Week One Textbook Problems Essays - Business Economics, Economy

Week One Textbook Problems Essays - Business Economics, Economy Week One Textbook Problems Megan O'Brien ACC/400 06/02/2015 Neil Fischer BE16.9 - Star Repairs Co. does all the repair work for a medium-sized manufacturer of handheld computer games. The games are sent directly to Star, and after the games are repaired, Star bills the game manufacturer for cost plus a 20 percent markup. In the month of February, purchases of parts (replacement parts) by Star amounted to $97,000, the beginning inventory of parts was $38,500, and the ending inventory of parts was $15,250. Payments to repair technicians during the month of February totaled $52,500. Overhead incurred was $121,000. a. What was the cost of materials used for repair work during the month of February? 38,500+97,000-15,250= 120,250 b. What was the prime cost for February? 120,250+52,500=172,759 c. What was the conversion cost for February? 52,500+121,000=173,500 d. What was the total repair cost for February? 120,250+52,500+121,000=293,750 E16.1 - Listed below are eight technical accounting terms introduced or emphasized in this chapter: Accounting Terminology Work in Process Inventory Cost of finished goods manufactured Conversion costs Cost of Goods Sold Period costs Management accounting Product costs Manufacturing overhead Each of the following statements may (or may not) describe one of these technical terms. For each statement, indicate the accounting term described, or answer "None" if the statement does not correctly describe any of the terms. a. The preparation and use of accounting information designed to assist managers in planning and controlling the operations of a business. Management accounting b. All manufacturing costs other than direct materials used and direct labor. Manufacturing overhead c. Direct materials and direct labor used in manufacturing a product. None - Prime costs d. A manufacturing cost that can be traced conveniently and directly to manufactured units of product. none - direct manufacturing cost e. The account debited at the time that the Manufacturing Overhead account is credited. Work in process f. The amount transferred from the Work in Process Inventory account to the Finished Goods Inventory account. Inventory cost finished goods manufactured g. Costs that are debited directly to expense accounts when the costs are incurred. Period costs 3. E16.2 -Into which of the three elements of manufacturing cost would each of the following be classified? a. Tubing used in manufacturing bicycles. Direct materials b. Wages paid by an automobile manufacturer to employees who test-drive completed automobiles. Direct labor c. Property taxes on machinery. Manufacturing overhead d. Gold bullion used by a jewelry manufacturer. Direct materials e. Wages of assembly-line workers who package frozen food. Direct labor f. Salary of plant superintendent. Manufacturing overhead g. Electricity used in factory operations. Manufacturing overhead h. Salary of a nurse in a factory first-aid station. Direct Labor 4. E16.3 - Indicate whether each of the following should be considered a product cost or a period cost. If you identify the item as a product cost, also indicate whether it is a direct or an indirect cost. For example, the answer to item 0 is "indirect product cost." Begin with item a. 0. Property taxes on factory building. Period cost a. Cost of disposal of hazardous waste materials to a chemical plant. Product cost - indirect b. Amounts paid by a mobile home manufacturer to a subcontractor who installs plumbing in each mobile home. Product cost - direct c. Depreciation on sales showroom fixtures. Period cost d. Salaries of security guards in an administrative office building. Product cost - direct e. Salaries of factory security guards. Product cost - direct f. Salaries of office workers in the credit department. Product Cost - indirect g. Depreciation on the raw materials warehouse. Period Cost h. Income taxes on a profitable manufacturing company. Period Cost 5. E16.6 - The Ryde and Rowe Inc. had the following account balances as of January 1: Flow of Costs through Manufacturing Accounts LO16-3 through LO16-5 Direct Materials Inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 89,200 Work in Process Inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 178,400 Finished Goods Inventory . . . . . . . . . . . . . . . . . . . . . . .

History and Geography of Germany

History and Geography of Germany Population: 81,471,834 (July 2011 estimate)Capital: BerlinArea: 137,847 square miles (357,022 sq km)Coastline: 2,250 miles (3,621 km)Highest Point: Zugspitze at 9,721 feet (2,963 m)Lowest Point: Neuendorf bei Wilster at -11 feet (-3.5 m)Germany is a country located in Western and Central Europe. Its capital and largest city is Berlin but other large cities include Hamburg, Munich, Cologne and Frankfurt. Germany is one of the most populous countries of the European Union and it has one of the largest economies in Europe. It is known for its history, high standard of living and cultural heritage. History of Germany: Weimar Republic to Today According to the U.S. Department of State, in 1919 the Weimar Republic was formed as a democratic state but Germany gradually began to experience economic and social problems. By 1929 the government had lost much of its stability as the world entered a depression and the presence of dozens of political parties in Germanys government hampered its ability to create a unified system. By 1932 the National Socialist Party (Nazi Party) led by Adolf Hitler was growing in power and in 1933 the Weimar Republic was mostly gone. In 1934 President Paul von Hindenburg died and Hitler, who had been named Reich Chancellor in 1933, became Germanys leader.Once the Nazi Party took power in Germany nearly all democratic institutions in the country were abolished. In addition, Germanys Jewish peoples were jailed as were any members of opposing parties. Shortly thereafter the Nazis began a policy of genocide against the countrys Jewish population. This later became known as the Holocaust and around six m illion Jewish people in both Germany and other Nazi occupied areas were killed. In addition to the Holocaust, Nazi governmental policies and expansionist practices eventually led to World War II. This later destroyed Germanys political structure, economy and many of its cities.On May 8, 1945 Germany surrendered and the United States, United Kingdom, USSR and France took control under what was called Four Power Control. Initially Germany was to be controlled as a single unit, but eastern Germany soon became dominated by Soviet policies. In 1948 the USSR blockaded Berlin and by 1949 East and West Germany were created. West Germany, or the Federal Republic of Germany, followed principles set forth by the U.S. and U.K., while East Germany was controlled by the Soviet Union and its communist policies. As a result, there was severe political and social unrest in Germany throughout most of the mid-1900s and in the 1950s millions of East Germans fled to the west. In 1961 the Berlin Wall was constructed, officially dividing the two.By the 1980 pressure for political ref orm and German unification was growing and in 1989 the Berlin Wall fell and in 1990 the Four Power Control ended. As a result, Germany began to unify itself and on December 2, 1990 it held the first all German elections since 1933. Since the 1990s, Germany has continued to regain its political, economic and social stability and today it is known for having a high standard of living and a strong economy. Government of Germany Today Germanys government is considered a federal republic. It has an executive branch of government with a chief of state who is the countrys president and a head of government who is known as the chancellor. Germany also has a bicameral legislature made up of the Federal Council and the Federal Diet. Germanys judicial branch consists of the Federal Constitutional Court, the Federal Court of Justice and the Federal Administrative Court. The country is divided into 16 states for local administration. Economics and Land Use in Germany Germany has a very strong, modern economy that is considered the fifth largest in the world. In addition, according to the CIA World Factbook, it is one of the worlds most technologically advanced producers of iron, steel, coal cement and chemicals. Other industries in Germany include machinery production, motor vehicle manufacture, electronics, shipbuilding and textiles. Agriculture also plays a role in Germanys economy and the main products are potatoes, wheat, barley, sugar beets, cabbage, fruit, cattle pigs and dairy products. Geography and Climate of Germany Germany is located in Central Europe along the Baltic and North Seas. It also shares borders with nine different countries - some of which include France, the Netherlands, Switzerland and Belgium. Germany has a varied topography with lowlands in the north, the Bavarian Alps in the south and uplands in the central part of the country. The highest point in Germany is Zugspitze at 9,721 feet (2,963 m), while the lowest is Neuendorf bei Wilster at -11 feet (-3.5 m).The climate of Germany is considered temperate and marine. It has cool, wet winters and mild summers. The average January low temperature for Berlin, the capital of Germany, is 28.6ËšF (-1.9ËšC) and the average July high temperature the city is 74.7ËšF (23.7ËšC).To learn more about Germany, visit the Geography and Maps section on Germany on this website. Source:Central Intelligence Agency. (17 June 2011). CIA - The World Factbook - Germany. Retrieved from: https://www.cia.gov/library/publications/the-world-factbook/geos/gm.html ï » ¿Infoplease.com. (n.d.).Germany: History, Geography, Government, and Culture- Infoplease.com. Retrieved from: infoplease.com/ipa/A0107568.html United States Department of State. (10 November 2010). Germany. Retrieved from: state.gov/r/pa/ei/bgn/3997.htm Wikipedia.com. (20 June 2011). Germany - Wikipedia, the Free Encyclopedia. Retrieved from: http://en.wikipedia.org/wiki/Germany