Answer:
Hawkin`s
Income Statement for the year
Sales 17,500
Less Expenses :
Rent Expense 3,000
Wages Expense 8,000
Utilities Expense 2,200 (13,200)
Net Income 4,300
Explanation:
Income Statement include only income and expense items. Net Income = Sales - Expenses.
Fill in the missing amounts.
Crane Company Sheridan Company
Sales revenue $94,200 $enter a dollar amount Sales returns and allowances enter a dollar amount $ 3,000 Net sales 80,200 100,000 Cost of goods sold 54,200 enter a dollar amount Gross profit $enter a subtotal of the two previous amounts 50,000 Operating expenses 14,700 enter a dollar amount Net income $enter a total net income 15,600
Calculate the profit margin and the gross profit rate for each company. (Round answers to 1 decimal place, e.g. 15.5%. )
Crane Company Sheridan Company
Profit margin
Gross profit rate
SHOW LIST OF ACCOUNTS
LINK TO TEXT LINK TO TEXT
Answer:
Find my analysis below
Explanation:
The gross profit rate is the portion of net sales earned as gross profit prior to considering operating expenses as indicated by the formula below:
gross profit rate=gross profit/net sales
The profit margin measures the net income as a percentage of net sales
profit margin=net income/net sales
Crane company Sheridan company
Sales revenue $94,200 $103,000
sales returns and allowance $14,000 $3,000
Net sales $80,200 $100,000
cost of goods sold $54,200 $50,000
Gross profit $26,000 $50,000
Operating expenses $14,700 $34,400
Net income $11,300 $15,600
Gross profit rate=gross profit /net sales 32.4% 50.0%
Profit margin=net income/net sales 14.1% 15.6%
Crane company Sheridan company
Sales revenue 94200 =F5+F4
sales returns and allowance =E3-E5 3000
Net sales 80200 100000
cost of goods sold 54200 =F5-F7
Gross profit =E5-E6 50000
Operating expenses 14700 =F7-F9
Net income =E7-E8 15600
Gross profit rate=gross profit /net sales =E7/E5 =F7/F5
Profit margin=net income/net sales =E9/E5 =F9/F5
Assume that at the end of 2020, Clampett, Incorporated (an S corporation) distributes property (fair market value of $40,000, basis of $5,000) to each of its four equal shareholders (aggregate distribution of $160,000). At the time of the distribution, Clampett, Incorporated, has no corporate earnings and profits and J.D. has a basis of $50,000 in his Clampett, Incorporated, stock. What is J.D.'s stock basis after the distribution
Answer:
$45,000
Explanation:
Calculation to determine J.D.'s stock basis after the distribution
Using this formula
J.D.'s stock basis=Original basis+distributive share of the gain on the distribution -Distribution
Let plug in the formula
J.D.'s stock basis=$50,000+($40,000-$5,000)-$40,000
J.D.'s stock basis= $50,000 + $35,000 − $40,000
J.D.'s stock basis= $45,000
Therefore J.D.'s stock basis after the distribution
is $45,000
The following transactions occur for Cardinal Music Academy during the month of October:
a. Provide music lessons to students for $7,500 cash. Purchase prepaid insurance to protect musical equipment over the next year for $3,060 cash.
b. Purchase musical equipment for $10,500 cash. Obtain a loan from a bank by signing a note for $11,000.
d. Obtain a loan from a bank by signing a note for $20,000.
Required:
Record the transactions.
Answer and Explanation:
The journal entries are shown below;
a. cash Dr $7,500
To Service revenue $7,500
(To record the cash receipts )
Prepaid insurance $3,060
To cash $3,060
(To record the cash paid )
b. Musical equipment Dr $10,500
To cash $10,500
(To record the cash paid )
Cash Dr $11,000
To note payable $11,000
(To record the receipt of the loan )
d. Cash Dr $20,000
To note payable $20,000
(To record the receipt of the loan )
What is an advantage of using Excel’s built-in templates to create invoices?
a The setting and data heading are already made and the data just needs to be inserted.
b A built-in template cannot be modified in any way, so the file’s look will be consistent.
c Only one invoice template is available, so it will be easy to learn how to use a template.
d Templates take a lot of time to set up initially, but then they save time for future applications.
Answer:
A. The setting and data heading are already made and the data just needs to be inserted.
Explanation:
here's your answer..
Moss County Bank agrees to lend the Wildhorse Co. $650000 on January 1. Wildhorse Co. signs a $650000, 6%, 9-month note. What is the adjusting entry required if Wildhorse Co. prepares financial statements on June 30
Answer:
Debit : Interest charge $26,000
Credit : Note Payable $26,000
Explanation:
The interest charge for the 6 months expired on the note is the adjustment required.
Interest charge = $650000 x 6% x 6/9 = $26,000
therefore,
the adjusting entry required if Wildhorse Co. prepares financial statements on June 30 is :
Debit : Interest charge $26,000
Credit : Note Payable $26,000
it my bday hihihihihihhihhi
Answer:
happy birthday dude or girrrrrllll
which of the following jobs function check accounting in the ledger and financial statements?
Answer:
Audit is the one who check .....
I can only put away $2,000 a year toward retirement. I am 25 and plan on retiring at 65 and earning 5%. How much will I have at retirement?
Answer: $241599.55
Explanation:
The following information can be gotten from the question:
Initial deposit, PV = $0
Rate charged on annuity, RATE= 5%
Number of periods, NPER = 65 - 25 = 40
Annuity payments, PMT = $2000
The amount that'll be gotten at the end of retirement will be gotten after entering the values in a financial calculator and the answer will be:
= $241599.55
onsider the following scenario. Inflation in Argentina pushes the price of Argentine wine up 25%. Inflation in the United States pushes the price of California wine up 10%. If the exchange rate remains constant, the U.S. demand for wine from Argentina a. decreases. b. increases. c. remains constant. d. California wine is better than Argentine wine, so there never is a U.S. demand for wine from Argentina.
Answer:
If the exchange rate remains constant, the U.S. demand for wine from Argentina
a. decreases.Explanation:
Since the inflation rate in Argentina is much higher than the inflation rate in the United States, the price of Argentinean wine will increase in its domestic currency, the Argentinean peso. If the exchange rate is fixed, then Argentinean wine will become more expensive. As a good becomes more expensive, its demand tends to decrease.
Your grandmother would like to share some of her fortune with you. She offers to give you money under one of the following scenarios (you get to choose): 1. $8,750 a year at the end of each of the next seven years 2. $48,750 (lump sum) now 3. $99,350 (lump sum) seven years from now Calculate the present value of each scenario using a 6% interest rate. Which scenario yields the highest present value
Answer:
The most profitable option is the third one.
Explanation:
Escenario 1:
$8,750 a year at the end of each of the next seven years
First, we need to calculate the future value using the following formula:
FV= {A*[(1+i)^n-1]}/i
A= annual payment
FV= {8,750*[(1.06^7) - 1]} / 0.06
FV= $73,446.08
Now, the present value:
PV= FV / (1 + i)^n
PV= 73,446.08 / 1.06^7
PV= $48,845.78
Escenario 2:
Lump-sum= $48,750
Escenario 3:
$99,350 (lump sum) seven years from now
PV= 99,350 / 1.06^7
PV= $66,073.42
The most profitable option is the third one.
On November 10 of the current year, Flores Mills sold carpet to a customer for $7,700 with credit terms 2/10, n/30. Flores uses the gross method of accounting for sales discounts. What is the correct entry for Flores on November 17, assuming the correct payment was received on that date
Answer:
Flores Mills:
The correct entry for Flores on November 17 using the gross method of accounting for sales discounts is as follows:
Journal Entry
November 17:
Debit Cash $7,546
Debit Cash Discounts $154
Credit Accounts Receivable $7,700
To record the receipt of cash from a customer on account, including 2% discounts allowed for payment within 10 days.
Explanation:
a) Data and Analysis:
November 10: Accounts Receivable $7,700 Sales Revenue $7,700
with credit terms 2/10, n/30.
November 17: Cash $7,546 Cash Discounts $154 Accounts Receivable $7,700
CWN Company uses a job order costing system and last period incurred $82,000 of actual overhead and $100,000 of direct labor. CWN estimates that its overhead next period will be $73,000. It also expects to incur $100,000 of direct labor. If CWN bases applied overhead on direct labor cost, its predetermined overhead rate for the next period should be:
Answer:
the predetermined overhead rate is 65%
Explanation:
The computation of the predetermined overhead rate is shown below;
The Predetermined overhead rate
= Expected overhead ÷ expected total direct labour cost
= $73,000 ÷ $100,000
= 0.73
= 65%
hence, the predetermined overhead rate is 65%
The same would be considered and relevant
List four natural resources that you think would go into the production of the following products
Answer:
sorry I think u got yr question incomplete..
Explanation:
Oil, coal, natural gas, metals, stone and sand are natural resources. Other natural resources are air, sunlight, soil and water. Animals, birds, fish and plants are natural resources as well.
stay safe healthy and happy.arget Profit Scrushy Company sells a product for $150 per unit. The variable cost is $110 per unit, and fixed costs are $200,000. Determine (a) the break-even point in sales units and (b) the break-even point in sales units if the company desires a target profit of $50,000. a. Break-even point in sales units fill in the blank 1 units b. Break-even point in sales units if the company desires a target profit of $50,000 fill in the blank 2 units
Answer:
Results are below.
Explanation:
Giving the following information:
Selling price per unit= $150
The variable cost is $110 per unit, and fixed costs are $200,000.
To calculate the break-even point in units, we need to use the following formula:
Break-even point in units= fixed costs/ contribution margin per unit
Break-even point in units= 200,000 / (150 - 110)
Break-even point in units= 5,000 units
Now, the desired profit is $50,000:
Break-even point in units= (fixed costs + desired profit) / contribution margin per unit
Break-even point in units= (200,000 + 50,000) / 40
Break-even point in units= 6,250
Suppose that Under Armor and Nike are the sole producers of a particularly comfortable athletic shoe. The two firms currently charge the same price for their products. If neither firm reduces the price of its particularly comfortable athletic shoe, each firm earns $30 million in profit. If both firms reduce their prices, then each firm will earn $8 million in profit. If one firm reduces its price and the other does not, then the firm that reduces price will earn a profit of $70 million while the other firm will earn a profit of $2 million. Assuming that collusion is not a possibility, the Nash equilibrium occurs when ____________
a. Nike will reduce its price and Under Armor will maintain its current price
b. both firms will reduce their price.
c. Under Armor will reduce its price and Nike will maintain its current price
d. both firms will maintain their current price.
Answer:
b. both firms will reduce their price.
Explanation:
The Nash equilibrium is a decision-making theorem that lies inside the game theory where the player could attain the expected result by not deviating to the beginning strategy. In this, the strategy of the each player is optimal at the time when the other player decisions are relevant
So as per the given situation, both the firm should decrease their price
hence the option b is correct
BC County opens a solid waste landfill that it expects to fill to capacity gradually over a 40-year period. At the end of the first year, it is 6 percent filled. At the end of the second year, it is 15 percent filled. Currently, the cost of closure and postclosure is estimated at $1 million. None of this amount will be paid until the landfill has reached 90 percent of its capacity.
Required:
What is true for the Year 2 government-wide financial statement?
Answer:
Expense will be $90,000 and liability will be $150,000
Explanation:
Year 2 liability is :
$1,000,000 * 15% = $150,000
Year 1 liability is :
$1,000,000 * 6% = $60,000
Expense for year 2 :
Year 2 liability - Year 1 liability
$150,000 - $60,000 = $90,000
Exercise 24-08 a The following direct materials and direct labor data pertain to the operations of Skysong Company for the month of August. Costs Actual labor rate $15 per hour Actual materials price $190 per ton Standard labor rate $14.50 per hour Standard materials price $193 per ton Quantities Actual hours incurred and used 4,600 hours Actual quantity of materials purchased and used 1,700 tons Standard hours used 4,650 hours Standard quantity of materials used 1,680 tons (a) Compute the total, price, and quantity variances for materials and labor
Answer:
Total materials variance = $1,240 favorable
Materials price variance = $5,100 favorable
Materials quantity variance = $3,860 unfavorable
Total labor variance = $1,575 unfavorable
Labor price variance = $2,300 unfavorable
labor quantity variance = $725 favorable
Explanation:
Materials Variances
Total materials variance = Standard Cost - Actual Cost
= ($193 x 1,680) - ($190 x 1,700)
= $324,240 - $323,000
= $1,240 favorable
Materials price variance = (Standard Price - Actual Price) x Actual Quantity
= ($193 - $190) x 1,700
= $5,100 favorable
Materials quantity variance = (Standard Quantity - Actual Quantity) x Standard Price
= (1,680 - 1,700) x $193
= $3,860 unfavorable
Labor Variances
Total labor variance = Standard Cost - Actual Cost
= ($14.50 x 4,650) - ($15 x 4,600)
= $67,425 - $69,000
= $1,575 unfavorable
Labor price variance = (Standard rate- Actual rate) x Actual hours
= ($14.50 x $15) x 4,600
= $2,300 unfavorable
labor quantity variance = (Standard hours - Actual hours ) x Standard rate
= (4,650 - 4,600) x $14.50
= $725 favorable
Mogul Company ships merchandise to Ski Outfit in a consignment arrangement. The arrangement specifies that Ski Outfit will attempt to sell the merchandise, and in return, Mogul will pay to Ski Outfit a 15% sales commission on any merchandise sold. During the year, Mogul ships inventory with a cost of $100,000 to Ski Outfit. By the end of the year, $76,000 of the merchandise has been sold to customers for a total of $105,800. What amount of inventory will Mogul report at year end
Answer:
$24,000
Explanation:
According to the consignment accounting, it States that any inventory sent on consignment by the consignor to the consignee, belongs to the consignor until the inventory is sold by the consignee.
Regarding the above, Mogu company sent inventory costing $100,000 and out of this, only $76,000 has been sold. The remaining inventory still belongs to the consignor and the amount of this inventory is;
$100,000 - $76,000 = $24,000
Therefore, Mogul would report $24,000 worth of inventories at year end.
. An analyst has determined that the intrinsic value of Coca Cola stock is $80 per share using the capitalized earnings model. If the typical P/E ratio in the computer industry is 22, then it would be reasonable to assume the expected EPS of Coca Cola in the coming year is
Answer:
$3.64
Explanation:
We know that :
Price / Earning ratio (P/E ratio) = Price per Share ÷ Earnings per Share
thus :
Earnings per Share = Price per Share ÷ Price / Earning ratio
= $80 ÷ 22
= $3.636 or $3.64
therefore,
the expected EPS of Coca Cola in the coming year is $3.64
3. An investor shorts 100 shares when the share price is $20 and closes out the position six months later when the share price is $18.2. The shares pay a dividend of $0.2 per share during the six months. How much does the investor gain or lose (losses are indicated by a negative sign and profits by a plus sign)
Answer:
$160
Explanation:
Calculation to determine How much does the investor gain or lose
Investor gain =[($20-$18.2)*100 Shares]- ($0.2*100 shares)
Investor gain=($1.8*100 shares)-($0.2*100 shares)
Investor gain=$180-$20
Investor gain=$160
Therefore The amount that the investor gain is $160
Diehl Corporation manufactures a variety of parts for use in its product. The company has always produced all of the necessary parts for its product, including all of the electronic circuits. The company sells 16,000 units of its product per year. An outside supplier has offered to sell electronic circuits to the company for a cost of $35 per unit. To evaluate this offer, the company has gathered the following information relating to its own cost of producing the electronic circuits internally:
Per Unit 16,00 Unit per Year
Direct materials $16 $256,000
Direct labor 12 192,000
Variable manufacturing overhead 3 48,000
Fixed manufacturing overhead, traceable 3* 48,000
Fixed manufacturing overhead, allocated 6 96,000
Total cost $40 $640,000
One-third supervisory salary, two-thirds depreciation of special equipment (no resale value).
Suppose that if BuyorM-1509 purchases the electronic circuits, the division supervisor position could be eliminated. Fixed manufacturing overhead will be allocated to other products made by the company. Also, the company could use the freed production capacity to launch a new product. The segment margin of the new product would be $210,000 per year. How much would be the financial advantage of buying 21,000 electronic circuits from the outside supplier?
a. $80,000.
b. $132,000.
c. $112,000.
d. $96,000.
Answer: $112000
Explanation:
The financial advantage of buying 21,000 electronic circuits from the outside supplier will be:
Previous cost = $640000
Less: Purchases 16000×35 = $560000
Add: Additional benefit = $16000
Less: Fixed cost = $96000
Less: Depreciation = 2/3 × $48000 = $32000
Financial advantage = $112000
the month-end bank stataement of der torossian incorporated shows a balance of 36,500, deposits in transit are 6500 outstanding checks are 12000. there also shows a credit memo of 1,000 for the interest income collected on a note recievable. the adjusted balance per bank at month end is
Answer:
$31,000
Explanation:
Calculating the adjusted balance per bank at month end.
Details Amount
Unadjusted Balance $36,500
Add: Deposits in Transit $6,500
Less: Outstanding Checks $12,000
Adjusted Balance $31,000
what is the difference between quantity demand and quantity supply.
Answer:
The distinction between supply and quantity supplied is similar to the difference between demand and quantity demanded. If the market price of a product increases, then the quantity supplied increases, and vice versa.
Explanation:
.....
Splish Brothers Inc. reported net income of $194,800 for 2022. Splish Brothers also reported depreciation expense of $47,700 and a loss of $5,900 on the disposal of plant assets. The comparative balance sheets show an increase in accounts receivable of $16,700 for the year, a $18,700 increase in accounts payable, and a $3,000 increase in prepaid expenses. Prepare the operating activities section of the statement of cash flows for 2022. Use the indirect method.
Answer:
Operating activities section of the statement of cash flows for 2022
Net Income $194,800
Adjustment for non cash items :
Depreciation $47,700
Loss on disposal $5,900
Adjustments for changes in working capital :
Increase in accounts receivable ($16,700)
Increase in accounts payable $3,000
Net Cash Provided by Operating Activities $234,700
Explanation:
Operating activities section of the statement of cash flows reconciles the Net Income to Operating Cashflow when the indirect method is used as shown above.
Financial institutions act as intermediaries between suppliers and demanders of funds. They accept savers' deposits and invest them in such things as business loans or mortgages. This process is called:_____
Answer:
The correct answer is: Intermediation.
Explanation:
To begin with, in the financial and business field the process in where the financial institutions act in the middle of money's lenders and money's borrowers is known basically as intermediation. This term consists of the simple action of matching those who needs money with those who are willing to lend money in order to obtain a profit from that lending. Therefore that when the banks, for example, accept the money of people who are saving it decides to use that money to put it in circulation in another activity in the economy in order to make the money grow.
The subject of the auditing procedure observing is least likely to be: a. procedures. b. inventory taking. c. personnel d. processes. e. physical assets.
Answer:
e. physical assets.
Explanation:
Audit procedures can be regarded as processes or techniques, or methods that is been followed by auditors in obtaining audit evidence that will give them enablement to make a conclusion as regards to set audit objective so they can express their opinion. audit procedures can as well be called audit programs. It should be noted that The subject of the auditing procedure observing is least likely to be physical assets. physical asset can be regarded as item of economic, even exchange value which has a material existence. They are regarded asPhysical assets tangible assets. Example is
properties, equipment,
The internal rate of return for a project will increase if: the initial cost of the project can be reduced. the total amount of the cash inflows is reduced. each cash inflow is moved such that it occurs one year later than originally projected. the required rate of return is reduced. the discount rate is increased.
Answer:
the initial cost of the project can be reduced
Explanation:
As we know that the internal rate of return is the return where the net present value comes to zero or we can say that the initial investment would be equivalent to the present value of annual cash inflows
In the case when the internal rate of return is rise up so the initial investment or initial cost would be decreased
Therefore the first option is correct
GJ Company, a manufacturer, has provided the following information pertaining to its recent year of operation: Net income, $480,000 Accounts payable decreased $40,000 Prepaid assets increased $29,000 Depreciation expense was $51,000 Accounts receivable decreased $39,000 Loss on sale of a depreciable asset was $29,000 Wages payable increased $25,000 Unearned revenue decreased $29,000 Patent amortization expense was $11,000 Using the indirect method, how much was GJ's net cash provided by operating activities
Answer:
GJ Company
Cash Flow From Operating Activity
Net Income $480,000
Add: Depreciation Expenses $51,000
Add: Patent Amortization Expenses $11,000
Increase in Current Liability and
decrease in current asset
Accounts receivable decreased $40,000
Wages Payable Increased $25,000
Unearned Revenue decreased $29,000
Decrease in Current Liability
and Increase in current asset
Prepaid asset increased ($29,000)
Accounts Payable Decreased ($40,000)
Add: Loss on sale of asset $29,000
Cash Flow From Operating Activity $596,000
Taylor Company neglected to amortize the discount on outstanding ten-year bonds payable. What is the effect of the failure to record discount amortization on interest expense and bond carrying value, respectively
Answer:
Taylor Company
The negligence to amortize the discount on outstanding ten-year bonds payable is the understatement of interest expense for each year. This means that the interest expense will be the same for each year instead of increasing by the amortized discount amount. The same applies to the bond carrying value, which will remain the same throughout the period.
Explanation:
The discount on bonds payable is an additional interest expense, which is written off yearly over the bonds' maturity period through amortization. It increases the amount of the periodic interest payment by the amortized discount.
Bill thought he had received the best deal on his new car. Shortly after the purchase, Bill started to notice certain disadvantages of his new car as he learned more about other cars available. Bill is experiencing ________.a. postpurchase cultureb. selective perceptionc. information evaluationd. postpurchase cognitive dissonancee. purchase decision
Answer:
cognitive dissonance
Explanation:
Cognitive dissonance defines the situation where it includes the attitudes i.e. conflicted, behaviors, etc. It generated the mental discomfort feeling that would result in change in the attitude, belief, etc in order to decreased the discomfort also at the same time it would restore the balance
Therefore as per the given situation, it is cognitive dissonance