Answer:
It is the ability to care for plants.
Explanation:
Consider the subschema of a receiving clerk. The receiving clerk needs sufficient rights in her logical view to perform her duties but not be given rights that she does not need. Within her duties, she validates that items being received were ordered from a supplier before she accepts shipments from that supplier. To do so she must be able to see purchases from each supplier. Determine which rights (Create, Read, Update, and Delete) the receiving clerk should have for data corresponding to sales, cash receipts, purchases, and suppliers.
Answer:
In this project question we have to consider sub schema of a receiving clerk. As per the information provided in the case study the receiving clerk needs sufficient rights in her logical view to perform her duties but not given rights that she does not need. On the basis of the information given in the question right to create the receiving clerk should have for data corresponding to sales cash receipts, purchase, and suppliers. In this project question receiving clerk is using her right to create so we can say for the validation for the items received the clerk is using this right. Right to create is important as per the laws of business. Complete information should be presented by both the parties for the successful completion of the order. In this question this right is using by the receiving clerk.
At the beginning of the period, the Cutting Department budgeted direct labor of $139,000, direct materials of $152,000 and fixed factory overhead of $13,000 for 7,700 hours of production. The department actually completed 11,700 hours of production. What is the appropriate total budget for the department, assuming it uses flexible budgeting
Answer:
$461,920
Explanation:
The computation of the appropriate total budget for the department is shown below:-
Total cost = Direct labor + Direct material + Fixed Factory overhead
= $139,000 + $152,000 + $13,000
= $304,000
the cost of 1 hr of production = $304,000 ÷ 7,700
= $39.48
Therefore in order to extend it to 11,700 we need 4,000 more hrs of production = 4,000 × $39.48
= $157,920
Total budget for the department = $304,000 + $157,920
= $461,920
Bacrometer, Inc., makes part no. 566 on one of its production lines. Each month Bacrometer makes 6,000 of part no. 566 at a variable cost of $4 per part. Bacrometer has been provided a bid for part no. 566 from another manufacturer that will make the part for $5 per part. Bacrometer knows the production line could be rented to another manufacturer for $8,000 per month. Fixed costs associated with the production line will remain unchanged regardless of the company's decision.
a. Compute the incremental cost to make with the incremental cost to buy. Remember the incremental cost to make includes the opportunity cost of the foregone rent revenue.b. Should Bacrometer continue to make part no. 566?
Answer:
A. Incremental cost to make $32,000
Incremental cost to buy $30,000
B. Bacrometer should NOT continue to make part no. 566
Explanation:
a. Computation for the incremental cost to make with the incremental cost to buy.
Calculation for Incremental cost to make
Using this formula
Incremental cost to make = Opportunity cost + Variable cost of making
Let plug in the formula
Incremental cost to make= $8,000 + (6,000 x $4)
Incremental cost to make=$8,000+$24,000
Incremental cost to make = $32,000
Therefore Incremental cost to make is $32,000
Calculation for Incremental cost to buy using this formula
Incremental cost to buy = Purchase price per unit x Number of units purchased
Let plug in the formula
Incremental cost to buy= $5 x 6,000
Incremental cost to buy= $30,000
Therefore Incremental cost to buy is $30,000
b. Based on the above calculation Bacrometer should NOT continue to make part no. 566 reason been that the incremental cost to make which has the amount of $32,000 is higher than the incremental cost to buy which has the amount of $30,000.
What Limo servie do you use in Los Angeles for Prom Night?
Answer:
uhhhh one with good reviews lol
Explanation:
Answer:
HI
Explanation:
The modern business environment has been shaped by political and economic events. Rapid growth and change in many areas have been typical in the past two or three decades. In the midst of growth and change, some trends have emerged as the drivers of change. Political and economic trends have different dynamics.
The international business manager needs a clear vision and understanding of world events and the markets and countries in which he or she operates. Putting current events into the historical context provides the manager with the ability to distinguish anomalies from trend events. The same vision and understanding offer the manager insights into timing and opportunity.
The transformation of the political economy of the world's nations has been driven by a wave of democratic revolutions and the strong move toward a more free market economic model. International business managers must assess the attractiveness of specific locations. Countries with democratic regimes, market-based economic policies, and strong protection of property rights are more likely to attain a high and sustained growth rate. These countries are attractive locations for international business.
Identify whether the trend is primarily political or economic in nature.
a. Spread of market based systems
b. New world order
c. Privatization
d. Deregulation
e. Spread of democracy
Answer:
.
Explanation:
e. Spread of democracy and b. New world order are examples of political trends. as they deal with political system and also the political star of the economy
while,
a. Spread of market based systems
c. Privatization
d. Deregulation are all economic trends as they deal with resource allocation s
The following transactions occurred during March 2018 for the Wainwright Corporation.
The company owns and operates a wholesale warehouse. Issued 45,000 shares of common stock in exchange for $450,000 in cash.
Purchased equipment at a cost of $55,000. $17,500 cash was paid and a notes payable to the seller was signed for the balance owed.
Purchased inventory on account at a cost of $108,000. The company uses the perpetual inventory system.
Credit sales for the month totaled $195,000. The cost of the goods sold was $85,000.
Paid $6,500 in rent on the warehouse building for the month of March.
Paid $7,500 to an insurance company for fire and liability insurance for a one-year period beginning April 1, 2021.
Paid $85,000 on account for the merchandise purchased in 3.
Collected $70,000 from customers on account.
Recorded depreciation expense of $2,500 for the month on the equipment.
Prepare journal entries to record each of the transactions listed above.
Answer and Explanation:
The Journal entries are shown below:-
1. Cash Dr, $450,000
To common stock $450,000
(Being issuance of common stock is recorded)
2. Equipment Dr, $55,000
To cash $17,500
To notes payable $37,500
(Being equipment purchased is recorded)
3. Merchandise inventory Dr, $108,000
To accounts payable $108,000
(Being inventory is purchased on the account is recorded)
4. Accounts receivable Dr, $195,000
To sales revenue $195,000
(Being credit sales is recorded)
5. Cost of goods sold Dr, $85,000
To Merchandise inventory $85,000
(Being cost of goods sold is recorded)
6. Rent expense Dr, $6,500
To cash $6,500
(Being cash paid is recorded)
7. Prepaid insurance Dr, $7,500
To cash $7,500
(Being cash paid is recorded)
8. Accounts payable Dr, $85,000
To cash $85,000
(Being cash paid is recorded)
9. Cash Dr, $70,000
To accounts receivable $70,000
(Being cash paid is recorded)
10. Depreciation expense Dr, $2,500
To accumulated depreciation- equipment $2,500
(Being depreciation expense is recorded)
In the current year, Nighthawk Corporation, a calendar year C corporation, has $5,080,000 of adjusted taxable income and $152,400 of business interest income. Nighthawk has no floor plan financing interest. The business interest expense for the year is $2,032,000. a. Assume that Nighthawk has average gross receipts for the prior three-year period of $35,200,000. Determine Nighthawk's current-year deduction for business interest. $______ b. Assume that Nighthawk has average gross receipts for the prior three-year period of $19,500,000. Determine Nighthawk's current-year deduction for business interest. $______
Answer:
$1,676,400 $2,032,000.Explanation:
1. Nighthawk deduction for business interest assuming prior three-year period of $35,200,000 average gross receipts
As per the Tax Cuts Act of 2017, Nighthawk can deduct its Business interest income and up to 30% of its taxable income.
= 152,400 + (5,080,000 * 30%)
= $1,676,400
2. Assuming that Nighthawk has average gross receipts for the prior three-year period of $19,500,000, this would put them below the $25 million mark from the Act which means the deduction would be the entire business interest expense of $2,032,000.
4. What is a power machine's "throw"?
OA. The direct line out from the tool.
OB. The machine's horsepower.
OC. The speed of the machine's moving parts.
OD. The material the machine operates on.
Answer:
The machines horsepower
Explanation:
Throwing would simulating moving yes? yes. House power is the amount of horses it would take to pull that car for example 250HP engine would mean it would take 250 horses to pull at that power that engine can pull.
Urban Window Company had gross wages of $309,000 during the week ended July 15. The amount of wages subject to social security tax was $278,100, while the amount of wages subject to federal and state unemployment taxes was $39,000. Tax rates are as follows:
Social security 6.0%
Medicare 1.5%
State unemployment 5.4%
Federal unemployment 0.6%
The total amount withheld from employee wages for federal taxes was $61,800.
Required:
a. Journalize the entry to record the payroll for the week of July 15.
b. Journalize the entry to record the payroll tax expense incurred for the week of July 15.
Answer:
a. Debit Wages expense for $309,000; Credit Social Security tax payable ($278,100 * 6%) for $16,686; Credit Medicare tax payable ($278,100 * 1.5%) for $4,172; Credit Employees federal Income tax payable for $61,800; and Credit Wages payable for $226,343.
b. Debit Payroll tax expense for $23,198; Credit Social Security tax payable ($278,100 * 6%) for $16,686; Credit Medicare tax payable ($278,100 * 1.5%) for $4,172; Credit State Unemployment tax payable ($39,000 * 5.4%) for $2,106; and Credit Federal Unemployment tax payable ($39,000 * 0.6%) for $234.
Explanation:
a. Journalize the entry to record the payroll for the week of July 15.
Note: See the the part a of the attached excel file for the journal entries.
In the attached excel file, we have:
Wages payable = Wages expense - Social Security tax payable - Medicare tax payable - Employees federal Income tax payable = $309,000 - $16,686 - $4,172 - $61,800 = $226,343
b. Journalize the entry to record the payroll tax expense incurred for the week of July 15
Note: See the the part b of the attached excel file for the journal entries.
In the attached excel file, we have:
Payroll tax expense = Social Security tax payable + Medicare tax payable + State Unemployment tax payable + Federal Unemployment tax payable = $16,686 + $4,172 + $2,106 + $234 = $23,198
In what ways do goals and objectives help managers control various processes within an organization? How do specific and measurable goals affect employees and promote organizational performance? Provide an example from your own experience of when a specific goal or objective provided beneficial control over a process. Explain what the beneficial control was and how did it positively impact organizational performance.
Textbook: Principles of Management-v.1.1
Answer:
In what ways do goals and objectives help managers control various processes within an organization?
Goals establish the basis of the corporate strategy. Without clear goals, managers cannot devise and implement a corporate strategy, and without a corporate strategy, the firm does not have a clear path of action.
As we can see, goals are very important for an organization because they determine what the company should achieve, and what actions and policies the company should implement in order to achieve it.
How do specific and measurable goals affect employees and promote organizational performance?
Employees become motivated because they can actually see what their performance is like, and how it can be improved upon in case its not meeting the organizational performance standards.
However, managers should be careful when setting these measurable goals, and should also be flexible: if an employee does not meet these goals in his first attempt, they should try to understand why, and work with the employee so that he or she can improve their performance.
Specific and measurable goals and objectives can allow managers to make more practical decisions and better control over employees to achieve goals. Practical decisions mean that the goals are realistic, and the goals are time-based and measurable.
Furthermore, goals and objectives can offer a form of control as they provide communication opportunities about how effectively or poorly the company is executing its plans.
Finally, managers can emphasize positive practices in the organization to employees because they understand what to do, what must be achieved, and when to achieve it.
To illustrate how a specific goal or objective provides useful control over a process, I will explain through my experience as a tour guide. Our goal can be as simple as making the trip enjoyable. So I have to set a specific and observable objective for my members in terms of goal sections. I gave them a checklist to make sure that they had taken everything in their package, such as license, visa, local currency, and that they had to do it by the time they left the house and arrived at the gathering point on time.
As a result, my members know what to do, and we do not have to waste time because something is missing. As I said, I explained the goals for each move to ensure that everything was under control. If I had not arranged a meeting time and place, they would not be sure when or where they can come.
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https://brainly.com/question/16195887
Lisa is a sales manager at a clothing retail store. She has hired you, a recent graduate with a marketing degree with an emphasis on marketing information systems. She wants you to analyze big data that the company has gathered on its customers to come up with Ideal Customer Profiles so that the firm can make marketing Investment decisions to attract such customers. Lisa explains that an ideal customer profile is a description of the demographics, psychographies, and behavior of the customers who are most likely to purchase their firm's product. In order to identify the ideal Customers, you must determine the Customer Acquisition Costs, Lifetime Value, Payback Periods, and Customer Retention. You are familiar with these concepts because you learned about them in your marketing classes.You are now ready to calculate the Customer Lifetime Value, which Lisa wants calculated as a forecast of the net profit related to the whole purchase future associated with a customer. It equals the monthly sales to a certain customer, multiplied by the gross profit percentage, multiplied by the number of lifetime months a customer is expected to purchase from a certain store. Using company data, you have determined that the gross profit percentage is 25 percent, or 0.25. The monthly sales to an average customer would be $150 for the first group and $210 for the second group.A. Monthly Sales to a CustomerB. Gross Profit Percentage C. Number of Lifetime Months D. Customer Lifetime Value Over a 240-month period, what is the Customer Lifetime Value for the first group? a. $11,000 b. $9,000 c. $10,000 d. $12,000
Answer: b. $9,000
Explanation:
The following details are given;
Monthly sales to customer from first group = $150
Gross Profit percentage = 25%
Number of lifetime months = 240 months
Customer Lifetime value for the first group = 150 * 240 * 25%
= $9,000
Shen is skilled at making both necklaces and earrings. Shen has no preference between making necklaces or earrings since he earns the same amount from the two activities. If the selling price of earrings decreases from $20 to $10, then Shen's opportunity cost of making necklaces____________ and making necklaces is now__________ profitable than making earrings.
Suppose that the necklaces market consists of several suppliers like Shen who are skilled at making both necklaces and earrings. Which of the following is likely to happen to the supply curve of necklaces when the price of a earrings decreases?
a. It shifts to the left
b. It shifts to the right
c. It does not change
Answer:
decrease and more and shift to the right side
Explanation:
If the selling price of bracelets decreases and all suppliers of earring and bracelets are like ShenShen's opportunity cost of making necklaces decrease and making necklaces is now more profitable than making earringsIf all suppliers decide to make more earrings, then the total supply increases, which appears to shift to the right side of the supply curve (in the demand and supply graph) (the quantity supplied is greater for each price).Aubrey Inc. issued $4,000,000 of 10%, 10-year convertible bonds on June 1, 2020, at 98 plus accrued interest. The bonds were dated April 1, 2020, with interest payable April 1 and October 1. Bond discount is amortized semiannually on a straight-line basis. On April 1, 2021, $1,500,000 of these bonds were converted into 30,000 shares of $20 par value common stock. Accrued interest was paid in cash at the time of conversion. Instructions a. Prepare the entry to record the interest expense at October 1, 2020. Assume that accrued interest payable was credited when the bonds were issued. (Round to nearest dollar.) b. Prepare the entry(ies) to record the conversion on April 1, 2021. (Book value method is used.) Assume that the entry to record amortization of the bond discount and interest payment has been made.
Answer:
i will first record the issuance of the bonds:
June 1, 2020, bonds issued at a discount + accrued interests
Dr Cash 3,986,667
Dr Discount on bonds payable 78,667
Dr Interest expense 1,333
Cr Bonds payable 4,000,000
Cr Interest payable 66,667
Accrued interests = $4,000,000 x 10% x 2/12 = $66,667
bond discount = $4,000,000 x 2% = $80,000
amortization per coupon payment = $80,000 / 20 = $4,000
allocated amortization to this issuance = $4,000 x 2/6 = $1,333
a) October 1, 2020, first coupon payment
Dr Interest expense 130,666
Dr Interest payable 66,667
Cr Cash 200,000
Cr Discount on bonds payable 2,667
b) I will first record the second coupon payment
Dr Interest expense 204,000
Cr Cash 200,000
Cr Discount on bonds payable 4,000
the carrying value of the bonds = $3,928,000, which represents 98.2% of face value
$1,500,000 x 98.2% = $1,473,000
discount on bonds payable = $1,500,000 - $1,473,000 = $27,000
April 1, 2021, $1,500,000 converted into 30,000 stocks
Dr Bonds payable 1,500,000
Cr Common stock 600,000
Cr Additional paid in capital 873,000
Cr Discount on bonds payable 27,000
The Devon Motor Company produces automobiles. On April 1st the company had no beginning inventories and it purchased 7,390 batteries at a cost of $145 per battery. It withdrew 6,800 batteries from the storeroom during the month. Of these, 100 were used to replace batteries in cars being used by the company’s traveling sales staff. The remaining 6,700 batteries withdrawn from the storeroom were placed in cars being produced by the company. Of the cars in production during April, 90 percent were completed and transferred from work in process to finished goods. Of the cars completed during the month, 30 percent were unsold at April 30th.
1. Determine the cost of batteries that would appear in eachof the following accounts at April 30.
a. raw materials
b. work in process
c. finished goods
d. cost of goods sold
e. selling expanse
2. Specify whether each of the above accounts would appear onthe balance sheet or on the income statement at April 30.
Answer:
1. a. Raw Materials
Materials left in storeroom
= (7,390 - 6,800) * $145
= $85,550
b. Work in Process
90% were completed so 10% was left. 100 batteries were removed from the 6,800 batteries.
= 10% * (6,700 * 145)
= $97,150
c. Finished goods
Unsold goods are 30%.
= 6,700 * 90% * 30% * 145
= $262,305
d. Cost of goods sold
Sold goods were therefore 70%
= 6,700 * 90% * 70% * 145
= $612,045
e. Selling expense
= 100 batteries used in sales staff cars * 145
= $14,500
2.
Raw materials - Balance Sheet Work in process - Balance Sheet Finished goods - Balance Sheet Cost of goods sold - Income statementSelling expanse - Income statementCrawford corporation incurred the following transactions.
1. Purchased raw materials on account of $54,900.
2. Raw Materials of $42,500 were requisitioned to the factory, An analysis of the materials requisition slips indicated that $8,400 was classified as an individual.
3. labor costs incurred were $67,100, of which $50,800 pertained to factory wages payable and $16,300 pertained to employer payroll taxes.
4. Time tickets indicated that $54,300 was direct labor and $12,800 was indirect labor.
5. Manufacturing overhead costs incurred on account were $84,300.
6. Depreciation on the company's office building was $8,600.
7, Manufacturing overhead was applied at the rate of 150% of direct labor cost.
8. Goods costing $90,400 were completed and transferred to finished goods.
9. Finished goods costing $82,300 to manufacture were sold on account for $112,700.
Journalize the transactions. (credit account titles are automatically indented when the amount is entered. Do not indent manually.)
Answer: See explanation and attachment
Explanation:
The journal entry for the transactions incurred by Crawford corporation has been attached.
It should be noted that in (7):
Work In Process Inventory:
= 54300 × 150%
= 54300 × 1.5
= 81450
Check the attachment
During the year, Belyk Paving Co. had sales of $2,275,000. Cost of goods sold, administrative and selling expenses, and depreciation expense were $1,285,000, $535,000, and $420,000, respectively. In addition, the company had an interest expense of $245,000 and a tax rate of 21 percent. (Ignore any tax loss carryforward provision and assume interest expense is fully deductible.)
a. What is the company’s net income?
b. What is its operating cash flow?
c. Explain your results in parts (a) and (b)
Answer:
a. -$210,000
b. $455,000
Explanation:
a. Company's net income
Sales. 2,275,000
Less:
Cost of goods sold
1,285,000
Administrative and selling expenses
535,000
Depreciation expense
420,000
EBIT
35,000
Less interest
245,000
Taxable income
-$210,000
Taxes 21%
Nil
Net income
-$210,000
b. The operating cash flow for the year
OCF = EBIT + depreciation - taxes
OCF = 35,000 + 420,000 - 0
OCF = $455,000
c. Net income was negative due to the deductibility of interest expense and depreciation.
The actual operating cash flow was positive due to the fact that depreciation is a non cash expense, and also interest is a financing and not an operating expense.
Variable manufacturing costs are $150 per unit and fixed manufacturing costs are $75,000. Sales are estimated to be 6,000 units. How much would absorption costing income from operations differ between a plan to produce 6,000 units and a plan to produce 7,500 units?
Answer:
If 7,500 units are produced, income will increase by $2.5 per unit
Explanation:
Giving the following information:
Variable manufacturing costs are $150 per unit and fixed manufacturing costs are $75,000.
We need to determine the difference in income if 7,500 units are produced instead of 6,000.
The absorption costing method includes all costs related to production, both fixed and variable. The unit product cost is calculated using direct material, direct labor, and total unitary manufacturing overhead.
The difference is in the unitary fixed manufacturing overhead.
For 6,000 units:
unitary fixed manufacturing overhead= 75,000/6,000= $12.5
For 7,500 units:
unitary fixed manufacturing overhead= 75,000/7,500= $10
If 7,500 units are produced, income will increase by $2.5 per unit
how does a strong economy affect the demand for goods and services
Answer:
yes true ik it is i got it wrong when i said false
Answer:
A strong economy can impact the goods and services because:
More people will work, and they will buy things for themselves & their families.
This is how a strong economy can impact goods and services.
Hope this helps!
The Moto Hotel opened for business on May 1, 2017. Here is its trial balance before adjustment on May 31.
MOTO HOTEL Trial Balance May 31, 2017
Debit Credit
Cash $2,523
Supplies 2,600
Prepaid Insurance 1,800
Land 15,023
Buildings 67,600
Equipment 16,800
Accounts Payable $4,723
Unearned Rent Revenue 3,300
Mortgage Payable 33,600
Common Stock 60,023
Rent Revenue 9,000
Salaries and Wages Expense 3,000
Utilities Expense 800
Advertising Expense 500
$110,646 $110,646
Other data:
1. Insurance expires at the rate of $450 per month.
2. A count of supplies shows $1,140 of unused supplies on May 31.
3. (a) Annual depreciation is $2,880 on the building.
(b) Annual depreciation is $2,280 on equipment.
4. The mortgage interest rate is 6%. (The mortgage was taken out on May 1.)
5. Unearned rent of $2,510 has been earned.
6. Salaries of $880 are accrued and unpaid at May 31.
Required:
Journalize the adjusting entries on May 31.
Answer:
1. Insurance expires at the rate of $450 per month.
Dr Insurance expense 450
Cr Prepaid insurance 450
2. A count of supplies shows $1,140 of unused supplies on May 31.
Dr Supplies expense 1,460
Cr Supplies 1,460
3. (a) Annual depreciation is $2,880 on the building.
Dr Depreciation expense 240
Cr Accumulated depreciation, building 240
(b) Annual depreciation is $2,280 on equipment.
Dr Depreciation expense 240
Cr Accumulated depreciation, equipment 190
4. The mortgage interest rate is 6%. (The mortgage was taken out on May 1.)
Dr Interest expense 168
Cr Interest payable 168
5. Unearned rent of $2,510 has been earned.
Dr unearned revenue 2,510
Cr Rent revenue 2,510
6. Salaries of $880 are accrued and unpaid at May 31.
Dr Wages expense 880
Cr Wages payable 880
For each item below, indicate whether a debit or credit applies.
1. Decrease in Notes Payable
2. Increase in Dividends
3. Increase in Common Stock
4. Increase in Unearned Rent Revenue
5. Decrease in Interest Payable
6. Increase in Prepaid Insurance
7. Decrease in Salaries and Wages Expense
8. Decrease in Supplies
9. Increase in Revenues
10. Decrease in Accounts Receivable
Answer:
1. Debit
2. Debit
3. Credit
4. Credit
5. Debit
6. Debit
7. Credit
8. Credit
9. Credit
10. Credit
Explanation:
In Financial accounting, debit refers to an entry made which would either increase an expense or asset account; therefore, decreasing an equity or liability account.
Credit refers to an entry made which would either increase an equity or liability account; therefore, decreasing an expense or asset account.
Generally, debit is an accounting entry which is made to the left of an account while credit is an accounting entry which is made to the right of an account. The standard rule is that, when a credit decreases an account, the opposite account should be increased with a debit.
1. Decrease in Notes Payable: Debit
2. Increase in Dividends: Debit.
3. Increase in Common Stock: Credit
4. Increase in Unearned Rent Revenue: Credit
5. Decrease in Interest Payable: Debit
6. Increase in Prepaid Insurance: Debit
7. Decrease in Salaries and Wages Expense: Credit
8. Decrease in Supplies: Credit
9. Increase in Revenues: Credit
10. Decrease in Accounts Receivable: Credit
Let’s say there is an investment product whose Annual Percentage Rate (APR) is 8%. If this investment product compounds quarterly (that is, four times a year), what will be the Effective Annual Interest Rate (EAR)?
Answer:
Effective annual interest rate= 8.24%
Explanation:
Giving the following information:
Interest rate= 8% compounded quarterly
First, we need to calculate the nominal quarterly interest rate:
i= 0.08/4= 0.02
Now, the effective annual interest rate:
effective annual interest rate= (1+i)^n - 1
effective annual interest rate= 1.02^4 - 1
effective annual interest rate= 0.824 = 8.24%
Adjusting Entries Journalize the adjusting entry needed at December 31 for each situation. Record debits first, then credits. Check your spelling carefully and do not abbreviate. Use account names exactly as given in the Chart of Accounts. Accrued Salaries Expense of $2,300. Accrued Salaries Expense of $2,300. Date Accounts Debit Credit Dec. 31 correct correct correct correct correct correct correct Depreciation in the amount of $200 was recorded on the furniture. Depreciation in the amount of $200 was recorded on the furniture. Date Accounts Debit Credit Dec. 31 correct incorrect correct correct correct correct correct Prepaid Insurance for the month expired. Remember, a four month insurance policy of $1,800 was paid for on December 1. Prepaid Insurance for the month expired. Remember, a four month insurance policy of $1,800 was paid for on December 1. Date Accounts Debit Credit Dec. 31 correct correct correct correct correct correct correct Office Supplies used during the month, $80.
Answer:
Date Accounts Titles Debit Credit
Dec-31 Salaries expense $2,300
Salaries payable $2,300
Dec-31 Depreciation expense $200
(Furniture )
Accumulated depreciation $200
(Furniture)
Dec-31 Insurance expense $450
Prepaid Insurance $450
Dec-31 Supplies expense $80
Supplies $80
When the government decides to cut military spending, it is implementing a(n) _____ policy.
Answer:
When the government decides to cut military spending, it is implementing a(n) _fiscal____ policy.
Explanation:
The US Government usually influences the nation's economy by monitoring its spending levels and dishing out the tax rates. This means used to control the economy is known as fiscal policy. So when it cuts military spending, it is implementing a fiscal policy. Fiscal policy is used together with monetary policy by the Federal Reserve to ensure that the economy heads toward the intended direction that the government wants to achieve.
At the beginning of the year, accounts receivable were $146,000 and the allowance for bad debts was $11,700. During the year, sales (all on account) were $602,000, cash collections were $582,000, bad debts expense totaled $14,800, and $12,200 of accounts receivable were written off as bad debts.
Required:
Calculate the balances at the end of the year for the Accounts Receivable and Allowance for Bad Debts accounts. (Hint: Use T-accounts to analyze each of these accounts, plug in the amounts that you know, and solve for the ending balances.)
Ending balance
Accounts Receivable
Allowance for Bad Debts
Answer:
Ending balance Accounts Receivable $153,800 Ending balance Allowance for Bad Debts $14,300
Net Accounts Receivable at end of year $139,500
Explanation:
Calculation for the balances at the end of the year for both Accounts Receivable and Allowance for Bad Debts accounts
T ACCOUNT
ACCOUNT RECEIVABLE
DEBIT SIDE
Beginning balance $146,000
Sales on account $602,000
Total $748,000
Ending balance $153,800
($748,000-$594,200)
CREDIT SIDE
Cash collections $582,000
Bad Debts written off $12,200
Total $594,200
T ACCOUNT
ALLOWANCE FOR BAD DEBT
DEBIT SIDE
Bad Debts written off $12,200
Total $12,200
CREDIT SIDE
Beginning balance $11,700
Bad debts expense $14,800
Total $26,500
Ending balance $14,300
($26,500-$12,200)
Calculation for Net Accounts Receivable at end of year:
Net Accounts Receivable at end of year = ($153,800-$14,300)
Net Accounts Receivable at end of year=$139,500
Therefore the Ending balance for Accounts Receivable is $153,800 and Allowance for Bad Debts is $14,300 while the Net Accounts Receivable at end of year is $139,500
Manufacturers Southern leased high-tech electronic equipment from Edison Leasing on January 1, 2021. Edison purchased the equipment from International Machines at a cost of $168,120. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Related Information: Lease term 2 years (8 quarterly periods) Quarterly rental payments $22,500 at the beginning of each period Economic life of asset 2 years Fair value of asset $168,120 Implicit interest rate 8% (Also lessee’s incremental borrowing rate)
Required:
Prepare a lease amortization schedule and appropriate entries for Manufacturers Southern from the beginning of the lease through January 1, 2022. Amortization of the right-of-use asset is recorded at the end of each fiscal year (December 31) on a straight-line basis.
Please see attachment for full question
Answer and Explanation:
See attachment for amortization schedule prepared with explanation
D'Anconia Copper is an all-equity firm with 60 million shares outstanding, which are currently trading at $20 per share. Last month, d'Anconia announced that it will change its capital structure by issuing $300 million in debt. The $200 million raised by this issue, plus another $200 million in cash that d'Anconia already has, will be used to repurchase existing shares of stock. Assume that capital markets are perfect.
1. At the conclusion of this transaction, what will be the value of a share of Anconia Copper will be closest to:
a. $18.33
b. $20.00
c. $25.00
d. $27.50
2. Suppose you are a shareholder in d'Anconia Copper holding 300 shares, and you disagree with the decision to lever the firm. You can undo the effect of this decision by:
a. borrowing $2,000 and buying 100 shares of stock.
b. selling 100 shares of stock and lending $2,000.
c. borrowing $1,200 and buying 60 shares of stock.
d. selling 60 shares of stock and lending $1,200
Answer:
20m
Explanation:
To calculate the number of outstanding shares we need to calculate market capitalization value first. After calculating market capitalization value we are going to divide the difference in market capitalization value by share price.
DATA
share price = $20
Debt involved = 200m
Cash = 200m
Solution
Number of outstanding shares (after the transaction of shares repurchase) = Difference in market capitalization / Per share price.
Number of outstanding shares = (1200m - 800m) / 20
Number of outstanding shares = 400m / 20
Number of outstanding shares = 20m
Working
Market capitalization (after the repurchase of existing shares) = Shareholders' funds - Debt involved - Cash.
Market capitalization = (60m * 20) - 200m- 200m.
Market capitalization = 1200m - 200m - 200m
Market capitalization = $800m.
You are interviewing for an entry-level financial analyst position with Wayne Industries. Bruce Wayne, the senior partner, wants to be sure all the people he hires are very familiar with basic accounting principles. He gives you the following data and asks you to fill in the missing information. Each column is an independent case. Month and day reference are for the current year.
Case A Case B
Revenues 200,000
Expenses 70,000
Net Income
Retained Earnings, Jan 1 300,000 100,000
Dividends Paid 70,000 30,000
Retained Earnings, Dec 31 270,000
Current Assets, Dec 31 80,000
Non-current Assets, Dec 31 180,000
Total Assets, Dec 31 410,000
Current Liabilities, Dec 31
Total Liabilities, Dec 31 140,000
Total Stockholder's Equity, Dec 31 210,000
Answer:
Case A Case B
Revenues 200,000 $110,000
Expenses $160,000 70,000
Net Income $40,000 $40,000
Retained Earnings, Jan 1 300,000 100,000
Dividends Paid 70,000 30,000
Retained Earnings, Dec 31 270,000 $110,000
Current Assets, Dec 31 80,000 $230,000
Non-current Assets, Dec 31 $710,000 180,000
Total Assets, Dec 31 $930,000 410,000
Current Liabilities, Dec 31 40,000 60,000
Noncurrent liabilities $100,000 $140,000
Total Liabilities, Dec 31 140,000 $200,000
CS and APIC 520,000 100,000
Total Stockholder's Equity, Dec 31 $790,000 210,000
case a:
retained earnings = previous balance + net income - dividends
net income = $270,000 - $300,000 + $70,000 = $40,000
expenses = revenue - net income = $200,000 - $40,000 = $160,000
total stockholders' equity = CS + APIC + retained earnings = $520,000 + $270,000 = $790,000
total assets = total equity + total liabilities = $790,000 + $140,000 = $930,000
noncurrent liabilities = total liabilities - current liabilities = $140,000 - $40,000 = $100,000
noncurrent assets = total assets - current assets = $790,000 - $80,000 = $710,000
case b:
retained earnings = total equity - CS and APIC = $210,000 - $100,000 = $110,000
net income = $110,000 - $100,000 + $30,000 = $40,000
revenue = net income + expenses = $40,000 + $70,000 = $110,000
current assets = total assets - noncurrent assets = $410,000 - $180,000 = $230,000
total liabilities = total assets - equity = $410,000 - $210,000 = $200,000
noncurrent liabilities = total liabilities - current liabilities = $200,000 - $60,000 = $140,000
An Introduction to Cost Terms and Purposes Cost of goods manufactured, income statement, manufacturing company Consider the following account balances (in thousands) for the Carolina Corporation:
Carolina Corporation
Beginning of 2017 End of 2017
Direct materials inventory 124,000 73,000
Work-in-process inventory 173,000 145,000
Finished-goods inventory 240,000 206,000
Purchases of direct materials 262,000
Direct manufacturing labor 217,000
Indirect manufacturing labor 97,000
Plant insurance 9,000
Depreciation-plant, building, and equipment 45,000
Plant utilities 26,000
Repairs and maintenance-plant 12,000
Equipment leasing costs 65,000
Marketing, distribution, and customer-service costs 125,000
General and administrative costs 71,000
Required:
1. Prepare a schedule for the cost of goods manufactured for 2017.
2. Revenues for 2017 were 1300000 .Prepare an income statement for 2017.
Answer:
1. Cost of goods manufactured for for 2017 is $812,000
2. Net income for 2017 is $258,000
Explanation:
Please find attached cost of goods manufactured schedule for 2017 and income statement statement for 2017.
The final value for cost of goods manufactured is $812,000 , while the net income is $258,000.
Scenario D. Jimena works for a small company that makes nut butters from ingredients like cashews and macadamia nuts, and jams from mixtures of tropical fruits. She reports to the CFO. It is her job to predict the costs of raw materials for the next five years. She uses various research sources, including the news, to learn who the competitors are and what they have been doing. In fact, she subscribes to an analyst e-newsletter that tells her about crop availability and weather conditions all around the globe. Every month she develops a spreadsheet for her boss indicating the likely costs of fruits and nuts given the type of weather conditions expected in each area of the world and thus the availability of particular crops. She is also involved in a team that is investigating how to cut production costs. They have recently met with Spicy Sides, a company that produces jars of condiments. Spicy Sides is considered the top company in the condiment industry, especially in its knowledge of how to pack food products in jars. Jimena's team is comparing their processes to those of Spicy Sides to see how they might improve.The information Jimena is using to compete in a better way is calledA. mission statement.B. organizational database.C. knowledge document.D. best-case scenario.E. competitive intelligence.
Answer:
D. best-case scenario.
Explanation:
This is true because, there are two scenarios involved in the production- Jimenas' company's production method and Spicy Sides company's method. She is trying to compare the two production methods and comes up with the best case scenario that leads to low cost of production.
Auto Parts, Inc. is medium-sized company that manufactures auto parts in Buffalo, New York. The company currently loses $40,000 per month. The owner of the company is evaluating whether she should shut down the factory. She thinks that the factory should continue to operate until the economic environment improves and buyer for the factory can be identified. The logic of the owner is that her company has already invested millions of dollars in the factory over the years. The monthly fixed costs for the factory are $30,000. The CEO of Auto Parts, Inc. thinks the factory should be shut down because most the monthly fixed costs ($30,000/month) are sunk costs.
Do you agree with the owner or the CEO?
Answer:
I agree with the owner of the company
Explanation:
The overall losses are $40,000 per month and the fixed costs are $30,000 per month.
The company should stop production because the losses are over fixed cost and this tells us that the company is not even able to recover the variable costs and because the variable costs are not at least recovered, there would be no point for the company to continue in the business as it would keep on making a loss and the logic might be wrong regarding sunk costs but the decision must be taken in favour where production should be stopped.