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2 years ago

Hip Manufacturing produces denim clothing. This year it produced 3,040 denim jackets at a cost of $91,200. These jackets were

Business

1 answer:

Mila [183]2 years ago

4 0

1. The income for each alternative for the damaged jackets of Hip Manufacturing is as follows:

Scrap Recycle Rework

Sales Revenue $18,240 $36,480 $136,800

Additional cost 0 6,080 103,360

Income $18,240 $30,400 $33,440

2. The chosen alternative is C. reworking.

<h3>Data and Calculations:</h3>

Production units = 3,040

Production costs = $91,200

Scrap Recycle Rework

Sales Revenue $18,240 $36,480 $136,800

Additional cost 0 6,080 103,360

Income $18,240 $30,400 $33,440

Thus, reworking yields the highest income and should be chosen as it reduces the loss from the damage more than scrapping or recycling.

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State any five reasons why an entrepreneur may carryout Market survey.

swat32

Answer:

to know what the other people are interested in, for example they do a survey to see how much of each product they need and the popularity of how many people like the stuff, those are 2 reasons, quantity and I would say popularity 3: get the people to know that enreprenuer cares 4 and five just think about it, I cant really think of anymore

Explanation:

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3 years ago

Read 2 more answers

Outdoor Company expects to sell 7 comma 500 units for $ 175 each for a total of $ 1 comma 312 comma 500 in January and 2 comma 5

nikitadnepr [17]

Answer and Explanation:

The preparation is presented below:

Outdoor Company

Inventory, Purchases, and Cost of Goods Sold Budget

Two months Ended January 31 and February 28

Particulars January February March

Sales in units 7,500 units 2,500 units 4,700 units

Sales price $175 $195 $270

Sales in dollars $1,312,500 $487,500 $1,269,000

Percentage of cost of goods sold 60% 60% 60%

Cost of goods sold $787,500 $292,500 $761,400

Add: Desired ending merchandise inventory $185,500 466,840

($292,500 × 60% + $10,000) ($761,400 × 60% + $10,000)

Total merchandise inventory required $973,000 $759,340

Less: Beginning merchandise inventory $482,500 $185,500

($787,500 × 60% + $10,000)

Budgeted purchases $490,500 $573,840

The ending inventory of month of Jan should be beginning inventory of Feb and the same is shown above

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3 years ago

Journalizing transactions, posting journal entries to four-column accounts, and preparing a trial balance

andriy [413]

Answer:

1. Record each transaction in the journal. Explanations are not required.

April 1

Dr Cash 70,000

Cr Common stock 70,000

April 3

Dr Office supplies 1,100

Dr Furniture 1,300

Cr Accounts payable 2,400

April 4

Dr Cash 2,000

Cr Service revenue 2,000

April 7

Dr Land 30,000

Dr Building 150,000

Cr Cash 40,000

Cr Notes payable 140,000

April 11

Dr Accounts receivable 400

Cr Service revenue 400

April 15

Dr Salaries expense 1,200

Cr Cash 1,200

April 16

Dr Accounts payable 1,100

Cr Cash 1,100

April 18

Dr Cash 2,700

Cr Service revenue 2,700

April 19

Dr Accounts receivable 1,700

Cr Service revenue 1,700

April 25

Dr Utilities expense 650

Cr Accounts payable 650

April 28

Dr Cash 1,100

Cr Accounts receivable 1,100

April 29

Dr Prepaid insurance 3,600

Cr Cash 3,600

April 29

Dr Salaries expense 1,200

Cr Cash 1,200

April 30

Dr Rent expense 2,100

Cr Cash 2,100

April 30

Dr Dividends 3,200

Cr Cash 3,200

2. Open the following four-column accounts including account numbers:

3. Post the journal entries to four-column accounts in the ledger,

I used an excel spreadsheet to answer questions 2 and 3

4. Prepare the trial balance of Theodore McMahon, Attorney, at April 30, 2018.

In order to prepare a trial balance we must prepare an income statement first.

Service revenue $6,800

Salaries expense -$2,400

Rent expense -$2,100

<u>Utilities expense -$650 </u>

Net income $1,650

retained earnings = net income - dividends = $1,650 - $3,200 = -$1,550

Theodore McMahon, Attorney

Balance Sheet

<u>For the Month Ended April 30, 2018</u>

Assets:

Cash $23,400

Accounts receivable $1,000

Prepaid insurance $3,600

Office supplies $1,100

Furniture $1,300

Land $30,000

Building $150,000

Total assets: $210,400

Liabilities and Equity:

Accounts payable $1,950

Notes payable $140,000

Common stock $70,000

Retained earnings ($1,550)

Total liabilities and equity: $210,400

Download pdf

7 0

3 years ago

Name the four areas in which standards of ethical conduct exist for management accountants in the united states. What organizati

GaryK [48]

The four areas in which standards of ethical conduct exist for management accountants in the united states are.

(1) Competence, (2) Confidentiality, (3) Integrity, and (4) Credibility. These standards are set by the Institute of Management Accountants (IMA).

<h3>What is Institute of Management Accountants?</h3>

The National Association of Cost Accountants, which eventually became Institute of Management Accountants, was established in Buffalo, New York in 1919. Its main office is in Montvale, New Jersey, in the United States, and it also has regional offices there as well as in Europe, the Middle East, and India.
It established the management accounting practices committee in 1969 with the mandate of advancing management accounting as a primary field of study consistent with Institute of Management Accountants viewpoints.
Twelve people from different accounting bodies, including the FASB and other well-known regulatory bodies, made up the group.
The Institute of Management Accountants representatives were commended for their knowledge of accounting. Later, the committee combined with the Foundation for Applied Research to establish the MAC/FAR committee.

To learn more about Institute of Management Accountants with the given link

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5 0

1 year ago

PGP Co. expects to issue a $1,000 face-value bond that matures in 8 years. The annual coupon rate is 9% and interest payments ar

Harlamova29_29 [7]

Answer:

Required return is 8.75%

Explanation:

Given,

FV (Face Value) is $1,000

PV (present Value) is computed as:

PV = FV × Price

= $1,000 × 101.4%

= $1,014

Nper (Number of years) is 8 years

PMT (Monthly payment) is computed as:

PMT = FV × Coupon rate

= $1,000 × 9%

= $90

r (Required return) is computed by using the excel formula:

=Rate(nper, pmt, pv, fv, type)

= Rate (8,90,-1014,1000,0)

= 8.75%

4 0

3 years ago