Answer:
The basic level profession
Communication skills business communicator is a key point for every type of job. The ability to communicate effectively is very important for business relationships.Decision- Making skills one of the hardest things in our life is to make decisions. but it is also is one of the most important abilities that has a crucial role for us.Leadership skills are among the top qualities and competencies in the professional skills list.Organizational skills you need in the workplace can include general planning, coordinating resources, and meeting deadlines.Time Management skills are an important part of organizational skills.Flexibility is among the top abilities in the professional skills list.Stress Management skills is a good professional never allows stress to reflect his/ her job and tasksAssuming the same interest rate, amount borrowed, and amortization period, which compounding (payment) period - monthly or annually - would result in less interest being paid by the borrower? Why?
Answer:
The shorter the payment period, the better for the borrower. Every time you make a payment, the principal decreases, so the next payment will include lower interests.
We can analyze this using an example:
You borrow $10,000, with a 12% interest rate and must pay it back in 3 years.
option A, 36 monthly payments
monthly payment = $10,000 / 30.10751 (PV annuity factor, 1%, 36 periods) = $332.14
total payments = $332.14 x 36 = $11,957.04
total interests paid = $1,957.04
option B, 3 annual payments
monthly payment = $10,000 / 2.40183 (PV annuity factor, 12%, 3 periods) = $4,163.49
total payments = $4,163.49 x 3 = $12,490.47
total interests paid = $2,490.47
Stine Corp.'s trial balance reflected the following account balances at December 31, 2014: Accounts receivable (net) $19,000 Trading securities 6,000 Accumulated depreciation on equipment and furniture 15,000 Cash 16,000 Inventory 30,000 Equipment 25,000 Patent 4,000 Prepaid expenses 2,000 Land held for future business site 18,000 In Stine's December 31, 2014 balance sheet, the current assets total is:__________
Answer:...
Explanation:
Stine Corp.'s trial balance reflected the following account balances at December 31, 2014:
Accounts receivable (net) $19,000
Trading securities 6,000
Accumulated depreciation on equipment and furniture 15,000
Cash 16,000
Inventory 30,000
Equipment 25,000
Patent 4,000
Prepaid expenses 2,000
Land held for future business site 18,000
In Stine's December 31, 2014 balance sheet, the current assets total is [A] (please enter your answer as a whole number without any dollar sign, thousand separator, or decimal points.
Consider the following transactions for Huskies Insurance Company:
a. Equipment costing $42,000 is purchased at the beginning of the year for cash. Depreciation on the equipment is $7,000 per year.
b. On June 30, the company lends its chief financial officer $50,000; principal and interest at 7% are due in one year.
c. On October 1, the company receives $16,000 from a customer for a one-year property insurance policy. Deferred Revenue is credited.
Required: For each item, record the necessary adjusting entry for Huskies Insurance at its year-end of December 31. No adjusting entries were made during the year. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.)
Answer:
31-Dec
Dr Depreciation expense $7,000
Cr Accumulated Depreciation - Equipment $7,000
31-Dec
Dr Interest receivable $1,750
Cr Interest revenue $1,750
31-Dec
Dr Deferred Revenue $4,000
Cr Revenue or Service Revenue $4,000
Explanation:
Preparation of Journal entries
31-Dec
Dr Depreciation expense $7,000
Cr Accumulated Depreciation - Equipment $7,000
(To adjust 12 month depreciation)
31-Dec
Dr Interest receivable $1,750
($50,000 x 7% x 6/12)
Cr Interest revenue $1,750
(To adjust 6 month interest revenue accrued)
31-Dec
Dr Deferred Revenue $4,000
($16,000 x 3/12)
Cr Revenue or Service Revenue $4,000
(To record earned revenue for 3 months
On Dec 31
Depreciation expense $7,000
Accumulated Depreciation - Equipment $7,000
Interest receivable $1,750 ($50,000 × 7% × 6 ÷ 12)
Interest revenue $1,750
Deferred Revenue $4,000 ($16,000 × 3 ÷ 12)
Revenue or Service Revenue $4,000
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MullerB Company’s employees earn vacation time at the rate of 1 hour per 40-hour work period. The vacation pay vests immediately, meaning an employee is entitled to the pay even if employment terminates. During 2018, total wages paid to employees equaled $909,000, including $9,000 for vacations actually taken in 2018, but not including vacations related to 2018 that will be taken in 2019. All vacations earned before 2018 were taken before January 1, 2018. No accrual entries have been made for the vacations.
Required:
Prepare the appropriate adjusting entry for vacations earned but not taken in 2018.
Answer and Explanation:
The journal entry is shown below:-
Vacation benefits expense Dr, $13,500
To Vacation benefits payable $13,500
(Being vacation benefits expense is recorded)
Vacation benefits payable = Actual vacation benefit - Vacation actually taken in 2018 but not includes vacation related to 2018
= (($909,000 - $9,000) × (1 ÷ 40)) - $9,000
= ($900,000 × 0.025) - $9,000
= $13,500
Presented below are a number of balance sheet accounts of Deep Blue Something, Inc. For each of the accounts below, indicate the proper balance sheet classification.
Balance Sheet Accounts
Balance Sheet Classification
(a) Investment in Preferred Stock.
Presented below are a number of balan Current AssetCurrent LiabilityProperty, Plant, and EquipmentRetained EarningsShareholders’ Equity
(b) Treasury Stock.
Presented below are a number of balan Current AssetCurrent LiabilityProperty, Plant, and EquipmentRetained EarningsShareholders’ Equity
(c) Common Stock.
Presented below are a number of balan Current AssetCurrent LiabilityProperty, Plant, and EquipmentRetained EarningsShareholders’ Equity
(d) Dividends Payable.
Presented below are a number of balan Current AssetCurrent LiabilityProperty, Plant, and EquipmentRetained EarningsShareholders’ Equity
(e) Accumulated Depreciation-Equipment.
Presented below are a number of balan Current AssetCurrent LiabilityProperty, Plant, and EquipmentRetained EarningsShareholders’ Equity
(f)(1) Construction in Process (Constructed for another party).
Presented below are a number of balan Current AssetCurrent LiabilityProperty, Plant, and EquipmentRetained EarningsShareholders’ Equity
(f)(2) Construction in Process (Constructed for the use of Deep Blue Something, Inc.).
Presented below are a number of balan Current AssetCurrent LiabilityProperty, Plant, and EquipmentRetained EarningsShareholders’ Equity
(g) Petty Cash.
Presented below are a number of balan Current AssetCurrent LiabilityProperty, Plant, and EquipmentRetained EarningsShareholders’ Equity
(h) Interest Payable.
Presented below are a number of balan Current AssetCurrent LiabilityProperty, Plant, and EquipmentRetained EarningsShareholders’ Equity
(i) Deficit.
Presented below are a number of balan Current AssetCurrent LiabilityProperty, Plant, and EquipmentRetained EarningsShareholders’ Equity
(j) Equity Investments (trading).
Presented below are a number of balan Current AssetCurrent LiabilityProperty, Plant, and EquipmentRetained EarningsShareholders’ Equity
(k) Income Taxes Payable.
Presented below are a number of balan Current AssetCurrent LiabilityProperty, Plant, and EquipmentRetained EarningsShareholders’ Equity
(l) Unearned Subscription Revenue.
Presented below are a number of balan Current AssetCurrent LiabilityProperty, Plant, and EquipmentRetained EarningsShareholders’ Equity
(m) Work in Process.
Presented below are a number of balan Current AssetCurrent LiabilityProperty, Plant, and EquipmentRetained EarningsShareholders’ Equity
(n) Salaries and Wages Payable.
Presented below are a number of balan Current AssetCurrent LiabilityProperty, Plant, and EquipmentRetained EarningsShareholders’ Equity
Answer
S/N Balance Sheet Accounts Balance Sheet Classification
(a) Investment in Preferred Stock Current Asset
(b) Treasury Stock Shareholders’ Equity
(c) Common Stock Shareholders’ Equity
(d) Dividends Payable Current Liability
(e) Accumulated Depreciation Property, Plant, and Equipment
-Equipment
(f)-1 Construction in Process Current Assets
(Constructed for another party).
(f)-2 Construction in Process Property, Plant, and Equipment
(Constructed for the use of Deep Blue Something, Inc.).
(g) Petty Cash. Current Assets
(h) Interest Payable Current Liability
(i) Deficit Retained Earning
(j) Equity Investments (trading) Current Assets
(k) Income Taxes Payable Current Liability
(l) Unearned Subscription Revenue Current Liability
(m) Work in Process Current Assets
(n) Salaries and Wages Payable Current Liability
Western University has only one women’s softball scholarship remaining for the coming year. The final two players that Western is considering are Allison Fealey and Emily Janson. The coaching staff has concluded that the speed and defensive skills are virtually identical for the two players, and that the final decision will be based on which player has the best batting average. Crosstabulations of each player’s batting performance in their junior and senior years of high school are as follows:
Allison Fealey
Outcome Senior Junior
Hit 15 75
No Hit 25 175
Total At-Bats 40 250
Emily JansonOutcome Senior JuniorHit 70 35No Hit 130 85Total At-Bats 200 120
Western University has only one women’s softball scholarship remaining for
A player’s batting average is computed by dividing the number of hits a player has by the total number of at-bats. Batting averages are represented as a decimal number with three places after the decimal.
a. Calculate the batting average for each player in her junior year. Then calculate the batting average of each player in her senior year. Using this analysis, which player should be awarded the scholarship? Explain.
b. Combine or aggregate the data for the junior and senior years into one crosstabulation as follows:
Western University has only one women’s softball scholarship remaining for
Calculate each player’s batting average for the combined two years. Using this analysis, which player should be awarded the scholarship? Explain.
c. Are the recommendations you made in parts (a) and (b) consistent? Explain any apparentinconsistencies
Answer:
Explanation:
virtually identical for the two players, and that the final decision will be based on which player has the best batting average. Crosstabulations of each player’s batting performance in their junior and senior years of high school are as follows:
Allison Fealey
Outcome Senior Junior
Hit 15 75
No Hit 25 175
Total At-Bats 40 250
Emily JansonOutcome Senior JuniorHit 70 35No Hit 130 85Total At-Bats 200 120
Western University has only one women’s softball scholarship remaining for
A player’s batting average is computed by dividing the number of hits a player has by the total number of at-bats. Batting averages are represented as a decimal number with three places after the decimal.
a. Calculate the batting average for each player in her junior year. Then calculate the batting average of each player in her senior year. Using this analysis, which player should be awarded the scholarship? Explain.
b. Combine or aggregate the data for the junior and senior years into one crosstabulation as follows:apparentinconsistencies
An error understated Power Corporation's December 31, 2018, ending inventory by $54,000. What effect will this error have on total assets and net income for 2018?
Answer:
•The total Assets will be under stated by $54,000 in 2018.
•The Net income will also be understated by $54,000 in 2018.
Explanation:
In computing income statement, beginning inventory is usually added to net purchases, then minus ending inventory to arrive at cost of goods sold.
The cost of goods sold can also be computed as ;
Cost of goods sold = Beginning inventory + Net purchases - Ending inventory. What the above means is that if ending inventory is understated, then the cost of goods sold will be overstated.
The gross profit is arrived at by deducting cost of goods sold from net sales. So, if cost of goods sold is overstated, then the gross profit will be understated by same amount, whereas an overstated gross profit , will also over state net profit.
Inventory is an asset. When an inventory is understated, then the overall asset would also be understated by same amount.
12.
Planning is a
a. Useless Function
b. Obsolete Concept
c. Mental Exercise
d. One time process
Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Round your per unit costs to 2 decimal places.)
Answer:
The information about inventory and sales is missing, so I looked for a similar question:
Beginning inventory, January 1: 390 units at $3.80 Purchase January 9: 90 units at $4.00 Purchase January 25: 120 units at $4.10 Sale January 26: 430 units Ending inventory, January 31: 170 unitsBeginning inventory on January 1: 390 $3.80 = $1,482
Purchase on January 9: 90 $4.00 = $360
Purchase on January 25: 120 $4.10 = $492
total number of units = 600
total value = $2,334
average cost per unit = $3.89
cost of goods sold = 430 units x $3.89 = $1,672.70
ending inventory = 170 units x $3.89 = $661.30
Blaine Air Transport Service, Inc., providing air delivery service for businesses, has been in operation for three years. The following transactions occurred in February:
February 1 Paid $275 for rent of hangar space in February.
February 2 Purchased fuel costing $490 on account for the next flight to Dallas.
February 4 Received customer payment of $820 to ship several items to Philadelphia next month.
February 7 Flew cargo from Denver to Dallas; the customer paid $910 for the air transport.
February 10 Paid $175 for an advertisement in the local paper to run on February 19.
February 14 Paid pilot $2,300 in wages for flying in January (recorded as expense in January).
February 18 Flew cargo for two customers from Dallas to Albuquerque for $3,800; one customer paid $1,600 cash and the other asked to be billed.
February 25 Purchased on account $2,550 in spare parts for the planes.
February 27 Declared a $200 cash dividend to be paid in March.
Required:
Prepare journal entries for each transaction. Be sure to categorize each account as an asset (A), liability (L). stockholders' equity (SE). revenue (R). or expense (E).
Answer:
Entries and their narrations are posted below
Explanation:
We will record assets and expenses on the debit as they increase during the year and will record liabilities and capital on the credit side as they increase during the year or vice versa.
February 1 (Paid $275 for rent of hangar space in February)
Rent (Expense) Dr $275
Cash (Asset) Cr $275
February 2 (Purchased fuel costing $490 on account for the next flight to Dallas.)
Fuel (Expense) Dr $490
Accountt Payable (Liability) Cr $490
February 4 (Received customer payment of $820 to ship several items to Philadelphia next month.)
Cash (Asset) Dr $820
Shipment (R) Cr $820
February 7 (Flew cargo from Denver to Dallas; the customer paid $910 for the air transport)
Cash (A) Dr $910
Ticket (R) Cr $910
February 10 (Paid $175 for an advertisement in the local paper to run on February 19.)
Advertisement (E) Dr $175
Cash (A) Cr $175
February 14 (Paid pilot $2,300 in wages for flying in January (recorded as an expense in January))
Wages payable (L) Dr 2300
Cash (A) Cr 2300
February 18 Flew cargo for two customers from Dallas to Albuquerque for $3,800; one customer paid $1,600 cash and the other asked to be billed.
Cash (A) Dr 1600
Account Receivable (A) Dr 2200
Ticket (R) Cr 3800
February 25 Purchased on account of $2,550 in spare parts for the planes.
Spares (E) Dr 2550
Account Payable (L) Cr 2550
February 27 (Declared a $200 cash dividend to be paid in March.)
Retained Earnings (SE) Dr 200
Dividend Payable (L) Cr 200
scope definition is among the first tasks that must happen in projects. how is project scope defined
Explanation:
Project scope could be defined as a concise foreknowledge of what work needs to be done in other to accomplish the objectives of a specific project.
Therefore, it may involve having answers to some of these question:
what do want to accomplish with this project?what are the requirements, skills, or tools needed for this project?how long would the project take to complete?how much would it cost to complete the project?who should do this task or that task?You are a management consultant with McKenzie and Company. You specialize in helping companies accurately identify and acquire the appropriate production inputs for their operations. Based on your extensive experience, you know that most production inputs fall into one or more of the following categories: materials and labor resources or information resources. However, the degree to which of these resources will be the dominant input depends on the type of business. In order to streamline your future projects, you have decided to put together a list of business types and their dominant category of production inputs. For each of the business types listed below, indicate which of the two production input categories would be most dominant for that business type.
a. Gold mining company
b. An online news publisher
c. Commercial bank
d. Automobile manufacturer
e. Accounting and bookkeeping firm
f. Food processing company
Answer:
a. Gold mining company - Materials and Labor resources
Gold mining company would need miners and mining equipment to to get to the gold so would fall under Materials and labor resources.
b. An online news publisher - Information resources
News is information on the current affairs of the world so the input here would fall under Online news publisher.
c. Commercial bank - Information resources
Banks need to know who they are giving loans to and this involves a lot of risk assessment which is information so this falls under information resources.
d. Automobile manufacturer - Materials and Labor resources
In an automobile manufacturer, the inputs would be the people assembling the cars and the materials needed to build the cars so this is under Materials and Labor.
e. Accounting and bookkeeping firm - Information resources
Accounting firms compile information they are given to make coherent reports of financial activity in a period so the input is informational.
f. Food processing company - Materials and Labor
Food processing requires inputs of food materials for processing and will need labor to do so. They can therefore be classified under Materials and Labor.
5.85 percent coupon bond with 10 years left to maturity is priced to offer a yield to maturity of 6.7 percent. You believe that in one year, the yield to maturity will be 6.0 percent. What is the change in price the bond will experience in dollars
Answer:
$50.92
Explanation:
10 years 9 years
Nper = 10*2 = 20 9*2 = 18
Rate = 6.7%/2 = 0.0335 6%/2 = 0.03
PMT = 1000*5.85%/2 = 29.25 1000*5.85%/2 = 29.25
FV = 1000 1000
PV (Price) = -PV(RATE, NPER, PMT, FV)
Price (10 years) = $938.77
Price (9 years) = $989.68
If interest rate decrease%. Change in price of bond = $989.68 - $938.77 = $50.92
Green Cabinets is a custom cabinet builder. They recently completed a set of kitchen cabinets (Job Number 1478), as summarized below Job Number:1478 Date Started: 4/07/20x8 Date Completed: 4/22/20x8 Description: Cherry kitchen cabinets Applied Manufacturing Overhead Hours Direct Materials Direct Labor Req No Ticket 128 Amount Hours Amount Rate Amount $375 235 385 18 414 130 588 391 25 395 140 133 9 243 401 215 52 Total 965 Total $1,244 Cost Summary Direct Material Cost 965 Direct Labor Cost 1,244 Applied Manufacturing Overhead Total Cost Green Cabinets applies overhead to jobs at a rate of $12 per direct labor hour.
(a) How much overhead would be applied to Job Number 1478 Applied Manufacturing Overhead
(b) What is the total cost of Job Number 1478?
Answer:
B
Explanation:
Green Cabinets is a custom cabinet builder. They recently completed a set of kitchen cabinets (Job Number 1478), as summarized below Job Number:1478 Date Started: 4/07/20x8 Date Completed: 4/22/20x8 Description: Cherry kitchen cabinets Applied Manufacturing Overhead Hours Direct Materials Direct Labor Req No Ticket 128 Amount Hours Amount Rate Amount $375 235 385 18 414 130 588 391 25 395 140 133 9 243 401 215 52 Total 965 Total $1,244 Cost Summary Direct Material Cost 965 Direct Labor Cost 1,244 Applied Manufacturing Overhead Total Cost Green Cabinets applies overhead to jobs at a rate of $12 per direct labor hour.
A Missouri job shop has four departmentsmachining (M), dipping in a chemical bath (D), finishing (F), and plating (P)assigned to four work areas. The operations manager, Mary Marrs, has gathered the following data for the movement of material. The number of workpieces moved yearly between work areas are:
M D F P
M
D
F
P
It costs $1 to move 1 workpiece 1 foot in the job shop. For the layout design of the job shop, Mary has the current layout (Plan A) and two proposals (Plan B and Plan C).
Required:
a. LAYOUT PLAN A: Distance between work areas (departments) in feet:
M D F P
M __ 21 13 19
D __ __ 7 11
F __ __ __ 4
P __ __ __ __
The yearly total material handling cost of the current layout presented in PLAN A = ___________$ nothing (enter your response as a whole number).
Answer:
Plan A cost $26,000
Explanation:
(21 * 6) + (13 * 18) + (19 * 2) + (7*4) + (11 * 2) + (4 * 18)
126 + 234 + 38 + 28 + 22 + 72
52,000 * 0.50 = 26,000
Presented below are a number of balance sheet accounts of Deep Blue Something, Inc.
A. Debt Investments.B. Treasury Stock.C. Common Stock.D. Dividends Payable.E. Accumulated Depreciation—Equipment.F. Construction in Process.G. Petty Cash.H. Interest Payable.I. Deficit.J. Equity Investments (ownership stake of less than 20%).K. Income Taxes Payable.L. Unearned Subscriptions Revenue.M. Work in Process.N. Salaries and Wages Payable.Instructions:
For each of the accounts above, indicate the proper balance sheet classification. In the case of borderline items, indicate the additional information that would be required to determine the proper classification.
Answer:
Balance sheet accounts Proper balance sheet classification
(a)Debt Investments - Current asset
(b)Treasury Stock - Stockholders equity
(c)Common Stock - Stockholders equity
(d)Dividends Payable - Current Liability
(e)Accumulated Depreciation—Equipment - Property, Plant and Equipment & Fixed asset
(f)Construction in Process - Current asset
(g)Petty Cash. - Current asset
(h)Interest Payable - Current Liability
(i)Deficit - Stockholder's Equity
(j)Equity Investments (ownership stake of less than 20%). - Current asset
(k)Income Taxes Payable - Current Liability
(l)Unearned Subscriptions Revenue - Current Liability
(m)Work in Process - Current asset
(n)Salaries and Wages Payable - Current Liability
The balance sheet classification works primarily on the principle of the accounting equation which is stated as Assets = Liability + Equity.
Classification of Items in the Balance Sheet
All Assets go on the left side, while all liability and equity-related items go on the right side.
Assets (Left Side of the Balance Sheet)
Current Assets
Petty CashWork in ProcessDebt InvestmentsNon-Current Assets
Construction in ProcessLiabilities (Right side of the Balance Sheet)
Unearned Subscriptions RevenueDividends PayableInterests PayableDeficitsIncome Taxes PayableSalaries and Wages PayableEquity/Equity Related Items (Right side of the balance sheet under Liabilities)
Common StockContra Assets Items
These items are neither assets or liability. They are:
Borderline Item
Equity Investments (Onwerhsip stake of less than 20%).
This is a borderline item because where it is placed in the asset section is determined by how long Deep Blue Somthing Inc. intends to hold it. If the company intends to hold it for less than or equal to a year, it is classified as a current asset. If more than a year, it is classed as a Non-current Asset.
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Please help me!! I don’t understand :(
How did the recession influence the drug-naming process?
Answer:
Less economically stable countries implemented more pharmaceutical policy changes during the recession than economically stable countries. Unexpectedly, pharmaceutical sales volumes increased in almost all countries, whereas sales values declined, especially in less stable countries.
Hopefully this is right, there wasn't many articles on this topic.
The recession has caused many medications to be reformulated with cheaper ingredients that make them more affordable for the public. This reformulation forced a new name for medicines.
This happened because:
In times of economic recession, the entire economy of the country is deficient.This affects all industries in a very imposing way, as they can be left with poor economic conditions, which promotes a cost cut.One of the ways to promote this cost cut is with the reformulation of products, which start using alternative and cheaper materials in their compositions.This also makes the price of the product more accessible to consumers, since, in periods of recession, the consumer's purchasing power decreases.This reformulation process is very impactful on the pharmaceutical industry, since, in some cases, the change of materials in the composition of medications, forces the name of these medications to be changed, as the formulation is different.
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In this exercise, decisions will be made in ethically ambiguous situations and then analyzed. As in the real world, all the background information on each situation will not be available, and assumptions will need to be made.It is recommended that the exercise be completed before reading the following mat e rial, and then revisited after you have completed the chapter.Name:Date:Part ISTEP 1Make decisions in the following situations. You will not have all the background information about each situation; instead you should make whatever assumptions you feel you would make if you were actually confronted with the decision choices described. Select the decision choice that most closely represents the decision you feel you would make personally. You should choose decision choices even though you can envision other creative solutions that were not included in the exercise.Situation 1. You are taking a very difficult chemistry course, which you must pass to maintain your scholarship and to avoid damaging your application for graduate school. Chemistry is not your strong suit, and because of a just-below-failing average in the course, you must receive a grade of 90 or better in the final examination, which is 2 days away. A janitor who is aware of your plight informs you that he found the master copy of the chemistry final in a trash barrel and saved it. He will make it available to you for a price, which is high, but which you could afford. What would you do?(a) I would tell the janitor thanks, but no thanks.(b) I would report the janitor to the proper officials.(c) I would buy the examination and keep it to myself.(d) I would not buy the examination myself, but I would let some of my friends, who are also flunking the course, know that it is available.
Situation 2. You have been working on some complex analytical data for 2 days now. It seems that each time you think you have them completed, your boss shows up with a new assumption or another "what if" question. If you only had a copy of a new software program for your personal computer, you could plug in the new assumptions and revise the estimates with ease.Then a colleague offers to let you make a copy of some software that is copyrighted. What would you do?(a) I would readily accept my friend’s generous offer and make a copy of the software.(b) I would decline to copy it and plug away manually on the numbers.(c) I would decide to go buy a copy of the software myself for $300 and hope I would be reimbursed by the company in a month or two.(d) I would request another extension on an already overdue project date.Situation 3. Your small manufacturing company is in serious financial difficulty. A large order of your products is ready to be delivered to a key customer, when you discover that the product is simply not right. It will not meet all performance specifications, will cause problems for your customer, and will require rework in the field; but this, you know, will not become evident until after the customer has received and paid for the order. If you do not ship the order and receive the payment as expected, your business may be forced into bankruptcy. And if you delay the shipment or inform the customer of these problems, you may lose the order and also go bankrupt. What would you do?(a) I would not ship the order and place my firm in voluntary bankruptcy.(b) I would inform the customer and declare voluntary bankruptcy.
(c) I would ship the order and inform the customer after I received payment.(d) I would ship the order and not inform the customer.
Answer and Explanation:
Situation 1: a) I would tell the janitor thanks, but no thanks. It would be wrong to cheat in the exam.
Situation 2:(c) I would decide to go buy a copy of the software myself for $300 and hope I would be reimbursed by the company in a month or two. Getting a copy of the software for the price would guarantee that are no copyright infringement problems which would affect the company and my job as well. Management would be happy at my dedication as I am willing to go an extra mile for the company and would likely reimburse me for expenses
situation 3: (b) I would inform the customer and declare voluntary bankruptcy. It is important that I inform the customer and let him know why the shipment didn't go through. Customers appreciate honesty and trustworthiness of sellers. He may be willing to help the company not declare bankruptcy by ordering anyways. However it is more important to not cheat the customer than it is for business to go bankrupt.
• One-pound baby carrots, $0.99
Two pounds baby carrots, $1.89
One-pound full-sized carrots, $0.68
What is the price per pound for each
Answer:
The price for the one-pound baby carrots will be the same, because it's one pound: $0.99
The price for the two pounds of baby carrots will be $0.945 (rounded to $0.95)
And for the one-pound full-sized carrots, still $0.68, because it is one pound.
Answer:
$0.99
Explanation:
Tandy Company was issued a charter by the state of Indiana on January 15 of this year. The charter authorized the following:
Common stock, $6 par value, 120,000 shares authorized
Preferred stock, 11 percent, par value $13 per share, 5,000 shares authorized
During the year, the following transactions took place in the order presented:
a. Sold and issued 21,900 shares of common stock at $26 cash per share.
b. Sold and issued 2,800 shares of preferred stock at $30 cash per share.
c. At the end of the year, the accounts showed net income of $41,600. No dividends were declared.
Required:
Prepare the stockholders’ equity section of the balance sheet at the end of the year.
Answer and Explanation:
The preparation of the stockholder equity section is presented below:
Tandy Company
Balance Sheet (Partial)
Stockholders Equity :
Contributed Capital :
Common stock (21,900 shares × $6) $131,400
Preferred stock (5,000 shares × $13) $65,000
Additional Paid in Capital - Common stock (21,900 shares × $20) $438,000
Additional Paid in Capital - Preferred stock (5,000 shares × $17) $85,000
Total Contributed Capital $719,400
Add: Retained Earnings $41,600
Total Stockholders Equity $761,000
The Sheridan Inc., a manufacturer of low-sugar, low-sodium, low-cholesterol TV dinners, would like to increase its market share in the Sunbelt. In order to do so, Sheridan has decided to locate a new factory in the Panama City area. Sheridan will either buy or lease a site depending upon which is more advantageous. The site location committee has narrowed down the available sites to the following three very similar buildings that will meet their needs.
Building A: Purchase for a cash price of $612,100, useful life 26 years.
Building B: Lease for 26 years with annual lease payments of $71,490 being made at the beginning of the year.
Building C: Purchase for $655,200 cash. This building is larger than needed; however, the excess space can be sublet for 26 years at a net annual rental of $6,850. Rental payments will be received at the end of each year. The Sheridan Inc. has no aversion to being a landlord.
In which building would you recommend that The Sheridan Inc. locate, assuming a 11% cost of funds?
Answer:
Present value of Building A = $612,000
Present value of Building B = $71,490 + $71,490*Present value of Annuity for n=25,i=11% = $71,490 + $602,070.53 = $673,560.53
Present value of Building C = $655,200 - $6,850*Present value of Annuity for n=26,i=11% = $655,200 - $58,143.20 = $597,056.80
Net Present Value
Building A $612,000
Building B $673,560.53
Building C $597,056.80
Conclusion: The Sherdian Inc. should locate itself in Building C as it has least Net Present Value
a. Using the information below, and assuming that you want to maintain your purchasing power from 2011, what nominal wage should you demand in each of the given years? Instructions: Round your answers to 2 decimal places. CPI Values and Nominal Wages YearCPINominal Wage (dollars)2011211.7$78,5202012213.5370902013223.82014221.1 b. Assume that your annual wage in 2014 was $82,920. This represents
Answer:
a)
Year CPI Nominal Wage (dollars)
2011 211.7 $78,520
2012 213.5 = (213.5/211.7) x $78,520 = $79,187.62
2013 223.8 = (223.8/211.7) x $78,520 = $83,007.92
2014 221.1 = (221.1/211.7) x $78,520 = $82,006.48
b) if you annual wage in 2014 was $82,920, it would be equivalent to (211.7/221.1) x $82,920 = $79,394.68 in 2011.
The CPI can be used to calculate equivalent dollars and works both ways, to determine past or future equivalencies.
Price Shares (millions) 1/1/16 1/1/17 1/1/18 Douglas McDonnell355 $86 $91 $103 Dynamics General455 55 52 66 International Rockwell270 84 73 87 a. Calculate the initial value of the index if a price-weighting scheme is used.
Answer:
The full question is "The following three defense stocks are to be combined into a stock index in January 2013 (perhaps a portfolio manager believes these stocks are an appropriate benchmark for his or her performance): Price Shares (millions) 1/1/13 1/1/14 1/1/15 Douglas McDonnell 355 $ 86 $ 91 $ 103 Dynamics General 455 55 52 66 International Rockwell 270 84 73 87 a. Calculate the initial value of the index if a price-weighting scheme is used. (Index value) b. What is the rate of return on this index for the year ending December 31, 2013? For the year ending December 31, 2014?"
a. Initial value for Index = Sum of prices / Number of stocks
Initial value for Index = ($86+$55+$84)/3
Initial value for Index = $225/3
Initial value for Index = $75
b. For the year ending December 31, 2013
Index value at the end of 2013 = ($91+$52+$73)/3
Index value at the end of 2013 = $216/3
Index value at the end of 2013 = 72
Rate of Return = (Ending price - Beginning price) / Beginning price
Rate of Return = (72-75)/75
Rate of Return = -3/75
Rate of Return = -0.04
Rate of Return = -4%
For the year ending December 31, 2014
Index value at the end of 2014 = ($103+$66+$87)/3
Index value at the end of 2014 = $256/3
Index value at the end of 2014 = $85.33
Rate of Return = (Ending price - Beginning price) / Beginning price
Rate of Return = (85.33-72)/72
Rate of Return = 13.33/72
Rate of Return = 0.1851
Rate of Return = 18.51%
On June 30, 2021, Georgia-Atlantic, Inc. leased a warehouse equipment from IC Leasing Corporation. The lease agreement calls for Georgia-Atlantic to make semiannual lease payments of $464,149 over a four-year lease term, payable each June 30 and December 31, with the first payment at June 30, 2021. Georgia-Atlantic's incremental borrowing rate is 8%, the same rate IC uses to calculate lease payment amounts. Amortization is recorded on a straight-line basis at the end of each fiscal year. The fair value of the equipment is $3.2 million. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.)Required:1. Determine the present value of the lease payments at June 30, 2021 that Georgia-Atlantic uses to record the right-of-use asset and lease liability.2. What pretax amounts related to the lease would Georgia-Atlantic report in its balance sheet at December 31, 2021?3. What pretax amounts related to the lease would Georgia-Atlantic report in its income statement for the year ended December 31, 2021?(For all requirements, enter your answers in whole dollars and not in millions. Round your final answers to the nearest whole dollar.)
Answer:
A) = $3,249,995
B) pretax amount for for liability = $2,433,131
Depreciation amount for right of use = = $406,249
C) pretax amount for interest expense = $111,434
pretax amount for amortization expense = $406,249
Explanation:
1) Determining the present value of the lease payments at June 30 2021
semi-annual payments = $464149 for 4 - year lease term
total payments = 2 * 4 = 8
Yearly incremental borrowing = 8%
semi-annual incremental borrowing = 8/2 = 4%
hence present value of the lease payments
= semi annual lease payments * cumulative PV factor of annuity for the period
= $464149 * 7.00205 = $3,249,995
2) Determining The pretax amounts related to the lease would Georgia-Atlantic report in its balance sheet at December 31 2021
first we calculate the pretax amount of liability on 30.06.2021
= present value of lease payments - semi annual lease payments
= $3,249,995 - $464,149 = $2,785,846
next we calculate the Interest expense for 31.12.2021
= pretax amount * semi-annual incremental borrowing
= $2,785,846 * 4% = $111,434
Semiannual lease payment on 31.12.2021 = semiannual lease payment on 30.06.2021 which is = $464,149
Pre tax amount for liability for 31.12.2021
= pretax amount of liability + interest expense - semi annual lease payment
= $2,785,846 + $111,434 - $464,149 = $2,433,131
Depreciation on right to use assets for 2021
= present value of lease payments / 4 * ( 6/12 )
= ($3,249,995 / 4) * (6/12) = $406,249
Pre tax amount of right to use asset to be reported for 2021
= (present value of lease payments) - (depreciation on right to use assets)
= $3,249,995 - $406,249 = $2,843,746
3) Determine pretax amounts related to the lease would Georgia-Atlantic report in its income statement for the year ended December 31, 2021
Pre tax amount of interest expense Georgia Atlantic Inc. reports in its income statement will be
semi-annual lease payments * semi-annual incremental borrowing
= $2,785,846 * 4% = $111,434
Pre tax amount of amortization expenses Georgia Atlantic Inc. reports in its income statement will be
= (present value of lease payments / 4) * (6/12)
= $3,249,995 / 4 * 6/12 = $406,249
What is a balance sheet?
Answer:
"In financial accounting, a balance sheet is a summary of the financial balances of an individual or organization, whether it be a sole proprietorship, a business partnership, a corporation, private limited company or other organization such as government or not-for-profit entity."
Explanation:
Sources: Wikipedia
Calculating costs
Rosa is working for a consulting firm making $50,000 per year but considers starting her own consulting company. Rosa has determined that to launch the business, she needs to invest $80,000 of her own funds. The annual cost of running the business will include $50,000 for the rent of the office space, $180,000 for employee wages, and $8,000 for materials and utilities. Rosa plans to manage the business, which means that she will have to quit her current job. Suppose that the interest rate (or rate of return) on investments in the economy is 5%.
Answer:
a. $238,000
b. $292,000
Explanation:
a. Explicit Costs
These are the accounting costs associated with running the business
= Rent + Employee wages + Materials and Utilities
= 50,000 + 180,000 + 8,000
= $238,000
b. Total Cost = Explicit + Implicit Costs
Implicit Costs = Benefits foregone
= 50,000 + (5% * 80,000 if she invests the money instead)
= $54,000
Total cost = 238,000 + 54,000
= $292,000
The CIS Department at Tiny College maintains the Free Access to Current Technology (FACT) library of e-books. FACT is a collection of current technology e-books for use by faculty and students. Agreements with the publishers allow patrons to electronically check out a book, which gives them exclusive access to the book online through the FACT website, but only one patron at a time can have access to a book. A book must have at least one author but can have many. An author must have written at least one book to be included in the system but may have written many. A book may have never been checked out but can be checked out many times by the same patron or different patrons over time. Because all faculty and staff in the department are given accounts at the online library, a patron may have never checked out a book or they may have checked out many books over time. To simplify determining which patron currently has a given book checked out, a redundant relationship between BOOK and PATRON is maintained.
Required:
Write a query that will display all the Books that were published in 2016.
Answer:
Select BOOK_TITLE, BOOK_YEAR, BOOK_SUBJECT from book order by BOOK_SUBJECT asc, BOOK_YEAR desc, BOOK_TITLE asc;
BOOK_PUBLISH 2016;
Explanation:
The books subject will be displayed in ascending order, book year will be displayed in descending orders and book title will be displayed in ascending order. The query used will display all the books entered in the system. If there is specific year in which the search is used then the query will be update with year number instead of year such as BOOK_PUBLISH, 2016; This will show the list of all books that are published in 2016.
( Please Help thank you.)
Franchisors in foreign countries must be aware of
A: Ease of communication
B: Shared currency Values
C. Political Risk
D: shared values and customs
Answer:
I think it's C but I'm not 100% sure.
Explanation:
Franchisors in foreign countries must be aware of political risks. Thus, the correct option is (C).
Economic problems, related legal systems, the lack of corruption, supply chain difficulties, and taxation must all be considered by franchisors.
A franchisor selecting a market in which to expand must have thorough market information as well as undertake a study of existing competitors in that area.
A corporation may choose to employ franchising as a marketing concept for business growth.
The vast majority of courts have ruled that franchisors may be held accountable for the actions of their franchisees and franchisee employees.
Therefore, the correct option is "C".
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Estella Osage publishes an online travel magazine. In need ofcash, the business applies for a loan with National Bank. The bank requires borrowers to submit financial statements. With little knowledge of accounting, Estella Osage, the owner, does not know how to proceed.The explanations for how to prepare each statementRequirements:1. What are the four financial statements that the business will need to prepare?2. Is there a specific order in which the financial statements must be prepared?3. Explain how to prepare each statement.Requirements 1, 2, and 3. What are the four financial statements that the business will need to prepare? Is there a specific order in which the financial statements must beprepared? Explain how to prepare each statementIn the first column, select the four financial statements that the business will need to prepare. In the second column, select the number corresponding with the order the financial statements must be prepared. If there is no specific order, select "n/a" for each statement. In the third column, select the letter grouping that corresponds with the proper explanations for how to prepare each statement.1. Financial statement 2. Order 3. How to preparea. Each asset account is listed separately and then totaled. Cash is always listed first.b. Each dollar amount is calculated by evaluating the cash column on the transaction detail.c. Each expense account is listed separately from largest to smallest and then subtotaled if necessary.d. Financing activities include cash contributions by the owner and owner withdrawals of cash.e. Investing activities include the purchase and sale of land and equipment.f. Liabilities are listed separately and then totaled. Liabilities that are to be paid first are listed first.g. Net income is calculated as total revenues minus total expenses.h. Operating activities involve cash receipts for services provided and cash payments for expenses paid.i. The beginning capital is listed first and will always be the ending capital from the previous time period.j. The ending cash balance must match the cash balance on the balance sheet.k. The header includes the name of the business, the title of thestatement, and the date, listed as a period of time. l. The header includes the name of the business, the title of thestatement, and the date, listed as a specific date.m. The owner's contribution and net income are added to the beginning capital.n. The owner's equity is taken directly from the statement ofowner's equity.o. The owner's withdrawals are subtracted from capital. If there had been a netloss, this would also be subtracted.p. The revenue accounts are always listed first and then subtotaled if necessary.q. This statement must always balance. Assets = Liabilities + Equity
Answer:
1. The four financial statements are;
Income StatementStockholder's Equity statementBalance SheetStatement of Cashflows2. The specific order is done as follows because information from the preceding statement will be needed for the next one.
Income Statement ⇒ Stockholder's Equity statement ⇒ Balance Sheet ⇒ Statement of Cashflows
3. Income Statement
c. Each expense account is listed separately from largest to smallest and then subtotaled if necessary.g. Net income is calculated as total revenues minus total expenses.k. The header includes the name of the business, the title of thestatement, and the date, listed as a period of time.p. The revenue accounts are always listed first and then subtotaled if necessary.Stockholder's Equity
i. The beginning capital is listed first and will always be the ending capital from the previous time periodk. The header includes the name of the business, the title of thestatement, and the date, listed as a period of time.m. The owner's contribution and net income are added to the beginning capital.o. The owner's withdrawals are subtracted from capital. If there had been a netloss, this would also be subtracted.Balance Sheet
a. Each asset account is listed separately and then totaled. Cash is always listed first.f. Liabilities are listed separately and then totaled. Liabilities that are to be paid first are listed first.l. The header includes the name of the business, the title of thestatement, and the date, listed as a specific daten. The owner's equity is taken directly from the statement ofowner's equity.q. This statement must always balance. Assets = Liabilities + EquityStatement of Cashflows
b. Each dollar amount is calculated by evaluating the cash column on the transaction detail.d. Financing activities include cash contributions by the owner and owner withdrawals of cash. e. Investing activities include the purchase and sale of land and equipment.h. Operating activities involve cash receipts for services provided and cash payments for expenses paid.j. The ending cash balance must match the cash balance on the balance sheet.k. The header includes the name of the business, the title of thestatement, and the date, listed as a period of time.Pearl Corporation factors $270,300 of accounts receivable with Kathleen Battle Financing, Inc. on a with recourse basis. Kathleen Battle Financing will collect the receivables. The receivables records are transferred to Kathleen Battle Financing on August 15, 2020. Kathleen Battle Financing assesses a finance charge of 2% of the amount of accounts receivable and also reserves an amount equal to 4% of accounts receivable to cover probable adjustments.
Required:
a. Assume that the conditions are met for a transfer of receivables with recourse to be accounted for as a sale. Prepare the journal entry on August 15, 2020, for Pearl to record the sale of receivables, assuming the recourse obligation has a fair value of $4,280.
b. What conditions must be met for a transfer of receivables with recourse to be accounted for as a sale?
Answer:
A. Aug 15 2020
Dr Cash 254,082
Dr Due from factors 10,812
Dr Loss on Sale of receivables 9,686
Cr Recourse Liability $ 4,280
Cr Accounts receivables $ 270,300
B. 1. The asset that was transferred is far way from the person who makes the transfer or initiated the transfer which is the transferor as well as it's creditors.
2. The transferees of the asset have as well receive the right to either pledge or exchange the receivables
3. The transferor who makes the transfer of the asset has not agreed or come to agreement to replace receivables
Explanation:
A. Preparation of August 15, 2020 journal entry
Aug 15 2020
Dr Cash 254,082
($270,300 * 94%)
Dr Due from factors 10,812
( $270,300* 4%)
Dr Loss on Sale of receivables 9,686
[($ $270,300*2%) + $4, 280]
Cr Recourse Liability $ 4,280
Cr Accounts receivables $ 270,300
B. The conditions that must be met include the following::
1. The asset that was transferred is far way from the person who makes the transfer or initiated the transfer which is the transferor as well as it's creditors.
2. The transferees of the asset have as well received the right to either pledge or exchange the receivables
3. The transferor who makes the transfer of the asset has not agreed or come to agreement to replace receivables