Answer:
cultural sensitivity
Explanation:
A
Answer:
Explanation: DIVERSITY
Diversity refers to the condition of having people varying in social and ethnic backgrounds, genders, sexual orientations, etc
The opportunity cost of capital, used to calculate the base-case for adjusted present value analyses, can be thought of as Multiple Choice the promised yield rather than the expected yield of an investment. the WACC of an all-equity financed version of the firm. the return on the opportunities exploited by a firm's competitors. the rate corresponding to an average debt level among firms in the industry.
Answer:
the WACC of an all-equity financed version of the firm.
Explanation:
WACC = weight of equity x cost of equity + weight of debt x cost of debt x (1 - tax rate)
for a project to be accepted, the internal rate of return should be higher than the WACC
Your assignment is to research the various types of financing deals currently being offered for a hypothetical condominium you plan to buy. The following assumptions apply to this project: The purchase price of the condo you plan to buy is $200,000. The condo was recently appraised for $220,000. You plan to make a 25% down payment ($50,000) and are seeking a $150,000 mortgage. You have a job that qualifies you for that size mortgage. Your assignment is to compare the current interest rates, costs, and features associated with a 15-year fixed-rate mortgage, a 30-year fixed-rate mortgage, and an adjustable-rate mortgage. What are the current interest rates and discount points of the 15- and 30-year fixed rate mortgages
Answer:
?????
Explanation:
The operations manager of a body and paint shop has five cars to schedule for repair. He would like to minimize the makespan to complete all work on these cars. Each car requires body work prior to painting. The estimates of the times required to do the body and paint work on each are as follows:
Body work Paint
Car (hrs) (hrs)
A 10 2
B 5 4
C 7 5
D 3 6
E 1 7
Where in the optimum sequence should car A be scheduled?
a. first
b. second
c. third
d. fourth
e. fifth
Answer:
e. fifth
Explanation:
Car A should be scheduled as fifth in the sequence to repair and repaint. The Car A will take 10 hours for repair work which is highest of all other cars. The paint work is however lower than all other cars but since the repair work is to be done prior to repainting the car A should be schedule in the last.
It would compel the government to cut spending to offset lost tax revenues, which decline during recessions. prevent the government from employing an expansionary fiscal policy, since increased government spending would have to be offset by increased taxes. require the government to increase spending to match increased tax revenues, pushing up interest rates and crowding out private spending. force the Fed to pursue an expansionary monetary policy, which would cause inflation, undermining economic growth.
Answer:
It would compel the government to cut spending to offset lost tax revenues, which decline during recessions. Prevent the government from employing an expansionary fiscal policy, since increased government spending would have to be offset by increased taxes.Explanation:
The Federal government balancing its budget every year means that it would need to match its revenue (taxes) to its spending.
Should they be forced to do this, they would have to cut spending so that they would be able to match taxes when they are low during recessions. This would not be helpful because government spending is needed to get out of a recession.
The government would also be unable to pursue an expansionary fiscal policy because any increase in spending would have to match an increase in taxes to fund it. The effect of the spending will not be as felt because the government would be simultaneously pumping money into the economy and taking it out at the same time.
Kensington Corp. reports net income of $280,000 for the year ended December 31, 2020. The company recorded an unrealized loss on available-for-sale debt securities of $15,000 (after tax) for the year ended December 31, 2020 and deferred the loss. The company declared dividends of $40,000 for the year and its tax rate is 25%. The December 31, 2019, balance in accumulated other comprehensive income is $18,000 (debit balance) and the balance in retained earnings is $100,000 (credit balance). What is the ending balance in accumulated other comprehensive income and retained earnings on December 31, 2020
Answer:
Kensington Corp.
Accumulated other Retained Earnings
comprehensive income
December 31, 2020 $33,000 (DR) $340,000 (CR)
Explanation:
a) Data and Calculations:
Tax rate = 25%
Accumulated other Retained Earnings
comprehensive income
December 31, 2019 $18,000 (DR) $100,000 (CR)
Net income for 2020 280,000
Unrealized loss for 2020 15,000
Dividends for 2020 (40,000)
December 31, 2020 $33,000 (DR) $340,000 (CR)
Suppose a stock had an initial price of $91 per share, paid a dividend of $1.80 per share during the year, and had an ending share price of $108. a. Compute the percentage total return. (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) b. What was the dividend yield
Answer:
A. 31.65%
B. 1.98
Explanation:
A. Calculation to determine the percentage total return
Using this formula
Percentage total return= Increase in price+ Dividends÷ Initial price
Let plug in the formula
R = [($118 - 91) + 1.80] / $91
R=$28.8/$91
R = .3165*100
R=31.65%
Therefore the percentage total return is 31.65%
B. Calculation to determine the Dividend yield
Using this formula
Dividend yield= Dvidend / initial price
Let plug in the formula
Dividend yield = $1.80 / $91
Dividend yield = .0198*100
Dividend yield = 1.98%
Therefore Dividend yield is 1.98%
what are forms of office correspondences?
Answer:
Explanation:
Correspondence simply means letters sent or received. Another word for “Correspondence” is “Mail”. In our offices and Businesses, We receive letters, parcels, telegrams, internal memos, fax, e-mail, text messages or SMS (Short Message Service) and other documents which we all know as mail or correspondence.
CORRESPONDENCE RECORDS
Correspondence records are those documents used to keep track of correspondences in an organization. They show evidence of important transactions, letters, reasons for writing and those involved, dates, addresses, e-mails and other important messages.
TYPES OF CORRESPONDENCE
There are three main types of correspondence, they are:
In-coming mails
Out-going mails
Postage book.
1. In-Coming Mails: These are letters that comes into an organization. In-coming correspondence will reach the records offices in a number of different ways. Some will come through the regular post office or other courier services, like, DHL,UPS etc. Other in-coming mails could come via e-mail, or with the growth in technology, through text messaging:- Short Message Service (SMS) or Multimedia Messaging Services (MMS).
Examples of In-Coming Mails are: Letters
Parcels
Computer printouts e.g. e-mail or other data
Telegrams
Internal memos
Text messages
METHODS OF MAIL DELIVERY
Mails or letters can be delivered either by post or by hand to the recipients in two ways:
a. Delivery by Post: People pay for a private mail box or bag in the post office where their mails are deposited safely and locked till the owner comes (to the post office) with the keys to pick up mails. The post man also delivers received mails to the appropriate addresses with authority from the post office management.
b. Delivery by Hand: The mails that can be delivered by hand include letters, circulars, memos, handbills, notices of different sizes etc. The mails must be handled with care, so that the recipient will receive it without complaint and in time too. All mails are sorted out first in the mail room before being distributed to the appropriate persons or organization(S).
2. Out-Going Mails: These are mails that are going out of or from the organization. The secretary or clerk in the office handles such mails with care and treats them with the urgency required. In smaller organizations, the receptionist can also see to it that such mails are handled appropriately and accountability and reference.
Examples of out-going mails are letters, parcels, computer printouts like e-mail, SMS, memos, telegrams, and other related mails.
3. Postage Book: This is a book which records accurate and full details of mails and other documents that need postage. The book contains the exact amounts of postage stamps used on the mails, date and address.
USES OF CORRESPONDENCE RECORDS
They are used:
1. For evidence of receiving and attending to mails.
2. To shoe the correct date a mail was received.
3. To record information about the content(s) of mails.
4. To show how the issue in context was handled by the organization. Tells whether an answer has been given or not.
5. To show exactly what agreement was made and the date of the decision.
6. It confirms delivery of mails.
7. It shows the origin of the mail and who or unit it was addressed to.
CLASSIFICATION OF CORRESPONDENCE RECORDS
Inward Book or Inward Register
Outward Book or Outward Register
Dispatch Book
Egrane, Inc.'s monthly bank statement showed the ending balance of cash of $18,700. The bank reconciliation for the period showed an adjustment for a deposit in transit of $1,600, outstanding checks of $2,200, a NSF check of $900, bank service charges of $40 and the EFT from a customer in payment of the customer's account of $1,700. What is the up-to-date ending Cash balance
Answer:
Up-to-date cash balance $18,100
Explanation:
The computation of the up to date ending cash balance is shown below:
Cash balance as per bank statement $18,700
Add: Deposit-in-transit $1,600
Less: Outstanding checks -$2,200
Up-to-date cash balance $18,100
Here we add the deposits and subtracted the outstanding checks so that the up to date cash balance could come
The same would be considered
Pinkin Inc. needs to determine a price for a new phone model. Pinkin desires a 25% markup on the total cost of the phone. Pinkin expects to sell 30,000 phones. Additional information is as follows: Variable product cost per unit$75 Variable administrative cost per unit 50 Total fixed overhead 85,000 Total fixed administrative 65,000 Using the total cost method what price should Pinkin charge
Answer:
See below
Explanation:
Total costs = Product costs + Administrative costs
= ($75 × 30,000) + $85,000 - ($50 × 30,000) + $65,000 = $3,900,000
Total cost per unit =Total cost / Units expected to be sold= $3,900,000 /30,000 = $130
Markup per unit = Total cost per unit × Markup percentage = $130.00 × 25% = $32.5
Describe the fiscal policy action that is discussed in the article including is such a such as is under the bed approve or reject it will the fiscal policy action discuss in the article promote price stability fallen ploy Ment and economic growth is playing with the fiscal policy action discussing the article if approve contribute to the creation of a budget surplus or a budget deficit will this likely increase decrease or not affect the national debt explain did you approve or disapprove of the fiscal policy action describe in the article explains your response and identify at least one trade out for your choice
In economics and political science, fiscal policy is the use of government revenue collection and expenditure to influence a country's economy.
What is the meaning of Fiscal Policy?Fiscal policy is the term used to describe how the government uses taxation and spending to influence the economy. Governments frequently utilize fiscal policy to promote strong, long-term growth as well as to reduce poverty.
Fiscal policy refers to the tax and spending plans of the federal government. Fiscal policy decisions are largely made by the Administration and Congress with little input from the Fed.
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A truck acquired at a cost of $285,000 has an estimated residual value of $14,100, has an estimated useful life of 43,000 miles, and was driven 3,900 miles during the year. Determine the following. If required, round your answer for the depreciation rate to two decimal places. (a) The depreciable cost $fill in the blank 1 (b) The depreciation rate $fill in the blank 2 per mile (c) The units-of-activity depreciation for the year
Answer:
a. $270,900
b. $6.30
c. $24,570
Explanation:
(a) The depreciable cost = $270,900
(b) The depreciation rate = $6.30
(c) The units-of-activity depreciation for the year =- $24,570
Using a computerized Inventory Management System, a Paint Supply Store franchise continuously monitors the inventory of all the paint located at each of their 15 stores and their distribution warehouse. The Paint Supply Store franchise sells an average of 74 gallons of Purple Paint every week (for 52 weeks per year, Standard Deviation of the Demand = 8 gallons). They purchase Purple Paint from their supplier at a price of $4.00 per gallon.It takes 2.50 weeks to receive an order from the supplier.Administrative costs for Ordering paint have been estimated to be $35 per order.Holding Costs = 40% of the purchase price per gallon per year.How much Safety Stock should the company hold to have a Service Level of 99.0%?
Answer: 29.4 gallons
Explanation:
The Safety Stock that should be held by the company to have a Service Level of 99.0% will be:
= Z × σ × ✓LT
Z = 2.326
σ = Standard deviation = 8
LT = Lead time = 2.50
Safety stock = = Z × σ × ✓LT
= 2.326 × 8 × ✓2.50
= 2.326 × 8 × 1.58
= 29.4 gallons
The safety stock is 29.4 gallons.
The amount of Safety Stock that the company should hold to have a Service Level of 99.0% is 29 gallons of paint.
Using this formula
Safety stock = z×(√L/T)×σ
Where:
d=Average Demand rate per time period=74 gallons per week
σ = Standard Deviation =8 gallons
L = Performance cycle or total lead time =2.5 week
z = 99% target service level =2.326
T = Time increment= 1 week
Let plug in the formula
Safety stock = (2.329)×(√2.5/1)×8
Safety stock=(2.329)×(1.581)×8
Safety stock=29.4
Safety stock = 29 gallons of paint (Approximately)
Inconclusion the amount of Safety Stock that the company should hold to have a Service Level of 99.0% is 29 gallons of paint.
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The decision to start a business and the decision to attend college:___________
a. are the same in that each decision involves the same costs and benefits and the same opportunity costs
b. are different in that in starting a business, you should mainly consider the cost-benefit principle, whereas in attending college, you should mainly consider the opportunity cost principle
c. are similar in that in both cases, you will want to consider the cost-benefit principle and the opportunity cost principle
d. are different in that in starting a business, you should mainly consider the opportunity cost principle, whereas in attending college, you should mainly consider the cost-benefit principle
Answer:
c. are similar in that in both cases, you will want to consider the cost-benefit principle and the opportunity cost principle.
Explanation:
Opportunity cost also known as the alternative forgone, can be defined as the value, profit or benefits given up by an individual or organization in order to choose or acquire something deemed significant at the time.
Simply stated, it is the cost of not enjoying the benefits, profits or value associated with the alternative forgone or best alternative choice available.
Similarly, cost-benefit analysis is used to examine and compare the cost associated with a project or task and the benefits derived from it.
Hence, the decision to start a business and the decision to attend college are similar in that in both cases, you will want to consider the cost-benefit principle and the opportunity cost principle
The decision to start a business and the decision to attend college is similar in that in both cases, you will want to consider the cost-benefit principle and the opportunity cost principle.
The following information should be considered:
In the case of cost-benefit principle, the additional benefit that received should be more than the extra cost i.e. incurred. While on the other hand, the opportunity cost is considered as the benefit but not received due to not choosing the next best alternative.Therefore we can conclude that the correct option is c.
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Who is best steel supplier company in Dubai?
Answer:
The best steel supplier company in Dubai is Al Ameen Steel Fabrication Engineering LLC.
Explanation:
In the Basic Solow Model without exogenous growth, if the population, and therefore the labor supply, doubles:_______
a. Steady state output per worker will fall by half.
b. Steady state output per worker will fall by more than half.
c. Steady state output per worker will fall by less than half.
d. Steady state output per worker will be unchanged.
Answer:
In the Basic Solow Model without exogenous growth, if the population, and therefore the labor supply, doubles steady state output per worker will be unchanged.
Explanation:
According to the given scenario options A, B and C are ruled out. Hence, the answer to the above question is option D. Steady state output per worker will be unchanged.
Hope this helps.
Which of the following statements does not correctly describe an adjustment to net income when determining cash flows from operating activities using the indirect method?
A. An increase in wages payable will be added to net income.
B. An increase in prepaid expenses will be subtracted from net income.
C. An increase in income taxes payable will be subtracted from net income.
D. A gain on the sale of a depreciable asset will be subtracted from net income.
Answer:
C. An increase in income taxes payable will be subtracted from net income.
Explanation:
First and foremost, an increase in current assets such as prepaid expenses means that the company parted with cash since it has made payment in advance prior to the expenses being incurred, hence, it is a cash outflow while a decrease in the current asset has an opposite impact.
However, an increase in current liabilities means the company is owing more and has avoided a cash outflow, in essence, it is treated as cash inflow, in other words, the increase in income taxes payable is an inflow not deducted as if it is an outflow
2. Start by creating a list of 5-10 local and remote businesses currently operating that you think would hire project
managers?
Amazon, Coinbase, HubSpot, IQVIA, PRA Health Sciences, Robert Half International, Thermo Fisher Scientific, and UnitedHealth Group are among the organizations that allow project managers to work remotely.
By decreasing risk and giving precise timings and decision points that assist guarantee projects are delivered on-time and within budget, project planning helps avoid the disappointment of failed and delayed projects. Project managers work with teams to divide a project into smaller, more manageable chunks. Project managers can better manage their teams and respond to problems by dividing the project down into a defined procedure with assigned tasks, dates, and milestones.
A local business could be a small shop, a food truck, or an office building. Because the local business owner owns the building where it is located, it differs from a chain store in another way. The majority of local businesses are often modest, family-run enterprises. Even though your business or client's office is in the same location as yours, working remotely can simply mean doing so. Working from home is hardly a glamourous lifestyle option. It's a decision to increase effectiveness and balance.
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What forces in the external environment have created opportunities or challenges for Michelle Phan? Explain.
Answer :
1. Social Media Platforms:
2. Beauty Industry Trends:
3. Economic Conditions:
4. Competition:
g One of the major advantages that market economies have over command economies is that a. They are more able to quickly and efficiently deal with situations that require coordination among consumers and producers. b. Market economies make better use of available information about the efficient allocation of resources and goods. c. Markets do not always work efficiently, which can lead to a misallocation of resources. d. All of the above.
Answer: They are more able to quickly and efficiently deal with situations that require coordination among consumers and producers
Explanation:
A market economy simply refers to the economy that's being regulated through the forces of demand and supply. It should also be noted that government plays a limited role in such economy.
On the other hand, command economy is one whereby the government is in charge of the production, distribution and allocation regarding goods and services.
An advantage of the market economy over the command economy is Tlyhst they are more able to quickly and efficiently deal with situations that require coordination among consumers and producers. This is because the producers and the consumers generally control the market thereby coordination is easier.
Swifty Inc., which produces a single product, has prepared the following standard cost sheet for one unit of the product.
Direct materials (6 pounds at $1.60 per pound) $9.60
Direct labor (3 hours at $11.00 per hour) $33.00
During the month of April, the company manufactures 180 units and incurs the following actual costs.
Direct materials purchased and used (2,400 pounds) $4,320
Direct labor (560 hours) $6,048
Required:
Compute the total, price, and quantity variances for materials and labor.
Answer:
Results are below.
Explanation:
First, we will determine the direct material price, quantity, and total variance. We need to use the following formulas:
Direct material price variance= (standard price - actual price)*actual quantity
Direct material price variance= (1.6 - 1.8)*2,400
Direct material price variance= $460 unfavorable
Actual price= 4,320/2,400= $1.8
Direct material quantity variance= (standard quantity - actual quantity)*standard price
Direct material quantity variance= (6*180 - 2,400)*1.6
Direct material quantity variance= $2,112 unfavorable
Total variance= 460 + 2,112= $2,572 unfavorable
To calculate the direct labor rate, efficiency, and total variance. We need to use the following formulas:
Direct labor time (efficiency) variance= (Standard Quantity - Actual Quantity)*standard rate
Direct labor time (efficiency) variance= (3*180 - 560)*11
Direct labor time (efficiency) variance= $220 unfavorable
Direct labor rate variance= (Standard Rate - Actual Rate)*Actual Quantity
Direct labor rate variance= (11 - 10.8)*560
Direct labor rate variance= $112 favorable
Actual rate= 6,048/560= $10.8
Total variance= -220 + 112= $108 unfavorable
1. Gross margin percentage. (Round your percentage answer to 1 decimal place (i.e., 0.1234 should be entered as 12.3).) 2. Net profit margin percentage. (Round your percentage answer to 1 decimal place (i.e., 0.1234 should be entered as 12.3).) 3. Return on total assets. (Round your percentage answer to 1 decimal place (i.e., 0.1234 should be entered as 12.3).) 4. Return on equity. (Round your percentage answer to 2 decimal places (i.e., 0.1234 should be entered as 12.34).)
Answer:
A. 34.2%
B. 4.5%
C. 8.1%
D.10.64%
Explanation:
a) Calculation to determine Gross margin percentage
Using this formula
Gross margin percentage = Gross profit/Net Sales
Let plug in the formula
Gross margin percentage= 27000/79000
Gross margin percentage = 34.2%
b) Calculation to determine Net profit margin
Using this formula
Net profit margin = Net income/Net Sales
Let plug in the formula
Net profit margin = 3540/79000
Net profit margin = 4.5%
c) Calculation to determine Return on assets
Using this formula
Return on assets = (Net income+Interest expense)/Average total assets
Let plug in the formula
Return on assets = (3540+360)/48120
Return on assets= 8.1%
d) Calculation to determine Return on equity
Using this formula
Return on equity
= Net income/Average equity
Let plug in the formula
Return on equity = 3540/33270
Return on equity =10.64%
why is education considered as an investment
An internet company gives their old computer system to the computer science
department at a local high school. How would GDP be impacted?
A. GDP would decrease.
B. GDP would increase
C.GDP would stay the same.
Answer:
Explanation:
The formula for GDP is
GDP = C + I + G + NX
C = consumption
I = Investment by business and household purchases by individuals
G = Government Expenditures
NX = foreign trade.
The first thing you can do is knock out foreign trade.
I think you can dispense with Government expenditures as well all though a school is an arm of government.
I think investment is what you have to look at carefully because it does include charitable organizations. We'll come back to this.
Consumption is what it sounds like it sounds.
You can't answer this in any other way than to know how the company writes it off. It is an asset that goes from some value to 0. It no longer exists on their books. So it decreases their assets. It is balanced on their books by calling it an expense I think and that further has impact on their books.
So they are decreasing their value (albeit by a small amount -- they've already bought new computers).
I'm not sure about this, but I think what has happened is that the GDP is going to go down. Their investment has decreased by being written off.
I NEED HELP ASAP
Type the correct answer in the box. Spell all words correctly.
What is the advantage of employing more than one sales channel?
Employing more than one sales channel is useful to lessen the ______ that arise from dependence on specific clients or markets.
Answer:
The risks
Explanation:
That is what goes in the blank
Answer:
risks
Explanation:
correct on edmentum
4. What was the strengths and weakness of each contributors/authors theory/principles?
Answer:In the modern world, every firm needs to create a successful management strategy. This procedure combines planning, organisation, incentive, and control to create a productive business function that will aid in the accomplishment of goals and objectives. Scientific management, which can be observed in the operational strategies of Toyota and Apple enterprises, is one of the practical and tested methods of controlling the work of the organisation. To sustain a competitive position, it is beneficial to design a specific strategy while adhering to individual values, viewpoints, and activity techniques.
Explanation:
What’s the maximum number of conditions that can be set for a bank rule?
The maximum number of conditions that can be set for a bank rule is 5.
What is a bank rule?A bank rule is one that has been set up by the bank that will be followed in that branch. This could be with the relation of the payment, cheques, deposits, or bank charges.
There can be various numbers of charges that can be set by the bank. The central bank will be the one that will set the rate or will decrease the rate of the changes. This was to impact the bank.
As different banks may have different types of rules as well as regulations that they will use to help form the rules but the maximum number will be five.
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Which option best describes financial well-being?
OA. Making the most money in the shortest amount of time
B. Using money wisely in order to support a lifestyle that can be
enjoyed for a long time
OC. Making money in order to feel morally superior to those with less
D. Amassing the most money in order to become rich and famous
Answer:
B. Using money wisely in order to support a lifestyle that can be enjoyed for a long time.
Explanation:
A is incorrect because it isn't practical. Making the most amount of money in a short time only helps you in the short run. It doesn't necessarily ensure that you have a lot of money in the long run. B is correct because it is the most practical, responsible, and wise choice. By using your money wisely, you can save up for something you really want, like a car or laptop. This also gives you security in the future because you know you have money and can dip into it in an emergency situation. C is incorrect because it's only trying to satisfy an impractical feeling. Making money just to feel morally superior to those with less doesn't mean that you're good at your job or will continue to make the same amount all the time. It mainly means that you are satisfying the need to feel better or higher up in the wealth ladder than others. D is incorrect because making money just to be rich and famous doesn't mean you're going to make smart and wise decisions using it. It also doesn't assure you that it will stay that way forever. You may need to pay rent on a mansion and lose a ton of money, therefore, dropping your rich status.
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Which of the following is correct?
Negotiate it right, sell it right and deliver it right
Negotiate it right, price it right and deliver it right
Plan it right, sell it right and deliver it right
Plan it right, price it right and deliver it right
I think the correct answer would be Negotiate it right, sell it right and deliver it right.
No matter how much you plan it out, there might be issues that you face at the top of the supply chain. In such a case, you need to negotiate the price or other aspects of the product or service you are selling.
Emphasis also needs to be put on the way the product is sold or marketed. The marketing and advertising departments come into play here. They need to clearly define your client base target audience and the way in which you want to market your brand.
At the end, and most importantly lies the proper delivery of the service or product. It defines the future prospects for your brand.
Orion Corporation has established the following standards for the prime costs of one unit of its chief product, dartboards.
Standard Quantity Standard Price or Rate Standard Cost
Direct material 8.00 pounds 1.75 per pound 14.00
Direct labor 0.25 hour 8.00 per hour 2.00
Total 16.00
During June, Orion purchased 160,000 pounds of direct material at a total cost of $304,000. The total wages for June were $42,000, 90 percent of which were for direct labor. Orion manufactured 19,000 dartboards during June, using 142,500 pounds of the direct material purchased in June and 5,000 direct-labor hours.
Required:
Compute the following variances for June. (Do not round intermediate calculations. Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "0" for no effect (i.e., zero variance).)
Answer:
o
Explanation:
well yess because its just
Aubrae Company is making adjusting entries for the year ended December 31 of the current year. In developing information for the adjusting entries, the accountant learned the following:
a. A two-year insurance premium of $4,560 was paid on October 1 of the current year for coverage beginning on that date. The bookkeeper debited the full amount to Prepaid Insurance on October 1.
b. At December 31 of the current year, the following data relating to Shipping Supplies were obtained from the records and supporting documents.
Shipping on hand, January I of the current year $13,000
Purchases of shipping supplies during the current year 75,000
Shipping hand, counted on December 31 of the current year 20,000
Required:
a. Using the process illustrated in the chapter, record the adjusting entry for insurance at December 31 of the current year.
b. Using the process illustrated in the chapter, record the adjusting entry for supplies at December 31 of the current year, assuming that the shipping supplies purchased during the current year were debited in full to the account Shipping Supplies.
c. What amount should be reported on the current year’s income statement for Insurance Expense? For Shipping Supplies Expense?
d. What amount should be reported on the current year’s balance sheet for Prepaid Insurance? For Shipping Supplies?
Answer:
Aubrae Company
Adjusting Journal Entries:
a. Insurance:
Debit Insurance expense $570
Credit Prepaid Insurance $570
To record insurance expense for 3 months.
b. Shipping supplies:
Debit Shipping supplies expense $68,000
Credit Shipping supplies $68,000
To record shipping supplies expense for the year.
Explanation:
a) Data and Analysis of Adjusting Entries:
a. Insurance expense $570 Prepaid Insurance $570
($4,560/24 * 3)
b. Shipping supplies expense $68,000 Shipping supplies $68,000
Insurance Expense:
Prepaid insurance = $4,560 for 24 months
Each month equals $190
Expense for October to December = $570 ($190 * 3)
Shipping expense:
Shipping on hand, January I of the current year $13,000
Purchases of shipping supplies during the current year 75,000
Shipping hand, December 31 of the current year (20,000)
Shipping supplies used during the current year = $68,000