BUSINESS COLLEGE

14. Colin is making a braise for a catered lunch. How should Colin prepare the vegetables for the braise? A. Cut into large pieces
B. Puréed
C. Cooked separately beforehand

Answers

Answer 1
Answer:

Answer: The correct answer isA; cut into large pieces.

Explanation:

When cooking a meal using the braising technique, the meat, including poultry,  and vegetables need to be cut into large pieces. The vegetables and other items in the braise will be covered with enough liquid to only cover the meat and/or vegetables. The braise is then covered and simmered so that the food cooks evenly with the heat and steam. When making a stew, the vegetables should all be cut into equal slices.

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The end of the year is approaching, and Maxine has begun to focus on ways of minimizing her income tax liability. Several years ago she purchased an investment in Teal Limited Partnership, which is subject to the at-risk and the passive activity loss rules. (Last year Maxine sold a different investment that was subject to these rules and that produced passive activity income.) She believes that her investment in Teal has good long-term economic prospects. However, it has been generating tax losses for several years in a row. In fact, when she was discussing last year's income tax return with her tax accountant, he said that unless "things change" with respect to her investments, she would not be able to deduct losses this year.a. What was the accountant referring to in his comment?b. You learn that Maxine’s current at-risk basis in her investment is $1,000 and that her share of the current loss is expected to be $13,000. Based on these facts, how will her loss be treated?c. After reviewing her situation, Maxine’s financial adviser suggests that she invest at least an additional $12,000 in Teal to ensure a full loss deduction in the current year. How do you react to his suggestion?d. What would you suggest Maxine consider as she attempts to maximize her current year deductible loss?
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Sheffield's Bakery makes a variety of home-style cookies for upscale restaurants in the Atlanta metropolitan area. The company's best-selling cookie is the double chocolate almond supreme. Sheffield's recipe requires 10 ounces of a commercial cookie mix, 5 ounces of milk chocolate, and 1 ounce of almonds per pound of cookies. The standard direct materials costs are $0.80 per pound of cookie mix, $4 per pound of milk chocolate, and $19 per pound of almonds. Each pound of cookies requires 1 minute of direct labor in the mixing department and 5 minutes of direct labor in the baking department. The standard labor rates in those departments are $12.70 per direct labor hour (DLH) and $27 per DLH, respectively. Variable overhead is applied at a rate of $37.00 per DLH; fixed overhead is applied at a rate of $60 per DLH.Required:
1. Calculate the standard cost for a pound of Sheffield's double chocolate almond supreme cookies. (Round answer to 2 decimal places, e.g. 3.51.)

Answers

The Standard cost for a pound of Sheffield's double chocolate almond supreme cookies in the above case is $15.10.

What is the standard cost?

A standard cost is defined as an anticipated cost that a company commonly launches at the starting of a fiscal year for amounts used and prices paid.

It is an anticipated amount of money to pay off for materials costs or labor rates. The standardquantity is the anticipated exercise amount of materials or labor.

Computation of standard cost:

According to the given information,

Standard direct materials costs = $0.80 per pound of cookie mix.

Per pound of milk chocolate =  $4, and

Per pound of almonds = $19.

Total ounces:

\text{Total Ounce} = \text{Commercial cookies Mix+ Milk Chocolate+Almonds}\n\n\text{Total Ounce} = 10 + 5 + 1\n\n\text{Total Ounce} = 16

Then, Standard Material Cost:

=((10)/(16)* 0.80)+((5)/(16)*4) +((1)/(16) * 19)\n\n=2.9375

Now, 1 minute of direct labor is required in the mixing department and 5 minutes of direct labor in the baking department. Then the standard direct labor cost is:

\text{Standard Direct Labor Cost} = ((1)/(60)* 12.70) +((5)/(60) * 27)\n\n\text{Standard Direct Labor Cost} = \$2.4617

Variable overhead is applied at a rate = $37.00 per direct labor hour

Now, find the value of Standard Variable overhead cost:

\text{Standard Variable Overhead Cost} = (6)/(60)* 37\n\n\text{Standard Variable Overhead Cost} =\$3.70

Now, Standard Fixed overhead cost:

\text{Standard Fixed Overhead Cost} = (6)/(60)* 60\n\n\text{Standard Fixed Overhead Cost} =\$6

Therefore, Standard cost for a pound:

=\text{ Standard Direct Labor Cost}+\text{Standard Variable Overhead Cost}+\text{ Fixed Overhead Cost}\n\n=\$2.9375 + \$2.4617 + \$3.70 + \$6\n\n=\$15.10

Therefore, Standard cost for a pound is $15.10.

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Answer:

The Standard cost for a pound  of Sheffield's double chocolate almond supreme cookies is $15.10

Explanation:

The standard direct materials costs are $0.80 per pound of cookie mix, $4 per pound of milk chocolate, and $19 per pound of almonds.

Total ounces = 10 + 5 + 1  = 16

Standard Material Cost = ((10)/(16) × 0.80) + ((5)/(16) × 4) + ((1)/(16) × 19)

Standard Material Cost = $ 2.9375

Each pound of cookies requires 1 minute of direct labor in the mixing department and 5 minutes of direct labor in the baking department.

Standard Direct Labor Cost = (1)/(60) × 12.70 + (5)/(60) × 27

Standard Direct Labor Cost = $2.4617

Variable overhead is applied at a rate of $37.00 per direct labor hour

Standard Variable overhead cost = 6/60 × 37

Standard Variable overhead cost = $ 3.70

Standard Fixed overhead cost = 6/60 × 60

Standard Fixed overhead cost = $ 6

Standard cost for a pound = $2.9375 + $2.4617 + $3.70 + $6

Standard cost for a pound = $15.10

Should the government be able to limit/regulate religious services? Explain.

Answers

the government can impose restrictions on a religious belief or practice, as long as the law in question applies to everyone and does not target a specific religion or religious practice.

When one person seeks to satisfy his or her own interests regardless of the impact on the other parties to the conflict, that person is using the conflict-handling intention of ________.A) competing


B) avoiding


C) accommodating


D) compromising


E) collaborating

Answers

Answer:

Option A is correct one.

Competing

Explanation:

When one person seeks to satisfy his or her own interests regardless of the impact on the other parties to the conflict, that person is using the conflict-handling intention of Competing.

When one person seeks to satisfy his or her interests regardless of the impact on the other parties to the conflict, he is competing. The competition involves authoritative and assertive behaviours.

Use below information to prepare general journal entries for Belle Co.’s 1 through 7 transactions. a. D. Belle created a new business and invested $5,900 cash, $6,900 of equipment, and $12,900 in web servers in exchange for common stock.
b. The company paid $6,000 cash in advance for prepaid insurance coverage.
c. The company purchased $800 of supplies on account.
d. The company paid $600 cash for selling expenses.
e. The company received $6,000 cash for services provided.
f. The company paid $800 cash toward accounts payable.
g. The company paid $4,000 cash for equipment.

Answers

Here are the general journal entries for each of the transactions:

a. D. Belle invested in the business with cash, equipment, and web servers in exchange for common stock:

  • Cash: $5,900
  • Equipment: $6,900
  • Web Servers: $12,900
  • Common Stock: $25,700

b. The company paid in advance for insurance coverage:

  • Prepaid Insurance: $6,000
  • Cash: $6,000

c. The company purchased supplies on account:

  • Supplies: $800
  • Accounts Payable: $800

d. The company paid cash for selling expenses:

  • Selling Expenses: $600
  • Cash: $600

e. The company received cash for services provided:

  • Cash: $6,000
  • Service Revenue: $6,000

f. The company paid cash to settle accounts payable:

  • Accounts Payable: $800
  • Cash: $800

g. The company paid cash to acquire equipment:

  • Equipment: $4,000
  • Cash: $4,000

Journal entries are the chronological recordings of financial transactions in a company's accounting system. They serve as a detailed record, documenting each transaction's effects on various accounts, such as assets, liabilities, revenues, and expenses.

Journal entries provide a clear audit trail, helping track the flow of money and enabling the creation of financial statements.

They act as the foundation for accurate financial reporting, facilitating transparency, analysis, and decision-making within an organization.

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Final answer:

This question is about preparing general journal entries for various transactions in Belle Co.'s business. The company engages in activities such as investing cash and equipment, purchasing supplies on account, and receiving cash for services provided. The journal entries for each transaction are provided in the response.

Explanation:

Journal Entry a:

Debit: Cash ($5,900) + Equipment ($6,900) + Web servers ($12,900)

Credit: Common stock ($25,700)

Journal Entry b:

Debit: Prepaid Insurance ($6,000)

Credit: Cash ($6,000)

Journal Entry c:

Debit: Supplies ($800)

Credit: Accounts payable ($800)

Journal Entry d:

Debit: Selling expenses ($600)

Credit: Cash ($600)

Journal Entry e:

Debit: Cash ($6,000)

Credit: Service revenue ($6,000)

Journal Entry f:

Debit: Accounts payable ($800)

Credit: Cash ($800)

Journal Entry g:

Debit: Equipment ($4,000)

Credit: Cash ($4,000)

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Common Stock is 2.5 million shares with a current price of $42 per share; the beta of the stock is 1.34; the standard deviation of the stock is 10.5%. Market: The US Treasury bill is yielding 2.8% and the expected return on the market is 11.2% and the expected return on the market is 11.2%. The corporate tax rate is 38%. What is the firm's cost of equity

Answers

Answer:

the firm's cost of equity is 17.808%

Explanation:

A firm's cost of equity is the return expected by holders of Common Stock.

The Data available allows us to use the Capital Asset Pricing Model (CAPM) to determine the cost of Equity.

Cost of Equity = Risk Free Rate + Company`s Beta × Expected Return on Market Portfolio

                       = 2.8%+1.34×11.2%

                       = 17.808%

Answer:

Cost of equity = 14.1%

Explanation:

The capital asset pricing model is a risk-based model. Here, the return on equity is dependent on the level of reaction of the the equity to changes in the return on a market portfolio. These changes are captured as systematic risk. The magnitude by which a stock is affected by systematic risk is measured by beta.

Under CAPM, Ke= Rf + β(Rm-Rf)

Rf-risk-free rate (treasury bill rate), β= Beta, Rm= Return on market.

Rf- 2.8% , Rm- 11.2%, β-1.34

Using this model,

Ke= 2.8% + 1.34×(11.2%-2.8%)

= 14.1%

Prescott expects to produce 225,000 basic models and 225,000 professional models. Compute the predetermined overhead allocation rates using activity-based costing. How much overhead is allocated to the basic model? To the professional model?Estimated overhead cost / Estimated qty of the allocation base= Predetermined OH Basic Model Professional ModelManufacturing overhead assembly 264800 195200Manufacturing overhead packaging 55200 227700Total manufacturing overhead cost 320000 422900

Answers

Answer and Explanation:

The Calculation of Predetermined OH Rate is shown below:

For Materials Handling, it is

= Estimated Overhead Costs ÷ Estimated allocated base Quantity  

= $54,000 ÷ 96

= $562.50 per part

For Machine Setup, it is

= Estimated Overhead Costs ÷ Estimated allocated base Quantity

= $204,000 ÷ 60

= $3,400 per setup

For Insertion of Parts, it is

= Estimated Overhead Costs ÷ Estimated allocated base Quantity  

= $486,000 ÷ 96

= $5,062.50 per part

Now  

Calculation of allocated OH is

For Basic Model:

Allocated OH is

= $562.50 × 32 + $3,400 × 20 + $5,062.50 × 32

= $248,000

For Professional Model:

Allocated OH is

= $562.50 × 64 + $3,400 × 40 + $5,062.50 × 64

= $496,000
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