BUSINESS COLLEGE

Newark Company has provided the following information: Cash sales, $500,000 Credit sales, $1,400,000 Selling and administrative expenses, $380,000 Sales returns and allowances, $95,000 Gross profit, $1,410,000 Increase in accounts receivable, $60,000 Bad debt expense, $38,000 Sales discounts, $48,000 Net income, $1,030,000 How much cash was collected from customers

Answers

Answer 1
Answer:

Answer:

$1,840,000

Explanation:

The computation of the cash collected from customers is shown below:

Cash collected from customers = Cash sales + credit sales - increase in account receivable

= $500,000 + $1,400,000 - $60,000

= $1,900,000 - $60,000

= $1,840,000

By adding the cash sales, credit sales and deduct the increase in account receivable we can get the cash collected from customers and the same is shown above

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For fiscal year 2016, Nancy calculated the following costs for Choco-rama’s manufacturing process. Beginning work in process inventory, $22,655 Ending work in process inventory, $28,207 Beginning raw materials inventory, $42,385 Ending raw materials inventory, $44,299 Raw materials purchased, $387,521 Office supplies purchased and used, $15,274 388,400 man-hours of factory labor incurred at $23.60/hour 14,200 man-hours of factory oversight labor incurred at $28.75/hour Administrative salaries, $392,000 Factory utilities, $18,500 Factory depreciation, $9,700 Factory repairs, $15,400
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Kenny, Inc., is looking at setting up a new manufacturing plant in South Park. The company bought some land six years ago for $7.7 million in anticipation of using it as a warehouse and distribution site, but the company has since decided to rent facilities elsewhere. The land would net $10.5 million if it were sold today. The company now wants to build its new manufacturing plant on this land; the plant will cost $21.7 million to build, and the site requires $920,000 worth of grading before it is suitable for construction. What is the proper cash flow amount to use as the initial investment in fixed assets when evaluating this project

Answers

Answer:

$33,120,000

Explanation:

Calculation for What is the proper cash flow amount to use as the initial investment in fixed assets when evaluating this project

Using this formula

Proper Cash Flow Amount = (Expected Cost of Selling + Cost of Building Manufacturing Plant + Cost of Grading)

Let plug in the formula

Proper Cash Flow Amount = ($10,500,000 + $21,700,000 + $920,000)

Proper Cash Flow Amount = $33,120,000

Therefore the proper cash flow amount to use as the initial investment in fixed assets when evaluating this project will be $33,120,000

Xie Company identified the following activities, costs, and activity drivers for 2017 The company manufactures two types of go-karts Deluxe and Basic.Activity Expected Costs Expected Activity
handling materials $ 625,000 100,000 parts
Inspecting product 900,800 1,500 batches
Processing purchase orders 105,000 700 orders
Paying suppliers 175,000 500 invoices
Ensuring the factory 300,000 40,000 square feet
Designing packaging 75,000 2 models
Required:
1. Compute a single plantwide overhead rate, assuming that the company assigns overhead based on 125,000 budgeted direct labor hours
2. In January 2017, the Deluxe model required 2,500 direct labor hours and the basic model required 6,000 direct labor hours. Assign overhead costs to each model using the single plantwide overhead rate.

Answers

Answer:

Instructions are below.

Explanation:

Giving the following information:

handling materials $625,000

Inspecting product $900,800

Processing purchase orders $105,000

Paying suppliers $175,000

Ensuring the factory $300,000

Designing packaging $75,000

Total overhead= $2,180,800

First, we need to calculate the plantwide predetermined overhead rate:

Estimated direct-labor hours= 125,000

Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

Predetermined manufacturing overhead rate= 2,180,800/125,000

Predetermined manufacturing overhead rate= $17.45 per direct labor hour

Now, we can allocate overhead:

Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base

Deluxe= 2,500*17.45= $43,625

Basic= 6,000*17.45= $104,700

What are other roles of business in the economy?​

Answers

Answer:

i hope it helps u :)

Explanation:

In any market economy, business plays a huge role. Business is the engine of an economy. Business provides jobs that allow people to make money and goods and services that people can buy with the money they make. ... Most businesses provide people with jobs.

Answer:

Explanation:

In any market economy, business plays a huge role. Business is the engine of an economy. Business provides jobs that allow people to make money and goods and services that people can buy with the money they make. ... Most businesses provide people with jobs

TaskMaster Enterprises employs a standard cost system in which direct materials inventory is carried at standard cost. TaskMaster has established the following standards for the prime costs of one unit of product.Standard Quantity Standard Price Standard Cost

Direct Materials 10 pounds $ 1.90 per pound $ 19.00
Direct Labor 0.30 hour $ 6.80 per hour 2.04
$ 21.04

During November, TaskMaster purchased 200,000 pounds of direct materials at a total cost of $440,000. The total factory wages for November were $48,000, 80% of which were for direct labor. TaskMaster manufactured 19,000 units of product during November using 175,000 pounds of direct materials and 6,000 direct labor hours.

What is the direct labor price (rate) variance for November?

Answers

Answer:

$2,400 Favourable

Explanation:

direct labor price (rate) variance =(Aq×Ap)-(Aq×Sp)

                                                      =(6,000×$6.40) - (6,000×$ 6.80)

                                                      = $2,400 Favourable

Ap = (48,000×80%)/6,000

     = $6.40

Answer:

$2,400 Favourable

Explanation:

direct labor price (rate) variance =(Aq×Ap)-(Aq×Sp)

                                                     =(6,000×$6.40) - (6,000×$ 6.80)

                                                     = $2,400 Favourable

Ap = (48,000×80%)/6,000

    = $6.40

Explanation:

Williams Company pays each of its two office employees each Friday at the rate of $240 per day for a five-day week that begins on Monday. If the monthly accounting period ends on Tuesday and the employees worked on both Monday and Tuesday, the month-end adjusting entry to record the salaries earned but unpaid is:

Answers

Answer:

DrSalaries Expense $960

Cr Salaries Payable $960

Explanation:

Based on the information given we were told that the Company pays each of its two office employees each Friday at the rate of $240 per day which means that if the employees worked on both Monday and Tuesday, the month-end adjusting Journal entry to record the salaries earned but unpaid is:

Dr Salaries Expense $960

Cr Salaries Payable $960

Using this formula to Calculate the amount

Amount = Rate per day * Number of days * Number of employees

Let plug in the formula

Amount= $240 * 2 * 2 employees

Amount= $960

Sauder Corporation reports the following information: Net income $380,000 Depreciation expense 70,000 Increase in accounts receivable 30,000 Sauder should report cash provided by operating activities of A. $340,000. B. $280,000. C. $420,000. D. $480,000.

Answers

Answer: D. $480,000.

Explanation: OCF ( operating cash flow) is usually calculated using the following formula: Operating Cash Flows = Net income + Noncash Expenses ( Depreciation Expense) + Changes in Working Capital.

Net income =$380,000

Depreciation = $70,000

Increase in accounts = $30,000

OCF = $380,000 + $70,000 + $30,000

= $480,000

Answer:

Cashflow statement gives the true state of affairs of a business with respect to cash and cash equivalent. Whereas a company may report good profit, it may be running an unhealthy business because of its poor management of cash resources. As a result, such a business may run into troubles.

Cash from operating Activities is a healthy way of evaluating the core operations of the business, to make good investment judgment around the profit reported.

Net Income = $380,000

Add Depreciation (non- cash expense) = $70,000

Deduct Increase in Accounts receivables (non-cash income) = $30,000

Cash from operations = $420,000.
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