Answer:
$7,840
Explanation:
the journal entries to record the purchase are:
Dr Merchandise inventory 10,000
Cr Accounts payable 10,000
Dr Merchandise inventory 500
Cr cash 500
Dr Accounts payable 2,000
Cr Merchandise inventory
Dr Accounts payable 8,000
Cr Cash 7,840
Cr Purchase discounts 160
McCoy's Fish House purchases a tract of land and an existing building for $940,000. The company plans to remove the old building and construct a new restaurant on the site. In addition to the purchase price, McCoy pays closing costs, including title insurance of $2,400. The company also pays $12,800 in property taxes, which includes $8,400 of back taxes (unpaid taxes from previous years) paid by McCoy on behalf of the seller and $4,400 due for the current fiscal year after the purchase date. Shortly after closing, the company pays a contractor $47,000 to tear down the old building and remove it from the site. McCoy is able to sell salvaged materials from the old building for $3,800 and pays an additional $10,400 to level the land.
Required: Determine the amount McCoy's Fish House should record as the cost of the land. (Amounts to be deducted should be indicated by a minus sign.)
Answer:
$1,004,400
Explanation:
The computation of the cost of land is shown below:-
The Total cost of land = Purchase price of the land + Title Insurance + Property Taxes + Cost of removing the building + Level the land - Salvaged materials
= $940,000 + $2,400 + $8,400 + $47,000 + $10,400 - $3,800
= $1,004,400
Therefore for computing the total cost of land we simply applied the above formula.
Using the following balance sheet and income statement data, what is the debt to assets ratio? Current assets $14,000 Net income $ 21,000 Current liabilities 8,000 Stockholder's Equity 39,000 Average assets 80,000 Total liabilities 21,000 Total assets 60,000 Average common shares outstanding was 10,000.
Answer:
35%
Explanation:
The following information were derived from a balance sheet and income statement data
Current assets is $14,000
Net income is $21,000
Current liabilities is 8,000
Stock holders equity is 39,000
Average assets is 80,000
Total liabilities is 21,000
Total assets is 60,000
Therefore, the debt to assets ratio can be calculated as follows
= Total liabilities/Total assets
= 21,000/60,000
= 0.35×100
= 35%
Hence the debt to assets ratio is 35%
As part of the American Recovery and Reinvestment Act, $7 million was earmarked to build a bridge over a railroad crossing so that 168 Nebraska town residents wouldn't have to wait for the trains to pass. Which of the following best explains why this proposal was passed?
A) The benefits were highly diffused while the costs were very concentrated.
B) The costs were highly diffused while the benefits were very concentrated.
C) The costs were external while the benefits were internal.
D) The total benefit to the bridge was greater than the total cost
Answer: B) The costs were highly diffused while the benefits were very concentrated
Explanation: The American Recovery and Reinvestment act was enacted by congress and passed into law in 2009. The act which was aimed at alleviating the burden and promoting economic growth after the 2008 recession. It was meant to serve as a palliative or stimulus to aid economic recovery. The $7 million proposal earmarked to erect a bridge over the railway crossing was passed into law due to the fact that the benefits, relief and succor which the bridge provides to the over 168 Nebraskans coupled with the subsidized or diffused cost of putting the bridge in place were decisive factors towards acceptance of the proposal.
How do you start an organization?
For a Profit Organization:
1. Select the best business structure which favors you in taxes and protect. Such as corporation, limited liability company, sole proprietorship, general partnership, limited partnerships or a professional incorporation.
2. Decide the name you want to use to advertise your business.
3. Register company name with the state, county and the federal if applicable.
4. Check licensing requirements with the city county, city, state and federal.
5. Open a bank account
6. Advertising and Marketing
For a Non Profit Organization:
1. There are two types of non profit organizations religious and good cause.
2. It has to be registered wither with the state or county, depending upon the structure and the state you want to incorporate.
3. Apply with the federal to obtain a tax exempt status, so that your donors can claim donations on their tax returns.
4. Open a bank account
5. Delegate duties what you have mentioned in the article you submitted to the Internal Revenue Service.
Coercive power is the Multiple Choice power exercised by use of fear of punishment for errors of omission or commission by employees. power of persuasion exercised by a charismatic leader to get compliance from reluctant subordinates. arises from manager access, control, and distribution of information that is not freely available to everyone in an organization. ability of the leader or manager to confer rewards for positive behaviors or outcomes.
Answer:
power exercised by use of fear of punishment for errors of omission or commission by employees.
Explanation:
Coercive power is characterized because the use of force to get a worker to obey an order or command, where control comes from one's right to threaten the employee for non - adherence. Like that this power is in place when a person worked an order in fear of losing their job or their benefits package.
Answer:
the power exercised by use of fear of punishment for errors of omission or commission by employees
Explanation:
In simple words, Coercive control is characterised as the utilization of coercion to compel an individual to obey a directive or command, whereby power derives with one's right to discipline the worker for violations. Of instance, this control is in place when an individual performs an instruction in fear of being attacked or their signing income.
Thus, from the above we can conclude that the correct option is A.
Deborah works for a telecommunications company, and she prides herself on the fact that her job duties help keep the emergency service phone line operating, which ultimately saves lives. Deborah's sentiment reflects
The question is incomplete:
Deborah works for a telecommunications company, and she prides herself on the fact that her job duties help keep the emergency service phone line operating, which ultimately saves lives. Deborah's sentiment reflects:
A. skill variety
B. autonomy
C. task significance
D. task identity
E. feedback
Answer:
C. task significance.
Explanation:
-Skill variety refers to abilities people need to be able to do a job.
-Autonomy is when a person is able to act on its own.
-Task significance is when a job has a positive impact on other people inside and outside of the company.
-Task identity refers to doing something from start to finish with a visible result.
-Feedback is when employees receive an evaluation from their supervisors in which they get suggestions to maintain certain performance and possible improvements that can be made.
According to this, the answer is that Deborah's sentiment reflects task significance because her job helps to save lives which means that it has a positive impact on people.
Deborah priding herself on the fact that her job duties help saves lives
exhibits what we refer to as task significance.
Task significance refers to the employees of a company viewing their roles
as being important within and outside the company.
Deborah in this scenario talks about how her job duties help keep the
emergency service phone line operating, which ultimately saves lives. This
sentiment reflect task significance which is why it is the right choice of all the options.
Read more on https://brainly.com/question/17088569
Jill is starting a fast food delivery company. She has designed a logo and plans to print flyers to advertise her services. Jill plans to publish a book based on her experiences to inspire young entrepreneurs. To help protect her publishing rights, she should register a ____.
Answer:
Copyright
Explanation:
Copyright refers to creating a record of your work that proves that you are the owner and because of that, you are the only one allowed to make copies of it and it protects against an unauthorized use. According to this, the answer is that to help protect her publishing rights, she should register a copyright because this will allow her to have a record of this and avoid plagiarism.
John purchases a life insurance policy on his wife Betty where he pays the premium and he will receive the life insurance money when she dies. John is both the ________ and the ________ who will receive the ________ upon the death of Betty, the ________.
Answer:
Policy owner
Beneficiary
Face amount
Insured
Explanation:
John is both the “Policy owner” and the “Beneficiary” who will receive the “ Face amount” upon the death of Betty, the “Insured”.
The term policy owner is used to refer to a person who buys and pays the premium. At the same time, a beneficiary is a person who receives the face amount that was on the name of the insured (Betty).
It is given that John has bought the policy and paying the premium so he is the owner. Moreover, he is the beneficiary because he is getting the insurance amount after the death of betty who is insured.
Kansas Enterprises purchased equipment for $81,000 on January 1, 2021. The equipment is expected to have a five-year service life, with a residual value of $7,500 at the end of five years.
Using the straight-line method, depreciation expense for 2021 would be:_________.
Answer:
Depreciation expense for 2021 will be $14700
Explanation:
The straight line method charges a constant depreciation expense each period throughout the useful life of the asset. The depreciation expense per period under the straight line method is calculated as follows,
Depreciation expense = (Cost - Residual value) / Useful life of the asset
Depreciation expense = (81000 - 7500) / 5
Depreciation expense = $14700
Find the answer to the following question: Where should students go for information about their degree program, how many credits they need to graduate, how many credits each course is, etc.? Select one: a. Students should visit the University Catalog to find answers to these questions. b. Students should contact Student Services to ask these questions. c. Students should ask their Instructors these ques
Answer:
Students should visit the University Catalog to find answers to these questions.
Explanation:
College or university catalog refers to the written document that includes all the information related to them. It is a form of publication from the university's end comprising all the necessary details and information. The catalog describes all the academic programs offered by the university and the rules and regulations. The requirements and procedures to be followed are also stated in the catalog.
As per the given excerpt, the student should visit the University Catalog for all the information that he is looking for.
Under the Securities Act of 1933, if damages were incurred and there was a material misstatement or omission in the financial statements, the CPA will most likely lose the lawsuit unless:
Answer:
The CPA rebuts the allegations
Explanation:
The Securities Act of 1933 requires that investors receive financial and other significant information regarding any and all securities being sold publicly and prohibits deceit, misrepresentations, and other fraud in the sale of securities. Therefore, since there was material misstatement or omission in the financial statements, the only chance the CPA has is if they rebut the allegations. Meaning that they provide actual evidence, such as physical statements or witnesses that contradict or nullify the evidence that is being presented against them regarding the material misstatement or omission
An investment adviser representative who makes extensive use of third-party research to formulate portfolio recommendations to clients A) need not disclose that fact to the clients B) must disclose that fact to the clients C) is in violation of his fiduciary responsibility as IARs may only use research provided by the firm D) must obtain consent of the clients to use third-party research
Answer: A) need not disclose that fact to the clients
Explanation: An investment adviser representative need not disclose the fact that he/she uses third-party research to formulate portfolio to the clients and the reason is this: It is not necessary to disclose what sources an investment adviser representative uses as the basis for portfolio recommendations, and thus is never in violation of his fiduciary responsibility. However, if the third-party research used is to be distributed to his clients, then, proper attribution is required.
Exercise 8-07 At December 31, 2019, Pharoah Company Company had a credit balance of $18,100 in Allowance for Doubtful Accounts. During 2020, Pharoah Company wrote off accounts totaling $12,900. One of those accounts ($2,100) was later collected. At December 31, 2020, an aging schedule indicated that the balance in Allowance for Doubtful Accounts should be $23,700. Prepare journal entries to record the 2020 transactions of Pharoah Company Company
Answer:
Entries are given below
Explanation:
DATA:
Opening Balance in the allowance for doubtful debt = $18,100
During 2020 Pharoah company wrote off accounts totaling 12,900
Entry DEBIT CREDIT
Allowance for Doubtful Accounts $11,800
Accounts Receivable $11,800
At December 31, 2020, an aging schedule indicated that the balance in Allowance for Doubtful Accounts should be $23,700
Entry DEBIT CREDIT
Bad debt expense $17,400
Allowance for doubtful debt $17,400
Working
Balance before adjustment = $18,100 - $11,800
Balance before adjustment = $6,300
After Aging schedule indication
Adjustment = $23,700 - 6,300
Adjustment = $17,400
Suppose Cathy and Lewis work in a bakery making pies and cakes. Suppose it takes Cathy 1.5 hours to make a pie and 1 hour to make a cake, and suppose it takes Lewis 2 hours to make a pie and 1.5 hours to make a cake. Which of the following statements is correct?
A. Cathy should specialize in both pies and cakes.
B. There are no gains from specialization and trade.
C. Lewis should specialize in pies, and Cathy should specialize in cakes.
D. Cathy should specialize in pies, and Lewis should specialize in cakes
Answer:
D. Cathy should specialize in pies, and Lewis should specialize in cakes
Explanation:
For determining which statement is correct first we need to find out the
Cathy Opportunity cost for making a pie is
= 1 ÷ 1.5
= 0.66 cake
Now for making a cake is
= 1.5 ÷ 1
= 1.5 pies
Lewis opportunity cost for making a pie is
= 1.5 ÷ 2
= 0.75 cake
And for making a cake is
= 2 ÷ 1.5
= 1.33 pies
Therefore the option D is correct
Geraldo went to the supermarket to buy a bottle of chocolate syrup. While there, he saw the latest copy of National Enquirer at the checkout stand. He had not planned on buying the magazine, but on the spur of the moment, he bought himself a copy. This decision by Geraldo is an example of:
Answer: Impulse buying
Explanation:
Impulse buying could be defined as the act of buying an item in a market unplanned. This happens when you saw something at the market that caught your fancy or that you really needed but didn't remember to budget for it when going to the market for shopping, many times this affects your plan or budget because it's not planned but since it's a need, then they're worth it most times. This an example of what Geraldo did at the mall.
Which managerial function involves setting goals, establishing a strategy to pursue those goals, and forecasting future threats and opportunities that might influence the company’s needs and strategies? A. planning B. organizing C. leading D. controlling
Answer:
A. Planning
Explanation:
There are five types of management functions i.e planning, organizing, staffing, directing and planning.
The planning refers to the make out a plan how to accomplish the company goals and objectives with the help of making strategy so it is easy for company to reach it also at the same time it forecast the swot analysis i.e (strength, weakness, opportunities, and threats) that affect the needs and strategies of the company
Hence, the correct option is A
Purves Corporation is using a predetermined overhead rate that was based on estimated total fixed manufacturing overhead of $121,000 and 10,000 direct labor-hours for the period. The company incurred actual total fixed manufacturing overhead of $113,000 and 10,900 total direct labor-hours during the period. The predetermined overhead rate is closest to
Answer:
Predetermined manufacturing overhead rate= $12.1 per direct labor hour
Explanation:
Giving the following information:
Estimated total fixed manufacturing overhead= $121,000
Estimated direct labor hours= 10,000
To calculate the predetermined manufacturing overhead rate we need to use the following formula:
Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base
Predetermined manufacturing overhead rate= 121,000/10,000
Predetermined manufacturing overhead rate= $12.1 per direct labor hour
A firm's marginal cost curve Group of answer choices always has a positive slope. always intersects its average cost curve at its minimum point. is always below its average cost curve. is always U-shaped.
Answer:
The correct answer is the first option: Always has a positive slope.
Explanation:
To begin with, the marginal cost curve of a firm is the graphical representation the relationship between the last unit produce and the cost of producing it. Therefore that this concept shows how much it cost to the company to produce one more unit of the product. Moreover, due to the fact that the relationship between the production and its costs are directly, the slope of the curve will be always positive, meaning that if the production increases then obviously the costs will increase but the cost per unit might decrease due to the volumen handle by the organization.
Although the use of debt provides tax benefits to the firm, debt also puts pressure on the firm to: I) meet interest and principal payments, which if not met can put the company into financial distress; II) make dividend payments, which if not met can put the company into financial distress; III) meet both interest and dividend payments, which when met increase the firm cash flow; IV) meet increased tax payments, thereby increasing firm value
Answer:
I) meet interest and principal payments, which if not met can put the company into financial distress
Explanation:
Among the given options the first option is correct with respect to pressure on the firm as if the payment of debt is not given so the chances of liquidation of the firm are high that comes under the bankruptcy
So while taking the debt we need to pay the interest and principal payments so that the chances of the liquidation would be less
hence, the first option is correct
Choose the correct statement. A. Unemployment is a serious personal problem but not a serious social economic problem. It is only an effect of the business cycle. B. In recent years, population growth has outstripped jobs growth, resulting in a serious unemployment problem. C. Prolonged unemployment increases a person's job prospects because they are willing to work for a lower wage. D. The class of 2017 had a better time in the job market than those of the decade that preceded it.
Answer:
Option B
Explanation:
In simple words, population growth has been very raid in almost every major country of the world and this issue simply affects the supply and demand feature of the labor force. Due to high increase in population there are more no. of people willing to work for a living thus increasing the demand for jobs with no major increase in supply.
This issue further leads to two issues, first is the increasing number of educated individuals with no jobs and also less paying jobs for those getting it.
John has an auto which is covered for collision losses subject to a $250 deductible. Kate's auto also has collision coverage but her deductible is $500. Which of the following statements describes how a $2,000 collision loss will be paid if it occurs when John borrows Kate's car because his car is in the shop for repairs?
A) John's policy will pay $1,500, and Kate's policy will pay nothing.
B) John's policy will pay $1,750, and Kate's policy will pay nothing.
C) Kate's policy will pay $1,750, and John's policy will pay nothing.
D) Kate's policy will pay $1,500, and John's policy will pay $250.
Answer: D. Kate's policy will pay $1,500, and John's policy will pay $250.
Explanation:
The deductible is the amount that a policy holder has to pay before the insurance company pays the remaining amount.
From the question, we are informed that John has an auto which is covered for collision losses subject to a $250 deductible while Kate's auto also has collision coverage but her deductible is $500.
If a $2,000 collision loss occurs when John borrows Kate's car because his car is in the shop for repairs, since John has a deductible of $500, Kates policy will pay ($2000 - $500) = $1500 and John's policy will pay $250.
Cathy, age 16, buys a 1973 Chevy Camaro from Mark, age 23, for $400. Cathy's indulgent parents, who give her everything she wants, loaned her the money for the car. The reason for Cathy's purchase is that all her friends have cars and she feels left out without one. One week after buying the car, however, Cathy changes her mind and tells Mark that she wants to disaffirm the contract. When Mark comes to pick up the car and give Cathy her money, Cathy changes her mind again, telling Mark, "I'll stick by the deal." However, when Cathy's parents gave her a new car for her 17th birthday, she finally decides to disaffirm once again. Which of the following is correct?
A. Cathy can still disaffirm.
B. Cathy cannot disaffirm because she ratified the contract by saying "I'll stick by the deal."
C. Cathy cannot disaffirm because we have a sale of goods and Article 2 of the Uniform Commercial Code says that 16 is the age of contractual capacity.
D. Cathy cannot disaffirm because the car is a necessary.
Answer:
A. Cathy can still disaffirm.
Explanation:
Since Cathy is a minor, she shouldn't engage in contracts unless they involve basic necessities, e.g. food or shelter, and she can disaffirm a contract anytime before she reaches her 18th birthday. This is the reason why generally sellers require the parents to sign or give their consent to the contracts signed by minors.
The WaveHouse on Mission Beach in San Diego features the Bruticus Maximus, a ten foot wave, which tests the skills of even the most talented surf and wake board riders on the planet. WaveHouse is the only place in San Diego where this service is offered. You can ride B. Max for $40 for the first hour, $33 for the second hour, and $26 for the third hour. Charging a different price for subsequent hours is a form of:
Options:
A) monopoly regulation.
B) price discrimination among units of a good.
C) rent seeking behavior.
D) price discrimination among groups of buyers.
Answer:
B) price discrimination among units of a good.
Explanation:
By charging a different price for subsequent hours The WaveHouse would be discriminating their price on the basis of hours spent by buyers.
Remember, there may exist customers who usually spend lesser amount of hours on such activities; so they may ride for lesser hours, which means they are discriminated against in terms of the price paid for the service. Thus, the units of a good or service bought as in this case determines the price of the service.
Winona contracted with XtremeCast, a broadcast media firm, to cohost an Internet-streaming sports program. Winona and XtremeCast signed a new contract for each episode. In each contract, Winona agreed to work a certain number of days for a certain salary. During each broadcast, Winona was free to improvise her performance. Was Winona an independent contractor? Why or Why not?
Answer: Yes. Winona was an independent contractor
Explanation:
Based on the analysis and the information that have been provided in the question, we can say that Winona was an independent contractor.
An independent contractor is an individual who works for someone else and gets paid for the work done by the employer but it should be noted that the person is not under the control of the employer. .An independent contractor is termed an agent and not employed by the company he or she is working for.
What can students do with their recorded data in Science Journal?
A) Calculate the standard deviation of a set of data values
B) Review recorded graphs and individual data points
C) Make their data audible
D) Share and export experiments and sensor recordings
Answer:
B. Review recorded graphs and individual data points
C. Make their data audible
D. Share and export experiments and sensor recordings
Explanation:
The Science Journal application refers to the scientific journal at the digital platform that helps users to record projects using pictures, notes, and built-in sensors from the phone of the user. While setting up a new experiment it provides the opportunity to document one's thoughts and findings as he or she begins to ask queries and to come up with their own investigations. Its user-friendly features use sensors and recorders of telephones in an efficient way.
Two employers, A and B, pay the same wage but Employer A faces a more inelastic supply curve of labor than Employer B. Both firms are monopsonies but have similar outputs and technologies. Other things being the same, then in the long run?
A.) Both employers will employ the same amount of capital.
B.) Employer A will employ more capital than Employer B.
C.) Employer A will employ less capital than Employer B.
Answer:
B.) Employer A will employ more capital than Employer B.
Explanation:
Business strategy sets the overall direction for the business; while the IT strategy defines what information, ISs, and architecture are needed to support the business and how infrastructure and services are to be delivered. Select one: True False
Answer:
True.
Explanation:
Business strategy sets the overall direction for the business; while the IT strategy defines what information, information system strategy (ISs), and architecture are needed to support the business and how infrastructure and services are to be delivered.
Business strategy sets the overall direction for the business; it focuses on defining how a business would achieve its goals, objectives, and mission; as well as the funds and material resources required to implement or execute the business plan.
The information technology (IT) strategy is an integral part of the business strategy because it presents the technological or technical framework and infrastructure required to achieve a successful business plan, objectives, mission and goals.
Which of the following are true?
a. The NPV is the net value created by investing in an asset. The NPV is only as good as the inputs. The NPV does account for all cash flows as well as time value of money.
b. The IRR is the rate of return an investor would earn on an asset they held to maturity if they could reinvest alll cash flows received in an asset with the same return (i.e. the reinvestment rate assumption of the IRR). The IRR does account for all cash flows.
c. Payback is the amount of time to recover the initial investment. No discounting occurs and all cash flows after the payback period are not accounted for. The rule is intuitive and used by small business owners.
d. All of the above are accurate
e. None of the above are accurate.
Answer:
c. Payback is the amount of time to recover the initial investment. No discounting occurs and all cash flows after the payback period are not accounted for. The rule is intuitive and used by small business owners
Explanation:
Net present value is the present value of after tax cash flows from an investment less the amount invested. The NPV does account for all cash flows as well as time value of money.
Internal rate of return is the discount rate that equates the after tax cash flows from an investment to the amount invested . The IRR does account for all cash flows.
The discounted payback period discounts cash flows
CEO reduced the list of candidates to include only those applicants the CEO found acceptable. The CEO is implementing the political strategy of controlling the agenda. being irreplaceable. overlapping authority. emphasizing status inconsistency. relying on objective information.
Answer:
A). Controlling the agenda.
Explanation:
The CEO is here executing the political strategy of 'controlling the agenda' as he is controlling that which candidates would go further and selected for different processes. It will help him in directing the attention on candidates which he wants and limit the decision(regarding the selection of candidates) to the only ones which she/he finds desirable/acceptable. It will allow him in having a political edge and control over the decisions and have an adavantage according to the situation. Thus, option A is the correct answer.
An aging of a company's accounts receivables indicates that the estimate of uncollectible receivables totals $7,900. If the Allowance for Doubtful Accounts has a $700 credit balance, the adjustment to record the bad debt expense for the period will require a
Answer:
Debit to Bad Debt Expense Account for $7,200
Explanation:
Based on the information given we were told that the company accounts receivable shows the estimate of uncollectible receivables of the amount of $7,900 which means that if the Allowance for Doubtful Accounts has an amount of $700 as a credit balance, the adjustment to record the bad debt expense will be :
Debit to Bad Debt Expense account for the amount $7,200 calculate as :
Uncollectible receivables totals $7,900-Allowance for Doubtful Accounts $700 =$7,200
(7,900 - 700 )