Answer:
This is called:
Trade Restriction
Explanation:
Outsourcing to foreign markets can cripple domestic industries, increase local unemployment, and impose trade imbalance. To check excessive outsourcing, the federal government imposes tariffs. Such a trade restriction is considered necessary within the domestic economy. But it may be regarded as a restriction of free trade within the international community.
The policy adopted by the federal government that imposed tariffs to discourage outsourcing is known as Protectionism policy.
A Protectionism policy are adopted or enforced to protect the domestic workers or industries against external bodies.
Hence, the policy adopted by the federal government that imposed tariffs to discourage outsourcing is known as Protectionism policy.
Read more about Protectionism
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incoterm trong thanh toán quốc tế là gì?
Answer:
Incoterms là một bộ quy tắc thương mại / thương mại được thiết lập bởi Phòng Thương mại quốc tế được sử dụng trong các hợp đồng mua bán quốc tế.
Mary Kate, Ashley, Dakota, and Elle each want to buy a new home. Each needs to save enough to make a 20% down payment. For example, to buy a $100,000 home, a person would need to save $20,000. At the end of each year for five years, the women make the following investments:
Person Annuity Payment Type of Account Expected Annual Return
Mary Kate $3,900 Savings 3%
Ashley 4,900 CDs 5
Dakota 5,900 Bonds 6
Elle 5,900 Stocks 12
Required:
What is the maximum amount each woman can spend on a home, assuming she uses her accumulated investment account to make a 20% down payment?
Answer:
Mary Kate: $103,528.15
Ashley: $135,377.97
Dakota: $166,294.24
Elle: $187,409.00
Explanation:
Mary Kate
First, calculate the future value of investment
Future value of Investment = Annuity payment x ( 1 + Interst rate )^numbers of years - 1 / Interst rate = $3,900 x ( 1 + 3% )^5 - 1 / 3% = $20,705.63
Amount affordable = Future value of investment / Rate of down payment = $20,705.63 / 20% = $103,528.15
Ashley
First, calculate the future value of investment
Future value of Investment = Annuity payment x ( 1 + Interst rate )^numbers of years - 1 / Interst rate = $4,900 x ( 1 + 5% )^5 - 1 / 5% = $27,075.59
Amount affordable = Future value of investment / Rate of down payment = $27,075.59 / 20% = $135,377.97
Dakota
First, calculate the future value of the investment
Future value of Investment = Annuity payment x ( 1 + Interst rate )^numbers of years - 1 / Interst rate = $5,900 x ( 1 + 6% )^5 - 1 / 6% = $33,258.85
Amount affordable = Future value of investment / Rate of down payment = $33,258.85 / 20% = $166,294.24
Elle
First, calculate the future value of the investment
Future value of Investment = Annuity payment x ( 1 + Interst rate )^numbers of years - 1 / Interst rate = $5,900 x ( 1 + 12% )^5 - 1 / 12% = $37,481.80
Amount affordable = Future value of investment / Rate of down payment = $37,481.80 / 20% = $187,409.00
Prompt
Suppose you have a friend who says she does not need any resources or career experience before selecting a career, be...
Answer:
Could you please be specific with your question?
Explanation:
Bull'sEye sells gift cards redeemable for Bull'sEye products either in-store or online. During 2016, Bull'sEye sold $2,000,000 of gift cards, and $1,800,000 of the gift cards were redeemed for products. As of December 31, 2016, $150,000 of the remaining gift cards had passed the date at which Bull'sEye concludes that the cards will never be redeemed. How much gift card revenue should Bull'sEye recognize in 2016?
a) $2,000,000
b) $1,950,000
c) $1,850,000
d) $1,800,000
Answer:
b) $1,950,000
Explanation:
Value of gift cards redeemed with those whose date of redemption has passed, will both have the amount to revenue out of $2,000,000 of the gift cards sold.
Total gift card revenue to be recognized in 2016 = $1,800,000 + $150,000
Total gift card revenue to be recognized in 2016 = $1,950,000
Eddie Zambrano Corporation began operations on January 1, 2017. During its first 3 years of operations, Zambrano reported net income and declared dividends as follows.
Net Income Dividends Declared
2017 $ 40,000 $ –0–
2018 125,000 50,000
2019 160,000 50,000
The following information relates to 2020.
Income before income tax $240,000
Prior period adjustment: understatement of 2018 depreciation expense (before taxes) $ 25,000
Cumulative decrease in income from change in inventory methods (before taxes) $ 35,000
Dividends declared (of this amount, $25,000 will be paid on Jan. 15, 2021) $100,000
Effective tax rate 20%
Instructions
a. Prepare a 2020 retained earnings statement for Eddie Zambrano Corporation.
b. Assume Eddie Zambrano Corporation restricted retained earnings in the amount of $70,000 on December 31, 2020. After this action, what would Zambrano report as total retained earnings in its December 31, 2020, balance sheet?
Answer:
Eddie Zambrano Corporation
a. Retained Earnings Statement for the year ended December 31, 2020
Retained earnings, January 1, 2020 = $225,000
2020 Income after tax = $192,000
Prior period adjustment: understatement of 2018 depreciation expense (before taxes) ($ 25,000)
Cumulative decrease in income from change in inventory methods (before taxes) ($ 35,000)
Dividends declared (of this amount, $25,000 will be paid on Jan. 15, 2021)
($100,000)
Total deductions = $160,000
Retained earnings, December 31 $257,000
b. With the restricted retained earnings in the amount of $70,000, dividends declared cannot exceed $62,000 ($100,000 - $38,000), therefore the Retained earnings in its December 31, 2020 balance sheet would be $295,000.
Explanation:
a) Data and Calculations:
Net Income Dividends Declared Cumulative Retained Earnings
2017 $ 40,000 $ –0– $40,000 ($40,000)
2018 125,000 50,000 115,000 ($40,000 + 75,000)
2019 160,000 50,000 225,000 ($115,000 + 110,000)
2020 Income before tax = $240,000
Tax for 2020 (20%) 48,000
2020 Income after tax = $192,000
Prior period adjustment: understatement of 2018 depreciation expense (before taxes) $ 25,000
Cumulative decrease in income from change in inventory methods (before taxes) $ 35,000
Dividends declared (of this amount, $25,000 will be paid on Jan. 15, 2021) $100,000
Total deductions = $160,000 ($25,000+35,000+100,000)
Retained earnings for 2020 = $32,000 ($192,000 - $160,000)
a. Retained Earnings Statement for the year ended December 31, 2020
Retained earnings, January 1, 2020 = $225,000
2020 Income after tax = $192,000
Prior period adjustment: understatement of 2018 depreciation expense (before taxes) ($ 25,000)
Cumulative decrease in income from change in inventory methods (before taxes) ($ 35,000)
Dividends declared (of this amount, $25,000 will be paid on Jan. 15, 2021)
($100,000)
Total deductions = $160,000
Retained earnings, December 31 $257,000
b. With the restricted retained earnings in the amount of $70,000, dividends declared cannot exceed $62,000 ($100,000 - $38,000), therefore the Retained earnings in its December 31, 2020 balance sheet would be $295,000 ($257,000 + $38,000).
RST Company produces a product that has a variable cost of $6 per unit. The company's fixed costs are $30,000. The product sells for $10 per unit. The break-even point in sales dollars is $_____________.
Answer: $75000
Explanation:
In order to solve the question, firstly we need to calculate the contribution margin ratio which will be:
= ($10 - $6) / $10
= 40%
Then, the break even sales will then be:
= Fixed cost / Contribution margin ratio
= $30000 / 40%
= $75000
Therefore, the break-even point in sales dollars is $75000
The Prakash Estate has equal income beneficiaries Sam and Janet. As allowed by the terms of the will, the estate makes no income distributions during the current tax year. The estate’s personal exemption is:______________
a. $0.
b. $100.
c. $300.
d. $600.
e. The exemption depends on the amount of taxable income of the estate.
Answer:
d. $600
Explanation:
The real estate owners are allowed personal exemption of up to $600. Prakash Estate is also entitled to for personal exemption in current tax year. The estate has not made any income distribution in the current year and all the partners have equal income setup in the estate.
Christopher started a tutoring website. After a few months, a publishing company files a lawsuit against his company for copyright infringement. Christopher had to close his business and sell all of the business's assets and his car in order to settle the lawsuit. This is an example of?
A. Corporation
B. Partnership
C. Proprietorship
D. LLP/LLC
Answer:
C. Proprietorship
Explanation:
A sole proprietorship business is a type of business that is owned by a single person and as such their profits are taxed once as personal income tax.
Basically, it is a type of business that is typically owned by an individual or one person and as such is solely responsible for its debts.
In this scenario, Christopher started a tutoring website and was later sued for copyright infringement by a publishing company.
As a result, Christopher had to close his business and sell all of the business's assets, including his car in order to settle the lawsuit. Thus, this an example of sole proprietorship business because he's only one that own the business and as such would bear the burden of any debt or liability alone.
Luker Corporation uses a process costing system The company had $ 172,500 of beginning Finished Goods Inventory on October 1. It transferred in $ 849,000 of units completed during the period . The ending Finished Goods Inventory balance on October 31 was $ 170,200 . The entry to account for the cost of goods sold in October is
Answer:
First calculate the Cost of Goods sold:
= Opening Finished goods inventory + Goods transferred in - Closing finished goods inventory
= 172,500 + 849,000 - 170,200
= $851,800
The entry to record this is:
Date Account Title Debit Credit
October 31 Cost of Goods Sold $851,800
Finished Goods Inventory $851,800
Which of the following organizations currently is responsible for establishing and improving standards of financial accounting and reporting for the guidance and education of the public, which includes issuers, auditors, and users of financial information?
a. The Accounting Principles Board.
b. The Committee on Accounting Procedure.
c. The Financial Accounting Standards Board
d. All of the answer choices are correct.
Answer:
C)Financial Accounting Standards Board (FASB)
Explanation:
The Financial Accounting Standards Board can be regarded as a private as well as a non-profit organization standard-setting body that is been set up primarily for establishment as well as improvement of Generally Accepted Accounting Principles in the interest of the public, it base in United States. It is set up carry out purposes such as financial accounting as well as reporting of standards for both public and private companies. It was established in year 1973. It should be noted that Financial Accounting Standards Board is a kind of organizations that is currently
responsible for establishing and improving standards of financial accounting and reporting for the guidance and education of the public, which includes issuers, auditors, and users of financial information.
MC algo 8-18 Valuing Stock Asonia Co. will pay a dividend of $5.10, $9.20, $12.05, and $13.80 per share for each of the next four years, respectively. The company will then close its doors. If investors require a return of 9.4 percent on the company's stock, what is the stock price?
a. $3708
b. $32.88
c. $42.38
d. $3119
e. $35.41
Answer:
d. $31.19
Explanation:
The computation of the stock price is shown below
Stock Price is
= [$5.10 ÷ (1 + 0.094)^1 + $9.20 ÷ (1 + 0.094)^2 + $12.05 ÷ (1 + 0.094)^3 + $13.80 ÷ (1+0.094)^4]
= $4.66 + $7.69 + $9.20 + $9.63
= $31.19
hence, the option d is correct
A recent news story reported that the Organization of Petroleum Exporting Countries is expected to decrease the supply of oil next summer. Summer is traditionally a time of increased demand for oil because of vacation travel. What would be the combined effect of these two events on the summer market for gasoline?
a) an unpredictable change in the price and a decrease in the quantity
b) an unpredictable change in both the price and the quantity
c) an increase in the price and an unpredictable change in the quantity
d) an increase in the price and the quantity
Answer:
Option "C" is the answer.
Explanation:
Option "C" is the answer.
The decrease in the supply of oil will shift the supply curve leftwards. Similarly, the increases in the demand will shift the demand curve rightwards. The leftwards shift in the supply and rightward shift in the demand curve will result in an increase in price but the change in quantity can not be predicted because the magnitude of change will depend on the shift in the curves.
Swifty Corporation has beginning work in process inventory of $128000 and total manufacturing costs of $277000. If cost of goods manufactured is $280000, what is the cost of the ending work in process inventory?
a. $125000
b. $131000.
c. $140000.
d. $110000.
Answer:
a. $125000
Explanation:
Calculation to determine the cost of the ending work in process inventory
Beginning work in process inventory $128000
Add total manufacturing costs $277000
Less cost of goods manufactured $280000
Ending work in process inventory $125000
($128000+$277000-$280000)
Therefore the cost of the ending work in process inventory is $125000
On January 1, 2019, Sunland Company granted Sam Wine, an employee, an option to buy 1,000 shares of Sunland Co. stock for $30 per share, the option exercisable for 5 years from date of grant. Using a fair value option pricing model, total compensation expense is determined to be $5520. Wine exercised his option on October 1, 2021 and sold his 1,000 shares on December 1, 2021. Quoted market prices of Sunland Co. stock in 2021 were:
Using the fair value method, Sunland Company should recognize compensation expenses for 2019on its books in the amount of 2019 is $5,520.
What is a compensation expense?Compensation expenses are compensation-associated expenses used as a reward for exceptional job performance.
Examples of such compensation expense plans include bonuses, commissions, stock options, and profit-sharing.
Data and Calculations:Number of option shares granted = 1,000 shares
Grant price = $30
Exercise period = 5 years
Total compensation expense based on the fair value option pricing model = $5,520
The 2019 compensation expense = $6,000 ($30 x 1,000)/5
Question Completion:Quoted market prices of Sunland Co. stock in 2021 were:
July 1 = $30 per share
Oct 1 = $36 per share
Dec 1 = $40 per share
Required:
As a result of the option granted to Wine, using the fair value method, Sunland Company should recognize compensation expenses for 2019 on its books in the amount of 2019.
Thus, the 2019 compensation expense is $5,520.
Learn more about stock options at https://brainly.com/question/25693765
A farmer who owns the means to produce wealth (farm equipment, land, cattle, etc.) and employs individuals to work on the farm but has also experienced the hardship that comes with farming can be said to be experiencing a ____________ (three word term).
Answer:
Sustainable agriculture farming.
Explanation:
In Agriculture, there are various farming techniques adopted by farmers for the growth and development of their crops. An effective and efficient agricultural technique would have a significant impact on the level of productivity attained by the farmers and as such meeting the unending requirements or needs (demands) of the consumers.
Basically, there are various agricultural techniques used in farming and these includes;
I. Mixed farming.
II. Arable farming.
III. Pastoral farming.
IV. Bush fallowing.
V. Shifting cultivation.
VI. Nomadic herding.
VII. Subsistence farming.
Sustainable agriculture farming can be defined as a farming model that is typically aimed at providing basic human needs such as food, fiber, textiles, etc., without compromising or jeopardizing the ability of future generations to create agricultural solutions to their own basic needs.
This ultimately implies that, when the production of textiles, fiber and food to meet the present human needs deplete the natural base, there is a direct decrease in the ability of future generations to produce to meet their own basic needs regardless of having the means to produce wealth such as farm equipment, land, cattle, labor, etc.
What are similarity and difference between delayed payment and trade credit?
Help me pls, I have a time limited
Answer:
Delayed Payment means a purchase by a buyer in which title to the grain passes to the buyer at a determined price and payment to the seller is not made in less than twenty-one (21) days after delivery.
Answer:
Trade credit is a business-to-business (B2B) agreement in which a customer can purchase goods without paying cash up front, and paying the supplier at a later scheduled date. Usually, businesses that operate with trade credits will give buyers 30, 60, or 90 days to pay, with the transaction recorded through an invoice.
Trade credit can be thought of as a type of 0% financing, increasing a company’s assets while deferring payment for a specified value of goods or services to some time in the future and requiring no interest to be paid in relation to the repayment period.
KEY TAKEAWAYS
Trade credit is a type of commercial financing in which a customer is allowed to purchase goods or services and pay the supplier at a later scheduled date.
Trade credit can be a good way for businesses to free up cash flow and finance short-term growth.
Trade credit can create complexity for financial accounting depending on the accounting method used.
Trade credit financing is usually encouraged globally by regulators and can create opportunities for new financial technology solutions.
Suppliers are usually at a disadvantage with a trade credit as they have sold goods but not received payment.
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Trade Credit
Understanding Trade Credit
Trade credit is an advantage for a buyer. In some cases, certain buyers may be able to negotiate longer trade credit repayment terms, which provides an even greater advantage. Often, sellers will have specific criteria for qualifying for trade credit.
A B2B trade credit can help a business to obtain, manufacture, and sell goods before ever having to pay for them. This allows businesses to receive a revenue stream that can retroactively cover costs of goods sold. Walmart is one of the biggest utilizers of trade credit, seeking to pay retroactively for inventory sold in their stores. International business deals also involve trade credit terms. In general, if trade credit is offered to a buyer it typically always provides an advantage for a company’s cash flow.
The number of days for which a credit is given is determined by the company allowing the credit and is agreed upon by both the company allowing the credit and the company receiving it. Trade credit can also be an essential way for businesses to finance short-term growth. Because trade credit is a form of credit with no interest, it can often be used to encourage sales.
Since trade credit puts suppliers at somewhat of a disadvantage, many suppliers use discounts when trade credits are involved to encourage early payments. A supplier may give a discount if a customer pays within a certain number of days before the due date. For example, a 2% discount if payment is received within 10 days of issuing a 30-day credit. This discount would be referred to as 2%/10 net 30 or simply just 2/10 net 30.
Trade Credit Accounting
Trade credits are accounted for by both sellers and buyers. Accounting with trade credits can differ based on whether a company uses cash accounting or accrual accounting. Accrual accounting is required for all public companies. With accrual accounting, a company must recognize revenues and expenses at the time they are transacted.
Trade credit invoicing can make accrual accounting more complex. If a public company offers trade credits it must book the revenue and expenses associated with the sale at the time of the transaction. When trade credit invoicing is involved, companies do not immediately receive cash assets to cover expenses. Therefore, companies must account for the assets as accounts receivable on their balance sheet.
With trade credit, there is the possibility of default. Companies offering trade credits also usually offer discounts, which means they can receive less than the accounts receivable balance. Both defaults and discounts can require the need for accounts receivable write-offs from defaults or write-downs from discounts. These are considered liabilities a company must expense.
Alternatively, trade credit is a useful option for businesses on the buying side. A company can obtain assets but would not need to credit cash or recognize any expenses immediately. In this way, trade credit can act like a 0% loan on the balance sheet.
A company ABC has contracted a third-party logistics company XYZ. Which one of the following functions is least likely to be provided by the third-party logistics company (XYZ) to ABC?
a. inventory control
b. customer service function (e.g., storing spare parts)
c. transportation of goods
d. warehouse management
e. production of components
Answer: Warehouse management
Explanation:
Since the company ABC contracted a third-party logistics company XYZ, some of the functions that can be provided by the third-party logistics company (XYZ) to ABC include:
• inventory control
• customer service function (e.g., storing spare parts)
• transportation of goods
• production of components
It should be noted that performing warehouse management is very unlikely. This simply means the oversight with regards to the operations in the warehouse such as receiving inventory, tracking inventory, managing shipping etc. This should be provided by ABC and not XYZ.
Comfy Clothing is thinking of hiring Tom. If hired, he can increase total production by 100 units a week. He would cost the firm $1,500 a week in wages. If the price of each unit is $20:_______
a. the MR of hiring the worker is $2,000
b. The MC of hiring Tom is $1,500
c. The firm should hire Tom since MR>MC
d. All of the above
Answer: d. All of the above.
Explanation:
The marginal revenue for hiring the workers will be:
= 100 × $20
= $2000
Marginal cost of hiring Tom is $1500. Likewise, the firm should hire Tom since marginal revenue of $2000 is greater than the marginal cost of $1500.
Therefore, the correct option is All of the above.
Ryan bought a stock three years ago for $6 a share. Today, June 22, the stock is selling for $72 a share. Ryan is afraid that the price will fall and does not want to lose his profits so he places a stop-loss order to sell at $70. The stock sells between $71 and $75 throughout the remainder of the day on June 22. On the morning of June 23, the stock opens at $9 a share based on rumors of a possible bankruptcy due to inappropriate accounting procedures. Which one of the following statements is true concerning this situation?
a. Ryan was able to sell his stock for $70 a share thereby protecting his profits.
b. Ryan's stock was sold for $9 a share causing him to lose most of his profits.
c. Ryan still owns his shares of stock since his order was never executed at the $70 price.
d. Ryan received a call from the specialist asking him what he wanted to do about his order.
Answer:
B) Ryan's stock was sold for $9 a share causing him to lose most of his profits.
Explanation:
Stop loss order means the limit the loss to the extent investor has opted. Since Ryan placed a stop loss order at $70, so, when the price of the stock starts at $9, the stock would be sold at $9 because it is the next available price to what he placed a stop loss order.
So, the Answer is Ryan stock is sold for $9 a share causing him to lose most of his profits.
Accountants focus on creating financial statements, whereas finance professionals use these statements to evaluate a firm and answer questions about its performance. Indicate which financial statement you would refer to when answering the questions in the following table:
Income Statement Statement of Retained Earnings
How profitable has the firm been?
How much of the firm's earnings are left as balance after the firm pays out dividends to its shareholders?
If compensation for senior management is based on short-term performance of the firm, in the short run the firm is likely to:
a. Overstate its earnings
b. Understate its earnings
Answer:
1. Indication of financial statement to refer to when answering questions in the following table:
Question Financial Statement
How profitable has the firm been? Income Statement
How much of the firm's earnings are Statement of Retained Earnings
left as balance after the firm pays out
dividends to its shareholders?
2. If compensation for senior management is based on short-term performance of the firm, in the short run the firm is likely to:
a. Overstate its earnings
Explanation:
Company A's Income Statement shows its profit performance at different levels. At one level is the gross profit, which shows the difference between the net sales or service revenue and the cost of sales/service. At another level is the operating income, which is the income before interest and taxes. The next important level is the net income, which is the profit after taxes. This shows the earnings available for distribution to stockholders. The Statement of Cash Flows classifies the cash flows generated into operating, investing, and financing activities, and shows the non-cash flow adjustments.
Borges Machine Shop, Inc., has a 1-year contract for the production of 225,000 gear housings for a new off-road vehicle. Owner Luis Borges hopes the contract will be extended and the volume increased next year. Borges has developed costs for three alternatives. They are general-purpose equipment (GPE), flexible manufacturing system (FMS), and expensive, but efficient, dedicated machine (DM). The cost data follow:
General-Purpose Equipment (GPE) Flexible Manufacturing System (FMS) Dedicated Machine (DM)
Annual contracted units 225,000 225,000 225,000
Annual fixed cost $125,000 $225,000 $480,000
Per unit variable cost $15.00 $14.00 $13.00
The option GPE is best when the contracted volume is below:__________
Answer:
For 225,000 units FMS is the best alternative.
For GPE: TC
GPE
[tex]= $100,000 + ($15.00\times 225,000)\\\\= $3,475,000[/tex]
For 0 units GPE has the lowest TC. The next lowest cost is FMS.
x = ($200,000-$100,000)/($15-$14) = 100,000
Therefore, for 0 to 100,000 units GPE is the best alternative.
Explanation:
Formula used:-
For 225,000 units FMS is the best alternative.
Total Cost (TC) = Fixed Cost (FC) + [Variable Cost (VC) x Annual Contract Units (ACU)]
For GPE: TC
GPE
[tex]= $100,000 + ($15.00\times 225,000)\\\\= $3,475,000[/tex]
For FMS: TC
FMS
[tex]= $200,000 + ($14.00\times 225,000)\\\\= $3,350,000[/tex]
For DM: TC
DM
[tex]= $480,000 + ($13.00 \times225,000)\\\\= $3,405,000[/tex]
For 0 units GPE has the lowest TC. The next lowest cost is FMS. Comparing these two plans, let x be the no of units when the cost of both plans is the same.
x = ($200,000-$100,000)/($15-$14) = 100,000
Therefore, for 0 to 100,000 units GPE is the best alternative
Similarly comparing FMS and DM to find x, we get
x= ($ 480,000-$ 200,000)/($14-$13) = 280,000
So, for the 225,000 and 280,000 range, FMS is the best alrernative.
For greater than 280,000 DM is the best alternative.
The option GPE is best when the contracted volume is below 100,000 units
The option FMS is best when the contracted volume is between 100,000 and 280,000 units (enter your response as a whole number)
The option DM is best when the contracted volume is over 280,000 units (enter your response as a whole number)
State 3 arguments in favor of protectionism (in favor of trade restrictions). Please state your own opinion about the validity of each one and whether you support such argument.
Answer: See explanation
Explanation:
Protectionism refers to the restriction of international trade by the government in order to help the domestic industries. The argument in favor of protectionism include:
• Protection of infant industries: Protectionism protects infant industries as they're protected from being subjected to unfair competition and therefore allowed to thrive.
• To prevent dumping and unfair competition
• Revenue generation for government: Through the imposition of tariffs and other policies by the government to protect domestic industries, the government also generates revenue which can be used to improve the economy.
I believe the arguments are valid and I support them.
The following events took place in January 2018. Sports Equipment Rentals (SER) rents equipment on an hourly or daily basis to customers. SER prepares monthly financial statements. Match each event with the choice that correctly describes the effect of the transaction on the accounting equation. Increase/decrease means one asset account increases and another decreases by the same amount. Use this selection for the next eight questions: Assets Liabilities EquityA. Increase No effect Increase B. Increase Increase No effectC. No effect Decrease IncreaseD. Increase/Decrease No effect No effectE. No TransactionJanuary 3: SER purchases $2,000 of sports equipment on credit. January 8: Customers pay SER $8,500 for daily rentals for services provided over the past three days. January 16: SER receives $4,000 for a 2-week rental for equipment for several teams. The rental period begins on February 10, 2014. January 17: SER signs an agreement to provide $4,500 of equipment to a customer in early February. The customer has not yet made a payment. January 25: SER receives $3,000 for services provided and billed in the prior month. January 30: SER rents out skates for a party that day and bills the customer for $300.January 30: SER completes a contract by providing rental equipment to a private school from January 17-30. The school paid $500 for the rental in December 2000. January 31: SER receives $120 in interest on a note receivable. (SER loaned an employee $10, 000 last November and the employee is paying SER monthly interest. The employee will repay the $10, 000 principal after one year.)
Answer:
Payment received from Debtor: it'll increase Assets by $3,000 and reduce another asset by $3,000.Therefore, Il won't affect the financial position of SER. it's just a substitution of 1 sort of asset into another
Explanation:
Accounting Equation: Assets = Equity + Liability
All the business transaction affects the equation supported double accounting concept. The above transaction will affect the equation in the following manner.
Credit purchase of equipment: it'll increase Assets by $2,000 and Liability also by $2,000.
Daily rental received by SER: it'll increase Assets by $8,500 and Equity by $8,500. Daily rental is that the income of SER so it'll increase profitability and equity.
Rent received for Feb month: it'll increase Assets by $4,000 and Liability by $4,000. Advance rent is going to be treated as a liability until the proper receive the rent being established.
it'll not affect the equation because merely signing an agreement with no payment for the services won't end in any assets or liability.
Payment received from Debtor: it'll increase Assets by $3,000 and reduce another asset by $3,000.Therefore, Il won't affect the financial position of SER. it's just a substitution of 1 sort of asset into another
using the fifo method what is the cost of goods sold in september
Answer:
1805
Explanation:
Number of units sold in September = 160 units
Using the first - In, First out inventory method : assumes that the oldest (first) inventory items have been sold first.
Inventory items will first be sold from April, the May and so on :
Unit price in April = $11 ; Number of items = 115
($11 * 115) = $1265
(160 - 115) = 45 units
This 45 units will be sold at unit price for May :
(45 * $12) = $540
Cost of goods sold in September :
$1265 + $540 = $1805
Hayden Company is considering the acquisition of a machine that costs $406,000. The machine is expected to have a useful life of six years, a negligible residual value, an annual net cash flow of $96,000, and annual operating income of $81,600. What is the estimated cash payback period for the machine (round to one decimal points)? a.6.2 years b.5.0 years c.4.2 years d.1.2 years
Answer:
c.4.2 years
Explanation:
The computation of the estimated cash payback period is given below:
As we know that
the estimated cash payback period is
= initial investment ÷ net cash flow per period
= $406,000 ÷ $96,000
= 4.2 years
Hence, the estimated cash payback period is 4.2 year
Therefore the option c is correct
role of microfinance institutions in national development
Answer:
Thus, micro-finance has become one of the most effective interventions for economic empowerment of the poor. Microfinance is an economic development approach that involves providing financial services, through institutions, to low-income clients, where the market fails to provide appropriate services (Kumudini, 2015).
Disney suffered lawsuits in France, at Disneyland Paris, because of the lack of fit between its transferred personnel policies and the French employees charged to enact them. This is an example of the: Group of answer choices effect of demand conditions. liability of foreignness. risks of a multidomestic strategy. effects of regionalization.
Answer:
liability of foreignness
Explanation:
Liability of foreignness is defined as the cost above what local firms incur that is realised by companies that operate in a foreign country.
This extra cost is influenced by various business environments that exist in the foreign country.
In the given scenario Disneyland Paris is suffering loss through lawsuits because of the lack of fit between its transferred personnel policies and the French employees charged to enact them.
This conflict is giving an extra cost profile which is referred to as liability of foreignness.
One of the objectives of accounting is to help investors and creditors assess the amount, timing, and uncertainty of cash flows to them.
a. cannot say if it is true or false given the limited information provided
b. this is always a false statement
c. although false for most of the times, there are several exceptions detailed in Canadian GAAP
d. this is always a true statement
e. although true for most of the times, there are several exceptions detailed in Canadian GAAP
Answer: d. this is always a true statement
Explanation:
Accounting is very important in decision making because it provides figures that are useful in planning for the future of an investment. The information provided from accounting analysis helps us determine the amount of cashflows as well as the timing and uncertainty of same.
This is done through various formulas such as Discounted cash flow analysis and Residual income measures. Accounting is therefore invaluable to the financial industry because without it, we would stand a far worse chance of planning for business projects.
Bob the accountant needs to record indirect labor utilized of $6,000 in a journal entry. Bob should:_____.
a. debit Manufacturing Overhead, $6,000; credit Wages Payable, $6.000.
b. debit Accounts Payable, $6,000; credit Manufacturing Overhead, $6,000.
c. debit Manufacturing Overhead, $6,000; credit Accounts Payable, $6,000.
d. debit Wages Payable, $6,000; credit Manufacturing Overhead, $6,000.
Answer:
c. debit Manufacturing Overhead, $6,000; credit Accounts Payable, $6,000
Explanation:
The journal to record indirect labor utilized of $6,000 will include a Debit to an Expense Account - Manufacturing Overhead and a Credit to Liability Account - Accounts Payable at the value of $6,000.
In its 2016 annual report, Lockheed Martin reported net earnings of $5,302 million and dividends paid of $2,048 million. Your forecast of net income for Lockheed Martin for 2017 is $5,504 million. What are projected dividends for the company for 2017
Answer:
The dividend for 2017 will be = $2124.98
Explanation:
The net earnings for the year 2016 = $5302
Dividend paid for the year 2016 = $2048
The forecast for the income of 2017 = $5504
The projected dividend for the year 2017 = 5504 x (2047 / 5302)
The projected dividend for the year 2017 = 2124.98
The dividend for 2017 will be = $2124.98