Single agency.
Answer:
B) Single agency.
Explanation:
In real estate, a single agency relationship means that the broker can only represent one of the parties involved in the transaction, either the buyer or the seller, but he/she cannot represent both parties. Most broker-client relationships are single agencies, since that way the broker should pursuit his/her client's best interest.
In a dual agency relationship, the broker represents both he seller and the buyer.
Stone and brick are substitutes in home construction. Suppose the price of stone increases due to new regulations for the stone quarrying industry. Illustrate the impact this will have on the market for bricks. 1. The Brick Market, Equilibrium price:_______.a. increases.b. decreases.c. remains constant.d. change is ambiguous. 2. Equilibrium quantity:_______. a. increases.b. decreases.c. remains constan. d. change is ambiguous.
Answer:
1. The Brick Market, Equilibrium price: A) INCREASES
2. Equilibrium quantity: A) INCREASES
Explanation:
When the price of a good A increases, the quantity demanded for its substitute good B increases. This situation eventually will lead to a new equilibrium price which matches the price of both goods. The substitute good B's equilibrium price and quantity will increase, and the price of the good A should decrease due to lower demand.
An economy's factors of production and its production function determine the economy's:_______. a. labor force participation rate. b. population growth rate. c. budget surplus or deficit. d. output of goods and services.
Answer:D.Output of goods and service
Explanation:
Output in economics is the "quantity of goods or services produced in a given time period, by a firm, industry, or country", whether consumed or used for further production. The concept of national output is essential in the field of macroeconomics.
Answer:
d. output of goods and services.
Explanation:
According to the economists the economy's factors of production can be divided into four which are:
-Land
-Capital
-Labour
-Entrepreneurship
all this factors listed above can be used in determining the economy's output of goods and services. How can this be achieved, let's take for an example land, you can find so many resources embedded in land that be exchanged in form of goods and services example of such resources are coal, natural gas, trees, water e.t.c.
Suppose you are a Social Security recipient. In 2006 you receive $600 per month in Social Security benefits. In October of that year, the Social Security Administration announces that the cost-of-living adjustment for 2007 will be 3.3 percent, roughly matching the overall inflation rate. a. How much will your 2007 monthly benefit be?
b. In real terms, do your benefits go up, go down, or stay the same?
Answer:
a. How much will your 2007 monthly benefit be?
b. In real terms, do your benefits go up, go down, or stay the same?
Frictional unemployment is: A.unemployment that is due to the friction of competing ideological systems.
B.unemployment caused by lack of training and education.
C.unemployment caused by automation in the workplace.
D.unemployment that is due to normal turnover in the labor market.
Answer:
D.unemployment that is due to normal turnover in the labor market.
Explanation:
Frictional unemployment occurs as as result of normal movement of workers in an economy due to changing of jobs. It is also called transitional employment.
This type of employment can occur even when there is full employment in the economy and people want to move from one job to the other.
Frictional unemployment could be due to quitting, termination, seasonal employment, or term employment.
A securities analyst reports that a cyclical change in non-durable goods has occurred on the downside over the last quarter. Which of the following has probably been a poor investment over the last three months?[A] Shares in a steel company[B] Industrial revenue bonds[C] Shares in a home appliance manufacturer[D] Shares in a brewery
Answer:
D) Shares in a brewery
Explanation:
Beer is not a durable good, and the security analyst reported non-durable goods are not going to perform well. The analyst didn't specify which non-durable goods would not perform well, but beer is the only possible option. The other three alternatives all relate to durable goods (steel, industries, home appliances).