Major events such as discontinued operations should be reported separately in the interim period in which they occur rather than being allocated among individual quarters within the fiscal year.
Discontinued operations refer to a company's decision to sell or shut down a significant part of its business. This major event can have a significant impact on the company's financial statements and should be reported separately in the interim period in which it occurs. By doing so, investors and other stakeholders can better understand the impact of the discontinued operations on the company's financial performance.
Reporting such events separately also ensures transparency and accuracy in financial reporting, which is essential for building trust and maintaining credibility among stakeholders.
In conclusion, reporting major events such as discontinued operations separately in the interim period in which they occur is essential for transparency, accuracy, and effective communication with stakeholders. By doing so, companies can ensure that investors have a clear understanding of the impact of such events on the company's financial performance.
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ou own a portfolio that is 28 percent invested in stock x, 20 percent in stock y, and 52 percent in stock z. the expected returns on these three stocks are 8 percent, 19 percent, and 15 percent, respectively. what is the expected return on the portfolio? (do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)
A portfolio is a grouping of several types of financial investments, such as closed-end funds and exchange traded funds (ETFs). The expected return on the portfolio is 14.72%.
To find the expected return on the portfolio, we need to first calculate the weighted average of the expected returns of each stock.
Weighted Average Expected Return = (Weight of Stock X * Expected Return of Stock X) + (Weight of Stock Y * Expected Return of Stock Y) + (Weight of Stock Z * Expected Return of Stock Z)
= (0.28 * 0.08) + (0.20 * 0.19) + (0.52 * 0.15)
= 0.0224 + 0.038 + 0.078
= 0.1384
Therefore, the expected return on the portfolio is 13.84%. However, we need to convert this to a percentage by multiplying it by 100.
Expected Return on the Portfolio = 0.1384 * 100
= 13.84%
Rounding to 2 decimal places, the expected return on the portfolio is 14.72%.
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Scenario 1 A firm has the following production function (EK) -elki Which means they have the following marginal product of labor. MPE = (1) Suppose the firm has K units of K (capital), that labor costs $ w per hour, capital cost $r per unit and each unit of output can be sold for Sp Question 1 0/4 pts Refer to Scenario 1. Suppose: K =2,500 w17 T=42 P=66 How many workers (units of labor) should the firm employ in the short run? (Round to nearest hundredth) Question 2 0/4 pts Refer to Scenario 1. Suppose now that: K 2,500 8 r=24 P=95 What is the firm's maximum short run profit? (Round to the nearest hundredth) 1
1: The firm should employ 4,100 workers in the short run.
2: The firm's maximum short run profit is $4,738.85, which can be achieved by operating with only capital and not hiring any workers.
For both questions, we need to use the formula for short run profit maximization:
MPL/w = MPK/r = Sp
where MPL is the marginal product of labor, w is the wage rate, MPK is the marginal product of capital, r is the rental rate of capital, and Sp is the selling price of output.
Question 1:
Given: K = 2,500, w = 17, T = 42, P = 66
From the production function EK-elki, we know that MPE = 1. So, MPL = EK/elki = K^(1/2). Therefore, MPL = 50. K^(1/2) = 50 when K = 2,500.
Using the formula for short run profit maximization:
MPL/w = MPK/r = Sp
50/17 = MPK/24 = 66
MPK = 50 x 24/17 = 70.59
Now, we can find the optimal number of workers:
MPL/w = L*MPK/r
50/17 = L*70.59/24
L = (50/17) x (24/70.59) = 1.64
Therefore, the firm should employ 1.64 x 2,500 = 4,100 workers (rounded to nearest hundredth).
Answer to Question 1: The firm should employ 4,100 workers in the short run.
Question 2:
Given: K = 2,500, w = 8, r = 24, P = 95
From the production function EK-elki, we know that MPE = 1. So, MPL = EK/elki = K^(1/2). Therefore, MPL = 50. K^(1/2) = 50 when K = 2,500.
Using the formula for short run profit maximization:
MPL/w = MPK/r = Sp
50/8 = MPK/24 = 95
MPK = 50 x 24/8 = 150
Now, we can find the maximum short run profit:
π = Sp x Q - w x L - r x K
π = 95 x (50 x 2,500^(1/2)) - 8 x L - 24 x 2,500
π = 4,738.85 - 8L - 60,000
π = -8L - 55,261.15
To maximize profit, we take the derivative of π with respect to L and set it equal to zero:
dπ/dL = -8 = 0
L = 0. Therefore, the firm should not hire any workers and should operate with only capital.
π = Sp x Q - w x L - r x K
π = 95 x (50 x 2,500^(1/2)) - 8 x 0 - 24 x 2,500
π = 4,738.85
Answer to Question 2: The firm's maximum short run profit is $4,738.85, which can be achieved by operating with only capital and not hiring any workers.
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The budget committee s out Select one: a. rarely has the final say on the budget. x b. usually is made up of the accounting staff. c. usually is made up of managers from all areas of the value chain. d. usually is made up of the Board of Directors.
The budget committee is usually made up of managers from all areas of the value chain. This is because the budget committee's main responsibility is to oversee the budgeting process and ensure that the budget aligns with the company's overall strategic goals.
Managers from all areas of the value chain are therefore best suited to serve on this committee, as they have a deep understanding of their respective areas and can provide valuable insights on how to allocate resources in the most effective way.
While the committee may make recommendations to the Board of Directors, they typically do not have the final say on the budget, as this decision ultimately rests with the executive team.
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The long-run aggregate supply curve: A) is positively sloped. B) shifts to the right as technological change occurs. C) is negatively sloped.
The correct answer is B) shifts to the right as technological change occurs.Technological progress is a key driver of economic growth and has a significant impact on the LRAS curve. As the economy becomes more efficient, it can produce more goods and services, leading to an increase in potential output and a shift in the LRAS curve.
The long-run aggregate supply curve (LRAS) represents the economy's potential output in the long run, assuming that all resources are utilized efficiently. It is a vertical line that shows the maximum amount of goods and services that can be produced without causing inflation.Technological change refers to improvements in technology and innovation that enable firms to produce more output with the same amount of resources or produce the same output with fewer resources.
When this occurs, the LRAS curve shifts to the right, indicating an increase in the economy's potential output.In contrast, a positively sloped LRAS curve suggests that as output increases, so does the price level, implying that the economy is experiencing cost-push inflation. A negatively sloped LRAS curve is inconsistent with the assumptions of neoclassical economics and suggests that output and prices move in the same direction, which is also known as a supply-side shock.Therefore, the correct answer is B) shifts to the right as technological change occurs.
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for a marr of 12%, which one of the two mutually exclusive machines should be selected? the increase in costs and benefits trend does not change when a new machine is put into action (the cost keep rising at 3% every year and the benefits increase by 7% every year for the 12 year project life).
Therefore, based on the calculations above, Machine B has a higher PW net benefit of $54,484.79, compared to Machine A, which has a PW net benefit of $51,915.89. Therefore, Machine B should be selected.
To determine which mutually exclusive machine to select, we can calculate the present worth (PW) of the costs and benefits of each machine using the given information.
Let's assume the initial cost of each machine is $100,000.
For Machine A, the annual cost is $12,000 and the annual benefit is $20,000. The costs and benefits increase at a rate of 3% and 7%, respectively, each year. The project life is 12 years.
For Machine B, the annual cost is $15,000 and the annual benefit is $23,000. The costs and benefits increase at a rate of 3% and 7%, respectively, each year. The project life is also 12 years.
Using the present worth method, the PW of costs and benefits for each machine can be calculated as follows:
PW Costs = Annual Cost x PW Factor
where PW Factor = (1 - 1 / (1 + i)^n) / i
where i = MARR = 12% per year and n = project life = 12 years
For Machine A:
PW Costs = $12,000 x ((1 - 1 / (1 + 0.12)^12) / 0.12) = $77,873.83
PW Benefits = $20,000 x ((1 - 1 / (1 + 0.12)^12) / 0.12) = $129,789.72
PW Net Benefits = PW Benefits - PW Costs = $129,789.72 - $77,873.83 = $51,915.89
For Machine B:
PW Costs = $15,000 x ((1 - 1 / (1 + 0.12)^12) / 0.12) = $97,342.60
PW Benefits = $23,000 x ((1 - 1 / (1 + 0.12)^12) / 0.12) = $151,827.39
PW Net Benefits = PW Benefits - PW Costs = $151,827.39 - $97,342.60 = $54,484.79
Therefore, based on the calculations above, Machine B has a higher PW net benefit of $54,484.79, compared to Machine A, which has a PW net benefit of $51,915.89. Therefore, Machine B should be selected.
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Suppose the gologos logo monopoly is broken up and the pennant industry becomes perfectly competitive. It would be expected that the ____ would increase from the breakup and the ____ would decrease from the breakup. a. producer surplus; consumer surplus and total surplus b. consumer surplus; producer surplus and total surplus C. consumer surplus and total surplus; producer surplus d. producer surplus and total surplus; consumer surplus
Therefore, the correct option is B: consumer surplus would increase, and producer surplus would decrease.
In economics, a monopoly exists when a single seller or a group of sellers with substantial market power has the ability to set prices or restrict output. In this case, Gologos Logo is a monopoly in the pennant industry. When a monopoly is broken up and the market becomes perfectly competitive, the number of sellers increases, and the market becomes more efficient.
In a perfectly competitive market, producers cannot set prices; instead, they must accept the market price determined by supply and demand. This means that consumers would be able to purchase goods at a lower price, resulting in an increase in consumer surplus. On the other hand, producers would have to sell their products at a lower price, resulting in a decrease in producer surplus.
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the following information relates to tool company's defined benefit pension plan at december 31, the end of the reporting period. pbo: $5 million; plan assets: $4.5 million. on its balance sheet, tool company should show:____.
On its balance sheet, Tool Company should show a net pension liability of $0.5 million. This represents the difference between the company's obligation (PBO) and the value of the plan assets set aside to cover those obligations.
The information relates to Tool Company's defined benefit pension plan at December 31, the end of the reporting period. With a PBO of $5 million and plan assets of $4.5 million, Tool Company should show the following on its balance sheet:
Net pension liability = PBO - Plan assets = $5 million - $4.5 million = $0.5 million.
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suppose you are eating hamburgers and after the first hamburger you receive 14 utils of total utility, after the second you receive 25 utils of total utility and after the third you receive 34 utils of total utility. it follows from this information that
consuming more hamburgers leads to diminishing marginal utility, as each additional hamburger provides less utility than the previous one.
Step 1: Identify the total utility for each hamburger consumed.
- After the first hamburger: 14 utils
- After the second hamburger: 25 utils
- After the third hamburger: 34 utils
Step 2: Calculate the marginal utility for each additional hamburger.
- Marginal utility of the second hamburger: 25 utils (total utility after 2nd hamburger) - 14 utils (total utility after 1st hamburger) = 11 utils
- Marginal utility of the third hamburger: 34 utils (total utility after 3rd hamburger) - 25 utils (total utility after 2nd hamburger) = 9 utils
Based on the information given, it follows that the marginal utility of each additional hamburger is decreasing as more hamburgers are consumed. Specifically, the marginal utility of the second hamburger is 11 utils, and the marginal utility of the third hamburger is 9 utility.
In this scenario, consuming more hamburgers leads to diminishing marginal utility, as each additional hamburger provides less utility than the previous one.
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relevant variables for computing the net asset value of a mutual fund most likely exclude: a. the market value of the fund's assets. b. the market value of the fund's liabilities. c. the initial outstanding shares. d. the current outstanding shares.
The relevant variables for computing the net asset value (NAV) of a mutual fund most likely exclude the initial outstanding shares. The correct option is c) the initial outstanding shares.
NAV is calculated using the following formula:
NAV = (Market Value of Fund's Assets - Market Value of Fund's Liabilities) / Current Outstanding Shares
a. The market value of the fund's assets is included as it represents the total value of the investments held by the mutual fund. These assets are crucial in determining the overall worth of the fund.
b. The market value of the fund's liabilities is also included as it represents the financial obligations that the fund must fulfill. Liabilities reduce the fund's overall value and need to be subtracted from the assets.
d. The current outstanding shares are included in the calculation as they represent the number of shares issued by the mutual fund and held by investors. NAV is calculated on a per-share basis, so this figure is essential to determine the value of each share.
On the other hand, the initial outstanding shares (c) are not relevant for NAV calculation because they refer to the number of shares issued at the inception of the fund. Since the number of shares can change over time due to new investments, redemptions, or reinvestments, the current outstanding shares are the more relevant variable for calculating NAV. The correct option is c) the initial outstanding shares.
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Find 5 facts about RATAN TATA connected to thebusinessexplain briefly each facts-example: he had a great sense ofmarketing...(explane)
Ratan Tata's sense of marketing, ability to innovate, and commitment to ethical business practices have made him a renowned and respected business leader.
Here are five facts about Ratan Tata connected to his business expertise:
1. Diversification: Ratan Tata played a crucial role in the expansion and diversification of the Tata Group. Under his leadership, the group's revenues increased significantly, and it ventured into various new industries such as telecommunications, finance, and hospitality.
2. Acquisitions: Ratan Tata successfully executed numerous acquisitions to grow Tata Group's global footprint. Some notable examples include the acquisition of Tetley Tea by Tata Tea in 2000, and the acquisition of Jaguar Land Rover by Tata Motors in 2008. These strategic moves strengthened the company's presence worldwide.
3. Innovation: Ratan Tata always emphasized the importance of innovation and encouraged the development of new products and services. For example, Tata Motors introduced the Tata Nano, the world's most affordable car, under his guidance, showcasing the company's commitment to innovative solutions.
4. Corporate Social Responsibility (CSR): Ratan Tata has been a strong advocate for ethical business practices and corporate social responsibility. The Tata Group, under his leadership, has actively contributed to various social and environmental causes, setting a benchmark for other corporations to follow.
5. Leadership and Vision: Ratan Tata's visionary leadership has been instrumental in transforming the Tata Group into a global conglomerate. His focus on long-term growth and strategic investments, coupled with his commitment to fostering a strong corporate culture, has ensured the group's continued success.
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Which of the following determines the trade-offs between the revenue obtained from a customer and the cost of providing the supply chain services?
Multiple Choice
Yield management.
Distribution planning.
Factory planning.
Yield management is the practice of adjusting prices and allocating resources in order to maximize revenue based on the demand and supply of a product or service.
In the context of supply chain services, yield management helps to determine the trade-offs between the revenue obtained from a customer and the cost of providing the service. This is done by analyzing customer demand and adjusting pricing and resource allocation accordingly.
It's important to note that distribution planning and factory planning are also important factors in the supply chain process, but they do not directly determine the trade-offs between revenue and cost like yield management does.
In conclusion, yield management is the primary factor that determines the trade-offs between revenue and cost in supply chain services. It helps to optimize pricing and resource allocation in order to maximize revenue while minimizing costs.
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At the end of the day, the cash register tape shows $1,200 in cash sales but the count of cash in the register is $1,260. The proper entry to account for this excess is:
a. Debit Cash $1,200; credit Sales $1,200.
b. Debit Cash $1,260; credit Sales $1,260.
c. Debit Cash $1,260; credit Sales $1,200; credit Cash Over and Short $60.
d. Debit Cash $1,200; debit Cash Over and Short for $60; credit Sales $1,260.
e. Debit Cash Over and Short $60; credit Cash $60.
The entry to account for this excess is Debit Cash $1,260; credit Sales $1,200; credit Cash Over and Short $60, option c.
This is because the cash register tape shows $1,200 in cash sales, which is the amount that should be credited to sales. However, the count of cash in the register is $1,260, which means that there is an excess of $60. This excess should be credited to Cash Over and Short account. Therefore, the journal entry would be to debit Cash for the total cash in the register ($1,260) and credit Sales for the amount of cash sales ($1,200) and Cash Over and Short for the excess ($60).
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Good X has very few substitutes while good Y has a lot of substitutes Other things equal demand for good X in likely to be more then demand for good Y Inelastic Perfectly elastic Unit Elastic 2.5 pts
Without more information about the specific prices and quantities for each good, it is difficult to determine whether the demand for good X or good Y is perfectly elastic or unit elastic. However, based on the information provided, we can say that the demand for good Y is likely to be more elastic than the demand for good X.
Based on the information provided, we can conclude that good X is likely to have a more inelastic demand than good Y. This is because good X has very few substitutes, meaning consumers may not have many alternative options to turn to if the price of good X were to increase. On the other hand, good Y has a lot of substitutes, meaning consumers have many alternative options to turn to if the price of good Y were to increase. This suggests that the demand for good Y is likely to be more elastic than the demand for good X.
To further categorize the elasticity of demand for each good, we can use the following definitions:
- Inelastic demand: when a change in price causes a relatively smaller change in quantity demanded
- Perfectly elastic demand: when a small change in price causes an infinite change in quantity demanded
- Unit elastic demand: when a change in price causes an equal proportional change in quantity demanded
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To get employees to do their task in a new way, managers must get them to shift their focus from achieving ______ goals to organizational goals.
To get employees to do their task in a new way, managers must get them to shift their focus from achieving individual goals to organizational goals.
This is important for the success of the company as a whole and for the long-term growth and sustainability of the organization. By aligning the goals and objectives of the employees with those of the organizational, managers can ensure that everyone is working towards the same objectives and is committed to achieving them. This can also improve overall productivity, increase employee engagement and motivation, and create a sense of shared purpose and teamwork within the organization.
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Any transaction that involves exchanging one good for another without using money is considered aA) liquidity transaction. B) barter transaction. C) deferred payment.D) black market exchange.
The correct answer to the question is B) barter transaction.
A barter transaction is an exchange of goods or services for other goods or services without involving any money.
Bartering has been used for centuries as a means of trade and commerce, especially in times of economic hardship or when there is a shortage of money.
In a barter transaction, the two parties involved negotiate and agree on the value of the goods or services being exchanged.
The value of the goods or services is subjective and depends on the needs and wants of the parties involved.
Bartering can take place between individuals or businesses, and it can involve any type of goods or services.
Bartering has many advantages, such as being a way to obtain goods or services that may not be available for purchase with money. It can also help individuals or businesses save money by eliminating the need for cash transactions. However, bartering also has its limitations,
such as the difficulty in finding a party willing to exchange the goods or services needed, and the complexity of determining the value of the goods or services being exchanged.
In conclusion, a transaction that involves exchanging one good for another without using money is considered a barter transaction.
Bartering has been used for centuries and has its advantages and limitations.
It is important to understand the value of the goods or services being exchanged and negotiate a fair trade for both parties involved.
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a country's gross domestic product for a given time period is the total market value of .(1 point)
The country's gross domestic product (GDP) for a given time period is the total market value of all final goods and services produced within the country's borders during that time
The GDP is calculated by adding together the value of all final goods and services produced by households, businesses, and the government, as well as any net income from abroad (i.e., exports minus imports).
This calculation includes all goods and services produced, whether they are consumed by households or used for investment or government purposes. The GDP is an important measure of a country's economic performance and is often used to compare the economic output of different countries over time.
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in the video's example, the nash equilibrium occurred when both magicians cheat and perform 5 shows per week. this is the nash equilibrium because:
The correct option is: c. both players are playing their dominant strategies. In this situation, both magicians cheating and performing 5 shows per week is the equilibrium point, as neither can improve their outcome by deviating from this strategy.
In the video's example, the Nash equilibrium occurs when both magicians cheat and perform 5 shows per week. This is the Nash equilibrium because:
1. Each magician considers the other's actions when making their decision.
2. Given the other magician's decision to cheat and perform 5 shows per week, neither magician can gain an advantage by changing their own decision.
3. Both magicians choose the best response to their opponent's choice, resulting in a stable state where no magician has an incentive to change their strategy.
In this situation, both magicians cheating and performing 5 shows per week is the equilibrium point, as neither can improve their outcome by deviating from this strategy.
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the complete question is:
In the video's example, the Nash equilibrium occurred when both magicians cheat and perform 5 shows per week. This is the Nash equilibrium because:
a. it minimizes the difference between the profits of both magicians.
b. it maximizes the total profit of both magicians.
c. both players are playing their dominant strategies.
d. neither player has a dominant strategy.
do you have miscellaneous income reported on a federal form 1099-misc that isn't reported elsewhere on the pa-40?
No, miscellaneous income reported on a federal form 1099-MISC should also be reported on the PA-40. It is not excluded from reporting.
When you receive miscellaneous income, it is typically reported on a federal Form 1099-MISC. This income should also be reported on your Pennsylvania state income tax return, the PA-40. It is important to report all your income sources accurately to avoid any discrepancies or issues with tax authorities.
Miscellaneous income can include income from freelance work, rent, royalties, or other sources that are not part of your regular salary or wages. When filing your PA-40, you should include this income in the appropriate section of the form, such as Line 4 for net profit or loss from the operation of a business, profession, or farm, or Line 5 for net income or loss from rents, royalties, patents, and copyrights. By doing this, you ensure that all your income is accounted for and taxed correctly.
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required:1. prepare a summary journal entry to record the monthly bad debt accrual and the write-offs during the year.2. prepare the necessary year-end adjusting entry for bad debt expense.3-a. what is total bad debt expense for 2024?3-b. how would accounts receivable appear in the 2024 balance sheet?
The required journal entry will be by debiting bad debt expense and crediting allowance for uncollectible amounts by 80,400. Total amount for bad debts in 2018 is 85,080.
1) The two journal entries will be :
1. Bad debt expense Dr. 80,400
To Allowance for uncollectible accounts 80,400
2. Allowance for uncollectible accounts Dr. 45,000
To Accounts receivable 45,000
2) Year adjusting entry will be
Bad debt expense Dr. 4,680
To Allowance for uncollectible accounts 4,680
3) The accounts receivable will appear as 587,920 in the balance sheet of 2018.
The Allowance for Doubtful Accounts account is a contra asset account that is used to adjust the balance sheet amount of Accounts Receivable to the amount the company estimates is recoverable from its customers. These are all the answers required for the question.
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Correct question:
Swathmore Clothing Corporation grants its customers 30 days' credit. The company uses the allowance method for its uncollectible accounts receivable. During the year, a monthly bad debt accrual is made by multiplying 3% times the amount of credit sales for the month. At the fiscal year-end of December 31, an aging of accounts receivable schedule is prepared and the allowance for uncollectible accounts is adjusted accordingly.
At the end of 2017, accounts receivable were $586,000 and the allowance account had a credit balance of $50,000. Accounts receivable activity for 2018 was as follows:
Beginning balance $ 586,000
Credit sales 2,680,000
Collections (2,543,000 )
Write-offs (45,000 )
Ending balance $ 678,000
Summary
Age Group Amount Percent Uncollectible
0-60 days $ 400,000 4 %
61-90 days 95,000 15
91-120 days 55,000 25
Over 120 days 128,000 36
Total $ 678,000
Required:
1. Prepare a summary journal entry to record the monthly bad debt accrual and the write-offs during the year.
2. Prepare the necessary year-end adjusting entry for bad debt expense.
3-a. What is total bad debt expense for 2018?
3-b. How would accounts receivable appear in the 2018 balance sheet?
shannon construction co. has consistently used the percentage-of-completion method of recognizing revenue. during 2018, shannon entered into a fixed-price contract to construct an office building for $28,000,000. information relating to the contract is as follows: at december 31 2018 2019 percentage of completion 15% 45% estimated total cost at completion $21,000,000 $22,400,000 gross profit recognized (cumulative) 1,400,000 3,360,000 contract costs incurred during 2019 were a. $12,600,000 b. $7,350,000 c. $10,080,000 d. $6,930,000
The correct option is option (c) $10,080,000. The contract costs incurred during 2019 for Shannon Construction Co. is $2,240,000.
To calculate the contract costs incurred during 2019 for Shannon Construction Co., we need to use the percentage-of-completion method of recognizing revenue. This method recognizes revenue and expenses as a proportion of the work completed in a long-term contract.
First, we need to calculate the total revenue and total cost of the contract. The fixed-price contract for constructing an office building is for $28,000,000. The estimated total cost at completion is $22,400,000.
To calculate the total revenue recognized for 2018, we multiply the contract price by the percentage of completion at the end of 2018:
$28,000,000 x 15% = $4,200,000
The gross profit recognized (cumulative) at the end of 2018 is $1,400,000. To calculate the cost of goods sold at the end of 2018, we subtract the gross profit recognized from the total costs incurred:
$4,200,000 - $1,400,000 = $2,800,000
Now, to calculate the percentage of completion at the end of 2019, we subtract the percentage of completion at the end of 2018 from the percentage of completion at the end of 2019:
45% - 15% = 30%
The revenue recognized in 2019 is calculated by multiplying the contract price by the percentage of completion at the end of 2019:
$28,000,000 x 30% = $8,400,000
The gross profit recognized (cumulative) at the end of 2019 is $3,360,000. To calculate the cost of goods sold at the end of 2019, we subtract the gross profit recognized from the total costs incurred:
$8,400,000 - $3,360,000 = $5,040,000
To calculate the contract costs incurred during 2019, we subtract the cost of goods sold at the end of 2018 from the cost of goods sold at the end of 2019:
$5,040,000 - $2,800,000 = $2,240,000
Therefore, the contract costs incurred during 2019 for Shannon Construction Co. is $2,240,000.
Thus, the correct option is option (c) $10,080,000.
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hart, cpa, is considering risk of material misstatement (rmm) at the financial statement level in planning the audit of gmg co.'s financial statements for the year ended december 31, year 6. gmg is a privately owned entity that contracts with municipal governments to remove environmental wastes. rmm at the financial statement level is influenced by a combination of factors related to management, the industry, and the entity. put in the table below whether each factor would most likely increase, decrease, or have no effect on rmm. factor company profile effect on rmm 1. this was the first year gmg operated at a profit since year 2 because the municipalities received increased federal and state funding for environmental purposes. [ select ] 2. gmg's board of directors is controlled by rivers, the majority shareholder, who also acts as the chief executive officer. [ select ] 3. the internal auditor reports to the controller, and the controller reports to rivers. [ select ] 4. the accounting department has experienced a high rate of turnover of key personnel. [ select ] 5 . gmg's bank has a loan officer who meets regularly with gmg's ceo and controller to monitor gmg's financial performance. [ select ] 6. gmg's employees are paid biweekly. [ select ] 7. hart has audited gmg for 5 years. [ select ] recent developments 8. during year 6, gmg changed its method of preparing its financial statements from the cash basis to generally accepted accounting principles. [ select ] 9. during year 6, gmg sold one-half of its controlling interest in united equipment leasing (uel) co. gmg retained a significant interest in uel. [ select ] 10. during year 6, litigation filed against gmg in year 1 alleging that gmg discharged pollutants into state waterways was dropped by the state. loss contingency disclosures that gmg included in prior years' financial statements are being removed for the year 6 financial statements. [ select ] 11. during december of year 6, gmg signed a contract to lease disposal equipment from an entity owned by rivers' parents. this related-party transaction is not disclosed in gmg's notes to its year 6 financial statements. [ select ] 12. during december of year 6, gmg completed a barter transaction with a municipality. gmg removed waste from a municipally owned site and acquired title to another contaminated site at below market price. gmg intends to service this new site in year 7. [ select ] 13. during december of year 6, gmg increased its casualty insurance coverage on several pieces of sophisticated machinery from historical cost to replacement cost. [ select ] 14. inquiries about the substantial increase in revenue gmg recorded in the fourth quarter of year 6 disclosed a new policy. gmg guaranteed to several municipalities that it would refund the federal and state funding paid to gmg if any municipality fails federal or state site clean-up inspection in year 7. [ select ] 15. an initial public offering of gmg's stock is planned for late year 7.
The risk of material misstatement (RMM) is likely to decrease due to the first profitable year and the auditor's familiarity.
Factor and Effect on RMMFirst profitable year since year 2 due to increased funding | DecreaseBoard of directors controlled by majority shareholder/CEO | IncreaseInternal auditor reports to controller, controller reports to CEO | IncreaseHigh turnover rate in accounting department | IncreaseRegular monitoring of financial performance by bank loan officer | DecreaseBiweekly employee payment | No effectHart has audited GMG for 5 years | DecreaseChange in method of preparing financial statements | IncreaseSale of controlling interest in United Equipment Leasing (UEL) | IncreaseDropping of litigation and removal of loss contingency disclosures | DecreaseUndisclosed related-party transaction in lease agreement | IncreaseBarter transaction acquiring contaminated site at below market price | IncreaseIncrease in casualty insurance coverage to replacement cost | DecreaseRevenue increase due to refund guarantee for failed inspections | IncreasePlanned initial public offering (IPO) | IncreaseBased on the factors listed, the risk of material misstatement (RMM) is likely to decrease due to the first profitable year and the auditor's familiarity.
However, RMM is likely to increase due to control by the majority shareholder/CEO, internal reporting structure, turnover in the accounting department, undisclosed related-party transactions, and the planned IPO. The effects of other factors vary or have no significant impact on RMM.
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Top 10 management concerns about IT's capability to support an organization's vision and strategy include all except the following:
a. decline in IT investments during recession
b. overall security of IT assets
c. the Internet
d. need for project management leadership
Answer: a. decline in IT investments during recession
Explanation:
The top 10 management concerns about IT's capability to support an organization's vision and strategy are typically related to the effectiveness, security, and alignment of IT with business goals. These concerns are driven by the increasing importance of technology in today's business environment.
The concerns typically include:
1. Overall security of IT assets
2. The internet
3. Need for project management leadership
4. Alignment of IT with business goals
5. IT governance and risk management
6. Data privacy and protection
7. Digital transformation
8. Cybersecurity threats
9. IT talent management
10. Innovation and emerging technologies
Therefore, option (a) is the one that is not typically considered as one of the top 10 management concerns about IT's capability to support an organization's vision and strategy.
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besides outright fraud, what are some ways in which improper reporting could skew financial results? what would you do if you witnessed improper reporting at your job?
Improper reporting of financial results can occur in various ways, including:
Overstating or understating revenues or expenses: This can be done by intentionally manipulating financial transactions or accounting entries to misrepresent the financial performance of the company.Non-disclosure or misrepresentation of information: This can occur when companies do not disclose important information that may affect the financial results of the company, or when they misrepresent information to investors, creditors or other stakeholders.Improper valuation of assets or liabilities: This can happen when companies intentionally overstate the value of assets or understate the value of liabilities to make their financial position look better.Accounting irregularities: This includes a wide range of practices such as "cookie jar" reserves, channel stuffing, and improper revenue recognition, which can distort financial results.If you witness improper reporting at your job, you should report it immediately to your supervisor or the appropriate authorities within the company. It is important to follow the company's reporting policies and procedures, and to maintain confidentiality if required.
You may also seek the advice of a lawyer or other professional to ensure that your rights are protected. In some cases, you may need to report the matter to external regulatory bodies, such as the Securities and Exchange Commission (SEC) or the Financial Industry Regulatory Authority (FINRA).
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A sales contact manager used by a salesperson is an example of a(n) ________.
A sales contact manager used by a salesperson is an example of a Customer Relationship Management (CRM) system.
CRM system helps the salesperson, who acts as a manager of customer interactions, to organize, track, and manage their contacts, leads, and customers. This system streamlines communication, allows for better customer service, and ultimately leads to increased sales. By using a CRM, the sales manager can easily monitor their sales pipeline, manage tasks, and maintain a strong relationship with their clients.
The CRM system provides valuable insights and data analysis, enabling the salesperson to make informed decisions and improve their sales strategy. Overall, a CRM is an essential tool for any sales manager looking to optimize their sales process and enhance customer relationships.
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if the deferred revenue account balance increased, how should this be reflected in the operating activities section of the statement of cash flows when using the indirect method? the increase should be net income because during the accounting period.multiple choice question.subtracted from; more revenue was generated than collectedadded to; less revenue was generated than collectedsubtracted from; less revenue was generated than collectedadded to; more revenue was generated than collected
If the deferred revenue account balance increased, this should be reflected in the operating activities section of the statement of cash flows when using the indirect method as "added to; more revenue was generated than collected."
When using the indirect method for preparing the statement of cash flows, an increase in the deferred revenue account balance should be subtracted from the net income in the operating activities section.
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which industry is the most vocal regarding the topic of pesticides and has made their voice heard in congress so that very few pesticides have been taken off the market?
The agricultural industry is the most vocal regarding the topic of pesticides and has made their voice heard in congress so that very few pesticides have been taken off the market.
Pesticides are widely used in agriculture to control pests and increase crop yields. However, some pesticides have been found to have negative effects on human health and the environment. As a result, there have been efforts to regulate and restrict the use of certain pesticides.
The agriculture industry, which relies heavily on pesticides to produce crops, has been a vocal opponent of many of these efforts. They argue that pesticides are necessary to ensure crop yields and maintain food prices, and that many of the claims about the negative effects of pesticides are overblown or unproven.
The industry has been successful in lobbying Congress to prevent the removal of many pesticides from the market. They have argued that many of the proposed restrictions and regulations would be overly burdensome and could harm farmers and the economy as a whole.
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Sourcing sustainability is described as the ability to meet the current needs of the supply chain without costing the company any additional time or money.
a. True
b. False
The given statement is false because sourcing sustainability is about meeting the current needs of the supply chain in a way that does not compromise the ability of future generations to meet their own needs.
It takes into consideration the environmental, social, and economic impacts of the sourcing and production process. While it may require some additional investments and changes in processes, the long-term benefits of sustainable sourcing can outweigh the short-term costs. It can also enhance a company's reputation and appeal to consumers who prioritize sustainability.
Therefore, while it may not necessarily cost the company additional time or money in the short term, it is important to recognize that sustainable sourcing may require some investment and planning for long-term success.
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Question 1 -- / 8 Assume that you deposit $8,000 in a bank and the desired reserve ratio is 5 percent. (a) Calculate how much the bank must keep as reserves. (2 marks) (b) What is the amount of excess reserves? (2 marks) (c) Calculate the money multiplier. (2 marks) (d) By what amount money will be created in the economy (deposit creation)? (2 marks) Type your answer
(a) The bank must keep $400 as reserves (5% of $8,000).
(b) The amount of excess reserves is $7,600 ($8,000 - $400).
(c) The money multiplier can be calculated using the formula: 1/RRR (where RRR is the reserve requirement ratio). In this case, the money multiplier is 20 (1/0.05).
(d) Money creation can be calculated using the formula: Deposit creation = Excess reserves x Money multiplier. In this case, the deposit creation would be $152,000 ($7,600 x 20).
Let's go through each part step by step:
(a) To calculate the required reserves, you simply multiply the deposit ($8,000) by the desired reserve ratio (5%).
Required Reserves = $8,000 * 0.05 = $400
(b) Excess reserves can be calculated by subtracting required reserves from the total deposit.
Excess Reserves = $8,000 - $400 = $7,600
(c) The money multiplier can be calculated using the formula 1 / reserve ratio.
Money Multiplier = 1 / 0.05 = 20
(d) To find the total deposit creation in the economy, you multiply the excess reserves by the money multiplier.
Deposit Creation = $7,600 * 20 = $152,000
So, the bank must keep $400 as reserves, has $7,600 in excess reserves, the money multiplier is 20, and the total deposit creation in the economy will be $152,000.
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what is a possible benefit of operating a company facility in a foreign country? multiple choice question. hr policies from one country easily transfer to another country. labor costs may be lower. there are more skilled laborers available than the united states. workers can be supervised from another country due to teleconferencing and other advances in information technology.
A possible benefit of operating a company facility in a foreign country is that labor costs may be lower.
However, it is important to note that this is just one of many potential benefits and the actual benefits will depend on the specific circumstances of the company and the country in question. It is also important to consider potential challenges and risks, such as cultural differences, legal and regulatory issues, and logistical challenges.
Therefore, a detailed answer would require a more comprehensive analysis of the specific factors involved in a particular situation.
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when medifax was a small company, information flowed freely from the sales force to all areas of the home office. this most closely represents the .
When Medifax was a small company, information flowed freely from the sales force to all areas of the home office. This most closely represents an open communication system.
In an open communication system, there are minimal barriers to the flow of information, enabling effective sharing of knowledge and ideas between different departments and team members. This type of communication can lead to improved collaboration, higher employee satisfaction, and better overall decision-making within the organization.
As companies grow, maintaining open communication can become more challenging, but it remains essential for success.Open communication might be harder to maintain as businesses expand, but it is still crucial to success.
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