Help me with Financial Literacy please

Mueller Company sold merchandise costing $120,000 for $240,000. Mueller estimates that merchandise costing $5,000 will be return

Yanka [14]

Answer:

The answer is $230,000

Explanation:

Net sales is the sum of a company's gross(total) sales minus any returned goods, sales allowances and/or discounts. The total amount of revenue on a company's income statement is the net sales.

Gross sales - $240,000

Merchandise returned - $10,000

Net sales = Gross sales - goods returned

$240,000 - $10,000

= $230,000

7 0

3 years ago

We try to determine if we can use educational background, interests, and gender to see if an individual's annual income differs

MrRa [10]

Answer:

Multiple regression

Explanation:

With regards to the above, multiple regression can be used to determine one educational background, interest and gender so as to see if there is a variation in terms of individual's annual income as it relates to their educational background.

Multiple regression basically is a mathematical model, which is used when one value is matched with two or more variables. Here, the value is a stand alone, which is why we study, while the variables are dependent; hence are factors that required to be checked and why the whole analysis is being conducted.

In the above scenario, the value being represented is 'annual income' which is independent, while educational background, interest and gender are variables which are independent.

6 0

3 years ago

You are thinking of opening a Broadway play, I Love You, You’re Mediocre, Now Get Better! It will cost $5 million to develop the

Alex Ar [27]

Answer:

39 weeks

Explanation:

initial investment = $5 million

Your goal is to a better person and get rich by doubling your development costs. You want to earn $10 million in profits, so you will need to sell a lot of seats.

8 shows per week x 100 weeks = 800 shows

revenue per ticket = $50 + $1.50 = $51.50

tickets sold per show = 800 x 80% = 640

total revenue per show = 640 x $51.50 = $32,960

variable cost per show (assuming 7 nights per week) = $7,000 / 8 = $875

contribution margin per show = $32,960 - $875 = $32,085

number of shows needed to earn $10 million in profits = $10,000,000 / $32,085 = 311.67 shows

number of weeks = 311.67 / 8 = 38.96 ≈ 39 weeks

4 0

3 years ago

The data below relate to the month of April for Monroe, Inc., which uses a standard cost system and a two-variance analysis of f

Contact [7]

Answer:

Fixed overhead absorption rate

= Budgeted fixed overhead

Budgeted activity level

= $12,000

16,000 hours

= $0.75 per hour

Production volume variance

= (Standard hours - Budgeted hours) x Fixed overhead rate

= (16,250 - 16,000) x $0.75

= $187.5(F)

The correct answer is A

Explanation:

First and foremost, we need to calculate fixed overhead absorption rate, which is the ratio of budgeted fixed overhead to budgeted hours. then, we will calculate the production volume variance, which is the difference between standard hours and budgeted hours multiplied by fixed overhead absorption rate.

7 0

3 years ago

Delaware Company incurred the following research and development costs during 2021: Salaries and wages for lab research $ 400,00

Temka [501]

Answer:

Total R&D Expense = 1040000 USD to be reported in 2021 income statement.

Explanation:

First of all, let me arrange this data in a quite presentable way to facilitate you.

1. Salaries and wages for lab research = 400,000 USD

2. Materials Used in R&D projects = 200,000 USD

3. Purchase of equipment = 900,000 USD

4. Fees paid to third parties for R&D projects = 320,000 USD

5. Patent filing and legal costs for a developed product = 65,000 USD

6. Salaries, wages, and supplies for R&D work performed for another company under a contract = 350,000 USD

Total Cost = 2,235,000 USD

Note: Depreciation for 2021 is 120,000 USD.

Now, we have to list out different costs included in Research and Development Expenses to be included in the income statement.

For R&D expenses, we need to look for costs that are directly related to R&D and add up those costs to calculate the R&D Expense that Delaware should report in its 2021 income statement.

Following cost components will be added together for the Research and Development Expenses:

1. Depreciation For 2021 = 120,000 USD

2. Materials Used in R&D projects = 200,000 USD

3. Fees paid to third parties for R&D projects = 320,000 USD

4. Salaries and wages for lab research = 400,000 USD

Total R&D Expense = 120,000 + 200,000 + 320,000 USD + 400,000 USD

Total R&D Expense = 1040000 USD to be reported in 2021 income statement.

7 0

3 years ago