On June 1, 2020, Pitt Corp sold merchandise with a list price of P50,000 to Bull on account. Pitt allowed trade discounts of 30%, 20%, and 10%. Credit terms were 2/15, n/40 and the sale was made FOB destination. Bull paid P2,000 of delivery costs. On June 12, 2020, how much did Pitt receive from Bull as full payment?
In: Accounting
Your company sells a product bundle that includes software and a 3 year service contract for $100,000, The company installed the software on July 1, 2020, and the client paid $50,000 cash. The balance is due on December 31, 2020. What if:
(a) the performance obligations are interdependent and cannot be separated out or sold separately.
(b) the performance obligations are not interdependent ( The service contract is sold separately for $25,000 and the software for $100,000.)
In: Accounting
On January 1, 2020, Sheffield Company purchased 8% bonds having a maturity value of $240,000, for $260,219.71. The bonds provide the bondholders with a 6% yield. They are dated January 1, 2020, and mature January 1, 2025, with interest received on January 1 of each year. Sheffield Company uses the effective-interest method to allocate unamortized discount or premium. The bonds are classified in the held-to-maturity category.
In: Accounting
Using Excel to Construct event dummy (or binary) variables to represent three international events :
(i) The Asian financial crisis – one from Aug 1997 to Jul 1998, zero otherwise.
(ii) The Global Financial Crisis (GFC) – one from Feb 2007 to Feb 2009, zero otherwise.
(iii) Covid-19– one from Jan 2020 to Mar 2020, zero otherwise.
In: Finance
Comfort Company manufactures pillows. The 2020 operating budget is based on production of 1,000 pillows with 0.50 machine-hour allowed per pillow. Budgeted variable overhead per hour was $10. Actual production for 2020 was 750 pillows using 400 machine-hours. Actual variable costs were $9 per machine-hour.
Required: Calculate the variable overhead spending and efficiency variances.
In: Accounting
Choose an example of encryption software and start a thread in this forum. These two articles discuss a few: The Best Encryption Software of 2020 (Links to an external site.) and Best encryption software of 2020: Free, paid and business tools and services (Links to an external site.). Compare and contrast the encryption software discussed and include links to resources you found that helped you understand the software (and/or concept of encryption).
In: Computer Science
South Airlines purchased a 747 aircraft on January 1, 2019, at a cost of $35,000,000. The estimated useful life of the aircraft is 20 years, with an estimated salvage value of $5,000,000. Instructions
(a) Compute the depreciation for 2019 and 2020 using the straight-line method and the double-declining-balance method.
(b) under each method, what is the book value after two years on December 31, 2020?
In: Accounting
A country's census lists the population of the country as 246 million in 1990, 268 million in 2000, and 286 million in 2010. Fit a second-degree polynomial passing through these three points. (Let the year 2000 be x = 0 and let p(x) represent the population in millions.) p(x) = million
Use this polynomial to predict the population in 2020 and in 2030.
2020 million
2030 million
In: Advanced Math
In: Accounting
BAK Corp. is considering purchasing one of two new diagnostic machines. Either machine would make it possible for the company to bid on jobs that it currently isn’t equipped to do. Estimates regarding each machine are provided below.
|
Machine A |
Machine B |
||||
|
Original cost |
$74,100 |
$183,000 |
|||
|
Estimated life |
8 years |
8 years |
|||
|
Salvage value |
0 |
0 |
|||
|
Estimated annual cash inflows |
$20,500 |
$39,500 |
|||
|
Estimated annual cash outflows |
$4,850 |
$10,020 |
Click here to view the factor table.
Calculate the net present value and profitability index of each machine. Assume a 9% discount rate.
2. Turney Company produces and sells automobile
batteries, the heavy-duty HD-240. The 2020 sales forecast is as
follows.
|
Quarter |
HD-240 |
|
|---|---|---|
| 1 | 5,300 | |
| 2 | 7,490 | |
| 3 | 8,470 | |
| 4 | 10,290 |
3. The January 1, 2020, inventory of HD-240 is 2,120 units.
Management desires an ending inventory each quarter equal to 40% of
the next quarter’s sales. Sales in the first quarter of 2021 are
expected to be 25% higher than sales in the same quarter in
2020.
Prepare quarterly production budgets for each quarter and in total
for 2020.
Rodriguez, Inc., is preparing its direct labor budget for 2020
from the following production budget based on a calendar
year.
|
Quarter |
Units |
Quarter |
Units |
|||
| 1 | 20,200 | 3 | 35,240 | |||
| 2 | 25,280 | 4 | 30,120 |
Each unit requires 1.80 hours of direct labor.
Prepare a direct labor budget for 2020. Wage rates are expected to
be $18 for the first 2 quarters and $20 for quarters 3 and 4.
(Round Direct labor time per unit answers to 2 decimal
places, e.g. 52.50.)
|
|
In: Accounting