Barkley’s Resort had 2,000 shares of $20 par value common stock outstanding. On June 1, Barkley’s purchased 200 shares of treasury stock at $21 per share and later reissued them for $22 per share. Which amount of profit from the reissuance will be reported?

Answers

Answer 1
Answer:

Answer:

NONE

Explanation:

The treasury stock sales increase additional paid-in capital treasury stock. It do not generate net income the stokc are part of equity transactions. They cannot generate a gain, the differnece in value betwene cost and reissuance of the shares will be adjusted against additional paid-in capital Treasu Stock as state before.


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g Twins Jane and Hal each inherited $150,000 exactly ten years ago. Jane invested the entire amount in a brokerage account to fund her retirement. Her account has been earning 8% per year since she invested it, and she expects it to earn 5% per year for the next 20 years. Hal spent all of his inheritance and has not saved anything for retirement. Assume there are no taxes. a. How much is Jane expected to have in her account at retirement (20 years from now)? b. Due to sibling rivalry, Hal wants to have at least $100,000 more saved at retirement (20 years from now) than Jane is expected to have at that time. He plans to make an equal deposit each year in an account earning the same annual interest rate as Jane’s, i.e., 5%, with the first deposit occurring one year from today and the last occurring 20 years from today. How much must Hal deposit each year in order to achieve his goal?

The Museum of America is preparing for its annual appreciation dinner for contributing members. Lastâ year, 525 members attended the dinner. Tickets for the dinner were $ 24 per attendee. The profit report for lastâ year's dinner follows. Ticket sales $12,600

Cost of dinner 15,300

Gross Margin 2,700

Invitations and paperwork 2,500

Profit (loss) $ 5,200

This year the dinner committee does not want to lose money on the dinner. To help achieve itsâ goal, the committee analyzed lastâ year's costs. Of the â$15,300 cost of theâ dinner, â$9,000 were fixed costs and â$6,300 were variable costs. Of the â$2,500 cost of invitations andâ paperwork, â$1,975 were fixed and â$525 were variable.

Requirement:

1. Prepare last year's profit report using the contribution margin format.

Answers

Answer:

Contribution Margin                                       $ 5775

Net Loss                                                          ( $ 5,200 )

Explanation:

Ticket sales                                                    $12,600

Less

Variable Costs

Cost of dinner

Variable Costs ( 15,300- 9000)                     $ 6,300

Invitations and paperwork (variable costs)  $ 525

Less Fixed Expenses

Cost of dinner   (fixed  costs)                       $ 9000

Invitations and paperwork (fixed  costs)      $ 1975

Net Loss                                                          ( $ 5,200 )

Contribution Margin is obtained by deducting variable costs from sales and then the profit or loss is obtained by deducting fixed costs from the contribution margin.

The growing integration of the world economy is: A.increasing the intensity of competition in a wide range of manufacturing and service industries.
B. decreasing the intensity of competition in manufacturing industries, and increasing the intensity of competition in services.
C. increasing the intensity of competition in manufacturing industries, and decreasing the intensity of competition in services.
D. narrowing the scope of competition in a wide range of service, commodity, and manufacturing industries.

Answers

Answer:

The correct answer to the following will be Option A.

Explanation:

They describe economic growth in an economy by an ongoing change in its future economic activity growth curve being dictated by an increase in domestic product nation's total demand.

Six factors are influencing economic growth, such as:

  • Natural resources.
  • Human, or technology capital.
  • Labor or population.
  • The Capital of Person.
  • Technology.
  • Law.

Therefore, the increasing integration of the global economy in a wide variety of production and manufacturing sectors is rising the frequency of competitiveness.

Toshlin issues financial statements on June 30. If payroll was $30,000 through June 30th and wages were to be paid on July 5. What is the correct journal entry on June 30?Assume FIT = 15%, FICA = 8%, SUTA = 6%, FUTA = 1%,

Answers

Answer:

a. No entry is required.

b.   Payroll        Dr.      $30,000  

           Wages Payable                      Cr.   $30,000

c.     Payroll          Dr.           $30,000    

             Federal Income Tax              Cr.       $4,500    

             FICA Taxes Payable               Cr.      $2,400    

             Wages Payable                       Cr.      $23,100      

d.     Payroll                          Dr.      $30,000  

              Federal Income Tax                       Cr.         $4,500  

              FICA Taxes Payable                       Cr.        $2,400    

              SUTA                                               Cr.        $1,800    

              FUTA                                               Cr.        $300        

              Wages Payable                               Cr.        $21,000

Lorenzo Company applies overhead to jobs on the basis of direct materials cost. At year-end, the Work in Process Inventory account shows the following. Work in Process Inventory Date ExplanationDebit Credit Balance Dec.31 Direct materials cost1,900,000 1,900,000 31 Direct labor cost210,000 2,110,000 31 Overhead applied684,000 2,794,000 31 To finished goods 2,723,000 71,000 1. Determine the predetermined overhead rate used (based on direct materials cost). 2. Only one job remained in work in process inventory at December 31. Its direct materials cost is $22,000. How much direct labor cost and overhead cost are assigned to this job

Answers

Answer:

1. Overhead rate = Overhead costs / Direct material costs

Overhead rate = $684,000 / $1,900,000

Overhead rate = 0.36

Overhead rate = 36%

2. How much direct labor cost and overhead cost are assigned to this job?

Total cost of job in process                      $71,000

Less: Overhead applied                            $7,920

          ($22,000 * 36%)

Less: Material cost of job in process        $22,000

Direct labor cost                                        $41,080

Hence, direct labor cost is $41,080 and Overhead cost is $7,920

Final answer:

The predetermined overhead rate is 36%. For the last job with direct materials cost of $22,000, the direct labor cost assigned remains $210,000 and the overhead cost assigned is $7,920.

Explanation:

To answer your questions, first we need to determine the predetermined overhead rate which is the ratio of overhead costs to direct materials costs. Given that the total overhead costs were $684,000 and the total direct material cost was $1,900,000, the predetermined overhead rate would be $684,000 / $1,900,000 which equals approximately 0.36 or 36%.

Secondly, to calculate how much direct labor cost and overhead cost would be assigned to the last job which has a direct materials cost of $22,000: the direct labor cost remains the same as provided, which is $210,000. However, the overhead cost would be calculated by multiplying the direct materials cost of the job by the overhead rate (0.36), giving $22,000 * 0.36 = $7,920.

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You are an upper-level manager in a firm. You believe that corporate objectives are not effectively disseminated throughout the organization and that line-level managers do not take them into account in their decision making. Which of the following would best help you to try to correct this problem? Multiple Choice Hold a series of supervisory manager meetings. Establish metric-based performance measures. Evaluate personality indicators to ensure inter-departmental worker compatibility. Evaluate and increase manager salaries and benefits.

Answers

Answer:

Establish metric-based performance measures.

Explanation:

In the given scenario the line managers are not taking corporate objectives into consideration in their decision making.

As a upper-level manager can resolve this by introducing metric based performance measures that will show clearly productivity of the line managers.

The Key Performance Indicators should be tailored to the organisation's objectives.

The line managers that are not performing well according to the KPIs will need to align and perform better in the specific areas.

This is an effective way of disseminating the corporate objectives in the organisation.

Final answer:

To effectively disseminate corporate objectives throughout an organization, holding supervisory manager meetings, establishing metric-based performance measures, and evaluating and increasing manager salaries and benefits can be effective methods.

Explanation:

In order to correct the issue of corporate objectives not being effectively disseminated throughout an organization, the best method to try would be to hold a series of supervisory manager meetings. This would create a direct channel for upper management to communicate these objectives to line managers. It also gives room for discussion, understanding, and eventual implementation of the objectives in their decision-making process. Establishing metric-based performance measures could also be useful in this context as it would provide a defined and quantifiable way to bring about desired behaviors in line-level managers by linking their performance indicators directly to corporate objectives. Evaluating and increasing manager salaries and benefits will also incentivize them to work in accordance with the corporate objectives.

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Tidy Limited purchased a new van on January 1, 2018. The van cost $40,000. It has an estimated life of ten years and the estimated residual value is $3,500. Tidy uses the double-declining-balance method to compute depreciation. What is the adjusted balance in the Accumulated Depreciation account at the end of 2019

Answers

Answer:

$33,600

Explanation:

The computation is shown below:

But first we have to determined the following things

Depreciation rate

= 1 ÷ useful life

= 1 ÷ 10

= 0.1

It is double-declining so the rate is also double i.e. 0.20

Now in the first year, the depreciation expense is

= $40,000 × 0.20

= $8,000

Now in the second year, the depreciation is

= ($40,000 - $8,000) × 0.20

= $25,600

So, the accumulated depreciation at the end of 2019 is

= $8,000 + $25,600

= $33,600

Here the residual value is not relevant. hence, ignored it