Since i am the signing agent who fills out the ID form, then, i am at responsibility to sign the Patriot Act form as well.
The Patriot Act/customer ID form is a form that help the government to fight the funding of terrorism and money laundering activities.
The Patriot Act/customer ID form is necessitated by the Federal law and its requires all financial institutions to obtain, verify, and record information that identifies every customer.
However, if the signature line on the Patriot Act has escrow officer's name printed on it on the signature line and i am the signing agent who fills out the ID form, then, i am at responsibility to sign the Patriot Act form as well.
Read more about Patriot Act form
The person who fills out the Patriot Act or customer ID forms, in this case the Signing Agent, should be the one to sign the form, even if the escrow officer's name is printed on the signature line.
In the context of processing Patriot Act or customer ID forms, the person who should be signing the form would typically be the individual who completed it, and can attest to the accuracy of the information therein. If you, as the Signing Agent, thoroughly completed the form, then you would sign it, even if the escrow officer's name is pre-printed on the signature line. The pre-printed name would likely indicate which the escrow officer is involved in the transaction, but it does not necessarily indicate who must sign the form. It's important too, however, to always follow your company's policies and any specific instructions given to you related to these forms.
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Purchases (gross) 697,000
Freight-in 31,400
Sales revenue 924,000
Sales returns 73,200
Purchase discounts 12,100
Compute the estimated inventory at May 31, assuming that the gross profit is 40% of net sales
Answer:
The estimated inventory at May 31 is $240,100
Explanation:
The gross profit is the difference between the sales revenue and the cost of good sold.
The gross profit percentage is the ratio of gross profit to net sales expressed as a percentage.
Net sales is the sales less returns and allowances. Similar to net sales is net purchases which is the gross purchase net the allowances and returns.
Net purchases = $697,000 - $12,100
= $684,900
Net sales = $924,000 - $73,200
= $850,800
Gross profit margin percent = gross profit/net sales
gross profit = 0.4 * $850,800
= $212,700
cost of goods sold = $850,800 - $212,700
= $638,100
The movement in the balance of inventory at the start and end of a period is as a result of sales and purchases. While sales reduces the balance in inventory, purchases increases the balance. This may be expressed mathematically as
Opening balance + purchases + freight inward - cost of goods sold = closing balance
$161,900 + $684,900 + $31,400 - $638,100 = Estimated ending inventory
Estimated ending inventory = $240,100
1. Calculate the standard cost for a pound of Sheffield's double chocolate almond supreme cookies. (Round answer to 2 decimal places, e.g. 3.51.)
The Standard cost for a pound of Sheffield's double chocolate almond supreme cookies in the above case is $15.10.
A standard cost is defined as an anticipated cost that a company commonly launches at the starting of a fiscal year for amounts used and prices paid.
It is an anticipated amount of money to pay off for materials costs or labor rates. The standardquantity is the anticipated exercise amount of materials or labor.
Computation of standard cost:
According to the given information,
Standard direct materials costs = $0.80 per pound of cookie mix.
Per pound of milk chocolate = $4, and
Per pound of almonds = $19.
Total ounces:
Then, Standard Material Cost:
Now, 1 minute of direct labor is required in the mixing department and 5 minutes of direct labor in the baking department. Then the standard direct labor cost is:
Variable overhead is applied at a rate = $37.00 per direct labor hour
Now, find the value of Standard Variable overhead cost:
Now, Standard Fixed overhead cost:
Therefore, Standard cost for a pound:
Therefore, Standard cost for a pound is $15.10.
To learn more about the standard cost, refer to:
Answer:
The Standard cost for a pound of Sheffield's double chocolate almond supreme cookies is $15.10
Explanation:
The standard direct materials costs are $0.80 per pound of cookie mix, $4 per pound of milk chocolate, and $19 per pound of almonds.
Total ounces = 10 + 5 + 1 = 16
Standard Material Cost = ( × 0.80) + ( × 4) + ( × 19)
Standard Material Cost = $ 2.9375
Each pound of cookies requires 1 minute of direct labor in the mixing department and 5 minutes of direct labor in the baking department.
Standard Direct Labor Cost = × 12.70 + × 27
Standard Direct Labor Cost = $2.4617
Variable overhead is applied at a rate of $37.00 per direct labor hour
Standard Variable overhead cost = 6/60 × 37
Standard Variable overhead cost = $ 3.70
Standard Fixed overhead cost = 6/60 × 60
Standard Fixed overhead cost = $ 6
Standard cost for a pound = $2.9375 + $2.4617 + $3.70 + $6
Standard cost for a pound = $15.10
Answer:
The correct answer is $9,850,000
Explanation:
The Enterprise fund which will be reported, total other financing sources of the amount is computed as:
= Face Value - Cost of issuance
where
Face Value is $10,000,000
Cost of issuance is $150,000
Putting the values above:
= $10,000,000 - $150,000
= $9,850,000
Note: Premium will not be considered as it is asked for when the bonds are issued.
The total other financing sources reported by the Enterprise Fund would be $9,850,000.
The correct answer is $9,850,000.
When the city's Enterprise Fund issued revenue bonds with a face value of $10,000,000, it added a 2% premium to the face value. The premium is calculated by multiplying the face value by the premium rate, which is 2% in this case. So, the premium amount is $10,000,000 * 2% = $200,000.
The issuance costs are additional expenses incurred in the process of issuing the bonds. In this case, the issuance costs totaled $150,000.
Therefore, the total other financing sources reported by the Enterprise Fund would be $10,000,000 - $200,000 - $150,000 = $9,850,000.
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Answer: D) cyclical
Explanation:
Cyclical Demand is difficult to predict because it goes according to the business cycle and hence is affected on a Macro Economic scale by events at a National or International level.
This means that something could be in demand today but the demand could fall or rise sharply based on the stage of the business cycle the economy is in.
Answer:
$32540
Explanation:
The balance in additional paid in capital treasury stock as a result of the transactions is $32540.
The beginning balance was set at 0.
March 6 Acquisition in the treasury stock = 27965 shares × $12
In additional paid capital it is 0.
April 6 Reissued in treasury stock = 5280 shares × $12 while in additional paid capital = 5280 shares × $7 (19-12).
Please kindly see attachment to see the step by step working and the answer.
Answer:
Amount paid for the treasury stock on March 6 = $12*27,965 = $335,580
Total Amount realized on the resale of Treasury stock
April 18 = 5280*$19 = $100,320
June 11 = 2210*$10 = $ 22,100
$122,420
cost of treasury stock sold
( $12 * 7,490) (89,880)
Balance in additional paid in capital from treasury stock $32,540
Explanation: