Perpetuity A pays $100 at the end of each year. Perpetuity B pays $25 at the end of each quarter. The present value of perpetuity A at the effective rate of interest is $2,000.
What is the present value of perpetuity B at the same annual effective rate of interest i?
In: Advanced Math
You are given the following spot rates:
| Time | Spot Rate |
| 0.25 | 2.2% |
| 0.50 | 2.8% |
| 0.75 | 3.1% |
| 1.0 | 3.7% |
Consider a one-year interest rate swap with a notional value of 3000. Determine the swap interest rate per quarter.
In: Finance
As you know, it is important to record your transactions timely so when it comes to the end of a quarter, you can properly close out your books. Identify and discuss the factors that lend to users not recording transactions timely in accounting systems like QuickBooks.
In: Accounting
Payments on a $10000 loan are made quarterly in arrears (that is, at the end of each quarter) for 10 years. The annual effective rate of interest is 7%. Find the principal outstanding after the 6th payment, and the amount of principal in the 14th payment (using the amortization method in both cases).
In: Finance
On a quarter-mile drag strip, 402 meters, a car has a racing acceleration of +15.0 m/s2 and a braking acceleration of -13.0m/s2.
9: What is the distance the car moves until coming to a stop after crossing the finish line:
______________ meters _______________feet
In: Physics
During the first month of operations ended May 31, Big Sky Creations Company produced 55,000 designer cowboy boots, of which 51,900 were sold. Operating data for the month are summarized as follows:
|
1 |
Sales |
$804,450.00 |
|
|
2 |
Manufacturing costs: |
||
|
3 |
Direct materials |
$467,500.00 |
|
|
4 |
Direct labor |
126,500.00 |
|
|
5 |
Variable manufacturing cost |
77,000.00 |
|
|
6 |
Fixed manufacturing cost |
55,000.00 |
726,000.00 |
|
7 |
Selling and administrative expenses: |
||
|
8 |
Variable |
$25,950.00 |
|
|
9 |
Fixed |
25,950.00 |
51,900.00 |
During June, Big Sky Creations produced 48,800 designer cowboy boots and sold 51,900 cowboy boots. Operating data for June are summarized as follows:
|
1 |
Sales |
$804,450.00 |
|
|
2 |
Manufacturing costs: |
||
|
3 |
Direct materials |
$414,800.00 |
|
|
4 |
Direct labor |
112,240.00 |
|
|
5 |
Variable manufacturing cost |
68,320.00 |
|
|
6 |
Fixed manufacturing cost |
55,000.00 |
650,360.00 |
|
7 |
Selling and administrative expenses: |
||
|
8 |
Variable |
$25,950.00 |
|
|
9 |
Fixed |
25,950.00 |
51,900.00 |
| Required: | |||
| 1. | Using the absorption costing concept, prepare income statements for (a) May and (b) June.* | ||
| 2. | Using the variable costing concept, prepare income statements for (a) May and (b) June.* | ||
| 3a. | Explain the reason for the differences in operating income in (1) and (2) for May. | ||
| 3b. | Explain the reason for the differences in operating income in (1) and (2) for June. | ||
| 4. | Based on your answers to (1) and (2), did Big Sky Creations
Company operate more profitably in May or in June? Explain.
|
| Labels | |
| June 30 | |
| Cost of goods sold | |
| Fixed costs | |
| For the Month Ended June 30 | |
| For the Month Ended May 31 | |
| May 31 | |
| Variable cost of goods sold | |
| Amount Descriptions | |
| Contribution margin | |
| Contribution margin ratio | |
| Cost of goods manufactured | |
| Fixed manufacturing costs | |
| Fixed selling and administrative expenses | |
| Gross profit | |
| Operating income | |
| Inventory, June 1 | |
| Inventory, May 31 | |
| Operating loss | |
| Manufacturing margin | |
| Planned contribution margin | |
| Sales | |
| Sales mix | |
| Selling and administrative expenses | |
| Total cost of goods sold | |
| Total fixed costs | |
| Total variable cost of goods sold | |
| Variable cost of goods manufactured | |
| Variable selling and administrative expenses |
In: Accounting
ntries and Schedules for Unfinished Jobs and Completed Jobs
Hildreth Company uses a job order cost system. The following data summarize the operations related to production for April, the first month of operations:
Materials purchased on account, $2,450.
Materials requisitioned and factory labor used:
| Job No. | Materials | Factory Labor | ||
| 101 | $2,020 | $2,410 | ||
| 102 | 2,460 | 3,250 | ||
| 103 | 1,640 | 1,590 | ||
| 104 | 5,530 | 5,980 | ||
| 105 | 3,510 | 4,550 | ||
| 106 | 2,570 | 2,890 | ||
| For general factory use | 690 | 3,570 | ||
Factory overhead costs incurred on account, $3,860.
Depreciation of machinery and equipment, $1,710.
The factory overhead rate is $65 per machine hour. Machine hours used:
| Job No. | Machine Hours | ||
| 101 | 17 | ||
| 102 | 19 | ||
| 103 | 39 | ||
| 104 | 68 | ||
| 105 | 19 | ||
| 106 | 37 | ||
| Total | 199 | ||
Jobs completed: 101, 102, 103, and 105.
Jobs were shipped and customers were billed as follows: Job 101, $6,640; Job 102, $8,330; Job 105, $16,720.
Required:
1. Journalize the entries to record the summarized operations. For a compound transaction, if an amount box does not require an entry, leave it blank.
| Entries | Description | Debit | Credit |
|---|---|---|---|
| a. | Materials | ||
| Accounts Payable | |||
| b. | Work in Process | ||
| Factory Overhead | |||
| Materials | |||
| Wages Payable | |||
| c. | Factory Overhead | ||
| Accounts Payable | |||
| d. | Factory Overhead | ||
| Accumulated Depreciation-Machinery and Equipment | |||
| e. | Work in Process | ||
| Factory Overhead | |||
| f. | Finished Goods | ||
| Work in Process | |||
| g. Sale | Accounts Receivable | ||
| Sales | |||
| g. Cost | Cost of Goods Sold | ||
| Finished Goods |
2. Post the appropriate entries to T accounts for Work in Process and Finished Goods, using the identifying letters as transaction codes. Insert memo account balances as of the end of the month.
| Work in Process | |||
|---|---|---|---|
| Bal. | |||
| Finished Goods | |||
|---|---|---|---|
| Bal. | |||
3. Prepare a schedule of unfinished jobs to support the balance in the work in process account.
| Hildreth Company Schedule of Unfinished Jobs |
||||||||
|---|---|---|---|---|---|---|---|---|
| Job | Direct Materials | Direct Labor | Factory Overhead | Total | ||||
| $ | $ | $ | $ | |||||
| Balance of Work in Process, April 30 | $ | |||||||
4. Prepare a schedule of completed jobs on hand to support the balance in the finished goods account.
| Hildreth Company Schedule of Completed Jobs |
||||||||
|---|---|---|---|---|---|---|---|---|
| Job | Direct Materials | Direct Labor | Factory Overhead | Total | ||||
| $ | $ | $ | $ | |||||
In: Accounting
Which of the following can be said of a "favorable business environment"?
a It can result from competitive federalism.
b It can result from state spending on infrastructure.
c. It can result from a well-educated workforce.
d It can result in businesses paying lower taxes.
e All of the above are true.
In: Economics
What are the endogenous variables in a closed-economy model? (Select all that apply.)
A.
Aggregate output
B.
Quantity of labour demanded
C.
Total factor productivity
D.
Market real wage
E.
Consumption
F.
Government spending
G.
Capital stock
H.
Taxes
I.
Quantity of labour supplied
In: Economics
44. The determinants of aggregate supply
Group of answer choices
a. are consumption, investment, government, and net export spending.
b. explain why real domestic output and the price level are directly related.
c. explain the three distinct ranges of the aggregate supply curve.
3, include resource prices and resource productivity.
In: Economics