Questions
Man's Clothing is a manufacturer of designer suits. For June 2016, each suit is budgeted to...

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...

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...

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.)

2016 2017 2018
Sales $483,855 $704,040 $1,015,900
Costs and expenses 332,070
Profit from continuing operations $317,935
Gain (loss) on discontinued operations 84,660 (111,575)
Profit (loss) $157,494 $537,200
Information on Common Shares for Ace Group Inc. *
Shares outstanding on December 31, 2015 37,300
Purchase and retirement of shares on March 1, 2016 ? 4,580
Sale of shares on June 1, 2016 + 15,880
Share dividend of 5% on August 1, 2016 +
Shares outstanding on December 31, 2016
Sale of shares on February 1, 2017 + 7,460
Purchase and retirement of shares on July 1, 2017 ? 2,290
Shares outstanding on December 31, 2017
Sale of shares on March 1, 2018 + 19,960
Purchase and retirement of shares on September 1, 2018 ? 6,150
Share split of 3:1 on October 1, 2018 +
Shares outstanding on December 31, 2018

*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.)

2016 2017 2018
Weighted-average outstanding shares

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.)

2016 2017 2018
Income from continuing operations
Gain (Loss) from discontinued operations
$0.00 $0.00 $0.00

In: Accounting

Absorption and Variable Costing Comparisons: Sales Exceed Production Wright Development purchases, develops, and sells commercial building...

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
Mark 0.00 out of 1.00

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,...

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: Organizational...

After completing the reading this week, we reflect on a few key concepts this week:

  1. Organizational performance is the fifth aspect of the model, reflect on the question, do certain leadership behaviors improve and sustain performance at the individual, group, and organizational level? Please explain your response.
  2. There were two types of innovation addressed this week (product and process innovation), please note your own personal definition of these concepts and offer an example of both.

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:

  • Ask an interesting, thoughtful question pertaining to the topic
  • Expand on the topic, by adding additional thoughtful information
  • Answer a question posted by another student in detail
  • Share an applicable personal experience
  • Provide an outside source
  • Make an argument

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...

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...

  1. 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)...

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.

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