BUSINESS COLLEGE

Determine the total assets of Novak Corp. at December 31, 2020. Presented below is selected information related to Novak Corp.

Accounts Payable $4,440 Salaries and Wages Expense $24,420
Cash 13,320 Notes Payable 37,000
Advertising Expense 8,880 Rent Expense 14,504
Service Revenue 79,920 Accounts Receivable 19,980
Equipment 42,920 Dividends 11,100

Answers

Answer 1
Answer:

Answer: $76,220

Explanation:

Total Assets = Current Assets + Fixed Assets

Current Assets = Cash + Accounts Receivable

= 13,320 + 19,980

= $33,300

Fixed Assets = Equipment = $42,920

Total Assets = 33,300 + 42,920

= $76,220

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Adjusting and paying accrued wages LO P1Pablo Management has five part-time employees, each of whom earns $90 per day. They are paid on Fridays for work completed Monday through Friday of the same week. Near year-end, the five employees worked Monday, December 31, and Wednesday through Friday, January 2, 3, and 4. New Year's Day. (January 1) was an unpaid holiday.
1. Prepare the year-end adjusting entry for wages expenses.
2. Prepare the journal entry to record payment of the employees' wages on Friday, January 4, 2018.

Answers

Answer:

1. Dr Wages expense $450

Cr Wages payable $450

2.Dr Wages expense $1350

Dr Wages payable $450

Cr Cash $1800

Explanation:

1. Preparation of the year-end adjusting entry for wages expenses.

Dec 31

Dr Wages expense $450

Cr Wages payable $450

( 5 employees * $90 per day)

(To record wages expenses)

2. Preparation of the journal entry to record payment of the employees' wages on Friday, January 4, 2018

Jan 4

Dr Wages expense $1350

(3 days*5 employees*$90=$1350)

Dr Wages payable $450

(5 employees * $90 per day)

Cr Cash $1800

($1350+$450 =$1800)

(To record payment of the employees' wages)

) Candy Man, Inc. reports the following information: Beginning Finished Goods Inventory 60 units Units produced 550 units Units sold 610 units Sales price $130 per unit Direct materials $17 per unit Direct labor $10 per unit Variable manufacturing overhead $17 per unit Fixed manufacturing overhead $14,000 per year Variable selling and administrative costs $6 per unit Fixed selling and administrative costs $12,500 per year What is the unit product cost using variable costing

Answers

Answer:

$44

Explanation:

Given that

Direct material cost = $17

Direct labor cost = $10

Variable manufacturing overhead = $17

The computation of unit product cost using variable costing is shown below:-

Unit product cost = Direct material cost + Direct labor cost + Variable manufacturing overhead

= $17 per unit + $10 per unit + $17 per unit

= $44

Therefore for computing the unit product cost we simply added the direct material cost, direct labor cost and variable manufacturing overhead.

Finishing Touches has two classes of stock authorized: 8%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2021, its first year of operations: January 2 Issues 100,000 shares of common stock for $35 per share. February 6 Issues 3,000 shares of 8% preferred stock for $11 per share. September 10 Purchases 11,000 shares of its own common stock for $40 per share. December 15 Resells 5,500 shares of treasury stock at $45 per share. In its first year of operations, Finishing Touches has net income of $160,000 and pays dividends at the end of the year of $94,500 ($1 per share) on all common shares outstanding and $2,400 on all preferred shares outstanding. Required: Prepare the stockholders' equity section of the balance sheet for Finishing Touches as of December 31, 2021. (Amounts to be deducted should be indicated by a minus sign.)

Answers

Answer:

See explaination and attachment

Explanation:

Stockholders' equity is the amount of assets remaining in a business after all liabilities have been settled. It is calculated as the capital given to a business by its shareholders, plus donated capital and earnings generated by the operation of the business, less any dividends issued.

Balance Sheet is a statement of the assets, liabilities, and capital of a business or other organization at a particular point in time, detailing the balance of income and expenditure over the preceding period.

See attachment for the step by step solution of the given problem.

Final answer:

The total stockholders' equity for Finishing Touches as of December 31, 2021, is calculated by adding the value of issued common and preferred stocks, and adjusting for treasury stocks and retained earnings. The total is $3,403,600.

Explanation:

The stockholders' equity section of Finishing Touches as of December 31, 2021, includes several items. These include the issuance of common stock, issuance of preferred stock, purchase and resale of treasury stock, the net income, and the payment of dividends. Let's break them down:

  • Common Stock: 100,000 shares were issued at $35 per share, amounting to $3,500,000.
  • Preferred Stock: 3,000 shares were issued at $11 per share, amounting to $33,000.
  • Treasury Stock: The company bought 11,000 shares at $40 per share (creates a decrease in equity amounting to -$440,000) and sold 5,500 of these shares at $45 per share (creates an increase in equity of $247,500). The net decrease in equity due to treasury stock transactions is -$192,500.
  • Retained Earnings: The company earned net income of $160,000 but paid out dividends ($94,500 to common stockholders and $2,400 to preferred stockholders), resulting in an increase in retained earnings of $63,100.

So, the total stockholders' equity for Finishing Touches as of December 31, 2021, would be $3,403,600 ($3,500,000 + $33,000 - $192,500 + $63,100).

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Proceeds from Notes Payable On May 15, Maynard Co. borrowed cash from Texas Bank by issuing a 60-day note with a face amount of $100,000. Assume a 360-day year.
Required:
a. Determine the proceeds of the note, assuming that the note carries an interest rate of 6%.
b. Determine the proceeds of the note, assuming that the note is discounted at 6%.

Answers

Answer:

A. $100,000

B.$99,000

Explanation:

A. Calculation for Determining the proceeds of the note, assuming that the note carries an interest rate of 6%

Based on the information given the note is not discounted which means the face value is equal to the proceeds of $100,000

Hence,

Face value = Proceeds of $100,000

Therefore the proceeds of the note, assuming that the note carries an interest rate of 6% will be $100,000

b. Calculation for Determining the proceeds of the note, assuming the note is discounted at 6%

First step is to find the discount

Using this formula

Discount = Face value amount x Discount rate x (term of note / 360)

Let plug in the formula

Discount= $100,000 x .06 x 60/360

Discount =$360,000/360

Discount= $1,000

Second step is to calculate for the Proceeds

Calculation for the Proceeds

Using this formula

Proceeds = face amount – discount

Let plug in the formula

Proceeds=$100,000 – $1,000

Proceeds= $99,000

Therefore the proceeds of the note, assuming that the note is discounted at 6% will be $99,000

JB Instruments is analyzing a proposed project. The company expects to sell 1,600 units, ±3 percent. The expected variable cost per unit is $220 and the expected fixed costs are $438,000. Cost estimates are considered accurate within a ±2 percent range. The depreciation expense is $64,000. The sales price is estimated at $647 per unit, ±2 percent. What is the sales revenue under the worst-case scenario?

Answers

Answer:

$984,061.12

Explanation:

The computation of sales revenue under the worst-case scenario is shown below:-

Sales revenue under the worst-case scenario = Quantity sold × Price

= (1,600 - 1,600 × 3%) × ($647 - $647 × 2%)

= (1,600 - 48) × ($647 - 12.94)

= 1,552 × 634.06

= $984,061.12

Therefore for computing the sales revenue under the worst-case scenario we simply applied the above formula.

In preparing a responsibility income statement that shows contribution margin and responsibility margin, two concepts are involved in allocating costs to the various centers. These concepts are: Group of answer choices Whether the costs are variable or fixed and whether they are material in dollar amount. Whether the costs are traceable to the responsibility center and whether the responsibility center is organized as a profit center or an investment center. Whether the costs are variable or fixed and whether they are directly traceable to the responsibility center. Whether the costs are traceable to the responsibility center and whether they are material in dollar amount. None is correct.

Answers

Answer: Whether the costs are variable or fixed and whether they are directly traceable to the responsibility center.

Explanation:

The Responsibility Income Statement is one where the different centers in a business have their own sub income statement so that the activities of each center and their profitability is measured and monitored.

In this statement, costs are classified as Variable and Fixed so it is important that it is known whether the costs are variable or fixed.

As the statements are per center, the costs in them would have to be only those that are directly traceable to that center so that a truer reflection of the statements can be seen.

Final answer:

The main concepts involved in preparing a responsibility income statement encompass the traceability of costs to the responsibility center and the form of organization of the responsibility center, either as a profit center or an investment center.

Explanation:

In preparing a responsibility income statement that shows both the contribution margin and the responsibility margin, two primary concepts involve the allocation of costs to varying centers. Firstly, one needs to ascertain whether these costs are directly traceable to the responsibility center, meaning it must be identifiable and characterized to a specific center. Secondly, it's imperative to determine whether the responsibility center is structured as a profit center or an investment center. A profit center bears responsibility for both costs and revenue, while an investment center is accoutable for costs, revenue and assets.

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