Hicom Goods is a distributor of videotapes. View Mart is a local retail outlet which sells blank and recorded videos. View Mart purchases tapes from Hicom Goods at £3.00 per tape; tapes are shipped in packages of 20. Hicom Goods pays all incoming freight, and View Mart does not inspect the tapes due to Hicom Goods' reputation for high quality. Annual demand is 104,000 tapes at a rate of 4,000 tapes per week. View Mart earns 20% on its cash investments. The purchase-order lead time is two weeks. The following cost data are available: Relevant ordering costs per purchase order Carrying costs per package per year: Relevant insurance, materials handling, breakage, etc., per year £90.50 £4.50 What is the required annual return on investment per package? a. £60.00 b. £2.50 C. £12.00 d. £0.60
Q: please answer in text form with proper workings and explanation for each and every part and steps…
A: Given data Capital balances : Pineda = 300000 Adams = 270000 Fergie = 260000 Gomez = 250000…
Q: The Trial balance figure for Wages is $4,500. At the end of the accounting period the company owes…
A: My understanding of the statement "The trial balance figure for wages is $4,500" is that it is…
Q: Use the following tax table to determine how much income tax is paid on 732000 of taxable income.…
A: The objective of this question is to calculate the total income tax paid on a taxable income of…
Q: An Optical Spectrometer. You and your team are tasked with characterizing an equilateral, triangular…
A: Step 1: here we have solved for question 1 Step 2: here we have solved for question 2, 3 Step 3: nil…
Q: In the statement of activities of a not-for-profit, depreciation expense should a. be included as an…
A: c. be included as an element of support.The term non-operating expenditures refer to the type of…
Q: A distribution of money is made from an S corporation to its sole shareholder. Determine the tax…
A: Distribution of $50,000:The entire distribution of $50,000 is treated as a non-taxable return of…
Q: Comparative financial statements for Weaver Company follow: Weaver Company Comparative Balance Sheet…
A: The net cash provided by/used in operating activities is calculated using the indirect method, which…
Q: please answer in text form and in proper format answer with must explanation , calculation for each…
A: Step 1:Computation of the total current assets of the company on June 30 of the current year:Total…
Q: Complete the Analyzing Stock Market Sectors exercise (Chapter 3 DA Exercise 2) before answering this…
A: 1. **Open your Excel Workbook**: Open the Excel file where you have your stock market sector data.…
Q: Deeana, Henry, and Pat have equal ownership of My Business LLC which made a profit of $90,000 this…
A: Step 1: Define Taxes:Taxes are mandatory payments made to the government based on the applicable tax…
Q: Question: In a job order cost accounting system, which journal entry would be made when raw…
A: Step 1: Define the Balance Sheet:In accounting, the balance sheet is the basis for calculating and…
Q: Almond, Inc. uses a balanced scorecard. Match the measures below with the appropriate section of the…
A: The objective of the question is to match the given measures with the appropriate section of the…
Q: please answer in text form and in proper format answer with must explanation , calculation for each…
A: The warranty expense shall be recorded in December.869,000 x 3% = 26,070.This shall be recorded as…
Q: Prove all 5 parts of answer
A: Explanation:There are 1,8001,800 units available at a cost of $77,200$77,200 for the goods. There…
Q: Carbata Company manufactures low-cost, basic tool kits in bulk. Below is the latest information for…
A: The objective of the question is to prepare a Process Costing Production Report under the FIFO…
Q: At the beginning of the year, Myrna Corporation (a calendar year taxpayer) has E & P of $32,000. The…
A: Dividend incomeThe distribution treated as a dividend is $32, 000, which is the available E &…
Q: Electric Entertainments Inc sell games and movies to Movie Theatres throughout Australia and employ…
A: June July August Wages 10,000.00 10,000.00 10,000.00 Rent 6,000.00 Electricity…
Q: 7 TB MC Qu. 9-82 (Algo) Dill Company has a fixed overhead spending variance of... eBook References 이…
A: Detailed explanation: Budgeted Fixed Overhead = 80,400 actual fixed overhead spent - 5700…
Q: What is the cost of goods manufactured if beginning work in process was $30,000, ending work in…
A: The objective of the question is to calculate the cost of goods manufactured (COGM) using the given…
Q: Xu Ltd currently produces and sells two types of pillows that are currently gaining marketshare. The…
A: Step 1:Step 1: Understanding Contribution AnalysisContribution analysis involves examining how each…
Q: please answer in text form and in proper format answer with must explanation , calculation for each…
A: Revenue Section:- Sales: $159,500- Sales Returns and Allowances: $1,400- Sales Discounts: $4,160-…
Q: Question Content Area Waterfield Company is looking for a way to help its executive managers assess…
A: The objective of the question is to identify the metrics that can be used by Waterfield Company to…
Q: Having sold the equipment, OPC pays off the note payable in full on 1/17. The amount paid is…
A: On January 17, OPC paid off its note payable in full, which amounted to $23,613. This payment…
Q: For each of the following cost flow assumptions, calculate cost of goods sold, ending inventory, and…
A: Step 1: FIFO Since this is a FIFO (First In, First Out) method, the inventories to be sold first…
Q: Complete the following table by filling in missing amounts. Note: Use 360 days a year. $ Principal…
A: Refer to the attached images for the detailed solutions:
Q: Living Tanks sell tanks and fish and reptiles throughout Victoria. During March 2022, cash sales…
A: Step 1:Collection pattern for March 2022 credit sales:March 2022 credit sales will be collected as…
Q: Gross earnings is______________________. An amount of money paid to an…
A: The question is asking for the definition of gross earnings in the context of employee compensation.
Q: Employers are required to file a federal tax return reporting payroll and tax liabilities…
A: The question is asking about the frequency at which employers are required to file a federal tax…
Q: please answer in text form with proper workings and explanation for each and every part and steps…
A: Now,b).Calculation of the cost of goods sold Cost of June (1 - June )15 units *2754,125 Cost of…
Q: #3 Caspian Sea Drinks is considering the production of a diet drink. The expansion of the plant and…
A: The objective of the question is to calculate the Net Present Value (NPV) of the project for…
Q: Department R had 4,200 units in work in process that were 77% completed as to labor and overhead at…
A: Step 1: Define Equivalent Units:Equivalent units are used in process costing to allocate the…
Q: Loega Plc Ltd. sells rocks in Utah. They have supplied the following data: • Units sold: 3,296 •…
A: Step 1: Calculation of contribution margin ratio.Total variable costs = Variable manufacturing…
Q: IZ Corporation purchased land for $425,000. Later in the year, the company sold a different piece of…
A: Step 1: Calculation of gain or loss on sale of land.Gain/loss on sale of land = Sales price - Book…
Q: ! Required information PA11-2 (Algo) Making Automation Decision [LO 11-1, 11-2, 11-3, 11-5] [The…
A: Let's proceed with the calculations:1. Incremental contribution margin: $195,000 per year2.…
Q: Locke Data Processing reported expenses of $5,000,000 for indirect labor, of which $3,000,000 was…
A: Step 1: Activity Rates:Activity rates are used to allocate indirect costs in activity-based costing.…
Q: The Jets Company recorded a deferred tax liability in the amount of $18,750 in December 2020, due to…
A: Step 1:Part-a)Determining the income tax rate that is enacted rate for year 2020:- Formula to…
Q: Pay rate employers are required to pay certain employees covered by state and federal laws; the Fair…
A: The question is asking for the term that describes the pay rate that employers are required to pay…
Q: Cash \table[[Dr., Cr.]. [,610, 10, 640,], [,980, 605.]. [, 10,880,,], [,6,535,,], [Bal. vv, 12,…
A: In double-entry bookkeeping, every transaction is recorded in at least two accounts: as a debit in…
Q: 10. Accounting firm XYZ provides audit, tax, and general accounting services. It estimates it will…
A: Internal training overhead allocated to Audit service = $ 150,000 × 640/(640+510+350)= $ 150,000 ×…
Q: Presented below are selected balance sheet information and the income statement for Burch Company.…
A: The objective of this question is to calculate the net cash flows from operating activities for…
Q: A film of soapy water (n = 1.33) on top of a sheet of Plexiglas (n = 1.51) has a thickness of 176…
A: Step 1:Thickness of the soapy film is 176nmRefractive index of soapy film is 1.33Refractive index of…
Q: Market Quantity Supplied for Firm W, Firm X, Firm Y, and Firm Z Table: Firm W's Firm X's Firm Y's…
A: Detailed explanation:Given:Market Quantity supplied(Qs) by different firms and PricePrice($) Firm…
Q: Who pays FICA taxes? Employee Employer Both Neither
A: The objective of the question is to identify who is responsible for paying FICA (Federal Insurance…
Q: Accounts Payable May 2 8,000 20,000 May 1 May 22 10,500 1,000 May 5 7,500 May 15 550 May 23…
A: The above answer can be explained as under - The total of debit side is subtracted from the total of…
Q: please answer in text form with proper workings and explanation for each and every part and steps…
A: Let's begin the process of preparing the planned income statement for Vernon Cabins for the second…
Q: Gross earnings $1209 . Solve the problem where the amount of wages (after subtracting withholding…
A: The objective of the question is to calculate the amount of income tax to withhold given the gross…
Q: ! Required information [The following information applies to the questions displayed below.] On…
A: The issuance price of Cunningham Corporation's bonds, calculated using the present value formulas…
Q: Meher & Company purchased, on 1st January 2019, a machine for producing cranes. The machine cost OMR…
A: Machine Details:Cost: OMR 108,000Estimated Life: 10 yearsResidual Value: OMR 8,000(a) Straight-Line…
Q: __________ is (are) the most liquid asset of a business. Accounts Receivable…
A: The objective of the question is to identify the most liquid asset of a business among the given…
Q: Suppose you sell a fixed asset for $111,000 when its book value is $131,000. If your company's…
A: Given information: Book Value = $131,000 Sale value = $111,000 Tax rate = 40% or 0.40 Required:…
Step by step
Solved in 2 steps
- Ticketmaster contracts with the producer of Blue Man Group to sell tickets online. Ticketmaster charges each customer a fee of $9 per ticket and receives $22 per ticket from the producer. Ticketmaster does not take control of the ticket inventory. Average ticket price for the event is $105. How much revenue should Ticketmaster recognize for each Blue Man Group ticket sold?Wholemark is an Internet order business that sells one popular New Year's greeting card once a year. The cost of the paper on which the card is printed is $0.05 per card, and the cost of printing is $0.15 per card. The company receives $2.15 per card sold. Since the cards have the current year printed on them, unsold cards have no salvage value. Its customers are from the four areas: Los Angeles, Santa Monica, Hollywood, and Pasadena. Based on past data, the number of customers from each of the four regions is normally distributed with a mean of 2,000 and a standard deviation 500. (Assume these four are independent.) What optimal production quantity for the card? isHult Games buys electronic components for manufacturing from two suppliers, Milan Components and Dundee Parts. If the components are delivered late, the shipment to the customer is delayed. Delayed shipments lead to contractual penalties that call for Hult to reimburse a portion of the purchase price to the customer. During the past quarter, the purchasing and delivery data for the two suppliers showed the following. Milan Dundee Total Total purchases (cartons) 98,000 42,000 140,000 Average purchase price (per carton) $ 20.00 $ 22 $ 20.60 Number of deliveries 80 20…
- Hult Games buys electronic components for manufacturing from two suppliers, Milan Components and Dundee Parts. If the components are delivered late, the shipment to the customer is delayed. Delayed shipments lead to contractual penalties that call for Hult to reimburse a portion of the purchase price to the customer. During the past quarter, the purchasing and delivery data for the two suppliers showed the following. Milan Dundee Total Total purchases (cartons) 98,000 42,000 140,000 Average purchase price (per carton) $ 20.00 $ 22 $ 20.60 Number of deliveries 80 20 100 Percentage of late deliveries 25 % 10 % 22 % The Accounting Department recorded $602,700 as the cost of late deliveries to customers. Required: Assume that the average quality, measured by the percentage of late deliveries, and prices from the two companies will continue as in the past. What is the effective price for components from the two companies…[The following information applies to the questions displayed below.] Hult Games buys electronic components for manufacturing from two suppliers, Milan Components and Dundee Parts. If the components are delivered late, the shipment to the customer is delayed. Delayed shipments lead to contractual penalties that call for Hult to reimburse a portion of the purchase price to the customer. During the past quarter, the purchasing and delivery data for the two suppliers showed the following. Milan Dundee Total Total purchases (cartons) 91,000 39,000 130,000 Average purchase price (per carton) $ 22.00 $ 24 $ 22.60 Number of deliveries 60 40 100 Percentage of late deliveries 25 % 10 % 19 % The Accounting Department recorded $533,000 as the cost of late deliveries to customers. Required: Assume that the average quality, measured by the percentage of late deliveries, and prices from the two companies will continue as in the…Stellar, Inc. is a distributor of prepaid telephone cards to customers in its convenience stores. When Stellar sells the cards, it then pays the telecommunications company, TeleExpress, less a commission of 20 percent of the selling price to customers. Stellar receives $3,800 in cards in January 2020. Stellar sold 55% of the cards in February, 30% in March, and 15% in April. It costs TeleExpress $2,900 to provide the telephone service on the cards sold by Stellar. Indicate how much income Stellar should recognize in January, February, March, and April.
- Toyboy (Pty) Ltd is a small company in the Cape, it manufactures household light fittings and sells to the public. It has a policy to refund purchases to dissatisfied customers within six months from date of purchase. Based on past experience, 70% of all goods sold had no defects. it would cost the company R100 000 to repair 75% of all items sold, and R40 000 to repair 25% of all iters sold. 25% of goods sold had minor defects. Goods having major defects made up 5% of goods sold which would cost them R10 000 to repair. Required: Calculate the estimated provision for warranty repairs for the year ended 31 December 2019, based on the expectations of management. Show all calculations.The Cycle Shoppe has decided to offer credit to its customers during the spring selling season. Sales are expected to be 330 bicycles. The average cost to the shop of a bicycle is $300. The owner knows that only 93 percent of the customers will be able to make their payments. To identify the remaining 7 percent, she is considering subscribing to a credit agency. The initial charge for this service is $540, with an additional charge of $6 per individual report. What is the amount of the net savings from subscribing to the credit agency? A. $3,790 B. $3,920 C. $4,080 D. $4,410 E. $4,950Your answer is partially correct. Nash Taco Palace sells 320 gift cards at $60 per gift card and 160 of the gift cards are redeemed by year-end. Nash estimates that it will have 10% breakage on its gift cards. Prepare the entry for the gift card redemption and the expected breakage for the gift cards in the current year. (Ignore Cost of Goods Sold.) (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List oll debit entries before credit entries. Round intermediate calculations to 4 decimal places, eg. 0.2456 and final answers to 0 decimal places, eg. 5,125) Account Titles and Explanation Unearned Gift Card Revenue Sales Revenue Sales Revenue (Breakage) eTextbook and Media. Debit Credit 9600
- A Carrefour supermarket in Ajman uses a supplier in Fujairah for a particular brand of bottled water. The annual demand for this product is 42,000 units (bottles of water). This Carrefour purchases bottled water from its supplier at a price of 0.8 Dirhams per bottle. The inventory holding cost per bottle of water per year is 0.4 Dirhams. The ordering cost for this Carrefour is 80 Dirhams per order, and the lead-time is 2 days. The company operates 260 days a year. This Carrefour uses the basic EOQ model to manage its inventories. Note: Show all the steps and details of your calculations to get full mark. Note: For questions 2.A, 2.B, and 2.C only, please use 2 decimal points in your answers This is not the case for question 2.D, as discussed in class (for ROP). Q.2.C. What is the average inventory?A Carrefour supermarket in Ajman uses a supplier in Fujairah for a particular brand of bottled water. The annual demand for this product is 42,000 units (bottles of water). This Carrefour purchases bottled water from its supplier at a price of 0.8 Dirhams per bottle. The inventory holding cost per bottle of water per year is 0.4 Dirhams. The ordering cost for this Carrefour is 80 Dirhams per order, and the lead-time is 2 days. The company operates 260 days a year. This Carrefour uses the basic EOQ model to manage its inventories. Note: Show all the steps and details of your calculations to get full mark. Note: For questions 2.A, 2.B, and 2.C only, please use 2 decimal points in your answers This is not the case for question 2.D, as discussed in class (for ROP). Q.2.D. What is the re-order point (ROP) for this Carrefour?A Carrefour supermarket in Ajman uses a supplier in Fujairah for a particular brand of bottled water. The annual demand for this product is 42,000 units (bottles of water). This Carrefour purchases bottled water from its supplier at a price of 0.8 Dirhams per bottle. The inventory holding cost per bottle of water per year is 0.4 Dirhams. The ordering cost for this Carrefour is 80 Dirhams per order; and the lead-time is 2 days. The company operates 260 days a year. This Carrefour uses the basic EOQ model to manage its inventories. Note: Show all the steps and details of your calculations to get full mark. Note: For questions 2.A, 2.B, and 2.C only, please use 2 decimal points in your answers This is not the case for question 2.D, as discussed in class (for ROP). Q.2.B. What is the inventory cycle time (time between orders)?