A company used straight-line depreciation for an item of equipment that cost $15,550, had a salvage value of $3,400 and a six-year useful life. After depreciating the asset for three complete years, the salvage value was reduced to $1,555 but its total useful life remained the same. Determine the amount of depreciation to be charged against the equipment during each of the remaining years of its useful life:A. $3,400.
B. $3,060.
C. $1,215.
D. $5,798.
E. $2,640.

Answers

Answer 1
Answer: The answer would be B

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Terra Company has two divisions, the Retail Division and the Wholesale Division. The following information was gathered for the two divisions for the current year: Retail Division Wholesale Division Operating income $ 7,500,000 $ 4,000,000 Operating assets $ 37,500,000 $ 17,500,000 Assuming that these are the only divisions of Terra Company, what is the ROI for the company as a whole?
Benson Manufacturing Company established the following standard price and cost data: Sales price $ 8.10 per unit Variable manufacturing cost $ 3.90 per unit Fixed manufacturing cost $ 2,100 total Fixed selling and administrative cost $ 500 total Benson planned to produce and sell 2,400 units. Actual production and sales amounted to 2,700 units. Assume that the actual sales price is $7.80 per unit and that the actual variable cost is $4.25 per unit. The actual fixed manufacturing cost is $1,300, and the actual selling and administrative costs are $530. Required a.&b. Determine the flexible budget variances and classify the effect of each variance by selecting favorable (F) or unfavorable (U). (
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For lunch, Maria eats only salads or vegetarian burgers. Her weekly food budget is $36. Each salad costs $6 and each vegetarian burger costs $3. When deciding how much of each good to buy, Maria knows that 2 salads and 4 vegetarian burgers will give her a utility of 8. Maria’s utility-maximizing point is:A. 6 salads, 1 vegetarian burgerB. 4 salads, 6 vegetarian burgersC. 3 salads, 6 vegetarian burgersD. 2 salads, 8 vegetarian burgers

The Crestar Company reported net income of $112,000 on 20,000 average outstanding common shares. Preferred dividends total $12,000. On the most recent trading day, the preferred shares sold at $50 and the common shares sold at $95. What is this company's current price-earnings ratio?

Answers

Answer:

Price earnings ratio = 19 times.

Explanation:

Price earning ratio is calculated as for the common equity, as the earnings on preference share is fixed.

Accordingly, the earnings for equity = Net income - preference dividend = $112,000 - $12,000 = $100,000

Number of shares outstanding = 20,000

Earnings per share = $100,000/20,000 = $5 per share.

Selling price of the share = $95

Thus, price earnings ratio = $95/$5 = 19 times.

This reflects that the 19 times of earnings is the price of share.

Concord Company sells many products. Gizmo is one of its popular items. Below is an analysis of the inventory purchases and sales of Gizmo for the month of March. Concord Company uses the periodic inventory system.

Answers

Answer:

the numbers are missing, so I looked for a similar question:

Purchases Sales Units Unit Cost Units Selling Price/Unit

3/1 Beginning inventory 100 $40

3/3 Purchase 60 $50

3/4 Sales 60 $80

3/10 Purchase 200 $55

3/16 Sales 70 $90

3/19 Sales 90 $90

3/25 Sales 60 $90

3/30 Purchase 40 $60

the requirements are:

calculate COGS and ending inventory under FIFO, LIFO and weighted average.

since this company uses the periodic inventory level we must first determine the total cost of goods available for sale:

3/1 Beginning inventory 100 $40

3/3 Purchase 60 $50

3/10 Purchase 200 $55

3/30 Purchase 40 $60

total goods available for sale = 400 units, at a total cost of $20,400

total units sold = 60 + 70 + 90 + 60 = 280 units

ending inventory  = 120 units

under FIFO:

ending inventory = (40 x $60) + (80 x $55) = $6,800

COGS = $20,400 - $6,800 = $13,600

under LIFO:

ending inventory = (100 x $40) + (20 x $50) = $5,000

COGS = $20,400 - $5,000 = $15,400

under weighted average:

ending inventory = ($20,400 / 400) x 120 = $6,120

COGS = $20,400 - $6,120 = $14,280

A construction company entered into a fixed-price contract to build an office building for $20 million. Construction costs incurred during the first year were $6 million and estimated costs to complete at the end of the year were $9 million. The company recognizes revenue over time according to percentage of completion. How much revenue and gross profit or loss will appear in the company’s income statement in the first year of the contract? (Enter your answer in whole dollars.)

Answers

Answer:

$2 million or $2,000,000

Explanation:

The computation of the revenue and gross profit or loss will appear in the company’s income statement in the first year is shown below:

= revenue recognized - cost incurred

The Total cost is

= $6 + $9

= $15

And, the revenue recognized is

= $6 ÷ $15 × $20

= $8

So, the gross profit is

= $8 - $6

= $2

hence, the gross profit is $2 million

A company plans to enclose three parallel rectangular areas for sorting returned goods. The three areas are within one large rectangular area and yd of fencing is available. What is the largest total area that can be​ enclosed

Answers

Answer:

A lot of information is missing, so I looked for similar questions:

  • 1,064 yd of fencing is available

since 1,064 is the perimeter and we have a rectangle, we can write the perimeter equation as: 2L + 2W = 1,064

area = L · W

2W = 1,064 - 2L

W = 532 - L

now we replace in the area equation:

area = (532 - L) · L = -W² + 532W (quadratic equation format)

the value of L as our X coordinate:

L = 532 / 2 = 266

W = 532 - 266 = 266

area = -(266)² + (532 x 266) = -70,756 + 141,512 = 70,756 sq yards

or

area = 266 · 266 = 70,756 sq yards

When you have a rectangle, the largest possible area is a square, where both sides have the same length.

Sales to customers who use bank credit cards such as mastercard and visa are usually recorded by:a. Debit to Cash and a credit to Sales b. Debit to Cash, credit to Credit Card Expense, and a credit to Sales c. Debit to Bank Credit Card Sales, debit to Credit Card Expense, and a credit to Sales d. Debit to Sales, debit to Credit Card Expense, and a credit to Cash

Answers

Answer:

c. Debit to Bank Credit Card Sales, debit to Credit Card Expense, and a credit to Sales

Explanation:

The journal entry is shown below:

Bank credit card sales A/c Dr XXXXX

Credit card expense A/c Dr XXXXX

       To Sales A/c XXXXX

(Being the sales is recorded via bank credit cards)

As the credit card has some expense so we debited the credit card expense along with the bank credit card sales and credited the sales as it is revenue which is to be credited

Hatfield Corporation, which has only one product, has provided the following data concerning its most recent month of operations:Selling price $123Units in beginning inventory 0Units produced 6,400Units sold 6,100Units in ending inventory 300Variable costs per unit: Direct materials $45 Direct labor $30 Variable manufacturing overhead $1 Variable selling and administrative $8Fixed costs: Fixed manufacturing overhead $140,800Fixed selling and administrative $91,500What is the net operating income for the month under variable costing?a) $12,200b) ($17,200)c) $5,600d) $6,600

Answers

Answer:

Instructions are below.

Explanation:

Giving the following information:

Selling price= $123

Units sold= 6,100

Variable costs per unit:

Direct materials $45

Direct labor $30

Variable manufacturing overhead $1

Variable selling and administrative $8

Fixed costs:

Fixed manufacturing overhead $140,800

Fixed selling and administrative $91,500

First, we need to calculate the total variable cost per unit:

Variable cost per unit= 45 + 30 + 1 + 8= $84

Income statement:

Sales= 6,100*123= 750,300

Total variable cost= 6,100*84= (512,400)

Contribution margin= 237,900

Fixed manufacturing overhead= (140,800)

Fixed selling and administrative= (91,500)

Net operating income= 5,600

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