Waterways is thinking of mass-producing one of its special-order sprinklers. To do so would increase variable costs for all sprinklers by an average of $0.70 per unit. The company also estimates that this change could increase the overall number of sprinklers sold by 10%, and the average sales price would increase $0.20 per unit. Waterways currently sells 490,000 sprinkler units at an average selling price of $28.60. The manufacturing costs are $7,866,260 variable and $2,011,486 fixed. Selling and administrative costs are $2,644,240 variable and $809,370 fixed. If the average sales price per sprinkler unit did not increase when the company began mass-producing the special-order sprinkler, what would be the effect on the company
Answer:
Effect on income= $26,950 decrease
Explanation:
Giving the following information:
Increase in unitary production costs= $0.7
Increase in units sold= 49,000
Variable selling and administrative costs= $2,644,240
Variable manufacturing costs= $7,866,260
First, we need to calculate the unitary variable manufacturing costs and unitary variable selling and administrative costs:
Unitary variable manufacturing costs= 7,866,260/490,000= $16.05 + 0.7= $16.75
Unitary variable selling and administrative costs= 2,644,240/490,000= $5.40
Now, to determine the effect on income, we need to use the following formula:
Effect on income= Increase in contribution margin new sales - decrease in contribution margin old sales
Effect on income= 49,000*(28.6 - 16.75 - 5.4) - 490,000*0.7
Effect on income= 316,050 - 343,000
Effect on income= $26,950 decrease
If chocolate bars have a price elasticity of 1.8, then we can infer the chocolate bar Multiple Choice has a narrowly defined market and sellers should lower price to increase revenue. is a luxury good and sellers should raise price to increase revenue. few substitutes and sellers should raise price to increase revenue from sales. has many substitutes and sellers should raise price to increase revenue from sales.
If chocolate bars have a price elasticity of 1.8, then we can infer the chocolate bar as many substitutes and sellers should lower price to increase revenue from sales.
What is the price elasticity of demand?Price elasticity of demand measures the responsiveness of quantity demanded to changes in price of the good.
If the absolute value of the price elasticity of demand is greater than 1, it means that demand is elastic. If demand is elastic, it means that quantity demanded is sensitive to price changes.
If a good has many substitutes, has a widely defined market and is not a luxury good, the good would have an elastic demand.
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Selzik Company makes super-premium cake mixes that go through two processing departments—Blending and Packaging. The following activity was recorded in the Blending Department during July: Production data: Units in process, July 1 (materials 100% complete; conversion 30% complete) 10,000 Units started into production 170,000 Units in process, July 31 (materials 100% complete; conversion 40% complete) 20,000 Cost data: Work in process inventory, July 1: Materials cost $ 8,500 Conversion cost $ 4,900 Cost added during the month: Materials cost $ 139,400 Conversion cost $ 244,200 All materials are added at the beginning of work in the Blending Department. The company uses the FIFO method in its process costing system. Required: 1. Calculate the Blending Department's equivalent units of production for materials and conversion for July. 2. Calculate the Blending Department's cost per equivalent unit for materials and conversion for July. 3. Calculate the Blending Department's cost of ending work in process inventory for materials, conversion, and in total for July. 4. Calculate the Blending Department's cost of units transferred out to the next department for materials, conversion, and in total for July. 5. Prepare a cost reconciliation report for the Blending Department for July.
Answer:
Please see answers below
Explanation:
We know that ;
Beginning work WIP 10,000
Units started 170,000
a. Ending WIP 20,000
Material 100% complete = 20,000 EU
Conversion 100% complete = 8,000 EU
b. Units completed = 160,000
Units started and completed = 150,000
Beginning WIP costs;
Materials cost $8,500
Conversion cost $4,900
Costs added during the period;
Materials cost $139,400
Conversion cost $244,200
Equivalent units for July;
EU for materials = 170,000
EU for conversion = 7,000 + 150,000 + 8,000 = 165,000
Costs per EU:
Materials = $139,400 / 170,000 = $0.82 per EU
Conversion = $244,200 / 165,000 = $1.48 per EU
c. Total costs;
Ending WIP = [20,000 × $0.82] + [8,000 × $1.48] = $28,240
Units transferred out = [$383,600 - $28,240] + $8,500 + $4,900 = $368,760
d. Therefore,
Costs to be accounted for ;
Beginning work in process $13,400
Cost added $383,600
Total costs to be accounted for $397,000
Also,
Costs account ted for are as follow
Units transferred out $368,760
Ending WIP $28,240
Total costs accounted for $397,000
Suppose you were borrowing money to buy a car. Consider the following situations.
Situationâ 1: Suppose the interest rate on your car loan is percent and the inflation rate is percent.
Required:
Calculate the real interest rate.
Answer: 1%
Explanation:
The real interest rate is the nominal interest rate adjusted for inflation so that a person might know how much of the interest is not eroded by inflation.
Real Interest rate = Nominal Interest rate - inflation
= 18% - 17%
= 1%
write the difference between engineer and architect
Answer:
the difference between architecture and engineering is that the architecture always focuses on the designing of the building where as the engineering always focuses on the technical and structural side of the building.
The inclusion of instructions for format and content of the contractor proposals in the RFP Group of answer choices helps ensure the proposals are received by the due date. eliminates the need for an evaluation team. is so that a fair evaluation can be made. is a requirement in every RFP.
The purpose of including instructions for the format and content of the contractor proposals in the RFP (Requests for Proposals) is C. is so that a fair evaluation can be made.
What is an RFP?A request for proposal (RFP) is a bid-gathering document that gathers formal proposals for a project or service. It is used by most government agencies and big entities in their efforts to find the best vendor for a project.
Every RFP should provide some background information on the project and would request the vendors to include the following information:
Contractor's past experiencesProposed technical approachTime scheduleCosts scheduleThus, the purpose of including instructions for the format and content of the contractor proposals in the RFP (Requests for Proposals) is Option C.
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(CO 3) On the production line the company finds that 90.2% of products are made correctly. You are responsible for quality control and take batches of 30 products from the line and test them. What number of the 30 being correctly made would cause you to shut down production
Any number that is less than 27.06 would cause you to shut down production.
What Number Would Cause a Production Shut-Down?The calculation can be done as follows:
Probability of correctly made product = 90.2%
Probability of NOT correctly made product = 100% - Probability of correctly made product = 100% - 90.2% = 9.80%
Number of products in the batches being tested = 30
The average number of products NOT correctly made = Probability of NOT correctly made product * Number of products in the batches being tested = 9.80% * 30 = 2.94
The average number of products correctly made = Probability of correctly made product * Number of products in the batches being tested = 90.2% * 30 = 27.06
Since the average number of products correctly made is 27.06, any number that is less than 27.06 would cause you to shut down production.
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Kiyara (single) is a 50 percent shareholder of Jazz Corporation (an S Corporation). Kiyara does not do any work for Jazz Corp. Jazz Corp. reported $300,000 of business income for the year (2020). Before considering her business income allocation from Jazz Corp. and the self-employment tax deduction (if any), Kiyara’s adjusted gross income was $250,000 (all employee salary). Answer the following questions for Kiyara. (Leave no answer blank. Enter zero if applicable.)
Required:
a. Assuming the income allocated to Kiyara is qualified business income, what is Kiyara’s deduction for qualified business income?
b. What is Kiyara’s additional Medicare tax liability (include all earned income)?
Answer:
(a) $30,000
(b) $1,800
Explanation:
(a)
Business Income allocated will be:
= [tex]3,00,000\times 50 \ percent[/tex]
= [tex]150,000[/tex] ($)
Qualified Business Income
= [tex]150,000[/tex] ($)
For Qualified Business Income, deduction will be:
= [tex]150,000\times 20 \ percent[/tex]
= [tex]30,000[/tex] ($)
(b)
Whenever your net earnings from self-employment continue to increase $200,000 whether you're a singular filer, a 0.90 percent extra free Medicare tax may very well implement.
Additional Medicare Tax Liability will be:
= [tex][(250,000 + 150,000) - 200,000]\times 0.90 \ percent[/tex]
= [tex]$200,000\times 0.90 \ percent[/tex]
= [tex]1,800[/tex] ($)
Republic Industries decides to price delivery services according to the results of a recent activity-based costing (ABC) study. The study indicates Republic should charge $8 per order, 2% of annual order value for general delivery costs, $1.25 per item, and $30 for delivery. A year later, Republic collected the following information for two of its best customers: Cost driver Customer C Customer D Number of orders 18 8 Number of deliveries 10 10 Total number of items 2,000 4,000 Annual order value $ 120,000 $ 80,000 What are the total delivery costs charged to Customer d during the year? $5,344. $5,364. $6,900. $6,964.
Answer: $6,964.
Explanation:
Charge $8 per order.
2% of annual order value is general delivery cost
$30 per delivery.
$1.25 per item
Customer D delivery cost
= (8 * 8) + (2% * 80,000) + (30 * 10) + (1.25 * 4,000)
= $6,964.
For months, Phirum has been designing and redesigning the lobby, restaurants, and other interior spaces that his company is renovating for a hotel downtown. Phirum is exhausted and frustrated because of many setbacks on this project. Phirum may be experiencing Multiple Choice
Based on the information given Phirum may be experiencing burnout.
What is burnout?Burnout can be defined as the situation were a person becomes tired or exhausted due to stress.
Burnout is majorly cause by stress. Hence, Phirum is experiencing burnout because he/she is exhausted as well frustrated due to the nature of the job.
A person may be stress out due to prolonged stress at workplace or life experience.
Inconclusion Phirum may be experiencing burnout.
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In the market for blue shirts, if the price of green shirts falls,
a. Which curve will shift?
b. Along which curve will price and quantity move?
c. At the new equilibrium, will price be higher or lower?
d. At the new equilibrium, will quantity be higher or lower?
Answer:
the demand curve for blue shirts would shift
the blue shirt's demand curve
lower
lower
Explanation
Blue shirts and green shirts are substitute goods.
Substitute goods are goods that can be used in place of another good.
If the price of green shirts falls, green shirts become cheaper and the quantity demanded of green shirts increase.
As a result of the increase in demand for green shirts, the demand for blue shirts would fall. the would lead to a leftward shift of the demand curve. As a result equilibrium price and quantity would fall.
One important difference between return on assets (ROA) and return on common shareholder’s equity (ROCE) is that: Select one: a. ROCE does not differentiate based on how a company finances its assets; ROA does b. ROCE does not distinguish between the different types of income items, such as income from continuing operations, discontinued operations, extraordinary items and changes in accounting principles; ROA does c. ROA does not distinguish between the different types of income items, such as income from continuing operations, discontinued operations, extraordinary items and changes in accounting principles; ROCE does d. ROA does not differentiate based on how a company finances its assets; ROCE does
Answer:
Option d. is correct
Explanation:
The return on assets reflects the percentage of how a company's assets can generate revenue.
The return on common equity, or ROCE, refers to the amount of profit or net income earned by a company per investment dollar.
One important difference between return on assets (ROA) and return on common shareholder’s equity (ROCE) is that ROA does not differentiate based on how a company finances its assets; ROCE does.
Your friend Jeanne is searching for a job and is especially interested in one company. She has decided to create a LinkedIn profile, and she asks you how to use the site to get her dream job. What advice should you give Jeanne? Send LinkedIn messages to everyone in the company, and ask them for a job. Find employees at your company of interest, and see whether they are connected to anyone you know. Post status updates praising the company’s competitors to catch the company’s attention. Finding a job today is difficult, but developing your own personal brand will help you identify what makes you a valuable job candidate and understand
Answer:
The correct answer is: Find employees at your company of interest, and see whether they are connected to anyone you know.
Explanation:
LinkedIn is a valuable tool for job seekers, because through this business-oriented social network it is possible for a candidate to seek a relationship with a company of interest, view available vacancies and network.
Therefore, the best advice I could give Jennie, who is looking for a position at a specific company, would be to network, seeking some common contact with some employee of the company in question, in order to develop some relationship that could help Jennie to get a job.
LinkedIn is very effective for this purpose, so it is necessary to keep the curriculum up to date, seek information about the company of interest, make new contacts etc.
How can expenses on groceries, clothes, and transportation be classified?
A.
variable expenses
OB.
fixed expenses
C.
unexpected expenses
D.
debt expenses
Reset
Next
Answer:
pog
Explanation:
[pg
Answer:
A
Explanation:
Variable expenses are expenses that can change over time. These cost vary depending on your usage of products or services, and they can change depending on any number of factors including the price of an item may have gone up or down. example Gas may be 1.73 today but may be 1.98 tomorrow. a gallon of milk may be 3 dollars today but 4 tomorrow.
When governments tax or regulate industries causing pollution, they are
A) acting on a harmful spillover.
B) promoting a helpful spillover.
C) providing for the common defense.
D) seeking sources of government revenue. Eliminate
Answer:
A.) is the answer.
Please help:)
What is the term for the daily activity of handling economic resources and planning for future economic goals?
A.money management
B.fiscal responsibility
C.financial planning
D.figuring net worth
Explanation:
but i feel like its a or c
not d
HELP ME PLEASE!!!
Some businesses require federal licenses because __________.
Choose the answer.
federal agencies regulate their business
have federal employees
they cross state lines
they have different tax brackets
Some businesses needed federal licenses due to federal agencies for regulating the business.
What is the federal agency?Federal agency refers to the department, government corporation or any kind of agency where it involved the postal service of the united states however it does not involved the national red cross of American.
So based on this we can say that the federal license should be required not for the federal employees, cross-state line, or have various tax brackets but for the business regulations of federal agencies.
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DEBIT OR CREDIT - ACCOUNTING
1. Accrued Expenses are increased with a _______________
2. Salaries Expense is increased with a _______________
3. The Equipment accounts is increased with a _______________
4. The Sales Revenue account is increased with a _______________
Prepare journal entries to record each of the following transactions of a merchandising company. The company uses a perpetual inventory system and the gross method.
Nov. 5 Purchased 900 units of product at a cost of $10 per unit. Terms of the sale are 4/10, n/60; the invoice is dated November 5.
Nov. 7 Returned 35 defective units from the November 5 purchase and received full credit.
Nov. 15 Paid the amount due from the November 5 purchase, minus the return on November 7.
Answer:
Nov 05
Dr Merchandise inventory 9,000
Cr Accounts payable 9,000
Nov 07
Dr Accounts payable 350
Cr Merchandise inventory 350
Nov 15
Dr Accounts payable 8,650
Cr Merchandise inventory 346
Cr Cash 8,304
Explanation:
Preparation of Journal entries
Based on the information given we were told that on Nov. 5 the company Purchased 900 units of product at the amount of $10 per unit which means that the Journal entry will be:
Nov 05
Dr Merchandise inventory 9,000
Cr Accounts payable 9,000
(900 units *$10 per units)
Based on the information given we were told that the company on Nov. 7 Returned 35 defective units from the the month of November 5 purchase in which they received full credit which means that the Journal entry will be:
Nov 07
Dr Accounts payable 350
Cr Merchandise inventory 350
(35*$10 per units)
Based on the information given we were told that the company on Nov. 15 Paid the amount of money due from the month of November 5 purchase in which they minus the return on November 7 which means that the Journal entry will be:
Nov 15
Dr Accounts payable 8,650
(9,000- 350)
Cr Merchandise inventory 346
(4%*8,650)
Cr Cash 8,304
(8,650-346)
Winnebago Industries, Inc. is a leading manufacturer of recreational vehicles (RVs), including motorized and towable products. The company designs, develops, manufactures, and markets RVs as well as supporting products and services. The RVs are sold to consumers through a dealer network. On the August 29, 2015, balance sheet, Winnebago reported inventory of approximately $112 million. Of this amount, approximately $12 million, about 11%, was Finished Goods Inventory (Notes to Consolidated Financial Statements, Note 3). Suppose Winnebago motor homes have an average sales price of $96,000 and cost of goods sold is 89% of sales. Thor Industries, Inc., a major competitor, has an average cost of goods sold of 86% of sales. For year ending August 29, 2015, Winnebago sold 9,097 motor homes (Form 10-K, Item 1 Business).
Required:
a. Why would the Finished Goods Inventory be such a relatively small portion of total inventory?
b. What is the average cost of goods sold (in dollars) for a Winnebago motor home? What is the average gross profit?
c. If Winnebago could reduce production costs so that the average cost of goods sold is equal to their competitor’s average cost of goods sold, how much more profit would Winnebago earn on each motor home sold?
d. Based on 2015 sales, how much would operating income increase if the company reduced the average cost of goods sold to equal their competitor’s average cost of goods sold?
e. How could managers at Winnebago use managerial accounting to reduce costs and increase profits?
Answer:
a. Why would the Finished Goods Inventory be such a relatively small portion of total inventory?
Winnebago has a relatively small inventory of finished units because it sells them through independent dealerships. This means that once the units are finished, they are swiftly sold to dealerships.
b. What is the average cost of goods sold (in dollars) for a Winnebago motor home? What is the average gross profit?
average sales price = $96,000
average COGS = $85,440
average gross profit = $10,560
c. If Winnebago could reduce production costs so that the average cost of goods sold is equal to their competitor’s average cost of goods sold, how much more profit would Winnebago earn on each motor home sold?
new average COGS = $82,560
new average gross profit = $13,440
incremental gross profit = $13,440 - $10,560 = $2,880
d. Based on 2015 sales, how much would operating income increase if the company reduced the average cost of goods sold to equal their competitor’s average cost of goods sold?
9,097 motor homes x $2,880 = $26,199,360 incremental operating income
e. How could managers at Winnebago use managerial accounting to reduce costs and increase profits?
managerial accounting can be used to better plan and control production costs, including making decisions about future investments that can help to reduce costs, e.g. purchase of new machinery, changing productive systems, changing cash collection and payment schedules, etc.
What do you think is a good
Answer:
which feels right is good
Explanation:
the feeling of satisfaction, feeling of happiness by doing something, means that work is good
Colin is 40 years old and wants to retire in 27 years. His family has a history of living well into their 90s. Therefore, he estimates that he will live to age 95. He currently has a salary of $150,000 and expects that he will need about 75% of that amount annually if he were retired. He can earn 8 percent from his portfolio and expects inflation to continue at 3 percent. Some years ago, he worked for the government and expects to receive an annuity that will pay him $20,000 in today’s dollars per year beginning at age 67. The annuity includes a cost of living adjustment, which is equal to inflation. Colin currently has $200,000 invested for his retirement. His Social Security benefit in today’s dollars is $30,000 per year at normal age retirement of age 67. How much does he need to accumulate at age 67 exclusive of his pension and Social Security benefits? Group of answer choices $2.1 million. $2.2 million. $2.8 million. $2.9 million.
Answer:
$2.1 million
Explanation:
Colin will retire at 67 and expects to live 28 more years. Be believes that he will need approximately $112,500 (in current dollars) per year to live while he is retired. His social security benefits are $30,000 + $20,000 in a government sponsored annuity (in current dollars) per year, so that means that he needs to cover the remaining $62,500. In order to calculate this, I will assume that Colin receives his first distribution on his 67th birthday (annuity due) and each distribution is made on an annual basis and received on the subsequent birthdays until he turns 94 (28th distribution).
The $62,500 that Jordan expects to need once he retires must be adjusted to inflation (3%). In 27 years they will equal $62,500 x (1 + 3%)²⁷ = $138,830.56
Using an excel spreadsheet, I calculated the present value of Colin's 28 distributions using an 8% discount rate = $2,064,637.04 , which we can round up to $2.1 million
Colin currently has $200,000 in his retirement account and in 27 years (age 67), his account will be worth $200,000 x (1 + 8%)²⁷ = $1,597,612.29
this means that Colin will be $2,064,637.04 - $1,597,612.29 = $467,024.75 short
using the future value of an annuity formula, we can calculate the annual contribution:
annual contribution = future value / annuity factor
future value = $467,024.75 FV annuity factor, 8%, 27 periods = 87.35077annual contribution = $467,024.75 / 87.35077 = $5,346.54
1) Explain the following terms used in trading account cross profit, Gross loss carriage
Cross Profit :
The profit a company makes after deducting all costs associated with creating and selling its products or services is known as gross profit. By subtracting the cost of goods sold (COGS) from total sales, you may compute gross profit.
Gross Loss Carriage :
the entire sum of a company's losses from various operations in a given period, even if some of these activities are profitable: The corporation announced a second-quarter gross loss of $17.15 billion today.
WEALTH MANAGEMENT CRISIS AT UBS
1) In your opinion, to what extent did the government and national culture play in the scandal? And to what extent did corporate culture contribute to the scandal?
2) Without the Global Financial Crisis, do you think the scandal would have been reasonably uncovered, or would they have lingered? If yes/no, please explain.
3) Does it matter who or what entities could have been impacted by the scandal? What if net/net there were no losses incurred?
4) In your opinion, is the next scandal already underway, and are we just waiting for the next recession to find out what is currently going on? Please explain.
This prompt explains some details of the UBS Scandal/Crisis. This scandal was historic because of its magnitude as well the potential damage it would have caused had it not been contained.
To what extent did the government and national culture play in the scandal?The key role of the Swiss government which aided the scandal was that she supported anonymity and secrecy between the parties involved (that is the banks and their clients).
To what extent did corporate culture contribute to the scandal?Not that the corporate culture was in itself bad. The corporate culture at Barclays at that time was largely:
Being Result Oriented; Loyalty; and Ensuring and maintaining a positive outlook or outcome.What was the possibility of uncovering the crises had the Global Financial Crises not occurred?Yes, The scandal would have lingered. This is because, UBS had engaged in a high-risk move, which was exposed by the mortgage crises of the time.
Does it matter who or what entities could have been impacted by the scandal?Of course, it mattered to the entities that were going to be impacted. It was estimated that in Switzerland alone, about 1 million current account holders and three hundred thousand corporate accounts were at risk.
Even at a Net-on-Net position, had the Swiss Government not bailed UBS out, it would have resulted in a disastrous effect of global proportions.
Taken too far, this culture drove some of those involved to do all they could to win, albeit unethical actions.
Is the next scandal underway?There is no way to tell for sure. On the balance of probability (based on history and industry character), however, one could say that there is a 50 percent chance that scandals are occurring every now and then.
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Van Frank Telecommunications has a patent on a cellular transmission process. The company has amortized the $21.60 million cost of the patent on a straight-line basis since it was acquired at the beginning of 2017. Due to rapid technological advances in the industry, management decided that the patent would benefit the company over a total of six years rather than the nine-year life being used to amortize its cost. The decision was made at the end of 2021 (before adjusting and closing entries). What is the appropriate adjusting entry for patent amortization in 2021 to reflect the revised estimate? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not r
Answer:
General Journal Debit Credit
Amortization expenses $6,000,000
Patent $6,000,000
Calculation of annual amortization after the estimate change
Cost $21,600,000
Less: Amortization till date $9,600,000
($2,400,000*4 years)
Un-amortized Cost A $12,000,000
Remaining Life (6yrs-4yrs) 2 Years
New annual amortization $6,000,000
Old annual amortization = $21,600,000 / 9 years = $2,400,000
Amortization till date = $2,400,000 * 4 = $9,600,000
Amortization is an accounting method used over a certain period of time to gradually reduce the book value of a loan or other intangible asset.
Calculation after the Change is provided below:
Original Cost = 15.3
Annual Amortization (Old) = 15.3/9 = 1.7 million
Amortization till Date (2009 - 2013) = 1.7*4 = 6.8 million
Unamortized Value = 15.3 - 6.8 = 8.5 million
Remaining Life = 6 - 4 = 2 Years
New Amortization = Unamortized Value/Remaining Life = 8.5/2 = 4.25 million
Journal Entry:
Amortization Expense Dr. 4.25
Patent Cr. 4.25
Amortization of a loan focuses on deferring loan payments over a period of time. Amortization is comparable to depreciation in terms of how it affects an asset.
There are two contexts in which the word "amortization" is used. First, amortization is a tool used in the process of repaying debt over time with consistent principal and interest payments. Through installment payments, an amortization plan is used to lower the outstanding balance on a loan, such as a mortgage or vehicle loan.
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Ramniwas, a book-keeper, taking out a trial balance as on 31st March 2005, found that its debit and credit columns did not agree. He proceeded to check the entries and discovered the following errors:
A credit sale of Rs. 1,000 to Ajay had been correctly entered in the Sales Book but Ajay’s Account had been debited with Rs. 100 only.
The total of the Bills Payable Book Rs. 5,000 had been posted to the credit of Bills Receivable Account.
Rs. 2,500 paid to Ram had been wrongly posted to Shyam.
Rs. 100 owing by a customer had been omitted from the list of debtors.
The discount column of the Cash Book representing discount allowed to customer has been over-added by Rs. 10.
Goods worth Rs. 100 taken by the proprietor omitted to be recorded in the books.
Depreciation on furniture Rs. 100, had not been posted to Depreciation Account.
The total of Sales Book had been added Rs. 1,000 short.
Which of the above errors caused the totals of the Trial Balance to disagree and by how much did the totals differ?
Answer:
Ramniwas Bookkeeper
A. The errors that caused the totals of the Trial Balance to disagree are:
1. A credit sale of Rs. 1,000 to Ajay had been correctly entered in the Sales Book but Ajay’s Account had been debited with Rs. 100 only.
2. The discount column of the Cash Book representing discount allowed to customer has been over-added by Rs. 10.
3. The total of Sales Book had been added Rs. 1,000 short.
B. The totals disagreed by:
Understated debit Rs. 900
Overstated debit (10)
Understated credit (1,000)
Totals disagreed by Rs. 110
Explanation:
a) Correction of Errors on the Trial Balance, March 31:
Account Title Debit Credit
Account receivable (Ajayi's) Rs. 900
Accounts Payable Rs. 5,000
Accounts Receivable 5,000
Shyam 2,500
Ram 2,500
Cash Discount Allowed 10
Drawings 100
Inventory 100
Depreciation Expense 100
Accumulated Depreciation 100
Sales Revenue 1,000
Totals Rs. 8,600 Rs. 8,710
b) Credit side of the Trial Balance was greater by Rs. 110 (Rs. 8,710 - Rs. 8,600).
Rent of $1,000 per month is paid for the next twelve months on October 1st, 1988. As a result of this transaction:
X: 1988 net income will decrease by $3,000
Y: 1988 equity will increase by $12,000
A. X
B. Y
C. Both
D. Neither
Answer:
the answer would be Neither
Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. May 11 Sydney accepts delivery of $26,000 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3/10, n/90, FOB shipping point. The goods cost Troy $17,420. Sydney pays $685 cash to Express Shipping for delivery charges on the merchandise. 12 Sydney returns $1,200 of the $26,000 of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had cost Troy $804. 20 Sydney pays Troy for the amount owed. Troy receives the cash immediately. (Both Sydney and Troy use a perpetual inventory system and the gross method.) 1. Prepare journal entries that Sydney Retailing (buyer) records for these three transactions. 2. Prepare journal entries that Troy Wholesalers (seller) records for these three transactions.
Answer:See attachment
Explanation:
A journal entry is the an entry whereby the transactions made by a company are recorded in an accounting book and these transactions show the debit and the credit balnces of the said company.
1. Prepare journal entries that Sydney Retailing (buyer) records for these three transactions.
The above has been prepared and attached.
2. Prepare journal entries that Troy Wholesalers (seller) records for these three transactions.
See attachment
Two blocks are connected by a very light string passing over a massless and frictionless pulley. Traveling at constant speed, the 20.0-N block moves 76.0 cm to the right and the 12.0-N block moves 76.0 cm downward.
Required:
a. During this process, how much work is done on the 12.0-N block by gravity?
b. During this process, how much work is done on the 12.0-N block by the tension in the string?
c. During this process, how much work is done on the 20.0-N block by gravity?
d. During this process, how much work is done on the 20.0-N block by the tension in the string?
e. During this process, how much work is done on the 20.0-N block by friction?
f. During this process, how much work is done on the 20.0-N block by the normal force?
Answer:
a) 9.12 Joules
b) - 9.12 Joules
c) 0
d) 9.12 Joules
e) -9.12 Joules
f) 0
Explanation:
a. During this process, how much work is done on the 12.0-N block by gravity?
Work done = Force(N) × Distance(d)
Distance = 76 cm
100 cm = 1m
76cm =
Cross Multiply
= 76cm × 1 m/ 100cm
= 0.76m
Work done = 0.76m × 12N
= 9.12 Joules
b. During this process, how much work is done on the 12.0-N block by the tension in the string?
Tension: This always occurs in an equal and opposite direction,hence:
Force = 12N, Tension = -12N
Work done = Tension(N) × Distance(d)
Distance = 76 cm
100 cm = 1m
76cm =
Cross Multiply
= 76cm × 1 m/ 100cm
= 0.76m
Work done = 0.76m × -12N
= - 9.12 Joules
c. During this process, how much work is done on the 20.0-N block by gravity?
= This 20.0N block is not moving up or down , therefore, the work done on the block by gravity is Zero = 0
d. During this process, how much work is done on the 20.0-N block by the tension in the string?
Frictional force = -12N because the Box moves in the same direction, hence:
= Tension = 12N
Work done = Tension (N) × Distance(d)
Distance = 76 cm
100 cm = 1m
76cm =
Cross Multiply
= 76cm × 1 m/ 100cm
= 0.76m
Work done = 0.76m × 12N
= +9.12 Joules
e. During this process, how much work is done on the 20.0-N block by friction?
This time around Friction is on the opposite side of Tension.
Hence:
Tension = 12N, Frictional force = -12N
Work done = Frictional force (N) × Distance(d)
Distance = 76 cm
100 cm = 1m
76cm =
Cross Multiply
= 76cm × 1 m/ 100cm
= 0.76m
Work done = 0.76m × -12N
= - 9.12 Joules
= -9.12 Joules
f. During this process, how much work is done on the 20.0-N block by the normal force?
The 20.0N block is neither moving up or down hence, the work done on the 20.0N block by the normal force is zero (0)
1. If the price of (x) falls, the budget constraint
a. Shifts outward in a parallel fashion.
b. Shifts inward in a parallel fashion.
c. Rotates outward about the x-intercept.
d. Rotates outward about the y-intercept.
2. If the prices of all goods increase by the same proportion as income, the quantity demanded of good (x) will
a. Decrease
b. Increase
c. Remain unchanged
d. Change in a way that cannot be determined from the information given
Answer:
1. If the price of (x) falls, the budget constraint
c. Rotates outward about the x-intercept.If the price of a good X decreases, but the price of a good Y does not, then a consumer will be able to purchase a larger quantity of good X, but the same quantity of good Y. The Y-intercept will remain the same, but the X-intercept will shift outward.
2. If the prices of all goods increase by the same proportion as income, the quantity demanded of good (x) will
c. Remain unchangedLets say you have $100 and you buy 20 hamburgers. If your income increases to $110 (10% increase), but the price of hamburgers increase to $5.50, then inflation offsets any change in income. You will still be able to buy only 20 hamburgers, so your real income didn't change, only your nominal income changed.