Answer:
Date Account Titles Debit Credit
Notes Receivable $60,000
Discount on Notes Receivable $10,413
Cash $49,587
Discount on Notes Receivable $4,959
Interest Revenue $4,959
Discount on Notes Receivable $5,454
($49587+$4959)*10%
Interest Revenue $5,454
Cash $60,000
Notes Receivable $60,000
Kunze Corporation has $1 par value Common Stock with 100,000 shares authorized and 25,000 shares issued. The journal entry to record Kunze's purchase of 10,000 shares of common stock at $4 per share would be:
Answer and Explanation:
The journal entry to record the purchase of common stock is as follows:
Treasury stock (10,000 shares × $4 per share) $40,000
To cash $40,000
(being the purchase of common stock is recorded)
Here treasury stock is debited as it reduced the stockholder equity and the cash is credited as it also decreased the assets
For the following statement/questions match the assertion that best matches: When auditing the following accounts identify what auditors are primarily concerned with:
a. Revune
b. Assests
c. Liabilities
d. Expenses
1. Overstatments
2. Understatments
Answer:
When auditing the following accounts, auditors are primarily concerned with:
Accounts Assertions
a. Revenue Overstatements
b. Assets Overstatements
c. Liabilities Understatements
d. Expenses Understatements
Explanation:
Auditors are generally concerned about these assertions when auditing financial statements and their related disclosures: accurate recording, completeness, cut-off, existence, rights and obligations, and valuation. For revenue and assets, they want to ensure that these are not overstated. Their overstatement will increase the reported profits of the entity, which is a kind of cooking the books to please analysts. They are also interested in ensuring that liabilities and expenses are not understated for the same purpose.
Why is it important to demonstrate a positive work attitude in the workplace?
to be seen as trustworthy and reliable
to be seen as coachable and flexible
to be seen as willing to delegate tasks
to be seen as easily persuadable
Answer:
To be seen as trustworthy and reliable
Explanation:
Cause in a working environment, you want to be known as a trustworthy, and reliable worker. Which allows you to have much more career possibilitties.
Answer:
A. to be seen as trustworthy and reliable
Explanation:
i just took the test
Suppose demand is given by teh equation PD= 100-2QD and supply is given by the equation PS=50+ 3Qs. Price is measured in dollars and quantity is measured in units, What is the deadweight loss of $20?
a. 40
b. 60
c. 20
d. 80
Answer:
a. $40
Explanation:
Question "What is the deadweight loss of $20 tax"
Demand is given by PD = 100 - 2QD
supply is given by PS = 50 + 3QS
For equilibrium, Demand = Supply
100 - 2QD = 50 + 3QS
3QS + 2QD = 100 - 50
5Q= 50
Q = 10 units (Equilibrium quantity)
From PD = 100 - 2QD
P = 100 - (2*10)
P= $80 (equilibrium price)
With a tax of $20, the new supply curve is (PS - 20) = 50 + 3QS
PS = 550 + 20 + 3QS
PS = 70 + 3QS
Then, the new equilibrium is Demand = New supply
100-2Q = 70+3Q
3Q + 2Q = 100 - 70
5Q = 30
Q = 6 units (New equilibrium quantity)
P = = 70+3Q
P = 70 + (3*6) = $88 (New equilibrium price)
P = $88
Now, at the new equilibrium quantity (6 units), Price on the initial supply curve, PS = 50+(3*6) = $68.
Then, the deadweight loss = 1/2* (Equilibrium quantity - New equilibrium quantity) * (New equilibrium price - Price on initial supply curve at new equilibrium quantity)
Deadweight loss = 1/2*(10-6)*(88-68)
Deadweight loss = 1/2*4*20
Deadweight loss = $40
SartainC orporation is planning its annual budget and has the following beginning and ending inventory levels planned for the year.
Beginning Inventory Ending Inventory
Finished goods (units) 22,000 32,000
Raw material (grams) 52,000 42,000
Each unit of finished goods requires 3 grams of raw material. The company plans to sell 170,000 units during the year. How much of the raw material should the company purchase during the year?
a. 552,000 grams
b. 540,000 grams
c. 530,000 grams
d. 582,000 grams
Answer:
c.530,000 grams
Explanation:
Calculation for How much of the raw material should the company purchase during the year
First step is to prepare the Production Budget
PRODUCTION BUDGET
Budgeted unit sales 170,000
Add desired ending finished goods inventory
32,000
Total 202,000
(170,000+32,000)
Less beginning finished goods inventory (22,000)
Required production in units 180,000
(202,000-22,000)
Second step is to prepare Materials Budget
MATERIALS BUDGET
Raw materials required for production 540,000
(180,000*3 grams)
Add desired ending finished goods inventory
42,000
Total raw materials needed 582,000
(540,000+42,000)
Less beginning finished goods inventory (52,000)
Required material purchases 530,000 grams
(582,000-52,000)
Therefore the amount of the raw material that the company should purchase during the year is $530,000 grams
Although the cost-plus method approach to product pricing may be used by management as a general guidance, when are some examples of other factors that managers should also consider in setting product prices?
Answer: value-based pricing.
Explanation:
In its literal sense, value-based pricing means basing pricing on the advantages of the product perceived by the consumer rather than on the exact cost of product creation. A painting, for example, may be priced as much more than canvas and paint prices: in fact, the price depends a lot on who the painter is.
To measure system performance, companies use _____, which uses a set of standard tests on one system to compare its performance and capacity to that of other systems.
Answer:
benchmark testing
Explanation:
BENCHMARK TESTING can be regarded as method that is devices in the measurement of set of repeatable quantifiable results which usually taken as a point of reference in comparing products/services in a company. A benchmark must be a repeatable one, and it's application is also found in result testing in comparism of the present as well as well as future software releasees along with benchmarks. It should be noted that To measure system performance, companies use benchmark testing which uses a set of standard tests on one system to compare its performance and capacity to that of other systems.
I Need help ASAP pls
Answer:
THis is hard
Explanation:
good luck
Corporation has 400 obsolete TV monitors that they carry in their inventory at a total cost of $576,000. If these monitors are upgraded at a total cost of $150,000, they can be sold for a total of $210,000. As an alternative, the calculators can be sold in their present condition for $11,200. Assume that Tolar decides to upgrade the calculators. At what selling price per unit would the company be as well off as if it just sold the calculators in their present condition?
a. $8 per calculator
b. $30 per calculator
c. $53 per calculator
d. $67 dollar per calculator
Answer: $403 per calculator
Explanation:
Assume the selling price is x.
400 calculators.
Upgrading them would cost $150,000 but if sold in present condition would fetch $11,200.
Expression would be;
400x - 150,000 = 11,200
400x = 161,200
x = 161,200/400
x = $403 per calculator
Kevin McCormick is buying a sports utility vehicle at a car dealership. The base price is $25,565; the factory installed options totaled $2,764; and the destination charge is $495. What is the sticker price?
Answer:
$28, 824
Explanation:
The sticker price is also known as the MSRP, or the manufacturer recommended retail price. It includes any dealer-installed accessories, any fees, and add-on products plus dealer markup.
The sticker price is this scenario will include
The base value $25,565, plus factory installed options $2,764, plus the destination charge $495.
= $25,565 + $2,764 + $495.
= $28, 824
Ken consumes two goods, Sprite and potato chips. Sprite costs $1 per can, and he consumes it to the point where the marginal utility he receives from his last Sprite is 3. Potato chips cost $2 per bag, and the relationship between the marginal utility he gets from eating a bag of potato chips and the number of bags he eats per month is as follows:
Bags of Potato chips 1 2 3 4 5 6
Marginal utility 30 20 12 6 2 0
Required:
If Ken is maximizing his utility, how much does he spend on potato chips each month?
a. $2
b. $6
c. $8
d. $10
e. $12
Answer:
The correct option is c. $8.
Explanation:
Ken will maximize utility where the following equation holds:
MU of Sprite / Price of Sprite = MU of potato chips / Price of potato chips ................. (1)
Where;
MU of Sprite = Marginal utility of Sprite = 3
Price of Sprite = $1 per can
From the table in the question, equation (1) holds at the point where Marginal utility of potato chips is 6 since the Potato chips cost $2 per bag.
Substituting the values into equation (1), we have:
MU of Sprite / Price of Sprite = MU of potato chips / Price of potato chips => 3 / 1 = 6 / 2 = 3
Since when the marginal utility of potato chips that maximizes utility is 6, Ken consumes 4 Bags of Potato chips monthly and pays $2 per bag at this point, the amount he spends on potato chips each month can be calculated as follows:
Amount spent on potato monthly = Number of bags of Potato chips consumed monthly * Cost of potato chips per bag = 4 * $2 = $8
Therefore, the correct option is c. $8.
What notation, if any, is made in a formal business letter that contains additional documents in the envelope?
“More”
“Enc.” or “Att.”
“Add plus 1”
None of the above
Answer:
The notation that is made in a formal business letter that contains additional documents in the envelope is:
“Enc.” or “Att.”
Explanation:
"Enc." means "Enclosures," while "Att." means "Attention." These notations draw the attention of the letter recipient to the fact that there are other documents that may be accompanying the business letter. The plural form of the word "Enclosures" is regularly used with the number of enclosures indicated. But if it is one document, then the word "Enclosure" is preferred, indicating that the document is not more than one. When "Attention" or "Att." is used, the documents are listed.
Suppose a food pantry received a donation and allowed volunteers to vote on how the funds were to be spent. Three options were provided, with the donation only covering the cost of one project. The projects included improvements to the building, additional purchases of food, and purchasing a vehicle for food delivery. The majority of volunteers voted for purchasing a vehicle for food delivery with building improvements coming in second. Since only one project could be funded, what is the opportunity cost of the decision to purchase a vehicle
Answer:
improvements to the building,
Explanation:
Opportunity cost is the foregone advantage of not setting certain options in decision making. When a particular option is preferred over others, then benefit from the other options not selected are forfeited. The forfeited benefits represent the opportunity cost.
The value of opportunity cost is equated to the value of the next best alternative. Where there were more than two alternatives available, the next best alternative from the chosen option becomes the opportunity cost. In this case, improvement to the building was voted the second preferred option; hence it becomes the opportunity cost.
X Corporation and its two divisions, Domestic and Foreign, appear below:
Sales revenues, Domestic $640,000
Variable expenses, Domestic $371,300
Traceable fixed expenses, Domestic $76,500
Sales revenues, Foreign $493,900
Variable expenses, Foreign $281,800
Traceable fixed expenses, Foreign $63,900
In addition, X's common fixed expenses totaled $173,300 and were allocated as follows: $90,000 to the Domestic division and $83,300 to the Foreign division.
What is the segment margin for the Domestic division?
a. $178,700
b. $371,300
c. $102,200
d. $192,200
Answer:
d. $192,200
Explanation:
Preparation for What is the segment margin for the Domestic division
DOMESTIC division FOREIGN division
Sales revenues $640,000 $493,900
Less Variable expenses ($371,300) ($281,800)
Contribution margin $268,700 $212,100
($640,000-$371,300) ($493,900-$281,800)
Less Traceable fixed expenses ($76,500) ($63,900)
SEGMENT MARGIN $192,200 $148,200
(268,700-$76,500) (212,100-$63,900)
Therefore the segment margin for the Domestic division will be $192,200
Suppose a food pantry received a donation and allowed volunteers to vote on how the funds were to be spent. Three options were provided, with the donation only covering the cost of one project. The projects included improvements to the building, additional purchases of food, and purchasing a vehicle for food delivery. The majority of volunteers voted for purchasing a vehicle for food delivery with building improvements coming in second. Since only one project could be funded, what is the opportunity cost of the decision to purchase a vehicle
Answer:
improvements to the building
Explanation:
As we know that the opportunity cost is the cost that gives the benefit in the altnernative when the other thing is sacrifice. Now the
As the second best choice is that there should be an improvement in the building so here the opportunity cost related to the purchase of a vehicle is building improvement
Hence, the same is to be considered
Which consequences can victims of identity theft face?
Check all that apply.
1. difficulty getting a loan or credit card
2. an increase in debt
3. the loss of a job
4. difficulty keeping assets
5. a loss of money
6. difficulty landing a new job
Answer:
The correct answers would be
1. Difficulty getting a loan or credit card
2. An increase in debt
4. Difficulty keeping assets
5. Loss of money
Explanation:
Hope this helps! Have a Happy New Year!
A trial balance before adjustment included the following: Debit Credit Accounts receivable $120,000 Allowance for doubtful accounts 730 Sales $510,000 Sales returns and allowances 8,000 Give journal entries assuming that the estimate of uncollectibles is determined by taking (1) 5% of gross accounts receivable and (2) 1% of net sales.
Answer and Explanation:
The journal entries are as follows:
a. Allowance for doubtful debts Dr. $5,270 ($120,000 × 5% - $730)
To Accounts Receivables $5,270
(Being allowance for doubtful debts is recorded)
Here the allowance for doubtful debt is debited as it increased the assets and credited the account receivable as it decreased the assets
2. Allowance for doubtful debts Dr. $4,290 ($510,000 × 1% - $730)
To Accounts Receivables $4,290
(Being allowance for doubtful debts is recorded)
Here the allowance for doubtful debt is debited as it increased the assets and credited the account receivable as it decreased the assets
On July 1, 2011, Hale Kennels sells equipment for $66,000. The equipment was originally purchased on July 1, 2007 at a cost $180,000, had an estimated 5-year life and an expected salvage value of $30,000. The company books depreciation annually. What is the balance in Accumulated Depreciation as of December 31, 2010? What is the journal entry to update depreciation as of July 1, 2011? What is the journal entry to record the sale of the equipment?
Answer:
journal entry to update depreciation as of July 1, 2011
Depreciation Expense $16,000 (debit)
Accumulated Depreciation $16,000 (credit)
journal entry to record the sale of the equipment
Cash $66,000 (debit)
Accumulated Depreciation $128,000 (debit)
Equipment $180,000 (credit)
Profit and Loss $14,000 (credit)
Explanation:
If Hale Kennels uses the straight line method then the calculations will be as follows :
Annual Depreciation Charge = (Cost - Residual Value) ÷ Estimated Useful Life
= ($180,000 - $30,000) ÷ 5
= $32,000
Therefore,
Depreciation Charges for the period in use will be as follows :
2007 = $16,000 ($32,000 × 1/2)
2008 = $32,000
2009 = $32,000
2010 = $32,000
2011 = $16,000 ($32,000 × 1/2)
Total Accumulated depreciation = $128,000
Explaining journal entry to record the sale of the equipment
1. Derecognize the Cost of the Asset
2. Derecognize the Accumulated depreciation
3. Recognize the Cash Proceeds
4. Recognize the Profit or Loss arising from the sale
2. How do fund raising for corporate organization differ from non- corporate organization
Answer:
see below
Explanation:
A corporation is considered a legal person. It is a form of business ownership that is separate from its owners. A Non-corporation business has not gone through the incorporation process. As such, the business and the owner as considered as one entity. A partnership and sole proprietorship are examples of non-corporations.
Raising funds for a corporation is much easier than for a non-corporation. A corporation raises funds through borrowing or by issuing shares to the public or existing shareholders in a private corporation. The money generated from issuing shares can be used to expand the business or meet outstanding debts.
A non-corporation relies on the owner's to fund business activities. If the owners don't have a good credit history, the business may face challenges obtaining loans.
Carlos bought a building (AB) for $113,000 in 2014. He added an leasehold improvements addition to the building for $26,000. In 2018, he sold (SP) it for $212,000. What was his long-term capital gain (LTCG) (ignore depreciation
Answer:
Long-term capital gain = $73,000
Explanation:
The long-term capital gain (LTCG) can be calculated using the following formula:
Long-term capital gain = Selling price - Cost of acquisition - Cost of improvement .............. (1)
Where;
Selling price = $212,000
Cost of acquisition = $113,000
Cost of improvement = $26,000
Substituting the values into equation (1), we have:
Long-term capital gain = $212,000 - $113,000 - $26,000 = $73,000
Note:
Since no information on cost inflation index is given in the question, that implies that there is no need to use indexed cost of acquisition and indexed cost of improvement in our calculation. Therefore, the Cost of acquisition and Cost of improvement has to be used as given in the question.
If an elevator in a large building malfunctions, the owners may ask someone from the Maintenance/Operations pathway of the Architecture and Construction career cluster to look at it.
true or false
Cohlsen Corporation has a favorable materials quantity variance. Which department would likely be asked to explain the cause of this variance
Answer:
b. None, because the variance is favorable.
Explanation:
As in the given question it is mentioned that the Cohlsen corporation has the favorable variance of material quantity so due to the variable there would be no department involved
But in the case when there is an unfavorable material quantity variance so the production department would be held responsible for the same in order to maintain the quantity with the standards
Therefore the correct option is b.
Drew gets married in January of 2019 and provides support for his stepdaughter, Melissa, who is 26 years old. Melissa does not earn any income in 2019 since she is a full-time graduate student. Which of the following is true regarding Melissa as a qualifying relative
a. Melissa qualifies based on her age of 26
b. Melissa qualifies based on her earned income
c. Melissa qualified because there is no age limit on qualifying relatives
d. Both B and C are correct
Answer: A. Melissa qualifies based on her age of 26
Explanation:
An age of maturity qualifies an individual to access some rights in the society, especially at matured age ranging from 18-21 years above. Melissa qualifies to enjoy the benefits of Mr Drew based on her age.
What type of special title insurance policy covers the possibility of a mechanic's lien have priority over a mortgage or deed of trust
Answer:
Depending on the state this type of coverage is called slightly different names. E.g. in Colorado, this type of coverage in included under Comprehensive Coverage. In other states it is simply called Mechanic's Lien Coverage. Most title insurance companies that are registered in ALTA (American Land Title Association) offer some type of mechanic's lien coverage since it is one of the most common sources of litigation regarding real estate.
Mechanic's liens have priority over other types of liens and they are retroactive to the moment when the construction process began. E.g. the contractor started working on January 2, 2020, and decides to file a claim due to unpaid services on November. So the mechanic's lien is retroactive to January 2, 2020. If a mortgage was recorded on June, the mechanic's lien will have priority even though it was recorded at a later date.
Claude received notice that his disability benefits had ended and that he must resume working. What constitutional guarantee is involved?
the due process clause of the Fifth and Fourteenth Amendments
the Preamble of the US Constitution securing "the blessings of liberty"
Answer:
The due process clause of the Fifth and Fourteenth Amendments .
Explanation:
The Due Process Clause establishes that, for a person to be private or limited in relation to their rights, a procedure established by law for this purpose must be followed in advance. Thus, no limitation to the rights of the citizen can be carried out by the simple will or decision of the public administration, but must follow the guidelines established by the Legislative Power and judged as valid by the Judicial Power.
We use the accounting equation to identify what a company owns and owes. _____ are resources a company owns or controls, _____ are claims creditors have against a company’s assets, and _____ is the owner’s claim on a company’s assets.
Answer:
We use the accounting equation to identify what a company owns and owes. Assets are resources a company owns or controls, Liabilities are claims creditors have against a company’s assets, and Equity is the owner’s claim on a company’s assets.
Explanation:
The accounting equation reads as Assets = Liabilities plus Equity.
The accounting equation forms the basis for preparing the balance sheet and the double-entry accounting system. When well prepared, the assets side should balance with liabilities and equity.
The accounting equation is very useful as its shows us:
Assets ⇒ Resources owned by companyEquity ⇒ Owner's claim on company assets Liabilities ⇒ Claims of creditors on company assetsThe accounting equation is:
Assets = Equity + Liabilities
Assets are the thing owned by the company such as buildings, lands, and stock.
Equity are refers to the portion of assets contributed by the owners while liabilities are those that were acquired by borrowing from creditors.
In conclusion, the accounting equation shows the relationships between assets, liabilities, and equity.
Find out more about the accounting equation at https://brainly.com/question/1347011.
Consider Amanda and Zelda. They both will save $6,000 per year until they retire at age 70. Amanda and Zelda, however, will start saving at different ages. Amanda will start saving when she is 30 years old. Zelda will start saving when she is 50 years old. Assuming the interest rate each year is 8%, how much money will the first year of savings amount to when they retire
Answer:
Total FV= $1,828,910.9
Explanation:
Giving the following information:
Amanda:
Annual deposit= $6,000
Number of periods= 40 years
Interest rate= 8%
Zelda:
Annual deposit= $6,000
Number of periods= 20 years
Interest rate= 8%
To calculate the future value, we need to use the following formula:
FV= {A*[(1+i)^n-1]}/i
A= annual deposit
Amanda:
FV= {6,000*[(1.08^40) - 1]} / 0.08
FV= $1,554,339.11
Zelda:
FV= {6,000*[(1.08^20) - 1]} / 0.08
FV= $274,571.79
Total FV= $1,828,910.9
Novak Corp. had accounts receivable of $140,000 on January 1, 2022. The only transactions that affected accounts receivable during 2022 were net credit sales of $3,795,000, cash collections of $3,725,000, and accounts written off of $20,000.
Required:
a. Compute the ending balance of accounts receivable.
b. Compute the accounts receivable turnover for 2016.
c. Compute the average collection period in days.
Answer:
a $210,000
b 21.69 times
c 16.83 average days
Explanation:
a. The ending balance of accounts receivable
= Accounts receivables at the beginning - Cash collections + Net Credit sales
Given that;
Accounts receivables at the beginning = $140,000
Cash collections = $3,725,000
Net Credit sales = $3,795,000
Ending balance of accounts receivable
= $140,000 + $3,795,000 - $3,725,000
= $210,000
b. Compute the accounts receivable turnover
= Net credit sales + [(Beginning account receivable + Ending account receivable) / 2]
= $3,795,000 ÷ [ ($140,000 + $210,000)/2]
= $3,795,000 ÷ $175,000
= 21.69 times
c. Compute the average collection period
= Average accounts receivable ÷ [Annual sales ÷ 365]
= $175,000 ÷ ($3,795,000 ÷ 365)
= $175,000 ÷ $10,397
= 16.83 average days to collect receivables
Your Aunt Ruth has $540,000 invested at 6.5%, and she plans to retire. She wants to withdraw $40,000 at the beginning of each year, starting immediately. How many years will it take to exhaust her funds, i.e., run the account down to zero
Answer:
It will take 28 years for Aunt Ruth to exhaust her funds.
Explanation:
This can be calculated using the formula for calculating the present value (PV) of annuity due given as follows:
PV = P * ((1 - [1 / (1 + r))^n) / r) * (1 + r) .................................. (1)
Where;
PV = Present value or amount invested = $540,000
P = Monthly withdraw = $40,000
r = interest rate = 6.5%, or 0.065
n = number of years = ?
Substitute the values into equation (1) and solve for n, we have:
540,000 = 40,000 * ((1 - (1 / (1 + 0.065))^n) / 0.065) * (1 + 0.065)
540,000 / 40,000 = ((1 - (1 / 1.065)^n) / 0.065) * 1.065
13.50 = ((1 - 0.938967136150235^n) / 0.065) * 1.065
13.50 / 1.065 = (1 - 0.938967136150235^n) / 0.065
12.6760563380282 = (1 - 0.938967136150235^n) / 0.065
12.6760563380282 * 0.065 = 1 - 0.938967136150235^n
0.823943661971833 = 1 - 0.938967136150235^n
0.938967136150235^n = 1 - 0.823943661971833
0.938967136150235^n = 0.176056338028167
Log linearizing, we have:
n log0.938967136150235 = log0.176056338028167
n = log0.176056338028167 / log0.938967136150235
n = -0.754348335711024 / -0.0273496077747565
n = 27.5816875299865
Rounding to a whole number, we have:
n = 28
Therefore, it will take 28 years for Aunt Ruth to exhaust her funds.
Gross Corporation adopted the dollar-value LIFO method of inventory valuation on December 31, 2013. Its inventory at that date was $550,000 and the relevant price index was 100. Information regarding inventory for subsequent years is as follows: Inventory at Current Date Current Prices Price Index December 31, 2014 $642,000 107 December 31, 2015 725,000 125 December 31, 2016 812,500 130 What is the cost of the ending inventory at December 31, 2014 under dollar-value LIFO
Answer: $603,500
Explanation:
Ending inventory in 2014;
= Ending inventory balance 2013 + (([tex]\frac{Inventory current price 2014}{Price index 2014}[/tex] * 100) - ending inventory 2013)) * Price index 2014/100
= 550,000 + (([tex]\frac{642,000}{107}* 100[/tex]) - 550,000)) * 107/100
= $603,500