Answer:
Jan. 5 Sold merchandise for cash totaling $20,520, which includes 8% sales taxes.
Dr Cash 20,520
Cr Sales revenue 19,000
Cr Sales taxes payable 1,520
12 Performed services for customers who had made advance payments of $10,500. (Credit Service Revenue.)
Dr Unearned revenue 10,500
Cr Service revenue 10,500
14 Paid state revenue department for sales taxes collected in December 2019 ($7,200).
Dr Sales taxes payable 7,200
Cr Cash 7,200
20 Sold 900 units of a new product on credit at $50 per unit, plus 8% sales tax. This new product is subject to a 1-year warranty.
Dr Cash 48,600
Cr Sales revenue 45,000
Cr Sales taxes payable 3,600
*An additional entry for recording warranty liability must be made but we are not given any estimated warranty costs.
21 Borrowed $27,000 from Girard Bank on a 3-month, 8%, $27,000 note.
Dr Cash 27,000
Cr Notes payable 27,000
25 Sold merchandise for cash totaling $7,884, which includes 8% sales taxes.
Dr Cash 7,884
Cr Sales revenue 7,300
Cr Sales taxes payable 584
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
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 _______________
The Corporation determines that at current prices, the demand for its computer chips has a price elasticity of 2 in the short run, while the price elasticity for its disk drives is 1. If the corporation decides to raise the price of both products by percent, what will happen to its sales? Sales of computer chips will ▼ decrease increase by nothing percent and sales of disk drives will ▼ decrease increase by nothing percent. (Enter your responses here and below using integers.) What will happen to sales revenue? Computer chip sales revenue will ▼ decrease increase .
Answer:
Sales of computer chips will ▼ decrease by 40% and sales of disk drives will ▼ decrease by 20%.
What will happen to sales revenue? Computer chip sales revenue will ▼ decrease
Explanation:
The numbers are missing, so I looked for a similar question:
The ACME Corporation determines that at current prices, the demand for its computer chips has a price elasticity of -2 in the short run, while the price elasticity for its disk drives is -1. If the corporation decides to raise the price of both products by 20 percent, what will happen to its sales?
When a product's PED = -2 (price elastic), a 1% increase in price will result in a 2% decrease in quantity demanded.
When a product's PED = -1 (price unitary elastic), a 1% increase in price will result in a 1% decrease in quantity demanded.
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).
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]$200,000\times 0.90 \ percent[/tex]
= [tex]1,800[/tex] ($)
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.
JJ Construction Inc. entered into a contract with a customer to build a movable storage facility on January 1, 2020, for $1,500,000. JJ Construction Inc. owns the work in process and constructs this type of storage unit for a number of customers. The customer made a down payment of 10% of the project, with an additional 10% due at the end of year one and the remaining due when it takes control of the facility. The facility is expected to be completed in two years for a total cost of $1,200,000. Actual costs incurred through December 31, 2020, are $500,000. Determine the amount of revenue to record in 2020.
Based on the information given the amount of revenue to record in 2020 is: $630,000.
RevenueFirst step is to calculate the % of work completed by December 31, 2020
% of work completed by December 31, 2020 = Actual cost incurred / Total estimated costs
% of work completed by December 31, 2020=$500,000 / $1,200,000
% of work completed by December 31, 2020=41.6%
% of work completed by December 31, 2020= 42%(Approximately)
Now let calculate the amount of revenue to record in 2020
Amount of revenue to record in 2020 = Total contract price×% completion
Amount of revenue to record in 2020 = $1,500,000×42%
Amount of revenue to record in 2020 = $630,000
Therefore the amount of revenue to record in 2020 assuming that the cost-to-cost method is used is $630,000.
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Based on your reading of the following, choose the best answer to the question.
The Maverick Motel recently had to shut down operations for two days to get rid of bedbugs. A paying guest complained about getting bitten about a week ago, but as far as management can tell, the bedbugs are an isolated problem and were found only in three rooms. What can the motel do to minimize the damage to its reputation as a result of a guest finding bedbugs?
A. Create a banner ad on the motel’s web site announcing that the bedbug situation is now under control.
B. Call the paying guest and explain the problem has been addressed and is not widespread, and then offer the customer free stays for an entire year.
C. Call the paying guest and beg her not to tell anybody that she was bitten by bedbugs at the motel.
D. Call the paying guest and offer her money if she promises not to tell anyone about the bedbugs.
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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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.
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.
Albert established a qualified tuition program for each of his twins, Kim and Jim. He started each fund with $20,000 when the children were five years old. Albert made no further contributions to his children's plans. Thirteen years later, both children have graduated from high school. Kim's fund has accumulated to $45,000, and Jim's has accumulated to $42,000. Kim decides to attend a state university, which will cost $60,000 for four years (tuition, fees, room and board, and books). Jim decides to going to work instead of going to college. During the current year, $7,500 is used from Kim's plan to pay the cost of her first semester in college. Because Jim is not going to college now or in the future, Albert withdraws the $42,000 plan balance and gives it to Jim to start his new life after high school.
Required:
a. During the period since the plans were established, should Albert or the twins have been including the annual plan earnings in gross income?
b. What are the tax consequences to Kim and Albert of the $7,500 being used for the first semester's higher education costs?
c. Because of her participation in the qualified tuition program, Kim received a 10% reduction in tuition charges; so less than $7,500 was withdrawn from her account. Is either Albert or Kim required to include the value of this discount in gross income?
d. What are the tax consequences to Albert of Jim's qualified tuition program being closed?
Question attached
Answer and Explanation:
1. No. The earnings from the fund would not be included in gross income so long as it is for higher education expenses and has not been withdrawn for any other purpose.
2. There are no tax consequences since the $7500 is used for qualified higher education expenses
3. There are no tax consequences even there was a discountvor reduction in tuition as long as the qualifies tuition program funds was used for higher education expenses
4. If account is closed and for instance there is a refund, there are tax consequences as the excess interest over and above amount contributed must be included in gross income
Information used to examine the profit margin management path comes from the retailer's income statement, which summarizes a firm's financial performance over a period of time. The information used to analyze a retailer's asset management path primarily comes from the retailer's balance sheet. Whereas the income statement summarizes the financial performance over a period of time, the balance sheet summarizes a retailer's financial position at a given point in time, typically at the end of the fiscal year.
The strategic profit model is a method for summarizing the factors that affect a firm's financial performance, as measured by return on assets. Return on assets is an important performance measure for a firm and its stockholders because it measures the profits that a firm makes relative to the assets it possesses. The strategic profit model decomposes ROA into two components: (1) operating profit margin percentage and (2) asset turnover. These two components illustrate that ROA is determined by two sets of activitiesâprofit margin management and asset turnover managementâand that a high ROA can be achieved by various combinations of operating profit margins and asset turnover levels.
1. Net Sales minus cost Of Goods sold
2. Net Profit Margin Percentage divided by Asset Turnover
3. Total Current Assets plus Total Fixed Assets
4. Net Profit before Taxes minus Taxes
5. Net Profit after Taxes divided by Net Sales
6. Gross Margin minus Operating Expenses
7. Net Sales divided by Total Assets
Match each of the options above to the items below.
a. Total Assets (All of the retailers combined assets)
b. Asset Turnover (This financial measure assesses the productivity of a firm's investment in its assets and indicates how many dollars are generated for each dollar Of assets)
c. Gross Margin (This measure indicates how much profit the retailer is making on merchandise sold, without considering the expenses associated with operating the store)
d. Net Operating Profit before Taxes (This measure Indicates how much profit a retailer is making before taxes are taken out)
e. Net Profit after Taxes (This measure indicates how much profit a retailer is making after taxes are taken out)
f. Net Profit Margin Percent (This financial measure is expressed as a percentage of net sales to facilitate comparisons across items, categories, and departments)
g. Return on Assets (This financial measure evaluates the profit generated by the assets possessed by the firm)
Answer:
Explanation:
question a) Total current assets plus the total fixed assets results in total assets.
question b) Net sales over total assets results in asset turnover.
question c) Net slaves minus cost of goods sold is equal to gross margin
question d) gross margin minus operating expenses is equal to net operating profits (before tax)
question e) Net profit before tax minus taxes is equal to net profit (after tax)
question f) Net profit after tax over net sales is equal to net profit margin (%)
question g) Net profit margin(%) over asset turnover is equal to return on assets.
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.
Stellar Corporation was organized on January 1, 2020. It is authorized to issue 9,100 shares of 8%, $100 par value preferred stock, and 525,800 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year.
Jan. 10 Issued 80,170 shares of common stock for cash at $6 per share.
Mar. 1 Issued 5,410 shares of preferred stock for cash at $112 per share.
Apr. 1 Issued 24,730 shares of common stock for land. The asking price of the land was $91,570; the fair value of the land was $80,170.
May 1 Issued 80,170 shares of common stock for cash at $9 per share.
Aug. 1 Issued 9,100 shares of common stock to attorneys in payment of their bill of $50,100 for services rendered in helping the company organize.
Sept. 1 Issued 9,100 shares of common stock for cash at $11 per share.
Nov. 1 Issued 1,010 shares of preferred stock for cash at $106 per share.
Required:
Prepare the journal entries to record the above transactions.
Answer:
Jan-10
Dr Cash $ 481,020
Cr Common stock $ 80,170
Cr Additional paid in capital in excess of stated value - Common stock $ 400,850
Mar-01
Dr Cash $ 605,920
Cr Preferred stock $ 541,000
Cr Additional paid in capital in excess of par value - Preferred stock $ 64,920
Apr-01
Dr Land $ 80,170
Cr Common stock $ 24,730
Cr Additional paid in capital in excess of stated value - Common stock $55,440
May-01
Dr Cash $ 721,530
Cr Common stock $ 80,170
Cr Additional paid in capital in excess of stated value - Common stock $ 641,360
Aug-01
Dr Incorporation charges / Legal charges $ 50,100
Cr Common stock $ 9,100
Cr Additional paid in capital in excess of stated value - Common stock $ 41,000
Sep-01
Dr Cash $ 100,100
Cr Common stock $ 9,100
Cr Additional paid in capital in excess of stated value - Common stock $ 91,000
Nov-01
Dr Cash $ 107, 060
Cr Preferred stock $ 101,000
Cr Additional paid in capital in excess of par value - Preferred stock $ 6,060
Explanation:
Preparation of Journal entries
Jan-10
Dr Cash (80,170 * $6) $ 481,020
Cr Common stock (80,170*$1) $ 80,170
Cr Additional paid in capital in excess of stated value - Common stock $ 400,850
(481,020-80,170)
Mar-01
Dr Cash (5,410*$112) $ 605,920
Cr Preferred stock (5,410*$100) $ 541,000
Cr Additional paid in capital in excess of par value - Preferred stock $ 64,920
(605,920-541,000)
Apr-01
Dr Land $ 80,170
Cr Common stock (24,730*$1) $ 24,730
Cr Additional paid in capital in excess of stated value - Common stock $55,440
(80,170-24,730)
May-01
Dr Cash (80,170 * $9) $ 721,530
Cr Common stock (80,170*$1) $ 80,170
Cr Additional paid in capital in excess of stated value - Common stock $ 641,360
(721,530-80,170)
Aug-01
Dr Incorporation charges / Legal charges $ 50,100
Cr Common stock (9,100*$1) $ 9,100
Cr Additional paid in capital in excess of stated value - Common stock $ 41,000
(50,100-9,100)
Sep-01
Dr Cash (9,100 * $11) $ 100,100
Cr Common stock (9,100*$1) $ 9,100
Cr Additional paid in capital in excess of stated value - Common stock $ 91,000
(100,100-9,100)
Nov-01
Dr Cash (1,010*$106) $ 107, 060
Cr Preferred stock (1,010*$100) $ 101,000
Cr Additional paid in capital in excess of par value - Preferred stock $ 6,060
(107,060-101,000)
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)
Place the following U.S. markets in order from least competitive to most competitive.
Middletown Regional Electric company, the only provider of electricity to the region.
Coca-Cola Company, one of two main firms in the beverage market.
Tony's Tomatoes, a tomato seller at a farmer's market with many other tomato sellers.
The U.S. markets listed in order from least competitive to most competitive are:
Middletown Regional Electric company, the only provider of electricity to the region.Coca-Cola Company, one of two main firms in the beverage market.Tony's Tomatoes, a tomato seller at a farmer's market with many other tomato sellers.What determines competitiveness?A market that is considered to be competitive is a market that has more sellers. In other words, the more sellers and providers available, the higher the competitiveness.
The Middletown Regional Electric company will therefore be the least competitive followed by Coca-Cola. Finally, the most competitive will be a market that has many tomato sellers.
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In order for a person to recognize needs that are not being met and make a career out of fulfilling unmet needs, that person must have _____.
a.
interpretation
b.
sight and foresight
c.
independence
d.
decision making skills
CP4-1 Preparing an Adjusted Trial Balance, Closing Journal Entry, and Post-Closing Trial Balance [LO 4-3, LO 4-5][The following information applies to the questions displayed below.]The following is a list of accounts and amounts reported for Rollcom, inc., for the fiscal year ended September 30, 2015. The accounts have normal debit or credit balances. Accounts Payable $ 39,000 Accounts Receivable 66,400 Accumulated Depreciation—Equipment 21,400 Cash 80,200 Common Stock 94,700Equipment 90,600 Income Tax Expense 10,490 Notes Payable (long-term) 1,490 Office Expense 6,290 Rent Expense 164,100 Retained Earnings 99,790 Salaries and Wages Expense 128,600 Sales Revenue 325,400 Supplies 35,100ReferencesSection BreakCP4-1 Preparing an Adjusted Trial Balance, Closing Journal Entry, and Post-Closing Trial Balance [LO 4-3, LO 4-5]11.value:8.33 pointsRequired informationCP4-1 Part 22. Prepare the closing entry required at September 30, 2015. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)12.value:8.33 pointsRequired informationCP4-1 Part 33. Prepare a post-closing trial balance at September 30, 2015.
Please find question attached
Answer and Explanation:
Find answer and explanation attached
(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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upply and demand
Question 8 of 10
Which situation would cause the price of a product to fall the most?
A. Both the demand and the supply fall.
B. Both the demand and supply rise.
C. The demand falls while the supply rises.
D. The demand rises while the supply falls.
The demand falls while the supply rises.
What are the means of calling for and delivery?The wide variety of goods and services which can be available for people to shop for in comparison to the variety of products and offerings that humans need to shop for If less of a product than the public wishes is produced, the law of delivery and demand says that extra may be charged for the product.
what is the relationship between demand and supply?it's an essential monetary principle that when supply exceeds demand for a very good or service, charges fall. whilst demand exceeds supply, fees tend to upward thrust. there is an inverse relationship between the delivery and prices of products and offerings while the call for is unchanged.
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Sally Toone wants to start a new business, and hopes to attract several hundred investors
to help finance its growth. She considered forming a C corporation, but wants to have
more flexibility about how the new business will be taxed. She also wants to offer
investors limited liability. Sally can satisfy her objectives by setting up a(n):
general partnership
alien corporation
S corporation.
limited liability company.
Answer:
limited liability company.
Explanation:
A limited liability company features mostly in private company's. It is a business ownership structure formed by at least one person with no maximum. This structure combines elements of a partnership and a corporation. It adopts a corporation's limited liability feature while passing through its taxation to its members, just like in a partnership.
Sally can satisfy both her objectives by setting up a limited liability company LLC. An LLC does not have an upper limit on membership, while its taxation is a single layer.
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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Suppose at December 31 of a recent year, the following information (in thousands) was available for sunglasses manufacturer Oakley Inc.: ending inventory $150,221; beginning inventory $109,841; cost of goods sold $349,744 and sales revenue $694,487. Calculate the inventory turnover for Oakley, Inc. (Round inventory turnover to 2 decimal places, e.g. 5.12.) Inventory turnover enter Inventory turnover rounded to 2 decimal places times eTextbook and Media List of Accounts Calculate the days in inventory for Oakley, Inc. (Round days in inventory to 0 decimal places, e.g. 125.) Days in inventory enter Days in inventory rounded to 0 decimal places days
Answer:
1. 2.69 times
2. 135.70 days
Explanation:
The computation of inventory turnover is shown below:-
Inventory Turnover Ratio = Cost of Goods Sold ÷ Average Inventory
Average Inventory = Opening inventory + Closing Inventory ÷ 2
= ($109,841 + $150,221) ÷ 2
= $130,031
Inventory Turnover Ratio = $349,744 ÷ $130,031
= 2.69 times
The computation of days in inventory is shown below:-
Days in Inventory = Average Inventory ÷ Cost of Goods Sold × 365
= $130,031 ÷ $349,744 × 365
= 135.70 days
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.
(a) A business pays weekly salaries of $22,000 on Friday for a five-day week ending on that day. Journalize the necessary adjusting entry at the end of the fiscal period, assuming that the fiscal period ends (1) on Tuesday, (2) on Wednesday. (b) The balance in the prepaid insurance account before adjustment at the end of the year is $18,000. Journalize the adjusting entry required under each of the following alternatives: (1) the amount of insurance expired during the year is $5,300, (2) the amount of unexpired insurance applicable to a future period is $2,700. (c) On July 1 of the current year, a business pays $54,000 to the city for license taxes for the coming fiscal year. The same business is also required to pay an annual property tax at the end of the year. The estimated amount of the current year's property tax allocated to July is $4,800. (1) Journalize the two adjusting entries required to bring the accounts affected by the taxes up to date as of July 31. (2) What is the amount of tax expense for July
Answer and Explanation:
The Journal entry is shown below:-
a. 1. Salaries expenses Dr, $8,800 ($22,000 × 5 ÷ 2)
To Accrued salaries $8,800
(Being salaries expense is recorded)
2. Salaries expenses Dr, $13,200 ($22,000 × 5 ÷ 3)
To Accrued salaries $13,200
(Being salaries expense is recorded)
b. 1. Insurance expense Dr, $5,300
To Prepaid insurance $5,300
(Being insurance expense is recorded)
2. Insurance expense Dr, $15,300 ($18,000 - $2,700)
To Prepaid insurance $15,300
(Being insurance expense is recorded)
c. 1. Prepaid license taxes Dr, $54,000
To license taxes $54,000
(being license tax is recorded)
2. Property tax Dr, $4,800
To Property tax payable $4,800
(Being property tax is recorded)
(2) the amount of tax expense for July is $4,800
Vistakon, the maker of Acuvue brand contact lenses, is working on a new product launch. They are best known for their Acuvue 2 contact lenses, but are planning to launch Acuvue 3, which will provide 40% more moisture than Acuvue 2. The extra moisture will make the lenses more comfortable and cause less irritation. Vistakon has been in the new product planning process for a year. Currently, they are trying to determine the cannibalization rate of Acuvue 3. They believe that 30% of Acuvue 3 sales will come from Acuvue 2. Which stage of the new product planning process are they in
Answer:
They are in the 4th stage. The business analysis stage
Explanation:
In the new product process, this is the 4th stage. Concept tests are tests given to newproduct idea take note that it's not the actual product, with consumers. From this question, we have been told that Vistakon has already gone ahead of past concept tests, it is shown that what their focus is on right now is the marketing and also the finance side. This is obvious given that that they are doing cannibalization and already projecting on sales.
The stage of the new product planning process are they in is 4th stage i.e. business analysis stage
Concept test:It is the tests provided to newproduct idea take note that it's not the actual product, along with consumers. Since in the question it is mentioned Vistakon has already gone ahead of past concept tests, it is presented that what their focus is on right now that represent the marketing and also the finance side.
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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.
Since the end of the recession in 2009. small businesses have
a. decreased in number:
b. contributed an average of $2 billion per year to the U.S. economy.
c. struggled more than large businesses
d. generated the majority of new jobs.
Answer:
d. generated the majority of new jobs.
Explanation:
Like other major recessions, the 2009 USA recession was characterized by substantial job losses. Many skilled employees become jobless. To earn a living, many of these skilled workers started small businesses. A majority had savings from their former employment.
Since then, the number of small businesses in the USA has grown tremendously. To date, small businesses are the largest employers in the USA. A huge percentage of the new jobs created in the US economy originate from small businesses.