Answer: $750,000
Explanation:
Net Income
Sales Revenue 2,000,000
Interest/ Dividend Revenue 50,000
2,050,000
Cost of Goods sold (1,000,000)
Selling and Admin expenses (200,000)
Loss on Discontinued (100,000)
Net Income $750,000
The owner of Genuine Subs, Inc., hopes to expand the present operation by adding one new outlet. She has studied three locations. Each would have the same labor and materials costs (food, serving containers, napkins, etc.) of $1.90 per sandwich. Sandwiches sell for $2.70 each in all locations. Rent and equipment costs would be $5,400 per month for location A, $5,700 per month for location B, and $5,950 per month for location C. a. Determine the volume necessary at each location to realize a monthly profit of $10,000.
Answer and Explanation:
The computation of the volume necessary for each location is as follows;
a) Volume required for break even at location A
= ($5,400 + $10,000) ÷ ($2.70 - $1.90)
= 19,250 units
Volume required for break even at location B
= ($5,700 + $10,000) ÷ ($2.70 - $1.90)
= 19,625 units
Volume required for break even at location C
= ($5,950 + $10,000) ÷ ($2.70 - $1.90)
= 19,938 units
A firm conducted a market analysis and determined that a new wo
will remain the same, what change should occur initially to maxim
A)
The firm should increase output.
B)
The firm should decrease output.
O
The firm should keep productivity the same.
D)
The firm should raise costs other than labor.
The Bouffard Department Stores, Inc., is a national retail chain with its headquarters located in New York City. The following cost data pertains to the operation for the month of May Corporate legal office salaries $68,000 Shoe Department cost of sales-Brentwood Store $29,000 Corporate headquarters building lease $86,000 Store manager's salary-Brentwood Store $12,000 Shoe Department sales commissions-Brentwood Store $5,000 Store utilities-Brentwood Store $10,000 Shoe Department manager's salary-Brentwood Store $4,000 Central warehouse lease cost $7,000 Janitorial costs-Brentwood Store $10,000 The Brentwood Store is located in the Midwest region. It is just one of many stores owned and operated by the company. The Shoe Department is one of many departments at the Brentwood Store. The central warehouse serves the Brentwood Store as well as other of the company's stores in the Midwest region . What is the total amount of the costs listed above that are direct costs of the Brentwood Shoe Department
Answer:
$38,000
Explanation:
What is the total amount of the costs listed above that are direct costs of the Brentwood Shoe Department?
Direct costs of the Shoe Department = Shoe Department cost of sales + Shoe Department sales commissions + Shoe Department manager's salary
Direct costs of the Shoe Department = $29,000 + $5,000 + $4,000
Direct costs of the Shoe Department = $38,000
So therefore, the total amount of the costs that are direct costs of the Brentwood Shoe Department is $38,000
The Laffer curve is the curve showing how tax revenue varies as the size of the tax varies.
a. True
b. False
Answer:
True
Explanation:
The Laffer Curve was developed by Arthur Laffer. Arthur, a supply side economist used this curve to show the relationship that existed between tax rates and also the amount of tax revenue which the government takes or collects. This curve provides an illustration to his argument that sometimes when tax rates are cut there could be increase in total tax revenue.
Therefore the answer to this question is true.
A share of stock gives the owner with other owners the right to pick the management of the company. does not promise a fixed annual payment. is a fractional ownership of the firm. all of the above.
Answer:
all of the above.
Explanation:
The share of the stock provides the following things like
a. Have the opportunity to pick the company management with the other owners
b. It does not provide the fixed annual payment it is variable annual payment
3. In addition to this, it has the fractional firm ownership
Based on the above things, the correct option is the last one
Hence, the same is to be considered
Moss exchanges a warehouse for a building he will use as an office building. The adjusted basis of the warehouse is $600,000 and the fair market value of the office building is $350,000. In addition, Moss receives cash of $150,000. What is the recognized gain or loss and the basis of the office building?
Answer:
$0 and $450,000.
Explanation:
Calculation for What is the recognized gain or loss and the basis of the office building
Calculation for the recognized gain or loss
Using this formula
Recognized gain or loss =Amount realized -(Adjusted basis-Realized loss)
Let plug in the formula
Recognized gain or loss= ($350,000 + $150,000) -( $600,000-$100,000)
Recognized loss =($500,000-$500,000)
Recognized loss =$0
Therefore the Recognized loss will be $0
Calculation for the basis of the office building
Using this formula
Basis of the office building=FMV+Postponed loss
Let plug in the formula
Basis of the office building= $350,000+$100,000
Basis of the office building= $450,000
Therefore the Basis of the office building will be $450,000
jones company has a target capital structure of 40% debt, 10% preferred stock, and 50% common equity. The company's after-tax cost of debt is 5.1% its cost of preferred stock is 6%, its cost of retained earnings is 13.6%, and its cost of new common stock is 22.9%. The company stock has a beta of 1.7 and the company marginal tax rate is 40%. What is the company's weighted average cost of capital if retained earnings are used to fund the common equity portion
Answer:
8.624%
Explanation:
Bond Kd = 5.1%
Preferred stock Kp = 6%
Retained earnings Ks = 13.6%
News shares Kn = 22.9%
Tax rate = 40%
WACC = (0.40*(1-t)Kd) + (0.10*Kp) + (0.50*Ks)
WACC = (0.40*(1-0.40)*5.1 + 0.10*6 + 0.50*13.6
WACC = 0.40*0.60*5.1 + 0.60 + 6.8
WACC = 1.224 + 0.60 + 6.8
WACC = 8.624%
Pam exchanges a rental building, which has an adjusted basis of $36,000 and a tractor whose fmv was 25,000 for investment land which has a fair market value of $55,000. Pam basis in the tractor was 32,000. What is Pam’s basis of the investment land?
Answer:
$36,000
Explanation:
Based on the information given we were told that he exchanges a rental building that has an adjusted basis of the amount of $36,000 which means that Pam’s basis of the investment land will be the Adjusted basis of the amount $36,000.
Therefore Pam’s basis of the investment land will be $36,000
On holiday weekends thousands of people picnic in state parks. Some picnic areas become so overcrowded the benefit or value of picnicking diminishes to zero. An overcrowded picnic area is an example of
Answer:
Tragedy of the Commons
Explanation:
The Tragedy of the Commons is a short story used in economics to depict how using (or abusing of) public goods or services without any type of control or limitation actually ends up hurting society. In this case, since the state park is a public good and no one limits the number of users, if it gets too crowded, the users will not be able to benefit from it.
On July 1, 2020, Preston Tucker and Sons AutomobileCompany acquired real estate to construct a small combination office and warehouse building. Tuckerpaid $125,000 cash as a down payment and issued a $375,000 note payable; the note is due in 3 years with an interest rate of 6.75%. An old warehouse on the property was demolished at a cost of $21,800; the salvaged materials from the warehouse were sold for $1,500. Additional expenditures before construction began, included: $3,100 for attorney's fee pertaining to the real estate purchase, $7,500 for real estate broker's fee, $9,100 architect's fee for designing plans for the new office and warehouse, and $16,000 to put in driveways and a parking lot. Required (a) Determine the amount to be reported as the cost of the land. (b) For each cost not used in part (a), indicate the account to be debited.
Answer:
Preston Tucker and Sons Automobile Company
A. Cost of the land = $530,900
Building account:
Architect's fee for designing plans = $9,100
C. Driveways and Parking Lot:
Driveways and parking lot = $16,000
Explanation:
a) Data and Calculations:
Down payment = $125,000
Note payable = $375,000
Total = $500,000
Interest rate of note payable = 6.75%
Cost of demolishing warehouse = $20,300 ($21,800 - 1500)
Attorney's fee for real estate purchase = $3,100
Real estate broker's fee = $7,500
Architect's fee for designing plans = $9,100
Driveways and parking lot = 16,000
Cost of the Land:
Payment for the land = $500,000
Demolishing old warehouse 20,300
Attorney's and broker's fee 10,600
Total cost of the land = $530,900
Building account:
Architect's fee for designing plans = $9,100
Driveways and Parking Lot:
Driveways and parking lot = $16,000
Assume that a consumer has a given budget or income of $12 and that she can buy only two goods, apples or bananas. The price of an apple is $1.50 and the price of a banana is $0.75. This means that, in order to buy two bananas, this consumer must forgo
Answer:
1 apple
Explanation:
Since in the question it is mentioned that if a consumer has a budget or income of $12 and she can purchased only two goods i.e. apple or banans and if the price of the apple is $1.50 and the price of banana is $0.75 so if she purchases two bananas so the consumer must forgo the one apple
hence, the same is to be considered
3. Keim, Inc. manufactures baseball gloves that normally sell for $40 each. Keim currently has 1,000 defective gloves in inventory that have $30 of materials, labor, and overhead assigned to each glove. The defective gloves can either be completely repaired at a cost of $25 per glove or sold as is at a reduced price of $18 per glove. Keim would be better off by: a. $3,000 to sell
Answer:
selling the defective gloves as they are results in a $3,000 higher gain
Explanation:
the manufacturing costs of the defective gloves should be considered a sunk cost since they cannot be recovered:
alternative 1, sell defective gloves = $18 x 1,000 = $18,000 gain
alternative 2, repair the gloves and sell them at normal price = ($40 - $25) x 1,000 = $15,000 gain
alternative 1 (selling the defective gloves as they are) results in a $3,000 higher gain
1. The capital structure weights used in computing the weighted average cost of capital: A. are based on the book values of total debt and total equity. B. are based on the market values of total debt and total equity. C. are restricted to the firm's debt and common stock only D. remain constant over time unless the firm issues new securities.
When a company issues 25,000 shares of $1 par value common stock for $10 per share, the journal entry for this issuance would include: Multiple Choice A credit to Common Stock for $250,000. Incorrect A debit to Cash for $25,000. A debit to Additional Paid-in Capital for $25,000. A credit to Additional Paid-in Capital for $225,000.
Answer:
A credit to Common Stock for $25,000
Explanation:
Based on the information given in a situation where a company issues 25,000 shares of $1 par value common stock for $10 per share, the journal entry for this issuance would include:A credit to Common Stock for $25,000
Dr Cash $250,000
Cr Common Stock 25,000
Cr Additional Paid-In Capital 225,000
($250,000-25,000)
(LO 8) Maxim manufactures a hamster food product called Green Health. Maxim currently has 18,500 bags of Green Health on hand. The variable production costs per bag are $3.50 and total fixed costs are $27,000. The hamster food can be sold as it is for $10.00 per bag or be processed further into Premium Green and Green Deluxe at an additional cost. The additional processing will yield 18,500 bags of Premium Green and 4,700 bags of Green Deluxe, which can be sold for $9 and $7 per bag, respectively. Assuming Maxim further processes Green Health further into Premium Green and Green Deluxe, revenue from the two products would be:
Answer:
$ 199,400
Explanation:
Calculation for what the revenue from the two products would be:
VENUE IF PROCESSED FURTHER:
Premium Green $166,500
(18,500 bags * $9 per bag)
Green Deluxe
(4,700 bags * $7 per bag) $32,900
Total revenue if processed further $ 199,400
Therefore Assuming Maxim further processes Green Health further into Premium Green and Green Deluxe what the revenue from the two products would be is $ 199,400
Service variability means that ________. Group of answer choices services cannot be stored for later sale or use service quality depends on when, where, and how they are provided services cannot be seen, tasted, felt, heard, or smelled before they are bought services can be separated from their providers the evaluation of services is subjective and changes from customer to customer
Answer:
✓Services cannot be stored for later sale or use.
✓service quality depends on when, where, and how they are provided
Explanation:
Service variability can be explained as changes that occurs in quality of the same service as a result of the service coming from different vendors. This variation in change is as a result of nature of service, the time that is been
provided, as well as method bof delivery.I t should be noted that Service variability means that services cannot be stored for later sale or use and service quality depends on when, where, and how they are provided
Company ABC provides a dependent care assistance flexible spending arrangement to its employees through a cafeteria plan. In addition, it provides occasional on-site dependent care to its employees at no cost. Emily, a single filing taxpayer and an employee of Company ABC, had $4,500 deducted from her pay for the dependent care flexible spending arrangement. In addition, Emily used the on-site dependent care several times. The fair market value of the on-site care was $700. Emily's Form W-2 should report $5,200 of dependent care assistance in Box 10. If all other conditions are met, what is the maximum amount excludable from gross income for the dependent care expenses Emily can report on her tax return
Answer:
Company ABC and Emily, a single filing taxpayer
The maximum amount excludable from Emily's gross income for the dependent care expenses, which Emily can report on her tax return is $3,000.
Explanation:
a) Data and Calculations for Emily:
Dependent care flexible spending arrangement deduction = $4,500
Fair market value of the on-site dependent care used = $700
Form W-2 reported dependent care assistance = $5,200
Maximum amount excludable from Emily's gross income for the dependent care expenses Emily can report on her tax return is $3,000.
b) According to the IRS records, Emily can exclude or deduct dependent care benefits provided by a dependent care benefit plan, an amount not exceeding $3,000 if one qualifying person was cared for or $6,000 if two or more qualifying persons were cared for. Since the number of persons cared for is not disclosed, it is assumed that Emily cared for only one qualifying person. Therefore, $3,000 is the maximum she is allowed to deduct.
Jawwal Research & Development has been going through a rough patch lately. Turnover has been high and employee morale is at an all-time low. Though employees and competitors hold management responsible for the decline, the CEO does not let the managers go or change the management style. Which of the following could explain this attitude?
Select one:
a. The CEO is unresponsive to the criticisms from stakeholders.
b. The CEO holds the omnipotent view of management, which asserts that external factors have a significant effect on performance outcomes.
c. Because the organization has a "take-charge" management style, the employees are responsible for organizational policies.
d. The CEO holds the view that managers have only a limited role in organization success or failure.
Answer:
d. The CEO holds the view that managers have only a limited role in organization success or failure.
Explanation:
The CEO of Jawwal Research & Development subscribes to the symbolic view of management. Under the symbolic view, the organization's success or failure is caused by external forces beyond the managers' control. The symbolic view is that the whole of the organization is not in the managers' control.
The CEO of Jawwal Research & development believes that the manager's influence is limited by external factors such as technology, government policies, the economy, competitors, and industry conditions. The symbolic view contrasts with the Omnipotent view, which believes that managers are directly responsible for an organization's failure or success.
The Monster Truck operates several specialty vehicles that provide hot food and beverages for firms that have workers employed in outlying regions. The company has annual sales of $626,600. Cost of goods sold average 36 percent of sales and the profit margin is 4.9 percent. The average accounts receivable balance is $35,100. On average, how long does it take the company to collect payment for its services
Answer:
20.45 days
Explanation:
Calculation for how long does it take the company to collect payment for its services
Days in receivables = 365 days/($626,600/$35,100)
Days in receivables = 365 days/17.85
Days in receivables=20.45 days
Therefore how long does it take the company to collect payment for its services is 20.45 days
2. In 2020, Leon Longrove sold a piece of business equipment that had an adjusted basis to him of $50,000 for $75,000 cash plus artwork that had a fair market value of $25,000. The buyer assumed Leon's $20,000 loan on the equipment. Leon paid $5,000 in selling expenses. What is the amount of Leon's gain on the sale
Answer:
Leon's gain = $65,000
Explanation:
Total consideration received by Leon = $75,000 (cash) + $25,000 (artwork) + $20,000 (loan assumed by buyer) = $120,000
Leon's total costs = $50,000 (equipment's basis) + $5,000 (selling expenses) = $55,000
Leon's gain = total consideration received - total costs = $120,000 - $55,000 = $65,000
Identify the statement that characterizes the Age Discrimination in Employment Act. Multiple Choice It permits an employer to reduce the fringe benefits to all employees over 40. It outlaws making employment decisions based on a person's age being over 40. It permits companies to lay off older workers when the economy is slow. It recommends early retirement incentive programs wherein employees agree not to sue the company for ageism.
Answer:
The statement that characterizes the Age Discrimination in Employment Act is:
It outlaws making employment decisions based on a person's age being over 40.
Explanation:
The idea behind the Age Discrimination in Employment Act (ADEA) is to forbid age discrimination against people who are age 40 or older. Following the frequent practice of using arbitrary age limits to make decisions about employees, the ADEA was passed by Congress in 1967. The purpose of the law was to reduce the damaging effects of the long-term loss of job skills affecting the older citizens of the population.
Do you think that the United States Federal Reserve has too much power and influence over our economy? Why or why not?
Cougar Athletics is soliciting bids on a 3-year contract to produce 5,000 t-shirts per year to be given away at athletic events. You have decided to bid on the contract. It will cost you $4 per shirt in variable costs (buying plain t-shirts and paying an employee to imprint them) and $8,000 per year in fixed costs. A t-shirt printing machine will cost $17,500. The machine will be depreciated to zero over its 3-year life and it will not have any salvage value. There are no net working capital implications for the project. If your tax rate is 21% and your required return on this project is 12%, how much would you bid for the contract? State your answer as the annual sales amount (to 2 decimal places, $XX,XXX.XX), not the per-unit price. Write up your solutions by hand and email them to me after the exam (do NOT send a spreadsheet).
Answer:
$7.1345 per shirt
Explanation:
depreciation expense per year = $17,500 / 3 = $5,833
initial outlay = -$17,500
cash flow year 1 = [(5,000X - $20,000 - $8,000 - $5,833.33) x 0.79] + $5,833.33 = 3,950X - $20,895
cash flow year 2 = [(5,000X - $20,000 - $8,000 - $5,833.33) x 0.79] + $5,833.33 = 3,950X - $20,895
cash flow year 3 = [(5,000X - $20,000 - $8,000 - $5,833.33) x 0.79] + $5,833.33 = 3,950X - $20,895
$17,500 = (3,950X - $20,895)/1.12 + (3,950X - $20,895)/1.12² + (3,950X - $20,895)/1.12³
$17,500 = 3,526.79X - $18,656.25 + 3,148.92X - $16,657.37 + 2,811.53X - $14,872.65
$17,500 = 9,487.24X - $50,186.27
$67,686.27 = 9,487.24X
X = $67,686.27 / 9,487.24 = $7.1345 per shirt
Which skills are common to Education and Training cluster? skills in math and finance leadership and teaching skills knowledge of instructional design and psychology knowledge of school policies maintenance of classroom discipline communication skills for dealing with students, families, and coworkers
Answer:
Leadership and teaching skillsKnowledge of instructional design and psychologyKnowledge of school policiesMaintenance of classroom discipline Communication skills for dealing with students, families, and coworkersExplanation:
The Education and Training cluster comprises teachers, administrators, and professional student support staff. They work in schools and other educational institutions. Professional in the cluster help students achieve their educations objectives by helping them in academics and providing psycho-social support.
The skills required in this cluster revolve around effective teaching, school administration, and the ability to create good working relationships with students, colleagues, and other stakeholders.
Answer:
The correct answer is A,B,C,E,F
Explanation:
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Perry Investments bought 2,000 shares of Able, Inc. common stock on January 1, 20X1, for $20,000 and 2,000 shares of Baker, Inc. common stock on July 1, 20X1 for $24,000. Baker paid $2,400 of previously declared dividends to Perry on December 31, 20X1. At the end of 20X1, the fair value of the Able stock was $18,000 and the fair value of the Baker stock was $28,000. The stocks were purchased for short-term speculation prior to the effective date of the change in accounting rules for equity investments. Perry owns 10% of each company. Perry should record the receipt of the Baker dividend as
Answer:
Debit Cash $2,400: Credit Dividends receivable $2,400
Explanation:
Date Account Titles and Explanation Debit Credit
31 Dec 20X1 Cash $2,400
Dividend receivables $2,400
(Record of the receipt of the Baker dividend)
Jacobs Company has warrants outstanding, which are selling at a $3.00 premium above intrinsic value. Each warrant allows its owner to purchase one share of common stock at $26. If the common stock currently sells for $30, what is the warrant price? (Round your answer to 2 decimal places.) $11.00 $7.00 $8.00 $10.00
Answer: $7.00
Explanation:
Based on the information provided in the question, the warrant price would be calculated as the addition of the premium which is above the intrinsic value and the paid in excess of the common stock. This will be:
= $3 + ($30 - $26)
= $3 + $4
= $7.00
Once Arnold Patel had decided he wanted to quit working as a Web designer for a large advertising agency and go into some kind of business for himself, he did a self-assessment, which indicated that he had an entrepreneurial spirit. His next step will be to: Group of answer choices determine where the funding will come from look for customers create a business plan find the idea for his business choose a form of business organization
You are an employee within a company and are asked prepare a speech at your workplace on a topic of your choice for a group of international visitors from Saudi Arabia which would serve one of the following purposes: to inform, demonstrate, persuade, entertain or be ceremonial. As is the case for the topic of your speech, the choice is yours in terms of what the purpose of your speech will be but it is important to remember that the topic must pertain to some aspect of your company and its business; therefore, giving a speech about your love of ice cream sundaes for example, would not be appropriate. Also, you need to keep cultural sensitivities in mind regarding the content of your speech by paying attention to the themes of language, perception and ethnocentrism and how they relate to your Saudi Arabian visitors. Please feel free to consult the internet regarding Saudi Arabian culture and business practices.
Answer:
Going to introduce everyone's innovative Boeing 747, just one rare journey back to Mecca as well as Medina. Important fundamental preferences were mostly set out elsewhere.
Explanation:
New flight introduction:The Lufthansa institution does seem to be pleased to announce the implementation of such a continuous sign from its generalized international airport Frankfurt am Mainz once again to Medina but instead Mecca. Mostly as a result of the repurchase of the relatively improved Boeing 747 national carrier, which is extremely well disorganized with such as current developments, this makes it a blend seamlessly of luxurious lifestyle and convenience.
Settlement affiliation:The connection of peace treaty with either the 5-star campground throughout Mecca-Medina at either the discussion of the independent investigation but instead reply, a message of the organization had been established among both 4 unquestionable 5-star residences, during which our employees would have an illustration of beneficence at everyone's zenith.
Special rebate:Besides our prospective customers, registering for almost as wide a range because several decades before the actual early part including its Hajj Pilgrim, individuals would then give a discount Charge Card by the most excessive credit with €100.
Visa help:In something like a collaborative operation mostly with the Saudi Arabian Worldwide Refuge throughout Germany as well as one's cultural occasion including its Master Visa Leadership, a persuasive work has been conducted to offer our clients a parachute.
Some customer support call center let incoming callers know how long they would be on hold before talking to a service agent. This improves customer experience because: Group of answer choices it lessens the perception of unfairness in waiting in-process waits seem shorter than pre-process waits uncertain waits seem longer than certain waits unoccupied time seems longer than occupied
Incoming callers' perceptions of unfairness are diminished and a clear expectation is set by communicating the length of their wait time in advance. This enhances the overall customer experience.
What are the abilities in customer service?Client retention and acquisition are highly dependent on customer service. Companies can increase sales by utilising good customer service. Being empathetic, communicating effectively, and addressing problems are essential components of providing exceptional customer service.
A call centre interview is what?For businesses, call centres serve clients who have queries, grievances, or suggestions on goods or services. A call centre interview is a chance for you to highlight your problem-solving abilities and show off your capacity to win over clients' trust.
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Search the Internet for software that helps organizations perform strategic pan project selection, or project portfolio management. Summarize at least three tools and discuss whether or not you think these tools are good investments to two- page paper. Cite your references.