1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
taurus [48]
2 years ago
15

Kirk Minerals processes materials extracted from mines. The most common raw material that it processes results in three joint pr

oducts: Spock, Uhura, and Sulu. Each of these products can be sold as is, or each can be processed further and sold for a higher price. The company incurs joint costs of $179,700 to process one batch of the raw material that produces the three joint products. The following cost and sales information is available for one batch of each product.
Sales Value at Split-Off Point Allocated Joint Costs Cost to Process Further Sales Value of Processed Product
Spock $210,300 $39,100 $110,200 $300,700
Uhura 300,900 60,100 85,900 399,100
Sulu 454,100 80,500 250,900 799,200

Required:
Determine the incremental profit or loss that each of the three joint products.
Business
1 answer:
SashulF [63]2 years ago
5 0

Answer:

Incremental loss of Spock = $19,800

Incremental profit of Uhura = $12,300

Incremental profit of Sulu = $94,200

Explanation:

Note: See the attached excel for the determination the incremental profit or loss that each of the three joint products.

In the attached excl file, the following formulae are used:

a. Incremental sales value = Sales value of processed product -  Sales value at split off point

b. Incremental profit (loss) = Incremental sales value - Costs to process further

Download xlsx
You might be interested in
Which of the following data is used to determine credit scores?
notsponge [240]
"The length of stay at your current residence" is the one among the following choices given in the question that is the data <span>used to determine credit scores. The correct option among all the options that are given in the question is the second option or the penultimate option. I hope the answer comes to your help.</span>
5 0
2 years ago
Read 2 more answers
An aging of a company's accounts receivable indicates that $8,000 are estimated to be uncollectible. If Allowance for Doubtful A
joja [24]

Answer:

c. debit to Bad Debts Expense for $6,900.

Explanation:

Allowance for Doubtful Accounts  $1,100 credit balance,

Estimated Un collectibles                $8000 credit

Required Adjustment                    $ 6900 credit

The adjustment to record bad debts for the period will require a

c. debit to Bad Debts Expense for $6,900.

Bad Debt Expense $ 6900 Dr

Allowance for Doubtful Accounts $ 6900 Cr

Alternatively if the allowance account had a debit balance the entry would have been posted adding the two amounts.

7 0
3 years ago
A(n) is a long-term contract under which a borrower agrees to make payments of interest and principal on specific dates. There a
LenaWriter [7]

Answer:

Bond,treasury

Explanation:

A bond refers to the contract between borrower and lender stipulating that the borrower must pay periodic interests and principal on specified dates .

The interest is also known as coupon payment has fixed  rate usually  quoted in the bond agreement which could be paid annually or semi-annually to te lenders.

Treasury refers to the bond issued by the national government such as the U.S government and carries a lower rate of return as the risk attached too is low ,hence lower risk brings about lower return since the government is not likely to default in discharging its obligations

8 0
3 years ago
Leonard transfers equipment (basis of $40,000 and fair market value of $100,000) for additional stock in Green Corporation. Afte
Crank

Answer: e. None of the above.

Explanation:

Under IFRS, leonard will not recognize this either gain or depreciation as the transfer has taken place. But when Green Corporation sells the equipment then it will have to consider the potential which was generated in respect to the transfer with leonard.

8 0
3 years ago
Ordinary and necessary business expenses are deductible only to the extent they are also reasonable in amount.
marysya [2.9K]

Answer:

True

Explanation:

According to the IRS:

  • ordinary expenses are expenses that are common and accepted in a company's trade or industry.
  • necessary expenses are expenses that help your company carry on its normal business.

Tax deductible expenses must be ordinary, necessary, and reasonable.

8 0
3 years ago
Other questions:
  • Which of the following is not true regarding the use of labor variance information? a.The actual wage rate is almost always diff
    9·1 answer
  • _______________________ managers subscribe to the traditional view of direction and control of subordinates, who they see as ind
    10·1 answer
  • If a price reduction leads to larger total revenue, demand is
    13·1 answer
  • Read each scenario and pick the statement that matches it.
    10·1 answer
  • Wagner &amp; Sons, Inc. perform property appraisals for commercial real estate transactions. The following transactions were com
    8·1 answer
  • Items held for sale in the normal course of business are referred to as
    6·1 answer
  • The only way workers in industrialized countries can compete with their counterparts in the developing world will be through:
    9·1 answer
  • The capital budget forecast for the Santano Company is $725,000. The CFO wants to maintain a target capital structure of 45% deb
    11·1 answer
  • Eileen is a risk neutral consultant, doing work for acme, inc. The company offers her a choice of two compensation plans. Under
    5·1 answer
  • Nolen is a key team member of a successful small business. his colleagues appreciate nolen meeting his deadlines. which of the c
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!