At the end of business on September 1, the total displayed on the cash register tape shows $1,059 of cash sales for the day. However, when the clerk and the supervisor count the cash in the register, the count reveals that $1,050 was actually collected from customers. Required:
Write down the journal entry.

Answer:

Allocated administrative expense to Meat department = $17,000

Explanation:

The basis of allocating the administrative expense is the floor space occupied by the the department.

Administrative  expense

= Floor space occupied/Total floor area × Administrative expense

Total floor area=  (1,470+980+2,450)= 4,900 square feet

Floor area occupied by meat department = 2,450

Administrative expense = $34,000

Allocated administrative expense to Meat department:

= (2,450/4,900) ×  $34,000 = $17,000

= $17,000

Answer:

$17,000

Explanation:

Using the floor spacing occupied by each department as the basis for the allocation of the administrative expense. In other words, the bigger the square feet occupied, the bigger the total administrative expense to be allocated.

Given

Department       Square Feet       Dollar Sales

Produce                 1,470                  $ 99,000

Bakery                      980                 $ 49,000

Meats                     2,450                 $ 61,000

Totals                     4,900               $ 209,000

And the Amount Administrative Square feet of floor space $ 34,000

Then the administrative cost allocated to the meat department

= (2450/4900) * $ 34,000

= $17,000

Answer:

Part A:

Labur Productivity:

For US=5.14,         LDC=1.35

Capital Productivity:

For US=1.72          LDC=4.31

Part B:(Multi factor productivity)

For US=1.29         LDC=1.03

Part C: (Raw material productivity)

For US=4.90        LDC=10.02

Explanation:

Part A:

Labur Productivity:

For US:

For LDC:

Capital Productivity:

For US:

For LDC:

Part B:

For US:

For LDC:

Part C:

For US:

ForLDC:

Converting Raw material FC into $ (1$=10FC)

Raw Material =19550/10=$1955

Answer and Explanation:

(A) E(P) = (0.6) × ($2800) + (0.4) × ($2250)

= $1680+$900

= $2,580

E(S) = (0.6) × (1.40)+(0.4) × (1.5)

= 0.84 + 0.60

= $1.44

Var(S) = (0.6)(1.40 - 1.44)² + (.4)(1.50 - 1.44)²

= .00096+.00144

= 0.0024.

Cov(P,S) = (0.6)(2800-2580)(1.4-1.44) + (0.4)(2250-2580)(1.5-1.44)

= -5.28-7.92

= -13.20

b = Cov(P,S)/Var(S)

= -13.20/.0024

= -£5,500.

there is a negative exposure.  as the pound gets stronger/weaker against the dollar the dollar value of british holding goes higher.

(B)  b²Var(S) = (-5500)²(.0024) = 72,600($)²

(C). i would Buy 5,500 forward to hedge exchange risk exposure. By doing this, i can eliminate the volatility of the dollar value of your British asset that is due to the volatility of the exchange rate

Final answer:

The exposure to exchange risk is the difference between the expected dollar value and the current dollar value due to changes in the economy and exchange rate. Variance of the dollar value of the property is calculated factoring in the probabilities of the economic scenarios. Hedging such as use of a forward contract provides certainty by eliminating exchange risk, but it can also limit potential profit.

Explanation:

The exposure to the exchange risk can be estimated by calculating the expected dollar value of the property. If the economy booms, the expected value will be £2,000 * $1.40 = $2800, and if it slows down, it will be £1,500 * $1.50 = $2250. The expected dollar value is then: 0.60 * $2800 + 0.40 * $2250 = $1680 + $900 = $2580. The exchange risk exposure b is the difference between the expected dollar value and the current dollar value of the property.

The variance of the dollar value of your property attributable to the exchange rate uncertainty can be computed as: 0.60 * ($2800 - $2580)² + 0.40 * ($2250 - $2580)².

To hedge your exchange risk exposure, you can enter into a forward contract to sell pounds for dollars at a predetermined rate. This will eliminate exchange rate risk but it could also limit your potential for profit if the pound appreciates more than expected against the dollar. Thus, hedging has the consequence of providing certainty while potentially sacrificing profit.

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Answer:

Dr. Allowance for Doubtful Accounts  $7,400

Cr. Accounts Receivable                       $7,400

Explanation:

A write off eliminates the account receivable balance. It is recorded as the debit to Allowance for Doubtful Accounts because of its credit nature. It reduces the balance of the allowance use it for actual write off. On the other hand it credit the account receivable balance to reduce it as it is debit in nature.

Answer:

Average accumulated expenditures for 2021 was: $349,000.

Explanation:

Note: See the attached excel file for the calculation of the Average accumulated expenditures for 2021.

Average accumulated expenditures is calculated by adding the weighted average amount of each expenditure which is the product of the weight of each expenditure in a year and the amount of each expenditure. That is;

Weight of each expenditure = Number of relevant months the expenditure is used 2021 / 12 months

Weighted average amount of each expenditure = Weight of each expenditure * The amount of the expenditure

Answer:

Explanation:

The journal entries are shown below:

1. Account receivable A/c Dr $20,000

          To Deferred revenue A/c $20,000

(Being the paint house on account is recorded)      

2. Equipment A/c Dr $21,000

         To Cash A/c $21,000

(Being the equipment is purchased for cash)

3. Supplies A/c Dr $3,500

            To Accounts Payable A/c $3,500

(Being the office supplies are purchased on credit basis)

4. Salaries expense A/c Dr $4,200

        To Cash A/c $4,200

(Being the employees salaries are paid for cash)

5. Advertising expense A/c Dr $1,000

        To Cash A/c $1,000

(Being the advertising are purchase for cash)

6.  Rent expense A/c $5,400

                To Cash A/c $5,400

(Being the rent is paid for cash)

7. Cash A/c Dr $15,000

      To Account receivable A/c $15,000

(Being the cash is received)

8. Cash A/c Dr $6,0000

      To Deferred revenue $6,000

(Being the cash is received)

Final answer:

The transactions of the Boilermaker House Painting Company are recorded considering the cash flow, accounts receivable, and deferred revenues with specific monetary changes respective of each transaction.

Explanation:

The transactions for Boilermaker House Painting Company can be recorded as follows:

1. Accounts Receivable $20,000 | Service Revenue $20,000 - the company painted houses on credit.
2. Equipment $21,000 | Cash $21,000 - the company purchased equipment for cash.
3. Supplies $3,500 | Accounts Payable $3,500 - the company purchased office supplies on credit.
4. Salaries Expense $4,200 | Cash $4,200 - the company paid employee salaries.
5. Advertising Expense $1,000 | Cash $1,000 - the company purchased advertising for cash.
6. Rent Expense $5,400 | Cash $5,400 - the company paid office rent.
7. Cash $15,000 | Accounts Receivable $15,000 - the company received cash from customers.
8. Deferred Revenue $6,000 | Cash $6,000 - the company received cash in advance from a customer.

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