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charle [14.2K]
3 years ago
15

The following data (in thousands of dollars) have been taken from the accounting records of Rayburn Corporation for the current

year. Sales $1,980 Selling expenses 280 Manufacturing overhead 460 Direct labor 400 Administrative expenses 300 Purchases of direct materials 240 Finished goods inventory, beginning 240 Finished goods inventory, ending 320 Direct materials inventory, beginning 80 Direct materials inventory, ending 140 Work in process inventory, beginning 140 Work in process inventory, ending 100
Business
1 answer:
torisob [31]3 years ago
3 0

Answer:

Instructions are listed below

Explanation:

Giving the following information:

Sales $1,980

Selling expenses 280

Manufacturing overhead 460

Direct labor 400

Administrative expenses 300

Purchases of direct materials 240

Finished goods inventory, beginning 240

Finished goods inventory, ending 320

Direct materials inventory, beginning 80

Direct materials inventory, ending 140

Work in process inventory, beginning 140

Work in process inventory, ending 100

cost of goods manufactured= beginning WIP + direct materials + direct labor + allocated manufacturing overhead - Ending WIP

cost of goods manufactured= 140 + (80 + 240 - 140) + 400 + 460 - 100= 1080

Cost Of Goods Sold= beginning finished inventory + cost of goods manufactured - ending finished inventory

COGS= 240 + 1080 - 320= 1000

Income statement:

Sales= 1980

COGS= 1000 (-)

Gross profit= 980

Selling expenses 280

Administrative expenses 300

Net operational profit= 400

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On January 1 of this year, Shannon Company completed the following transactions (assume a 10% annual interest rate): (FV of $1,
fredd [130]

Answer:

1. Amount to be paid at the end of three years (A) = $60,000

Rate of interest (r) = 10% = 0.10

Number of years (n) = 3 years.

Cost of truck that should be recorded at the time of purchase = A÷(1+r)n = 60,000÷(1+0.10)3 = 60,000÷1.13 = 60,000÷1.331 = $45,078

2. Annual payment (P) = 10,000

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Rate of interest (r) = 10% = 0.10

Present value of annual payment = P×[1-(1+r)-n]÷r = 10,000×[1-(1+0.10)-3]÷0.10 = 10,000×[1-1.1-3]÷0.10 = 10,000×[1-0.7513]÷0.10 = 10,000×0.2487÷0.10 = $24,870.

Single installment payment is $28,000 and the present value of $10,000 paid annually for 3 years is $24,870, which means annual payment for three years will be the better option because the present value is less than the single installment.

Pay in three installment will be the better option.

3. Amount at the end of 7 years (A) = $90,000

Number of years (n) = 7 years

Rates of interest (r) = 10% = 0.10

Single amount to be deposited in this account on January 1 of this year = A÷(1+r)n = 90,000÷(1+0.10)7 = 90,000÷1.17 = 90,000÷1.9487 = $46,184

4. Annual payment (P) = $40,000

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Rate of interest (r) = 10% = 0.10

Single sum to be deposited in the bank on January 1 of this year = P×[1-(1+r)-n]÷r = 40,000×[1-(1+0.10)-10]÷0.10 = 40,000×[1-1.1-10]÷0.10 = 40,000×[1-0.3855]÷0.10 = 40,000×0.6145÷0.10 = $245782.6842

7 0
3 years ago
A statement of cash flows and its related disclosure note typically do not report: a. Stock dividends. b. Notes payable issued f
fgiga [73]

Answer:

a. Stock dividends

Explanation:

As we know that the cash flow statement records those transactions which deals in cash only.

It includes three types of activities

1. Operating activities: It records payment of expenditures, cash receipts, changes in working capital

2. Investing activities: It records inflow and outflow of long term assets

3. Financing activities: It records the stockholder equity related transactions

Since in the given case, the related disclosure do not report the stock dividend as it does not involved any kind of cash transactions

3 0
3 years ago
If a company has 5 employees with annual salaries of $90000 $60000 $70000 $90000 and $20000 respectively what is the mean annual
lana [24]
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5 0
3 years ago
Read 2 more answers
Mrs. Beach bought shells at a gift shop. The red shells (r) were $0. 75 each, and the white shells (w) were $0. 49 each. The tot
inessss [21]

The next guesses of the clerk should be less of red shells and more of white shells.

<h3><u>Decision about less of white and more red shells</u>:</h3>

Given that,

   Red shell [r] costs         =       $0.75 each.

   White shell [w] costs     =        $0.49 each.

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The clerk guesses that the $4.96 for 4 red shells and 4 white shells is greater than the actual purchase.

Therefore,

The clerk should make use of less red shells, and more of white shells, because the unit costs of red shell is more than the white shell.

Learn more about equations, refer:

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2 years ago
When using the indirect method to prepare the operating section of a statement of cash flows, which of the following is deducted
zysi [14]

Answer:

B

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Decrease in receivable means that there was an inflow of cash as some receivables had paid their debts , thus it is added.

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3 years ago
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