South Africa, as a country still experiences a scarcity of skilled workers. This should not be, given the country's population size.
What is the scarcity of skilled workers?The scarcity of skilled workers means that South African companies cannot attract the manpower they need to power the South African industry and economy.
However, this scarcity can become a thing of the past if many more South African companies can start investing in the education sector by giving out scholarships, grants, and endowing academic chairs in the universities.
This was how the economy of the United States was enabled to flourish until today. South African companies can emulate their footsteps.
Thus, South Africa, given its enormous population, has no business experiencing a scarcity of skilled workers.
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The economic burden of a tax:
a
is always shifted to consumers through higher prices.
b
is partially shifted to consumers through higher prices in most cases.
c
is rarely shifted to consumers through higher prices.
d
falls on sellers if the statutory burden of the tax is on sellers.
Answer:
a
............!!?!!?
Based on your reading of the following, choose the best answer to the question. The KittyKarry Company manufactures carriers for cats as well as cat toys and other products (for example, grooming products) for the discerning feline. The company wishes to expand its line of products and has decided to set up focus groups of feline owners to learn more about what kinds of products they might want or need for their cats. The focus groups are part of which stage in the formal process of product development?
A. generate ideas
B. screen ideas
D. develop the concept
E. market and sell the product
Answer:
A. generate ideas
Explanation:
It makes sence to have more ideas before you market the product.
Todd keeps meaning to open a savings account and deposit a small portion of each paycheck, just in case he has an emergency and needs extra cash. But he just hasn’t gotten around to it yet. Todd’s car breaks down on the way home from work. His mechanic tells him that it will cost about $1,200 to get the car running again. Todd needs his car to get to and from work. He just got paid so he uses most of the money from his paycheck to get his car fixed. If you were Todd, in the short term, what would you do about your present financial situation?
i dont know let me look it up
Explanation:
In this case, the individual must repair the car because it is required for travel to and from work. To repair the car, the individual must withdraw funds from his or her savings account.
What is saving account?A savings account is a basic type of bank account into which you can deposit funds. You can withdraw funds from it, and most banks will pay you compound interest on the balance of your account.
Thus, the person must repair the car after breaking the saving accounts.
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In the supply chain, _____ bear the risk associated with products up to the time they are delivered.
Answer:
the answer is:
Explanation:
In the supply chain, __the process of making and selling ___ bear the risk associated with products up to the time they are delivered.
Aisha's organization uses special performance tests, which are then supplemented by other appraisal methods. Why would her firm use these types of tests
If Aisha's organization uses special performance tests the firm use these type of tests: To measure ability
What is Performance test?Performance test can be defined as the type of test conducted to check or to evaluate how an employee will perform on their given job.
Most companies or organization tend to carryout performance test on their employee in order to measure their ability including how productive they will be on their job.
Inconclusion if Aisha's organization uses special performance tests the firm use these type of tests: To measure ability
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Question 1 of 10
The was developed as a result of the Securities Act and Securities
Exchange Act.
A. Federal Reserve Bank
B. Federal Deposit Insurance Corporation
C. Securities and Exchange Commission
D. Securities and Exchange Center of America
SUBMIT
Answer:
C
Explanation:
The Exchange Act created the Securities and Exchange Commission(SEC)
Cost of Bank Loans Del Hawley, owner of Hawley’s Hardware, is negotiating with First City Bank for a 1-year loan of $90,000. First City has offered Hawley the alternatives listed below. Calculate the effective annual interest rate for each alternative. Do not round intermediate calculations. Round your answers to two decimal places. A 12% annual rate on a simple interest loan, with no compensating balance required and interest due at the end of the year. 12 % A 8% annual rate on a simple interest loan, with a 20% compensating balance required and interest due at the end of the year. 10 % A 8.75% annual rate on a discounted loan, with a 15% compensating balance. 11.28 % Interest figured as 9% of the $90,000 amount, payable at the end of the year, but with the loan amount repayable in monthly installments during the year. 15.62 % Which alternative has the lowest effective annual interest rate? Alternative B
Answer:
Calculate the effective annual interest rate for each alternative.
A 12% annual rate on a simple interest loan, with no compensating balance required and interest due at the end of the year.
you borrow $90,000 and pay $10,800 in interests, effective rate = 12%A 8% annual rate on a simple interest loan, with a 20% compensating balance required and interest due at the end of the year.
you borrow $90,000, but you only take home $72,000. You pay $7,200 in interests, therefore, effective interest rate = $7,200 / $72,000 = 10%A 8.75% annual rate on a discounted loan, with a 15% compensating balance. 11.28 %
you borrow $90,000, but you only take home $90,000 - $7,875 (discounted interest) - $13,500 (15% compensating balance) = $68,625. You pay back $76,500, so interest = $7,875. Effective interest rate = $7,875 / $68,625 = 11.48%Interest figured as 9% of the $90,000 amount, payable at the end of the year, but with the loan amount repayable in monthly installments during the year.
you take home $90,000, but the first 11 months you pay $7,500 and the last payment = $15,600. Using a financial calculator, I just calculated the monthly IRR = 1.2621%. The effective interest rate = (1 + 1.2621%)¹² - 1 = 16.24%Which alternative has the lowest effective annual interest rate?
Alternative B:
A 8% annual rate on a simple interest loan, with a 20% compensating balance required and interest due at the end of the year.
On online sources such as social media, ratings websites, marketers often try and make recommendations to consumers based on their past browsing history, past stated preferences, or purchase history. For example, on Amazon, a customer is likely to receive product recommendations based on previous purchases, while on Netflix, a viewer is likely to get recommendations based on their viewing history. Marketers believe that by offering options close to a customer's preferences, they are more likely to see the recommendation accepted. Recently, this micro-targeting has received some criticism. Based on our discussions in class, the reason is:
Explanation:
this is a multiple choice question and the correct answer is this:
the reason is that reflecting a customer's preferences back to them limits the consumers access to information and also to alternative choices.
echo chamber describes a situation where beliefs are reinforced through communication and also repetition. as a customer comes across similar or the same pattern that reinforces an already establishedd belief, this limits the ability of picking from several alternative choices available to them.
Question 14 of 20 :
Select the best answer for the question.
14. Export management companies
A.import as well as export.
B. handle all aspects of exporting, for a percentage fee of the business.
C.only do consulting work.
D. work on flat fees per month.
Export management companies handle all aspects of exporting, for a percentage fee of the business. Thus option (C) is correct.
What is a business?A business can be referred to as an organization or enterprising entity that engages in professional, commercial or industrial activities. There are different types of businesses like sole proprietorships, partnerships, corporations, and more.
The businesses are basically work for profit motive. Businesses can be small-scale or large-scale. Some of the biggest businesses in the world are Amazon and Walmart.
There are different types of partners in a business. The persons who owns the shares of the company is known as shareholder. The partner who can lose only what he or she has invested in a business is the general manager.
Export management companies handle all aspects of exporting, for a percentage fee of the business. Therefore, option (C) is correct.
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Matthews Delivery Service, Inc., completed the following transactions during its first month of operations for January 2012:
a. Matthews Delivery Service, Inc., began operations by receiving $6,000 cash and a truck valued at $11,000. The business issued common stock to aquire these assets.
b. Paid $300 cash for supplies.
c. Prepaid insurance, $700.
d. Performed delivery services for a customer and received $800 cash.
e. Completed a large delivery job, billed the customer $1,500, and received apromise to collect the $1,500 within one week.
f. Paid employee salary, $700.
g. Received $12,000 cash for performing delivery services.
h. Collected $600 in advance for delivery service to be performed later.
i. Collected $1,500 cash from a customer on account.
j. Purchased fuel for the truck, paying $200 with a company credit card. (CreditAccounts payable)
k. Performed delivery services on account, $900.l.Paid office rent, $600. This rent is not paid in advance.
m. Paid $200 on account.
n. Paid cash dividends of $2,100.
Required:
a. Record each transaction in the journal.
b. Post the transactions that you recorded in Requirement 1 in the T-accounts.
c. Write the trial balance for the month ended January 31, 2012.
Answer:
a. Matthews Delivery Service, Inc., began operations by receiving $6,000 cash and a truck valued at $11,000. The business issued common stock to acquire these assets.
Dr Cash 6,000
Dr Vehicles 11,000
Cr Common stock 17,000
b. Paid $300 cash for supplies.
Dr Supplies 300
Cr Cash 300
c. Prepaid insurance, $700.
Dr Prepaid insurance 700
Cr Cash 700
d. Performed delivery services for a customer and received $800 cash.
Dr Cash 800
Cr Service revenue 800
e. Completed a large delivery job, billed the customer $1,500, and received a promise to collect the $1,500 within one week.
Dr Accounts receivable 1,500
Cr Service revenue 1,500
f. Paid employee salary, $700.
Dr Wages expense 700
Cr Cash 700
g. Received $12,000 cash for performing delivery services.
Dr Cash 12,000
Cr Service revenue 12,000
h. Collected $600 in advance for delivery service to be performed later.
Dr Cash 600
Cr Unearned revenue 600
i. Collected $1,500 cash from a customer on account.
Dr Cash 1,500
Cr Accounts receivable 1,500
j. Purchased fuel for the truck, paying $200 with a company credit card. (CreditAccounts payable)
Dr Fuel expense 200
Cr Accounts payable 200
k. Performed delivery services on account, $900.
Dr Accounts receivable 900
Cr Service revenue 900
l.Paid office rent, $600. This rent is not paid in advance.
Dr Rent expense 600
Cr Cash 600
m. Paid $200 on account.
Dr Accounts payable 200
Cr Cash 200
n. Paid cash dividends of $2,100.
Dr Dividends 2,100
Cr Cash 2,100
Cash
Debit Credit
6,000
300
700
800
700
12,000
600
1,500
600
200
2,100
16,300
Vehicles
Debit Credit
11,000
Common stock
Debit Credit
17,000
Supplies
Debit Credit
300
Prepaid insurance
Debit Credit
700
Service revenue
Debit Credit
800
1,500
12,000
900
15,200
Accounts receivable
Debit Credit
1,500
1,500
900
900
Wages expense
Debit Credit
700
Unearned revenue
Debit Credit
600
Accounts payable
Debit Credit
200
200
0 0
Fuel expense
Debit Credit
200
Rent expense
Debit Credit
600
Dividends
Debit Credit
2,100
Trial balance
debit credit
Cash 16,300
Vehicles 11,000
Accounts receivable 900
Supplies 300
Prepaid insurance 700
Unearned revenue 600
Common stock 17,000
Service revenue 15,200
Wages expense 700
Fuel expense 200
Rent expense 600
Dividends 2,100
Totals $32,800 $32,800
Lori Nichols started an engineering firm, Engineering Enterprises P.C. During its first month of operations, the following transactions were completed:I.Lori invested $33,000 in the business, which in turn issued common stock to her.II.The business purchased equipment on account for $6000.III.The business provided engineering services on account, $12,000.IV.The business paid salaries to the receptionist, $4000.V.The business received cash from a customer as payment on account $7000.VI.The business borrowed $9000 from the bank, issuing a note payable.At the end of the month, cash equals:$45,000$38,000$33,000$71,000
a think is 45 because is 33
Which of the following is most likely to occur as you add randomly selected stocks to your portfolio, which currently consists of 3 average stocks?a. The expected return of your portfolio is likely to decline.b. The diversifiable risk of your portfolio will likely decline, but the expected market risk should not change.c. Both the diversifiable risk and the market risk of your portfolio are likely to decline.d. The total risk of your portfolio should decline, and as a result, the expected rate of return on the portfolio should also decline.e. The diversifiable risk will remain the same, but the market risk will likely decline.
Answer: b. The diversifiable risk of your portfolio will likely decline, but the expected market risk should not change.
Explanation:
Diversifiable risk is a risk that a particular security has or which can be seen in a certain sector. Market risk occurs when there's possibility that a particular investor will make loss due to certain factors which affects the entire market.
In the above scenario, the most likely to occur will be that the diversifiable risk of the portfolio will likely decline, but the expected market risk should not change.
It should be noted that diversification won't eliminate market risk. When more stocks are added, this brings about decline in diversification risk but market risk won't change.
discuss its impact on small businesses and startup opportunities
the impact of what?
Explanation:
We can't discuss the impact of something on small businesses and startup opportunities if we don't know what that something is.
Retail Records Inc. acquired all of Decibel Studios' voting shares on January 1, 20X2, for $280,000. Retail's balance sheet immediately after the combination contained the following balances:
RETAIL RECORDS INC. Balance Sheet January 1, 20X2
Cash and Receivables $120,000 Accounts Payable $75,000
Inventory 110,000 Taxes Payable 50,000
Land 70,000 Notes Payable 300,000
Buildings and Equipment (net) 350,000 Common Stock 400,000
Investment in Decibel Stock 280,000 Retained Earnings 105,000
Total Assets $930,000 Total Liabilities and Stockholders' Equity $930,000
Decibel’s balance sheet at acquisition contained the following balances: DECIBEL STUDIOS Balance Sheet January 1, 20X2
Cash and Receivables $40,000 Accounts Payable $90,000
Inventory 180,000 Notes Payable 250,000
Buildings and Equipment (net) 350,000 Common Stock 100,000
Goodwill 30,000 Additional Paid-In Capital 200,000
Retained Earnings (40,000 )
Total Assets $600,000 Total Liabilities and Stockholders' Equity $600,000
On the date of combination, the inventory held by Decibel had a fair value of $170,000, and its buildings and recording equipment had a fair value of $375,000. Goodwill reported by Decibel resulted from a purchase of Sound Stage Enterprises in 20X1. Sound Stage was liquidated and its assets and liabilities were brought onto Decibel's books.
Required:
Compute the balances to be reported in the consolidated balance sheet immediately after the acquisition for:
a. Inventory.
b. Buildings and Equipment (net).
c. lnvestment in Decibel Stock.
d. Goodwill.
e. Common Stock.
f. Retained Earnings.
Answer:
a. Inventory = $280,000
b. Buildings and Equipment (net) $725,000
c. lnvestment in Decibel Stock = 0
d. Goodwill = $35,000
e. Common Stock = $400,000
f. Retained Earnings = $105,000
Explanation:
A balance sheet is a snapshot of the assets, liabilities, and equity of a business at any point in time.
From the information given we will calculate the following:
a. Inventory = Initial Inventory + Present inventory = 110,000 + 170,000 = $280,000
b. Buildings and Equipment (net) = initial building value + present building value = 350,000 + 375,000 = $725,000
c. lnvestment in Decibel Stock will not appear in the consolidated balance sheet as it is cancelled out by liquidation
d. Goodwill = Fair value of consideration + Fair value of Decibel's assets
Fair value of Decibel assets will be assets less liabilities
Goodwill = 280,000 + (40,000 + 170,000 + 375,000 - 90,000 - 250,000 - 245,000)
Goodwill = $35,000
e. Common Stock = $400,000
f. Retained Earnings = $105,000
A cost due to an increase in activity is called?
Answer:
Marginal benefit is the additional benefit an individual derives from increase in an activity.
Explanation:
9. In cell B15, enter a formula that uses the IF function and tests whether the total sales for Q1 (cell B8) is greater than or equal to 1000000. If the condition is true, multiply the total sales for Q1 by 0.18 to calculate a commission of 18%. If the condition is false, multiply the total sales for Q1 by 0.10 to calculate a commission of 10%.
Based on the formula being an IF function that tests total sales for being greater than a certain figure, the formula is =IF(B8>=1000000,B8*0.18,B8*0.10).
Why is this the formula?If the amount in B8 is more than or equal to 100,000, the if function would be IF(B8>=1000000).
If the amount meets that criteria, then the IF function will multiply it by 18% and if the amount does not meet this criteria, the amount is multiplied by 10% after the third comma.
The complete formula would then be:
=IF(B8>=1000000,B8*0.18,B8*0.10)
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Presented below are a number of balance sheet items for Montoya, Inc. for 2014.
Goodwill $127,970
Accumulated Depreciation-Equipment $292,260
Payroll Taxes Payable 180,561
Inventory 242,770
Bonds payable 302,970
Rent payable (short-term) 47,970
Discount on bonds payable 15,260
Income taxes payable 101,332
Cash 362,970
Rent payable (long-term) 482,970
Land 482,970
Common stock, $1 par value 202,970
Notes receivable 448,670
Preferred stock, $10 par value 152,970
Notes payable (to banks) 267,970
Prepaid expenses 90,890
Accounts payable 492,970
Equipment 1,472,970
Retained earnings ?
Required:
Prepare a balance sheet in good form. Common stock authorized was 400,000 shares, and preferred stock authorized was 20,000 shares. Assume that notes receivable and notes payable are short-term, unless stated otherwise. Cost and fair value of equity investments (trading) are the same.
Answer:
Montoya, Inc.
Balance Sheet
As of December 31, 2014:
Assets:
Current Assets:
Cash $362,970
Notes receivable 448,670
Inventory 242,770
Prepaid expenses 90,890
Total current Assets $1,145,300
Equipment 1,472,970
Accumulated
Depreciation 292,260 1,180,710
Land 482,970
Goodwill 127,970
Total long-term assets $1,791,650
Total assets $2,936,950
Liabilities + Equity:
Current Liabilities:
Accounts payable 492,970
Payroll Taxes Payable 180,561
Income taxes payable 101,332
Rent payable (short-term) 47,970
Discount on bonds payable 15,260
Notes payable (to banks) 267,970
Total current liabilities $1,106,063
Rent payable (long-term) 482,970
Bonds payable 302,970
Total long-term liabilities $785,940
Total liabilities $1,892,003
EQUITY:
Common stock, 400,000 authorized, $1 par value
202,970 issued 202,970
Preferred stock, 200,000 authorized, $10 par value
15,297 issued 152,970
Retained earnings 689,007
Total Equity $1,044,947
Total liabilities and equity $2,936,950
Explanation:
a) Data and Calculations:
Cash $362,970
Notes receivable 448,670
Inventory 242,770
Prepaid expenses 90,890
Equipment 1,472,970
Land 482,970
Goodwill 127,970
Accumulated Depreciation-Equipment $292,260
Accounts payable 492,970
Payroll Taxes Payable 180,561
Income taxes payable 101,332
Rent payable (short-term) 47,970
Discount on bonds payable 15,260
Notes payable (to banks) 267,970
Rent payable (long-term) 482,970
Bonds payable 302,970
Common stock, $1 par value 202,970
Preferred stock, $10 par value 152,970
Retained earnings 689,007
Total $3,229,210 $3,229,210
In which of the following situations could a research analyst use multiple regression? A real estate development company wants to estimate the probable sales of construction services on the basis of marriage rates, population movement in the region, and interest rates on construction loans A psychologist wants to understand the underlying personality factors associated with materialism in consumers A firm wants to identify segments of the market to pursue The brand manager for Tide laundry detergent wants to understand how consumers perceive Tide relative to other laundry detergents All of the above Question 2
Answer:
A). A real estate development company wants to estimate the probable sales of construction services on the basis of marriage rates, population movement in the region, and interest rates on construction loans.
Explanation:
Multiple regression is elucidated as the statistical technique employed to determine the association between two or more dependent or response and independent/explanatory variables.
As per the question, the multiple regression can be employed in the first situation where 'a real estate company wishes to forecast the probable sales of construction on the basis of....loans.' Multiple regression analysis would help in representing the linear relationship between these two variables that helps in ensuring effective analysis and making predictions and ensuring optimum output. Thus, option A is the correct answer.
Becker Office Service purchased a new computer system on January 1, Year 1, for $32,400. It is expected to have a five-year useful life and a $3,200 salvage value. Becker Office Service expects to use the computer system more extensively in the early years of its life. Required Calculate the depreciation expense for each of the five years, assuming the use of straight-line depreciation. Calculate the depreciation expense for each of the five years, assuming the use of double-declining-balance depreciation. Assume that Becker Office Service sold the computer system at the end of the fourth year for $21,000. Compute the amount of gain or loss using each depreciation method.
Answer:
Straight line method
Depreciation expense - Year 1 = $5840
Depreciation expense - Year 2 = $5840
Depreciation expense - Year 3 = $5840
Depreciation expense - Year 4 = $5840
Depreciation expense - Year 5 = $5840
Gain on sale = 21000 - 9040 = $11960
Double declining balance
Depreciation expense - Year 1 = 2 * (32400 - 0) / 5 = $12960
Depreciation expense - Year 2 = 2 * (32400 - 12960) / 5 = $7776
Depreciation expense - Year 3 = 2 * (32400 - 20736) / 5 = $4666
Depreciation expense - Year 4 = 2 * (32400 - 25402) / 5 = $2799
Depreciation expense - Year 5 = 2 * (32400 - 28201) / 5 = $1679.6
Gain on sale = 21000 - 4199 = $16801
Explanation:
Straight line method
The straight line method of depreciation charges a constant depreciation expense per year through out the useful life of the asset. The formula for depreciation expense per year under this method is,
Depreciation expense = (Cost - Salvage value) / estimated useful life of the asset
Depreciation expense per year = (32400 - 3200) / 5 = $5840 per year
Depreciation expense - Year 1 = $5840
Depreciation expense - Year 2 = $5840
Depreciation expense - Year 3 = $5840
Depreciation expense - Year 4 = $5840
Depreciation expense - Year 5 = $5840
Net Book Value - Year 4 = 32400 - (5840 * 4) = $9040
Selling price = $21000
Gain on sale = 21000 - 9040 = $11960
Double declining balance method
The double declining balance method is an accelerated form of depreciation where asset is depreciated more in initial years and less in later years. The formula for depreciation expense per year under this method is,
Depreciation expense = 2 * (Cost - Accumulated depreciation) / Estimated useful life of the asset
Depreciation expense - Year 1 = 2 * (32400 - 0) / 5 = $12960
Depreciation expense - Year 2 = 2 * (32400 - 12960) / 5 = $7776
Depreciation expense - Year 3 = 2 * (32400 - 20736) / 5 = $4666
Depreciation expense - Year 4 = 2 * (32400 - 25402) / 5 = $2799
Depreciation expense - Year 5 = 2 * (32400 - 28201) / 5 = $1679.6
Net book value - Year 4 = 32400 - 28201 = 4199
Gain on sale = 21000 - 4199 = $16801
Emarpy Appliances Inc. wants to determine the optimal production policy for their best selling refrigerator. The demand for this has been relatively constant at about 8,000 each year. The production capacity for this product is limited to 200 units per day. Each time production starts, it costs the company $120 to move materials into place, reset the assembly line, and clean the equipment. The holding cost of a refrigerator is $50 per unit per year. Assume there are 250 working days per year. If Emarpy Inc wants to minimize the total annual inventory cost, how many refrigerators should be produced in each production run?
Answer:
Q' = 213.80
Explanation:
P(d): production rate per day = 200
Ic: Installation cost = 120
D: Demand = 8000
D(d): demand rate per day = 32
Uc: Unit cost (holding) = 50
Applying into Production order quantity model formula
[tex]Q'= \sqrt{\frac{2*D*Ic}{(1 - \frac{D(d)}{P(d)}) * Uc } } = \sqrt{\frac{2*8000*120}{(1 - \frac{32}{200})*50 } } = 213.80[/tex]
The first phase of the selling process involves
to sell.
Answer:
false. it is Prospecting. The first of the seven steps in the sales process is prospecting. In this stage, you find potential customers and determine whether they have a need for your product or service—and whether they can afford what you offer.Explanation:
Use the following information for the Exercises below. (Algo)
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[The following information applies to the questions displayed below.]
BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee.
Gross Pay through August 31 Gross Pay for September
a. $ 5,500 $ 2,300
b. 3,000 3,100
c. 132,400 9,000
The gross pay through August 31 and September 30 for the single employee of BMX Company is likely to be b. $3,000 and $3,100, respectively.
What is gross pay?Gross pay refers to the total payment that an employee is entitled to receive before any deductions are taken away.
Some of the deductions are:
FICA Social Security taxesFICA Medicare taxesFUTA taxesSUTA taxesAfter the deductions from the gross pay, the balance is known as the net pay.
Thus, the gross pay through August 31 and September 30 for the single employee of BMX Company is likely to be b. $3,000 and $3,100, respectively.
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In fishing, a career education often comes from which of the following?
A: College classes
B: On-site training
C: Vocational school
In 2021, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000. The road was completed in 2023. Information related to the contract is as follows:
2021 2022 2023
Cost incurred during the year $2,610,000 $3,162,000 $2,230,800
Estimated costs to complete as of year-end 6,390,000 2,028,000 0
Billings during the year 2,100,000 3,672,000 4,228,000
Cash collections during the year 1,850,000 3,000,000 5,150,000
Assume that Westgate Construction's contract with Santa Clara County does not qualify for revenue recognition over time.
Required:
a. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years.
b. Complete the information required below to prepare a partial balance sheet for 2021 and 2022 showing any items related to the contract.
c. Calculate the amount Of revenue and gross profit (loss) to be recognized in each Of the three years assuming the following costs incurred and costs to complete information.
Answer:
Westgate Construction Company
a) Amount of revenue and gross profit (loss) to be recognized in each year:
2021 2022 2023
Cost incurred during the year $2,610,000 $3,162,000 $2,230,800
Percentage of costs to the total 32.61% 39.51% 27.88%
Revenue recognized each year $3,261,000 $3,951,000 $2,788,000
Cost incurred during the year $2,610,000 $3,162,000 $2,230,800
Gross profit $651,000 $789,000 $557,200
b) Information for a partial balance sheet for 2021 and 2022
Current assets: 2021 2022
Accounts receivable (Santa Clara) $250,000 $922,000
Explanation:
a) Data and Calculations:
2021 2022 2023
Cost incurred during the year $2,610,000 $3,162,000 $2,230,800
Estimated costs to complete
as of year-end 6,390,000 2,028,000 0
Billings during the year 2,100,000 3,672,000 4,228,000
Cash collections during the year 1,850,000 3,000,000 5,150,000
Contract price = $10,000,000
Total costs incurred = $8,002,800
Total Gross profit = $1,997,200
Since Westgate Construction's contract with Santa Clara Country does not qualify for revenue recognition over time, revenue can only be recognized based on degree of completion or percentage of completion. This is based on the costs incurred in each year.
2021 2022 2023
Cost incurred during the year $2,610,000 $3,162,000 $2,230,800
Percentage of costs to the total 32.61% 39.51% 27.88%
Revenue recognized each year $3,261,000 $3,951,000 $2,788,000
Cost incurred during the year $2,610,000 $3,162,000 $2,230,800
Gross profit $651,000 $789,000 $557,200
a) Accounts Receivable (Santa Clara)
Date Accounts Title Debit Credit
2021 Construction Contract $2,100,000
2021 Cash Account $1,850,000
2021 Balance 250,000
2022 Balance 250,000
2022 Construction Contract $3,672,000
2022 Cash Account $3,000,000
2022 Balance 922,000
Construction Contract
Date Accounts Title Debit Credit
2021 Cash account $2,610,000
2021 Accounts receivable $2,100,000
2022 Cash account $3,162,000
2022 Accounts receivable $3,672,000
$5,772,000 $5,772,000
Cash Account
Date Accounts Title Debit Credit
2021 Construction Contract $2,610,000
2021 Accounts receivable $1,850,000
2022 Construction Contract $3,162,000
2022 Accounts receivable $3,000,000
You take $100 you had kept under your mattress and deposit it in your bank account. If this $100 stays in the banking system as reserves and if banks hold reserves equal to 10 percent of deposits, by how much does the total amount of deposits in the banking system increase
Answer:
Explanation:
its there
Grant Co. issued $500,000 face value, five-year, 8% bonds on December 31, Year 1. The bonds pay interest annually starting from December 31, Year 2. The bonds were sold to yield 7%. Present value factors are as follows: 7% 8% Present value of $1, five periods 0.712986 0.680583 Present value of ordinary annuity of $1, five periods 4.100197 3.992710 Present value of annuity due of $1, five periods 4.387211 4.312127 What amount of long-term liability should Grant report on December 31, Year 1, for this sale
Based on the face value of the bond and the associated interest, the amount of long term liability that Grant should record is $520,500.88.
What is the long term liability?The long term liability in year 1 should be the present value of the bond. This can be found as:
= Present value of coupon payment + Present value of bond face value
The coupon payment is:
= 8% x 500,000
= $40,000
This is an annuity because it is constant so the revised formula is:
= (Coupon x Present value interest factor of annuity, 7%, 5 years) + (Face value x Present value factor, 7%, 8 years)
Solving therefore gives:
= (40,000 x 4.100197) + (500,000 x 0.712986)
= $520,500.88
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what are right? Explain your answer
Answer: Not quite sure what you are asking of what are right... But I do know what is left...
A retailer spends a $500 per month to keep its online shop active and updated. The store acquires shirts at a cost of $5 per shirt. Each shirt sells for a marginal benefit of $10 per shirt.
How many shirts would you have to sell for it’s marginal benefits to be greater than its total costs?
Answer:
100 shirts
Explanation:
Borrowing from the contribution margin concept, the level where the marginal benefit is greater than total costs is the break-even point.
Break-even point = fixed cost / contribution margin per unit.
For this retailer,
Fixed costs are $500,
The contribution margin per unit = selling price- variable cost
=$10-$5
=$5
Break-even point
= $500/$5
= 100units
The retailer would have to sell 100 shirts for it’s marginal benefits to be greater than its total costs.
What is breakeven point?This is the point where the additional gain derived is more than the total costs.
Applying break even point, we'll have
Break-even point
= Fixed cost / Contribution margin per unit.
Fixed cost
= $500
Contribution margin per unit
= Selling price - Variable cost
= $10 - $5
=$5
Break-even point
= $500 / $5
= 100units
Hence, the retailer would have to sell 100 shirts for it’s marginal benefits to be greater than its total costs.
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Why is it that everyone cannot have everything they could possibly want?
because that would make you spoiled, and no one will like you. And some things aren't buyable
Recruitment sources are unlimited; therefore, an organization must decide how to reach the best sources of potential employees. Sources of recruitment include: internal and external sources, direct applicants, referrals, advertisements, electronic recruiting, public and private employment agencies, and colleges and universities. Evaluating the quality of recruiting sources can be done by compiling yield ratios that express the percentage of applicants who successfully move from one stage of the recruitment and selection process to another. In this exercise, please read the mini-case and answer the questions that follow. A large Midwestern university is opening a regional branch about an hour away from its main campus. Labor projections suggest that the company will need to hire about 200 new employees to fill cleaning, maintenance, security, and cafeteria entry-level positions. Because of traffic and bad winter weather, it is unlikely that many of the university's current staff will want to transfer to the regional branch. Most of the openings are for hands-on, manual labor jobs that do not require a college education, extensive computer skills, or office experience. The university would like to minimize the cost of its recruiting efforts.
1. Which of the following recruitment sources should the university use to fill its 200 positions?
a. Newspaper advertising
b. Colleges and universities
c. Electronic recruiting
2. Which of the following recruitment sources should the university avoid using to hire for its entry-level positions?
a. Referrals
b. Headhunters
c. External sources
Answer:
1. a. Newspaper advertising
2. b. Headhunters
Explanation:
1. Newspaper advertising is the best source to hire as its a big number of positions and fill the vacancies according to the requirement of an organization.
2. Headhunters may be defined as it is the process of recruitment where a high-level position is fulfilled instead of entry-level. Headhunters are not appropriate to hire for entry-level positions.