Financial statements of a manufacturing firm
The following events took place for Sorensen Manufacturing Company during January, the first month of its operations as a producer of digital video monitors:
Purchased $227,000 of materials.
Used $163,440 of direct materials in production.
Incurred $408,600 of direct labor wages.
Incurred $163,400 of factory overhead.
Transferred $690,100 of work in process to finished goods.
Sold goods for $1,089,600.
Sold goods with a cost of $612,900.
Incurred $195,200 of selling expense.
Incurred $113,500 of administrative expense.
This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below.
Open spreadsheet
Using the information given, complete the following:
Prepare the January income statement for Sorensen Manufacturing Company. Round your answers to the nearest dollar.
Answers
The income statement for Sorensen Manufacturing Company for the month of January is net profit (loss): ($314,700.)
An income statement is the part of a company's financial statement prepared in an accounting period that describes the factors of a company's income and expenses to arrive at its net profit or loss.
The income statement for Sorensen Manufacturing Company for the month of January is as follows:
Revenue: $1,089,600
Cost of Goods Sold: $612,900
Gross Profit: $476,700
Operating Expenses:
Direct Labor Wages: $408,600Factory Overhead: $163,400Selling Expenses: $195,200Administrative Expenses: $113,500Net Profit (Loss): $ (314,700)
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Related Questions
write five safety measures that should followed while working at industrial business
Answers
Answer:
The safety measures that we should follow while working at industrial business are:
1. wear Safety Equipment .
2. Prevent Slips and Trips.
3. Use Equipment and Tools properly.
4. Keep work areas clean.
5. Inform supervisor of unsafe conditions.
Explanation:
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Based on expected production of 6,000 units, a company reports the following costs: direct materials cost of $4 per unit, direct labor cost of $8 per unit, variable overhead cost of $3 per unit, fixed overhead of $60,000 per year, variable selling and administrative expenses of $2 per unit, and fixed selling and administrative expenses of $20,000 per year. There is no beginning inventory. If 4,000 units are sold at $40 per unit, what is net income under absorption costing
Answers
Answer:
Net operating income= $32,000
Explanation:
The absorption costing method includes all costs related to production, both fixed and variable. The unit product cost is calculated using direct material, direct labor, and total unitary manufacturing overhead.
First, we need to calculate the unitary fixed overhead and unitary total cost:
Unitary fixed overhead= 60,000 / 6,000= $10
Unit product cost= direct material + direct labor + total unitary overhead
Unit product cost= 4 + 8 + 3 + 10
Unit product cost= $25
Now, the net operating income:
Net operating income= Sales - COGS - Total variable selling and administrative expenses
Net operating income= 4,000*40 - 25*4,000 - (2*4,000 + 20,000)
Net operating income= 160,000 - 100,000 - 28,000
Net operating income= $32,000
A pillow is a raw material?
True
O False
Answers
False, a pillow is not a raw material. However, it's made of raw materials like:
- polyester
- linen
- satin
- silk
- etc....
Obligations due to be paid within one year or the company's operating cycle, whichever is longer, are classified as:
Answers
Answer:
Current liabilities
Explanation:
How can you create a personal budget
Answers
A standard inventory form should include:
a) The date of the inventory
b) The list of the items
c) The unit size for each item
d) All of these
Answers
Answer:
B
Explanation:
The list of the items
Hope it helped brainiest plz
-Guesty
The correct option is B. A standard inventory form should include a list of the items. Using an inventory form, you can keep track of all the supplies, goods, and merchandise in your company at any one time.
Why Inventory form is important?Small businesses need inventory management because it helps them manage many locations, avoid stockouts, and maintain correct records. As opposed to attempting to complete them all manually, an inventory system makes these operations simpler.
The form typically serves three functions: requisitioning things from inventory, releasing inventory records in the quantity of the items selected, and billing the targeted task for the cost of the products requisitioned. Any inventory products that are not currently in stock can also be ordered again using the form as a guide.
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slapshot company sells three styles of youth hockey sticks: reebok, bauer and titan. presented is information for slapshot's three products.
Answers
Slapshot Company offers three styles of youth hockey sticks: Reebok, Bauer, and Titan. Each brand has its unique features and strengths. Reebok sticks are known for their durability and balanced performance. Bauer sticks are lightweight and excel in quick-release shots.
Reebok Youth Hockey Stick:Reebok is a well-known brand in the hockey industry, offering quality products.Reebok sticks are known for their durability and performance,They come in various flex options, allowing players to choose the one that suits their strength and playing style, Reebok sticks are designed to provide a good balance of power and accuracy in shots.
Bauer Youth Hockey Stick:Bauer is another reputable brand that produces high-quality hockey sticks.Bauer sticks are known for their lightweight design, which helps players maneuver the puck with ease.They also offer different flex options to accommodate players of various strengths. Bauer sticks are designed for quick release shots, allowing players to shoot accurately in tight spaces.Titan Youth Hockey Stick:Titan is a newer brand in the market, but it has gained popularity for its innovative features.Titan sticks are known for their advanced technologies, such as enhanced blade construction and shaft design. They focus on improving puck control and accuracy during shots.Titan sticks offer a great balance between power and finesse, making them suitable for players who want versatility in their game.
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What is one method that helps control online fraud? O A. Deleting odd emails before reading B. Reporting odd emails to police • C. Reporting odd emails as spam • D. Signing into email in many locations
Answers
Answer: C. Reporting odd emails as spam
Explanation:
explain the role of director of board of directors in public company.
four points
Answers
Explanation:
The board of directors is elected to represent shareholders' interests. Every public company must have a board of directors composed of members from both inside and outside the company. The board makes decisions concerning the hiring and firing of personnel, dividend policies and payouts, and executive compensation.
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Imagine that you are the supervisor of a pharmacy. You have received a few complaints about mistakes in customer's prescriptions. To improve the quality of service delivered by the pharmacies, you can concentrate on (a) doing a better job of catching errors in the future or (b) doing a better job of avoiding errors. Which approach would you choose? Explain.
Answers
Answer:
b tell me whether I've got it or not
what preparatory step may be necessary when devising a strategy or plan of action to exercise?
Answers
Wellness is helping, training, and encouraging others to achieve well-being in all areas of life: social, physical, emotional, occupational, intellectual, environmental, and spiritual.
Through awareness, education, and inspiration, people are encouraged to live healthy lifestyles. The National Wellness Institute endorses the Dimensions of Wellness program.
Students can lead wellness programs for individuals and groups. Students learn administrative and business skills to administer health promotion and wellness interventions in this program.
Fitness programs can improve health. Physical activity can reduce chronic illness risk, enhance balance and coordination, help you lose weight, and improve sleep and self-esteem.
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The right way of asking the question is:
What preparatory step may be necessary when devising a strategy or plan of action?
A) Purchasing walking shoes for a fitness class
B) Selecting a behavior to change
C) Rewarding yourself with a movie
D) Determining which events trigger the behavior
Marginal revenue product is the: a. change in total output resulting from a unit change in the quantity of a variable input. b. price of the output multiplied by the total units of output produced. c. change in total cost resulting from a unit change in the quantity of a variable input. d. ratio of total revenue to the quantity of a variable input employed. e. change in total revenue resulting from a unit change in the quantity of a variable input.
Answers
Answer:
An apple, potato, and onion all taste the same if you eat them with your nose plugged
Explanation:
Suppose the bakery has a customer that will buy 6 loaves of bread each day. What is the maximum number of muffins the bakery can make and still supply the bread to this customer?
Answers
Answer: Not enough information provided to solve.
Explanation: There is no information regarding the muffins.
Future value interest factor of $1 per period at i% for n periods, FVIF(i,n). Complete the following using compound future value. (Use the Table 12.1 provided.) Note: Round your answers to the nearest cent.
Answers
The future value interest factor of $1 per period at i% for n periods, FVIF(i,n), can be calculated using compound future value.
Compound future value is a financial concept that determines the value of an investment or cash flow at a future date based on compounding interest. The formula to calculate the future value interest factor (FVIF) is FVIF(i,n) = (1 + i)^n, where "i" represents the interest rate per period and "n" represents the number of periods.
Let's break down the formula further. The term "(1 + i)" represents the growth factor, which is the sum of 1 and the interest rate per period. The exponent "n" denotes the number of compounding periods. By raising the growth factor to the power of "n," we account for the compounding effect and calculate the future value of the investment.
For example, let's say we have an interest rate of 5% per period (i = 0.05) and we want to calculate the future value interest factor for 10 periods (n = 10). Using the formula, FVIF(0.05, 10) = (1 + 0.05)^10 = 1.62889. This means that $1 invested at a 5% interest rate for 10 periods will grow to approximately $1.63.
Compound future value is a crucial concept in finance as it allows investors to assess the growth potential of their investments over time. By using FVIF tables or formulas, individuals can make informed decisions regarding savings, investments, and other financial planning strategies.
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Which correctly lists the titles for this Venn diagram?
Title 1 should be Logistics and Inventory Control Pathway and Title 2 should be Maintenance, Installation, and
Repair Pathway.
O Title 1 should be Maintenance, Installation, and Repair Pathway and Title 2 should be Logistics and Inventory
Control Pathway.
Title 1 should be Quality Assurance Pathway and Title 2 should be Production Pathway.
Title 1 should be Production Pathway and Title 2 should be Quality Assurance Pathway.
Answers
The correct title for the Venn diagram should be
Title 1 should be Production Pathway and Title 2 should be Quality Assurance Pathway.What is a production pathway?This is the pathway that has to show all the process of manufacturing and assembling the products.
What is the quality assurance pathway?This has to do with the inclusion of the workers that would help to ensure that quality standards are followed and the products meets their performance requirements.
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Answer:
D
Explanation:
Question 1: ABL shares are currently trading at a price of $9, while HHT shares are trading at a price of $48.68. The risk-free rate is 1.29% per year. Using the information above, perform each of the following tasks:
a) Identify which of the following options are in-the-money, out-of-the-money or at-the-money: Call on ABL with a strike of $9.43, Call on ABL with a strike-price of $5, Put on HHT with a strike-price of $62.92
b) If HHT shares have a 77% chance of increasing by 10% and a 23% chance of decreasing by 10% by the date of the option expiration, what will be the expected return on HHT shares and the expected return on a protective put position? For simplicity you may assume the put has a price of $1 and has the same strike-price as listed above.
Answers
A. Call on ABL with a strike of $9.43 ⇒ out-of-the-money. Call on ABL with a strike-price of $5, ⇒ in-the-money. Put on HHT with a strike-price of $62.92 ⇒ out-of-the-money
B. The expected return on HHT shares is 5.4% and the expected return on the protective put position is 2.94%.
How did we calculate the expected return?The expected return of HHT shares can be calculated by multiplying the outcomes by their respective probabilities and then summing these results.
Expected return = (0.77 × 10%) + (0.23 × -10%) = 7.7% - 2.3% = 5.4%.
If the HHT shares increase by 10%, the scenario remains the same, the new stock price will be
$48.68 × 1.10 = $53.55,
and the return from the position will be the increase in the stock price minus the cost of the put
(($53.55 - $48.68) / $48.68) - $1/$48.68 = 7.18%.
If the HHT shares decrease by 10%, the new stock price will be
$48.68 × 0.90 = $43.81.
Since the stock price is still above the strike price of the put, the put option won't be exercised, and the return from the position will simply be the decrease in the stock price minus the cost of the put
(($43.81 - $48.68) / $48.68) - $1/$48.68 = -11.27%.
The expected return on the protective put position is the probability-weighted average of these returns:
Expected return = (0.77 × 7.18%) + (0.23 × -11.27%)
= 5.53% - 2.59%
= 2.94%.
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The point at which birth and death rates balance is called
A Census growth
B Balancing growth
C zero population growth
Answers
Answer:
B balancing growth
Explanation:
Which of these does NOT generate a negative externality? Question 4 options:a. A manufacturer buys a pollution permit and then emits carbon as a waste product.b.A manufacturer dumps waste in a nearby river.c. A smoker has a cigarette in a crowded restaurant.d. Every year Mary gets a flu shot
Answers
The option that does NOT generate a negative externality is Every year Mary gets a flu shot. The correct option is d.
Negative externalities occur when the actions of one individual or group negatively impact another individual or group. In the case of options a, b, and c, the actions of the manufacturer and the smoker are causing harm to the environment and to the people around them.
However, in the case of option d, Mary getting a flu shot is not causing harm to anyone else. In fact, it is actually a positive externality, as it reduces the likelihood of Mary getting sick and potentially spreading the flu to others. Therefore, option d is the correct answer.
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An earned education certificate track
after an individual has successfully
completed the necessary course
requirements for a particular field at a
community college
Answers
first person get brianlyeist
Answers
Answer:
yay
Explanation:
Why is it important for public corporations to comply with audits
Answers
Answer:
Explanation:
Accounting and auditing professionals serve an absolutely vital role in our capital markets. Transparent, informative and accurate financial reporting are the lifeblood of the capital markets and are essential for investors to make informed decisions as to how to allocate their capital.
Who watches Riverdale ? if you do can we be friends(pLEASE DON'T DELETE) and also who is your fav character from Riverdale
Answers
Answer:veronica
Explanation:
sure
Answer:
yes i love riverdale my fav character is cheryl or betty
Explanation:
Bjorn purchased a small duplex for use as a rental property. After the property was placed in service, he made some improvements, and later in the year, he made some repairs to the property. Which of the following statements regarding the treatment of the expenditures is CORRECT?
A)The improvements and repairs must be capitalized.
B)The improvements and repairs are currently deductible.
C)The improvements are currently deductible; the repairs must be capitalized.
D)The improvements must be capitalized; the repairs are currently deductible.
Answers
When these costs either extend the useful life of an existing asset or increase its productive capacity.
Are repairs and maintenance capitalized?When to Capitalize Maintenance and Repair Costs These expenses are instead regarded as capital expenditures when they either expand the productive capacity or lengthen the usable life of an existing asset.
To restore an asset's condition, repair and maintenance expenses are incurred. When utilising the accrual method of accounting, the correct way to account for these expenditures is to charge them to expense in the period in which they are incurred. When the accompanying supplier invoice is paid, the cost is recorded as an expense when utilising the cash foundation of accounting.
In either scenario, the Repairs and Maintenance Expense account will be charged. The charge is subsequently recorded as an expense on the income statement.
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What is a closed economy give an example?
Answers
The Economist defines a closed economy as: "An economy that does not engage in foreign trade; the opposite of an open economy.
What does closed economy mean?An economy that is "closed" does not engage in international trade, which means it does not import or export products and services to or from other nations. All commodities and services are generated inside the confines of a single economy in this scenario.How many countries are closed economy?Currently, no nation has a closed economy in reality. Brazil has the least amount of products imported when compared to other nations, making it the economy that is most similar to a closed one. The domestic barrier cannot, however, satiate all of the wants for products and services.The Economist defines a closed economy as: "An economy that does not engage in foreign trade; the opposite of an open economy.
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Agency authority directly communicated by the principal to the agent is called
O Express authority
O Implied authority
O Power of attorney
O Apparent authority
Answers
Answer:
O Express authority
Explanation:
In express authority, the principal communicates directly to the agent. The principal instructs the agent, either in writing or orally, to act on their behalf. In express authority, the directives given are for the agent to represent the principle on a specific matter. The scope of authority entrusted is clearly defined and understood by both parties.
Need help with this question below? Question 1
Answers
memorandum of association can be amended by
Answers
Answer:
Explanation:
A company's Memorandum of Association may be changed by the shareholders passing a special resolution in a general meeting or by written resolution. A copy of the resolution must be sent to Companies House within 15 days.
Zebb Company developed the following reconciling information in preparing its September bank reconciliation: Cash balance per bank, 9/30 $12,000 Note receivable collected by bank 6,000 Outstanding checks 9,000 Deposits in transit 4,500 Bank service charge 75 NSF check 1,200 Determine the cash balance per books (before adjustments) for Zebb Company. Group of answer choices
Answers
Answer:
We need to reverse the order of a normal reconciliation:
Bank balance $12,000
- Note collected by bank ($6,000)
- Deposits in transit ($4,500)
+ Bank fees $75
+ NSF check $1,200
Cash balance before reconciliation adjustments = $2,775
interest earned on the original principal amount invested is called _____.
Answers
Interest earned on the original principal amount invested is called Simple Interest. The other type of interest is called compound interest.
What is Simple Interest?Simple interest is the interest earned on the original principal amount invested. Simple interest does not take into account any interest earned over time. Simply multiply the principal amount by the interest rate and the time to calculate simple interest.
Simple Interest = Principal x Interest Rate x Time
On the other hand, compound interest is the interest earned on both the initial principal and the interest reinvested from prior periods. Compound interest is calculated by taking the principal balance and adding any interest earned over time. When this earned interest is compounded is determined by your bank and account. Interest can be compounded on a daily, monthly, quarterly, or annual basis.
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Which scenario describes the highest level of productivity? A. Producing $50 chairs using resources that cost $400 B. Producing a 100 chairs using resources that cost $200 C. Producing 15 chairs using resources that cost $150 D. Producing 5 chairs using resources that cost $100
Answers
The highest level of productivity should be option B.
Calculation of highest productivity:For A. The cost should be $400 for 50 chairs so per chair should be = $400 ÷ 50 = 8.
For B. The cost should be $200 for 100 chairs so per chair should be = $200 ÷ 100 = 2
For C. The cost should be $150 for 15 chairs so per chair should be = $150 ÷ 15 = 10
For D. The cost should be $100 for 5 chairs so per chair should be = $100 ÷ 5 = 20.
Based on this, option b should be considered.
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