For 2021, Rahal's Auto Parts estimates bad debt expense at 1% of credit sales. The company reported accounts receivable and an allowance for uncollectible accounts of $92,500 and $3,300, respectively, at December 31, 2020. During 2021, Rahal's credit sales and collections were $416,000 and $420,000, respectively, and $4,140 in accounts receivable were written off. Rahal's final balance in its allowance for uncollectible accounts at December 31, 2021, is: Multiple Choice $7,340. $5,300. $3,320. $4,160.

Answer:

B) Smaller Than 1

Explanation:

Snell's Law states that the ratio of the sines of incidence and refraction is equal to the ratio of the phase of velocities in the two phases. When light travels from a rarer medium like air to a denser medium like water, the light would be refracted towards the normal line. For example, the refractive index of air with respect to glass is represented as;

sin i / sin r

If light rays travel from glass which is a denser medium to a rarer medium which is air, the light rays would bend away from the normal line, and then the angle of refraction would be greater than the angle of incidence. So, the refractive index of the rarer medium which is air with respect to the denser medium which is glass will be smaller than 1.

Answer: 1.174

Explanation:

As per given , we have  

Stock Investment Weight  (W)            Beta(B)              (W) x (B)

                                   [tex]\text{(Investment}/\text{Total investnment})[/tex]

A            150,000     0.40                      1.40         0.56

B             50,000      0.13                      0.80         0.104

C            100,000     0.27                      1.00         0.27

D             75,000             0.20                      1.20         0.24

Total            375,000            1.00                                     1.174

Hence, the portfolio's beta = 1.174

Answer:

a. Determine the cost of the copper mine.

b. Prepare the journal entries to record the acquisition costs.

Date X, 2021, acquisition of copper mine

Dr Copper mine 2,104,430  

    Cr Cash 1,780,000

    Cr Asset retirement liability 324,430

July 1, 2021, acquisition of mining equipment

Dr Equipment 150,000

    Cr Cash 150,000

Explanation:

estimated restoration costs = ($330,000 x .25) + ($430,000 x .4) + ($630,000 x .35) = $475,000

now we must adjust the restoration cost and determine its present value = $475,000 x 0.68301 (present value factor, 10%, 4 periods) = $324,430

total cost of copper mine = purchase cost + preparation costs + restoration costs = $1,150,000 + $630,000 + $324,430 = $2,104,430

Answer:

Loss of $8,250

Explanation:

Lassen corporation sold a machine to a machine dealer at a price of $37,250

Lassen bought the machine for $68,000

He claimed $22,500 of depreciated expenses on the machine

Therefore, the gain or loss realized on the transaction can be calculated as follows

Gain/loss= Cash received-book value

Book value= Original basis-accumulated depreciation

= $68,000-$22,500

= $45,500

Gain/loss= $37,250-$45,500

= $8,250

Hence Lassen realized a loss of $8,250 on the transaction

Answer and Explanation:

The computation is shown below:

a) Observation time is

= Average time

= 1.2 minutes

b)  The Normal time is

= Observation time × performance rating

= 1.2 minutes × 0.95

= 1.14 minutes

3. The standard time is

= normal time × Allowance factor

where,

Normal time is 1.14 minutes

And, the Allowance factor is

= 1 ÷ (1- A)

= 1 ÷ (1- 0.1)

= 1.11

So, the standard time is  

= 1.14 × 1.11

= 1.265 minutes.

Answer:

DR Land $79,800

CR Common stock $62,700

CR Paid-in capital in excess of par $17,100

(To record land purchased by stock issuance)

Working

Land

= $14 * 5,700

= $79,800

Common Stock

= $11 par value * 5,700

= $62,700

Paid-in capital in excess of par

= $79,800 - $62,700

= $17,100

Answer:

a)Annual rate of return = 4.67%

(b)Annual rate of return = 4.66%

Explanation:

Annul rate of return where compounding is done more frequenting could be worked out as follows:

Annual rate of return = (1+r)^n - 1

r - rate of return per period

n- number of periods in a year

a) Monthly rate of 4.57%

r- monthly rate = 4.57%/12 = 0.38% per month

n- 12 months

Annual rate of return = (1+ 0.003808)^12 - 1 × 100 = 4.67%

Annual rate of return = 4.67%

b) 4.58% compounded quarterly

r- quarterly rate = 4.58%/4 =  1.145 %

n- 4 quarters in a year

Annual rate of return = (1+0.01145)^4 - 1  × 100= 4.66%

a)4.57% monthly

Annual rate of return = 4.67%

(b)4.58% compounded quarterly

Annual rate of return = 4.66%

Answer:

cash inflow = $32,100

Explanation:

there is some information missing:

we must first determine the book value of the furniture which was sold:

total depreciation related to the sold furniture = $9,000 + $37,600 - $17,000 = $29,600

book value = $61,700 - $29,600 = $32,100

since the furniture was sold at book value, then the cash inflow = $32,100

Cash inflow refers to money being received or earned by the company, while cash outflows refer to money being paid by the company.

Answer:

$2,645,700

Explanation:

realized amount = cash received + assumed mortgage - points paid by seller - broker's commission = $1,763,800 + $1,058,280 - $105,828 - $70,552 = $2,645,700

The amount realized includes all the money received and any debts assumed by the buyer, minus any expenses paid by the seller that are related to the transaction.

Answer:

a)  ROI =  Net operating income / Operating assets

Computation of ROI of each division  

      Division              Working                        ROI

Trucking ROI        $116,000 / $600,000 0.1933 or 19.33 %

Seafood ROI        $66,000 / $250,000 0.264 or 26.40 %

Construction ROI $63,000 / $350,000 0.18 or 18 %

b) Residual Income = Net operating Income - ( Operating Asssts * Desired ROI )

Where , Minimum level = ( Operating Asssts * Desired ROI )  

Minimum level for Trucking = ($600,000*10 %) = $60,000

Minimum level for Seafood = ($250,000*10 %) = $25,000

Minimum level for Construction = ($350,000 * 10 %) = $35,000

Computation of Residual Income for each division

       Details                 Trucking($)   Seafood($)   Construction($)

Net operating income  116,000        66,000           63,000

Minimum level          60,000          25,000            35,000

Residual income             56,000        41,000            28,000

Answer: an extranet

Explanation:

An extranet is a private network that is controlled that gives access to vendors, suppliers, partners, vendors or a group of customers that are authorized.

Therefore, to reduce product development time, Caterpillar connected its engineering and manufacturing divisions with its active suppliers, distributors, overseas factories, and customers, through an extranet.

Answer:

$1,400,000 per year

Explanation:

DATA

Patent = 7 million with 5years useful life

Trademark = 5 million with an indefinite life

Goodwill = 9million

Amortization =?

Solution

Amortization of patent = Patent Value/ Useful life

Amortization of patent = $7,000,000/5

Amortization of patent = $1,400,000 per year

NOTE: Trademark and goodwill will not be amortized as they have an indefinite useful life. Both Intangible assets will be tested for impairment instead.

Answer:

$594.57

Explanation:

For computing the monthly payment we need to apply the PMT formula i.e to be shown in the attachment below:

Given that,  

Present value = $31,000

Future value or Face value = 0

Rate = 5.67% ÷ 12 months = 0.4725

NPER = 5 years × 12 = 60 years

The formula is shown below:  

= PMT(RATE;NPER;-PV;FV;type)  

The present value come in negative  

So, after applying the formula, the monthly payment is $594.57

Answer:

The question is kind of self explanatory. The monopolist controls a monopoly. A monopoly is the exclusive control of supplies or trade for services. If the monopolist is the only source for a product, she can charge whatever she wants. There is a demand for the product and she is the only source, therefore she will charge what she wants.

Explanation:

The statement "a monopolist could charge whatever she wants as she is the only available source" should be evaluated below:

The following information related to the monopoly is to be considered:

Therefore we can conclude that as a monopolist they have full control over the price as they are price maker.

Learn more about the monopolist here: brainly.com/question/5992626

Answer:

The government function selected is protection and regulation of the enviroment.

This government function is mainly carried out by the Enviromental Protection Agency (EPA).

Over the past fifteen years, the EPA annual budget has averaged at around 8 billion dollars. In this time frame, it had its highest budget in 2010, with over 10 billion dollars.

The EPA essentially deals with market failures. Externalities like pollution or over exploitation of natural resources (tragedy of the commons) are some of the most commonly issues that the EPA has to solve.

Question Completion:

Income Statement data:

Advertising expense   $ 150,000

Cost of goods sold   3,700,000

Delivery expense   30,000

Depreciation expense-office buildings and equipment   30,000

Depreciation expense-store buildings and equipment   100,000

Income tax expense   140,500

Interest expense   21,000

Interest revenue   30,000

Miscellaneous administrative expense   7,500

Miscellaneous selling expense   14,000

Office rent expense   50,000

Office salaries expense   170,000

Office supplies expense   10,000

Sales   5,313,000

Sales commissions   185,000

Sales salaries expense   385,000

Store supplies expense   21,000

Retained earnings and balance sheet data:

Accounts payable   $ 194,300

Accounts receivable   545,000

Accumulated depreciation—office buildings and equipment   1,580,000

Accumulated depreciation—store buildings and equipment   4,126,000

Allowance for doubtful accounts   8,450

Bonds payable, 5%, due in 10 years   500,000

Cash   282,850

Common stock, $20 par  

(400,000 shares authorized; 100,000 shares issued, 94,600 outstanding)   2,000,000

Dividends:  

Cash dividends for common stock   155,120

Cash dividends for preferred stock   100,000

Goodwill   700,000

Income tax payable   44,000

Interest receivable   1,200

Inventory (December 31, 20Y8),  

at lower of cost (FIFO) or market   778,000

Office buildings and equipment   4,320,000

Paid-in capital from sale of treasury stock   13,000

Excess of issue price over par:  

-Common   886,800

-Preferred   150,000

Preferred 5% stock, $80 par  

(30,000 shares authorized; 20,000 shares issued)   1,600,000

Premium on bonds payable   19,000

Prepaid expenses   27,400

Retained earnings, January 1, 20Y8   8,197,220

Store buildings and equipment   12,560,000

Treasury stock  

(5,400 shares of common stock at cost of $33 per share)   178,200

Answer:

Income Statement for the year ended December 31, 2018:

Sales Revenue                                     $5,313,000

Cost of goods sold                                3,700,000

Gross profit                                           $1,613,000

Other Expenses:

Advertising expense              $ 150,000

Sales commissions                    185,000

Sales salaries expense            385,000

Delivery expense                       30,000

Miscellaneous selling expense  14,000

Store supplies expense             21,000

Depreciation expense-

Store buildings & equipment 100,000

Depreciation expense-

Office buildings & equipment  30,000

Misc. administrative expense    7,500

Office rent expense                50,000

Office salaries expense         170,000

Office supplies expense         10,000     1,152,500

Operating Income                                  $460,500

Other Revenue and Expense:

Interest revenue                                         30,000

Interest expense                                        -21,000

Pretax Income                                        $469,500

Income tax expense                                 140,500

Net Income                                            $329,000

b. Equinox Products Inc.

Statement of Retained EArnings for the year ended December 31, 2018:

Retained earnings, January 1, 2018  $8,197,220

Net Income for the year                        329,000

Cash Dividends: Common Stock          -155,120

Cash Dividends: Preferred Stock         -100,000

Retained Earnings, Dec. 31, 2018      $8,271,100

c. Equinox Products Inc.

Balance Sheet as of December 31, 2018:

Cash                                                                      282,850

Accounts receivable                   545,000

Allowance for doubtful accounts   8,450           536,550  

Interest receivable                                                   1,200

Inventory (December 31, 20Y8),   at lower of

 cost (FIFO) or market                                       778,000

Prepaid expenses                                                27,400

Total Current Assets                                    $1,626,000       $1,626,000

Office buildings and equipment     4,320,000

less accumulated depreciation      1,580,000   2,740,000

Store buildings and equipment    12,560,000

less accumulated depreciation      4,126,000   8,434,000

Goodwill                                                                700,000

Total non-current assets                                $11,874,000    11,874,000

Total Assets                                                                        $13,500,000

Liabilities + Equity:

Current Liabilities:

Accounts payable                                $ 194,300

Income tax payable                                 44,000

Premium on bonds payable                    19,000

Total Current Liabilities                                                           $257,300

Non-current Liabilities:

Bonds payable, 5%, due in 10 years                                        500,000  

Shareholders' Equity:

Common stock, $20 par (400,000 shares authorized;

 100,000 shares issued, 94,600 outstanding) 2,000,000

Preferred 5% stock, $80 par (30,000 shares

authorized; 20,000 shares issued)                    1,600,000

Paid-in In Excess of par: Common                        886,800

Paid-in In Excess of par: Preferred                        150,000

Retained earnings, December 31, 2018              8,271,100

Treasury stock   (5,400 shares of common

 stock at cost of $33 per share)    178,200

Paid-in capital from sale of

  treasury stock                                13,000         (165,200) 12,742,700

Total Liabilities and Equity                                                $13,500,000

Explanation:

The Income Statement shows the financial performance of Equinox Products Inc. for the year ended December 31, 2018.  Therein, the gross profit is stated as the excess of sales revenue over cost of goods sold.  The operating income represents the income from the normal business of the company.  Other revenue and expense, like interest are added to get the pretax income.  After income tax expense is deducted, we arrive at the net income.

The statement of the Retained Earnings shows the movement that has occurred in the retained earnings during the period with net income added and dividends subtracted.

The balance sheet of Equinox Products Inc. shows the financial position with assets in their classes and the liabilities and equity sections which ensure that the accounting equation is achieved at the end of the period.

Answer:

In recent years, the U.S. labor market has experienced a __decline__ in the earnings gap between men and women. One of the main factors behind this is ___discrimination in labour market.___ .

Explanation:

A decline with women’s careers have been experienced with the rewards associated with or gained with top level job expertise, this has led to a discrimination in the labour market which is majorly influenced by gender. With many recruiters preferring their male counterparts for most job roles or positions.

Answer:

The answer is :

A. Resource market - income

B. Expenditure - product market.

Explanation:

A. Resource market - income

B. Expenditure - product market

The circular flow model shows how money moves through the economy in exchange for goods, services, and resources.

A.

In circular flow of income, households provide inputs to firms through the resource market(matket where households supply land, labor, capital, and entrepreneurship) in exchange for money(income or wages).

B.

Also in circular flow of income, firms receives expenditure from household and this type of market is called product market(which refers to a place where goods and services are bought and sold)

Answer:

Budgeted sales July= $63,000

Explanation:

Giving the following information:

A July sales forecast projects that 6,000 units are going to be sold at a price of $10.50 per unit.

To calculate the budgeted sales, we simply need to multiply the number of units sold for the selling price:

Budgeted sales July= 6,000*10.5= $63,000

Answer:

Average operating assets is $900,000

Explanation:

The formula for return on investment stated below is the starting for solving this question:

return on investment= Net operating income / Average operating assets

return on investment is 10%

net operating income is the same as controllable margin of $90,000

Average operating assets is the unknown

10%=90000/average operating assets

average operating assets=90000/10%

average operating assets=$900,000

Answer:

illiquid

Explanation:

Liquidity refers to how fast an asset can be converted to cash. Money is already cash, so it is the most liquid financial asset

Answer:

The statement is True

Explanation:

A higher price level is a term that describes an economic condition in which more money is required to purchase a given amount of goods and services, at a given period, tland this leads to inflation overtime.

However, with a higher expected price level, it implies that a decline in the real value of a constant nominal amount of money balances is expected. Thus, there is an high tendency among people to substitute away from holding money and toward holding non-liquid assets whose prices may rise with the in the foreseeable future.

Answer:

Total output of all products and services.

Explanation:

Aggregate supply is defined as the total amount of goods and services that firms are willing to sell, at a specific price, within a particular economy.

Aggregate supply is a macroeconomic concept, an aggregate variable, that is used in Keynesian and Neoclassical economics, often in models that put it together with aggregate demand, in what is known as the Aggregate Supply-Aggregate Demand model (AS-AD model).

Answer:

I ,II and IV

Explanation:

Mortgage backed securities are either a claim for equity in a pool of mortgages, or a duty secured by a pool. Such claims reflect home loan securities. Loans borrow from mortgage lenders and then sell bundles of those loans on the resale market.

Specifically, once those loans are paid off, they sell their claim to the mortgage cash inflows. The issuer of the mortgage needs to maintain the loan, receiving principal and interest payments, and transfers those payments on to the mortgage borrower.

Therefore according to the given situation the correct answer is I, II, IV

Answer:

Determination of the state in which Mighty Manny does not have sales tax nexus:

A. No sales tax nexus in Minnesota, under given scenario.

B. No sales tax nexus in Wisconsin, under given scenario.

C. Sales tax nexus may exist because of the large orders.  It may approach the sales threshold of more than $100,000 worth.

D. No sales tax nexus in Nebraska, with trucks driving through to other sales.

Explanation:

Might Manny is incorporated and headquartered in Michigan, according to this case.  So, it has sales tax nexus in Michigan for its physical presence and sales.

Sales tax nexus describes the factors that can make a state to impose sales taxes on a business.  The factors that establish sales tax nexus are a) certain business activities, b) physical presence, and c) approaching a certain sales threshold of either 200 transactions or $100,000.

Some states that have adopted the Wayfair legislation determine sales tax nexus with the above mentioned sales threshold of 200 transactions or $100,000.  California's sales threshold is $500,000.

However, Public Law 86-272 or Interstate Income Act of 1959 forbids states from imposing unnecessary sales tax burdens on businesses soliciting for sales in their states without physical presence, provided the orders are filled or shipped from outside the said state.  But, some of them rely on the Wayfair legislation, as it allows them some leverage to impose sales tax without physical presence of the business.

Answer: Land Sales Contract

Explanation:

Land Sales contract are a way to buy a property for people who would otherwise be unable to buy one because they were unable to get a mortgage or are running low in funds.

It works by the buyer paying the seller a certain amount of money for a period of time according to an agreement. During this period of payment, the seller continues to hold the legal rights to the property and then passes it to the buyer when they are finished paying. In this scenario therefore, the seller effectively plays the role of a mortgage bank.  

Answer:

Nana Kay Ltd' cash flow will change by GH¢160,000 if the product is dropped.

Explanation:

Variable costs are cost that change as the level of output change. Therefore, no variable cost will be incurred when there is no sales or production. The variable cost of Nana Kay Ltd can be calculate as follows:

Total variable costs = Units sold * Variable cost per unit = 10,000 * GH¢16 = GH¢160,000

Fixed expenses are expenses that remains the same when there is a change in the level of output. Therefore, fixed expenses will still be incurred whether or not there is a sale or production. The direct fixed expenses of Nana Kay Ltd is GH¢25,000.

From the explanation above, it can be seen that only the variable cost will change, will not be incurred or will become zero when Nana Kay Ltd dropped the product. Therefore, Nana Kay Ltd' cash flow will change by GH¢160,000 if the product is dropped.

Answer:

A. True

Explanation:

Answer:

$22,419,192.19

Explanation:

i used an excel spreadsheet to calculate the future payments and their present value. If the payments increase by $450,000 each year, the second payment will equal $1.9 million, not $1.7 million.

year      payment  

0      $1,000,000  

1      $1,450,000

2      $1,900,000

3      $2,350,000  

4      $2,800,000  

5      $3,250,000  

6      $3,700,000  

7      $4,150,000  

8      $4,600,000  

9      $5,050,000  

10      $5,500,000  

present value = $22,419,192.19

Answer:

21,624,467.720

Explanation: