Answer:
revenue recognized
2021 = $3,000,000 2022 = $4,700,000 2023 = $2,300,000
gross profit
2021 = $420,000 2022 = $658,000 2023 = $124,200
Explanation:
Percentage of 2021 2022 2023
completion method
Cost incurred in $0 $2,580,000 $6,622,000
previous year
+ Cost incurred $2,580,000 $4.042,000 $2,175,800
during the year
Total cost incurred $2,580,000 $6,622,000 $8,797,800
+ Estimated cost to $6,020,000 $1,978,000 $0
be incurred
Total estimated cost $8,600,000 $8,600,000 $8,797,800
to be incurred
Percentage of 30% 77% 100%
completion
Total revenue $10,000,000 $10,000,000 $10,000,000
Total revenue $3,000,000 $7,700,000 $10,000,000
recognized (% of completion x total revenue)
- Revenue recognized ($0) ($3,000,000) ($7,200,000)
in previous year
= revenue recognized $3,000,000 $4,700,000 $2,300,000
in current year
gain/loss 2021 2022 2023
Revenue $3,000,000 $4,700,000 $2,300,000
- Cost incurred ($2,580,000) ($4,042,000) ($2,175,800)
Gross profit $420,000 $658,000 $124,200
Merchandise costing $1,600 is sold for $2,600 on terms 2/30, n/60. If the customer pays within the discount period, what amount will be reported on the income statement as net sales and as gross profit?
Answer:
Net sales $2,548 and gross profit $948
Explanation:
2/30 means a 2% discount if payment is made within 30 days. Since the customer paid within the discount period,
net sales will be
The discount amount = 2% of $2600
=2/100 x $2600
=0.02 x $2600
=$52
Net sales:
= $2600 - $52
=$2,548
The gross profit will be the selling price- purchase price.
=$2,548 - $1,600
=$948
The December 31, 2018, unadjusted trial balance for Demon Deacons Corporation is presented below.
Accounts Debit Credit
Cash 10,000
Accounts Receivable 15,000
Prepaid Rent 7200
Supplies 4000
Deferred Revenue 3000
Common Stock 11000
Retained Earnings 6000
Service Revenue 51,200
Salaries Expense 35,000
71,200 71,200
At year-end, the following additional information is available:
a. The balance of Prepaid Rent, $7,200, represents payment on October 31, 2021, for rent from November 1, 2021, to April 30, 2022.
b. The balance of Deferred Revenue, $3,000, represents payment in advance from a customer. By the end of the year, $750 of the services have been provided.
c. An additional $700 in salaries is owed to employees at the end of the year but will not be paid until January 4, 2022.
d. The balance of Supplies, $4,000, represents the amount of office supplies on hand at the beginning of the year of $1,700 plus an additional $2,300 purchased throughout 2021. By the end of 2021, only $800 of supplies remains.
Required:
1. Update account balances for the year-end information by recording any necessary adjusting entries. No prior adjustments have been made in 2018.
2. Prepare an adjusted trial balance as of December 31, 2018.
Answer:
Demon Deacons Corporation
1. Adjusting entries:
a. Debit Rent Expense $2,400
Credit Prepaid Rent $2,400
To record Rent Expense for 2 months.
b. Debit Deferred Revenue $3,000
Credit Service Revenue $3,000
To record service revenue earned.
c. Debit Salaries Expense $700
Credit Salaries Payable $700
To accrue salaries expense.
d. Debit Supplies Expense $3,200
Credit Supplies $3,200
To record supplies expense.
2. Adjusted Trial Balance
as of December 31, 2018
Accounts Debit Credit
Cash 10,000
Accounts Receivable 15,000
Prepaid Rent 4,800
Supplies 800
Rent Expense 2,400
Supplies Expense 3,200
Deferred Revenue 2,250
Common Stock 11,000
Retained Earnings 6,000
Service Revenue 51,950
Salaries Expense 35,700
Salaries Payable 700
71,900 71,900
Explanation:
a) Data and Calculations:
Unadjusted Trial Balance
Accounts Debit Credit
Cash 10,000
Accounts Receivable 15,000
Prepaid Rent 7,200
Supplies 4,000
Deferred Revenue 3,000
Common Stock 11,000
Retained Earnings 6,000
Service Revenue 51,200
Salaries Expense 35,000
71,200 71,200
a. Rent Expenses = $2,400
Prepaid Rent = $4,800
b. Deferred Revenue = $3,000 - 750 = 2,250
Service Revenue = 51,200 + 750 = 51,950
c. Salaries Expense 35,000 + 700 = 35,700
Salaries Payable = 700
d. Supplies Account = $4,000 - 3,200 = $800
Supplies Expense = $3,200
Betty operates a beauty salon as a sole proprietorship. Betty also owns and rents an apartment building. In 2020, Betty had the following income and expenses. You may assume that Betty will owe $2,562 in self-employment tax on her salon income, with $1,281 representing the employer portion of the self-employment tax. You may also assume that her divorce from Rocky was finalized in 2016 and that Betty itemizes her deductions this year.
Interest income $12,960
Salon sales and revenue 87,460
Salaries paid to beauticians 45,820
Beauty salon supplies 23,510
Alimony paid to her ex-husband, Rocky 6,550
Rental revenue from apartment building 33,200
Depreciation on apartment building 13,450
Real estate taxes paid on apartment building 11,540
Real estate taxes paid on personal residence 6,560
Contributions to charity 4,600
Required:
Determine the Betty's AGI value.
Betty operates a beauty salon as a sole proprietorship. Betty also owns and rents an apartment building. In 2020, Betty had the following income and expenses. You may assume that Betty will owe $2,562 in self-employment tax on her salon income, with $1,281 representing the employer portion of the self-employment tax. You may also assume that her divorce from Rocky was finalized in 2016 and that Betty itemizes her deductions this year.
Interest income $12,960
Salon sales and revenue 87,460
Salaries paid to beauticians 45,820
Beauty salon supplies 23,510
Alimony paid to her ex-husband, Rocky 6,550
Rental revenue from apartment building 33,200
Depreciation on apartment building 13,450
Real estate taxes paid on apartment building 11,540
Real estate taxes paid on personal residence 6,560
Contributions to charity 4,600
Required:
Determine the Betty's AGI value.Betty operates a beauty salon as a sole proprietorship. Betty also owns and rents an apartment building. In 2020, Betty had the following income and expenses. You may assume that Betty will owe $2,562 in self-employment tax on her salon income, with $1,281 representing the employer portion of the self-employment tax. You may also assume that her divorce from Rocky was finalized in 2016 and that Betty itemizes her deductions this year.
Interest income $12,960
Salon sales and revenue 87,460
Salaries paid to beauticians 45,820
Beauty salon supplies 23,510
Alimony paid to her ex-husband, Rocky 6,550
Rental revenue from apartment building 33,200
Depreciation on apartment building 13,450
Real estate taxes paid on apartment building 11,540
Real estate taxes paid on personal residence 6,560
Contributions to charity 4,600
Required:
Determine the Betty's AGI value.Betty operates a beauty salon as a sole proprietorship. Betty also owns and rents an apartment building. In 2020, Betty had the following income and expenses. You may assume that Betty will owe $2,562 in self-employment tax on her salon income, with $1,281 representing the employer portion of the self-employment tax. You may also assume that her divorce from Rocky was finalized in 2016 and that Betty itemizes her deductions this year.
Interest income $12,960
Salon sales and revenue 87,460
Salaries paid to beauticians 45,820
Beauty salon supplies 23,510
Alimony paid to her ex-husband, Rocky 6,550
Rental revenue from apartment building 33,200
Depreciation on apartment building 13,450
Real estate taxes paid on apartment building 11,540
Real estate taxes paid on personal residence 6,560
Contributions to charity 4,600
Required:
Determine the Betty's AGI value
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Johnson Company calculates its allowance for uncollectible accounts as 10% of its ending balance in gross accounts receivable. The allowance for uncollectible accounts had a credit balance of $30,000 at the beginning of 2021. No previously written-off accounts receivable were reinstated during 2021. At 12/31/2021, gross accounts receivable totaled $500,000, and prior to recording the adjusting entry to recognize bad debts expense for 2021, the allowance for uncollectible accounts had a debit balance of 55,000. Required: 1. What was the balance in gross accounts receivable as of 12/31/2020
Answer:
Incomplete question is "2. What journal entry should Johnson record to recognize bad debt expense for 2021? 3. Assume Johnson made no other adjustment of the allowance for uncollectible accounts during 2021. Determine the amount of accounts receivable written off during 2021 4. If Johnson instead used the direct write-off method, what would bad debt expense be for 2021?"
1. Gross accounts Receivable = Allowance Account balance at beginning / 10%
= $30,000 / 10%
= $300,000
2. Year Account Title Debit Credit
2021 Bad debt expense $105,000
($500,000*10% + $55,000)
To Allowance for Doubtful Accounts $105,000
3. Accounts receivable written off = Beginning balance of Allowance Account - Ending Balance of Allowance account
= $30,000 - (- $50,000)
= $30,000 + $50,000
= $80,000
4. Bad debt expense for 2021 (direct write off method) = Amount written off = $80,000
Brown's, a local bakery, is worried about increased costs particularly energy. Last year's records can provide a fairly good estimate of the parameters for this year. Wende Brown, the owner, does not believe things have changed much, but she did invest an additional $3,000 for modifications to the bakery's ovens to make them more energy efficient. The modifications were supposed to make the ovens at least 20% more efficient. Brown has asked you to check the energy savings of the new ovens and also to look over other measures of the bakery's productivity to see if the modifications were beneficial. You have the following data to work with:
Last Year Now
Production (dozen) 1,500 1,500
Labor (hours) 340 320
Capital Investment ($) 15,000 18,000
Energy (BTU) 3,200 2,800
Energy productivity increase =_______________
Capital productivity increase=_______________
Labor productivity increase = _______________
Answer: a. 12.5%
b. -16.67%
c. 5.88%
Explanation:
a. Energy Change will be:
(Production x 12)/Energy
Last year : (1500 × 12)/3200
= 5.625loaves/BTU
Now : (1500 × 12)/2800
= 6.42857 loaves/BTU
Percent Change will be:
= [6.42857 - 5.625]/6.42857 × 100
= 12.5%
b. Capital productivity increase will be:
= Production x 12)/Capital investment
Last year : (1500 × 12)/15000
= 1.2loaves/BTU
Now : (1500 × 12)/18000
= 1 loaves/BTU
Percent Change will be:
= (1-1.2)/1.2 × 100
= -16.67%
b. Labor Change:
Last year : (1500 × 12)/340
= 52.94 loaves/labor hour
Now : (1500 × 12)/320
= 56.25 loaves/labor hour
Percent Change:
= (56.25 - 52.94/56.25) × 100
= 5.88%
Energy Productivity Last year is
= Output ÷ Energy
= 15000 ÷ 3000 doz/BTU
= 5 dozen/BTU
Energy Productivity Now
= Output ÷ Energy
= 15000 ÷ 2800
= 5.3571 dozen/BTU
Thus, Increase % = (5.3571-5) ÷ 5 × 100 = 7.14%
Energy Productivity increase is 7.14%
Capital Productivity Last year = Output ÷ Capital
= 15000 ÷ 15000 doz/$
= 1 dozen/$
Capital Productivity Now = Output ÷ Capital
= 15000 ÷ 18000
= 0.8333 dozen/$
Thus, Increase % = (0.8333-1) ÷ 1 × 100
= -16.67%
Capital Productivity increase is -16.67%
Labour Productivity Last year = Output ÷ Labour
= 15000 ÷ 360 doz/hour
= 41.6667 dozen/hr
Labour Productivity Now = Output ÷Labour
= 15000 ÷320
= 46.8750 dozen/hr
Thus, Increase % = (46.8750-41.6667) ÷41.6667*100
= 12.50%
Labour Productivity increase is 12.50%
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true or false: it’s always immediately obvious when boundaries are crossed in a relationship.
Answer:
True?
Explanation:
I hope this was right!
Answer: i’m pretty sure it’s true.
Explanation:
a change in the way they act towards you is an example.
Fill in the blank: City hotels are typically (Inexpensive/expensive/uncomfortable) because they are in the commercial and business areas of the city. They usually cater to (Leisure/budget/business) travelers, who prefer staying in the city.
Answer:
Expensive, Business
Explanation:
City hotels are typically expensive because they are in the commercial and business areas of the city. They usually cater to business travelers, who prefer staying in the city.
Rent and rates in the cities are usually higher than in other areas. Businesses located in the cities, especially those in the hospitality industry, will charge a higher price than those found in other regions of the economy.
Hotels in the cities pay higher rent. They also offer premium services hence charge higher prices.
Ben Bradley started Bradley Company on January 1, Year 1. The company experienced the following events during its first year of operation: Earned $2,900 of cash revenue for performing services. Borrowed $4,400 cash from the bank. Adjusted the accounting records to recognize accrued interest expense on the bank note. The note, issued on August 1, Year 1, had a one-year term and a 6 percent annual interest rate. Required a. What is the amount of interest expense in Year 1? b. What amount of cash was paid for interest in Year 1? c. Use a horizontal financial statements model to show how each event affects the balance sheet, income statement, and statement of cash flows. Indicate whether the event increases (I) or decreases (D) each element of the financial statements model. Also, in the Statement of Cash Flows column, classify the cash flows as operating activities (OA), investing activities (IA), or financing activities (FA). The first transaction has been recorded as an example. (Note: Not all cells will require an input.)
Answer:
Bradley Company
a) Amount of interest expense in Year 1 = $110
b) Amount of cash paid for interest in Year 1 = $0
c) Horizontal Financial Statements Model:
Balance Sheet Income Statement Statement
of cash flows
Assets = Liabilities + Equity Revenue - Expense = Profit
(I)+ $2,900 = Liabilities + $2,900 +$2,900 - 0 = +2,900 $2,900 OA
(I)+ $4,400 = +$4,400 + Equity 0 - 0 = Profit $4,400 FA
Assets = (I)+$110 + (D) ($110) 0 - ($110) = ($110) None
Explanation:
a) Data and Calculations:
Service Revenue in cash = $2,900
Bank Loan in cash = $4,400
Accrued Interest = $4,400 * 6% * 5/12 = $110
b) Each business transaction that Bradley undertakes has an effect on the accounting equation, but the equation is always in balance, if proper records are kept. This is because of the duality of transactions as recorded by the double-entry system of accounting. One transaction can increase an element of the equation and increase or decrease the other element as we have demonstrated above.
Chrzan, Inc., manufactures and sells two products: Product E0 and Product N0. Data concerning the expected production of each product and the expected total direct labor-hours (DLHs) required to produce that output appear below: Expected Production Direct Labor-Hours Per Unit Total Direct Labor-Hours Product E0 420 10.2 4,284 Product N0 1,600 9.2 14,720 Total direct labor-hours 19,004 The company is considering adopting an activity-based costing system with the following activity cost pools, activity measures, and expected activity: Estimated Expected Activity Activity Cost Pools Activity Measures Overhead Cost Product E0 Product N0 Total Labor-related DLHs $ 302,390 4,284 14,720 19,004 Production orders orders 61,587 900 1,000 1,900 Order size MHs 585,866 5,600 5,300 10,900 $ 949,843 The activity rate for the Order Size activity cost pool under activity-based costing is closest to:
Answer:
Predetermined manufacturing overhead rate= $53,75 per machine hour
Explanation:
Giving the following information:
Order size:
Estimated activity cost= $585,866
Estimated machine hours= 10,900
To calculate the predetermined manufacturing overhead rate we need to use the following formula:
Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base
Predetermined manufacturing overhead rate= 585,866/10,900
Predetermined manufacturing overhead rate= $53,75 per machine hour
Berkshire Inc. had revenues of $379,000 in its first year of operations. The company has not collected on $45,900 of its sales and still owes $38,500 on $160,000 of merchandise it purchased. There was no inventory on hand at the end of the year. The company paid $33,200 in salaries. The owners invested $46,000 in the business and $21,000 was borrowed on a five-year note. The company paid $1,890 in interest that was the amount owed for the year and paid $8,500 for a two-year insurance policy on the first day of business. Ignore the income tax effect, the net income for the first year for Berkshire is: Multiple Choice $219,000 $262,590 $179,660 $185,800
Answer:
$235,010
Explanation:
The computation of the net income for the year is shown below:
Receipt:
Cash from customer ($379,000 - $45,900) $333,100
Investment in business $46,000
Borrowed money on notes $21,000
Total Receipts (A) $400,100
Disbursement:
Payment to vendor ($160,000 - $38,500) $121,500
Salary paid in cash $33,200
Interest paid in cash $1,890
Insurance policy purchased for cash $8,500
Total Disbursement (B) $165,090
Cash balance at the end (A - B) $235,010
The same is to be considered as a net income
All options that are given in the question is wrong
Cost of Goods Manufactured, using Variable Costing and Absorption Costing On March 31, the end of the first year of operations, Barnard Inc., manufactured 2,900 units and sold 2,500 units. The following income statement was prepared, based on the variable costing concept: Barnard Inc. Variable Costing Income Statement For the Year Ended March 31, 20Y1 Sales $925,000 Variable cost of goods sold: Variable cost of goods manufactured $516,200 Inventory, March 31 (71,200) Total variable cost of goods sold (445,000) Manufacturing margin $480,000 Total variable selling and administrative expenses (110,000) Contribution margin $370,000 Fixed costs: Fixed manufacturing costs $234,900 Fixed selling and administrative expenses 75,000 Total fixed costs (309,900) Operating income $60,100 Determine the unit cost of goods manufactured, based on (a) the variable costing concept and (b) the absorption costing concept. Variable costing $ Absorption costing $
Answer:
$178
$259
Explanation:
The calculation of the variable costing concept and (b) the absorption costing concept is shown below:-
Cost of Goods Manufactured per unit = $516,200 ÷ 2,900
= $178
Fixed Manufacturing Overhead Per Unit = $234,900 ÷ 2,900
= $81
Variable Product cost Per Unit = Cost of Goods Manufactured per Unit
= $178
Absorption product cost per unit = $178 + $81
= $259
if you ad the diagnostics the answer is d
in what ways do international organization helps countries economy
Answer:
Hello
Their functions includes maintaining standards to ensure safety, helping developing countries achieve economic security, and establishing norms regarding how countries make trade agreements and resolve conflicts.
On September 1, Cheyenne Office Supply had an inventory of 30 calculators at a cost of $16 each. The company uses a perpetual inventory system. During September, the following transactions occurred.
Sept. 6 Purchased 90 calculators at $24 each from York Co.
Sept. 9 Paid freight of $90 on calculators purchased from York Co.
Sept. 10 Returned 5 calculators to York Co. for $125 cash (including freight) because they did not meet specifications.
Sept. 12 Sold 27 calculators costing $25 (including freight) for $32 each on account to Sura Book Store, terms n/30.
Sept. 14 Granted credit of $32 to Sura Book Store for the return of one calculator that was not ordered.
Sept. 20 Sold 33 calculators costing $25 for $35 each on account to Davis Card Shop, terms n/30.
Journalize the September transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem)
Answer:
Date Account Titles and Explanation Debit Credit
Sept. 6 Inventory $2,160
(90*$24)
Cash $2,160
Sept. 9 Inventory $90
Cash $90
Sept. 10 Cash $125
Inventory $125
Sept. 12 Accounts Receivable $864
(27*$32)
Sales Revenue $864
(To record credit sale)
Sept. 12 Cost of Goods Sold $675
(27*$25)
Inventory $675
(To record cost of merchandise sold)
Sept. 14 Sales Returns and Allowances $32
Accounts Receivable $32
(To record merchandise returned)
Sept. 14 Inventory $25
Cost of Goods Sold $25
(To record cost of merchandise returned)
Sept. 20 Accounts Receivable $1,155
(33*$35)
Sales Revenue $1,155
(To record credit sale)
Sept. 20 Cost of Goods Sold $825
(33*$25)
Inventory $825
(To record cost of merchandise sold)
Consider the effects of an increase in the saving rate in the United States capital-labor ratio, according to the Solow model. The immediate effect of a saving rate increase would:
a. begin to increase the capital-labor ratio, increase output per worker, and reduce consumption per worker.
b. not immediately increase the capital-labor ratio, increase output per worker, and reduce consumption per worker.
c. begin to increase the capital-labor ratio, increase output per worker, and increase consumption per worker.
d. begin to increase the capital-labor ratio, not immediately increase output per worker, and reduce consumption per worker.
Answer: d. begin to increase the capital-labor ratio, not immediately increase output per worker, and reduce consumption per worker.
Explanation:
According to Solow, the accumulation of capital and labor are vital for economic growth. The Solow model believes that sustained increase in the investment of capital will only lead to a temporary rise in growth rate only as a result of the rise in capital to labour ratio.
He however believes that this may lead to a reduction in the marginal product of capital that were added and therefore such economy will revert back to long term growth as there'll be productivity in such economy.
The effect of an increase in the saving rate in the United States capital-labor ratio, according to the Solow model is that the immediate effect of a saving rate increase would begin to increase the capital-labor ratio, not immediately increase output per worker, and reduce consumption per worker.
Turco Products uses a job order cost system. The following debits (credits) appeared in Work-in-Process Inventory for September: Description Amount September 1 Balance $ 70,200 For the month Direct materials 421,200 For the month Direct labor 262,600 For the month Factory overhead 315,120 For the month To finished goods ( 832,000 ) Turco applies overhead to production at a predetermined rate of 120 percent based on direct labor cost. Job 9-27, the only job still in process at the end of September, has been charged direct labor of $35,100. Required: What cost amount of direct materials was charged to Job 9-27?
Answer: $159,900
Explanation:
Work in Process balance for the year = 70,200 + 421,200 + 262,600 + 315,120 - 832,000 (finished goods)
= $237,120
This means that Job 9-27 accounts for the total cost of $237,120
The costs to Job 9-27 are;
237,120 = Direct labor + Direct Materials + Factory Overhead
237,120 = 35,100 + Direct materials + (35,100 * 120%)
Direct Materials = 237,120 - 35,100 - (35,100 * 120%)
= $159,900
The several attempts to open successful Disney theme parks in multiple countries are examples of Disney using its _________________ to its advantage.
Answer:
Global brand.
Explanation:
Global brands are brands that are recognized throughout much of the planet. Companies aiming to create global brands must do the following: Identify the relative attractiveness of every marketplace for your brand; Conduct attitude and usage studies in each country during which you're considering entering. These global brands in an exceedingly lot of cases change as quality and superiority thanks to their experiences growth and time spent within the business. A lot of companies like McDonalds, Coca-cola and my others have made a mark to the world and will certainly be held in high esteem in every business that has its links towards them.
g Twins Jane and Hal each inherited $150,000 exactly ten years ago. Jane invested the entire amount in a brokerage account to fund her retirement. Her account has been earning 8% per year since she invested it, and she expects it to earn 5% per year for the next 20 years. Hal spent all of his inheritance and has not saved anything for retirement. Assume there are no taxes. a. How much is Jane expected to have in her account at retirement (20 years from now)? b. Due to sibling rivalry, Hal wants to have at least $100,000 more saved at retirement (20 years from now) than Jane is expected to have at that time. He plans to make an equal deposit each year in an account earning the same annual interest rate as Jane’s, i.e., 5%, with the first deposit occurring one year from today and the last occurring 20 years from today. How much must Hal deposit each year in order to achieve his goal?
Answer:
a) Jane currently has $150,000 x (1 + 8%)¹⁰ = $323,838.75 in her account
in 20 years, she will have $323,838.75 x (1 + 5%)²⁰ = $859,240.61
b) we can use the future value of an annuity formula to calculate Hal's annual contribution.
future value = annual contribution x annuity factor
annual contribution = future value / annuity factor
future value = $959,240.61FV annuity factor, 5%, 20 periods = 33.066annual contribution = $959,240.61 / 33.066 = $29,009.88
The marketing should come before the selling.
True
False
Answer:
True
Explanation:
establishing a business without marketing infrastructure is akin to building a house without a foundation. Once you have a marketing strategy set up only then can you begin to focus on sales.
13. The anxiety felt because the consumer cannot anticipate the outcomes of a purchase but believes there may be negative consequences is called A. a negative antecedent. B. perceived risk. C. temporal uncertainty. D. spatial uncertainty. E. buyers' remorse. 14. Negative consequences associated with perceived risk include A. physical harm. B. purchase amount required to buy the product. C. product performance. D. that friends won't approve of the purchase. E. all of the above are negative consequences associated with perceived risk. 15. __________ is a favorable attitude toward and consistent purchase of a single brand over time. A. Brand bias B. Brand discrimination C. Brand loyalty D. Brand preference E. Selective perception 16. __________ are a consumer's subjective perceptions of how well a product or brand performs on different attributes. A. Beliefs B. Values C. Attitudes D. Predispositions E. Opinions 17. A consumer's purchases are often influenced by the views, opinions, or behavior of others. Two important aspects of personal influence are A. lifestyle and motivation. B. personality and lifestyle. C. opinion leadership
Answer and Explanation:
B. perceived risk: this comes about when the consumer fears negative consequences from a purchase
C. E. all of the above are negative consequences associated with perceived risk.
C. brand loyalty: this is dedication and preference for a particular and repeated purchase of its products regardless of competitors actions
D. Beliefs: personal beliefs, culture and experiences are what make for consumers decision here
Opinion leaderships and word of mouth : society, groups, popular opinion and other such influences drive decision of consumer here
When positive externalities exist in the consumption of a good, the marginal social benefit: Multiple Choice could be either greater than or less than the marginal benefit received by consumers of the good depending on the equilibrium price determined in competitive markets. equals the marginal benefit received by consumers of the good minus the marginal benefit to third parties. equals the marginal cost of producing the good plus the marginal cost to third parties. equals the marginal benefit received by consumers of the good plus the marginal benefit to third parties.
Answer: equals the marginal benefit received by consumers of the good plus the marginal benefit to third parties.
Explanation:
An Externality refers to the effect that a third party to a transaction receives even though they were not party to the transaction. When this effect is positive, the effect will be a benefit.
The Marginal social benefit refers to all benefits received from a positive externality which means that this includes the marginal benefits provided to consumers of the good as well as the marginal benefit to third parties.
Which of these Messages would be considered inappropriate for business communication ?
A.good night
B.goodbye
C. Ok,bye
D. See you tomorrow
The following information is available for Trinkle Company for the month of June: The unadjusted balance per the bank statement on June 30 was $53,439. Deposits in transit on June 30 were $2,560. A debit memo was included with the bank statement for a service charge of $12. A $4,388 check written in June had not been paid by the bank. The bank statement included a $1,000 credit memo for the collection of a note. The principal of the note was $945, and the interest collected amounted to $55. Required Determine the true cash balance as of June 30. (Hint: It is not necessary to use all of the preceding items to determine the true balance.)
Answer:
$51,611
Explanation:
The computation of true balance is shown below:-
Trinkle Company
Particulars Amount
Unadjusted Balance $53,439
Add : Deposit in Transit Jun $2,560
Less : Outstanding Check Jun 30 $4,388
True Cash Balance As on Jun 30 $51,611
Hence, the true cash balance as on June 30 is $51,611 and the same is to be considered
Corporation has many production plants across the midwestern United States. A newly opened plant, the Bellingham plant, produces and sells one product. The plant is treated, for responsibility accounting purposes, as a profit center. The unit standard costs for a production unit, with overhead applied based on direct labor hours, are as follows. Manufacturing costs (per unit based on expected activity of 24,000 units or 36,000 direct labor hours): Direct materials (2 pounds at $20) $ 40.00 Direct labor (1.5 hours at $90) 135.00 Variable overhead (1.5 hours at $20) 30.00 Fixed overhead (1.5 hours at $30) 45.00 Standard cost per unit $ 250.00 Budgeted selling and administrative costs: Variable $ 5 per unit Fixed $ 1,800,000 Expected sales activity: 20,000 units at $425.00 per unit Desired ending inventories: 10% of sales Assume this is the first year of operations for the Bellingham plant. During the year, the company had the following activity. Units produced 23,000 Units sold 21,500 Unit selling price $ 420 Direct labor hours worked 34,000 Direct labor costs $ 3,094,000 Direct materials purchased 50,000 pounds Direct materials costs $ 1,000,000 Direct materials used 50,000 pounds Actual fixed overhead $ 1,080,000 Actual variable overhead $ 620,000 Actual selling and administrative costs $ 2,000,000 In addition, all over- or underapplied overhead and all product cost variances are adjusted to cost of goods sold. c. Find the direct labor variances. Indicate if they
Answer:
Direct labor rate variance= $34,000 unfvorable
Direct labor time (efficiency) variance= $45,000 favorable
Explanation:
Giving the following information:
Standard:
Expected activity of 24,000 units or 36,000 direct labor hours
Direct labor (1.5 hours at $90)
Actual:
Units produced 23,000
Direct labor hours worked 34,000
Direct labor costs $ 3,094,000
To calculate the direct labor rate and efficiency variance, we need to use the following formulas:
Direct labor rate variance= (Standard Rate - Actual Rate)*Actual Quantity
Actual rate= 3,094,000/34,000= $91 per hour
Direct labor rate variance= (90 - 91)*34,000
Direct labor rate variance= $34,000 unfvorable
Direct labor time (efficiency) variance= (Standard Quantity - Actual Quantity)*standard rate
Direct labor time (efficiency) variance= (23,000*1.5 - 34,000)*90
Direct labor time (efficiency) variance= $45,000 favorable
A small nation of 10 people idolizes the TV show The Voice. All they produce and consume are karaoke machines and CDs, in the following amounts: Karaoke Machines CDs Quantity Price Quantity Price (Dollars) (Dollars) 2017 20 50 60 5 2018 21 70 80 6 Using a method similar to that used to calculate the consumer price index, the percentage change in the overall price level is . (Note: Use 2017 as the base year, and fix the basket at 2 karaoke machine and 6 CDs.) Using a method similar to that used to calculate the GDP deflator, the percentage change of the overall price level is . (Note: Again, use 2017 as the base year.) Which of the following statements is correct
Answer:
1. Using a method similar to that used to calculate the consumer price index, the percentage change in the overall price level is;
Value of market basket of the good in 2017
= (50 * 2) + (5 * 6)
= $130
Value of market basket of the good in 2018
= (70 * 2) + (6 * 6)
= $176
CPI in 2017
= 130/ 130 * 100
= 100
CPI in 2018
= 176 / 130 * 100
= 135.38
Percentage change
= (135.38 - 100)/100
= 35.38%.
2. Using a method similar to that used to calculate the GDP deflator, the percentage change of the overall price level is ;
Nominal GDP in 2017
= (50 * 20) + (5 * 60)
= $1,300
Nominal GDP in 2018
= (70 * 21) + (6 * 80)
= $1,950
Real GDP using 2017 prices
Real GDP in 2017
= (50 * 20) + (5 * 60)
= $1,300
Real GDP in 2018
= (50 * 21) + (5 * 80)
= $1,450
GDP deflator in 2017
= (Nominal GDP in 2020 / Real GDP in 2020) * 100
= (1,300 / 1,300) * 100
= 100
GDP deflator in 2021
= (Nominal GDP in 2021 / Real GDP in 2021) * 100
= (1,950 / 1,450) * 100
= 134.48
Percentage Change
= [(134.48 - 100) / 100] * 100
= 34.48%
3. Which of the following statements is correct
a. The inflation rate in 2018 is not the same using the two methods.
b. The GDP deflator allows the basket of goods and services to change.
Marketing cannot be successful if the product is not what the customer wants or if the quality is low.
True or False?
When the accounts of Skysong Inc. are examined, the adjusting data listed below are uncovered on December 31, the end of an annual fiscal period.
1. The prepaid insurance account shows a debit of $4,128, representing the cost of a 2-year fire insurance policy dated August 1 of the current year.
2. On November 1, Rent Revenue was credited for $1,965, representing revenue from a subrental for a 3-month period beginning on that date.
3. Purchase of advertising materials for $721 during the year was recorded in the Advertising Expense account. On December 31, advertising materials of $274 are on hand.
4. Interest of $725 has accrued on notes payable. The interest will be paid in January of the next year.
Required:
Prepare the general journal form.
Answer:
Skysong Inc.
Adjusting Journal Entries:
Account Title Debit Credit
1. Insurance Expense $860
Prepaid Insurance $860
To record Insurance Expense for 5 months of the year.
2. Rent Revenue $655
Deferred Revenue $655
To defer rent revenue for a month.
3. Prepaid Advertising $274
Advertising Expense $274
To record prepaid advertising.
4. Interest Expense $725
Interest Payable $725
To accrue interest expense for the year.
Explanation:
Data and Calculations:
a. Insurance Expense = $4,128 * 5/24 = $860
b. Rent Revenue = $1,965 *2/3 = $1,310
Deferred Rent Revenue = $655
c. Prepaid Advertising = $274
Advertising Expense = $447 ($721 - 274)
d. Interest Expense = $725
Interest Payable = $725
Arona Corporation manufactures canoes in two departments, Fabrication and Waterproofing. In the Fabrication Department, fiberglass panels are attached to a canoe- shaped aluminum frame. The canoes are then transferred to the Waterproofing department to be coated with sealant. Arona uses a weighted-average process cost system to collect costs in both departments. All materials in the Fabrication Department are added at the beginning of the production process. On July 1, the Fabrication Department had 30 canoes in process that were 20% complete with respect to conversion cost. On July 31, Fabrication had 20 canoes in process that were 40% complete with respect to conversion cost. During July, the Fabrication Department completed 70 canoes and transferred them to the Waterproofing Department. What journal entry should Arona make to record the completion of the production process by the Waterproofing Department?
Answer:
Arona Corporation
Journal Entry:
Debit Finished Goods Inventory $
Credit Work in Process - Waterproofing Department $
To transfer 70 canoes to the finished goods inventory.
Explanation:
Arona Corporation makes this entry to transfer 70 canoes to the finished goods inventory account in order to record the completion of the production process by the Waterproofing Department. The Work in Process of the Waterproofing Department is credited with the value of 70 canoes multiplied by their unit costs. Then the Finished Goods Inventory is debited to record the transfer. These entries show that the Waterproofing Department is not indebted to the organization having completed its assignment.
14. Future Value of Annuity. Jen spends $10 per
wesk on lottery tickets. If she takes the same
amount that she spends on lottery tickets and
invests it each week for the next five years at 10%,
how much will she have in five years?
Answer:
10 times 4 equals=40 per month times 12 equals 480 a year times 5 years =2400 times. 10=240 2400+240=2640.00
Three different companies each purchased trucks on January 1, Year 1, for $72,000. Each truck was expected to last four years or 200,000 miles. Salvage value was estimated to be $7,000. All three trucks were driven 67,000 miles in Year 1, 42,000 miles in Year 2, 40,000 miles in Year 3, and 62,000 miles in Year 4. Each of the three companies earned $61,000 of cash revenue during each of the four years. Company A uses straight-line depreciation, company B uses double-declining-balance depreciation, and company C uses units-of-production depreciation. Answer each of the following questions. Ignore the effects of income taxes.
Required:
a. Calculate the net income for Year 1.
b. Which company will report the highest amount of net income for Year 1
Answer and Explanation:
The computation is shown below;
a.
Particulars Comp A Comp B Comp C
cash revenue $61,000 $61,000 $61,000
Less: depreciation $16,250 $36,000 $21,775
($72,000 - $7000) ÷4] {$72,000 × (25%× 2)] ($72,000 - $7,000) × $67,000 ÷ $200,000)
net income $44750 $25,000 $39225
b. As it can be seen that the net income for the company A is considered to be the highest and the same is to be considered
(04.01 LC)
Which known factor affects prices in the financial markets?
International stocks
Media speculation
Government policy
Foreign companies
Answer:
Media Speculation :)
4.01 (the lesson) talks about "Company Z" and how you want to buy stock from that company, but the speculation of Company Z over media leads you otherwise.
Explanation:
It's crucial to remember that prices in financial markets are influenced by a wide range of factors, and their impact can vary depending on the unique circumstances. All of the aforementioned elements have the ability to have an impact on prices in financial markets.
International stocks: Price changes in financial markets may be impacted by developments in foreign stock markets. International market trends, geopolitical developments, and changes in the global economy all have the potential to affect investor attitude and market behaviour, which can shift prices.
Financial market news and media speculation can have an impact on how investors behave and how the market feels. Media sources' news reporting, editorials, and analyses can influence market expectations and cause buying or selling that affects prices.
Government rules and policies: These can have a big impact on the financial markets. Interest rates, inflation, economic growth, and general market circumstances all have an impact on pricing, as can central bank measures, fiscal, monetary, and rule changes.
Foreign firms: Prices on financial markets can be impacted by the performance and operations of foreign firms, particularly if they are listed on those markets or have a major impact on the industries they operate in. Market mood and price movements can be impacted by news and developments involving overseas corporations, such as earnings releases, mergers and acquisitions, or adjustments to company plans.
To know more about financial markets
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