Total deductible expenses will come up to $3,400. And, yes, in 2021, a self-employed individual can claim deductions for CPA review course, travel and conference fees and Meals only (50% deductible)
1. Cost of a CPA review course - $2,500: This expense is deductible because it is related to maintaining or improving skills in the individual's current occupation.
2. Accounting continuing education expenses (including travel and conference fees) - $800: These expenses are deductible as they are necessary to maintain professional certification and are directly related to the individual's current occupation.
3. Accounting continuing education expenses (Meals only) - $200: Meal expenses associated with continuing education events are deductible at 50%. In this case, the deductible amount would be $100 (50% of $200).
4. Law school tuition and books - $9,000: This expense is not deductible, as it is related to preparing for a new occupation and not maintaining or improving skills in the individual's current occupation.
Thus, Total deductible expenses: $3,400
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which of the following infosec positions is responsible for the day-to-day operation of the infosec program? question 23 options: ciso security manager security officer security technician
The Security Manager is responsible for the day-to-day operation of the infosec program. They oversee daily security operations, implement security policies, and manage the security team .
The infosec position responsible for the day-to-day operation of the infosec program is the security officer. While the CISO and security manager are more senior positions that oversee the overall strategy and direction of the program, and the security technician focuses on implementing and maintaining specific technical security measures, the security officer is responsible for ensuring that the program is running effectively on a daily basis.
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which of the following is a difference between a monopolistically competitive firm and a firm in a competitive market in the long-run?
All options are true regarding the differentiation between monopolistic competition and perfect competition: product differentiation, price takers, marginal costs and economic profits.
A monopolistically competitive firm can earn positive economic profits in the long-run due to product differentiation, while a firm in a perfectly competitive market will only earn zero economic profits in the long-run due to a large number of identical competitors. Additionally, monopolistically competitive firms have some degree of market power, while firms in a competitive market have no market power.In summary, the main difference between a monopolistically competitive firm and a firm in a competitive market in the long-run is that the former has the ability to set prices above the marginal cost, while the latter will set the price equal to the marginal cost.
The options are product homogeneity, price takers, marginal costs and economic profits.
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A franchise owner will experience the coattail effect when: management assistance becomes a burden to the franchise owners they are required to pay a large share of their profits as a royalty a fellow franchisee buys out another franchise a fellow franchisee does something that has an impact on growth and profitability
The answer is that a franchise owner will experience the coattail effect when a fellow franchisee does something that has an impact on growth and profitability.
This phenomenon occurs because all franchisees operate under the same brand name and share a common reputation.
Therefore, the actions of one franchisee can affect the perception of the entire franchise system, which can lead to a decrease in customer demand and ultimately hurt the profitability of all franchisees.
Other options you provided is as follows:
- Management assistance becoming a burden to franchise owners is not necessarily related to the coattail effect. While franchisees may feel burdened by the support and oversight provided by the franchisor, this does not directly impact the coattail effect.
- Paying a large share of profits as a royalty is a common requirement in franchise agreements but is also not directly related to the coattail effect.
- A fellow franchisee buying out another franchise is also not necessarily related to the coattail effect. While this may affect the overall size and number of franchise locations, it does not necessarily impact the coattail effect specifically.
The answer is that a franchise owner will experience the coattail effect when a fellow franchisee does something that has an impact on growth and profitability.
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The complete question is
Which of the following scenarios describes the coattail effect experienced by a franchise owner?
A) When management assistance becomes a burden to the franchise owners.
B) When they are required to pay a large share of their profits as a royalty.
C) When a fellow franchisee buys out another franchise.
D) When a fellow franchisee does something that has an impact on growth and profitability.
which of the following taxes are regressive taxes and which are progressive taxes? progressive tax sales tax press space to open social security tax press space to open income tax press space to open wealth tax on assets above $50 million
A progressive tax system is one where the tax rate increases as income increases.
Income tax and wealth tax on assets above $50 million are both examples of progressive taxes. The more income or wealth one has, the higher the percentage of tax they pay.
On the other hand, a regressive tax system is one where the tax rate decreases as income increases. Sales tax and social security tax are both examples of regressive taxes. In a sales tax system, everyone pays the same tax rate regardless of their income. This means that lower-income earners will pay a higher percentage of their income in taxes than higher-income earners.
Similarly, social security tax is a regressive tax because the tax rate is fixed at a certain percentage of income, regardless of how much one earns. This means that higher-income earners will pay a smaller percentage of their income in social security tax than lower-income earners.
Overall, a progressive tax system is considered more equitable because those who have more income or wealth are able to contribute a larger percentage of their resources towards supporting government services and programs.
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Two ways to accommodate high-demand, low-density (HD/LD) assets such as interagency partners are to focus on expanding the information sharing aperture by de-classification of information and development of commonly shared information platforms to use online conferencing and video teleconferencing (T/F)
The statement "Two ways to accommodate high-demand, low-density (HD/LD) assets such as interagency partners are to focus on expanding the information sharing aperture by de-classification of information and development of commonly shared information platforms to use online conferencing and video teleconferencing" is true.
By de-classifying information, agencies can share relevant data with partners to improve communication and decision-making. Additionally, creating a commonly shared information platform allows for real-time updates and easier access to important information.
Online conferencing and video teleconferencing can also be used to facilitate communication between agencies without the need for physical presence, reducing travel costs and time constraints. By implementing these strategies, agencies can improve their ability to collaborate and effectively respond to high-demand situations.
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why was the bretton woods agreement signed? a to redistribute land that had been captured by the germans during world war ii b to create fixed exchange rates across the globe c to create a new monetary system that would unite europe after world war ii d to help limit military rule across the globe e to help stimulate global trade and stabilize the monetary system
The Bretton Woods agreement was signed to create a new monetary system that would stabilize global trade and establish fixed exchange rates(C).
The Bretton Woods agreement was signed in July 1944 by 44 Allied nations to establish a new global monetary system after World War II. The agreement established the US dollar as the world's reserve currency and created fixed exchange rates between currencies.
This allowed for increased stability in global trade and helped to prevent competitive currency devaluations. The International Monetary Fund (IMF) and the World Bank were also established as part of the agreement to provide financial assistance to countries in need and to promote economic growth.
While the Bretton Woods system eventually collapsed in the 1970s, it played a crucial role in the post-war economic recovery and in establishing a foundation for international economic cooperation. So correct option is c.
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what is total costs mean: multiple choice A.) are fixed costs plus variable costs.B.) include explicit and implicit costs.C.) increases as the firm increases output.D.) All are correct..
Total costs refer to all the expenses a firm incurs, and all the options mentioned are correct. So, the correct answer is D.) All are correct..
Total costs refer to the sum of all expenses that a company incurs in producing and selling its products or services. This includes both explicit costs (such as wages, raw materials, rent, etc.) and implicit costs (such as opportunity cost of using owner's time or resources).
Total costs can be divided into fixed costs (expenses that do not vary with changes in output) and variable costs (expenses that do vary with changes in output). As a firm increases its output, total costs also increase due to higher variable costs, but fixed costs remain constant. Therefore, the correct answer to this multiple-choice question is option .D. All are correct.
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In epidemiology research, If the relative risk is greater than 1.0, the group with the suspected risk factor: (2 pts)
* Have a higher incidence rate of the disorder.
* Have a lower incidence rate of the disorder. * None of the choices * Is having no relationship with the risk factor.
If the relative risk is greater than 1.0 in epidemiology research, it indicates that the group with the suspected risk factor has a higher incidence rate of the disorder.
In epidemiology research, the relative risk is used to measure the strength of the association between a suspected risk factor and a disorder. A relative risk of greater than 1.0 indicates that the group with the suspected risk factor has a higher incidence rate of the disorder compared to the group without the risk factor. This suggests that the risk factor may be a contributing factor to the development of the disorder. Hence, in epidemiology research, if the relative risk is greater than 1.0, the group with the suspected risk factor "Have a higher incidence rate of the disorder."
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when people are standing in line for jobs and there are more applicants than jobs, then the labor market is characterized by a group of answer choices surplus of jobs from the point of view of the seller in the labor market. shortage of jobs from the point of view of the buyer in the labor market. surplus of labor. shortage of labor.
When people are standing in line for jobs and there are more applicants than jobs available, then the labor market is characterized by a shortage of jobs from the point of view of the buyer in the labor market.
This is because there are more people looking for work than there are available positions, leading to a competitive environment where job seekers may struggle to find employment.
Conversely, from the point of view of the seller (employers), there may be a surplus of labor available to choose from, allowing them to be more selective in their hiring decisions.
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moriah's company is trying to gain access to shelf space in several upscale department stores for its new line of skin care products. however, it is very difficult to get the stores to carry the skin care line because they prefer to carry products from established manufacturers. what type of distribution channel is preventing the company from gaining access to shelf space?
The type of distribution channel that is preventing Moriah's company from gaining access to shelf space in upscale department stores for its new line of skin care products is the "Selective Distribution Channel."
This is because the stores prefer to carry products from established manufacturers, making it difficult for new or less-known brands to gain access to their shelves.
Selective distribution channels involve a limited number of intermediaries, often focusing on specific types of products or targeting certain market segments.
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Which of the following is true of the purchase of inventory items on account using the perpetual inventory method? It changes working capital and the current ratio. It has no effect on working capital or the current ratio. It has no effect on the current ratio but changes working capital. It has no effect on working capital but changes the current ratio.
The statement which is true regarding perpetual inventory is: "It has no effect on working capital but changes the current ratio."
When inventory items are purchased on account using the perpetual inventory method, it affects the current assets and current liabilities, but not the working capital as it is simply a conversion of one current asset (accounts payable) to another (inventory). However, it does affect the current ratio as it increases both current assets and current liabilities, resulting in a change in the ratio.
When you purchase inventory items on account, it increases your inventory and accounts payable. Both inventory and accounts payable are part of working capital (current assets - current liabilities), so working capital is affected. However, the current ratio (current assets / current liabilities) remains unchanged because both the numerator and the denominator increase by the same amount, so the ratio stays the same.
Hence, The correct answer to your question is: The purchase of inventory items on account using the perpetual inventory method has no effect on the current ratio but changes working capital.
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the following selected list of accounts with their normal balances was taken from the general ledger of wallace company as of december 31, 2016: common stock, $1 par wallace $ 380,000 retained earnings 262,000 paid-in capital in excess of par - preferred 70,000 treasury stock 330,000 preferred stock, $100 par 600,000 paid-in capital in excess of par -common 760,000 given above information, at the end of 2016:
The total stockholders' equity of Wallace Company at the end of 2016 is $1,142,000.
Common stock, retained earnings, and paid-in capital in excess of par - common are all components of stockholders' equity. The total of these accounts is $1,102,000 ($380,000 + $262,000 + $760,000).
Preferred stock, paid-in capital in excess of par - preferred, and treasury stock are not included in the calculation of total stockholders' equity. Therefore, the total stockholders' equity is $1,142,000 ($1,102,000 + $600,000 - $330,000).
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(6 points) Fergie Inc. had an overall return on investment (ROI) of 13% last year, including all divisions. The North Division had a Rol of 15% last year. The North Division has the opportunity to add a new product line that would require an investment of $250,000. The following results are expected: Total Per Unit Sales $ 650,000 $ 50
Variable expenses 312,000 24 C
ontribution margin 338,000 26 Fixed expenses 303,000 Operating income _$ 35,000 Required: 1. Calculate the ROI for the new product line using margin and turnover. (2 marks) 2. Given your calculations above: a. Will the manager of the North Division accept or reject the new opportunity? Why? (1 mark) b. Will the company headquarters want the North Division to accept or reject the new opportunity? Why? (1 mark) 3. Calculate the residual income (RI) for the new product line. Assume the company evaluates performance using 12% as the minimum rate of return for any division. (2 marks)
Calculation of ROI for the new product line:
Marginal = Operating Income / Total Per Unit Sales = $35,000 / $650,000 = 0.0538.
Turnover = Total Per Unit Sales / Investment = $650,000 / $250,000 = 2.6
ROI = Margin x Turnover = 0.0538 x 2.6 = 0.1399 or 13.99%
2a. Decision of the manager of the North Division:
The manager of the North Division should accept the new opportunity because the ROI of the new product line (13.99%) is greater than the overall ROI of the company (13%). The new product line is expected to generate a positive operating income of $35,000, which indicates that the new line would be profitable.
2b. Decision of the company headquarters:
The company headquarters would also want the North Division to accept the new opportunity because it would increase the overall ROI of the company.
Calculation of Residual Income (RI) for the new product line:
Minimum rate of return = 12%
Operating Income = $35,000
Investment = $250,000
RI = Operating Income - (Minimum Rate of Return x Investment)
RI = $35,000 - (0.12 x $250,000)
RI = $35,000 - $30,000
RI = $5,000
The residual income for the new product line is $5,000. Since the residual income is positive, it indicates that the new product line will generate more than the minimum rate of return and is therefore a profitable investment for the company.
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Monetarists believe that increases in the money supply cause inflation. The most important monetarist of the last fifty years isa. Ben Bernankeb. Paul Krugmanc. Jerome Powelld. Paul Vocklere. None of the above
Monetarists believe that increases in the money supply cause inflation. The most important monetarist of the last fifty years is d. Paul Volcker.
Paul Volcker was a prominent monetarist who served as the Chairman of the Federal Reserve from 1979 to 1987. He implemented tight monetary policies to combat high inflation rates during that period, which eventually led to a decrease in inflation and stabilization of the economy.
The most important another monetarist which is not mentioned above of the last fifty years is Milton Friedman, who developed the monetarist theory that increases in the money supply cause inflation. While the individuals listed have had significant roles in economics and finance, they do not specifically align with the monetarist school of thought.
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Jesse Brimhall is single. In 2022, his itemized deductions were $9,000 before considering any real property taxes he paid during the year. Jesse's adjusted gross income was $70,000 (also before considering any property tax deductions). In 2022, he paid real property taxes of $3,000 on property 1 and $1,200 of real property taxes on property 2. He did not pay any other deductible taxes during the year.
1. If property 1 is Jesse's business building (he owns the property) and property 2 is his primary residence, what is his taxable income after taking property taxes into account (ignore the deduction for qualified business income)?
Jesse's taxable income after taking property taxes into account is $56,800.
To calculate Jesse's taxable income after taking property taxes into account, we need to follow these steps:
1. Calculate the total itemized deductions, including property taxes:
$9,000 (initial itemized deductions) + $3,000 (property 1 taxes) + $1,200 (property 2 taxes) = $13,200
2. Determine the standard deduction for a single filer in 2022:
The standard deduction for a single filer in 2022 is $12,950.
3. Compare itemized deductions with the standard deduction:
Since Jesse's total itemized deductions ($13,200) are higher than the standard deduction ($12,950), he should choose to itemize his deductions.
4. Subtract itemized deductions from adjusted gross income to find taxable income:
$70,000 (adjusted gross income) - $13,200 (itemized deductions) = $56,800
Jesse's taxable income after taking property taxes into account is $56,800 (ignoring the deduction for qualified business income).
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_______ also referred to as either reporting or tracking approaches, refers to a recording document that gathers basic summary information about an interviewer's performance efficiency.
Call log also referred to as either reporting or tracking approaches, refers to a recording document that gathers basic summary information about an interviewer's performance efficiency.
Call log is a recording document that gathers basic summary information about an interviewer's performance efficiency. It is also referred to as reporting or tracking approaches.
A call log typically includes details such as the date and time of the call, the length of the call, the name of the interviewer, the name of the respondent, and the outcome of the call (such as whether the respondent agreed to participate in a survey or not).
Call logs are used by call centers and other organizations that conduct phone interviews to track the efficiency and effectiveness of their interviewers and to monitor their performance over time.
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What is the disposition of passive activities/suspended losses and carryovers?
The disposition of passive activities and suspended losses carryovers depends on various factors. Passive activities refer to those in which the taxpayer does not materially participate. When such activities generate losses, they are typically classified as suspended losses, which means that they cannot be used to offset other income.
However, when the taxpayer disposes of the passive activity, either by selling it or by substantially reducing their interest in it, the suspended losses can be used to offset any gain on the disposition. This is known as a passive loss carryover, and it can be used to reduce the taxpayer's taxable income in the year of the disposition.
Furthermore, passive losses can also be used to offset passive income from other sources, such as rental income from other properties. The amount of passive loss that can be used in a given year is subject to certain limitations, which depend on the taxpayer's adjusted gross income and other factors.
In some cases, if the taxpayer dies, any remaining suspended losses can be used to offset income on the taxpayer's final tax return, subject to certain limitations.
In conclusion, the disposition of passive activities and suspended losses carryovers depends on various factors, such as the type of activity, the taxpayer's income, and the timing and method of disposition. It is important to consult with a tax professional to determine the best course of action for each individual case.
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Required: Briefly explain whether the $7,000 and the $180,000 receipts constitutes ordinary income (4 marks). Alan works for a large investment bank called "Big Bank". He also regularly gives a 5 minute update on the day's events in financial markets on a late night TV show. Although the TV show does not pay him for this, Big Bank does give him $150 per appearance, as they believe that his appearance brings positive publicity to Big Bank. Alan earned $7000 from this activity in the past financial year. Recently, Big Bank has been experiencing tough economic conditions, and wishes to save some money. Subsequently, Big Bank gave Alan $180,000 (paid over two $90,000 instalments) in exchange for Alan agreeing to no longer receive annual bonuses that he had been entitled to in his contract. Alan had received bonuses of $50,000 - $100,000 per year for the last 5 years.
Ordinary income refers to the earnings that an individual derives from their regular business or trade activities. In this case, we need to determine if the $7,000 and the $180,000 receipts constitute ordinary income for Alan.
The $7,000 earned from TV appearances: These payments can be considered ordinary income, as they are directly related to Alan's regular activities for Big Bank. The income is received consistently for his appearances and is associated with his employment, making it part of his regular income stream.
The $180,000 received in exchange for giving up annual bonuses: This receipt can also be considered ordinary income. Although it is a one-time payment, it replaces the bonuses Alan would have earned in his contract, which were part of his regular income structure. The $180,000 is compensation for forgoing future ordinary income, and therefore, it can be classified as ordinary income as well.
In conclusion, both the $7,000 earned from TV appearances and the $180,000 received in exchange for giving up annual bonuses can be considered ordinary income for Alan.
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In The General Theory of Employment, Interest and Money, John Maynard Keynes argued that:
A. the Great Depression was primarily a result of rising prices and wages.
B. the Civil War illustrated that the national government should take a laissez-faire approach to managing the macroeconomy.
C. government can use deficit spending to stimulate economic activity during a severe or prolonged economic downturn.
D. a market economy will automatically eliminate recessionary and inflationary gaps through shifts in AD and move toward equilibrium at full employment.
In The General Theory of Employment, Interest, and Money, John Maynard Keynes argued that C. government can use deficit spending to stimulate economic activity during a severe or prolonged economic downturn.
This idea was revolutionary at the time, as it went against the prevailing economic theory of laissez-faire, which held that the government should not interfere in the market and that the economy would naturally correct itself. Keynes argued that during times of recession or depression, the private sector may not be able to generate enough demand to spur economic growth.
Overall, Keynes' theory represented a significant departure from the prevailing economic orthodoxy of the time and has had a profound impact on modern economic thought and policy. Today, many governments around the world use deficit spending and monetary policy to manage the macroeconomy and stimulate growth during times of economic downturn. Therefore the correct option is C
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Which of the following describes the basic web policy of large firms during the Invention period?A) Integrate social networks and the mobile platform with website marketing.B) Emphasize the necessity of the Web to generate profits.C) Use the Web to sell complex goods and services online.D) Maintain a basic, static website depicting the firm's brand.
Maintain a basic, static website depicting the firm's brand describes the basic web policy of large firms during the Invention period. The correct option is D.
During the Invention period, which refers to the early stages of the Internet and World Wide Web, large firms generally maintained a basic, static website depicting the firm's brand.
The main goal of these websites was to establish an online presence and provide basic information about the company and its products or services. The emphasis was on simply having a website rather than using it to generate profits or drive sales.
At this time, social networks and mobile platforms were not yet mainstream, so integrating them with website marketing was not a priority.
Additionally, e-commerce was still in its early stages and selling complex goods and services online was not yet common practice. Instead, large firms used their websites as a way to establish credibility and legitimacy in the emerging online marketplace.
They focused on presenting a professional image and providing basic information about the company, such as its history, mission, and contact information.
Overall, the basic web policy of large firms during the Invention period was to establish an online presence and provide basic information about the company, with a focus on presenting a professional image rather than generating profits.
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g suppose you purchased a stock a year ago. today, you receive a dividend of $15 and you sell the stock for $113. if your return was 10%, at what price did you buy the stock?
So you purchased the stock for approximately $116.36
Let's call the price you purchased the stock "P".
We know that you received a dividend of $15, which represents a yield of 15/P.
We also know that you sold the stock for $113, which means that your total return was $15 (from the dividend) plus ($113 - P) (from the capital gain).
We're told that your return was 10%, which means that:
0.10 = ($15 + $113 - P) / P
Simplifying this equation, we can multiply both sides by P to get:
0.10P = $15 + $113 - P
1.10P = $128
Therefore, the price you purchased the stock for (P) was:
P = $128 / 1.10
P = $116.36 (rounded to two decimal places).
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how much would you have in 6 years if you purchased a $1,000 6-year savings certificate that paid 4% compounded quarterly?
After 6 years, you would have approximately $1,269.32 in your savings certificate account, taking into account the quarterly compounding of interest.
How to calculate the future valueIf you purchased a $1,000 6-year savings certificate with a 4% interest rate compounded quarterly, the future value (FV) of the investment can be calculated using the compound interest formula:
FV = P × (1 + r/n)⁽ⁿt⁾
Where:
P = Principal amount ($1,000)
r = Annual interest rate (4% or 0.04)
n = Number of compounding periods per year (4, for quarterly)
t = Number of years (6)
FV = $1,000 × (1 + 0.04/4)⁽⁴ˣ⁶⁾
FV ≈ $1,269.32
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which plant size would produce at the least cost for the 3,000 - 4,000 range of output? multiple choice atc-4 act-2 act-1 act-3
The plant size that would produce at the least cost for the 3,000 - 4,000 range of output is the one with ATC-2.
To determine the plant size that would produce at the least cost, we need to consider the average total cost (ATC) of each plant size. ATC is the total cost of production divided by the quantity produced.
Given the output range of 3,000-4,000, we can eliminate the plant sizes with ATC-1 and ATC-4, as they are either too small or too large to efficiently produce within this range.
Between ATC-2 and ATC-3, ATC-2 would produce at the least cost because it has a lower ATC compared to ATC-3. Therefore, choosing ATC-2 would result in lower production costs and increased profitability within the specified output range.
In conclusion, the plant size with ATC-2 would be the optimal choice for producing at the least cost within the range of 3,000-4,000 output.
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Marigold Corp. established a $100 petty cash fund on August 1. On August 31, the fund had $11 cash remaining and petty cash receipts for postage $36, office supplies $31, and miscellaneous expense $19. Prepare journal entries to establish the fund on August 1 and replenish the fund on August 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Aug. 31
Note that there is a difference of $1 between the original amount of the petty cash fund ($100) and the amount of cash remaining at the end of August ($11).
August 1:
Petty Cash 100
Cash 100
(To establish a petty cash fund of $100)
August 31:
Postage Expense 36
Office Supplies Expense 31
Miscellaneous Expense 19
Cash 87
Petty Cash 87
(To replenish the petty cash fund on August 31, and record the expenses)
The journal entry to establish the petty cash fund is recorded on August 1, with a debit to Petty Cash for $100, and a credit to Cash for $100.
The journal entry to replenish the fund on August 31 includes debits to Postage Expense, Office Supplies Expense, and Miscellaneous Expense for their respective amounts, and a credit to Cash for the total amount of the expenses ($86). The Petty Cash account is then credited for the same amount ($86) to bring the account back to its original balance of $100.
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what is the irr of a project that costs $100,000 and provides cash inflow of $17,000 nnually for 6 years?
The IRR of this project is approximately 12.81%
The Internal Rate of Return (IRR) is a financial metric used to evaluate the profitability of a project. To calculate the IRR for a project that costs $100,000 and provides a cash inflow of $17,000 annually for 6 years, you will need to use the following formula:
IRR = (NPV = 0) = (Cash inflow / Initial investment) ^ (1/n) - 1
Where:
- NPV (Net Present Value) is set to 0, as we are trying to find the rate at which the project breaks even.
- Cash inflow is $17,000 annually.
- Initial investment is $100,000.
- n is the number of years, which is 6 in this case.
Solving for IRR, we find that the IRR of this project is approximately 12.81%.
This means that the project is expected to generate a rate of return of 12.81% per year, which is greater than the cost of capital or the required rate of return.
Therefore, this project would be considered financially viable, since the IRR is greater than the required rate of return.
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businessaccountingaccounting questions and answerssweet tooth candy company budgeted the following costs for anticipated production for august: advertising expenses $283,420 manufacturing supplies 15,530 power and light 46,330 sales commissions 309,680 factory insurance 26,980 production supervisor
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Question: Sweet Tooth Candy Company Budgeted The Following Costs For Anticipated Production For August: Advertising Expenses $283,420 Manufacturing Supplies 15,530 Power And Light 46,330 Sales Commissions 309,680 Factory Insurance 26,980 Production Supervisor
Sweet Tooth Candy Company budgeted the following costs for anticipated production for August:
Advertising expenses$283,420Manufacturing supplies15,530Power and light46,330Sales commissions309,680Factory insurance26,980Production supervisor wages136,260Production control wages35,430Executive officer salaries288,870Materials management wages38,970Factory depreciation22,070
Prepare a factory overhead cost budget, separating variable and fixed costs. Assume that factory insurance and depreciation are the only fixed factory costs.
Sweet Tooth Candy Company
Factory Overhead Cost Budget
For the Month Ending August 31Variable factory overhead costs:
Advertising expensesFactory depreciationFactory insuranceManufacturing suppliesSales commissions
$- Select -
Advertising expensesExecutive officer salariesFactory depreciationPower and lightSales commissions
- Select -
Advertising expensesExecutive officer salariesFactory depreciationFactory insuranceProduction supervisor wages
- Select -
Advertising expensesFactory depreciationFactory insuranceProduction control wagesSales commissions
- Select -
Advertising expensesExecutive officer salariesFactory depreciationMaterials management wagesSales commissions
- Select -Total variable factory overhead costs$fill in the blank 11Fixed factory overhead costs:
Advertising expensesFactory insuranceManufacturing suppliesProduction supervisor wagesSales commissions
$- Select -
Advertising expensesExecutive officer salariesFactory depreciationPower and lightProduction supervisor wages
- Select -Total fixed factory overhead costsfill in the blank 16Total factory overhead costs$fill in the blank 17
Variable factory overhead costs:
Advertising expenses $283,420
Manufacturing supplies $15,530
Power and light $46,330
Sales commissions $309,680
Total variable factory overhead costs $655,960
Fixed factory overhead costs:
Factory insurance $26,980
Factory depreciation $22,070
Total fixed factory overhead costs $49,050
Total factory overhead costs:
Variable factory overhead costs $655,960
Fixed factory overhead costs $49,050
Total factory overhead costs $705,010
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Problem 6-23 (Algo) Make or Buy Decision [LO6-3]
Silven Industries, which manufactures and sells a highly successful line of summer lotions and insect repellents, has decided to diversify in order to stabilize sales throughout the year. A natural area for the company to consider is the production of winter lotions and creams to prevent dry and chapped skin.
After considerable research, a winter products line has been developed. However, Silven’s president has decided to introduce only one of the new products for this coming winter. If the product is a success, further expansion in future years will be initiated.
The product selected (called Chap-Off) is a lip balm that will be sold in a lipstick-type tube. The product will be sold to wholesalers in boxes of 24 tubes for $10 per box. Because of excess capacity, no additional fixed manufacturing overhead costs will be incurred to produce the product. However, a $80,500 charge for fixed manufacturing overhead will be absorbed by the product under the company’s absorption costing system.
Using the estimated sales and production of 115,000 boxes of Chap-Off, the Accounting Department has developed the following manufacturing cost per box:
Direct material $ 4.20 Direct labor 2.60 Manufacturing overhead 1.70 Total cost $ 8.50 The costs above relate to making both the lip balm and the tube that contains it. As an alternative to making the tubes for Chap-Off, Silven has approached a supplier to discuss the possibility of buying the tubes. The purchase price of the supplier's empty tubes would be $1.90 per box of 24 tubes. If Silven Industries stops making the tubes and buys them from the outside supplier, its direct labor and variable manufacturing overhead costs per box of Chap-Off would be reduced by 15% and its direct materials costs would be reduced by 30%.
Required:
1. If Silven buys its tubes from the outside supplier, how much of its own Chap-Off manufacturing costs per box will it be able to avoid? (Hint: You need to separate the manufacturing overhead of $1.70 per box that is shown above into its variable and fixed components to derive the correct answer.)
2. What is the financial advantage (disadvantage) per box of Chap-Off if Silven buys its tubes from the outside supplier?
3. What is the financial advantage (disadvantage) in total (not per box) if Silven buys 115,000 boxes of tubes from the outside supplier?
4. Should Silven Industries make or buy the tubes?
5. What is the maximum price that Silven should be willing to pay the outside supplier for a box of 24 tubes?
6. Instead of sales of 115,000 boxes of tubes, revised estimates show a sales volume of 138,000 boxes of tubes. At this higher sales volume, Silven would need to rent extra equipment at a cost of $43,000 per year to make the additional 23,000 boxes of tubes. Assuming that the outside supplier will not accept an order for less than 138,000 boxes of tubes, what is the financial advantage (disadvantage) in total (not per box) if Silven buys 138,000 boxes of tubes from the outside supplier? Given this new information, should Silven Industries make or buy the tubes?
7. Refer to the data in (6) above. Assume that the outside supplier will accept an order of any size for the tubes at a price of $1.90 per box. How many boxes of tubes should Silven make? How many boxes of tubes should it buy from the outside supplier?
If Silven buys its tubes from the outside supplier, it will be able to avoid the variable manufacturing overhead cost of $0.85 per box and the direct materials cost of $1.26 per box.
However, the fixed manufacturing overhead cost of $1.70 per box is not avoidable. So, the total manufacturing cost per box that Silven will be able to avoid is $2.11 ($0.85 + $1.26).
The financial advantage per box of Chap-Off if Silven buys its tubes from the outside supplier can be calculated as follows:
Manufacturing cost per box if Silven makes the tubes = $8.50
Manufacturing cost per box if Silven buys the tubes = $6.39 ($8.50 - $2.11)
So, the financial advantage per box of Chap-Off if Silven buys its tubes from the outside supplier is $2.11.
The financial advantage in total (not per box) if Silven buys 115,000 boxes of tubes from the outside supplier can be calculated as follows:
Total manufacturing cost if Silven makes the tubes = $977,500 (115,000 boxes x $8.50 per box)
Total manufacturing cost if Silven buys the tubes = $735,850 (115,000 boxes x $6.39 per box + $219,500 fixed manufacturing overhead cost)
So, the financial advantage in total if Silven buys 115,000 boxes of tubes from the outside supplier is $221,150 ($977,500 - $735,850).
Silven Industries should buy the tubes from the outside supplier as it would result in a financial advantage of $2.11 per box and a total financial advantage of $221,150 for 115,000 boxes.
The maximum price that Silven should be willing to pay the outside supplier for a box of 24 tubes can be calculated as follows:
Manufacturing cost per box if Silven buys the tubes = $6.39
Maximum cost per box of tubes = $10 - $6.39 = $3.61
So, the maximum price that Silven should be willing to pay the outside supplier for a box of 24 tubes is $3.61.
The financial advantage (disadvantage) in total (not per box) if Silven buys 138,000 boxes of tubes from the outside supplier can be calculated as follows:
Total manufacturing cost if Silven makes the tubes = $1,167,000 (138,000 boxes x $8.50 per box + $43,000 fixed manufacturing overhead cost)
Total manufacturing cost if Silven buys the tubes = $920,820 (138,000 boxes x $6.39 per box + $219,500 fixed manufacturing overhead cost)
So, the financial advantage in total if Silven buys 138,000 boxes of tubes from the outside supplier is $1,010,680 ($1,167,000 - $920,820).
Given this new information, Silven Industries should still buy the tubes from the outside supplier as it would result in a significant financial advantage.
If the outside supplier will accept an order of any size for the tubes at a price of $1.90 per box, then Silven should buy all the tubes from the outside supplier as it would result in the maximum financial advantage.
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new coke inc offers percent coupon bonds with semiannual payments and a required return of 8 5 percent the bonds mature in 15 yoars, what is the market price per bond if the face value is $1,000?
To calculate the market price per bond of New Coke Inc's percent coupon bonds, we need to use the present value formula. The formula is:
PV = (C / (1 + r/n)^nt) + (F / (1 + r/n)^nt)
Where:
PV = present value of the bond
C = coupon payment (which is percent of the face value)
r = required return
n = number of coupon payments per year (semiannual = 2)
t = number of years until maturity
F = face value of the bond
Plugging in the values given in the question, we get:
PV = (40 / (1 + 0.085/2)^(2*15)) + (1000 / (1 + 0.085/2)^(2*15))
PV = (40 / 1.9199) + (1000 / 1.9199)
PV = 20.83 + 520.83
PV = $541.66
Therefore, the market price per bond of New Coke Inc's percent coupon bonds is $541.66 if the face value is $1,000.
Hi! To find the market price per bond, we need to calculate the present value of both the coupon payments and the face value of the bond. Here are the given terms:
- Coupon rate: ? (not provided)
- Semiannual payments
- Required return: 8.5% per year (4.25% per period as it's semiannual)
- Time to maturity: 15 years (30 periods, as it's semiannual)
- Face value: $1,000
Assuming a coupon rate of C%, the coupon payment per period is ($1,000 x C% / 2).
The present value of the coupon payments can be calculated using the formula:
PV_coupon = (coupon payment per period x [(1 - (1 + required return per period)^-number of periods]) / required return per period]
The present value of the face value can be calculated using the formula:
PV_face = (face value / (1 + required return per period)^number of periods)
Finally, the market price per bond is the sum of the present value of coupon payments and the present value of the face value.
Market price per bond = PV_coupon + PV_face
Without the coupon rate, it's impossible to give an exact market price for the bond. If you provide the coupon rate, I'd be happy to help you calculate the market price.
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A budgeted income statement is a detailed forecast of future cash flows that helps financial managers identify when their firm is likely to experience temporary shortages or surpluses of cash.
a. True
b. False
The statement "A budgeted income statement is a detailed forecast of future cash flows that helps financial managers identify when their firm is likely to experience temporary shortages or surpluses of cash" is false.
While a budgeted income statement does provide a forecast of future financial performance, it focuses on expected revenues, expenses, and profits, rather than cash flows. Cash flow forecasts are typically created separately, and they do help identify potential shortages or surpluses of cash, which can help managers plan for those situations and take appropriate actions to manage them.
It's important for financial managers to have accurate forecasts and monitoring systems in place to ensure they have enough cash on hand to meet their business needs and avoid liquidity problems.
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When totaling the amounts entered into Column A, of Schedule CA (540NR) the taxpayer should take note of
When completing this process, the taxpayer should take note of the following key terms Schedule CA (540NR) and Column A.
1. Schedule CA (540NR) - This form is used by non-resident or part-year residents of California to adjust federal income and deductions to California income, accounting for differences between federal and state tax laws.
2. Column A - In Schedule CA (540NR), Column A is designated for reporting income amounts as originally reported on the federal tax return, such as Form 1040 or 1040-SR.
When totaling the amounts entered into Column A of Schedule CA (540NR), the taxpayer should ensure that they have accurately transferred all applicable income amounts from their federal tax return. This includes wages, interest, dividends, capital gains, business income, rental income, and any other income sources reported on the federal return. It's essential to review each line item carefully and double-check for accuracy to avoid any discrepancies that could lead to an audit or amended return.
Additionally, it's crucial for the taxpayer to understand the specific adjustments that may be required for California tax purposes. These adjustments, which are entered in Columns B and C, can either increase or decrease the taxpayer's federal income amounts to arrive at the correct California taxable income. Examples of adjustments might include state tax refunds, mortgage interest deductions, and certain retirement contributions.
In summary, when totaling amounts in Column A of Schedule CA (540NR), the taxpayer must carefully transfer all relevant income amounts from their federal return, ensuring accuracy and attention to detail. They should also be familiar with potential adjustments needed for California tax purposes, which are entered in Columns B and C to calculate their final California taxable income.
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