Answer:
As the company is offering 95% services of total sales, the company can use cash accounting but it is better that we use accrual accounting as it will be used in the future because the firm is growing with good numbers and by law we have to follow the accrual accounting.
Explanation:
Cash Accounting:
Sales and Expenses recorded when they are received or paid. This is against the matching principle which says that the expenses say $50 associated with sales of say $100 must be recorded in the same year.It is also not recommended by the International Financial Reporting Standards and GAAP (Generally accepted principles).Mostly used by small service organizations or manufacturing organizations with small inventory in stock.It confuses the user because it doesn't comply with the matching concept and hence it is possible that the sales of previous year are recorded in the current year due to arrears payments and expenses of current year may be recorded in the previous year because of advance payments. The law allows cash accounting for small firms but not for large firms as their stakeholder are in bulk quantities.Helpful in seeking loan as it reflects the cash results of the company.Accrual Accounting:
Sales and Expenses realized when they are earned or incurred not when they are received or paid. This is as per the matching principle.It is also recommended by the International Financial Reporting Standards and GAAP (Generally accepted principles).Can be used by any size of organizations because of its meaningful reports. It gives accurate profits and losses calculated and also reflect better balance sheet due to recognition of profits and losses on the basis of matching concept.Easily adoptable by the management as it is simple.Decision:
In my recommendation, the Jacob's group sales are almost $20 million and 5% of these are product sales and the remainder 95% are service sales which shows that the company can use cash accounting as well.
But remember that using cash accounting will not give you meaningful Financial statements and that the accrual accounting will be used in near future due to growth of the company. So it is better now the company adopt accrual basis now.
1. Purchased raw materials on account $49,400.
2. Raw Materials of $41,300 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $8,000 was classified as indirect materials.
3. Factory labor costs incurred were $65,200.
4. Time tickets indicated that $54,600 was direct labor and $10,600 was indirect labor.
5. Manufacturing overhead costs incurred on account were $84,900.
6. Manufacturing overhead was applied at the rate of 150% of direct labor cost.
7. Goods costing $96,300 were completed and transferred to finished goods.
8. Finished goods costing $80,700 to manufacture were sold.
Required:
Record the transactions.
Answer and Explanation:
The journal entries are shown below:
1. Raw material inventory A/c Dr.$49,400
To accounts payable $49,400
(To record raw material purchased)
2. Work in process inventory A/c Dr. $33,300
Manufacturing overhead A/c Dr. $8,000
To Raw material inventory Cr. $41,300
(To record the raw material requisitioned is recorded)
3. Factory payroll A/c Dr.$65,200
To cash $65,200
(To record factory labor cost incurred)
4. . Work in process inventory A/c Dr. $54,600
Manufacturing overhead A/c Dr. $10,600
To factory payroll Cr. $65,200
(To record the direct labor and indirect labor is recorded)
5. Manufacturing overhead A/c Dr. $84,900
To accounts payable Cr. $84,900
(To record the manufacturing overhead is recorded)
7. Work in process inventory A/c Dr. $81,900 ($54,600×150%)
To Manufacturing overhead Cr. $81,900
(To record the applied manufacturing overhead is recorded)
8. Finished goods inventory A/c Dr. $96,300
To Work in process inventory Cr. $96,300
(To record the transferred goods are recorded)
9. Cost of goods sold A/c Dr. $80,700
To finished goods inventory Cr. $80,700
(To record the cost of goods sold is recorded)
The following information pertains to Blue Flower Company. Assume that all balance sheet amounts represent both average and ending balance figures. Assume that all sales were on credit.
Assets:
Cash and short-term investments $45,000
Accounts receivable (net) 30,000
Inventory 25,000
Property, plant and equipment 210,000
Total Assets $310,000
Liabilities and Stockholders' Equity Current liabilities $60,000
Long-term liabilities 95,000
Stockholders' equity—common 155,000
Total Liabilities and Stockholders' Equity $310,000
Income Statement
Sales revenue $121,000
Cost of goods sold 66,000
Gross margin 55,000
Operating expenses 30,000
Net income $25,000
Number of shares of common stock 6,000
Market price of common stock $20
Dividends per share on common stock 0.50
Cash provided by operations $40,000
What is the current ratio for this company?
a. 1.25
b. 1.50
c. 0.67
d. 1.00
Answer:
Blue Flower Company
Current Ratio = Current Assets/Current Liabilities
= $100,000/$60,000
= 1.67 : 1
This ratio implies that Blue Flower Company can pay its current or short-term liabilities 1.67 times, using its current assets, made up of cash, receivables, and inventory, including short-term investments.
Explanation:
a) Data and Calculation:
Cash and short-term investments $45,000
Accounts receivable (net) 30,000
Inventory 25,000
Total current assets $100,000
Current liabilities = $60,000
b) Blue Flower's Current Ratio is a financial measure of the company's ability to settle maturing current liabilities (obligations) with its current assets without resorting to sale of long-term assets.
There is $257 in your account and you earn simple interest of 3.2% for 5 years. What is your new balance?
Answer:
I am not 100% sure but I think that the answer is $298.12
Home Inspirations Mary works for her father in a family-owned business called Home Inspirations, a bedding company that has been in operation since the 1800s. When her father retires, Mary plans on taking over the business. Mary is aware of many things about the company that she likes, and a few things that she does not. She has particularly noted that when the economy has low unemployment and high total income, sales are great. However, any other time, sales are not so good. Currently, all of the bedding items are created in one place and everyone works on various tasks every day. Mary is thinking about streamlining the production process so that individuals would be responsible for only one task. She believes that if production would increase, she could sell her products at a lower price and increase revenue. She knows that most bedding products available in the market are very similar in nature and satisfy the same need. However, if she were able to lower prices, this might give her company the competitive advantage that it needs. She would then be able to invest money in differentiating her products by providing unique features, building the brand name, and offering services such as free delivery. She is also considering selling her products on the Internet. Mary knows that her father does not like change very much, but she feels these changes are important for the future of the company.
Refer to Home Inspirations.Mary noticed that when sales were up,the economy was in a
A) depression.
B) peak period.
C) grace period.
D) recession.
E) stagnant mode.
Answer:
Option B (peak period) is the correct choice.
Explanation:
The time throughout the day as well as a period where this production is at its peak for items and/or services. A peak seems to be the tallest structure of such a global economy between some of the completion of economic growth as well as the beginning of a recession. Hailey found that perhaps the economy must have been at a peak time although profits were up.The remaining four options are not aligned with the situation in question. So, the solution above is the right one.
Allison and Leslie, who are twins, just received $10,000 each for their 25th birthdays. They both have aspirations to become millionaires. Each plans to make a $5000 annual contribution to her "early retirement fund" on her birthday, beginning a year from today. Allison opened an account with the Safety First Bond Fund, a mutual fund that invests in high quality bonds whose investors have earned 8% per year in the past. Leslie invested in the New-Issue Bio Tech Fund, which invests in small, newly issued bio-tech stocks and whose investors have earned an average of 13% per year in the fund’s relatively short history.
a. If the two women’s funds earn the same returns in the future as in the past, how old will each be when she becomes a millionaire?
b. How large would Allison’s annual contributions have to be for her to become a millionaire at the same age as Leslie, assuming that their expected returns are realized?
Answer:
a. If the two women’s funds earn the same returns in the future as in the past, how old will each be when she becomes a millionaire?
Allison:
1,000,000 = 5,000 x [(1 + i)ⁿ - 1 ] / i
200 = [(1 + 8%)ⁿ - 1 ] / 8%
16 = 1.08ⁿ - 1
17 = 1.08ⁿ
n = log 17 / log 1.08 = 1.230448921 / 0.033423755 = 36.81 years
Leslie:
1,000,000 = 5,000 x [(1 + i)ⁿ - 1 ] / i
200 = [(1 + 13%)ⁿ - 1 ] / 13%
26 = 1.13ⁿ - 1
27 = 1.13ⁿ
n = log 27 / log 1.13 = 1.43133764 / 0.053078443 = 26.97 years
b. How large would Allison’s annual contributions have to be for her to become a millionaire at the same age as Leslie, assuming that their expected returns are realized?
1,000,000 = payment x [(1 + i)ⁿ - 1 ] / i
1,000,000 = payment x [(1 + 8%)²⁶°⁹⁷ - 1 ] / 8%
80,000 = payment x [1.08²⁶°⁹⁷ - 1 ]
80,000 = payment x 6.969639658
payment = 80,000 / 6.969639658 = $11,478.36
D’Lite Dry Cleaners is owned and operated by Joel Palk. A building and equipment are currently being rented, pending expansion to new facilities. The actual work of dry cleaning is done by another company at wholesale rates. The assets, liabilities, and common stock of the business on July 1, 2016, are as follows: Cash, $45,000; Accounts Receivable, $93,000; Supplies, $7,000; Land, $75,000; Accounts Payable, $40,000; Common Stock, $60,000. Business transactionsduring July are summarized as follows:
A. Joel Palk invested additional cash in exchange for common stock with a deposit of $35,000 in the business bank account.
B. Paid $50,000 for the purchase of land adjacent to land currently owned by D’Lite Dry Cleaners as a future building site.
C. Received cash from cash customers for dry cleaning revenue, $32,125.
D. Paid rent for the month, $6,000.
E. Purchased supplies on account, $2,500.
F. Paid creditors on account, $22,800.
G. Charged customers for dry cleaning revenue on account, $84,750.
H. Received monthly invoice for dry cleaning expense for July (to be paid on August 10), $29,500.
I. Paid the following: wages expense, $7,500; truck expense, $2,500; utilities expense, $1,300; miscellaneous expense, $2,700.
J. Received cash from customers on account, $88,000.
K. Determined that the cost of supplies on hand was $5,900; therefore, the cost of supplies used during the month was $3,600.
L. Paid dividends, $12,000.
Required:
1. Determine the amount of retained earnings as of July 1 of the current year.
2. The assets, liabilities, and stockholders’ equity as of July 1 are stated in equation form similar to that shown in this chapter. In tabular form below the equation, indicate increases and decreases resulting from each transaction and the new balances after each transaction. In each transaction row (rows indicated by a letter), you must indicate the math sign (+ or -) in columns effected by the transaction. You will not need to enter math signs in the balance rows (rows indicated by Bal.). Entries of 0 (zero) are not required and will be cleared if entered.
3.a. Prepare an income statement for the month ended July 31, 2016. Refer to the Accounts in the accounting equation grid and to the list of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. If a net loss has been incurred, enter that amount as a negative number using a minus sign. You will not need to enter colons (:) on the income statement.
3.b. Prepare a retained earnings statement for the month ended July 31, 2016. Refer to the lists of Accounts in the accounting equation grid and to the list of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. Enter all amounts as positive numbers. The word "Less" or "Add" is not needed in the Retained Earnings Statement.
3.c. Prepare a balance sheet as of July 31, 2016. Refer to the Accounts in the accounting equation grid and to the list of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading.
4. Prepare a statement of cash flows for July. Enter amounts that represent cash outflows as negative numbers using a minus sign. Refer to the list of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. You will not need to enter colons (:) or the word Deduct on the statement.
Labels Cash flows from financing activities, Cash flows from investing activities, Cash flows from operating activities, ExpensesFor the Month Ended July 31, 2016, July 31, 2016
Amount Descriptions Additional investment during July, Cash balance, July 1, 2016, Cash balance, July 31, 2016, Cash payments for expenses and payments to creditors, Cash received from customers, Cash received from issuing common stock, Decrease in retained earnings, Dividends, Increase in retained earnings, Net cash flows from financing activities, Net cash flows from investing activities, Net cash flows from operating activities, Net cash flows used for financing activities, Net cash flows used for investing activities, Net cash flows used for operating activities, Net decrease in cash during July, Net income, Net increase in cash during July. Net loss, Purchase of land, Retained earnings, July 1, 2016, Retained earnings, July 31, 2016, Total assets, Total expenses, Total liabilities and stockholders’ equity, Total stockholders’ equity
Answer:
1) equity = assets - liabilities
equity = $45,000 + $93,000 + $7,000 + $75,000 - $40,000 = $180,000
retained earnings = total equity - common stock = $180,000 - $60,000 = $120,000
2) Since there is not enough room here, I used an excel spreadsheet to prepare the accounting equation.
3a) D’Lite Dry Cleaners
Income Statement
For the month ended July 31, 202x
Revenues $116,875
Expenses:
Dry cleaning expense $29,500 Rent expense $6,000 Wages expense $7,500 Truck expense $2,500 Supplies expense $3,600 Utilities expense $1,300 Miscellaneous expense $2,700 ($53,100)Net income $63,775
3b) D’Lite Dry Cleaners
Balance Sheet
For the month ended July 31, 202x
Assets:
Cash $95,325
Accounts receivable $89,750
Supplies $5,900
Land $125,000
Total assets $315,975
Liabilities:
Accounts payable $49,200
Equity:
Common stock $95,000
Retained earnings $171,775
Total equity = $266,775
Total liabilities and equity $315,975
3c) D’Lite Dry Cleaners
Statement of Owner’s Equity
For the month ended July 31, 202x
Palk, Joel, common stock, beginning balance $60,000
Retained earnings $120,000
Additional common stock issued $35,000
net income $63,775
subtotal $278,775
dividends ($12,000)
Palk, Joel, common stock, ending balance $95,000
Retained earnings $$171,775
WP Corporation produces products X, Y, and Z from a single raw material input in a joint production process. Budgeted data for the next month is as follows: Product X Product Y Product Z Units produced 1,800 2,300 3,300 Per unit sales value at split-off $ 16.00 $ 19.00 $ 18.00 Added processing costs per unit $ 3.00 $ 5.00 $ 5.00 Per unit sales value if processed further $ 20.00 $ 20.00 $ 25.00 The cost of the joint raw material input is $71,000. Which of the products should be processed beyond the split-off point
Answer:
Product X and Product Z should be processed beyond the split-off point because their Profits beyond split-off point are greater than Profits at split-off point.
Explanation:
Note: The data in this question are merged together. They are therefore sorted before answering the question. See the attached pdf file for the complete question with the sorted data.
The explanation to the answer is now given as follows:
Also note: See the attached excel file for the calculation of the Profit at split-off point and profit Profit beyond split-off point.
In the attached excel file, the share cost of joint raw material input is calculated as follows:
Units produced of Product X = 1,800
Units produced of Product Y = 2,300
Units produced of Product Z = 3,300
Total units = Units produced of Product X + Units produced of Product Y + Units produced of Product Z = 1,800 + 2,300 + 3,300 = 7,400
Share of cos joint raw material input = (Units of a Product / Total unit) * Cost of the joint raw material input …. (1)
Using equation (1), we have:
Product X share of cost of joint raw material input = (1,800 / 7,400) * $71,000 = $17,270
Product Y share of cost of joint raw material input = (2,300 / 7,400) * $71,000 = $22,068
Product Z share of cost of joint raw material input = (3,300 / 7,400) * $71,000 = $31,662
Decision Rule:
A product should be processed beyond the split-off point if its Profit beyond split-off point is greater than Profit at split-off point.
From the attached excel file, only Product X and Product Z meet this requirement as determined as follows:
For Product X
Profit at split-off point = $11,530
Profit beyond the split-off point = $13,330
Since Profit beyond split-off point is greater than Profit at split-off point, Product X should be processed beyond the split-off point.
For Product Y
Profit at split-off point = $21,632
Profit beyond the split-off point = $12,432
Since Profit beyond split-off point is less than Profit at split-off point, Product X should NOT be processed beyond the split-off point.
For Product Z
Profit at split-off point = $27,738
Profit beyond the split-off point = $34,338
Since Profit beyond split-off point is greater than Profit at split-off point, Product Z should be processed beyond the split-off point.
Based on the analysis above, only Product X and Product Z should be processed beyond the split-off point since their Profits beyond split-off point are greater than Profits at split-off point.
You are the owner of a restaurant in a competitive market. You want to improve your restaurant's profile by increasing your quality of service to patrons while also growing profits. In addition to hiring better chefs and changing the menu, you are considering whether to offer a coat check. As one option, you could install hooks for customers to use, which may or may not help your business. Alternatively, you could offer a coat check for a fee, which would increase labor costs but give you a source of revenue in the process. Evaluate the various issues from a business and legal perspective, as well as steps to minimize any liability.
Answer:
Follows are the solution to this question:
Explanation:
Its coat test is a viable and cost-effective alternative also for the cafe. Restaurant visitors have a big issue about managing their clothing in winter. Straps would not even ensure security so its risks will be burglary.
A sitting room with such a guide ensures safety and would be used in the customers. Its restaurateur will be charged with additional costs because an employee has to be recruited. The business prospects would be improved when customers get a guaranteed spot to preserve their jackets. An operator must be careful enough to not exchange or mislocate any clothes. It would be a source of revenue for the business because the service available was being used by other people.Answer:
all of the above
Explanation:
Journal Entries, T-Accounts
Ehrling Brothers Company makes jobs to customer order. During the month of July, the following occurred: Materials were purchased on account for $45,760. Materials totaling $40,880 were requisitioned for use in producing various jobs. Direct labor payroll for the month was $19,200 with an average wage of $12 per hour. Actual overhead of $8,860 was incurred and paid in cash. Manufacturing overhead is charged to production at the rate of $5.40 per direct labor hour. Completed jobs costing $59,000 were transferred to Finished Goods. Jobs costing $58,000 were sold on account for $ 73,750. Make the entry to record the revenue from the sale first, followed by the entry to record the cost of the jobs. Beginning balances as of July 1 were:
Materials Inventory $1,200
Work-in-Process Inventory 3,400
Finished Goods Inventory 2,640
Required:
1. Prepare the journal entries for the preceding events.
a.
b.
c.
d.
e.
f.
g (1).
g (2).
2. Calculate the ending balances of:
a. Materials Inventory $
b. Work-in-Process Inventory $
c. Overhead Control $
d. Finished Goods Inventory $
Answer:
1. Journal Entries
S/n Account Title Debit Credit
a Raw materials inventory $45,760
Accounts payable $45,760
b Work in process inventory $40,880
Raw materials inventory $40,980
c Work in process inventory $19,200
Wages payable $19,200
d Manufacturing overhead $8,860
Cash $8,860
e Work in process inventory $7,406
(19,200 /14*5.40)
Manufacturing overhead $7,406
f Finished goods inventory $59,000
Work in process inventory $59,000
g1) Accounts receivable $73,750
Sales $73,750
g2) Cost of goods sold $58,000
Finished goods inventory $58,000
2. Ending balances
a. Materials Inventory = $ 1,200 + 45,760 - $40,880 = $6,080
b. Work-in-Process Inventory = $ 3,400 + $40,880 + $19,200 + $7,406 - $59,000 = $11,886
c. Overhead Control = $ 8,860 - $7,406 = $1,454
d. Finished Goods Inventory = $2,640 + $59,000 - $58,000 = $3,640
Match each term on the left with the best definition on the right. Note: Not all definitions will be used.
A. Materials that cannot be directly or conveniently traced to a specific unit or job.
B. Total production cost assigned to goods that were produced during the period.
C. Cost of materials purchased from suppliers that have not yet been used in production.
D. Actual amount of indirect manufacturing costs incurred during the period.
E. Materials that can be directly and conveniently traced to a specific unit or job.
F. Indirect manufacturing costs that have been assigned to a specific unit or job using a predetermined overhead rate.
G. Cost of units or jobs that are incomplete at any given point in time.
H. Total manufacturing cost of jobs or units sold during the period.
I. Costs of all units completed and ready for sale at any given point in time.
1. Actual manufacturing overhead 2. Applied manufacturing overhead 3. Cost of goods manufactured 4. Cost of goods sold 5. Direct materials 6. Finished goods 7. Indirect materials 8. Raw material inventory 9. Work in process inventory
Answer:
A. Indirect materials.
B. Cost of goods manufactured
C. Raw material inventory
D. Actual manufacturing overhead
E. Direct materials.
F. Applied manufacturing overhead
G. Work in process inventory
H. Cost of goods sold.
I. Finished goods inventory.
Explanation:
A. Materials that cannot be directly or conveniently traced to a specific unit or job: Indirect materials.
B. Total production cost assigned to goods that were produced during the period: Cost of goods manufactured.
C. Cost of materials purchased from suppliers that have not yet been used in production: Raw material inventory.
D. Actual amount of indirect manufacturing costs incurred during the period: Actual manufacturing overhead.
E. Materials that can be directly and conveniently traced to a specific unit or job: Direct materials.
F. Indirect manufacturing costs that have been assigned to a specific unit or job using a predetermined overhead rate: Applied manufacturing overhead.
G. Cost of units or jobs that are incomplete at any given point in time: Work in process inventory.
H. Total manufacturing cost of jobs or units sold during the period: Cost of goods sold.
I. Costs of all units completed and ready for sale at any given point in time: Finished goods inventory.
A copy company wants to expand production. It currently has 20 workers who share eight copiers. Two months ago, the firm added two copiers and output increased by 100,000 pages per day. One month ago, they added five workers and productivity also increased by 50,000 pages per day. Copiers cost about twice as much as workers. Would you recommend they hire another employee or buy another copier?
Answer:
Another Copier
Explanation:
Based on the information provided I would recommend that the company buy another copier as it provides the greatest benefit for the cost. For example, five workers are able to increase production by 50,000 pages per day. This means that 1 worker increases production by 10,000 pages per day, while one copier increases production by 50,000 per day.
Now 1 copier is worth 2 workers (double what a single worker costs), but two workers only increase production by 20,000 pages per day which is still 30,000 pages less per day than the copier. Therefore, the copier would provide the greatest benefit to the company.
Duc has been employed by Longbow Corporation for 25 years. During that time, he bought an annuity at a cost of $50 per month ($15,000 total cost). The annuity will pay him $200 per month after he reaches age 65. When Duc dies, his wife, Annika, will continue to receive the annuity until her death. Duc turns 65 in April 2019 and receives 8 payments on the contract. Annika is age 60 when the annuity payments begin.
Required:
a. How much gross income does Duc have from the contract in the current year?
b. Assume that Duc dies on April 2, 2025. How does Annika account for the contract in 2025?
c. Assume the same facts as in part b and that Annika dies on August 4, 2032. How does the executor of Annika's estate account for the contract in the year of her death?
Answer:
a. How much gross income does Duc have from the contract in the current year?
According to the IRS, Duc's life expectancy is 90 years and 8 months, or 310 more months. This means that Duc can discount from his monthly income $15,000 / 310 = $48.39 (which we must round down to $48).
Duc received 8 x $200 = $1,600
deductions = 8 x $48 = $384
taxable income = $1,216
b. Assume that Duc dies on April 2, 2025. How does Annika account for the contract in 2025?
Annika should account for the contract in the same way as Duc did, and will also be able to discount $48 per month form her gross income. Since Annika will still file her taxes as married during 2025, she will report net income from this contract = ($200 - $48) x 12 months = $1,824
c. Assume the same facts as in part b and that Annika dies on August 4, 2032. How does the executor of Annika's estate account for the contract in the year of her death?
Both Duc and Annika received [(2032 - 2019) x 12] + 4 = 160 payments in total, so her estate is entitled to a tax deduction = (310 - 160) x $48 = $7,200
Since she died on August, her estate must also report income = ($200 - $48) x 8 = $1,216
without copying and pasting answer!
what are the duties of a plumber, and why is it difficult?
Answer:
Explanation:
The work of a plumber is to repair pipes.
Answer:
A plumber's duty is to install, repair, and maintain pipes, and fixtures in commercial and residential structures.
It is difficult because it is sometimes very dangerous and you have to work in extreme and critical conditions. And most of the time you inhale dangerous chemicals. Plumbers are dealing with anxious situations such as water pouring through ceilings, gas leaks, and pipes bursting in subzero temperatures.
Explanation:
hope this helps :))
Jingfei, an employee of Chinese origin, works as a sales representative at Global Recyclers International. Her supervisor, Ralph, persistently refers to her as "Julie" instead of "Jingfei." Although she objects and asks to be called by her rightful name, Ralph continues to call her "Julie" for over a year and justifies his actions by saying that an American-sounding name would increase her chances of success and would be more acceptable to Global's clientele. Jingfei brings a complaint under Title VII of the Civil Rights Act of 1964. Which of the following holds true in this case? a) Global Recyclers International will not be liable to Jingfei because the use of "Julie" is neither a racial epithet nor a description of her physical ethnic traits. b) Global Recyclers International will not be liable to Jingfei because Ralph did not intend his use of "Julie" to be derogatory of her national origin. c) Global Recyclers International will be liable to Jingfei because Title VII provides protection against discrimination based on a victim's country of citizenship. d) Global Recyclers International will be liable to Jingfei because ethnic characteristics go beyond skin color and other physical traits and can include names.
Answer:
idkdidkidkd
Explanation:
bc idkidkdidkidkd
Use the following data to determine the total amount of working capital.
Windsor, Inc. Balance Sheet December 31, 2022
Cash $129200 Accounts payable $153500
Accounts receivable 122600 Salaries and wages payable 28400
Inventory 209300 Note payable (due 2025) 268000
Short-term investments 86400 Total liabilities $449900
Land (held for future use) 255000 Land 289000
Buildings $338500 Common stock $355500
Less: Accumulated depreciation (60200) 278300 Retained earnings 771000
Franchise 206600 Total stockholders' equity $1126500
Total assets $1576400 Total liabilities and stockholders' equity $1576400
Answer:
$279,200
Explanation:
The computation of working capital is shown below:-
As we know that
Working capital = Current assets - Current liabilities
where,
Current assets = cash balance + account receivable + Inventory
= $129,200 + $122,600 + $209,300
= $461,100
And,
Current liabilities = Account payable + Salaries & wages payable
= $153,500 + $28,400
= $181,900
now we will put the values of the above working capital formula
= $461,100 - $181,900
= $279,200
Broussard Skateboard's sales are expected to increase by 25% from $9.0 million in 2019 to $11.25 million in 2020. Its assets totaled $3 million at the end of 2019. Broussard is already at full capacity, so its assets must grow at the same rate as projected sales. At the end of 2019, current liabilities were $1.4 million, consisting of $450,000 of accounts payable, $500,000 of notes payable, and $450,000 of accruals. The after-tax profit margin is forecasted to be 6%, and the forecasted payout ratio is 40%. Use the AFN equation to forecast Broussard's additional funds needed for the coming year. Enter your answer in dollars. For example, an answer of $1.2 million should be entered as $1,200,000. Do not round intermediate calculations. Round your answer to the nearest dollar.
Answer:
EFN = $120,000
Explanation:
External financing needed = (A/S) x (Δ Sales) - (L/S) x (Δ Sales) - (PM x FS x (1-d))
A/S = assets / sales = 3/9 = 0.333 3
Δ Sales = change in sales = $2.25 million
L/S = current liabilities that change along with sales / sales = 0.9/9 = 0.1
PM = profit margin = 6%
FS = total forecasted sales = $11.25 million
1 - d = 1 - dividend payout ratio = 1 - 0.4 = 0.6
EFN = (3/9 x $2.25) - (0.1 x $2.25) - (0.06 x $11.25 x 0.6) = $0.75 - $0.225 - $0.405 = $0.12 million = $120,000
Faughn Corporation has provided the following data concerning manufacturing overhead for July:
Actual manufacturing overhead incurred $69,000
Manufacturing overhead applied to Work in Process $79,000
The company's Cost of Goods Sold was $243,000 prior to closing out its Manufacturing Overhead account. The company closes out its Manufacturing Overhead account to Cost of Goods Sold. Which of the following statements is true?
A) Manufacturing Overhead account is $233,000; Cost of Goods Sold after closing out the Manufacturing Overhead account is $233,000.
B) Manufacturing overhead was overapplied by $10,000; Cost of Goods Sold after closing out the Manufacturing Overhead account is $233,000
C) Manufacturing overhead was overapplied by $10,000; Cost of Goods Sold after closing out the Manufacturing Overhead account is $253,000
D) Manufacturing overhead was underapplied by $10,000; Cost of Goods Sold after closing out the Manufacturing Overhead account is $253,000
Faughn Corporation is a manufacturer that uses job-order costing. The company has supplied the following data for the just completed year:
Raw materials purchased on account $475,000
Raw materials (all direct) requisitioned for use in production $476,000
Direct labor cost $640,000
Manufacturing overhead:
Indirect labor cost $174,000
Other manufacturing overhead costs incurred $498,000
Cost of goods manufactured $1,672,500
Cost of goods sold (unadjusted) $1,469,000
The journal entry to record the transfer of completed goods from Work in Process to Finished Goods is:_____.
A. Finished Goods 1,672,500
Work in Process 1,672,500
B. Work in Process 1,469,000
Finished Goods 1,469,000
C. Finished Goods 1,469,000
Work in Process 1,469,000
D. Work in Process 1,672,500
Finished Goods 1,672,500
Answer: B. Manufacturing overhead was overapplied by $10,000; Cost of Goods Sold after closing out the Manufacturing Overhead account is $233,000
A. Finished Goods 1,672,500
Work in Process 1,672,500
Explanation:
• Based on the scenario in the question, it should be realized that the applied manufacturing overhead is more than the actual manufacturing overhead by:
= $79,000 − $69,000
= $10,000
This implies that $10,000 would be overapplied. The $10000 will then be subtracted from the cost of the goods that were sold and we'll then get adjusted cost of goods sold of:
= $243,000 − $10,000
= $233,000
• The journal entry to record the transfer of completed goods from Work in Process to Finished Goods is:
Finished Goods 1,672,500
Work in Process 1,672,500
Liquidity risk would be greatest for an investor whose portfolio was primarily composed of A) ADRs listed on the NYSE B) municipal bond UITs C) Nasdaq stocks D) municipal bonds
Answer: D) municipal bonds
Explanation:
Liquidity risk is the risk that an instrument or security can not be easily sold such that actual hard currency can be recuperated.
ADRs on the NYSE can be easily sold and so can NASDAQ stocks. Municipal bond Unit Investment Trust (UITs) can be redeemed in a non-complicated manner so are liquid as well.
Municipal bonds will prove to be the least liquid as the market for municipal bonds is not a heavily traded one.
If steak and potatoes are complements, when the price of steak goes down, the demand curve for potatoes:
Answer:
Shift to the left
Explanation:
Demand curve is essential in economics, because it allows to know the relationship between the price of a particular goods/service and quantity demanded all in that price graphically
Since complementary goods are used along with each other, they also shift demands curve to the left because any fall at the price of one of the complement goods, the demands of first one increases, then the other one.
Therefore, If steak and potatoes are complements, when the price of steak goes down, the demand curve for potatoes Shift to the left
Hudson Corporation is considering three options for managing its data processing operation: continuing with its own staff, hiring an outside vendor to do the managing (referred to as outsourcing), or using a combination of its own staff and an outside vendor. The cost of the operation depends on future demand. The annual cost of each option (in thousands of dollars) depends on demand as follows:
Demand
Staffing Options High Medium Low
Own staff 650 650 600
Outside vendor 900 600 300
Combination 800 650 500
a) If the demand probabilities are 0.2, 0.5, and 0.3, which decision alternative will minimize the expected cost of the data processing operation?
Own staff, Outside vendor, Combination
What is the expected annual cost associated with that recommendation?
Expected annual cost = $
(b) Construct a risk profile for the optimal decision in part (a).
What is the probability of the cost exceeding $700,000?
Probability =
Answer:
Kindly check explanation
Explanation:
Given the data :
______________DEMAND______________
Staffing option __High ___Medium______Low
Own staff ______650_____ 650 _______600
Outside vendor _900_____ 600 _______ 300
Combination ___ 800 _____650_______ 500
a) If the demand probabilities are 0.2, 0.5, and 0.3, which decision alternative will minimize the expected cost of the data processing operation?
Expected cost :Σp(x) *x
Expected value for OWN STAFF:
(650*0.2) + (650*0.5) + (600*0.3) = 635
Expected value for OUTSIDE VENDOR:
(900*0.2) + (600*0.5) + (300*0.3) = 570
Expected value for COMBINATION:
(800*0.2) + (650*0.5) + (500*0.3) = 635
The decision alternative which will minimize expected cost is OUTSIDE VENDOR as it has the lowest expected value.
Expected annual cost associated with outside vendor is 570
(b) Construct a risk profile for the optimal decision in part (a).
Risk portfolio for outside vendor:
Demand ____cost ____probability
Low _______900 ______ 0.2
Medium ____600 ______ 0.5
High ______ 500 _______0.3
What is the probability of the cost exceeding $700,000?
Probability : This is the probability associated with the low demand of the optimal risk portfolio = 0.2 (0.2 * 100) = 20%
Presented below is information related to Windsor Company.
Oct. 1 Diane Lexington begins business as a real estate agent with a cash investment of $16,800 in exchange for common stock.
2 Hires an administrative assistant.
3 Purchases office furniture for $2,500, on account.
6 Sells a house and lot for N. Fennig; bills N. Fennig $3,400 for realty services performed.
27 Pays $1,100 on the balance related to the transaction of October 3.
30 Pays the administrative assistant $2,650 in salary for October.
Required:
Journalize the transactions.
Answer:
Date Account Titles Debit Credit
Oct 1 Cash $16,800
Common Stock $16,800
Oct 2 No journal entry - -
Oct 3 Office Furniture $2,500
Accounts Payable $2,500
Oct 6. Accounts Receivable $3, 400
Service Revenue $3,400
Oct 27 Accounts Payable $1,100
Cash $1,100
Oct 30 Salaries Expense $2,650
Cash $2,650
Dr. Jake Lambert signed an employment agreement with Baptist Health Services, Inc., to provide cardiothoracic-surgery services to Baptist Memorial Hospital-North Mississippi, Inc., in Oxford, Mississippi. Complaints about Lambert’s behavior arose almost immediately. His work was evaluated by a team of doctors and psychologists, who diagnosed him as suffering from obsessive-compulsive personality disorder and concluded that he was unfit to practice medicine. Based on this conclusion, the hospital suspended his staff privileges. Citing the suspension, Baptist Health Services claimed that Lambert had breached his employment contract. What is Lamberts R this claim? Explain.
Answer:
doctrine of impossibility
Explanation:
Based on the scenario being described, Dr. Lambert's best defense to this claim would be the doctrine of impossibility. This doctrine basically protects individual's in these types of situations as long as they can prove that the targetted reason for the claim does not make completing the tasks required by the contract impossible. This perfectly applies to this situation because Dr. Lambert's obsessive-compulsive disorder may be unsettling to the other doctors or supervisors but it does not prevent Dr. Lambert from fully and correctly completing his responsibilities as a cardiothoracic-surgeon, and therefore the doctrine of impossibility would be a great defense to his claim.
On December 31, 2021, the end of the fiscal year, Revolutionary Industries completed the sale of its robotics business for $13.0 million. The robotics business segment qualifies as a component of the entity according to GAAP. The book value of the assets of the segment was $9.0 million. The income from operations of the segment during 2021 was $6.0 million. Pretax income from continuing operations for the year totaled $14.0 million. The income tax rate is 25%.
Prepare the lower portion of the 2021 income statement beginning with income from continuing operations before income taxes. Ignore EPS disclosures. (Amounts to be deducted and negative amounts should be indicated with a minus sign. Enter your answers in whole dollars and not in millions. For example, $4,000,000 rather than $4.)
You would like to be a millionaire when you retire in 40 years, and how much you must invest today to reach that goal clearly depends on what rate of return you can earn. First, suppose you can earn 10.4% per year, and calculate how much you would have to invest today. Second, suppose you can only earn half that percentage rate, and calculate how much you would have to invest today. Divide the second by the first, to see how many times more you must invest today at half that annual rate grow it to $1 million over 40 years.
Answer:
1.
PV = $19108.96057 rounded off to $19108.96
So, $19108.96057 have to be invested today at 10.4% p.a. rate for 40 years for it to turn into a million dollars.
2.
PV = $131634.7058 rounded off to $131634.71
So, $131634.7058 have to be invested today at 5.2% p.a. rate for 40 years for it to turn into a million dollars.
3.
Times more investment = 6.888637682 times rounded off to 6.89 times
Explanation:
1.
To calculate how much we need to invest today for it to turn into $1 million in 40 years at 10.4% per annum rate, we will use the Present value of a sum formula as we need to determine the present value of $1 million earned after 40 years from today. The formula for present value of a sum is,
PV = FV / (1+r)^t
Where,
PV is present valueFV is future valuer is the rate of interest or returnt is the time period in yearsPV = 1,000,000 / (1+0.104)^40
PV = $19108.96057 rounded off to $19108.96
So, $19108.96057 have to be invested today at 10.4% p.a. rate for 40 years for it to turn into a million dollars.
2.
Half the percentage rate of 10.4% p.a. = 10.4% / 2 = 5.2%
PV = 1,000,000 / (1+0.052)^40
PV = $131634.7058 rounded off to $131634.71
So, $131634.7058 have to be invested today at 5.2% p.a. rate for 40 years for it to turn into a million dollars.
3.
Times more investment = 131634.7058 / 19108.96057
Times more investment = 6.888637682 times rounded off to 6.89 times
Consider the following independent situations at December 31:
a. On October 1, a business collected $3,000 rent in advance, debiting Cash and crediting Unearned Revenue. The tenant was paying one year's rent in advance. On December 31, the business must account for the amount of rent it has earned.
b. Salaries expense is $1,800 per day-Monday through Friday-and the business pays employees each Friday. This year, December 31 falls on a Thursday.
c. The unadjusted balance of the Office Supplies account is $3,000. Office supplies on hand total $1,900.
d. Equipment depreciation was $500.
e. On April 1, when the business prepaid $4,320 for a two-year insurance policy, the business debited Prepaid Insurance and credited Cash.
Journalize the adjusting entry needed on December 31 for each situation. Use the letters to label the journal entries.
Answer:
All the entries are made on December 31.
a.
Unearned Rent Revenue 750 Dr
Rent Revenue 750 Cr
b.
Salaries expense 7200 Dr
Salaries Payable 7200 Cr
c.
Supplies expense 1100 Dr
Supplies 1100 Cr
d.
Depreciation expense-Equipment 500 Dr
Accumulated depreciation-Equipment 500 Cr
e.
Insurance expense 1620 Dr
Prepaid Insurance 1620 Cr
Explanation:
a.
The rent received in advance is for one year. On December 31 the 3 months of rent becomes earned. So, we debit the unearned rent revenue account and credit the rent revenue.
b.
The salaries expense per day is $1800 and as the 31 December is a thursday, the salary for 4 days becomes an expense which is still not paid as salaries are paid on friday. So we debit the salaries expense by 1800 * 4 = 7200 and credit the salaries payable by the same amount.
c.
The supplies of 1100 (3000 - 1900) have been consumed and the supplies expense will be recorded for 1100 and the supplies account will be reduced by 1100.
d.
The depreciation on equipment is recorded.
e.
The insurance paid in advance in April of the current year is for 2 years or 24 months. The per month insurance expense is 4320 / 24 = 180
Till 31 December, the 9 months of insurance policy has been consumed and should be recorded as an expense and a reduction in the prepaid asset.
The amount is = 180 * 9 = 1620
Answer: the unadjusted balance of the office supplies account is $3,000 office supplies on hand total
Explanation:
On September 30, 2021, Athens Software began developing a software program to shield personal computers from malware and spyware. Technological feasibility was established on February 28, 2022, and the program was available for release on April 30, 2022. Development costs were incurred as follows:
September 30 through December 31, 2021 $3,600,000
January 1 through February 28, 2022 1,500,000
March 1 through April 30, 2022 594,000
Athens expects a useful life of four years for the software and total revenues of $7,800,000 during that time. During 2022, revenue of $1,560,000 was recognized.
Required:
a. Prepare a journal entry to record the development costs in each year of 2021 and 2022.
b. Calculate the required amortization for 2022.
Answer:
2021
Dr Research and development expense $3,600,000
Cr Cash $3,600,000
2022
Dr Research and development expense 1,500,000
Dr Software and development costs 594, 000
Cr Cash 2,094,000
B. $148,500
Explanation:
1. Preparation of the journals entry
2021
Dr Research and development expense $3,600,000
Cr Cash $3,600,000
(To record the expenses incurred on research and development)
2022
Dr Research and development expense 1,500,000
Dr Software and development costs 594, 000
Cr Cash 2,094,000
(1,500,000+594,000)
(To record the software development costs incurred)
2.Calculatation for the amortization for 2022
Using percentage of revenues method
Amortization= Current revenue/Total revenue* Software development costs
Amortization=$1,560,000/$7, 800,000*$594,000
Amortization=0.2*$594,000
Amortization=$118,800
Using straight line method
Amortization =1/Useful life* Software devel opment costs
Amortization=1/4*$594,000
Amortization=$148,500
Based on the above calculation Tmte expense amounts under straight-line method is higher . Which means that , the amortization is $148,500.
The following information is provided for the Moon Antenna, Corp., which manufactures two products: Lo-Gain antennas and Hi-Gain antennas for use in remote areas EEB (Click the icon to view the information.) Activity Cost Allocation Base 58,000 Number of setups 30,000 Number of machine hours 88,000 Set up Machine maintenance Total indirect manufacturing costs Direct labor hours Number of setups Number of machine hours Lo-Gain 1,600 25 3,900 Hi-Gain 400 25 2,100 Total 2,000 50 6,000 Moon plans to produce 225 Lo-Gain antennas and 275 units of Hi-Gain antennas Requirements 1. Compute the ABC indirect manufacturing cost per unit for each product. 2. Compute the indirect manufacturing cost per unit using direct labor hours for the traditional single plantwide allocation rate system
Requirement 1. Compute the ABC indirect manufacturing cost per unit for each product. Begin by selecting the formula to calculate the predetermined overhead (OH) allocation rate. Then enter the amounts to compute the allocation rateor each activity. Round your answers to the nearest cent.) Predetermined OH allocation rate Setup Machine maintenance Next, select the formula to allocate overhead (OH) costs Allocated mfg. overhead costs Compute the total activity-based costs allocated to Lo-Gain antennas, and then compute the cost per unit for Lo-Gain antennas. Finally, compute the total activity-based costs allocated to Hi-Gain antennas then compute the cost per unit for Hi-Gain antennas. (Round the cost per unit to the nearest cent.) Lo-Gain Hi-Gain Setup Machine maintenance Total activity-based costs Number of units Activity-based cost per unit
Requirement 2. Compute the indirect manufacturing cost per unit using direct labor hours from the single-allocation-base system. First, compute the predetermined overhead (OH) allocation rate. (Round your answer to the nearest cent.) The predetermined overhead (OH) allocation rate is S Compute the manufacturing cost allocated to Lo-Gain antennas, and then compute the indirect manufacturing cost per unit for Lo-Gain antennas. Then, compute the manufacturing cost allocated to Hi-Gain antennas and the indirect manufacturing cost per unit for Lo-Gain Lo-Gain Hi-Gain
Total indirect costs allocated Number of units Indirect cost per unit
Full question attached
Answer and Explanation:
Full answer and explanation attached
What microeconomic factors point to the fact that your business should be successful? No
Answer:
your cute
Explanation:
because u cute
Which situation exemplifies public action?
A. The mafia in Cedia Republic demands "protection money" from successful domestic business owners.
B. Cedian proprietors in the hospitality industry often complain about protection rackets by criminal groups.
C. Government bureaucrats demand bribes from international businesses in return for the rights to operate in Cedia Republic.
D. The Cedian government has been criticized for its inability to curb theft of trade secrets of international businesses by private domestic owners.
E. To promote the Cedian culture, the government allows movies based on Cedian history to be made tax-free.
Answer:
C.
Explanation:
From the answer choices provided, the one that best exemplifies public action would be Government bureaucrats demand bribes from international businesses in return for the rights to operate in Cedia Republic. That is because in this scenario the bureaucrats are joining together in unison in order to demonstrate the power that they hold over their community, which by banding together they protect each other and become that much more powerful. Mainly because since they are unified they will have each other's backs and not interfere with the other's bribes.
Which of the following goods would be considered an elastic in demand?
1.) Milk
2.)candy
3.) designer clothes
4.) television