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3 years ago

15Question(1 point) 1st attempt What will happen in a market where a nonbinding price floor is removed? Choose one:

Business

1 answer:

djverab [1.8K]3 years ago

4 0

Answer:

A. The price or quantity of the product sold on the legal market will not change.

Explanation:

Non-binding price floors are price floors that are set at lower points that the actual market value, so removing it will have little to no effect on the actual market because it wasn´t being taken into account from the start, price floors are set to ensure that a certain product does not go lower than a certain price to control prices, if the price in the market is between the floor and ceiling price nothing will happen if the price floor is removed.

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The 2018 income statement of Adrian Express reports sales of $20,510,000, cost of goods sold of $12,550,000, and net income of $

In-s [12.5K]

Answer:

1. Gross profit ratio= Gross Profit/ Sales *100

-Sales $ 20510,000

-Gross Profit = Sales - Cost of Goods Sold =20,510,000 - 12,550,000 = 7,960,000

Gross Profit Ratio= 7,960,000 / 20,510,000 * 100

= 38.81%

2.Return on Assets= Net income after tax / Average Total assets

Where Average Total assets= (9,800,000+8,160,000) / 2= 8,980,000

Where Net income after tax= 1,940,000

Return on Assets = 1,940,000 / 8,980,000 * 100 = 21.60%

3.Profit Margin= Net income/ Sales *100

=1,940,000 /20,510,000 *100

= 9.46%

4. Total Assets turnover= Sales / Average assets

=20,510,000 / 8,980,000

=2.28 times

5 Return on Equity: Net income after tax/ Average stockholder's equity

Where Average Stockholder's equity: (2,050,000 +3,190,000 + 1990000 + 1766000) / 2 = $4498,000

Return on Equity: 1940000/4498,000 *100

= 43.13%

7 0

3 years ago

July 1 Purchased merchandise from Boden Company for $6,000 under credit terms of 1/15, n/30, FOB shipping point, invoice dated J

kramer

Answer:

Journal Entries are as below

Directive or Autocratic Decision Making:

Managers who embed such style assess few alternatives and consider limited information while taking any decision. They are intuitive and impulsive, do not find it important to consult with others or seek information in any form and use their cognitive process and idea while taking decisions.

BLINK COMPANY

JOURNAL

PERPETUAL INVETORY SYSTEM [AMOUNT IN $]

DATE PARTICULARS INVOICE DATE DR. CR.

Jul-01 PURCHASE A/C Jul-01 6,000

1/15,N/30 PAYABLE A/C {BODEN CO.} 6,000

Jul-02 A/C RECIEVABLE {CREEK CO.} Jul-02 900

SALES 900

2/10,N/60

COST OF GOODS SOLD 500

INVENTORY 500

Jul-03 CARRIAGE INWARDS A/C Jul-01 125

CASH A/C 125

Jul-08 CASH A/C 1,700

SALES A/C 1,700

COST OF GOODS SOLD 1,300

INVENTORY 1,300

Jul-09 PURCHASE A/C Jul-09 2,200

PAYABLE A/C {LEIGHT CO.} 2,200

2/15,N/60

Jul-11 PAYABLE A/C {LEIGHT CO.} Jul-09 200

INVENTORY 200

Jul-12 BANK A/C Jul-02 882

DISCOUNT ALLOWED 18

A/C RECIEVABLE {CREEK CO.} 900

Jul-16 PAYABLE A/C {BODEN CO.} Jul-01 6,000

BANK A/C 5,940

DISCOUNT RECEIVED 60

Jul-19 A/C REVIEVABLE {ART CO.} 1,200

SALES 1,200

2/15,N/60

COST OF GOODS SOLD 800

INVENTORY 800

Jul-21 SALES RETURN A/C Jul-19 200

A/C RECIEVABLE {ART CO.} 200

INVENTORY 134

COST OF GOOD SOLD 134

Jul-24 PAYABLE A/C {LEIGHT CO.} 2,000

BANK A/C 1,960

DISCOUNT RICEIVED 40

Jul-30 BANK A/C Jul-19 980

DISCOUNT ALLOWED 20

A/C RECIEVABLE {ART CO.} 1,000

Jul-31 A/C RECIEVABLE {CREEK CO.} Jul-31 7,000

SALES 7,000

2/16,N/60

COST OF GOODS SOLD 4,800

INVENTORY 4,800

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3 0

3 years ago

Using notes outside of given key to produce heightened color is referred to as

Yanka [14]

Using notes outside of a given key to produce heightened color is referred to as "chromaticism".

Chromaticism, in music, the utilization of notes unfamiliar to the mode or diatonic scale whereupon an organization is based.

Chromatic tones in Western craftsmanship music are the notes in an organization that are outside the seven-note diatonic (i.e., major and minor) scales and modes. On the piano console, the dark keys speak to the 5 chromatic tones that don't have a place with the diatonic size of C real; high contrast keys together mean the chromatic size of 12 tones for every octave.

6 0

3 years ago

Read 2 more answers

Dillon Products manufactures various machined parts to customer specifications. The company uses a job-order costing system and

love history [14]

Answer:

Dillon Products

1. Journal entries for (a) through (f)

a) Debit Raw Materials Account $325,000

Credit Accounts Payable $325,000

To record the purchase of raw materials on account.

b) Debit Work in Process $232,000

Debit Manufacturing overhead $58,000

Credit Raw materials account $290,000

To record the transfer of raw materials to WIP and Overhead.

c) Debit Work in Process $60,000

Debit Manufacturing overhead $120,000

Credit Wages & Salaries $180,000

To record the transfer of labor cost to WIP and Overhead.

d) Debit Manufacturing overhead $75,000

Credit Depreciation Expense- Equipment $75,000

To record the transfer of depreciation expense to Overhead.

e. Debit Manufacturing Overhead $62,000

Credit Expenses Payable $62,000

To record other overhead incurred on account.

f. Debit Work In Process $300,000

Credit Manufacturing Overhead $300,000

To record the overhead applied on the basis of 15,000 machine hours at $20 per machine hour.

2. T-accounts:

Manufacturing overhead

Account Title Debit Credit

Raw materials $58,000

Wages & Salaries 120,000

Depreciation- Equip. 75,000

Expense Payable 62,000

Work in Process $300,000

Finished Goods 15,000

Work in Process Account

Account Title Debit Credit

Raw materials account $232,000

Wages & Salaries 60,000

Manufacturing overhead 300,000

Finished Goods $592,000

Finished Goods

Account Title Debit Credit

Work in Process $592,000

Manufacturing overhead 15,000

3. Journal Entry for item (g):

Debit Finished Goods $607,000

Credit Work in Process $592,000

Credit Manufacturing overhead $15,000

To record the cost of manufactured parts, including the under-applied overhead.

4. Cost of goods sold = 10,000 *$607,000/16,000 = $379,375

(While Ending Inventory = 6,000 *$607,000/16,000 = $227,625.)

Explanation:

a) Data and Calculations:

Estimated manufacturing overhead = $4,800,000

Estimated machine hours = 240,000

Overhead rate = $4,800,000/240,000 = $20 per machine hour

Actual cost data for January:

Number of machine parts = 16,000

Raw materials purchased on account = $325,000

Raw materials cost:

Direct materials = $232,000 (80% of $290,000)

Indirect materials = $58,000 (20% of $290,000)

Labor cost

Direct labor = $60,000 ($180,000 * 1/3)

Indirect labor = $120,000 ($180,000 * 2/3)

Manufacturing overhead:

Depreciation = $75,000

Others = $62,000

Indirect materials = $58,000

Indirect labor = $120,000

Total actual overhead incurred = $315,000

Machine hours actually worked = 15,000

b) Other Accounts

1. Expenses Payable

Account Title Debit Credit

Manufacturing overhead 62,000

2. Depreciation Expense - Equipment

Account Title Debit Credit

Manufacturing overhead $75,000

3. Raw Materials Account

Account Title Debit Credit

Accounts Payable $325,000

Work in Process $232,000

Manufacturing overhead 58,000

4. Accounts Payable

Account Title Debit Credit

Raw Materials $325,000

c) The manufacturing overhead applied is $300,000 (15,000 machines hours actually used multiplied by $20 overhead rate), while the actual overhead costs incurred total $315,000. So there is an under-applied overhead of $15,000 which is charged to Finished Goods in order to obtain the correct cost of 16,000 custom-made machined parts.

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3 years ago

Shuai is writing a report with a great deal of complicated numerical information. to clarify and simplify this information for d

AveGali [126]

She should put this into a chart or graph. This is a graphical illustration of data, in which "the data is characterized by symbols.” By organizing data, it can be more effortlessly understand what has been perceived. Subsequently, most of the data is quantitative, data tables and charts are typically used to consolidate the information. Graphs are shaped from those data tables.

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3 years ago