What is the name of the economic system where the government regulates the prices and the supply of the goods?

Tyrell Co. entered into the following transactions involving short-term liabilities. Year 1 Apr. 20 Purchased $38,000 of merchan

I am Lyosha [343]

Solution:

1) Maturity date

locust NBR fargo

date of the note 19-May 8-Jul 28-Nov

term of note 90 120 60

maturity date 17-Aug 5-Nov 27-Jan

2) interest due at maturity

principal * Rate * time = interest

locust 35,000 * 8% * 90/360 = 700

NBR 63,000 * 11% * 120/360 = 2310

Fargo 33,000 * 7% * 60/360 = 385

3) Amount in adjusting entry

33,000*7%*33/360

= 211.75

principal * Rate * time = interest

interest to be acccrued 33,000 * 7% * 33/360 = 211.75

4) interest expense to be recorded in 2017

198

principal * Rate * time = interest

interest to recorded in 2018 33,000 * 7% * 27/360 = 173.25

Journal entries

Date Accounting titles & Explanations Debit Credit

2016

20-Apr inventory 38,000

Accounts payable 38,000

19-May Accounts payable 38,000

cash 3,000

notes payable 35,000

8-Jul Cash 63,000

notes payable 63,000

17-Aug notes payable 35,000

interest expense 700

cash 35,700

5-Nov notes payable 63,000

interest expense 2,310

cash 65,310

28-Nov Cash 33,000

notes payable 33,000

31-Dec interest expense 211.75

interest payable 211.75

2017

27-Jan notes payable 33,000

interest payable 211.75

interest expense 173.25

cash 33,385

4 0

3 years ago

1. BBQ sells over 200 products. Product A has sales of 400,000 units per year. The carry cost of each product is $36. The order

Mrac [35]

Answer:

a) The optimum order quantity is 789 units per order.

b) They have to reorder every 0.72 days.

2)

a) It is not a good policy.

b) The quantity per order is greater than the optimum quantity per order.

c) The order quantity should be 632 units/order

Explanation:

The carry costs are the costs incurred by the company for having the products in stock (financial, storage, etc). They are proportional to the average inventory held by the company.

The order costs are the costs associated with the purchase order. They are proportional to the amounts of purchase orders by unit of time.

a) The optimum order quantity can be calculated with the Economic Order Quantity (EOQ) formula. This formula minimizes the sum of the carry costs and the order costs.

In this formula:

EOQ: Economic Order Quantity or optimum order quantity

S: Order costs

D: Annual quantity demanded

H: Carry cost

$EOQ =\sqrt{\frac{2SD}{H} }=\sqrt{\frac{2*28*400,000}{36} }= \sqrt{622,222.22} =788.81 \approx 789$

The optimum order quantity is 789 units per order.

b) If the annual demand is 400,000 and the quantity per order is 789 units, the company will do 506.97 orders a year.

$\frac{400,000\,units/year}{789 \,units/order}= 506.97 \,orders/year$

If we take 365 days a year, we have 1.39 orders a day.

$506.97\frac{orders}{year}*\frac{1\,year}{365\,days}= 1.39 orders/day$

This means it has to reorder every 0.72 days.

2) If we apply the EOQ formula we get:

$EOQ=\sqrt{\frac{2SD}{H} }= \sqrt{\frac{2*40*75,000}{15} }= \sqrt{400,000}= 632.45$

a) It is not a good policy.

b) The quantity per order is greater than the optimum quantity per order.

c) The order quantity should be 632 units/order

8 0

3 years ago

As the supervisor at a fast-food restaurant chain you notice that Tonya, one of your most experienced cashiers, is having troubl

Reil [10]

Answer:

hey i see that you have been making a lot of mistakes latly are you okay

Explanation:

Try not to be rude

3 0

3 years ago

Oriole Inc. had beginning inventory of $11,400 at cost and $20,600 at retail. Net purchases were $127,926 at cost and $181,000 a

Levart [38]

Answer:

Ending inventory at cost using the conventional retail method is $36,498.

Explanation:

Note: See the attached excel file for the computation of Goods available for sales and Ending inventory at Retail.

From the attached excel file, we have:

Goods available for sales at Cost = $139,326

Goods available for sales at Retail = $211,100

Ending inventory at Retail = $55,300

Therefore, we have:

Ratio of goods available for sales of Cost to Retail = Goods available for sales at Cost / Goods available for sales at Retail = $139,326 / $211,100 = 0.66, or 66%

Ending inventory at Cost = Ending inventory at Retail * Ratio of goods available for sales of Cost to Retail = $55,300 * 66% = $36,498

Therefore, ending inventory at cost using the conventional retail method is $36,498.

Download xlsx

5 0

3 years ago

Net cash flow from operating activities for 2021 Altoona Corporation was $300,000. The following items are reported on the finan

ololo11 [35]

Answer:

Altoona’s Net Income for 2021 was: $296,000

Explanation:

The Net Income can be determined by reconciling the Net cash flow from operating activities to Operating Profit as follows :

Net cash flow from operating activities $300,000

Less Depreciation and amortization ($24,000)

Add Increase in accounts receivable $20,000

Operating Profit $296,000

Notes :

Reconcile the non-cash items previously added or deducted from Net cash flow from operating activities and any changes to Working Capital accounted for in determination of Net cash flow from operating activities .

4 0

4 years ago