Answer:
(a) $1,200
(b) $330
Explanation:
(a)
The advance payment was issued in 2018, however the items throughout 2018 were not shipped. The products were distributed throughout 2019 as well as the transaction for accounting information requirements was announced throughout 2019.Therefore, in 2019, $1200 would include gross revenue
(b)
Service contract for 6 months will be:
Drake would include gross income throughout 2019 of [tex]120(40\times \frac{3}{6} )[/tex] ($)and gross income throughout 2020 of $120. In October year 2019, because a corporation offered a 6-month contract, total sales in 2019 represented just a 3-month service agreement.
Service contract for 36 months will be:
Throughout 2019 gross sales, Drake would include [tex]120(= (= 1260\times \frac{6}{36} )[/tex].The residual balance would not have been all conducted until the close including its tax year of collection since the contract became sold through 36 month. The residual amount of [tex]1050 (= 1,260-210)[/tex] is thus used throughout gross sales for 2020.Consequently,
⇒ Cumulative gross income used throughout 2019 = total earnings of 6 months service agreement + gross income of 36 months service agreement
⇒ [tex]120 + 210[/tex]
⇒ [tex]330[/tex] ($)
Wagner Industrial Motors, which is currently operating at full capacity, has sales of $2,350, current assets of $690, current liabilities of $380, net fixed assets of $1,540, and a 5 percent profit margin. The firm has no long-term debt and does not plan on acquiring any. The firm does not pay any dividends. Sales are expected to increase by 10 percent next year. If all assets, short-term liabilities, and costs vary directly with sales, how much additional equity financing is required for next year? Compute current total equity, projected assets, liabilities, change in equity, additional equity funding, and answer the following two questions:
Answer:
The required financial needed would be "$55.75". The further explanation is given below.
Explanation:
The given values are:
Current assets
= $690
Fixed assets
= $1540
Project assets = (Current assets + Fixed assets) × 1.10
= [tex](690+1540)\times 1.10[/tex]
= [tex]2453[/tex] ($)
Projected liabilities = [tex]380\times 1.10[/tex]
= [tex]418[/tex] ($)
Current equity = Current assets + Fixed assets + Current liabilities
= [tex]690+1540-380[/tex]
= [tex]1850[/tex] ($)
Increased project in retaired earnings will be:
= [tex]2350\times 5 \ percent\times 1.10[/tex]
= [tex]129.25[/tex] ($)
Now,
Equity financial needed = Projected assets - Project liabilities - current equity - Projected increase
= [tex]2453-481-1850-129.25[/tex]
= [tex]55.75[/tex] ($)
When companies compete in a market economy, what is usually the result?
a)Consumers are able to buy goods for the best available price.
b)People pay much higher prices for goods.
c)There are frequent shortages of goods on the market.
d)Producers refuse to sell some of their products.
When companies compete in a market economy, consumers are able to buy goods for the best available price.
What is market economy?Market economy is a system of economy where supply and demand are involved in directing production.
These production includes goods and services and it is controlled by a central authority such as government agency.
Therefore, when companies compete in a market economy, consumers are able to buy goods for the best available price.
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How effective is it to request to scale back some features to deliver a 50% test version of your project
In terms of how effective it is to scale back some systems and deliver a 50% test version, this would be Ineffective.
How effective will requesting a scale back be?The original question asks how effective it will be to request a scale back if one can't meet a deadline.
This would be ineffective because the project is expected to be completed at a certain time so asking to only complete 50% would not be an effective solution to completing the project.
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An accountant is modeling the annual tax expenditures, E, in thousands of dollars ttt years after January 1^{\text{st}}1 st 1, start superscript, start text, s, t, end text, end superscript, 200020002000 for a small business using two different models. Both of the accountant's models have tax expenditures of \$5000$5000dollar sign, 5000 on January 1^{\text{st}}1 st 1, start superscript, start text, s, t, end text, end superscript, 200020002000. Model 111 has tax expenditures which increase by \$4000$4000dollar sign, 4000 each year. Model 222 has tax expenditures which increase by a factor of aaa every 555 years. If the models have the same value on January 1^{\text{st}}1 st 1, start superscript, start text, s, t, end text, end superscript, 201020102010, what is the value of aaa
Tax expenditures are government revenue losses that are gotten from tax exclusions, deductions, credits, deferrals, and preferential tax rates.
What are Tax expenditures?Your information is incomplete. Therefore, an overview will be given. Tax expenditures are special provisions such as exclusions, deductions, deferrals, credits, and tax rates which benefit specific activities or groups of taxpayers.
It should be noted that tax expenditures are both widespread and costly, but are not subject to the same level of scrutiny in the budget process.
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You have an idea for a company that sources fruits from local farms and makes fresh juices on a daily basis. You want to start a subscription-based service in which households within a 100-mile radius subscribe to your plan and receive two gallons of freshly squeezed juice (for example, cherry juice, apple juice, lemonade) twice a week. As you think about starting your business, you ask yourself: Am I being responsive to the customer? Is it innovative? Can I offer a quality product? After asking these questions, review and identify which question you forgot to ask that would give you a sustainable advantage.
Explanation:
This issue is related to the VRIO model, which is an analytical technique to help a company evaluate its organizational resources and make them effective and competitive in the market. The acronym VRIO stands for Value, Rarity, Imitability and Organization, which together form the necessary points for business improvement.
Analyzing the question, it is possible to see that the company focused on issues related to value, rarity and organization, so the question that should be asked to achieve a sustainable advantage is the question related to imitability, which could be: It is difficult to imitate the product at the cost of the resource or capacity?
Big Red Machines, a startup, has come up with a new product and has seen significant customer demand. Due to reinvestment in the firm (100% plowback ratio) Big Red Machines will pay no dividends in the first 2 years. Beginning in the 3rd through 6th years, the firm expects to pay $1.50, $1.60, and $1.75 In the 6th year, the firm should see stable growth rates and thus begin a divided which grows at 3% per year. You plan to graduate 1 year from now, and hope to invest in Big Red Machines at that time. The expected rate of return is 8% What is the value of Big Red Machine's stock one year from today
Answer:
The correct answer is "$ 30.34".
Explanation:
The value of the stock can be computed by the following formula:
⇒ [tex]\frac{Dividend \ in \ year \ 3}{(1 + Required \ return \ rate)2} + \frac{Dividend \ in \ year \ 4}{(1 + Required \ return \ rate)3} + \frac{Dividend \ in \ year \ 5}{(1 + Required \ return \ rate) 4 } + \frac{1}{(1 + Required \ return \ rate)4 }\times [\frac{( Dividend \ in \ year \ 5 (1 + Growth \ rate)} {( Required \ return \ rate - Growth \ rate)}][/tex]
On putting the values, we get
⇒ [tex]\frac{1.50}{1.08^2} + \frac{1.60}{1.08^3} + \frac{1.75}{1.08^4 } + \frac{1}{1.08^4} \times [ \frac{( 1.75\times 1.03)}{(0.08 - 0.03)}][/tex]
⇒ [tex]\frac{1.50}{1.08^2 } + \frac{1.60}{ 1.08^3 } + \frac{37.80}{ 1.08^4 }[/tex]
⇒ [tex]30.34[/tex] ($)
For each of the following separate situations, prepare he necessary accounting adjustments using the financial statement effects template.
a. Unrecorded depreciation on equipment is $610.
b. On the date for preparing financial statements, an estimated utilities expense of $390 has been incurred, but no utility bill has yet been received or paid.
c. On the first day of the current period, rent for four periods was paid and recorded as a $2,800 debit to Prepaid Rent and a $2,800 credit to Cash.
d. Nine months ago, The Hartford Financial Services Group sold a one-year policy to a customer and recorded the receipt of the premium by debiting Cash for $624 and crediting Contract Liabilities for $624.
e. At the end of the period, employee wages of $965 have been incurred but not yet paid or recorded.6. At the end of the period, $300 of interest income has been earned but not yet received or recorded.
Answer:
depreciation expense equipment 610 debit
accumulated depreciation equipment 610 credit
utilities expense 390 debit
utilities payable 390 credit
rent expense 700 debit
prepaid rent 700 credit
insurance expense 468 debit
prepaid insurance 468 credit
wages expense 965 debit
wages payables 965 credit
interest receivables 300 debit
interest revenue 300 credit
Explanation:
(C) rent calculations
2,800 --> four period of rent
2,800 / 4 = 700 per period
(D) insurance calculations
624 for the entire years
expired 9 months in this period
$624 x 9/12 = 468
Eagle Co. manufactures bentwood chairs and tables. Wood for both products is steam-bent in the same process, but different types of wood are used for each product. Thus, materials cost is identified separately to each product. One production cycle uses 20 board feet. Labor cost is identified to the process as a whole, as is overhead cost. Data for the month of July follow:
Chairs Tables
Direct material cost per board foot $3.60 $4.20
Number of parts formed per production cycle (20 board feet) 10 8
Actual operating hours in July 120 380
Parts produced during July 4,000 9,000
Budgeted annual conversion cost:
Labor $150,000
Utilities 125,000
Depreciation 65,000
Other overhead 50,000
Total $390,000
Budgeted annual operating hours for steam-bending 5,200
Required:
a. Compute July's predetermined rate for the steam-bending process.
b. Compute July's direct material costs for chairs and tables.
c. Compute conversion costs to be applied to chairs and tables in July. In your calculations, round the per unit amount to two decimal places and use in subsequent computations.
d. Journalize the following entries:
1. Assignment of direct materials to chairs and tables.
2. Application of conversion costs to chairs and tables.
3. The transfer of completed chairs and tables to the Finishing Department. All of July's production was completed in July
Answer:
A. $75
B. Direct material costs for Chairs = $28,800
Direct material costs for Tables= $94,500
C. Conversion costs for Chairs = $9,000
Conversion costs for Tables = $28,530
D1. Dr Work in process-chairs 28,800
Dr Work in process-tables 94,500
Cr Materials 123,300
D2. Dr Work in process-chairs 9,000
Dr Work in process-tables 28,530
Cr Conversion costs applied 37,530
D3. Dr Finished Goods-Chairs 37,800
Cr Finished Goods- Tables 123,030
Dr Work in process 37,800
Cr Work in process 123,030
Explanation:
a. Computation of July's predetermined rate
Steam-bending process predetermined rate=
390,000 / 5,200
Steam-bending process predetermined rate= $75
b. Computation for July's direct material costs for both chairs and tables.
Direct material costs for Chairs= 3.60 x 20 / 10 Direct material costs for Chairs= 7.20
Direct material costs for Chairs=7.20x 4,000
Direct material costs for Chairs = $28,800
Direct material costs for Tables=4.20 x 20 / 8
Direct material costs for Tables= 10.50
Direct material costs for Tables=10.50 x 9,000 Direct material costs for Tables= $94,500
c. Computation for conversion costs to be applied to chairs and tables in July
Conversion costs for Chairs: 75 x 120 / 4,000
Conversion costs for Chairs = 2.25
Conversion costs for Chairs=2.25 x 4,000
Conversion costs for Chairs = $9,000
Conversion costs for Tables= 75 x 380/9,000
Conversion costs for Tables =3.17
Conversion costs for Tables=3.17x 9,000
Conversion costs for Tables = $28,530
D1. Preparation of Journal entry for the Assignment of direct materials to chairs and tables.
Dr Work in process-chairs 28,800
Dr Work in process-tables 94,500
Cr Materials 123,300
(94,500+28,800)
D2. Preparation of Journal entry for the Application of conversion costs to chairs and tables.
Dr Work in process-chairs 9,000
Dr Work in process-tables 28,530
Cr Conversion costs applied 37,530
(28,530+9,000)
D3. Preparation of the Journal entry for the Th transfer of completed chairs and tables to the Finishing Department
Dr Finished Goods-Chairs 37,800
(28,800+9,000)
Cr Finished Goods- Tables 123,030
(94,500+28,530=123,030)
Dr Work in process 37,800
(28,800+9,000)
Cr Work in process 123,030
(94,500+28,530=123,030)
Which liability account is typically settled by providing goods or services rather than by paying cash
It should be noted that Accounts Payable serves as liability account which is typically settled by providing goods or services rather than by paying cash.
What is Accounts Payable?Accounts Payable can be explained as short-term debt payment that should be paid to avoid default.
Accounts Payable can be explained as liability due to a particular creditor when goods is ordered by him without paying in cash up front.
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name five specific actions or behaviors that you believe would show what a person's most important value are?
The most vital traits for a person to possess are intelligence, kindness, hard work, and respect for others.
Explain about the hard work?A hardworking young lady who is consistently, frequently, or habitually engaged in intense and arduous work. Our pupils must be very dedicated and hardworking. They work a lot of hours.
A person is said to be hardworking if they take their task very seriously and complete it quickly and effectively. Example 1: A hardworking individual is someone who works two jobs to support his family and himself.
We learn discipline, commitment, and determination via hard effort. It is unquestionably significant because we can only accomplish our life's objectives via perseverance. We must all work hard as a result.
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g Vulcan Service Co. experienced the following transactions for Year 1, its first year of operations: Provided $91,000 of services on account. Collected $72,000 cash from accounts receivable. Paid $36,000 of salaries expense for the year. Adjusted the accounts using the following information from an accounts receivable aging schedule: Number of Days Past Due Amount Percent Likely to Be Uncollectible Allowance Balance Current $ 7,800 0.01 0-30 4,500 0.05 31-60 2,000 0.10 61-90 2,200 0.20 Over 90 days 2,500 0.50 Required a. Record the above transactions in general journal form and post to T-accounts. b. Prepare the income statement for Vulcan Service Co. for Year 1. c. What is the net realizable value of the accounts receivable at December 31, Year 1
Answer:
Provided $91,000 of services on account.
Collected $72,000 cash from accounts receivable.
Paid $36,000 of salaries expense for the year.
Adjusted the accounts using the following information from an accounts receivable aging schedule:
Number of days Amount % Likely to be uncollectible $
Current $7,800 0.01 $78
0-30 $4,500 0.05 $225
31-60 $2,000 0.10 $200
61-90 $2,200 0.20 $440
Over 90 $2,500 0.50 $1,250
totals $19,000 $2,193
a) Provided $91,000 of services on account.
Dr Accounts receivable 91,000
Cr Service revenue 91,000
Collected $72,000 cash from accounts receivable.
Dr Cash 72,000
Cr Accounts receivable 72,000
Paid $36,000 of salaries expense for the year.
Dr Wages expense 36,000
Cr Cash 36,000
Allowance for doubtful accounts
Dr Bad debt expense 2,193
Cr Allowance for doubtful accounts 2,193
Cash
debit credit
72,000
36,000
36,000
Accounts receivable
debit credit
91,000
72,000
19,000
Allowance for doubtful accounts
debit credit
2,193
Service revenue
debit credit
91,000
Wages expense
debit credit
36,000
Bad debt expense
debit credit
2,193
b) Vulcan Service Co.
Income Statement
For the year ended December 31, year 1
Revenue $91,000
Expenses:
Wages expense $36,000
Bad debt expense $2,193 ($38,193)
Net income $52,807
c) net realizable value of accounts receivable = $19,000 - $2,193 = $16,807
When setting prices of products, businesses want to make sure they can
cover their costs and make
Answer:
profit
Explanation:
their costs and make some profit
The managers of Loyola Corp. recently had a meeting to discuss new opportunities in Europe as a result of the recent integration among Eastern European countries. They decided not to penetrate new markets because of their present focus on expanding market share in the United States. Loyola's financial managers have developed forecasts for earnings based on the 12 percent market share (defined here as its percentage of total European sales) that Loyola currently has in Eastern Europe.
Required:
a. Is 12 percent an appropriate estimate for next year's Eastern European market share?
b. If not, does it likely overestimate or underestimate the actual Eastern European market share next year?
Answer:
a. Is 12 percent an appropriate estimate for next year's Eastern European market share?
No its not, because Loyola is probably not the only company considering expanding its operations over eastern Europe. As more companies start operating there, Loyola's market share will decrease due to increased competition.
b. If not, does it likely overestimate or underestimate the actual Eastern European market share next year?
Loyola's future market share is overestimated because:
Loyola is not willing to expand their operations and it is basically focusing on their domestic operations (in the US)other companies expand their operations and an aggressive market strategy will make them gain market share, which means that Loyola's market share will start to shrink
What is institutional advertising focused on promoting?
A. Acompany
B. The Internet
C. A service
D. A good
Answer:
a. A company
Explanation:
that is the answer
The Simkins Corporation uses a job-order costing system. The following activities took place during the month of May: a. Raw materials purchased $40,000 b. Raw materials (all direct) used in production $35,000 c. Salaries and wages costs: Direct labor cost $60,000 Indirect labor cost $30,000 Sales salaries $25,000 d. Factory utility costs $15,000 e. Depreciation on factory equipment $50,000 f. Advertising expense $80,000 g. Manufacturing overhead is applied at the predetermined rate of 150% of direct labor cost. h. Cost of Goods Manufactured for the month $180,000 i. Cost of Goods Sold for the month $150,000 Required: Prepare journal entries to record the information given above. Key your entries by the letters a through i.
Answer:
A. Dr Raw Material Inventory $40,000
Cr Accounts Payable $40,000
B. Dr Work in process Inventory $35,000
Cr Raw Material Inventory $35,000
C. Dr Work in process Inventory $60,000
Dr Factory Overheads $30,000
Dr Selling and administrative expenses $25,000
Cr Wages Payable $90,000
Cr Salaries Payable $25,000
D. Dr Factory Overheads $15,000
Cr Expense Payable $15,000
E. Dr Factory Overheads $50,000
Cr Accumulated Depreciation- Factory Equipment $50,000
F. Dr Selling and administrative expenses $80,000
Cr Expense Payable $80,000
G. Dr Work in process Inventory $90,000
Cr Factory Overheads $90,000
H. Dr Finished Goods Inventory $180,000
Cr Work in process Inventory $180,000
I. Dr Cost of goods sold $150,000
Cr Finished Goods Inventory $150,000
Explanation:
Preparation of Journal entries for Simkins Corporation
a. Based on the information given we were told that Raw materials purchased was the amount of $40,000 which means that the Journal entry will be "
Dr Raw Material Inventory $40,000
Cr Accounts Payable $40,000
b. Based on the information given we were told that Raw materials that was used in production was the amount of $35,000 which means that the Journal entry will be:
Dr Work in process Inventory $35,000
Cr Raw Material Inventory $35,000
c. Based on the information given we were told that Salaries and wages costs include Direct labor cost of the amount of $60,000 Indirect labor cost of the amount of $30,000 and Sales salaries if the amount of $25,000 which means that the Journal entry will be:
Dr Work in process Inventory $60,000
Dr Factory Overheads $30,000
Dr Selling and administrative expenses $25,000
Cr Wages Payable $90,000
Cr Salaries Payable $25,000
d. Based on the information given we were told that Factory utility costs the amount of $15,000 which means that the Journal entry will be:
Dr Factory Overheads $15,000
Cr Expense Payable $15,000
e. Based on the information given we were told that Depreciation on factory equipment cost the amount of $50,000 which means that the Journal entry will be:
Dr Factory Overheads $50,000
Cr Accumulated Depreciation- Factory Equipment $50,000
f. Based on the information given we were told that Advertising expense cost the amount of $80,000 which means that the Journal entry will be:
Dr Selling and administrative expenses $80,000
Cr Expense Payable $80,000
g. Based on the information given we were told that the company has predetermined rate of 150% of direct labor cost which means that the Journal entry will be:
Dr Work in process Inventory $90,000
Cr Factory Overheads $90,000
h. Based on the information given we were told that the Cost of Goods Manufactured for the month was $180,000 which means that the Journal entry will be:
Dr Finished Goods Inventory $180,000
Cr Work in process Inventory $180,000
i. Based on the information given we were told that Cost of Goods Sold for the month was $150,000 which means that the Journal entry will be:
Dr Cost of goods sold $150,000
Cr Finished Goods Inventory $150,000
According to Percy Barnevik, how should a global manager respond when told "You canât do that in Brazil because of current government regulations."?
According to Percy Barnevik, CEO of ABB Asea Brown Boveri, as a global manager, you must think globally and act locally. For him, an organization must combine global scale and global technology while adapting to a local market.
What is an internationalization strategy?It is a process by which companies implement their business in another country, through various ways, such as exporting a product and setting up factories in a foreign country.
The objective of internationalization is to achieve competitive and profitable advantages in a new market.
Therefore, despite the risks of internationalization, according to Percy Barnevik, an organization must adapt to the market, legislation and preferences of local consumers, using its best resources to be well positioned globally.
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Larkspur, Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 80 units were sold. Date Explanation Units Unit Cost Total Cost May 1 Inventory 34 $9 $306 15 Purchase 26 10 260 24 Purchase 40 11 440 Total 100 $1,006 Calculate the weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted-average unit cost $Enter the Weighted-average unit cost in dollars eTextbook and Media Calculate the ending inventory at May 31 using the FIFO, LIFO and average-cost methods. (Round answers to 0 decimal places, e.g. 125.) FIFO LIFO AVERAGE-COST The ending inventory at May 31 $Enter a dollar amount $Enter a dollar amount $Enter a dollar amount
Answer:
The average cost will be "$201". The further explanation is given below.
Explanation:
At May 31, FIFO LIFO Average cost
The ending inventory $220 $180 $201
Going to end Inventory Computation together under Quarterly inventory management system will be:
At $11 = $220
FIFO = 20 UnitsAt $9 = $180
LIFO = 20 Units Average Cost = 20 Units$10.06 = $201.2 i.e $201.
n outside supplier has offered to produce this Item and sell it to the company for $15.80 each. If this offer is accepted, the supervisor's salary and all of the variable costs, including direct labor, can be avoided. The special equipment used to make the Item was purchased many years ago and has no salvage value or other use. The allocated general overhead represents fixed costs of the entire company. If the outside supplier's offer were accepted, only $26,000 of these allocated general overhead costs would be avoided. If management decides to buy Item I51 from the outside supplier rather than to continue making the Item, what would be the annual impact on the company's overall net operating income
Answer:
- $119,800(declines).
(Kindly note the negative sign).
Explanation:
So, we have the following parameters or data ir information that is going to help us in solving this particular Question or problem;
(1). ..."produce this Item and sell it to the company for $15.80 each."
(2). "The special equipment used to make the Item was purchased many years ago and has no salvage value or other use. The allocated general overhead represents fixed costs of the entire company."
(3). "If the outside supplier's offer were accepted, only $26,000 of these allocated general overhead costs would be avoided".
The relevant cost for Direct Material = 21,600.
The relevant cost for direct labour = 39,600.
The relevant cost for Variable manufacturing overhead = 59,400.
The relevant cost for Supervisor’s salary = 18,000.
Therefore, the total for ''Buy'' = $284,400.
Also, the total for net changes in operating income= - $284,400.
This give us the net changes in operating income to decline $199,800(that is - $119,800).
CALCULATION THAT GIVES THE VALUE FOR THE NET CHANGES IN OPERATING INCOME =
(-) [ {18,000 × 15.80 } - { (1.2 + 2.2 + 3.3 + 1) × 18,000 units} - 26,000 ]
Using the information provided, what transaction represents the best application of the present value of an annuity due of $1? A. Compass, Inc., signs a note of $32,000, which requires the company to pay back the principal plus interest in four years. B. Falcon Products leases an office building for 8 years with annual lease payments of $100,000 to be made at the beginning of each year. C. NYC Industries leases a car for 4 yearly annual lease payments of $12,000, where payments are made at the end of each year. D. Bahwat Company plans to deposit a lump sum of $100,000 for the construction of a solar farm in 4 years.
Answer: B. Falcon Products leases an office building for 8 years with annual lease payments of $100,000 to be made at the beginning of each year.
Explanation:
An Annuity refers to an equal series of cashflows made at constant intervals. For instance, paying $100,000 per year for 8 years.
There are two types of Annuities; Ordinary and Annuity Due. Annuity Due refers to annuities that are paid at the beginning of each year whereas Ordinary is paid at the end.
Falcon will be paying $100,000 at the beginning of the year so this is an Annuity due and so will be the best application of the present value of an annuity due of $1.
Culver Architects incorporated as licensed architects on April 1, 2022. During the first month of the operation of the business, these events and transactions occurred:
Apr. 1 Stockholders invested $26,910 cash in exchange for common stock of the corporation.
1 Hired a secretary-receptionist at a salary of $561 per week, payable monthly.
2 Paid office rent for the month $1,345.
3 Purchased architectural supplies on account from Burmingham Company $1,943.
10 Completed blueprints on a carport and billed client $2,840 for services.
11 Received $1,046 cash advance from M. Jason to design a new home.
20 Received $4,186 cash for services completed and delivered to S. Melvin.
30 Paid secretary-receptionist for the month $2,244.
30 Paid $448 to Burmingham Company for accounts payable due.
Requied:
Journalize the transactions
Answer:
April 1 Stockholders invested $26,910 cash in exchange for common stock of the corporation.
Dr Cash 26,910
Cr Common stock 26,910
April 1 Hired a secretary-receptionist at a salary of $561 per week, payable monthly.
no journal entry required
April 2 Paid office rent for the month $1,345.
Dr Rent expense 1,345
Cr Cash 1,345
April 3 Purchased architectural supplies on account from Burmingham Company $1,943.
Dr Supplies 1,943
Cr Accounts payable 1,943
April 10 Completed blueprints on a carport and billed client $2,840 for services.
Dr Accounts receivable 2,840
Cr Service revenue 2,840
April 11 Received $1,046 cash advance from M. Jason to design a new home.
Dr Cash 1,046
Cr Unearned revenues 1,046
April 20 Received $4,186 cash for services completed and delivered to S. Melvin.
Dr Cash 4,186
Cr Service revenue 4,186
April 30 Paid secretary-receptionist for the month $2,244.
Dr Wages expense 2,244
Cr Cash 2,244
April 30 Paid $448 to Burmingham Company for accounts payable due.
Dr Accounts payable 448
Cr Cash 448
Short-term investments include: Multiple Choice Investments in land or other assets not used in operations. Noncurrent assets. Securities that management intends to convert to cash within one year or the operating cycle, whichever is longer, and are readily convertible to cash. Stocks not intended to be converted into cash. Bonds not intended to be converted into cash.
Short term investment refer to Securities that management intends to convert to cash within one year or the operating cycle, whichever is longer, and are readily convertible to cash.
What is Short-term investment?Short term investment are temporary financial investments that can be converted to cash within a short period of time which can be within 5 years. Some short-term investments are converted to cash after a period of only 3-12 months. Some examples of short-term investments include, money market accounts, high-yield savings accounts, government bonds, and Treasury bills.
Therefore, Short term investment refer to Securities that management intends to convert to cash within one year or the operating cycle, whichever is longer, and are readily convertible to cash.
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Mr. Adam Smith works as a senior executive for Corebiz Corp., a multinational company with subsidiaries in many Asian countries. The firm believes in implementing a marketing strategy that strongly resonates the essence of the local culture. The company relocates Mr. Smith to Beijing to handle its operations in China. A few months into his stay, Mr. Smith begins to learn the ways of life and appropriate behavior in China. When Mr. Smith was invited for tea by his colleagues, he observed people around him and learned the right way to tap his finger and fold a napkin. Mr. Smith learns that the Chinese revere their seniors and treat them with respect. They never question the decision of their seniors. Any show of disrespect, especially "name calling," is shunned upon by society; and the person found doing so, risks being ridiculed by everyone. The people seemed to have high cohesiveness in terms of ties as a community. Though these new ways seems to be inconvenient for Mr. Smith owing to the vast cultural difference between the United States and China, Mr. Smith thinks that it is worth all the trouble. Mr.Smith learns that the Chinese revere their elders and treat them with respect.Even when there is no kinship involved,an older person should never be addressed with his/her name.According to the CSV dimension,China is a culture high in _____.
s. individualism
b. collectivism
c. masculinity
d. power distance
e. long-term orientation
According to the CSV dimension, China is a culture high in b. collectivism.
What is the collectivist culture?The collectivist culture emphasizes the needs and goals of the group as a whole over the needs and desires of each individual.
The collectivist culture is the opposite of the individualist culture, where the primary needs, goals, and aspirations of the individuals supersede collective needs, goals, and aspirations.
For example, the Chinese are expected to subordinate their individual needs, goals, and aspirations to the requirements of the state.
Thus, according to the CSV dimension, China is a culture high in b. collectivism, not individualism, masculinity, power distance, or long-term orientation.
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Answer please
What is the name for an assessment of what you own and what you owe?
A.a personal balance sheet
B.a cash flow statement
C.a personal budget
D.a budget variance
Answer:
A. Personal Balance Sheet/Statement
Forget this question exists
Answer: yay
Explanation:
Smyth Industries operated as a monopolist for the past several years, earning annual profits amounting to $50 million, which it could have maintained if Jones Incorporated did not enter the market. The result of this increased competition is lower prices and lower profits; Smyth Industries now earns $10 million annually. The managers of Smyth Industries are trying to devise a plan to drive Jones Incorporated out of the market so Smyth can regain its monopoly position (and profit). One of Smyth's managers suggests pricing its product 50 percent below marginal cost for exactly one year. The estimated impact of such a move is a loss of $1 billion. Ignoring antitrust concerns, answer the following question: If Smyth Industries engages in predatory pricing by slashing its price 50 percent below marginal cost, the present value of current and future profits is:
Answer:
First of all we need a discount rate, so I looked for similar questions and the discount rates went from 4% to 8%, so i decided to use 6%.
the company has 2 alternatives, keep operating in a competitive market or slash its prices to try to erase the competition.
the present value of the first alternative using the perpetuity formula = $10,000,000 / 0.06 = $166,666,667
the present value of the second alternative is:
PV of slashing costs = $1,000,000,000 / 1.06 = $943,396,226 + the present value of future net incomes
the present value of future net incomes = $50,000,000 / 0.06 = $833,333,333, but we must discount this number this terminal value applies to end of the current, not now: $833,333,333 / 1.06 = $786,163,552
the NPV of slashing prices = $786,163,552 - $943,396,226 = -$157,232,674, so it is definitely a very bad idea.
Mertens Company provides the following ABC costing information: Activities Total Costs Activity-cost drivers Account inquiry hours $200,000 10,000 hours Account billing lines $140,000 4,000,000 lines Account verification accounts $75,000 40,000 accounts Correspondence letters $ 25,000 4,000 letters Total costs $440,000 The above activities are used by Departments A and B as follows: Department A Department B Account inquiry hours 2,000 hours 4,000 hours Account billing lines 400,000 lines 200,000 lines Account verification accounts 10,000 accounts 8,000 accounts Correspondence letters 1,000 letters 1,600 letters How much of the account billing cost will be assigned to Department B
Answer:
Cost assigned to Deparment B is $112,000
Explanation:
In order to calculate the cost assigned to Department B, we will take each amount divide it by their respective drivers and multiply by the driver assigned to Department B. Then we will add up all the relevant cost to determine the total cost assigned to Department B. As shown below:
Account Inquiry Hours = $200,000 / 10,000 hours x 4,000 hours
= $80,000
Account Billing Lines = $140,000 / 4,000,000 lines x 200,000 lines
= $7,000
Account Verification = $75,000 / 40,000 accounts x 8,000 accounts
= $15,000
Correspondence Letter = $25,000 / 4,000 letters x 1,600 letters
= $10,000
Total Cost = 80,000 + 7,000 + 15,000 + 10,000
= $112,000
During the staff meeting, the performance of BJ is discussed. BJ works hard but received a poor customer rating, and the manager is told to “figure it out” or fire BJ. Which of the following would be the best approach to try to improve BJ’s performance?
Answer:
BJ
Explanation:
Hi is the hard worker
so, he is the best
Providing him with 360-degree feedback from customers, co-workers and managers to give him insight into how his behavior is perceived will help improve his performance.
What is a 360-degree feedback?A 360-degree feedback refers to a process that allows employees to receive feedback from the people who work around them.
In conclusion, the feedback will let him know how to improve on his work performance.
Read more about 360-degree feedback
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Exercise 4-5 Assigning Overhead to Products in ABC [LO4-2, LO4-3]Sultan Company uses an activity-based costing system.At the beginning of the year, the company made the following estimates of cost and activity for its five activity cost pools:Activity Cost Pool Activity Measure ExpectedOverhead Cost Expected ActivityLabor-related Direct labor-hours $ 156,000 26,000 DLHsPurchase orders Number of orders $ 11,000 220 ordersParts management Number of part types $ 80,000 100 part typesBoard etching Number of boards $ 90,000 2,000 boardsGeneral factory Machine-hours $ 180,000 20,000 MHsRequired:1. Compute the activity rate for each of the activity cost pools.2. The expected activity for the year was distributed among the company’s four products as follows:Expected ActivityActivity Cost Pool Product A Product B Product C Product DLabor-related (DLHs) 6,000 11,000 4,000 5,000Purchase orders (orders) 60 30 40 90Parts management (part types) 30 15 40 15Board etching (boards) 500 900 600 0General factory (MHs) 3,000 8,000 3,000 6,000Using the ABC data, determine the total amount of overhead cost assigned to each product.
Answer:
1. The activity rates are as followed:
Labor-related rate = $6 per DLHs
Purchase orders rate = $50 per orders
Parts management rate = $800 per part types
Board etching rate = $45 per boards
General factory rate = $9 per MHs
2. See the part 2 of the attached excel file. The data in the excel file are too many to be put here.
Explanation:
Note: The data in this question are merged together. They are therefore sorted before answering the question. See the attached pdf file for the complete question with the sorted data.
1. Compute the activity rate for each of the activity cost pools.
Note: See part 1 of the attached excel file for the computation of the activity rate for each of the activity cost pools.
In the excel file, the following formula is used in the computation of the activity rate for each of the activity cost pools:
Activity rate = Expected Overhead Cost / Expected Activity
2. Using the ABC data, determine the total amount of overhead cost assigned to each product.
Note: See part 2 of the attached excel file for the computation of the total amount of overhead cost assigned to each product.
In the excel file, the following formula is used in the computation of the total amount of overhead cost assigned to each product:
Total amount of overhead cost assigned = Each Product Expected Activity * Activity rate
Precision Camera Services started the year with total assets of $80,000 and total liabilities of $40,000. The revenues and the expenses for the year amounted to $140,000 and $60,000, respectively. During the year, the company did not issue any common stock, but it distributed dividends of $55,000. What is the amount of stockholders' equity at the end of the year?
Answer:
$65,000
Explanation:
Stockholder's equity is the net value of a company's asset. It is the remaining value of a company asset after adjusting for retained earnings and liabilities.
For Precision Camera Services.
Current year additions to stakeholder equity will be the retained earnings.
Retained earning is revenues- expenses - dividends paid out
=$140,000 - $60,000 - $55,000
=$25,000
Stockholders equity : Assets + retained earning - liabilities
=$80,000 + $25,000 - $40,000
=$105,000- $40,000
=$65,000
The hospitality industry does not have a definition upon which everyone can agree.
True
False
Answer:
false
Explanation:
?
Answer:
true
Explanation:
just took it on edge