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alexandr402 [8]
3 years ago
11

8. When Jill Thompson received a large settlement from an automobile accident,

Business
1 answer:
Dennis_Churaev [7]3 years ago
3 0

Answer:

The amount of fees that Jill will pay this year=$248.20

Explanation:

Expense ratio is a measure of how much fees that fund management firms charge their clients for their investments services. These fees cover administrative and operational costs. In our case, the expense ratio will be expressed as the fees that Jill will pay as a portion of the total amount she invested. The expense ratio can be expressed as shown;

ER=C/A

where;

ER=expense ratio

C=total funds cost

A=total funds assets

In our case;

ER=0.17%=0.17/100=0.0017

C=unknown to be determined

A=$146,000

replacing;

C=ER×A

C=0.0017×146,000=$248.20

The amount of fees that Jill will pay this year=$248.20

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Jackson Company produces plastic that is used for injection-molding applications such as gears for small motors. In 2016, the fi
valentina_108 [34]

Answer:

a.Income Statement using variable costing

                                                                     2016                 2017

Sales                                                     $7,872,000      $9,840,000

Less Cost of Sales                              ($1,338,240)      ($1,672,800)

Opening Stock                                     <em>        $0         </em>      <em> $334,560</em>

Add Cost of Goods Manufactured      <em>$1,672,800 </em>      <em>$1,338,240</em>

Less Closing Stock                              <em> ($334,560) </em>         <em>     $0</em>

Contribution                                        $6,533,760       $8,167,200

Less Expenses :

Fixed manufacturing costs                ($3,075,000)     ($3,075,000)

Selling Expenses : Variable                  ($862,920)      ($1,082,400)

Selling Expenses : Fixed                       ($500,000)       ($500,000)

Net Income / (loss)                               $2,095,840       $3,509,800

b.Income Statement using  absorption costing

                                                                     2016                 2017

Sales                                                     $7,872,000      $9,840,000

Less Cost of Sales                              ($3,798,240)      ($5,362,800)

Opening Stock                                     <em>        $0         </em>      <em> $949,560</em>

Add Cost of Goods Manufactured      <em>$4,747,800 </em>      <em>$4,413,240</em>

Less Closing Stock                              <em> ($949,560) </em>         <em>     $0</em>

Gross Profit                                           $4,073,760          $4,477,200

Less Expenses :

Selling Expenses : Variable                  ($862,920)      ($1,082,400)

Selling Expenses : Fixed                       ($500,000)       ($500,000)

Net Income / (loss)                                 $2,710,840       $2,894,800

c. Reconciliation of Absorption costing Net Income to variable costing profit

                                                                                   2016                      2017

Absorption Costing Net Income                           $2,710,840       $2,894,800

Fixed Manufacturing  Cost in Opening Stock             $0                $615,000

Fixed Manufacturing Cost in Closing Stock         ($615,000)               $0

Variable Costing Net Income                               $2,095,840       $3,509,800

Explanation:

Part a.

Under Variable Costing, Only Variable Manufacturing Costs are treated as Product costs. Fixed Manufacturing costs and All Non-Manufacturing Costs are treated as period costs.

Part b

Under Absorption Costing, Both Variable Manufacturing Costs  and  Fixed Manufacturing costs are treated as Product costs. All Non-Manufacturing Costs are treated as period costs.

Part c.

The difference between the Net Income under Absorption Costing and Variable Costing is due to Fixed Manufacturing Costs that are deferred in Inventory. This needs to be reconciled accordingly.

5 0
3 years ago
On October 1, 2018, Swifty Company places a new asset into service. The cost of the asset is $125000 with an estimated 5-year li
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Answer:

The book value of the plant asset on the December 31, 2018 is $75,000.

Explanation:

<u>Determine the depreciable cost,</u>

The depreciable cost = Acquisition cost - Salvage value.

The depreciable cost = 125,000 - 30,500.

The depreciable cost = $94,500.

<u>Determine the annual depreciation expense,</u>

The annual depreciation expense = depreciable cost/useful life

The annual depreciation expense = 94,000/5

The annual depreciation expense = $18,900.

<u>Find the % rate of depreciation .</u>

The % rate of depreciation = (18,900/94,500) × 100.

% rate of depreciation = 20%

Since it is the double-declining-balance method of depreciation we multiply the % rate by 2 =  20% × 2 = 40%

<u>Applying the rate to the carrying value of  the asset to obtain current year's depreciation expense.</u>

Current year's depreciation expense = Carrying value of  the asset × the depreciation rate %.

Current year's depreciation expense = 125,000 × 40%.

Current year's depreciation expense = $75,000

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4 0
3 years ago
Which of the following statements explain(s) how the accounting equation applies to business?( check all the apply)
JulijaS [17]

The statements that explain how the accounting equation applies to business are:

  • The equation reflects that the total of what a business owns at any point in time will equal the total of what it owes creditors and owners.
  • The equation applies to all monetary business transactions.
  • The relation of assets, liabilities and equity is reflected in the equation.
  • The equation states that Assets = Liabilities +Equity

<h3>How does the accounting equation apply in business?</h3>

The accounting equation is given as:

Assets = Equity + Liability

This shows that everything that a business owns (assets) is only acquired thanks to the amounts that the owners ( equity) and creditors (liability) give.

It also shows how assets, liabilities and equity are related and therefore applies to all the monetary transactions in the business as it shows how the cash is affected when it is spent or received.

Find out more on the accounting equation at brainly.com/question/24401217

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5 0
1 year ago
These are four points from a presentation on the Great Depression:
kolezko [41]
c. history of the Great Depression
3 0
2 years ago
Dorcan Corporation manufactures and sells T-shirts imprinted with college names and slogans. Last year, the shirts sold for $7.6
storchak [24]

Answer:

b. 18,602 units.

Explanation:

First, we need to use last year's information to determine last year's fixed costs.

Price (P1) = $7.68

Variable costs (VC1) = $2.25

Units sold to break-even (n1) = 21,800

At the break-even point, net income is zero and the fixed cost can be found by:

N=0 = n_1*(P_1-VC_1) -FC_1\\0=21,800*(\$7.68-\$2.25) - FC_1\\FC = \$118,374

With information from last, information for the current year can be determined:

Price (P2) = $10.00

Variable costs (VC2) = $2.25 x 1.3333 = $3.00

Fixed cost (FC2) = $118,374 x 1.10 = $130,211.4

The number of units required to break even is:

N=0 = n_2*(P_2-VC_2) -FC_2\\0=n_2*(\$10-\$3) - \$130,211.4\\n_2 = 18,601.63\ units

Rounding up to the nearest whole unit, Dorcan Corporation must sell 18,602 units to break-even.

7 0
3 years ago
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