Ms. White lost her puppy. She advertises a reward of $50 for the return of her puppy. What is the contractual nature of Ms. White's advertisement? g

Answers

Answer 1

Answer:

unilateral contract

Explanation:

In this scenario, it seems that Ms. White's advertisement is for a unilateral contract. This is a contract agreement in which an individual (the offeror) promises to pay after the occurrence of a specific action or behavior. Which is what Ms. White is doing by offering money if someone brings her dog back safe and sound. Thus benefiting both parties.


Related Questions

Longevo, a watch manufacturing company, offers watches in a wide range of designs to suit all age groups. To adequately cover its wide and diversified consumer base, the company makes use of all the traditional and new age media platforms for its promotions. The promotional strategy used by Longevo is _____.

Answers

Answer:

Integrated marketing communication.

Explanation:

In this scenario, Longevo, a watch manufacturing company, offers watches in a wide range of designs to suit all age groups. To adequately cover its wide and diversified consumer base, the company makes use of all the traditional and new age media platforms for its promotions. The promotional strategy used by Longevo is integrated market communication.

An integrated marketing communication is a marketing strategy which involves branding, promotion and coordination of marketing tools across traditional and digital communication channels such as webinar, blog, billboards, television, newspapers, radio etc in an organization. The marketing tools used in business are online marketing, direct marketing, advertising, social media, sales promotion, personal selling, public relations etc.

Hence, Longevo makes use of all the traditional and new age media platforms for the promotion of its watches, to adequately cover its wide and diversified consumer base.

What type of unemployment occurs when people take time to find a job?
seasonal unemployment
C. cyclical unemployment
b. structural unemployment
d. frictional unemployment
a.

Answers

frictional unemployment

The five forces are not meant to replace __________ and __________ economic philosophies, which are part of making thorough decisions from a business perspective.

Answers

Answer:

analyzing and accepting.

Explanation:

Porter's Five Forces, is a model of competitive analysis developed by Michael Porter, whose main objective is to assist the positioning of an organization in the market in which it operates.

For Porter, the five forces that can help a company to position itself in the market are:

Competitive Rivalry. Supplier Power. Buyer Power. Threat of Substitution. Threat of New Entry.

According to the author, these five forces will be decisive for a company to align its strategy appropriately to the market in which it operates, adapting its microenvironment to the macroenvironment and then achieving essential competitive advantages to increase organizational profit.

Therefore, this tool is used as an analysis differential for companies to know their potential, correct the flaws and identify opportunities. But it is not able to replace economic philosophies, which continue to be an essential business assessment tool for decision making.

Shasta Fixture Company manufactures faucets in a small manufacturing facility. The faucets are made from brass. Manufacturing has 70 employees. Each employee presently provides 38 hours of labor per week. Information about a production week is as follows:Standard wage per hr. $20.00 Standard labor time per faucet 30 min. Standard number of lbs. of brass 2.5 lbs. Standard price per lb. of brass $1.80 Actual price per lb. of brass $1.95 Actual lbs. of brass used during the week 13,000 lbs. Number of faucets produced during the week 5,000 Actual wage per hr. $18.75 Actual hrs. for the week (70 employees × 38 hours) 2,660Required:a. Determine the standard cost per unit for direct materials and direct labor. b. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance.

Answers

Answer:

a. Determine the standard cost per unit for direct materials and direct labor.

standard direct labor rate = $20 x 30/60 minutes = $10 per faucet

standard direct materials rate = $1.80 x 2.5 lbs = $4.50 per faucet

b. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance.

direct materials price variance = (actual price x actual quantity) - (standard price x actual quantity) = ($1.95 x 13,000) - ($1.80 x 12,500) = $25,350 - $22,500 = $2,850 UNFAVORABLE

direct materials quantity variance = (standard price x actual quantity) -(standard price x standard quantity) = ($1.80 x 13,000) - ($1.80 x 12,500) = $23,400 - $22,500 = $900 UNFAVORABLE

total direct materials variance = direct materials price variance + direct materials quantity variance = $2,850 + $900 = $3,750 UNFAVORABLE

A business entity operated and taxed like a partnership, but with limited liability for the owners, is called a:

Answers

Answer: A. limited liability company.

Explanation:

A Limited Liability Company (LLC) is a type of company that is operated and taxed like a partnership for instance, profits that flow to the partners are taxed on the partner's income but not on the firm to prevent double taxation. This is called Flow-Through Taxation.

They operate with limited Liability for the owners because the owners are only personally liable for the debts and liabilities the company has up until the capital they invested. Anything past this and they cannot be held liable.

You purchased a call option for $3.45 17 days ago. The call has a strike price of $45, and the stock is now trading for $51. If you exercise the call today, what will be your holding-period return

Answers

Answer:

73.9%

Explanation:

Calculation for what will be your holding-period return

You purchased a call option for $3.45 17 days ago. The call has a strike price of $45 and the stock is now trading for $51. If you exercise the call today, what will be your holding period return?

First step is to find the Gross profit

Using this formula

Gross profit=Strike price- Stock Trading amount

Let plug in the formula

Gross profit =$51 - 45

Gross profit= $6

Second step is to find the Net profit

Using this formula

Net profit=Gross profit-Call option

Let plug in the

Net profit is $6 - 3.45

Net profit= $2.55

The last step is to find the Holding period return

Using this formula

Holding period return =Net profit/Call option

Let plug in the formula

Holding period return=$2.55/$3.45

Holding period return= 0.739*100

Holding period return =73.9%

Therefore what will be your holding-period return is 73.9%

he ability to hire, motivate, and retain human capital is an example of ________ capabilities in the resource-based view of the firm.

Answers

Answer:

Organizational capabilities

Explanation:

The ability to hire, motivate, and retain human capital is an example of organizational capabilities in the resource-based view of the firm.

An organizational capability is the ability of a firm to manage resources, such as it's employees, effectively which will give them an edge over competitors. Organizational capabilities differntiates a firm from competitors.

Speedster Bicycles, Inc. collects 25% of its sales on account in the month of the sale and 75% in the month following the sale. If sales are budgeted to be $250,000 for March and $280,000 for April, what are the budgeted cash receipts from sales on account for April

Answers

Answer:

Total cash April= $257,500

Explanation:

Giving the following information:

Speedster Bicycles, Inc. collects 25% of its sales on account in the month of the sale and 75% in the month following the sale.

Sales:

March= $250,000

April= $280,000

Cash budget of April:

Sales on account from April= 280,000*0.25= 70,000

Sales on account from March= 250,000*0.75= 187,500

Total cash April= $257,500

You are trying to decide how much to save for retirement. Assume you plan to save $5,000 per year with the first investment made one year from now. ou think you can earn 11.0​% per year on your investments and you plan to retire in 41 ​years, immediately after making your last $5,000 investment.
a. How much will you have in your retirement account on the day you​ retire?
b.​ If, instead of investing $5,000 per​ year, you wanted to make one​ lump-sum investment today for your retirement that will result in the same retirement​ saving, how much would that lump sum need to​ be?
c. If you hope to live for 28 years in​ retirement, how much can you withdraw every year in retirement​ (starting one year after​ retirement) so that you will just exhaust your savings with the 28th withdrawal​ (assume your savings will continue to earn 11.0​% in​ retirement)?
d.​ If, instead, you decide to withdraw $647,000 per year in retirement​ (again with the first withdrawal one year after​ retiring), how many years will it take until you exhaust your​ savings?
e. Assuming the most you can afford to save is $ 1 comma 000$1,000 per​ year, but you want to retire with
$1,000,000 in your investment​ account, how high of a return do you need to earn on your​ investments?​

Answers

Answer:

a. How much will you have in your retirement account on the day you​ retire?

future value of the annuity = annual payment x (FV annuity factor, 11%, 40 periods) = $5,000 x 581.826 = $2,909,130

b.​ If, instead of investing $5,000 per​ year, you wanted to make one​ lump-sum investment today for your retirement that will result in the same retirement​ saving, how much would that lump sum need to​ be?

present value = future value / (1 + interest rate)ⁿ = $2,909,130 / 1.11⁴¹ = $40,320.04

c. If you hope to live for 28 years in​ retirement, how much can you withdraw every year in retirement​ (starting one year after​ retirement) so that you will just exhaust your savings with the 28th withdrawal​ (assume your savings will continue to earn 11.0​% in​ retirement)?

payment = present value / annuity factor (PV annuity factor, 11%, 28 years) = $2,909,130 / 8.60162 = $338,207.22

d.​ If, instead, you decide to withdraw $647,000 per year in retirement​ (again with the first withdrawal one year after​ retiring), how many years will it take until you exhaust your​ savings?

We can first try to get an approximate answer. The annuity factor = $2,909,130 / $647,000 = 4.49633694. Now looking at an annuity table we can look at the closest amount for 11%. The answer is between 6 years (annuity factor 4.2305) and 7 years (annuity factor 4.7122). This means that in less than 7 years you will have no more money left.

e. Assuming the most you can afford to save is $ 1 comma 000$1,000 per​ year, but you want to retire with  $1,000,000 in your investment​ account, how high of a return do you need to earn on your​ investments?​

Again we must use the future value to determine the annuity factor. Annuity factor = $1,000,000 / $1,000 = 1,000. Using an annuity calculator to determine the closest rate (for 40 periods) = 12.9515% ≈ 12.95%

The company is considering the purchase of machinery and equipment to set up a line to produce a combination washer-dryer. They have given you the following information to analyze the project on a 5-year timeline:
Initial cash outlay is $150,000, no residual value.
Sales price is expected to be $2,250 per unit, with $595 per unit in labor expense and $795 per unit in materials.
Direct fixed costs are estimated to run $20,750 per month.
Cost of capital is 8%, and the required rate of return is 10%.
They will incur all operational costs in Year 1, though sales are expected to be 55% of break-even.
Break-even (considering only direct fixed costs) is expected to occur in Year 2.
Variable costs will increase 2% each year, starting in Year 3.
Sales are estimated to grow by 10%, 15%, and 20% for years 3 - 5.
Then to calculate:
The product’s contribution margin
Break-even quantity
NPV
IRR
Finally:
Explain how the project analyses do or do not support this decision.
In either case, what are the factors that should have been considered in management’s decision?

Answers

Answer:

Break-even quantity = 290 units

NPV = -$150,038.78  

IRR = -12.07%

This project should be rejected because it has a negative NPV and IRR. You would not be able to even recover your own investment, the sales output is too small.

Explanation:

initial outlay -$150,000

selling price per unit $2,250

production costs:

labor $595materials $795

total fixed costs $20,750

contribution margin per unit = $2,250 - ($595 + $795) = $860

contribution margin year 3 = $2,250 - $1,417.80 = $832.20

contribution margin year 4 = $2,250 - $1,446.16 = $803.84

contribution margin year 4 = $2,250 - $1,475.08 = $774.92

in order to calculate the break even point in units we must determine the total fixed costs per year = $20,750 x 12 = $249,000

break even point in units = $249,000 / $860 = 289.5 ≈ 290 units

sales during first year = 290 x 55% = 159.5 ≈ 160 units

sales during second year = 290 units

sales during third year = 290 x 1.1 = 319 units

sales during fourth year = 319 x 1.15 = 366.85 ≈ 367 units

sales during fifth year = 367 x 1.2 = 440.4 ≈ 440 units

net cash flow year 1 = $137,600 - $249,000 = -$111,400

net cash flow year 2 = $249,400 - $249,000 = $400

net cash flow year 3 = $265,471.80 - $249,000 = $16,471.80

net cash flow year 4 = $295,009.28 - $249,000 = $46,009.28

net cash flow year 5 = $340,964.80 - $249,000 = $91,964.80

using a financial calculator and a 10% discount rate, NPV = -$150,038.78  and IRR = -12.07%

In this exercise we have to use finance knowledge to calculate the quantity and taxes calculated on the product, so we have to:

1)  [tex]Break-even \ quantity = 290 units\\NPV = -$150,038.78 \\IRR = -12.07%[/tex]

2) This project should be rejected because it has a negative NPV and IRR. You would not be able to even recover your own investment, the sales output is too small.

Given the values ​​in the text of:

Initial outlay [tex]\$150,000[/tex] Selling price per unit [tex]\$2,250[/tex] Labor [tex]\$595[/tex] Materials [tex]\$795[/tex] Total fixed costs [tex]\$20,750[/tex]

Now calculating the margin for each unit we find that:

Contribution margin per unit: [tex]\$2,250 - (\$595 + \$795) = \$860[/tex] Contribution margin year 3: [tex]\$2,250 - \$1,417.80 = \$832.20[/tex] Contribution margin year 4: [tex]\$2,250 - \$1,446.16 = \$803.84[/tex] Contribution margin year 5: [tex]\$2,250 - \$1,475.08 = \$774.92[/tex]

Knowing that break even point in units it is worth it 290, we have to:  

Sales during year 1:  [tex]290 * 55\% = 159.5 = 160 \ units[/tex] Sales during year 2: [tex]290 \ units[/tex]Sales during year 3: [tex]290 * 1.1 = 319 \ units[/tex] Sales during year 4: [tex]319 * 1.15 = 366.85 = 367 \ units[/tex] Sales during year 5: [tex]367* 1.2 = 440.4= 440\ units[/tex]

So to calculate the net cash we found that:

Net cash flow year 1: [tex]\$137,600 - \$249,000 = -\$111,400[/tex] Net cash flow year 2:  [tex]\$249,400 - \$249,000 = \$400[/tex] Net cash flow year 3: [tex]\$265,471.80 - \$249,000 = \$16,471.80[/tex] Net cash flow year 4:  [tex]\$295,009.28 - \$249,000 = \$46,009.28[/tex] Net cash flow year 5:  [tex]\$340,964.80 - \$249,000 = \$91,964.80[/tex]

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Suppose the price level and value of the U.S. Dollar in year 1 are 1 and $1, respectively. Instructions: Round your answers to 2 decimal places. a. If the price level rises to 1.55 in year 2, what is the new value of the dollar

Answers

Answer: $0.65

Explanation:

The Price Level and the value of a currency are inversely related because inflation erodes the value of the currency. Therefore if the price level increases, the value of the currency drops. The reverse is true.

The formula therefore is is;

New Value = [tex]\frac{1}{Price Level}[/tex]

New Value = [tex]\frac{1}{1.55}[/tex]

New Value = 0.6452

New Value = $0.65

As the name suggests, convertible bonds allow the owner the option to convert the bonds into a fixed number of shares of common stock.
Innovative Energy LLC is a start-up company that just raised $100,000 to conduct a third-party feasibility study on its business model. the company agreed to treat the $100,000 investment as debt at 10% interest rate; however, the investor has the right to exchange the debt for common stock during the company's next financing round. Which of the following terms best describes the $100,000 investment?
Convertible bond
Warrant
Consider the case of an investor, Nazem:
Nazem wants to include bonds in his investment portfolio, but he wants the option to sell the bond to the issuer at a specified price at a certain date before the maturity of the bond. Which of the following bond redemption features should he pick?
Warrants
Puttable bond
Nazem also recently bought bonds that have their interest rate tied to the consumer price index (CPI) so that he will be protected if inflation rates increase. Nazem has invested in:_________

Answers

Answer: 1. Convertible bond

2. Putable bond

3. Purchasing power bond.

Explanation:

The $100,000 investment is a convertible bond. This is a fixed-income debt security which yields interest payments. It should be noted that it can also be converted to equity shares or common stock.

Nazeem should pick a putable bond. This is because the puttable bond has a put option that is embedded ans he can also demand his principal to be paid early.

Nazem also recently bought bonds that have their interest rate tied to the consumer price index (CPI) so that he will be protected if inflation rates increase. Nazem has invested in purchasing power bond .

Write a two- to three-paragraph response discussing whether you think the patent system is useful and beneficial. Why do you think the patent system is or is not working

Answers

Answer:

The answer is below

Explanation:

Patent is a term that describes a governmental grant or legal right to inventors of an intellectual property, to refrain or stop others from making, using, selling or importing their invention to and from other country.

Patent system is useful and beneficial because of the following reasons:

1. It allows an inventor the right to stop others from copying, manufacturing, selling or importing individual's invention without the person's permission. This will surely encourage invention from other people, which will lead to more technological advancement in the country.

2. It gives an inventor protection for a pre-determined period. This helps to refrain competitors from competing with the inventor, and in turn, leads to profit maximization for the inventor.

3. It also allows the inventor to license patent for others to use it or can sell. This can be considered as a great source of revenue for inventor's business, by collecting royalties from a patent they have licensed, often in a combination with a registered design and trade mark.

In a duopoly game we observe the following payouts: if the two firms collude they will each earn $50,000. If one firm cheats then he earns $60,000 and the other firm earns -$10,000. If both firms cheat then they each earn zero economic profit. In this game what is the Nash equilibrium?

Answers

Answer:

the Nash equilibrium for both players is to collude

Explanation:

A duopoly is when there are two firms operating in an industry.

Game theory looks at the interactions between participants in a competitive game and calculates the best choice for the player.

Dominant strategy is the best option for a player regardless of what the other player is playing.

Nash equilibrium is the best outcome for players where no player has an incentive to change their decisions.

 the Nash equilibrium for both players is to collude because it is the best outcome for both players. if, a player cheats, there is a chance that the other player would cheat and both firms would end up earning a zero economic profit

Based on the various payoffs to be made, the Nash Equilibrium for this game would be that both firms should collude.

The Nash Equilibrium is the outcome that would be most beneficial for both firms to stay in. If either of them leave, they would incur losses.

If both firms decide to collude and one cheats, the other firm would cheat as well to avoid making a loss which would lead to both of them making zero economic profit.

Both firms will therefore collude so as to make $50,000 a piece.

In conclusion, the Nash Equilibrium is collusion between the two firms.

Find out more at https://brainly.com/question/7141724.

An important tool in predicting the volume of activity, the costs to be incurred, the sales to be made, and the profit to be earned is:

Answers

Answer:

Cost-volume-profit analysis.

Explanation:

An important tool in predicting the volume of activity, the costs to be incurred, the sales to be made, and the profit to be earned is cost-volume-profit analysis. It is an important tool in accounting that is used to determine how changes in differing levels of activities such as costs and volume affect a company's operating financial statements, both income and net income. It is also an accounting concept known as the break even analysis.

In order to use this cost-volume-profit analysis, accountants usually make some assumptions and these are;

1. Sales price per unit product is kept constant.

2. Variable costs per unit product are kept constant.

3. Total fixed costs of production are kept constant.

4. All the units produced are sold.

5. The costs accrued are as a result of change in business activities.

6. A company selling more than a product should simply sell in the same mix.

Gaines Corporation invested $126,000 to acquire 26 comma 000 shares of Owens​ Technologies, Inc. on March​ 1, 2018. On July​ 2, 2019, Owens pays a cash dividend of $ 3.25 per share. The investment is classified as equity securities with no significant influence. Which of the following is the correct journal entry to record the transaction on July​ 2, 2019?

a. Cash 78,000
Equity Investments 78,000

b. Cash 78,000
Retained Equipment 78,000

c. Equity Investments 78,000
Cash 78,000

d. Cash 78,000
Dividend Revune 78,000

Answers

Answer:

Cash Dr, $84,500

Dividend revenue $84,500

Explanation:

The Journal entry is shown below:-

Cash Dr, $84,500 (26,000 × $3.25)

              To Dividend revenue $84,500

(Being dividend is recorded)

To record the dividend, we debited the cash as it increased the assets  and we credited the dividend revenue as  it also increased the revenue

Therefore the above entry is the right and the same is not given in the option.

Chester Corp. is downsizing the size of their workforce by 10% (to the nearest person) next year from various strategic initiatives. How much will the company pay in separation costs if each worker receives $5,000 when separated?

Answers

Answer:

$293,500

Explanation:

The computation of the amount pay in separation cost is shown below:

As there are 587 employees

but 10% are downsized

So, separation cost is

= Current employees × downsized percentage × received amount by workers

= 587 employees × 10% × $5,000

= $293,500

We simply applied the above formula so that the amount pay by the company with respect to the separation cost could arrive

A company issues a​ ten-year bond at par with a coupon rate of 6.4​% paid​ semi-annually. The YTM at the beginning of the third year of the bond​ (8 years left to​ maturity) is 9.1​%. What is the new price of the​ bond?

Answers

Answer:

[tex]\mathbf{current \ price \ of \ the \ bond= \$848.78}[/tex]

Explanation:

The current price of the bond can be calculated by using the formula:

[tex]current \ price \ of \ the \ bond= ( coupon \times \dfrac{ (1- \dfrac{1}{(1+YTM)^{no \ of \ period }})}{YTM} + \dfrac{Face \ Value }{(1+YTM ) ^{no \ of \ period}}[/tex]

[tex]current \ price \ of \ the \ bond= ( \dfrac{0.064 \times \$1000}{2} \times \dfrac{ (1- \dfrac{1}{(1+ \dfrac{0.091}{2})^{8 \times 2}})}{\dfrac{0.091}{2}} + \dfrac{\$1000 }{(1+\dfrac{0.091}{2} ) ^{8 \times 2}})[/tex]

[tex]current \ price \ of \ the \ bond= \$32 \times $11.19 + \$490.70[/tex]

[tex]current \ price \ of \ the \ bond= \$358.08+ \$490.70[/tex]

[tex]\mathbf{current \ price \ of \ the \ bond= \$848.78}[/tex]

Principal-principal conflicts occur within one class of principals, such as a disagreement among certain majority stockholders and other majority stockholders.
a. True
b. False

Answers

Answer: False

Explanation:

The principal to principal conflict typically exists between the two main categories of shareholders, which are the controlling shareholders and the second one which is the minority shareholders

Therefore, the analysis in the question that the principal-principal conflicts occur within one class of principals, such as a disagreement among certain majority stockholders and other majority stockholders is not true.

Fritz, Inc.'s unit selling price is $75, the unit variable costs are $45, fixed costs are $150,000, and current sales are 10,000 units. How much will operating income change if sales increase b

Answers

The question is incomplete. Here is the complete question.

Fritz, Inc.'s unit selling price is $75, the unit variable costs are $45, fixed costs are $150,000, and current sales are 10,000 units. How much will operating income change if sales increase by 5,000 units

Answer:

$150,000 increase

Explanation:

Fritz has a unit selling price of $75

The unit variable cost is $45

The fixed costs are $150,000

The current sales are 10,000 units

The first step is to calculate the contribution margin

Contribution margin= sales price - variable cost

= $75-$45

= $30 per unit

Therefore, the change in the operating income when sales increase by 5,000 units can be calculated as follows

= 5,000 units × $30

= $150,000 increase

Hence the operating income will increase by $150,000 when there is an increase in the sales by 5,000 units

Defnet Electronics, Inc., is considering implementing a policy for reporting harassment. That policy should include a clear and accessible procedure for reporting harassment that does not limit reporting to the employee's supervisor.

a.True
b. False

Answers

Answer:

The given statement is "True".

Explanation:

A simple reporting system can help users get valuable occupational safety well as health details, identify issues in a timely manner, and fix them. Security monitoring protocols make it easier for you as well as your staff to handle security problems and avoid accidents and fatalities from occurring.

So that the above is the correct choice.

Game theory is useful for understanding oligopoly behavior because: there are so many firms in an oligopoly that all are price takers. firms must differentiate their products if they are to remain in business. firms recognize that because there are only a few firms mutual interdependence is important. without it firms would not be able to maintain cartel agreements. it allows firms to develop greater monopoly power.

Answers

Answer:

firms recognize that because there are only a few firms mutual interdependence is important.

Explanation:

Game theory is useful for understanding oligopoly behavior because firms recognize that because there are only a few firms mutual interdependence is important.

An oligopoly can be defined as a market structure comprising of a small number of firms (sellers) offering identical or similar products, wherein none can limit the significant influence of others.

Hence, under the game theory, when firms makes a decision about their business, it is expected that they consider how the other firms would react to such decisions.

Maize Company incurs a cost of $34 per unit, of which $21 is variable, to make a product that normally sells for $59. A foreign wholesaler offers to buy 6,600 units at $30 each. Maize will incur additional costs of $1 per unit to imprint a logo and to pay for shipping. Compute the increase or decrease in net income Maize will realize by accepting the special order, assuming Maize has sufficient excess operating capacity. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Reject Accept Net Income Increase (Decrease) Revenues $ $ $ Costs Net income $ $ $ g

Answers

Answer:

$52,800

Explanation:

The computation of the increase or decrease in net income is shown below:

Particulars         Reject            Accept        net income or decrease

Revenue

(6,000 × $30)                          $198,000    $198,000

Less:

Cost

($6,600 × ($21 + $1)              $145,200     -$145,200

Net                                        $52,800       $52,800

Since the amount comes in positive so the spcial order should be accepted

A classified income statement has four major sections—operating revenues, cost of goods sold, operating expenses, and non-operating revenues and accounts receivables.
A. True
B. False

Answers

Answer: False

Explanation:

The statement in the question that a classified income statement has four major sections which are the operating revenues, cost of goods sold, operating expenses, and non-operating revenues and accounts receivables is not true.

It should be noted that a classified income statement is made up of the revenue, the expenses and the non operating revenues and expenses.

Brodrick Company expects to produce 21,400 units for the year ending December 31. A flexible budget for 21,400 units of production reflects sales of $470,800; variable costs of $64,200; and fixed costs of $141,000.
If the company instead expects to produce and sell 27,000 units for the year, calculate the expected level of income from operation
Answer is not complete.
---Flexible Budget--- ---Flexible Budget at---
Variable Amount Total Fixed 21,400 27,000
per Unit Cost units units
Sales $ 22.00 $ 470,800 $ 594 000
Variable cos! 3.00 64,200 81,000
Contribution margin $ 1900 $ 406,600 $ 513.000
Fixed costs 141,000
Income from operations $ 406,600 $ 513,000

Answers

Answer:

Income from operations for 21,400 units

$ 406,600

Income from operations for 27,000 units

$ 513,000

Explanation:

Calculation for the expected level of income from operation for Brodrick Company

Flexible budget Flexible budget at

Variable amount per unit Total fixed cost

21,400 units 27,000 units

Sales $ 22.00 $ 470,800 $ 594 000

Variable cost 3.00 64,200 81,000

Contribution margin $ 19.00 $ 406,600 $ 513.000

Fixed costs 141,000 141,000 141,000

Income from operations $ 406,600 $ 513,000

Note:

Sales (21,400 units)

$ 470,800/21,400 units

$ 22.00

Sales (27,000 units)

$22*27,000 units

$594,000

Variable cost (21,400 units)

$64,200/21,400 units

$ 3.00

Variable cost (27,000 units)

$3*27,000 units

$81,000

Contribution margin =Sales - Variable cost

intext:"The description of the relation between a company’s assets, liabilities, and equity, which is expressed as Assets = Liabilities + Equity, is known as the"

Answers

Answer:

Accounting equation

Explanation:

The accounting equation is the basis of the double-entry accounting system.

The accounting equation ensures that each entry made on the debit side of the balance sheet should have a corresponding entry  on the credit side. This ensures that the balance sheet remains balanced

On July 23 of the current year, Dakota Mining Co. pays $6,110,400 for land estimated to contain 8,040,000 tons of recoverable ore. It installs machinery costing $723,600 that has a 10-year life and no salvage value and is capable of mining the ore deposit in eight years. The machinery is paid for on July 25, seven days before mining operations begin. The company removes and sells 414,250 tons of ore during its first five months of operations ending on December 31. Depreciation of the machinery is in proportion to the mine's depletion as the machinery will be abandoned after the ore is mined.

Required:
Prepare entries to record:

a. the purchase of the land
b. the cost and installation of machinery
c. the first five months' depletion assuming the land has a net salvage value of zero after the ore is mined.
d. the first five months' depreciation on the machinery.

Answers

Answer:

a.Purchase of Land

Land $6,110,400 (debit)

Cash $6,110,400 (credit)

b.Machinery Costs

Land $723,600 (debit)

Accounts Payable $723,600 (credit)

c. $314,830

d. $37,282.50

Explanation:

Purchase of Land

Land $6,110,400 (debit)

Cash $6,110,400 (credit)

Machinery Costs

Land $723,600 (debit)

Accounts Payable $723,600 (credit)

Depletion Expense = Cost of Asset / Expected Total Contents in Units × Number of Units taken in the Period.

                                = $6,110,400 / 8,040,000 tons × 414,250 tons

                                = $314,830

Depreciation Expense = Cost of Asset / Expected Total Contents in Units × Number of Units taken in the Period.

                                     = $723,600 / 8,040,000 tons × 414,250 tons

                                     = $37,282.50

Allison Cobb sells homemade knit scarves for $ 25 each at local craft shows. Her contribution margin ratio is 60​%. ​Currently, the craft show entrance fees cost Allison $ 900 per year. The craft shows are raising their entrance fees by 10​% next year. How many extra scarves will Allison have to sell next year just to pay for rising entrance fee​ costs? Begin by identifying the general formula to compute the breakeven sales in units.

Answers

Answer:  Break-Even point ( in units)= Fixed Costs ÷ (Sales price per unit – Variable costs per unit)

Allison will have to sell 6 extra scarves next year just to pay for rising entrance fee​ costs.

Explanation:

Formula :

Break-Even point ( in units)= Fixed Costs ÷ (Sales price per unit – Variable costs per unit)

Given, Price of knit scarves = $25

Contribution margin ratio = 60%

Contribution margin per unit = (Price of knit scarves) x (Contribution margin ratio )

= $(25 x 0.60 )

= $15

Current entrance fees = $900

Percentage in increase in entrance fees = 10​%

Increase in entrance fees = 10% of  $900 = $90

Extra scarves to be sold [tex]=\dfrac{\text{Increase in extrnace fees}}{\text{Contribution margin per unit}}[/tex]

[tex]\\\\=\dfrac{90}{15}=6[/tex]

Allison will have to sell 6 extra scarves next year just to pay for rising entrance fee​ costs.

Percy Company purchased 80% of the outstanding voting shares of Song Company at the beginning of 2014 for $406,000. At the time of purchase, Song Company’s total stockholders’ equity amounted to $480,500. Income and dividend distributions for Song Company from 2014 through 2016 are as follows: 2014 2015 2016 Net Income (loss) $60,600 $53,900 ($57,200 ) Dividend distribution 23,800 50,600 36,300 Required:Prepare journal entries on the books of Percy Company from the date of purchase through 2016 to account for its investment in Percy Company.

Answers

Answer:

since Percy Company's owns 80% of Song Company's stocks, we must use the equity method to record its investment in Song Company

Beginning 2014, investment in Song Company

Dr Investment in Song Company 406,000

    Cr Cash 406,000

2014, to record Song's net income

Dr Investment in Song Company 48,480

    Cr Investment revenue 48,480

2015, to record Song's net income

Dr Investment in Song Company 43,120

    Cr Investment revenue 43,120

2016, to record Song's net loss

Dr Loss on investment 45,760

    Cr Investment in Song Company 45,760

2014, to record Song's dividends

Dr Cash 19,040

    Cr Investment in Song Company 19,040

2015, to record Song's dividends

Dr Cash 40,480

    Cr Investment in Song Company 40,480

2016, to record Song's dividends

Dr Cash 29,040

    Cr Investment in Song Company 29,040

   

Thomas Textiles Corporation began November with a budget for 60,000 hours of production in the Weaving Department. The department has a full capacity of 75,000 hours under normal business conditions. The budgeted overhead at the planned volumes at the beginning of November was as follows:
Variable overhead $450,000
Fixed overhead 262,500
Total $712,500
The actual factory overhead was $725,000 for November. The actual fixed factory overhead was as budgeted. During November, the Weaving Department had standard hours at actual production volume of 64,500 hours.
Determine the variable factory overhead controllable variance and the fixed factory overhead volume variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Round your interim computations to the nearest cent, if required.
a. Variable factory overhead controllable variance: $
b. Fixed factory overhead volume variance: $

Answers

Answer:

a) $12,500 unfavorable

b) 0

Explanation:

variable factory overhead controllable variance = actual variable overhead expense - (standard variable overhead per unit x standard number of units)

actual variable overhead expense = $725,000

standard variable overhead per unit = $712,500 / 60,000 = $11.875

standard number of units = 60,000

variable factory overhead controllable variance = $725,000 - $712,500 = $12,500 unfavorable

Controllable factory overhead is not related to any changes in the actual volume or quantity produced.

Fixed factory overhead volume variance = actual fixed overhead - standard fixed overhead = $262,500 - $262,500 = 0

Fixed overhead was exactly the same as the standard or budgeted overhead.

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