what is the business model of Indian oil corporation?

The Sweater Company produces sweaters. The company buys raw wool on the market and processes it into wool yarn from which the sweaters are woven. One spindle of wool yarn is required to produce one sweater. The costs and revenues associated with the sweaters are given below:

                                                                                         Per Sweater

Originally, all of the wool yard was used to produce sweaters, but in recent years a market has developed for the wool yarn itself. The yarn is purchased by other companies for use in production of wool blankets and other wool products. Since the development of the market for the wool yarn, a continuing dispute has existed in the Sweater Company as to whether the yarn should be sold simply as yarn or processed into sweaters. Current cost and revenue data on the yarn are given below:

                                                                                          Per Spindle

The market for sweaters is temporarily depressed, due to unusually warm weather. This has made it necessary for the company to discount the selling price of the sweaters to P30 from the normal P40 price. Since the market for wool yarn has remained strong, the dispute has again surfaced over whether the yarn should be sold outright rather than processed into sweaters. The sales manager thinks that the production of sweaters should be discontinued; she is upset about having to sell sweaters at a P2,50 loss when the yarn could be sold for a P4.00 profit. However, the production superintendent is equally upset at the suggestion that he close down a large portion of the factory, He argues that the company is in the sweater business, not the yarn business, and that the company should focus on its core strength.

Due to the nature of the production process, virtually all of the manufacturing overhead costs are fixed and would not be affected even if sweaters were discontinued. Manufacturing overhead is assigned to products on the basis of 150% of direct labor cost.

Would you recommend that the wool yearn be sold outright or processed into sweaters?

a. Sold outright because profit would decrease by P2.50 per sweater

b. Processed into sweaters because profit would increase by P6.20 per sweater

c. Processed further because profit would increase by P0.80 per sweater

d. Processed into sweaters because profit would increase by P2.20 per sweater

How much fixed overhead per unit is relevant to the production of sweaters?

a. P5.40

b. P8.70

c. P14.10

d. P0

In 2018, Susan (44 years old) is a highly successful architect and is covered by an employee-sponsored plan. Her husband, Dan (47 years old), however, is a Ph.D. student and unemployed. Compute the maximum deductible IRA contribution for each spouse in the following alternative situations.

a. Susan’s salary and the couple’s AGI before any IRA contribution deductions is $193,000. The couple files a joint tax return.

b. Susan’s salary and the couple’s AGI before any IRA contribution deductions is $123,000. The couple files a joint tax return.

c. Susan’s salary and the couple’s AGI before any IRA contribution deductions is $83,000. The couple files a joint tax return.

d. Susan’s salary and her AGI before the IRA contribution deduction is $83,000. Dan reports $5,000 of AGI before the IRA contribution deduction (earned income). The couple files separate tax returns.

Its Cultural intelligence needed?

Give an example of success or failure at the international level

1. On January 1, 2014, Giamartino, Inc. issues a 4-year bond with a face value of $100,000. The semi-annual interest payments of $6,000 are due July 1 and January 1 of each year.

What is the present value of the bond on the date of issuance?

The Green Thumb Gardener is a retail store that sells plants, soil, and decorative pots. On December 31, 2019, the firm's general ledger contained the accounts and balances that appear below.

ADJUSTMENTS

a.–b. Merchandise inventory on December 31, 2019, is $12,821.

3. During 2019, the firm had net credit sales of $40,000; the firm estimates that 0.7 percent of these sales will result in uncollectible accounts.
4. On December 31, 2019, an inventory of the supplies showed that items costing $300 were on hand.
5. On October 1, 2019, the firm signed a six-month advertising contract for $900 with a local newspaper and paid the full amount in advance.
6. On January 2, 2018, the firm purchased store equipment for $8,400. At that time, the equipment was estimated to have a useful life of five years and a salvage value of $650.
7. On January 2, 2018, the firm purchased office equipment for $1,900. At that time, the equipment was estimated to have a useful life of five years and a salvage value of $250.
8. On December 31, 2019, the firm owed salaries of $1,880 that will not be paid until 2020.
9. On December 31, 2019, the firm owed the employer’s social security tax (assume 6.2 percent) and Medicare tax (assume 1.45 percent) on the entire $1,880 of accrued wages.
10. On December 31, 2019, the firm owed federal unemployment tax (assume 0.6 percent) and state unemployment tax (assume 5.4 percent) on the entire $1,880 of accrued wages.

Required:

1. Prepare the Trial Balance section of a 10-column worksheet. The worksheet covers the year ended December 31, 2019.
2. Enter the adjustments above in the Adjustments section of the worksheet.
3. Complete the worksheet.

Analyze:
By what amount were the assets of the business affected by adjustments?

Ralph Rover is a small company that manufactures special heavy equipment for use in under water oil fields. The line workers are specially trained and earn $35/hour. The company uses job order costing and applies manufacturing overhead on the basis of labor hours. At the beginning of the month, the following estimates were made:

Estimated Manufacturing Overhead Costs -              $360,000

Estimated Direct Labor Hours -                                          900

Beginning balances for inventory accounts were as follows:

            Raw Materials -                                  $30,000

            Work in Process -                               $61,000 Job 411

            Finished Goods -                                 $290,000 Job 410

The following transactions took place during the month (all purchases and services were acquired on account):

1. $355,000 in raw materials were purchased
2. Direct materials were requisitioned for use in Job 412, $60,000.
3. Direct materials were requisitioned for use in Job 413, $90,000.
4. The factory incurred $45,000 in utility bills.
5. Headquarters incurred $15,000 in utility bills.
6. The record for Job 411 indicated that 200 labor hours were used.
7. The record for Job 412 indicated that 335 labor hours were used.
8. The record for Job 413 indicated that 390 labor hours were used.
9. Jobs 411, 412 and 413 were completed during the month.
10. Job 410, 411 and 413 were sold during the month for $1,100,000.
11. Factory janitor salaries for the month were $5,000.
12. The factory managers’ salaries totaled $160,000.
13. Indirect materials requisitioned totaled $35,000.
14. $100,000 of depreciation on the factory equipment was accrued this month.
15. Advertising costs for the month were $85,000.

Use MS Excel to show t-accounts or journal entries (your choice) to record the previous transactions. Also answer the following 8 questions in the spreadsheet. Then upload the file to question.

1. How much overhead was allocated to job 412? __________________________
2. What is the Cost of Goods Manufactured? _______________________________
3. What is the Cost of Goods Sold (before adjusting entries)? ____________________
4. What is the period cost? ____________________________
5. How much product cost will show up on the final income statement? __________
6. How much overhead was actually incurred this period?___________________________
7. What is the net income for the period? _________________________________
8. What is the ending balance for the Finished Goods account? ________________

Managers are responsible for numerous activities including planning, operating, and controlling.

Define these three types of activities and provide at least one example of each.

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2.

Grant Enterprises is considering the introduction of a new product. The marketing and production departments have begun informal discussions about its design, production, and sales. List three examples of accounting information that the marketing and production managers would find useful in their meeting.

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A friend has informed you of a part-time job for which you are well-qualified. It would begin next semester and require working 20 hours a week at a rate of $35 per hour. You would have to commute 2 hours round trip four days a week to work. You have already registered for 18 credit hours (6 classes) next semester, and you have been told that each of the classes is very demanding, requiring projects and extensive study time. If you complete these 18 hours, you will graduate. You are only taking 12 credit hours this semester. You have enough money for tuition ($100 per credit hour) and room and board but would love some extra spending money.

3.

a. Define your problem related to the information above.

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4.

b. What information above would you consider relevant to the decision? Why?

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5.

c. What information above would you consider not relevant to the decision? Why?

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6.

d. What other factors not provided above might be relevant to the decision?

7.

e. What are some possible alternatives?

8.

f. Which alternative would you choose? Why?

For August, Royal Consulting and Mediation Practice (RCMP) worked 900 hours for Alberta Company and 2,100 hours for Ontario Corporation. RCMP bills clients at the rate of $450 per hour; labor cost for its consulting staff is $250 per hour. The total number of hours worked in August was 3,000, and overhead costs were $65,000. Overhead is applied to clients at $27 per labor-hour. In addition, RCMP had $265,000 in marketing and administrative costs. All transactions are on account. All services were billed.

Required:

a. Show labor and overhead cost flows through T-accounts.

b. Prepare an income statement for the company for August

Please explain any calculations.

Basic Concepts

Roberts Company is considering an investment in equipment that is capable of producing more efficiently than the current technology. The outlay required is $2,293,200. The equipment is expected to last five years and will have no salvage value. The expected cash flows associated with the project are as follows:

The present value tables provided in Exhibit 19B.1 and Exhibit 19B.2 must be used to solve the following problems.

Required:

1. Compute the project’s payback period. If required, round your answer to two decimal places.
years

2. Compute the project’s accounting rate of return. Enter your answer as a whole percentage value (for example, 16% should be entered as "16" in the answer box).
%

3. Compute the project’s net present value, assuming a required rate of return of 10 percent. When required, round your answer to the nearest dollar.
$

4. Compute the project’s internal rate of return. Enter your answers as whole percentage values (for example, 16% should be entered as "16" in the answer box).

Between  % and  %

Clopack Company manufactures one product that goes through one processing department called Mixing. All raw materials are introduced at the start of work in the Mixing Department. The company uses the weighted-average method of process costing. Its Work in Process T-account for the Mixing Department for June follows (all forthcoming questions pertain to June):

The June 1 work in process inventory consisted of 5,200 units with $19,130 in materials cost and $16,870 in conversion cost. The June 1 work in process inventory was 100% complete with respect to materials and 60% complete with respect to conversion. During June, 37,700 units were started into production. The June 30 work in process inventory consisted of 8,400 units that were 100% complete with respect to materials and 50% complete with respect to conversion.

Required:

1. Prepare the journal entries to record the raw materials used in production and the direct labor cost incurred.

2. Prepare the journal entry to record the overhead cost applied to production.

3. How many units were completed and transferred to finished goods during the period?

4. Compute the equivalent units of production for materials.

5. Compute the equivalent units of production for conversion.

6. What is the cost of beginning work in process inventory plus the cost added during the period for materials?

7. What is the cost of beginning work in process inventory plus the cost added during the period for conversion?

8. What is the cost per equivalent unit for materials?

9. What is the cost per equivalent unit for conversion?

10. What is the cost of ending work in process inventory for materials?

11. What is the cost of ending work in process inventory for conversion?

12. What is the cost of materials transferred to finished goods?

13. What is the amount of conversion cost transferred to finished goods?

Ringmeup, Inc., had net income of $137,200 for the year ended December 31, 2016. At the beginning of the year, 39,000 shares of common stock were outstanding. On May 1, an additional 16,000 shares were issued. On December 1, the company purchased 4,700 shares of its own common stock and held them as treasury stock until the end of the year. No other changes in common shares outstanding occurred during the year. During the year, Ringmeup, Inc., paid the annual dividend on the 9,000 shares of 3.65%, $100 par value preferred stock that were outstanding the entire year.

Required:

Calculate basic earnings per share of common stock for the year ended December 31, 2016