The adjusted trial balance for Chiara Company as of December 31
follows.
| Debit | Credit | |||||
| Cash | $ | 157,200 | ||||
| Accounts receivable | 51,500 | |||||
| Interest receivable | 18,600 | |||||
| Notes receivable (due in 90 days) | 171,500 | |||||
| Office supplies | 16,000 | |||||
| Automobiles | 168,000 | |||||
| Accumulated depreciation—Automobiles | $ | 55,000 | ||||
| Equipment | 140,000 | |||||
| Accumulated depreciation—Equipment | 27,000 | |||||
| Land | 81,000 | |||||
| Accounts payable | 96,000 | |||||
| Interest payable | 25,000 | |||||
| Salaries payable | 26,000 | |||||
| Unearned fees | 36,000 | |||||
| Long-term notes payable | 154,000 | |||||
| Common stock | 27,580 | |||||
| Retained earnings | 248,220 | |||||
| Dividends | 53,000 | |||||
| Fees earned | 574,000 | |||||
| Interest earned | 28,000 | |||||
| Depreciation expense—Automobiles | 27,000 | |||||
| Depreciation expense—Equipment | 21,500 | |||||
| Salaries expense | 190,000 | |||||
| Wages expense | 44,000 | |||||
| Interest expense | 34,200 | |||||
| Office supplies expense | 35,600 | |||||
| Advertising expense | 61,500 | |||||
| Repairs expense—Automobiles | 26,200 | |||||
| Totals | $ | 1,296,800 | $ | 1,296,800 | ||
Required:
Use the information in the adjusted trial balance to prepare (a)
the income statement for the year ended December 31; (b) the
statement of retained earnings for the year ended December 31
[Note: Retained Earnings at December 31 of the prior
year was $248,220]; and (c) the balance sheet as of December
31.
In: Accounting
Kubin Company’s relevant range of production is 18,000 to 22,000 units. When it produces and sells 20,000 units, its average costs per unit are as follows:
| Average Cost per Unit | ||
| Direct materials | $ | 7.00 |
| Direct labor | $ | 4.00 |
| Variable manufacturing overhead | $ | 1.50 |
| Fixed manufacturing overhead | $ | 5.00 |
| Fixed selling expense | $ | 3.50 |
| Fixed administrative expense | $ | 2.50 |
| Sales commissions | $ | 1.00 |
| Variable administrative expense | $ | 0.50 |
Required:
1. Assume the cost object is units of production:
a. What is the total direct manufacturing cost incurred to make 20,000 units?
b. What is the total indirect manufacturing cost incurred to make 20,000 units?
2. Assume the cost object is the Manufacturing Department and that its total output is 20,000 units.
a. How much total manufacturing cost is directly traceable to the Manufacturing Department?
b. How much total manufacturing cost is an indirect cost that cannot be easily traced to the Manufacturing Department?
3. Assume the cost object is the company’s various sales representatives. Furthermore, assume that the company spent $50,000 of its total fixed selling expense on advertising and the remainder of the total fixed selling expense comprised the fixed portion of the company's sales representatives’ compensation.
a. When the company sells 20,000 units, what is the total direct selling expense that can be readily traced to individual sales representatives?
b. When the company sells 20,000 units, what is the total indirect selling expense that cannot be readily traced to individual sales representatives?
1. Assume the cost object is units of production:
a. What is the total direct manufacturing cost incurred to make 20,000 units? (Round per unit values to 2 decimal places.)
b. What is the total indirect manufacturing cost incurred to make 20,000 units? (Round per unit values to 2 decimal places.)
|
2. Assume the cost object is the Manufacturing Department and that its total output is 20,000 units.
a. How much total manufacturing cost is directly traceable to the Manufacturing Department? (Round per unit values to 2 decimal places.)
b. How much total manufacturing cost is an indirect cost that cannot be easily traced to the Manufacturing Department?
Show less
|
3. Assume the cost object is the company’s various sales representatives. Furthermore, assume that the company spent $50,000 of its total fixed selling expense on advertising and the remainder of the total fixed selling expense comprised the fixed portion of the company's sales representatives’ compensation.
a. When the company sells 20,000 units, what is the total direct selling expense that can be readily traced to individual sales representatives? (Round per unit value to 2 decimal places.)
b. When the company sells 20,000 units, what is the total indirect selling expense that cannot be readily traced to individual sales representatives?
<a tabindex="1" aria-label="3. Assume the cost object is the company’s various sales representatives. Furthermore, assume that the company spent $50,000 of its total fixed selling expense on advertising and the remainder of the total fixed selling expense comprised the fixed portion of the company" s="" sales="" representatives’="" compensation.="" a.="" when="" the="" company="" sells="" 20,000="" units,="" what="" is="" total="" direct="" selling="" expense="" that="" can="" be="" readily="" traced="" to="" individual="" representatives?="" (round="" per="" unit="" value="" 2="" decimal="" places.)="" b.="" indirect="" cannot="" show="" less'="" class="show gaga" style="margin: 0px; padding: 0px; border: 0px; color: rgb(22, 72, 131); font-weight: bold; outline: none; font-size: 11px; position: absolute; right: 24px;">Show less
|
In: Accounting
Using all of the IMC information pertaining to global markets in an owned media, paid media and earned media strategy, identify what the optimal blend is of owned, paid and earned marketing communication for your company’s market entry.
Provide rationale for your strategy and include key metrics such as response rate, cost per response, cost per thousand impressions (CPM), cost per click (CPC).
In: Economics
An instructor has given a short quiz consisting of two parts. For a randomly selected student, let X = the number of points earned on the first part and Y = the number of points earned on the second part. Suppose that the joint pmf of X and Y is given in the accompanying table.
| y | |||||
|
p(x, y) |
0 | 5 | 10 | 15 | |
| x | 0 | 0.03 | 0.06 | 0.02 | 0.10 |
| 5 | 0.04 | 0.13 | 0.20 | 0.10 | |
| 10 | 0.01 | 0.15 | 0.15 | 0.01 | |
(a) If the score recorded in the grade book is the total number
of points earned on the two parts, what is the expected recorded
score E(X + Y)? (Enter your answer to
one decimal place.)
(b) If the maximum of the two scores is recorded, what is the
expected recorded score? (Enter your answer to two decimal
places.)
In: Statistics and Probability
Suppose you are an expert on the fashion industry and wish to gather information to compare the amount earned per month by models featuring Liz Claiborne attire with those of Calvin Klein. The following is the amount ($000) earned per month by a sample of 15 Claiborne models: $3.9 $4.2 $5.1 $5.9 $6.4 $6.6 $6.4 $5.5 $3.8 $4.5 4.5 6.9 3.7 5.0 6.7
The following is the amount ($000) earned by a sample of 12 Klein models. $4.6 $4.2 $5.2 $5.1 $4.8 $3.9 $4.0 $4.2 $3.6 $3.9 4.3 4.4
b. State the decision rule for 0.10 significance level: H0: μClaiborne ≤ μCalvin Klein ; H1: μ Claiborne > μ Calvin Klein. (Round your answer to 3 decimal places.)
In: Statistics and Probability
This is 1 java question with its parts. Thanks so much!
Create a class named Student that has fields for an ID number, number of credit hours earned, and number of points earned. (For example, many schools compute grade point averages based on a scale of 4, so a three-credit-hour class in which a student earns an A is worth 12 points.) Include methods to assign values to all fields. A Student also has a field for grade point average. Include a method to compute the grade point average field by dividing points by credit hours earned. Write methods to display the values in each Student field.
Use class named ShowStudent that instantiates a Student object to test your class. Compute the Student grade point average, and then display all the values associated with the Student.
Create a constructor for the Student class you created. The constructor should initialize each Student’s ID number to 9999, his or her points earned to 12, and credit hours to 3 (resulting in a grade point average of 4.0). Write a program that demonstrates that the constructor works by instantiating an object and displaying the initial values.
In: Computer Science
| E.Pace Consulting | |||||||||
| Work Sheet | |||||||||
| For the Year Ended December 31. 2021 | |||||||||
| Unadjusted Trial Balance | Adjustments | Adjusted Trial Balance | |||||||
| Account Titles | Dr. | Cr. | Dr. | Cr. | Dr. | Cr. | |||
| Cash | 8,000 | ||||||||
| 10,000 | |||||||||
| Supplies | 6,000 | ||||||||
| Equipment | 14,000 | ||||||||
| Accum. Depr-Eqpt. | 4,000 | ||||||||
| Accounts Payable | 5,000 | ||||||||
| Unearned Revenues | 5,000 | ||||||||
| Salaries Payable | |||||||||
| Common Stock | 3,000 | ||||||||
| Retained Earnings | 15,500 | ||||||||
| Dividends | 1,500 | ||||||||
| Revenue Earned | 20,000 | << | |||||||
| (include above) | |||||||||
| Salaries Expense | 9,000 | ||||||||
| Rent Expense | 4,000 | ||||||||
| Supplies Expense | |||||||||
| Depreciation Expense | |||||||||
| Totals | 52,500 | 52,500 | |||||||
| Required: | |||||||||
| a. Using the following information, complete the work sheet including totals for each column and extending each | |||||||||
| account to the adjusted trial balance columns. | |||||||||
| a) | Salaries earned by employees that wwere unpaid and unrecorded at year end, $2,000. | ||||||||
| b) | A count of supplies costing $1,300 were still on hand at year end. | ||||||||
| c) | Depreciation expense for the year is $4,000. | ||||||||
| d) | Review of Unearned Revenue confirmed $3,000 had been earned. | ||||||||
| e) | Revenue of $6,000 had been earned but not yeat billed. | ||||||||
In: Accounting
Find the amount to which $300 will grow under each of these conditions:
4% compounded annually for 6 years. Do not round intermediate calculations. Round your answer to the nearest cent.
4% compounded semiannually for 6 years. Do not round intermediate calculations. Round your answer to the nearest cent.
$
4% compounded quarterly for 6 years. Do not round intermediate calculations. Round your answer to the nearest cent.
$
4% compounded monthly for 6 years. Do not round intermediate calculations. Round your answer to the nearest cent.
$
4% compounded daily for 6 years. Assume 365-days in a year. Do not round intermediate calculations. Round your answer to the nearest cent.
$
Why does the observed pattern of FVs occur? (Bold letters are answer choices pick best answer) A.The future values increase because as compounding periods per year increase, interest is earned on interest less frequently. B. The future values decrease because as compounding periods per year increase, interest is earned on interest more frequently. C.The future values increase because as compounding periods per year increase, interest is earned on interest more frequently. D. The future values increase because as compounding periods per year decrease, interest is earned on interest more frequently. E.The future values decrease because as compounding periods per year decrease, interest is earned on interest more frequently.
In: Finance
You are the auditor in-charge of the annual audit of
Muscat Insurance Company (or MIC) for the
year ended December 31, 2019. MIC is the leading insurance company
in Oman and enjoys a good
reputation in the business community. As this is the first time
your audit firm will be auditing the
company, you communicated with the previous auditor as part of
understanding the business. Your
communication with previous auditors revealed something that you
didn’t expect to discover. The
previous auditors revealed that the company has an unpaid tax
amounting to OMR 3 million. Though
it was disclosed in the books as tax in arrears, there is no
indication that the company has attempted
to pay it. You have also found out in your initial review that MIC
has recently purchased a new
software that will enable the customers to access their insurance
accounts through the internet.
Because the directors are eager to use the software to attract more
customers, the software has been
rolled out already for use by the customers even though it was not
tested by the company’s
information technology (IT) department yet for security purposes.
As surprise discoveries seem not
to stop, you have also heard from your friends, who were customers
of MIC, that there were
insurance claims from customers which have not been paid by the
company. Some of the claims
were as old as five years ago. The management expects to receive a
report on the weaknesses on the
design and implementation of internal controls and some business
consultative advice on top of the
usual audit of financial statements.
Required: Discuss matters that you would consider in developing the
audit strategy for Muscat
Insurance Company.
In: Accounting
You are the auditor in-charge of the annual audit of
Muscat Insurance Company (or MIC) for the
year ended December 31, 2019. MIC is the leading insurance company
in Oman and enjoys a good
reputation in the business community. As this is the first time
your audit firm will be auditing the
company, you communicated with the previous auditor as part of
understanding the business. Your
communication with previous auditors revealed something that you
didn’t expect to discover. The
previous auditors revealed that the company has an unpaid tax
amounting to OMR 3 million. Though
it was disclosed in the books as tax in arrears, there is no
indication that the company has attempted
to pay it. You have also found out in your initial review that MIC
has recently purchased a new
software that will enable the customers to access their insurance
accounts through the internet.
Because the directors are eager to use the software to attract more
customers, the software has been
rolled out already for use by the customers even though it was not
tested by the company’s
information technology (IT) department yet for security purposes.
As surprise discoveries seem not
to stop, you have also heard from your friends, who were customers
of MIC, that there were
insurance claims from customers which have not been paid by the
company. Some of the claims
were as old as five years ago. The management expects to receive a
report on the weaknesses on the
design and implementation of internal controls and some business
consultative advice on top of the
usual audit of financial statements.
Required: Discuss matters that you would consider in developing the
audit strategy for Muscat
Insurance Company.
In: Accounting