University Printers has two service departments (Maintenance and Personnel) and two operating departments (Printing and Developing). Management has decided to allocate maintenance costs on the basis of machine-hours in each department and personnel costs on the basis of labor-hours worked by the employees in each.
The following data appear in the company records for the current period:
| Maintenance | Personnel | Printing | Developing | |||||||||
| Machine-hours | — | 1,000 | 1,000 | 3,000 | ||||||||
| Labor-hours | 500 | — | 500 | 2,000 | ||||||||
| Department direct costs | $ | 5,000 | $ | 12,000 | $ | 15,000 | $ | 10,000 | ||||
Required:
Allocate the service department costs using the reciprocal method. (Matrix algebra is not required because there are only two service departments.) (Negative amounts should be indicated by a minus sign. Do not round intermediate calculations.)
In: Accounting
Ruby Jewellers Pty Ltd had a number of major business transactions and events during the year ended 30 June 2019. An extract is given below:
Transaction 1: The owner of Ruby Jewellers Pty Ltd Kathy Walworth used company funds to purchase a computer for her son’s university work for $3,000. Kathy recorded it as a decrease in cash and an increase in Office computer.
REQUIRED: Identify if any accounting concept or principle has been violated. If so, briefly explain the relevant concept or principle. (Word limit: 50 words for less) Record the correct journal entry that Ruby Jewellers Pty Ltd should have done if you believe they have violated any accounting concept or principle. (Narrations not required).
In: Accounting
Accrual income versus cash flow for a period Thomas Book Sales,
Inc., supplies
textbooks to college and university bookstores. The books are
shipped with a proviso
that they must be paid for within 30 days but can be returned for a
full refund
credit within 90 days. In 2009, Thomas shipped and billed book
titles totaling
$760,000. Collections, net of return credits, during the year
totaled $690,000. The
company spent $300,000 acquiring the books that it shipped.
a. Using accrual accounting and the preceding values, show the
firm’s net profit for
the past year.
b. Using cash accounting and the preceding values, show the firm’s
net cash flow
for the past year.
c. Which of these statements is more useful to the financial
manager? Why?
In: Finance
When people turn to for news is different for various age groups. Suppose that a study conducted on this issue was based on 200 respondents who were between between the ages of 36 and 50, and 200 respondents who were above 50. Of the 200 respondents who were between 36 and 50, 82 got their news primarily from newspapers. Of the 200 respondents who were above age 50, 104 got their news primarily from newspapers.
a. Construct 2×2 contingency table.
b. Is there evidence of a significant difference in the proportion who get their news primarily from the newspapers between those 36 to 50 years old and those above 50 years old? Given the level of significance is 0.05.
c. Determine the p-value in (b) and interpret the meaning.
Please provide excel formulas and detailed explanations. ( I am a beginner in regards to statistics.)
Thank you in advance.
In: Statistics and Probability
What is the role of the labor market in the Classical Model? What does it tell us? What does it not tell us?
In: Economics
In: Accounting
US immigrants remit billions of dollars annually to their ancestral homelands. Is this good or
bad for the US economy? How so?
In: Accounting
Brefily explain the financial market of US and Canada? What are the main differences between financial market of US and Canada?
In: Finance
Do you think that the US should retaliate against the Chinese manipulation of its currency by manipulating the US dollar?
In: Operations Management
If inflation is high in Europe relative to the US, what effect will it have on the value of the US dollar as compared to the Euro? Why?
In: Economics