Answer:
Dr Bad Debt Expense $18,450
Cr Allowance for Doubtful Accounts
$18,450
Explanation:
Preparation of the appropiate adjusting journal entry that the company should make at the end of the current year to record its estimated bad debts expense
Dr Bad Debt Expense $18,450
Cr Allowance for Doubtful Accounts
$18,450
($18,000+Debit balance$450)
(Being to record estimated bad debts expense)
Refer to the following selected financial information from McCormik, LLC. Compute the company's working capital for Year 2.
Year 2 Year 1
Cash $38,800 $33,550
Short-term investments 103,000 66,500
Accounts receivable, net 92,000 86,000
Merchandise inventory 127,500 131,500
Prepaid expenses 13,400 11,000
Plant assets 394,500 344,500
Accounts payable 106,900 114,300
Net sales 717,500 682,500
Cost of goods sold 396,500 381,500
Answer:
$267,800
Explanation:
Working capital = Current Assets - Current Liabilities
where for Year 2,
Current Assets = $38,800 + $103,000 + $92,000 + $127,500 + $13,400
= $374,700
and
Current Liabilities = $106,900
therefore,
Working capital = $267,800
thus,
The company's working capital for Year 2 is $267,800.
Campus Stop, Inc., is a student co-op. Campus Stop uses a perpetual inventory system.
The following transactions have been selected for analysis:
a. Sold merchandise for cash (cost of merchandise $160,750) $294,300
b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for a cash refund (original cost of merchandise $930) 1,730
c. Sold merchandise (costing $13,050) to a customer on account with terms 2/10, n/30 29,000
d. Collected half of the balance owed by the customer in (c) within the discount period 14,210
e. Granted a partial allowance relating to credit sales that the customer in (c) had not yet paid 1,980
Required:
1. Compute Sales Revenue, Net Sales, and Gross Profit for Campus Stop
a merchandiser's multistep income statement.
2. Compute the gross profit percentage.
Answer:
Campus Stop, Inc.
Partial Income Statement
Sales revenue $323,300
Sales returns ($1,730)
Sales discounts and allowances ($2,270)
Net sales $319,300
Cost of goods sold ($172,870)
Gross profit $146,430
Gross profit margin = $146,430 / $319,300 = 45.86%
The income statement of Pharoah Company is shown below.
PHAROAH COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020
Sales revenue $7,410,000
Cost of goods sold Beginning inventory $1,880,000
Purchases 4,360,000
Goods available for sale 6,240,000
Ending inventory 1,500,000
Cost of goods sold 4,740,000
Gross profit 2,670,000
Operating expenses
Selling expenses 460,000
Administrative expenses 630,000 1,090,000
Net income $1,580,000
Additional information:
1. Accounts receivable decreased $313,770 during the year.
2. Prepaid expenses increased $167,640 during the year.
3. Accounts payable to suppliers of merchandise decreased $279,000 during the year.
4. Accrued expenses payable decreased $124,020 during the year.
5. Administrative expenses include depreciation expense of $58,970.
Required:
Prepare the operating activities section of the statement of cash flows for the year ended December 31, 2020, for Vince Gill Company, using the indirect method.
Answer and Explanation:
The preparation of the operating activities section of the statement of cash flows for the year ended December 31, 2020 is presented below;
Cash flow from operating activities
Net income $1,580,000
Add: depreciation expense $58,970
Add: decrease in account receivable $313,770
Less: Increase in prepaid expense -$167,640
Less: Decrease in account payable -$279,000
Less: decrease in accrued expense payable -$124,020
Add: Decrease in inventory $380,000 ($1,880,000 - $1,500,000)
Cash flow provided by operating activities $1,762,080
Behavioral segmentation addresses the knowledge of, use of, response to, and attitude toward a product. Which of these is an example of behavioral segmentation? Group of answer choices a retail shoe store targeting customers within a geographic twenty-mile radius a deodorant company targeting boys between the age of 12–18 an airline targeting customers with over 500k miles of travel on its airline
Answer:
an airline targeting customers with over 500k miles of travel on its airlineExplanation:
Note, the focus of behavioral segmentation is to identify and separate the marketing strategy used on clients/customers based on mainly their behavior, and not on demography (age, gender, etc) or geography.
Hence, the best scenario from the above options is that of an airline that targets customers with over 500k miles of travel on its airline. In other words, their traveling behavior (distances covered) is the basis why they are targeted, without consideration of demography or their geography.
Kartman Corporation makes a product with the following standard costs: Standard Quantity or HoursStandard Price or RateStandard Cost Per Unit Direct materials 6.5pounds$7.00per pound$45.50 Direct labor 0.6hours$24.00per hour$14.40 Variable overhead 0.6hours$4.00per hour$2.40 In June the company's budgeted production was 3,400 units but the actual production was 3,500 units. The company used 22,150 pounds of the direct material and 2,290 direct labor-hours to produce this output. During the month, the company purchased 25,400 pounds of the direct material at a cost of $170,180. The actual direct labor cost was $57,021 and the actual variable overhead cost was $8,931. The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The variable overhead rate variance for June is: Select one: A. $210 F B. $229 U C. $210 U D. $229 F
Answer:
Variable manufacturing overhead rate variance= $229 favorable
Explanation:
eGiving the following information:
Variable overhead 0.6 hours $4.00per hour
The company used 2,290 direct labor-hours
The actual variable overhead cost was $8,931.
To calculate the variable overhead rate variance, we need to use the following formula:
Variable manufacturing overhead rate variance= (standard rate - actual rate)* actual quantity
Variable manufacturing overhead rate variance= (4 - 3.9)*2,290
Variable manufacturing overhead rate variance= $229 favorable
Actual rate= 8,931 / 2,290= $3.9
You're considering a project with an initial cost of $6400, what is the payback period for this project if the cash inflows are $900, $1350,$2800, $1350 & $500 a year over the next five years
Dean has earned $70,750 annually for the past five years working as an architect for WCC Incorporated Under WCC's defined benefit plan (which uses a seven-year graded vesting schedule) employees earn a benefit equal to 3.5 percent of the average of their three highest annual salaries for every full year of service with WCC. Dean has worked for five full years for WCC and his vesting percentage is 60 percent. What is Dean's vested benefit (or annual retirement benefit he has earned so far)
Answer:
$7,429
Explanation:
Calculation to determine Dean's vested benefit
Using this formula
Vested benefit=Average salary for the prior three years×( 3.5% × 5 years of service)×Vesting percentage)
Let plug in the formula
Vested benefit=$70,750 ×( 3.5% × 5)× 60%
Vested benefit=$70,750 × 17.5%× 60%
Vested benefit=$7,428.75
Vested benefit=$7,429 (Approximately)
Therefore Dean's vested benefit is $7,429
Phoebe is meeting with a client to present her ideas. What is recommended as the best way to present her ideas to the client?
Show at least two to three different comps.
Describe your ideas over the phone
Send one comp over email
Show the finished product.
because the 2 is describe which is good so they can understand itthe 3 is good to because ypu can send it on ther email that they can see it
hope it help :)
Most consumers and investors today want the firms they do business with to look beyond just the profit motive. In fact, they want firms that behave legally and ethically while also giving back to their communities via philanthropic activities. The framework that attempts to reconcile these wants is known as
Answer:
corporate social responsibility.
Explanation:
In Business management, social responsibility can be defined as an organization's obligation to act in a manner that benefits and adds significant value to the society, usually it has its business operations.
Hence, in addition to making profits and maximizing shareholders, organizations are required to lessen negative environmental impact or degradation and provide social amenities such as pipe-borne water, electricity, roads etc. It is also referred to as corporate social responsibility (CSR).
Generally, most consumers and investors today want the firms they do business with to look beyond just the profit motive. In fact, they want firms that behave legally and ethically while also giving back to their communities via philanthropic activities. Thus, the framework that attempts to reconcile these wants is known as corporate social responsibility.
hi guys, can anoye one tell me the rigth answer? I cant find the answer anywhere. please tell the correct answer.
Answer:
Ben-ha-dad.
Explanation:
Answer:
The answer is Ben-ha-dad
it's like Ben? huh dad
Please help me with this question
Certify Completion Icon Tries remaining:3 Suppose that you and a friend are playing cards and you decide to make a friendly wager. The bet is that you will draw two cards without replacement from a standard deck. If both cards are diamonds, your friend will pay you $296. Otherwise, you have to pay your friend $17. Step 1 of 2 : What is the expected value of your bet? Round your answer to two decimal places. Losses must be expressed as negative values.
Answer:
The expected value of the bet is –$0.95.
Explanation:
Number of cards in a standard deck = 52
Number of diamonds in a standard deck = 13
The probability (P) that the two cards that will be drawn without replacement will be diamonds is therefore as follows:
P = (13 / 52) * (12 / 51) = 0.0588
The probability (P) that the two cards that will be drawn without replacement will NOT be diamonds is also as follows:
1 – P = 1 – 0.0588
1 – P = 0.9412
Amount your friend will pay you if both cards are diamonds = $296
Amount you will pay your friend if both cards are NOT diamonds = -$17 (Note that this is negative since it is a loss)
Expected value of the bet = (P * $296) + ((1 – P) * ($-17)) = (0.0588 * $256) – (0.9412 * 17) = –$0.95
You just bought a motorcycle for $8,000. You plan to ride the motorcycle for two years, and then sell it for $3,200. During this two-year period, you expect to ride the motorcycle 10,000 miles each year, and you expect the motorcycle to get 50 miles per gallon of gasoline. The annual cost of insurance is $960, registration costs are $80 (good for two years), and the price of gasoline is $2.50 per gallon. During this same two-year period, you will need to service your motorcycle five times, at $240 per service check, and obtain five oil changes. Each oil change costs $35. You will also need to replace your tires once during this two-year period, for a total cost of $400.
a. Calculate the total fixed cost, total variable cost, and cost per mile for the two-year period, .
b. Suppose you want to lower the cost per mile. You should focus on:
i. variable costs, because they represent a majority of the total costs.
ii. fixed costs, because they must be paid.
iii. variable costs, because they can be avoided.
iv. fixed costs, because they represent a majority of the total costs.
Answer:
Total fixed costs = $6,800
b. Total variable cost = $2,775
c. = $0.48 per mile
2. iii variable costs, because they can be avoided.
Explanation:
Fixed costs are costs that do not vary with output. e,g, rent, mortgage payments
If production is zero or if production is a million, Mortgage payments do not change - it remains the same no matter the level of output.
Hourly wage costs and payments for production inputs are variable costs
Variable costs are costs that vary with production
If a producer decides not to produce any output, there would be no need to hire labour and thus no need to pay hourly wages.
Depreciation + Insurance + cost of registration
Depreciation = Cost - salvage = 8,000 - 3,200 = $4,800
Insurance = 960 x 2 = 1920
Total fixed cost = 4,800 + 1920 + 80 = $6,800
Total variable cost
Gasoline + Service + Oil change + tire replacement
Gasoline = 10,000/ 50 = 2000 x 2.5 x 2 = 1000
= (1000 + (240 * 5) + (35 * 5) + 400
= 1,000 + 1,200 + 175 + 400 = $2,775
Total cost / Number of miles
= (6,800 + 2,775) / (10,000 * 2 years)
= $0.48 per mile
On January 1, 2018, Ann Stine loaned $37,565 to Joe Grant. A zero-interest-bearing note (face amount, $50,000) was exchanged solely for cash. The note is to be repaid on December 31, 2020. The prevailing rate of interest for a loan of this type is 10%. The present value of $50,000 at 10% for three years is $37,565. What amount of the Discounts on Notes Payable should Mr. Grant credit in 2018?
Answer: $3,756.50
Explanation:
The Discount on Note Payable is used to record the interest charge on a note that is already included in the maturity value of the note. It is based on the present value of the loan and the prevailing interest rate.
= Present value of the loan for three years * Prevailing interest rate
= 37,565 * 10%
= $3,756.50
capital city of Morocco
Answer:Rabat
Explanation:
Answer:
Rabat is the capital city of Morocco.
Shipping cost at Junk Food Imports is a mixed cost with variable and fixed components. Past records indicate total shipping cost was $18,000 for 16,000 pounds shipped and $22,500 for 22,000 pounds shipped. Assuming that this activity is within the relevant range, if the company plans to ship 18,000 pounds next month, the expected shipping cost is:
Answer:
$18,500
Explanation:
Calculation to determine what the expected shipping cost is:
First step is to calculate the Variable using this formula
Variable =Change in total cost /change in units
Let plug in the formula
Variable=(22,500-18,000)/(22,000-16,000)
Variable=$0.75 per pound
Now let calculate the expected shipping cost
Expected shipping cost=$0.75 per pound *18,000 pound
Expected shipping cost=$18,500
Therefore The Expected shipping cost is $18,500
a teammate tells you that you tend to take over shared projects. you've gotten this feedback from other too. what should you say? A I wish you would have mentioned this during projects. please be sure to do so on the next one. B I'm sorry you're feeling left out, I'll be sure to give you more to do on the next one. C I'm sorry maybe we can work together to divide our responsibility on the next one. D I've gotten this feedback before, I just like things done a certain way. E I'm used to leading projects, so I usually just take over without even realizing it
Answer:
C
Explanation:
even if it's unintentional we should apologize professionally
Graham, Inc.'s April bank statement shows an April 30 balance of $5,120. Prior to reconciliation, its books show a cash balance of $5,510. ThIs information pertains to Graham, Inc.: Deposits in transit $800; Checks outstanding $465; Bank service charge $10; Error in Graham's records understating cash disbursement $180; Check of another company charged erroneously against Graham's bank account $115; Bank statement shows bank collected a note receivable and interest income for Graham $250. The reconciled cash balance at April 30 on the bank reconciliation should be:
Answer:
$5,570
Explanation:
The purpose of a bank reconciliation statement is to reconcile the difference between Cash Book balance and Bank Statement balance. Also it is used to check accuracy of Cash Book and the accuracy of Bank Statement.
Graham, Inc.'s April bank reconciliation statement is prepared as :
Graham, Inc.
Bank reconciliation statement as at April 30
Balance as per Bank Statement $5,120
Add outstanding lodgments $800
Add back error at the bank $115
Less unpresented checks ($465)
Balance as per Cash Book $5,570
therefore,
The reconciled cash balance at April 30 on the bank reconciliation should be $5,570.
Determine if the statement is true or false.
A design must appeal to people outside of the target audience to be considered successful.
True
False
Answer:
It is false don't be confused I took the Exam and it resulted false.
Explanation:
Alpha Corporation has just paid its annual dividend and is looking forward to another successful year ahead. The company had free cash flow for the year just ended of $1 billion, all of which it just paid out to its shareholders as a dividend. Right now, shareholders do not believe that Alpha has any growth opportunities, so they expect the annual cash flow and dividend stream to remain unchanged for the foreseeable future. Alpha has 100 million 3 shares outstanding and a market capitalization of $10 billion. The company is entirely equity-financed. The capital market is efficient.
A) Alpha's CEO now proposes that the company skip its dividend one year from now and instead invest the entire amount of the coming year's $1 billion free cash flow in a project that management believes will generate a perpetual annual rate of return of 21%. The CEO further asserts that the new project has similar risk to the company's assets in place. If the company were to announce immediately its plans for the investment one year from now (financed by skipping next year's dividend) what do you think will happen to Alpha's stock price?
B) Some of Alpha's Board members are worried that shareholders are expecting a dividend next year and that announcing plans to skip next year's dividend will lower the stock price today. Suppose Alpha were to announce instead that it plans to pay its usual dividend one year from now and that it has no plans for any new investment at T-. What will happen to the stock price today?
C) Suppose Alpha settles on a compromise: Alpha announces today that it will invest in the new project one year from now, butwill simultaneously issue enough new shares at that time to enable it to pay the usual S10 dividend per share to its existing shareholders. What do you think will happen to Alpha's share price one year from now under this plan? What do you think will happen to Alpha's stock price today? Which of the three plans do you think Alpha's shareholders would prefer?
Answer:
(A) Alpha's stock price will fall.
(B) What will happen to the stock price today is that it will rise.
Explanation:
(C)
(i) Under the compromise plan and one year from now, Alpha's share price will fall, since Alpha will be desperate for new share holders.
(ii) Alpha's stock price today will rise, since the value of existing stocks will increase - that is, existing shareholders are assured of their usual $10 dividend plus extra dividend from the 21% estimated annual ROR on the intended project.
(iii) Which of the three plans would Alpha's shareholders prefer?
Regular-thinking shareholders would prefer Plan B. Patient shareholders would prefer Plan A, especially if they don't see many new shareholders in one year's time. Optimistic shareholders would prefer Plan C.
Suppose that you wish to hedge the exchange rate risk on a foreign receivable of 1,240,000 euros. You decide to do this with a long option whose underlying asset is the euro (I won't tell you whether it's a put or a call). If this option has a strike of $1.15/euro, a multiple of 10,000 euros, and a per-contract (i.e. per 10k euros) premium of $175, then what is the least number of dollars you could possibly expect to net from this hedged receivable
Answer: $1404300
Explanation:
The least number of dollars that one could possibly expect to net from this hedged receivable will be calculated thus:
Amount receivable = 1,240,000 euros
Contract size for put option = 10000
Therefore, the number of contract that can be purchased will be:
= 1240000 / 10000
= 124
The total cost of option will be:
= $175 × 124
= $21700
We then calculate the minimum dollars available which will be:
= 1240000 × 1.15
= $1426000
We then deduct the total cost of option to get the net dollar proceed which will be:
= $1426000 - $21700
= $1404300
Therefore, the the least number of dollars that is expected to net from this hedged receivable is $1404300.
The Herfindahl-Hirschman index is a measure of concentration found by: squaring the percentage market share of each firm in the industry. squaring the sums of the concentration ratios found in an industry survey of the largest four and largest eight firms. squaring the percentage market share of each firm in the industry and then summing the squared market shares. summing the percentage market shares of each firm in the industry.
Answer:
squaring the percentage market share of each firm in the industry and then summing the squared market shares.
Explanation:
Financial accounting is an accounting technique used for analyzing, summarizing and reporting of financial transactions like sales costs, purchase costs, account payables and receivables of an organization using standard financial guidelines such as Generally Accepted Accounting Principles (GAAP) and financial accounting standards board (FASB).
Thus, it involves specific processes such as recording, summarizing, analysis and reporting of financial transactions with respect to business operations over a specific period of time.
Herfindahl-Hirschman index can be defined as a measure of the market concentration of a particular business firm or industry. Thus, it's typically used to measure the size of a particular business firm with respect to the industry it's operating in.
The Herfindahl-Hirschman index is a measure of concentration found by squaring the percentage market share of each firm in the industry and then summing the squared market shares.
The national lottery in the country of San Dayana is advertising on billboards in the poverty stricken, inner-cities of the country. "Buy your way out of here to America" Buy the 5 for 1 lottery tickets every Friday." Would you consider this an ethical marketing strategy? Why/Why not?
The correct answer to this open question is the following.
Would you consider this an ethical marketing strategy?
No. Of course not. It is not ethical. However, it is not illegal.
It cannot be considered ethical because this piece of advertisement is playing with the lack and necessity of the poor people of San Dayana.
The lottery advertisement is trying to be lucrative and benefit from the ignorance and poverty of the people of this poor country.
Once said that people are the ones who had the last word on the decision to buy or not to buy the lottery tickets. They know that the probabilities are minimum to win the big prize.
So instead of work, save and invest, or do other legal things to prosper, they prefer to spend their hard-earn money to get the "miracle" and become rich.
SECTION -A
Q1. Which of the following is not a feature of divisional structure?
(a) It is easy to fix the responsibility on one department.
(b) It is nor suitable for large firms.
(c) It facilitates managerial development.
(d) It's formation is based on product lines.
Answer:
B. it is more suitable for large firms
Explanation:
Sana makatulong
2.1.3. Briefly explain the term Gross Domestic Product.
Answer:
it is the total value of goods produced and services provided in a country during one year.
Explanation:
Tamarisk, Inc. gathered the following reconciling information in preparing its April bank reconciliation:
Cash balance per books, 4/30 $18300
Deposits in transit 2500
Notes receivable and interest collected by bank 6160
Bank charge for check printing 210
Outstanding checks 12500
NSF check 1160
The adjusted cash balance per books on April 30 is:_________.
a. $24460.
b. $23090.
c. $25410.
d. $25590.
Answer:
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Mrs. Jonas believes strongly that it is important that workers' rights be respected, and that one of the more important ways of doing this is to ensure that all workers be properly documented. She is supervising a contracting company that is building a new warehouse for her company. While doing this she discovers that many of the workers employed by the contractor are undocumented aliens working for well below minimum wage. In this situation Mrs. Jonas has a(n) ________ that is in conflict with a(n) ________.
Answer: behavior; attitude
Explanation:
From the situation given in the question, we can infer that Mrs. Jonas has a behavior that is in conflict with an attitude.
This can be seen in the information given that Mrs. Jonas believes strongly about the importance of workers' rights be respected, which can be done through proper documentation but then while supervising a contracting company, she then discovers that many of the workers employed by the contractor are undocumented aliens that were working for well below minimum wage.
Suppose the end of 2013 is approaching and most of the activity for the year has been entered into the accounts of Hipzone Inc. However, there are a few transactions that still need to be posted.
List the journal entries required
Suppose on December 31, Hipzone Inc. bills one of their customers $450 for a project that they had completed which had accumulated $220 of costs. The invoice has the normal terms requesting payment in 30 days. Make ALL of the entries required by this transaction.
HINT: Think of Accumulated Project Costs as an account similar to Inventory - it is an asset account used to accumulate the costs that have been incurred related to the project being completed for the customer.
THEN Hipzone Inc. needs to record depreciation on a piece of office equipment. The equipment was purchased on 1/1/2010 for $2,000, was expected to last 10 years at the time of purchase, and had an expected salvage value of $200. No depreciation has been recorded on the equipment for 2013. Make ALL of the entries required by this transaction.
Answer:
Hipzone Inc.
a. Journal Entries:
December 31, 2013:
Debit Accounts receivable $450
Credit Service revenue $450
To record the completion of a project for a customer, terms n/30.
Debit Cost of service $220
Credit Accumulated Project Costs $220
To record the cost of service.
b. Journal Entries:
December 31, 2013:
Debit Depreciation Expense $180
Credit Accumulated Depreciation $180
To record the depreciation expense for the year.
Explanation:
a) Data and Analysis:
December 31, 2013:
Accounts receivable $450 Service revenue $450, terms n/30.
Cost of service $220 Accumulated Project Costs $220
December 31, 2013:
Cost of equipment on 1/1/2010 = $2,000
Expected useful life = 10 years
Salvage value = $200
Depreciable amount = $1,800 ($2,000 - $200)
Annual depreciation expense = $180 ($1,800/10)
December 31, 2013:
Depreciation expense $180 Accumulated Depreciation $180
Your money is tied up and you need to borrow $10,000. The following two alternatives are being offered by the lender: (1) pay $3,288.91 at the end of each year for 5 years, starting at the end of the first year (5 payments total at 18 percent nominal per year compounded quarterly which equates to 19.25% effective); or (2) pay $X at the end of each quarter for 6 years, starting at the end of the first quarter (24 payments total at 18 percent nominal per year compounded quarterly). Determine the value of $X that will make Alternative 2 equally desirable to Alternative 1 if
a. your TVOM is 8% nominal per year compounded.
b. your TVOM is 22% nominal per year compounded quarterly.
Vijay Company reports the following information regarding its production costs. Direct materials $ 10 per unit Direct labor $ 20 per unit Overhead costs for the year Variable overhead $ 10 per unit Fixed overhead $ 160,000 Units produced 20,000 units
Compute its product cost per unit under absorption costing.
Production cost per unit
Answer:
$48 per unit
Explanation:
Given the above data, we need to find the value of unitary fixed overhead.
Unitary fixed overhead = $160,000 / 20,000 = $8
Now, we can then calculate unitary cost of production
Unitary cost = Direct material + Direct labor + Total overhead
Unitary cost = $10 + $20 + $10 + $8
Unitary cost = $48 per unit