Bob is a factory supervisor and earns $5,000 in January. Joe is a sales supervisor and...
Bob is a factory supervisor and earns $5,000 in January. Joe is a sales supervisor and also earns $5,000. From an accounting standpoint, are these two salaries treated the same or differently? Why?
Homework Answers
These are different items. Salary paid to factory supervisor is a direct expense incurred in the factory and is included in Factory Overhead. Salary paid to sales supervisor is an indirect expense and is included in Selling and Administrative Expense.
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Bob is a factory supervisor and earns $5,000 in January.
Joe is a sales supervisor and...
Sales commissions Insurance costs for factory Freight-in (on raw materials) Utilities in factory Factory supervisor salary...
Sales commissions Insurance costs for factory Freight-in (on raw materials) Utilities in factory Factory supervisor salary Depreciation on factory equipment Utilities in sales office Costs of delivery to customers Depreciation on sales office Lubricants used in factory equipment $7,200 $21,600 $3,600 $12,500 $60,800 $18,700 $26,200 $8,900 $1,600 $200 Manufacturing overhead costs for Rustic Living Furniture Company totaled O A. $81,100 O B. $152,100. O C. $173,900 OD. $221,400. Rustic Living Furniture Company manufactures furniture at its central Kentucky factory. Some...
Treat Bob and Joe as the same individual and having the same utility function as provided...
Treat Bob and Joe as the same individual and having the same
utility function as provided at the beginning of the question.
Looking for the solutions to part e and f.
Indifference curves and utility: Consider the utility function U (qi,%)-2q1/2 + q2 that describes Joe's preferences. For the following, think of q1 as the variable you would graph on the horizontal axis. 3. a. Derive an expression for his marginal utility (U) from a small increase in qi holding...
2. (20 Points) Santa Barbara Express has 4 sales employees, each of whom earns $5,000 per...
2. (20 Points) Santa Barbara Express has 4 sales employees, each of whom earns $5,000 per month and is paid on the last working day of the month. Each employee's wages are subject to FICA social security taxes of 62% and Medicare taxes of I .45% on all wages. Withholding for each employee also includes federal income tax of 16% and monthly medical insurance premiums of $110 for each employee. a Prepare the general journal entry to accrue the monthly...
Treat Bob and Joe as having the same utility function as provided at the beginning of...
Treat Bob and Joe as having the same utility function as
provided at the beginning of the question
Indifference curves and utility: Consider the utility function U (qi,%)-2q1/2 + q2 that describes Joe's preferences. For the following, think of q1 as the variable you would graph on the horizontal axis. 3. a. Derive an expression for his marginal utility (U) from a small increase in qi holding q2 fixed. Also, find b. What is Joe's marginal rate of substitution (MRS)?...
The supervisor of a factory believes that method 1 takes a worker lesser time to perform a task t...
The supervisor of a factory believes that method 1 takes a worker lesser time to perform a task than method 2 on the average. Two independent random samples of size 10 workers of the factory are selected by the 20 workers are given below in seconds: Worker Method47 44 43 49 48 44.5 48 47 46 50 Method 2 1 2 3 45 678 9 10 45 43 42 45 46 45 44 45 44 47 at a level of...
Kumee Company conducts operations in two separate buildings: a factory building where products are manufactured and...
Kumee Company conducts operations in two separate buildings: a factory building where products are manufactured and the headquarters building (office space for executives, accounting, sales, etc.). Among the costs Kumee Company incurred during the month of August were the following: (1) $15,000 of coolant used in the headquarters office air conditioning systems (2) $5,000 for property taxes on the factory building (3) $10,000 for depreciation on trucks used to deliver products to customers (4) $2,000 salary...
Can't figure out F for the amount of expense incurred in january 1 a. McGraw Hill...
Can't figure out F for the amount of expense incurred in
january
1 a. McGraw Hill Education uses $2,772 worth of electricity and natural gas in its headquarters building for which it has not yet been billed b. At the beginning of January. Turner Construction Company pays $981 for magazine advertising to run in monthly publications each of the first three months of the year. c. Dell pays its computer service technicians $396,500 in salaries for the two weeks ended...
3. How much is the total factory overhead costs ( indirect material + Indirect labor +...
3. How much is the total factory overhead costs (
indirect material + Indirect labor + indirect other expenses)
?
5. How much is the total conversion costs?
7. How much is the cost of goods
manufactured?
9. How much is the cost of goods sold?
10. How much is the gross profit or gross
margin?
11. How much is the total selling or marketing
expenses?
12. How much is the total amount of administrative
expenses?
13. How much is...
3. How much is the total factory overhead costs ( indirect material + Indirect labor +...
3. How much is the total factory overhead costs (
indirect material + Indirect labor + indirect other expenses)
?
5. How much is the total conversion costs?
7. How much is the cost of goods
manufactured?
9. How much is the cost of goods sold?
10. How much is the gross profit or gross
margin?
11. How much is the total selling or marketing
expenses?
12. How much is the total amount of administrative
expenses?
13. How much is...
Fido Company had sales of $200,000, sales discounts of $5,000, and sales returns of $4,800. Fido...
Fido Company had sales of $200,000, sales discounts of $5,000, and sales returns of $4,800. Fido Company's net sales equals Statement of Retained Earnings A) B) C) D E) $5,000.00 $4,800.00 $195,200.00 $190,200.00 $195,000.00 Question 3 The Doggie company has 10 employees, who earn a total of $2,000 in salaries each working day. They are paid each Monday for their work in the five-day workweek endir previous Friday. Assume that December 31, 2018, is a Tuesday, and all 10 employees...
Sales commissions Insurance costs for factory Freight-in (on raw materials) Utilities in factory Factory supervisor salary Depreciation on factory equipment Utilities in sales office Costs of delivery to customers Depreciation on sales office Lubricants used in factory equipment $7,200 $21,600 $3,600 $12,500 $60,800 $18,700 $26,200 $8,900 $1,600 $200 Manufacturing overhead costs for Rustic Living Furniture Company totaled O A. $81,100 O B. $152,100. O C. $173,900 OD. $221,400. Rustic Living Furniture Company manufactures furniture at its central Kentucky factory. Some...
Treat Bob and Joe as the same individual and having the same
utility function as provided at the beginning of the question.
Looking for the solutions to part e and f.
Indifference curves and utility: Consider the utility function U (qi,%)-2q1/2 + q2 that describes Joe's preferences. For the following, think of q1 as the variable you would graph on the horizontal axis. 3. a. Derive an expression for his marginal utility (U) from a small increase in qi holding...
2. (20 Points) Santa Barbara Express has 4 sales employees, each of whom earns $5,000 per month and is paid on the last working day of the month. Each employee's wages are subject to FICA social security taxes of 62% and Medicare taxes of I .45% on all wages. Withholding for each employee also includes federal income tax of 16% and monthly medical insurance premiums of $110 for each employee. a Prepare the general journal entry to accrue the monthly...
Treat Bob and Joe as having the same utility function as
provided at the beginning of the question
Indifference curves and utility: Consider the utility function U (qi,%)-2q1/2 + q2 that describes Joe's preferences. For the following, think of q1 as the variable you would graph on the horizontal axis. 3. a. Derive an expression for his marginal utility (U) from a small increase in qi holding q2 fixed. Also, find b. What is Joe's marginal rate of substitution (MRS)?...
The supervisor of a factory believes that method 1 takes a worker lesser time to perform a task than method 2 on the average. Two independent random samples of size 10 workers of the factory are selected by the 20 workers are given below in seconds: Worker Method47 44 43 49 48 44.5 48 47 46 50 Method 2 1 2 3 45 678 9 10 45 43 42 45 46 45 44 45 44 47 at a level of...
Can't figure out F for the amount of expense incurred in
january
1 a. McGraw Hill Education uses $2,772 worth of electricity and natural gas in its headquarters building for which it has not yet been billed b. At the beginning of January. Turner Construction Company pays $981 for magazine advertising to run in monthly publications each of the first three months of the year. c. Dell pays its computer service technicians $396,500 in salaries for the two weeks ended...
3. How much is the total factory overhead costs (
indirect material + Indirect labor + indirect other expenses)
?
5. How much is the total conversion costs?
7. How much is the cost of goods
manufactured?
9. How much is the cost of goods sold?
10. How much is the gross profit or gross
margin?
11. How much is the total selling or marketing
expenses?
12. How much is the total amount of administrative
expenses?
13. How much is...
3. How much is the total factory overhead costs (
indirect material + Indirect labor + indirect other expenses)
?
5. How much is the total conversion costs?
7. How much is the cost of goods
manufactured?
9. How much is the cost of goods sold?
10. How much is the gross profit or gross
margin?
11. How much is the total selling or marketing
expenses?
12. How much is the total amount of administrative
expenses?
13. How much is...
Fido Company had sales of $200,000, sales discounts of $5,000, and sales returns of $4,800. Fido Company's net sales equals Statement of Retained Earnings A) B) C) D E) $5,000.00 $4,800.00 $195,200.00 $190,200.00 $195,000.00 Question 3 The Doggie company has 10 employees, who earn a total of $2,000 in salaries each working day. They are paid each Monday for their work in the five-day workweek endir previous Friday. Assume that December 31, 2018, is a Tuesday, and all 10 employees...
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