Concord Corp. designs and manufactures mascot uniforms for high
school, college, and professional sports teams. Since each team’s
uniform is unique in color and design, Concord uses a job order
costing system. On January 1, the T-accounts for some of Concord’s
primary balance sheet accounts were as follows:
| Raw Materials Inventory | Work in Process Inventory | |||||||||||||
| Beg. | 16,000 | Beg. | 30,200 | |||||||||||
| Finished Goods Inventory | Cash | |||||||||||||
| Beg. | 23,400 | Beg. | 47,000 | |||||||||||
| Accounts Receivable | Accounts Payable | |||||||||||||
| Beg. | 62,300 | Beg. | 42,500 | |||||||||||
During the year, the following events occurred:
| 1. | Concord purchased raw materials costing $83,000 on account. |
| 2. | Concord used $93,000 of raw materials in production. Of these, 70% were classified as direct materials and 30% as indirect materials. (Concord maintains a single Raw Materials Inventory account.) |
| 3. | Concord used 33,300 hours of direct labor. The company’s average direct labor rate was $7.50 per hour (credit Wages Payable). |
| 4. | The company’s only indirect labor cost was the salary of a security guard hired to watch the company’s shop after hours. The guard’s annual salary was $26,200 (credit Wages Payable). |
| 5. | Other manufacturing overhead costs the company incurred on account totaled $69,600. |
| 6. | Concord applied $134,000 in manufacturing overhead. |
| 7. | The company completed production of goods costing $325,000. |
| 8. | The company’s Cost of Goods Sold balance was $303,750 before adjusting for over- or underapplied overhead. |
| 9. | Sales revenue was $444,000 (all sales were made on account). |
| 10. | Concord collected $428,000 from customers. |
| 11. | The company paid accounts payable of $107,000. |
|
12. |
At year-end, all wages earned during the year had been paid. Record the transactions above in the appropriate T-accounts and calculate ending balances. (Post entries in order presented in the problem.) |
In: Accounting
2015 data
| Company Name | Social and Environmental Performance Score |
| company 1 | 44.39 |
| company 2 | 52.75 |
| company 3 | 32.05 |
| company 4 | 49.94 |
| company 5 | 62.56 |
| company 6 | 63.05 |
| company 7 | 56.52 |
| company 8 | 59.95 |
| company 9 | 58.07 |
| company 10 | 63.14 |
| company 11 | 49.48 |
| company 12 | 61.51 |
| company 13 | 47.78 |
| company 14 | 50.51 |
| company 15 | 44.76 |
| company 16 | 53.38 |
| company 17 | 58.44 |
| company 18 | 59.30 |
| company 19 | 43.75 |
| company 20 | 48.54 |
| company 21 | 46.58 |
| company 22 | 61.95 |
| company 23 | 54.44 |
| company 24 | 56.13 |
| company 25 | 53.54 |
| company 26 | 59.41 |
| company 27 | 57.52 |
| company 28 | 58.55 |
| company 29 | 48.97 |
| company 30 | 61.01 |
| company 31 | 53.17 |
| company 32 | 50.01 |
| company 33 | 54.84 |
| company 34 | 53.91 |
| company 35 | 54.64 |
| company 36 | 53.26 |
| company 37 | 61.47 |
| company 38 | 60.25 |
| company 39 | 59.70 |
| company 40 | 54.08 |
| company 41 | 65.29 |
| company 42 | 50.28 |
| company 43 | 64.88 |
| company 44 | 45.31 |
| company 45 | 50.07 |
| company 46 | 60.58 |
| company 47 | 52.04 |
| company 48 | 47.74 |
| company 49 | 66.16 |
| company 50 | 60.17 |
In: Advanced Math
Grady and Associates performs a variety of activities related to information systems and e-commerce consulting in Toronto, Canada. The firm, which bills $164 per hour for services performed, is in a very tight local labor market and is having difficulty finding quality help for its overworked professional staff. The cost per hour for professional staff time is $74. Selected information follows.
Billable hours to clients for the year totaled 8,400, consisting of information systems services, 5,040; e-commerce consulting, 3,360.
Administrative cost of $417,760 was (and continues to be) allocated to both services based on billable hours. These costs consist of staff support, $222,840; in-house computing, $157,000; and miscellaneous office charges, $37,920.
A recent analysis of staff support costs found a correlation with the number of clients served. In-house computing and miscellaneous office charges varied directly with the number of computer hours logged and number of client transactions, respectively. A tabulation revealed the following data:
| Information Systems Services | E-Commerce Consulting | Total | |||||||||
| Number of clients | 255 | 75 | 330 | ||||||||
| Number of computer hours | 3,740 | 2,340 | 6,080 | ||||||||
| Number of client transactions | 720 | 840 | 1,560 | ||||||||
Required:
2. Assume that the firm uses traditional costing procedures, allocating total costs on the basis of billable hours. Determine the profitability of the firm’s information systems and e-commerce activities, expressing your answer both in dollars and as a percentage of activity revenue.
3. Assume that the firm uses activity-based costing. Determine the profitability of the firm’s e-commerce and information systems activities, expressing your answer both in dollars and as a percentage of activity revenue.
4. Jeffrey Grady, one of the firm’s partners, doesn’t care where his professionals spend their time because, as he notes, “many clients have come to expect both services and we need both to stay in business. Also, information systems and e-commerce professionals are paid the same hourly rate.” Should Grady’s attitude change?
In: Accounting
Below is the post-closing trial balance of Gracie Consultancy Services as at 30 June 2019:
|
Debit $ |
Credit $ |
|
|
Cash at bank |
38250 |
|
|
Accounts receivable |
8250 |
|
|
Equipment |
40500 |
|
|
Accumulated depreciation - Equipment |
675 |
|
|
Accounts payable |
14250 |
|
|
Wages payable |
4500 |
|
|
Revenue received in advance |
2625 |
|
|
Gracie, Capital |
|
64950 |
|
87000 |
87000 |
The following transactions occurred during the month July 2019.
|
July |
1 |
Paid employee salaries, $4500 for June. Gracie pays her employees’ accrued salaries on the first day of each calendar month. |
|
8 |
Invoiced customers for consultancy services performed, $13100. |
|
|
14 |
Performed $1125 of services for customers who paid in advance in June for consultancy services to be performed in July. |
|
|
15 |
Paid $8100 for 4 months office building rent. |
|
|
25 |
Gracie redrew capital of $1800. |
|
|
31 |
Purchased office supplies on account for $1350. |
Required
a) Journalise the transactions, including narrations.
b) Prepare an unadjusted trial balance as at 31 July 2019
In: Accounting
Compare and Contrast Various Selling Models
The purpose of this assignment is to compare and contrast two or more competing selling models. The basis for this paper will be The Challenger Sale (Dixon and Adamson) versus Strategic Selling (Miller & Heiman).
Your arguments should provide rationale for your position and relate to specific outcomes (e.g., closing business, positioning as a business partner/consultant, long term relationship building, etc.)
In: Economics
Compare and Contrast Various Selling Models
The purpose of this assignment is to compare and contrast two or more competing selling models. The basis for this paper will be The Challenger Sale (Dixon and Adamson) versus Strategic Selling (Miller & Heiman).
Your arguments should provide rationale for your position and relate to specific outcomes (e.g., closing business, positioning as a business partner/consultant, long term relationship building, etc.)
In: Operations Management
1.Owner's equity for our company is $500,000, and total liabilities are $250,000. The company paid $50,000 in dividends during the year. What do our total assets equal?
$250,000
$300,000
$700,000
$750,000
2.The net income for our company this year is $20,000. The beginning and ending retained earnings balances were $46,000 and $52,000, respectively. The company issued no common stock. Calculate the amount of dividends paid by the company this year.
$14,000
$54,000
$60,000
$106,000
3.Which of the following accounts is increased with a credit?
cash
prepaid insurance
salaries expense
unearned revenue
4.On August 21, we paid four months' rent in advance, which totaled $3,200. What account would we credit when we journalize this entry?
rent expense
cash
prepaid rent
account payable
5.On September 5, we received an $11,400 payment on account. What account would we debit when we journalize this entry?
accounts payable
cash
accounts receivable
fees earned
6.On September 11, we performed $5,750 of service and billed our customer. What account would we credit when we journalize this entry?
service revenue
cash
accounts receivable
retained earnings
7.On September 22, we purchased supplies on account for $1,150. What account would we debit when we journalize this entry?
supplies
cash
accounts payable
supplies expense
In: Accounting
RNE Manufacturing Company sells its products offering 30 days’ credit to its customers. During 2018, its first year of operations, the following events occurred:
$30,000 of accounts were deemed uncollectible in 2018. The company anticipates that $48,000 worth of ARs will ultimately become uncollectible. Which of the following is not true regarding RNE’s 2018 financial statements? A. RNE reports bad debt expense of $48,000. B. RNE reports net Accounts Receivables of $947,000. C. RNE reports gross Accounts Receivables of $965,000. D. RNE reports Allowance for doubtful accounts of $48,000. |
|||||||||||
In: Accounting
This being for an online apparel E-Commerce business
Describe ethical issues that could arise with your company
conducting electronic commerce. Make sure to include those that
could occur in your relationship with vendors or other partners as
well as with your customers. What steps would you take to ensure
that the ethical issues that you identified would not occur in your
company?
Explore the taxes that are potentially levied on your company’s activities. For the purposes of this question, assume that you are based in a small warehouse in Michigan and sell online to customers in other states and other countries. Include how your Capstone e-business would be affected by income taxes, transaction taxes, property taxes, use taxes, tariffs, and value added taxes.
In: Operations Management
Q2.choose any medical complex and answer these:
a-Specify the products and services produced and offered to its customers/clients.
b-Who are regarded as the customers/clients of this medical complex (consider the end users, retailers, other manufacturers, employees, etc.)?
c-Provide the department or division layout of the organization.
(ps. for example, the medical complex dealing with food company( that provide breakfast to employee in this medical complex., they deal with this x company provide medical supplies to its pharmacy ,,they deal with the manufacturers with provide them blah blah and the end users, retailers are blah blah which blah blah ,you got the idea? pleas answer like this or answer it in your own professional words in 200 or 300 if you can ,, thank you
In: Nursing