Case Study 1 (Part A) (Learning Objectives 4, 5, 6: Analyze the impact of business transactions on accounts; record (journalize and post) transactions in the books; construct and use a trial balance) During the first month of operation of Gordon Construction, Inc., completed the following transactions: June2 | Gordon received $55,000 cash and issued common stock to the stockholders. | 3 | Purchased supplies, $3,000, and equipment, $5,200, on account. | 4 | Performed services for a client and received cash, $6,300. | 7 | Paid cash to acquire land, $37,000. | 11 | Performed services for a customer and billed the customer, $1,200.
Question 1 Correct Mark 1.00 out of 1.00 Flag question Question text A researcher wishes to estimate the textbook costs of first-year students at Ferris State University. To do so, he recorded the textbook cost of 200 first-year students and found that their average textbook cost was $275 per semester. The variable of interest to the researcher is Select one: a. class rank. b. textbook cost. c. number of students.
Currently, the price to rent one of these units is $5,000 per year, and 15 units are rented. Costs of capital and labor are the only significant explicit expenses. The labor and capital inputs can be varied daily. Bond used a $100,000 inheritance to start the business and is quite pleased that he has received several offers in the past month to sell the firm for $300,000. The firm’s accountant has prepared an income statement for 1998 that shows a profit of $15,000 after paying Bond a salary of $25,000 for the year.
Answer: Amount of discount = 70,000 * .03 = $2100. Net amount to borrow from bank = 70,000 – 2100 = $67,900. Interest cost of borrowing money at 6.5% = 67,900 * .065 * (60-10 days)/365 day in a year = $604.59. Amount saved by borrowing money to pay within time period to take advantage of discount = $2100-$604.59 = $1495.41 2) Determine the monthly payments for a $4000 loan at 5.5% add-on interest for one year. Answer: 4000 * .055 * 1 = 220.00 in interest.
Job 655 was recently completed. The following data has been recorded on its job cost sheet: Direct materials $ 78,000 Direct labor costs 45,000 Number of units completed 4,000 The company applies manufacturing overhead on the basis of direct labor costs. The predetermined overhead rate is 75% of direct labor costs. Required: Compute the unit product cost that would appear on the job cost sheet for this job: Cost Summary: Direct Materials $ 78,000 Direct Labor 45,000 Manufacturing Overhead 33,750 ( $45,000 X 75%) ---------- Total Cost $ 156,750/Units Completed 4,000 = Unit Product Cost = $ 39.19 5. Prepare the necessary journal entries from the following information for Kingston Company: a.
Forecast Of Availabilities | | Next Year (Projected) | | Current | (1) | (2) | (3) | (4) | (5) | Exit | (1) Store associate | 8500 | 510 | 0 | 0 | 0 | 0 | 3485 | (2) Shift Leader | 1200 | 0 | 600 | 192 | 0 | 0 | 408 | (3) Department Manager | 850 | 0 | 0 | 493 | 102 | 0 | 255 | (4) Asst Store Manager | 150 | 0 | 0 | 9 | 69 | 12 | 60 | (5) Store Manager | 50 | 0 | 0 | 0 | 0 | 33 | 17 | Here is my gap analysis of where the company will be next year. By taking into account all of the previous information I have been able to determine what the overall staffing needs will be next year and where the company will need to focus its hiring efforts. Gap Analysis | Next Year (Projected) | | (1) | (2) | (3) | (4) | (5) | Year End Total | 4505 | 1110 | 493 | 171 | 45 | External Hires Needed | 3995 | 90 | 156 | 21 | 5 | As you can see, there will be serious attention required to
1.7 5.2 8.7 2.4 4.9 Study tines equals 22.9 Number of times studied = 5 Answer: 22.9/5 = 4.58 hours 5. The distances (in miles) driven in the past week by each of a company's sales representatives are listed below. Find the median distance driven. 45 70 142 268 290 352 The two middle values are 142 + 268 Find the average = (142 + 268)/2= 410 410/2 = 205 Answer: 205 miles driven Case Assignment Expectations: Use information from the modular background readings as well as any good quality resource you can find. Please cite all sources and provide a reference list at the end of your paper.
And the steel deliveries are in a three-day window. Moreover, Kenco implements the cycle counting where 100 items making up 80% of the sales volume are counted every four weeks. What is left in inventory in 12 months is discounted to sell or scrapped. 5) Describe Kenco’s CI system and compare this process change using traditional budgeting Kenco CI system is following four steps: _ Activities for improvement must be selected _ Root causes for the activities performance as it exists must be determined _Modifications must be discovered and implemented _The impact of the change must be assessed. Traditional budgeting always plans and setting a budget for revenues and expenses, and it only focuses on short-term but not planning on long-term vision.
How much will she have in December of 2007? (Assume that a deposit is made in 2007. Make sure to count the years carefully.) 8. Mr. Flint retired as president of the Color Tile Company but is currently on a consulting contract for $45,000 per year for the next 10 years.
Belinda Wilson February 14, 2013 Hour 4 Unemployment The Local Area Unemployment Statistics (LAUS) program is a Federal-State cooperative effort in which monthly estimates of total employment and unemployment are prepared for many different areas, such as, States, Small Labor Market Areas, Counties and county equivalents, Cities of 25,000 population or more, and Cities and towns in New England regardless of population. The Current Population Survey provides information on the employment and unemployment experience of the Nation's population, classified by age, sex, race, and a variety of other characteristics. The Mass Layoff Statistics program uses a standardized, automated approach to identify the effects of major job cutbacks, using data from each State's unemployment insurance database. Some establishments filed against them. Establishments are identified according to industry and location, and unemployment insurance claims are identified by