Man's Clothing is a manufacturer of designer suits. For June 2016, each suit is budgeted to take 3 labor-hours. The budgeted number of suits to be manufactured in June 2016 is 1,160. Man's Clothing allocates fixed manufacturing overhead to each suit using budgeted direct manufacturing labor-hours per suit. Data pertaining to fixed manufacturing overhead costs for June 2016 are budgeted, $52,200, and actual, $63,870. In June 2016 there were 1,200 suits started and completed. There were no beginning or ending inventories of suits.
Requirements
1. Compute the spending variance for fixed manufacturing overhead. Comment on the results.
2. Compute the production-volume variance for June 201. What inferences can the clothing company draw from this variance?
In: Accounting
The unadjusted trial balance of the Manufacturing Equitable at December 31, 2016, the end of its fiscal year, included the following account balances. Manufacturing’s 2016 financial statements were issued on April 1, 2017. Accounts receivable $ 102,500 Accounts payable 39,400 Bank notes payable 614,000 Mortgage note payable 1,294,000 Other information: a. The bank notes, issued August 1, 2016, are due on July 31, 2017, and pay interest at a rate of 12%, payable at maturity. b. The mortgage note is due on March 1, 2017. Interest at 11% has been paid up to December 31 (assume 11% is a realistic rate). Manufacturing intended at December 31, 2016, to refinance the note on its due date with a new 10-year mortgage note. In fact, on March 1, Manufacturing paid $272,000 in cash on the principal balance and refinanced the remaining $1,022,000. c. Included in the accounts receivable balance at December 31, 2016, were two subsidiary accounts that had been overpaid and had credit balances totaling $19,750. The accounts were of two major customers who were expected to order more merchandise from Manufacturing and apply the overpayments to those future purchases. d. On November 1, 2016, Manufacturing rented a portion of its factory to a tenant for $33,600 per year, payable in advance. The payment for the 12 months ended October 31, 2017, was received as required and was credited to rent revenue. Required: 1. Prepare any necessary adjusting journal entries at December 31, 2016, pertaining to each item of other information (a–d). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 2. Prepare the current and long-term liability sections of the December 31, 2016, balance sheet.
In: Accounting
Except for the earnings per share statistics, the 2016, 2017, and 2018 income statements for Ace Group Inc. were originally presented as follows:Required:
1. Calculate the 11 missing amounts. (Loss should be indicated by a minus sign.)
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|
||||||||||||||||||||||||||||||||||||||||
*No
preferred shares have been issued.
2.
Calculate
the weighted-average number of common shares outstanding during the
following years:
(Do not round intermediate calculations.
Round your answers to nearest whole
number.)
|
3. Prepare the earnings per share income statement presentation during the following years: (Round your answers to 2 decimal places. Negative amounts should be indicated by a minus sign.)
|
In: Accounting
Absorption and Variable Costing Comparisons: Sales
Exceed Production
Wright Development purchases, develops, and sells commercial
building sites. As the sites are sold, they are cleared at an
average cost of $2,500 per site. Storm drains and driveways are
also installed at an average cost of $5,500 per site. Selling costs
are 10 percent of sales price. Administrative costs are $420,000
per year. During 2016, the company bought 1,000 acres of land for
$5,000,000 and divided it into 200 sites of equal size. The average
selling price per site was $85,000 during 2016 when 50 sites were
sold. During 2017, the company purchased and developed another
1,000 acres, divided into 200 sites. The purchase price was again
$5,000,000. Sales totaled 300 sites in 2017 at an average price of
$85,000.
Required a. Prepare 2016 and 2017 functional income statements using absorption costing.
Use a negative sign only to indicate a net loss for income. Otherwise, do not use negative signs with your answers.
| Wright Development | ||
|---|---|---|
| Functional Income Statements | ||
| For the Years 2016 and 2017 | ||
| 2016 | 2017 | |
| Sales | $Answer | $Answer |
| Cost of sales | Answer | Answer |
| Gross profit | Answer | Answer |
| Selling and administrative expenses: | Answer | Answer |
| Net income (loss) | $Answer | $Answer |
b. Prepare 2016 and 2017 contribution income statements using
variable costing.
Use a negative sign only to indicate a net loss for income. Otherwise, do not use negative signs with your answers.
| Wright Development | ||
|---|---|---|
| Contribution Income Statements | ||
| For the Years 2016 and 2017 | ||
| 2016 | 2017 | |
| Sales | $Answer | $Answer |
| Variable costs | Answer | Answer |
| Contribution margin | Answer
Incorrect |
Answer |
| Fixed expenses | Answer | Answer |
| Net income (loss) | $Answer | $Answer |
In: Accounting
Presented here are summarized data from the balance sheets and income statements of Wiper, Inc.:
| WIPER, INC. | |||||||||
| Condensed Balance Sheets | |||||||||
| December 31, 2017, 2016, 2015 | |||||||||
| (in millions) | |||||||||
| 2017 | 2016 | 2015 | |||||||
| Current assets | $ | 707 | $ | 939 | $ | 793 | |||
| Other assets | 2,419 | 1,926 | 1,725 | ||||||
| Total assets | $ | 3,126 | $ | 2,865 | $ | 2,518 | |||
| Current liabilities | $ | 583 | $ | 836 | $ | 724 | |||
| Long-term liabilities | 1,530 | 997 | 870 | ||||||
| Stockholders’ equity | 1,013 | 1,032 | 924 | ||||||
| Total liabilities and stockholders' equity | $ | 3,126 | $ | 2,865 | $ | 2,518 | |||
| WIPER, INC | ||||||
| Selected Income Statement and Other Data | ||||||
| For the year Ended December 31, 2017 and 2016 | ||||||
| (in millions) | ||||||
| 2017 | 2016 | |||||
| Income statement data: | ||||||
| Sales | $ | 3,056 | $ | 2,919 | ||
| Operating income | 302 | 316 | ||||
| Interest expense | 90 | 71 | ||||
| Net income | 209 | 204 | ||||
| Other data: | ||||||
| Average number of common shares outstanding | 41.9 | 47.3 | ||||
| Total dividends paid | $ | 56.0 | $ | 52.9 | ||
Required:
a. Calculate return on investment, based on net income and average total assets, for 2017 and 2016. (Do not round intermediate calculations. Round your answers to 1 decimal place.)
b. Calculate return on equity for 2017 and 2016. (Round your answers to 1 decimal place.)
c. Calculate working capital and the current ratio for each of the past three years. (Enter your answers in millions (i.e., 5,000,000 should be entered as 5). Round "Current ratio" to 1 decimal place.)
d. Calculate earnings per share for 2017 and 2016. (Round your answers to 2 decimal places.)
i. Calculate Wiper's debt ratio and debt/equity ratio at December 31, 2017 and 2016. (Round "Debt ratio" to 1 decimal place and "Debt/equity ratio" to the nearest whole percent.)
In: Accounting
After completing the reading this week, we reflect on a few key concepts this week:
Please be sure to answer all of the questions above in the initial post.
Please ensure the initial post and two response posts are substantive. Substantive posts will do at least TWO of the following:
At least one scholarly (peer-reviewed) resource should be used in the initial discussion thread. Please ensure to use information from your readings and other sources from the UC Library. Use APA references and in-text citations.
Please be sure to engage by Wednesday at 11:59pm ET and then engage on two more days throughout the week (for a total of three days of engagement, before Sunday at 11:59pm, ET.
In: Operations Management
Current through a heated metal wire
A 39.5 m long copper wire at a temperature of 22.9 oC has a radius of 0.275 mm. If a potential difference of 11.8 V is applied across the length of the wire, determine the current in the wire.
If the wire is heated to 90.6 oC and the 11.8 V potential difference is maintained, what is the resulting current in the wire?
In: Physics
Let G be a bipartite graph with 107 left vertices and 20 right vertices. Two vertices u, v are called twins if the set of neighbors of u equals the set of neighbors of v (triplets, quadruplets etc are defined similarly).
Show that G has twins.
Bonus: Show that G has triplets. What about quadruplets, etc.?
In: Advanced Math
Create a noninverting schmitt trigger using voltage divider as it reference voltage.
Designt requirement:
1. Op-amp(comparator) with V+ as 5V and V- connected to ground
2. Assume input is noisy voltage
3. Output should display only high and low(ground voltage values)
4. How many threshold values are there?
In: Physics
Fill in the blanks in the MATLAB code below. (Do not type unnecessary words or blank spaces in your response. The correct answers are case-sensitive.)
% Consider a row vector v.
% Complete the lines of code below to find the average and standard deviation of the elements of vector v such that these two values are assigned to variables M and S, respectively.
E =
G =
In: Computer Science