Delicious Catering completed the following selected transactions during May 2016: May 1: Prepaid rent for three months, $1,500 May 5: Received and paid electricity bill, $190 May 9: Received cash for meals served to customers, $2,400 May 14: Paid cash for kitchen equipment, $2,500 May 23: Served a banquet on account, $2,000 May 31: Made the adjusting entry for rent (from May 1). May 31: Accrued salary expense, $1,700 May 31: Recorded depreciation for May on kitchen equipment, $340

Question Completion:

If Delicious Catering had recorded transactions using the Accrual method, how much net income (loss) would they have recorded for the month of May? If there is a loss, enter it with parentheses or a negative sign.

Answer:

Delicious Catering

Using the Accrual method, Delicious Catering would have recorded for the month a net income of $1,670.

Explanation:

Data and Calculations:

Prepaid Rent for 3 months = $1,500

Rent expense for the month = $500 ($1,500/3)

Utilities expense = $190

Service Revenue:

Cash for meals = $2,400

Credit                    2,000

Total                    $4,400

Salary Expense = !,700

Depreciation expense = $340

Kitchen Equipment = $2,500

Income Statement for the month of May:

Service Revenue                 $4,400

Expenses:

Rent                            $500

Utilities expense           190

Salary expense          1,700

Depreciation expense 340

Total expenses                   $2,730

Net Income                        $1,670

The total factory overhead for Bardot Marine Company is budgeted for the year at $600,000. Bardot Marine manufactures two types of boats: speedboats and bass boats. The speedboat and bass boat each require 12 direct labor hours (dlh) for manufacture. Each product is budgeted for 250 units of production for the year. When required, round all per-unit answers to the nearest cent.
A. Determine the total number of budgeted direct labor hours for the year.
direct labor hours
Points:
0 / 1
B. Determine the single plantwide factory overhead rate. When required, round all per-unit answers to the nearest cent.
per dlh
Points:
0 / 1
C. Determine the factory overhead allocated per unit for each product using the single plantwide factory overhead rate. When required, round all per-unit answers to the nearest cent.
Speedboat per unit
Bass boat per unit

The following information is available for Trinkle Company for the month of June:

a. The unadjusted balance per the bank statement on June 30 was $56,037.
b. Deposits in transit on June 30 were $2,215.
c. A debit memo was included with the bank statement for a service charge of $11. A $5,281 check written in June had not been paid by the bank.
d. The bank statement included a $950 credit memo for the collection of a note. The principal of the note was $920, and the interest collected amounted to $30.

Required:
Determine the true cash balance as of June 30.

Zeitler's Department Stores sells its products online and through traditional brick-and-mortar stores. The following parallel coordinates plot displays data from a sample of 20 customers who purchased clothing from Zeitler's either online or in-store. The data include variables for the customer's age, annual income, and the distance from the customer's home to the nearest Zeitler's store. According to the parallel coordinates plot, how are online customers differentiated from in-store customers?

Larry is considering two investment strategies. The first strategy involves putting all of his available funds in Project X. If Project X succeeds, he will receive a $10,000 return, and if it fails, he will suffer a $2,000 loss. There is a 70% chance Project X will succeed and a 30% chance it will fail.
The second strategy involves diversification: investing half of his funds in Project X and half of his funds in Project Y (which has the same payoff structure as Project X).

If both projects succeed, he will receive a $5,000 return from Project X and a $5,000 return from Project Y, for a net gain of $10,000.
If both projects fail, he will suffer a $1,000 loss on Project X and a $1,000 loss on Project Y, for a net loss of $2,000.
If one project succeeds and one fails, he will receive a $5,000 return from the successful project and will suffer a $1,000 loss on the failed project, for a net gain of $4,000.

As with Project X, there is a 70% chance that Project Y will succeed and a 30% chance that it will fail. Assume that the outcomes of Project X and Project Y are independent. That is, the success or failure of Project X has nothing to do with the success or failure of Project Y.
The expected payoff from the first strategy (investing everything in Project X) is :__________

Everlast Co. manufactures a variety of drill bits. The company's plant is partially automated. The budget for the year includes $432,000 payroll for 4,800 direct labor-hours. Listed below is cost driver information used in the product-costing system:

Overhead Cost Pool Budgeted Overhead Cost Driver Estimated Cost Driver Level
Machine setups $120,000 # of setups 120 setups
Materials handling 104,400 # of barrels 8,700 barrels
Quality control 264,000 # of inspections 1,100 inspections
Other overhead cost 144,000 # of machine hours 12,000 machine hours
Total overhead $632,400

A current product order has the following requirements:

Machine setups 8 setups
Materials handling 606 barrels
Quality inspections 80 inspections
Machine hours 830 machine hours
Direct labor hour 336 hours

Using ABC, how much other overhead is assigned to the order?

a. $9,960.
b. $8,000.
c. $11,108.
d. $45,992.
e. $19,200.

The financial planning process begins with ________ financial plans that in turn guide the formation of ________ plans and budgets.

ABC Co. had 600,000 shares of Common Stock, 40,000 shares of Convertible Preferred Stock, and $3,000,000 of 6% Convertible Bonds outstanding during 2021. The Convertible Preferred Stock is convertible into 80,000 shares of Common Stock. During 2021, ABC Co. paid dividends of $4 per share on the Common Stock and $3 per share on the Convertible Preferred Stock. Each $1,000 Convertible Bond is convertible into 80 shares of Common Stock. The Net Income for 2021 was $1,600,000 and the income tax rate was 30%.
Calculate basic earning per year of common stock for the year ended January1 31, 2104.
If company's preferred stock were convertiable into common stock what additional calculation would be required?

g Chelsea can either take a bus or drive to work. A bus pass costs $30 per week, whereas driving costs $70 per week (parking, tolls, gas, etc). A one-way trip to work lasts 24 minutes longer by bus than by car. She works 5 days a week and neither time spent driving nor riding the bus enters her utility directly. Will Chelsea take the bus or drive if her wage rate is $7

Carlsbad Corporation's sales are expected to increase from $5 million in 2019 to $6 million in 2020, or by 20%. Its assets totaled $3 million at the end of 2019. Carlsbad is at full capacity, so its assets must grow in proportion to projected sales. At the end of 2019, current liabilities are $1 million, consisting of $250,000 of accounts payable, $500,000 of notes payable, and $250,000 of accrued liabilities. Its profit margin is forecasted to be 4%. Assume that the company pays no dividends. Use the AFN equation to forecast the additional funds Carlsbad will need for the coming year. Write out your answer completely. For example, 5 million should be entered as 5,000,000. Round your answer to the nearest dollar. $

At the end of the current year, Accounts Receivable has a balance of $2,150,000; Allowance for Doubtful Accounts has a debit balance of $10,500; and sales for the year total $51,850,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $110,000.
a. Determine the amount of the adjusting entry for uncollectible accounts.
b. Determine the adjusted balances of (i) Accounts Receivable (ii) Allowance for Doubtful Accounts (iii) Bad Debt Expense.
c. Determine the net realizable value of accounts receivable.

The first step in the decision-making process is to a. define your wants and needs b. identify your choices c. make a decision d. gather information Please select the best answer from the choices provided СА OB C Save and Exit Mark this and return
​

Q#1. How would you describe the word “CAREER” Explain in 5-7 sentences.

PLZ HELP IĹL GIVE BRAINLIEST !

On January 2, 2021, Miller Properties paid $28 million for 1 million shares of Marlon Company's 6 million outstanding common shares. Miller's CEO became a member of Marlon's board of directors during the first quarter of 2021.
The carrying amount of Marlon's net assets was $117 million. Miller estimated the fair value of those net assets to be the same except for a patent valued at $36 million above cost. The remaining amortization period for the patent is 10 years.
Marlon reported earnings of $54 million and paid dividends of $6 million during 2021. On December 31, 2021, Marlon's common stock was trading on the NYSE at $27.50 per share.
Required: 2. Assume Miller accounts for its investment in Marlon using the equity method. Ignoring income taxes, determine the amounts related to the investment to be reported in its 2021. (Do not round intermediate calculations. Enter all amounts as positive values. Enter your answers in millions rounded to 1 decimal places, (i.e., 5,500,000 should be entered as 5.5).):
a. Income statement million
b. Balance sheet million
c. Statement of cash flows
Operating cash flow million
Investing cash flow million

Wilson is expected to work 40 hours each week, be in the office for critical meetings, and to meet all agreed-upon deadlines. His manager, however, allows him to work flexible hours that best fit his personal commitments. This is an example of

The following errors took place in journalizing and posting transactions:
a. Cash of $8,800 received on account was recorded as a debit to Fees Earned and a credit to Cash.
b. A $1,760 purchase of supplies for cash was recorded as a debit to Supplies Expense and a credit to Accounts Payable.
Note: Prepare the entry to reverse the original entry first. Journalize the entries to correct the errors. If an amount box does not require an entry, leave it blank.

Consider the following limit order book for a share of stock. The last trade in the stock occurred at a price of $90.

Limit Buy Orders Limit Sell Orders
Price Shares Price Shares
$89.75 700 $89.80 125
89.70 1,000 89.85 125
89.65 700 89.90 350
89.60 200 89.95 125
88.65 800

Required:
a. If a market buy order for 125 shares comes in, at what price will it be filled?
b. At what price would the next market buy order be filled?

A small fast-food restaurant is automating its burger production. The owner needs to decide whether to rent a machine that can produce up to 2,000 hamburgers per week at a marginal cost of $1 per burger (excluding the cost of ingredients) or another machine that can also make up to 2,000 burgers per week but at a marginal cost of $0.50 per burger (again, excluding the cost of ingredients). The weekly lease for the machine with the higher marginal cost is $1,800. The weekly lease for the machine with the lower marginal cost is $2,170. The restaurant can sell burgers for $10 per burger, and the cost of ingredients for each burger is $2.
Suppose the restaurant leases the machine with the higher marginal cost for the first week and sells 2,000 burgers that week. The restaurant owner earned profits of $_____in the first week.
Suppose now the restaurant leases the machine with the lower marginal cost for the second week and again sells 2,000 burgers that week. The restaurant owner earned profits of $_____in the second week.

Given the products below and the events that affect them, indicate what happens to demand, supply, equilibrium quantity, and equilibrium price. Identify the determinant of demand and supply that causes the shifts.
a. Calculators. More schools require students to buy and use calculators; improved productivity shortens the time it takes to make calculators.
b. Gasoline. Oil production declines due to a crisis in the Middle East; people take more car vacations and drive more.
c. New homes. The average incomes fall as the economy moves into recession; the productivity of home construction workers and builders increases.
d. Tobacco. The government cut its subsidy to tobacco farmers; more people quit smoking.

Bramble Corp. applies overhead on the basis of machine hours. Given the following data, compute overhead applied and the under- or overapplication of overhead for the period:

Estimated annual overhead cost $4100000
Actual annual overhead cost $4070000
Estimated machine hours 500000
Actual machine hours 495000

Consider a process that consists of three steps 1, 2 and 3. The required processing times and set-up times at each of the steps are listed below. There is unlimited space for buffer inventory between these steps, and there is no shortage of ram material. Show all work.
Process step 1 2 3
Set up time 50 min 120 min 0
Activity time 2 min/unit 1 min/unit 5 min/unit
Assume that the current production batch size is 100 units for all three steps. The demand is 10 units per hour. Which of the following statements are true for the current setting?
I. Step 1 is the bottleneck.
II. Flow rate is limited by demand.
III. We could reduce inventory in the system without decreasing flow rate.
a. I only
b. II only
c. III only
d. I and II
e. I and III
f. II and III
g. All of the above
h. None of the above

1. Issued 30,000 shares of common stock in exchange for $300,000 in cash.
2. Purchased equipment at a cost of $40,000. $10,000 cash was paid and a notes payable to the seller was signed for the balance owed.
3. Purchased inventory on account at a cost of $90,000. The company uses the perpetual inventory system.
4. Credit sales for the month totaled $120,000. The cost of the goods sold was $70,000.
5. Paid $5,000 in rent on the warehouse building for the month of March.
6. Paid $6,000 to an insurance company for fire and liability insurance for a one-year period beginning April 1, 2021.
7. Paid $70,000 on account for the merchandise purchased in 3.
8. Collected $55,000 from customers on account.
9. Recorded depreciation expense of $1,000 for the month on the equipment.
Required:
Analyze each transaction and show the effect of each on the accounting equation for a corporation.

Pack-and-Go, a new competitor to FedEx and UPS, does intra-city package deliveries in seven major metropolitan areas. The performance of Pack-and-Go is measured by management as: (1) delivery time (relative to budgeted delivery time), (2) on-time delivery rates (defined as agreed-upon delivery date/time plus or minus a specified cushion), and (3) percentage of lost or damaged deliveries. In response to competitive pressures, Pack-and-Go is evaluating an investment in new technology that would improve customer service and delivery quality, particularly in terms of items (2) and (3) above. The annual cost of the new technology, for each of the seven metropolitan areas serviced by Pack-and-Go, is expected to be $80,000. You have gathered the following information regarding delivery performance under both existing operations and after implementing the new technology:
Decision Alernative
After Implementing
Item Current System New Technology
On-time delivery rate 80% 95%
Variable cost per package lost or damaged $30 $30
Allocated fixed cost per package lost or damaged $10 $10
Annual number of packages lost or damaged 300 100
Based on a recent marketing study commissioned by Pack-and-Go, the company estimates that each percentage point increase in the on-time performance rate would lead to an annual revenue increase of $10,000. The average contribution margin ratio for packages delivered by Pack-and-Go is estimated as 40%.
Required:
1. From a financial perspective, should pack-and-Go invest in the new technology?
2. Based on the data collected by Pack-and-Go, the company is fairly confident about the reduction in costs associated with lost or damaged packages. However, because of uncertainties in terms of pricing in the markets in which Pack-and-Go operates, it is less sure about the predicted increase in revenues associated with the implementation of the new technology. What is the break-even increase in annual revenue that would justify the investment in the new technology?

Grimm Manufacturing is trying to determine the equivalent units for conversion costs with 15,000 units of ending work in process at 40% completion when there is a total 45,000 physical units. There are no beginning units in the department. Conversion costs occur evenly throughout the entire production period. What are the equivalent units for conversion costs for the current period

Bledsoe Company acquired $35,000 cash by issuing common stock on January 1, Year 1. During Year 1, Bledsoe earned $10,500 of revenue on account. The company collected $10,000 cash from customers in partial settlement of its accounts receivable and paid $7,400 cash for operating expenses. Based on this information alone, what was the impact on total assets during Year 1?
A. Total assets increased by $38.500.
B. Total assets increased by $1800.
C. Total assets increased by $30100.
D. Total asset did not change.

Brittany started a law practice as a sole proprietor. She owned a computer, printer, desk, and file cabinet she purchased during law school (several years ago) that she is planning to use in her business. What is the depreciable basis that Brittany should use in her business for each asset, given the following information?
Asset Purchase Price FMV at Time Converted to Business use
Computer $2,500 $800
Printer $300 $150
Desk $1,200 $1,000
File cabinet $200 $225

The shareholder-debtholder conflict refers to:________
a) When shareholders recognize that being socially responsible is not inconsistent with structuring the rights incentives for managers
b) When the primary goal of the financial manager is to maximize shareholder wealth and minimize bondholder wealth
c) When shareholders prefer risk and bondholders prefer to limit risk
d) When manager incentives are not properly aligned with those of the firm's shareholders and bondholders
e) When bondholders recognize that being socially responsible is not inconsistent with shareholder maximizing wealth

Explain what would happen if there was safety issue of renting the apartments
resulting in the decrease to 7 units? (Show computations) What would be new
equilibrium price and quantity.

Ethical Concerns in Human Resources
Ethics refers to fundamental principles of right and wrong; ethical behavior is behavior that is consistent with those principles. HRM decisions should be ethical, but the evidence suggests that is not always the case. Many ethical issues in the workplace involve HRM. In the context of ethical human resource management, HR managers must view employees as having basic rights. This activity is important because it will give you an opportunity to examine the four principles for ethical behavior and the basic rights employees should expect in the work environment.
HR managers must view employees as having basic rights, for such a view reflects ethical principles embodied in the U.S. Constitution and Bill of Rights. Organizations often face situations in which the rights of employees are affected. Ethical, successful companies act according to four principles: emphasizing mutual benefits, employees assuming responsibility for the actions of the company, companies having a sense of purpose or vision that employees value, and emphasizing fairness. The goal of this activity is to discuss ethical issues in human resource management.
Read each work situation, then correctly match it to the ethical concern it represents.
1. Right of freedom of speech
2. Right of privacy
3. Right of freedom of conscience
4. Right to due process
5. Right of free consent
Match each of the options above to the items below.
A. Mike, a new employee, was distressed to learn that he was expected to help with the illegal dumping of medical waste.
B. One of the important messages of HIPPA (the Health Insurance Portability and Accountability Act) is the need to keep employee health records confidential.
C. Sharon complains because the employer hired her for the day shift, but now she is expected to work the midnight shift.
D. Many companies establish Employee Assistance Programs (EAPs), which offer employees many important benefits, including a complaint process so that employees will feel free to share their concerns.
E. Ed felt he was being demoted because of his age, not of his performance, so he asked for a meeting with the director of HR.

Lincoln, Inc., which uses a volume-based cost system, produces cat condos that sell for $140 each. Direct materials cost $22 per unit, and direct labor costs $15 per unit. Manufacturing overhead is applied at a rate of 280% of direct labor cost. Nonmanufacturing costs are $34 per unit. What is the gross profit margin for the cat condos

Puppy Co. reports the contribution margin income statement for 2020.

Puppy CO. Contribution Income Statement For Year Ended December 31, 2020
Sales (9,600 units at $225 each) $2,160,000
Variable costs (9,600 units at $180 each) 1, 728,000
Contribution margin 432,000
Fixed costs 324,000
Net operating income $108,000

Required:
a. Compute the company's degree of operating leverage for 2019.
b. If sales decrease by 5% in 2020, what will be the company's pretax income?
c. Assume sales for 2020 decrease by 5%. Prepare a contribution margin income statement for 2020.