BUSINESS COLLEGE

Zebra Company reports the following figures for the years ending December 31, 2017 and 2016: What are the percentage changes from 2016 to 2017 for Net Sales, Cost of Goods Sold and Gross Profit, respectively? (Round your final answers to one decimal place, X.X%) A. 100%, 162.5%, 10.8% B. 37.8%, 10.8%, 162.5% C. 100%, 0.9%, 0.4% D. 162.5%, 37.8%, 10.8%

Answers

Answer 1
Answer:

Answer:

B. 37.8%, 10.8%, 162.5%

Explanation:

1. Changes in Net Sales

We know,

Percentage changes in Net sales from previous year to current year =

(2017 Net income - 2016 Net income)/(2016 Net income)

Given,

Net Sales_(2017) = $62,000

Net Sales_(2016) = $45,000

Therefore,

Percentage changes in Net Sales = (62,000 - 45,000)/(45,000)

Percentage changes in Net Sales = 37.8% (Rounded to 1 decimal Places)

Therefore, Net sales changes 37.8% from 2016 to 2017.

2. Changes in Cost of Goods sold

We know,

Percentage changes in Cost of goods sold from previous year to current year = (2017 COGS - 2016 COGS)/(2016 COGS)

Given,

COGS_(2017) = $41,000

COGS_(2016) = $37,000

Putting the value in the above formula,

Percentage changes in COGS = (41,000 - 37,000)/(37,000)

Percentage changes in COGS = 10.8%

Therefore, Cost of goods sold changes 10.8% from 2016 to 2017.

3. Changes in Gross Profit

We know,

Percentage changes in Gross Profit from previous year to current year = (2017 Gross Profit - 2016 Gross Profit)/(2016 Gross Profit)

Given,

Gross Profit_(2017) = $21,000

Gross Profit_(2016) = $8,000

Hence,

Percentage changes in Gross Profit = (21,000 - 8,000)/(8,000)

Percentage changes in Gross Profit = 162.5%

Therefore, Gross Profit changes 162.5% from 2016 to 2017.

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According to the law of supply, when prices increase, the quantity of suppliers create _____.
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The marginal benefit from consuming another unit of a good: equals the total benefit obtained from the consumption of all prior units. equals the increase in total benefits from consuming the unit. must be less than the marginal cost or the unit will not be consumed. must equal the marginal cost or the unit will not be consumed.

Answers

Answer:

Equals the increase in total benefits from consuming the unit.

Explanation:

This is defined as a maximum amount a consumer is willing to pay for an additional good or service.

It is also the additional satisfaction or utility that consumer receives when the additional good or service is purchased. The marginal benefit for a consumer tends to decreases as consumption of the good or service increases.

In the business world, the marginal benefit for producers is often referred to as marginal revenue.

Next Generation's predetermined overhead rate is $16 per direct labor-hour and its direct labor wage rate is $11 per hour. Job #1987 used $1,202 of direct materials and $5,500 of direct labor. Question:
If Job #1987 consists of 100 units, what is the average cost assigned to each unit included in the job?

Answers

Answer:

Unitary cost= $147.02

Explanation:

Giving the following information:

Next Generation's predetermined overhead rate is $16 per direct labor-hour and its direct labor wage rate is $11 per hour. Job1987 used $1,202 of direct materials and $5,500 of direct labor.

First, we need to calculate the allocated overhead to Job 1987:

direct labor hours= 5,500/11= 500 hours

Allocated overhead= 500*16= $8,000

Now, we can calculate the total cost and unitary cost of Job 1987:

Total cost= 1,202 + 5,500 + 8,000= $14,702

Unitary cost= 14,702/100 units= $147.02

On February 3, Gallatin Repair Service extended an offer of $122,000 for land that had been priced for sale at $140,000. On February 28, Gallatin Repair Service accepted the seller's counter offer or $133,000. On October 23, the land was assessed at a value of $200,000 for property tax purposes. On January 15 of the next year, Gallatin Repair Service was offered $213,000 for the land by a national retail chain. At what value should the land be recorded in Gallatin Repair Services records

Answers

Answer:

$133,000

Explanation:

According to the historical cost principle, the assets should be recorded at the purchase price or the acquisition cost. In this, no other cost should be recorded like assessed value, land improvements, etc

Since in the given question the Gallatin accepted the seller counter offer i.e. $133,000 so the same is to be presented in the financial statements

hence, the land should be recorded at $133,000

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Answers

Answer:

Debit Depletion Expense   $88,095

Credit   Accumulated Depreciation for Coal Mine   $88,095

Being the record of the depletion expense on the acquired coal Mine.

Explanation:

Step 1: Compute the depletion expense for the coal mine  for that first year

Formula= (Depreciable Cost/ Total Quantity of Coals) x The Quantity of Extracted Coals

Depreciable Cost= Cost of the Coal Mine - Value that can be salvaged

Cost of Coal Mine = Cost of Acquisition + Intangible Development Costs + Fair Value of Obligation

Cost of Coal Mine = $444,000 + $111,000 + $88,800 = $643,800

Depreciable Cost = $643,800 - $177,600

= $466,200

Depletion Expense based on Formula

= ($643,800/4,440 tons) x 839 tons extracted the first year

= $88,095

Step 2: Prepare the Journal Entry for the Depletion

Debit Depletion Expense   $88,095

Credit   Accumulated Depreciation for Coal Mine   $88,095

Being the record of the depletion expense on the acquired coal Mine.

Please Note:

Depletion Expense is the expense that is usually incurred when utilizing natural resources such as coal and it is usually charged as expense against profit

The Total cost of coal Mine is a sum of all relevant costs including cost of acquisition, fair value of obligation and intangible development costs.

Based on murder rates in the United States, an Associated Press story reported that the probability that a newborn child has, of eventually being a murder victim, is 0:0263 for nonwhite males, 0:0049 for white males, 0:0072 for nonwhite females, and 0:0023 for white females. (a) Find the conditional odds ratio between race and whether a murder victim, given gender. Interpret your results. Do these variables exhibit homogeneous association? (b) Half the newborns are of each gender, for each race. Find the marginal odds ratio between race and whether a murder victim.

Answers

Answer:

The odds of being murder victims among nob white males are 5.485 times as compared to white males.

Explanation:

See attachment for explanation.

As a contemporary manager, your employees will be motivated to provide you with important feedback if:A. you provide closed-end surveys on a monthly basis.
B. you prepare daily, company-wide passive voicemail messages.
C you institute a respectful rank and file politeness plan, where middle and higherlevel managers are addressed as "Mr.", "Ms", or "Dr.".
D. you solicit open-ended responses from your employees.

Answers

Answer:D

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