Homespun Company manufactures pillows. For 2020, the company expects fixed overhead costs of $120,000. Homespun uses machine-hours to allocate fixed overhead costs and anticipates 6,000 hours during the year to manufacture 24,000 pillows. During 2020, Homespun manufactured 23,000 pillows and spent $116,000 on fixed overhead costs. Calculate the following:
a. The fixed overhead rate for 2020
b. The fixed overhead spending variance for 2020
c. The production-volume variance for
In: Accounting
On January 1, 2020, Creative Accounting (CA) Company capitalized $500,000 of costs it incurred to internally develop a patent. CA Company paid these costs in cash. It reported an amortization expense in the 2020 fiscal year for the patent. CA Company estimated the amortization expense for 2020 for the patent to be one tenth of the original cost. What is the effect of these journal entries on 2020 financial statements? Specifically, calculate the numerical impact on Net Income, Assets, Liabilities and shareholders’ equity
In: Accounting
Riverbed Corporation had 2020 net income of $777,000. During 2020, Riverbed paid a dividend of $2 per share on 45,500 shares of preferred stock. During 2020, Riverbed had outstanding 245,000 shares of common stock. Compute Riverbed’s 2020 earnings per share. (Round answer to 2 decimal places, e.g. 3.56.) Earnings per share $enter earnings per share in dollars rounded to 2 decimal places per share
In: Accounting
Marmidan Mold Shop Inc. designs and builds molds for the automotive and aircraft industries. The account balances in the company’s general ledger on January 1, 2020 (first day of the new annual fiscal year) were as follows (all account balances are in their normal position):
Cash $ 3,700
Accounts receivable 5,900
Supplies inventory 29,300
Land 168,500
Buildings 116,500
Accumulated depreciation, buildings 37,500
Equipment 58,500
Accumulated depreciation, equipment 18,000
Accounts payable 25,200
Income tax payable 16,600
Interest payable 4,200
Wages payable (due in 2020) 15,700
9% Notes payable ($10,000 due June 30, 2021,
balance due June 30, 2022) 61,500
Common shares 151,500
Retained earnings, Dec. 31, 2019 52,200
Transactions during 2020:
1.The company provided sales services to customers, on credit, for $ 210,300. In addition, the company produced cash sales to customers of $ 62,300.
2.Accounts receivable from customers of $ 15,600 remains to be collected at December 31, 2020.
3.Inventory of $ 62,900 was purchased on credit and debited to the supplies inventory account.
4.Minor parts were purchased with cash for $ 7,400 and debited to the supplies inventory account.
5.Wages payable at the beginning of 2020 were paid early in 2020. In addition, wages were earned by employees and paid during 2020 in the amount of $ 112,000.
6.Income tax payable at the beginning of 2020 was paid early in 2020.
7.Payments of $ 73,000 were made to creditors for supplies previously purchased on credit.
8.One year’s interest at 9% was paid on the notes payable at July 1, 2020.
9. During 2020, Don Tallint, the principal shareholder, purchased a new car for his wife
Debbie. The new car cost $ 45,000 and was paid for with cash from personal sources.
10.Property taxes were paid on the land and buildings in the amount of $ 17,000 with cash.
11.Dividends were declared and paid in cash in the amount of $ 7,200.
Information available for year end adjusting entries:
12.•Supplies inventory was counted on December 31, 2020 and it was determined the supplies inventory still on hand at yearend was $ 31,900.
13. •Annual depreciation on the buildings is $ 6,000.
14•Annual deprecation on the equipment is $ 5,500
15•Additional wages of $4,000 were earned but are unpaid and unrecorded at December 31, 2020.
16•Interest for six months at 9% per year on the notes payable is unpaid and unrecorded at December 31, 2020..
17•Income taxes of $ 16,500 were unpaid and unrecorded at December 31, 2020.
Q: please Record beginning 2020 beginning balances in T accounts. Prepare journal entries for transactions 1 to 11 above as required and record the journal entries in T accounts while adding any new T accounts that you need as you complete this task.
In: Accounting
Marmidan Mold Shop Inc. designs and builds molds for the automotive and aircraft industries. The account balances in the company’s general ledger on January 1, 2020 (first day of the new annual fiscal year) were as follows (all account balances are in their normal position):
Cash $ 3,700
Accounts receivable 5,900
Supplies inventory 29,300
Land 168,500
Buildings 116,500
Accumulated depreciation, buildings 37,500
Equipment 58,500
Accumulated depreciation, equipment 18,000
Accounts payable 25,200
Income tax payable 16,600
Interest payable 4,200
Wages payable (due in 2020) 15,700
9% Notes payable ($10,000 due June 30, 2021,
balance due June 30, 2022) 61,500
Common shares 151,500
Retained earnings, Dec. 31, 2019 52,200
Transactions during 2020:
1.The company provided sales services to customers, on credit, for $ 210,300. In addition, the company produced cash sales to customers of $ 62,300.
2.Accounts receivable from customers of $ 15,600 remain to be collected at December 31, 2020.
3.Inventory of $ 62,900 was purchased on credit and debited to the supplies inventory account.
4.Minor parts were purchased with cash for $ 7,400 and debited to the supplies inventory account.
5.Wages payable at the beginning of 2020 were paid early in 2020. In addition, wages were earned by employees and paid during 2020 in the amount of $ 112,000.
6.Income tax payable at the beginning of 2020 was paid early in 2020.
7.Payments of $ 73,000 were made to creditors for supplies previously purchased on credit.
8.One year’s interest at 9% was paid on the notes payable at July 1, 2020.
9. During 2020, Don Tallint, the principal shareholder, purchased a new car for his wife
Debbie. The new car cost $ 45,000 and was paid for with cash from personal sources.
10.Property taxes were paid on the land and buildings in the amount of $ 17,000 with cash.
11.Dividends were declared and paid in cash in the amount of $ 7,200.
Information available for year end adjusting entries:
12.•Supplies inventory was counted on December 31, 2020 and it was determined the supplies inventory still on hand at yearend was $ 31,900.
13. •Annual depreciation on the buildings is $ 6,000.
14•Annual deprecation on the equipment is $ 5,500
15•Additional wages of $4,000 were earned but are unpaid and unrecorded at December 31, 2020.
16•Interest for six months at 9% per year on the notes payable is unpaid and unrecorded at December 31, 2020.
17•Income taxes of $ 16,500 were unpaid and unrecorded at December 31, 2020.
Required:
Prepare a statement of retained earnings for Marmidan Mold Shop Inc. for the year ended December 31, 2020. (Please record on the electronic worksheet)
In: Accounting
Marmidan Mold Shop Inc. designs and builds molds for the automotive and aircraft industries. The account balances in the company’s general ledger on January 1, 2020 (first day of the new annual fiscal year) were as follows (all account balances are in their normal position):
Cash $ 3,700
Accounts receivable 5,900
Supplies inventory 29,300
Land 168,500
Buildings 116,500
Accumulated depreciation, buildings 37,500
Equipment 58,500
Accumulated depreciation, equipment 18,000
Accounts payable 25,200
Income tax payable 16,600
Interest payable 4,200
Wages payable (due in 2020) 15,700
9% Notes payable ($10,000 due June 30, 2021,
balance due June 30, 2022) 61,500
Common shares 151,500
Retained earnings, Dec. 31, 2019 52,200
Transactions during 2020:
1.The company provided sales services to customers, on credit, for $ 210,300. In addition, the company produced cash sales to customers of $ 62,300.
2.Accounts receivable from customers of $ 15,600 remain to be collected at December 31, 2020.
3.Inventory of $ 62,900 was purchased on credit and debited to the supplies inventory account.
4.Minor parts were purchased with cash for $ 7,400 and debited to the supplies inventory account.
5.Wages payable at the beginning of 2020 were paid early in 2020. In addition, wages were earned by employees and paid during 2020 in the amount of $ 112,000.
6.Income tax payable at the beginning of 2020 was paid early in 2020.
7.Payments of $ 73,000 were made to creditors for supplies previously purchased on credit.
8.One year’s interest at 9% was paid on the notes payable at July 1, 2020.
9. During 2020, Don Tallint, the principal shareholder, purchased a new car for his wife
Debbie. The new car cost $ 45,000 and was paid for with cash from personal sources.
10.Property taxes were paid on the land and buildings in the amount of $ 17,000 with cash.
11.Dividends were declared and paid in caah in the amount of $ 7,200.
Information available for year end adjusting entries:
12.•Supplies inventory was counted on December 31, 2020 and it was determined the supplies inventory still on hand at yearend was $ 31,900.
13. •Annual depreciation on the buildings is $ 6,000.
14•Annual deprecation on the equipment is $ 5,500
15•Additional wages of $4,000 were earned but are unpaid and unrecorded at December 31, 2020.
16•Interest for six months at 9% per year on the notes payable is unpaid and unrecorded at December 31, 2020.
17•Income taxes of $ 16,500 were unpaid and unrecorded at December 31, 2020.
Required:
Prepare a single step income statement for Marmidan Mold Shop Inc. for the year ended December 31, 2020. (Please record on the electronic worksheet)
In: Accounting
Marmidan Mold Shop Inc. designs and builds molds for the automotive and aircraft industries. The account balances in the company’s general ledger on January 1, 2020 (first day of the new annual fiscal year) were as follows (all account balances are in their normal position):
Cash $ 3,700
Accounts receivable 5,900
Supplies inventory 29,300
Land 168,500
Buildings 116,500
Accumulated depreciation, buildings 37,500
Equipment 58,500
Accumulated depreciation, equipment 18,000
Accounts payable 25,200
Income tax payable 16,600
Interest payable 4,200
Wages payable (due in 2020) 15,700
9% Notes payable ($10,000 due June 30, 2021,
balance due June 30, 2022) 61,500
Common shares 151,500
Retained earnings, Dec. 31, 2019 52,200
Transactions during 2020:
1.The company provided sales services to customers, on credit, for $ 210,300. In addition, the company produced cash sales to customers of $ 62,300.
2.Accounts receivable from customers of $ 15,600 remains to be collected at December 31, 2020.
3.Inventory of $ 62,900 was purchased on credit and debited to the supplies inventory account.
4.Minor parts were purchased with cash for $ 7,400 and debited to the supplies inventory account.
5.Wages payable at the beginning of 2020 were paid early in 2020. In addition, wages were earned by employees and paid during 2020 in the amount of $ 112,000.
6.Income tax payable at the beginning of 2020 was paid early in 2020.
7.Payments of $ 73,000 were made to creditors for supplies previously purchased on credit.
8.One year’s interest at 9% was paid on the notes payable at July 1, 2020.
9. During 2020, Don Tallint, the principal shareholder, purchased a new car for his wife
Debbie. The new car cost $ 45,000 and was paid for with cash from personal sources.
10.Property taxes were paid on the land and buildings in the amount of $ 17,000 with cash.
11.Dividends were declared and paid in cash in the amount of $ 7,200.
Information available for year end adjusting entries:
12.•Supplies inventory was counted on December 31, 2020 and it was determined the supplies inventory still on hand at yearend was $ 31,900.
13. •Annual depreciation on the buildings is $ 6,000.
14•Annual deprecation on the equipment is $ 5,500
15•Additional wages of $4,000 were earned but are unpaid and unrecorded at December 31, 2020.
16•Interest for six months at 9% per year on the notes payable is unpaid and unrecorded at December 31, 2020..
17•Income taxes of $ 16,500 were unpaid and unrecorded at December 31, 2020.
Q: please Record beginning 2020 beginning balances in T accounts. Prepare journal entries for transactions 1 to 11 above as required and record the journal entries in T accounts while adding any new T accounts that you need as you complete this task.
In: Accounting
The Six basic steps in decision making:
1-Define the Problem
2- Determine the Objective
3- Explore the Alternatives
4- Predict the Consequences
5- Make a Choice
6- Perform Sensitivity Analysis
Write 300 to 400 words on “Determine the Objective.” Describe your own motives and what your short or long term plans are (please explain short term and long term plans separately) after completing your MBA? Knowing you “can’t always get what you want” what can you get? What can you change? Explain how you have to make these decisions under uncertainty. Cite the textbook at least twice applying concepts from the text.
In: Economics
1. The Graduate Management Admission Test (GMAT) is a test required for admission into many masters of business administration (MBA) programs. Suppose a random sample of 8 students took the test, and their scores are given below. 699, 560, 414, 570, 521, 663, 727, 413
-Find a point estimate of the population mean -Construct and interpret a 95% confidence interval for the true mean score for the population.
-How many students should be surveyed to estimate the mean score within 25 points with 90% confidence?
-How many students should be surveyed to estimate the mean score within 25 points with 95% confidence?
-. How many students should be surveyed to estimate the mean score within 25 points with 99% confidence?
In: Statistics and Probability
During the past year, Argentina has struggled with high inflation rates (~45%) and a depreciating currency, with the peso losing around 50% of its value vis a vis the US dollar. The central bank’s bench mark interest rate is currently 60%. Early data suggests that Argentinian real GDP growth will be negative in 2018. The CEO of a small Canadian company sees this economic crisis as a potential opportunity to expand into Argentina, by acquiring a local company at low cost, financed by borrowing in pesos. Knowing you have just completed an MBA economics class, she asks you what you think of the opportunities and threats the current economic conditions in Argentina might create for her plan. What would you tell her
In: Economics