Answer:
b. $392000.
Explanation:
The computation of the inventory balance reported on the balance sheet is shown below:
Product Cost Net realizable value Lower value
A $128000 $134000 $128,000
B $90,000 $85,000 $85,000
C $179,000 $181,000 $179,000
Total $392,000
This is your first week in your new job at Safety Zone, a leading producer of IT modeling software. Your prior experience with a smaller competitor gave you an edge in landing the job, and you are excited about joining a larger company in the same field.
So far, all is going well and you are getting used to the new routine. However, you are concerned about one issue. In your initial meeting with the IT manager, she seemed very interested in the details of your prior position, and some of her questions made you a little uncomfortable. She did not actually ask you to reveal any proprietary information, but she made it clear that Safety Zone likes to know as much as possible about its competitors. Thinking about it some more, you try to draw a line between information that is OK to discuss, and topics such as software specifics or strategy that should be considered private.
This is the first time you have ever been in a situation like this. How will you handle it?
Answer:
Explanation:
The best thing to do in this situation would be to simply answer the questions to the best of your ability without divulging any proprietary information of your previous employer. This will allow you to be honest and maintain a legal boundary between you and your previous employer. Since the hiring manager has not specifically asked you for such proprietary information you should be fine if you think carefully about what you are saying in your answers. Aside from this, staying firm with your answers and protecting the integrity of your previous employers proprietary information shows to your new employer that you are trustworthy and are able to keep such information safe and to yourself.
A commercial cleaning company spends an average of $500 per year, per customer, in supplies, wages, and account maintenance. An average customer generates $1,000 in revenue per year. Assuming a discount rate of 12% and an annual retention rate of 80%. What would BEST estimate for the lifetime value of an average customer using the simplified customer lifetime value (CLV) equation?
Answer:
$1,250
Explanation:
The computation is shown below:
Customer life time value = Gross contribution margin × (yearly retention rate ÷ 1 + yearly discount rate - yearly retention rate)
= $500 × (0.8 ÷ 1 + 0.12 - 0.80)
= $400 ÷ 0.32
= $1,250
The gross contribution margin would be
= $1,000 - $500
= $500
hence, the estimate for the lifetime value os $1,250
a teammate tells you that you tend to take over shared projects. you've gotten this feedback from other too. what should you say? A I wish you would have mentioned this during projects. please be sure to do so on the next one. B I'm sorry you're feeling left out, I'll be sure to give you more to do on the next one. C I'm sorry maybe we can work together to divide our responsibility on the next one. D I've gotten this feedback before, I just like things done a certain way. E I'm used to leading projects, so I usually just take over without even realizing it
Answer:
C
Explanation:
even if it's unintentional we should apologize professionally
Behavioral segmentation addresses the knowledge of, use of, response to, and attitude toward a product. Which of these is an example of behavioral segmentation? Group of answer choices a retail shoe store targeting customers within a geographic twenty-mile radius a deodorant company targeting boys between the age of 12–18 an airline targeting customers with over 500k miles of travel on its airline
Answer:
an airline targeting customers with over 500k miles of travel on its airlineExplanation:
Note, the focus of behavioral segmentation is to identify and separate the marketing strategy used on clients/customers based on mainly their behavior, and not on demography (age, gender, etc) or geography.
Hence, the best scenario from the above options is that of an airline that targets customers with over 500k miles of travel on its airline. In other words, their traveling behavior (distances covered) is the basis why they are targeted, without consideration of demography or their geography.
Equipment was purchased for $45,000 plus $2,000 in freight charges. Installation costs were $1,500 and sales tax totaled $1,000. Hiring a special consultant to provide advice during the selection of the equipment cost $3,000. What is this asset's depreciable basis
Answer:
Asset's depreciable basis = $49,500
Explanation:
Given:
Equipment purchased cost = $45,000
Freight charge = $2,000
Installation costs = $1,500
Sales tax = $1,000
Consult fee = $3,000
Find:
Asset's depreciable basis
Computation:
Asset's depreciable basis not include consultation fee.
Asset's depreciable basis = Equipment purchased cost + Freight charge + Installation costs + Sales tax
Asset's depreciable basis = $45,000 + $2,000 + $1,500 + $1,000
Asset's depreciable basis = $49,500
Campus Stop, Inc., is a student co-op. Campus Stop uses a perpetual inventory system.
The following transactions have been selected for analysis:
a. Sold merchandise for cash (cost of merchandise $160,750) $294,300
b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for a cash refund (original cost of merchandise $930) 1,730
c. Sold merchandise (costing $13,050) to a customer on account with terms 2/10, n/30 29,000
d. Collected half of the balance owed by the customer in (c) within the discount period 14,210
e. Granted a partial allowance relating to credit sales that the customer in (c) had not yet paid 1,980
Required:
1. Compute Sales Revenue, Net Sales, and Gross Profit for Campus Stop
a merchandiser's multistep income statement.
2. Compute the gross profit percentage.
Answer:
Campus Stop, Inc.
Partial Income Statement
Sales revenue $323,300
Sales returns ($1,730)
Sales discounts and allowances ($2,270)
Net sales $319,300
Cost of goods sold ($172,870)
Gross profit $146,430
Gross profit margin = $146,430 / $319,300 = 45.86%
hi guys, can anoye one tell me the rigth answer? I cant find the answer anywhere. please tell the correct answer.
Answer:
Ben-ha-dad.
Explanation:
Answer:
The answer is Ben-ha-dad
it's like Ben? huh dad
RCS, Inc. Gross fixed assets 284,950 Inventory 136,500 Accrued expenses 11,850 Accumulated depreciation 82,310 Notes payable 32,570 Preferred stock 8,000 Retained earnings 89,280 Current portion of L-T debt 4,080 Long-term debt 134,300 Accounts receivable 105,770 Additional paid-in capital 71,600 Accounts payable 50830 Common stock ($0.20 par) 60,000 Cash 17,600 Referring to the above balance sheet accounts for RCS, Inc. for the year ending Dec 31, 2016, the number of common shares issued by the company is closest to:_____.
a. 658,000
b. 12,000
c. 300,000
d. 26,320
Answer:
The correct option is c. 300,000.
Explanation:
The number of common shares issued by the company can be calculated as follows:
Common stock each at par =$0.20
Common stock total value at par = $60,000
Number of common shares issued = Common stock total value at par / Common stock each at par = $60,000 / $0.20 = 300,000
Therefore, the number of common shares issued by the company is closest to: c. 300,000.
the utility is generally related to
Explanation:
Utility is a term in economics that refers to the total satisfaction received from consuming a good or service. Economic theories based on rational choice usually assume that consumers will strive to maximize their utility.
2.1.3. Briefly explain the term Gross Domestic Product.
Answer:
it is the total value of goods produced and services provided in a country during one year.
Explanation:
capital city of Morocco
Answer:Rabat
Explanation:
Answer:
Rabat is the capital city of Morocco.
Maturity Dates of Notes Receivable Determine the maturity date and compute the interest for each of the following notes: (Use 360 days for interest calculation. Round to the nearest dollar.)
Date of Note Principal Interest Rate Term
a. August 5 $6,000 8% 130 days
b. May 10 16,800 7% 100 days
c. October 20 24,000 9% 55 days
d. July 06 4,500 10% 70 days
e. September 15 9,000 8% 85 days
Maturity Date
Month Day Interest
a. AnswerDecemberNovemberOctoberSeptemberAugustJulyJuneMayAprilMarchFebruaryJanuary Answer $Answer
b. AnswerDecemberNovemberOctoberSeptemberAugustJulyJuneMayAprilMarchFebruaryJanuary Answer Answer
c. AnswerDecemberNovemberOctoberSeptemberAugustJulyJuneMayAprilMarchFebruaryJanuary Answer Answer
d. AnswerDecemberNovemberOctoberSeptemberAugustJulyJuneMayAprilMarchFebruaryJanuary Answer Answer
e. AnswerDecemberNovemberOctoberSeptemberAugustJulyJuneMayAprilMarchFebruaryJanuary Answer Answer
Answer:
Maturity Dates and Interests of Notes Receivable:
Date of Note Principal Interest Term Maturity Date
Rate Month Day Interest
a. August 5 $6,000 8% 130 days December 13 $173.33
b. May 10 16,800 7% 100 days August 18 326.67
c. October 20 24,000 9% 55 days December 14 330.00
d. July 06 4,500 10% 70 days September 14 87.50
e. September 15 9,000 8% 85 days December 9 170.00
Total $60,300 $1,087.50
Explanation:
a) Data and Calculations:
Date of Note Principal Interest Term Maturity Date
Rate Calculations
a. August 5 $6,000 8% 130 days Dec. 13(26+30+31+30+13)
b. May 10 16,800 7% 100 days Aug. 18 (21+30+31+18)
c. October 20 24,000 9% 55 days Dec. 14 (11+30+14)
d. July 06 4,500 10% 70 days Sept. 14 (25+31+14)
e. September 15 9,000 8% 85 days Dec. 9 (15+31+30+9)
Calculation of Interests:
a. = $173.33 ($6,000 * 8% * 130/360)
b. = $326.67 ($16,800 * 7% * 100/360)
c. = $330.00 ($24,000 * 9% * 55/360)
d. = $87.50 ($4,500 * 10% * 70/360)
e. = $170 ($9,000 * 8% * 85/360)
Whispering Winds Corporation began business in 2017 by issuing 94000 shares of $5 par common stock for $9 per share and 23000 shares of 9%, $10 par preferred stock for par. At year end, the common stock had a market value of $10. On its December 31, 2017 balance sheet, Whispering Winds would report
Preferred Stock ( 10.500 shares) $525,000
Paid-in Capital in Excess of Parâreferred 73,500
Common Stock (68, 500 shares) 342,500
Paid-in Capita' in Excess o' ParâCommon Stock 700000
Retained Earning 310,000
During 2020, the following transactions occurred.
Feb.1 Issued 2,000 shares of preferred stock for land having a fair value of $125,000.
Mar.1 Issued 1,300 shares of preferred stock for cash at $70 per share.
July 1 Issued 16,000 shares of common stock for cash at $7 per share.
Sept. 1 Issued 400 shares of preferred stock for a patent. The asking price of the patent was $28,000. Market price for the preferred stock was $70 and the fair value for the patent was indeterminable.
Dec. 1 Issued 8,000 shares of common stock for cash at $7.50 per share.
Dec. 31 Net income for the year was $260,000. No dividends were declared.
Required:
Journalize the transactions and the closing entry for net income.
Answer:
Feb 1
Dr Land $125,000
Cr Preferred Stock ($10 par) $20,000
Cr Paid-in Capital in Excess of Par value/preferred stock $105,000
Mar 1
Dr Cash $91,000
Cr Preferred Stock ($10 par)$13,000
Cr Paid-in Capital in Excess of Par/Preferred Stock $78,000
July 1
Dr Cash $112,000
Cr Common Stock ($5 par)80,000
Cr Paid-in Capital in Excess of Par/Common Stock $32,000
Sept 1
Dr Patent $28,000
Cr Preferred Stock ($10 par)$4,000
CrPaid-in Capital in Excess of Par/Preferred Cr Stock $24,000
Dec 1
Dr Cash $60,000
Cr Common Stock ($5 par) $40,000
Cr Paid-in Capital in Excess of Par/Common Stock $20,000
Dec 31
Dr Income Summary $260,000
Cr Retained Earnings $260,000
Explanation:
Preparation of the Journal entries and the closing entry for net income.
Feb 1
Dr Land $125,000
Cr Preferred Stock ($10 par) $20,000
($2,000*$10)
Cr Paid-in Capital in Excess of Par value/preferred stock $105,000
($125,000-$20,000)
(Issued 2,000 shares preferred stock for land, fair value $125,000)
Mar 1
Dr Cash $91,000
(1,300*$70)
Cr Preferred Stock ($10 par)$13,000
($10*1,300)
Cr Paid-in Capital in Excess of Par/Preferred Stock $78,000
($91,000-$13,000)
(Issued 1,300 shares preferred stock for cash, $70 per share)
July 1
Dr Cash $112,000
(16,000*$7)
Cr Common Stock ($5 par)80,000
(16,000*$5)
Cr Paid-in Capital in Excess of Par/Common Stock $32,000
($112,000-$80,000)
(Issued 16,000 shares common stock, $7 per share)
Sept 1
Dr Patent $28,000
(400*$70)
Cr Preferred Stock ($10 par)$4,000
($10*400)
CrPaid-in Capital in Excess of Par/Preferred Cr Stock $24,000
($28,000-$4,000)
(Issued 400 shares of preferred stock, trade for patent, unable to value)
Dec 1
Dr Cash $60,000
(8,000*$7.50)
Cr Common Stock ($5 par) $40,000
Cr Paid-in Capital in Excess of Par/Common Stock $20,000
($60,000-$40,000)
(Issued 8,000 shares common stock, $7.50 per share)
Dec 31
Dr Income Summary $260,000
Cr Retained Earnings $260,000
(Net income to retained earnings, closing income summary)
Please help me with this question
Corporations are becoming multinational not only in the scope of their business activities but also in their capital structure(.) Group of answer choices by raising funds from domestic as well as government sources. This trend reflects not only a conscious effort on the part of firms to raise the cost of capital by international sourcing of funds but also the ongoing liberalization and deregulation of international financial markets that make them accessible for many firms. by raising funds from foreign as well as domestic sources. by raising funds from foreign as well as domestic sources. This trend reflects not only a conscious effort on the part of firms to raise the cost of capital by international sourcing of funds, but also the ongoing liberalization and deregulation of international financial markets that make them accessible for many firms.
Answer:
by raising funds from foreign as well as domestic sources.
Explanation:
Multinational corporations can be regarded as
large companies which has headquarter in a country having operations in other countries. Their trait is that they are incorporated in a country while running their business in other countries. It should be noted that Corporations are becoming multinational not only in the scope of their business activities but also in their capital structure by raising funds from foreign as well as domestic sources. The trend showcase a conscious effort of the firm to gather cost of capital through international sourcing of funds also ongoing liberalization as well as deregulation regarding international financial markets which allows firms to have accessibility.
Determine if the statement is true or false.
A design must appeal to people outside of the target audience to be considered successful.
True
False
Answer:
It is false don't be confused I took the Exam and it resulted false.
Explanation:
A lumber company purchases and installs a wood chipper for $204,000. The chipper is classified as MACRS 7-year property. Its useful life is 10 years. The estimated salvage value at the end of 10 years is $25,000. Using MACRS depreciation, compute the first-year depreciation.
Answer:
the first year depreciation using MACRS depreciation is $28,580
Explanation:
The computation of the first year depreciation using MACRS depreciation is given below:
Here the depreciation rate is 14.29% for the first year
And, the cost of the wood chipper is $204,000
So, the first year depreciation expense is
= $204,000 × 14.29%
= $28,580
Hence the first year depreciation using MACRS depreciation is $28,580
In 2014, Lena assigned a paid-up whole life insurance policy to an Irrevocable Trust for the benefit of her three children. Lena died in 2018, and the face value of the whole life insurance policy of $2,000,000 was paid to the Irrevocable Trust. Regarding this transfer, how much is included in Lena’s gross estate at her death? A. $0 B. $45,000 C. $2,000,000 D. $1, 955,000
Answer: A. $0
Explanation:
By current tax rules, any transfers of life insurance policies within three years of the death of the owner of the policy should be included in their gross estates.
As Lena's policy was transferred in 2014 which was 4 years before he death in 2018, it does not qualify to be included in the gross estate so the answer is $0.
Answer:
A. $0
Explanation:
Hope this helps
At the end of the current year, using the aging of receivable method, management estimated that $18,000 of the accounts receivable balance would be uncollectible. Prior to any year-end adjustments, the Allowance for Doubtful Accounts had a debit balance of $450. What adjusting entry should the company make at the end of the current year to record its estimated bad debts expense
Answer:
Dr Bad Debt Expense $18,450
Cr Allowance for Doubtful Accounts
$18,450
Explanation:
Preparation of the appropiate adjusting journal entry that the company should make at the end of the current year to record its estimated bad debts expense
Dr Bad Debt Expense $18,450
Cr Allowance for Doubtful Accounts
$18,450
($18,000+Debit balance$450)
(Being to record estimated bad debts expense)
Phoebe is meeting with a client to present her ideas. What is recommended as the best way to present her ideas to the client?
Show at least two to three different comps.
Describe your ideas over the phone
Send one comp over email
Show the finished product.
because the 2 is describe which is good so they can understand itthe 3 is good to because ypu can send it on ther email that they can see it
hope it help :)
Lamont Company produced 80,000 machine parts for diesel engines. There were no beginning or ending work-in-process inventories in any department. Lamont incurred the following costs for May:
Molding Department Grinding Department Finishing Department
Direct materials $12,000 $5,300 $8,000
Direct labor 10,000 8,500 12,000
Applied overhead 17,000 15,000 11,000
Required:
a. Calculate the costs transferred out of each department.
b. Prepare the journal entries corresponding to these transfers.
Answer:
A. Molding Department $39,000
Grinding Department $69,800
Finishing Department $100,800
B. Dr Work in Process-Grinding $ $39,000
Cr Work in Process-Molding $39,000
Dr Work in Process-Finishing $69,800
Cr Work in Process-Grinding $69,800
Dr Finished Goods $100,800
Cr Work in Process-Finishing $100,800
Dr Work in Process-Grinding $30,800
Cr Materials $5,300
Cr Payroll 8,500
Cr Overhead Control $15,000
Explanation:
A. Calculation to determine the costs transferred out of each department.
Molding Department Grinding Department Finishing Department
Direct materials $12,000 $5,300 $8,000
Add Direct labor 10,000 8,500 12,000
Add Applied overhead 17,000 15,000 11,000
Total Cost Added $39,000 $30,800 $31,000
Costs transferred in $0 $39,000 $69,800
($39,000+$30,800=$69,800)
Costs transferred out
$39,000 $69,800 $100,800
($30,800+$39,000=$69,800)
($31,000+$69,800=$100,800)
B. Preparation of the journal entries corresponding to these transfers.
Dr Work in Process-Grinding $ $39,000
Cr Work in Process-Molding $39,000
Dr Work in Process-Finishing $69,800
Cr Work in Process-Grinding $69,800
Dr Finished Goods $100,800
Cr Work in Process-Finishing $100,800
Dr Work in Process-Grinding $30,800
Cr Materials $5,300
Cr Payroll 8,500
Cr Overhead Control $15,000
Bill Anderson, the Materials Manager of XYZ Firm, is interested in assessing the inventory management performance of the firm. The following (partial) Annual Income Statement and the four Quarterly Balance Sheet for the fiscal year 202X has been obtained.
XYZ Company, Income Statement, FY 202X
Net sales $950,000
Cost of goods sold 620,000
Operating expenses 190,000
XYZ Company, Quarterly Balance Sheet, FY 202X
1st Quarter 2nd Quarter 3rd Quarter 4th Quarter
Cash $46,000 $37,900 $82,000 $54,000
Accounts receivable 55,500 46,000 123,000 72,000
Inventory:
Finished goods 42,440 35,080 12,540 39,050
Work-in-process 27,780 25,770 20,120 32,990
Materials 32,580 79,000 52,910 22,670
Plant assets 510,000 510,000 540,000 540,000
Required:
a. How many weeks of supply does the XYZ Company carry?
b. How many inventory turns did the company went through in FY 202X?
Answer:
Net sales = $950,000
Cost of goods sold = $660,000
Finished Goods$ W.I.P$ Materials$
Q1 42,440 27,780 32,580
Q2 35,080 25,770 79,000
Q3 12,540 20,120 52,910
Q4 39,050 32,990 22,670
Total 129,110 106,660 187,160
a. Inventory Turnover Ratio
Sales/F.G COGS/WIP COGS/R.M.
950,000/129,110 66,000/106,660 660,000/187,160
7.35 times 6.18 times 3.52 times
b. Inventory weeks on hand (i.e. 52 weeks/inventory)
52/7.35 52/6.18 52/3.52
7.07 8.41 14.77
7 weeks 8 weeks 15 weeks
Journal Entries, T-Accounts Ehrling Brothers Company makes jobs to customer order. During the month of July, the following occurred: Materials were purchased on account for $45,670. Materials totaling $40,990 were requisitioned for use in producing various jobs. Direct labor payroll for the month was $22,400 with an average wage of $14 per hour. Actual overhead of $9,020 was incurred and paid in cash. Manufacturing overhead is charged to production at the rate of $5.50 per direct labor hour. Completed jobs costing $58,000 were transferred to Finished Goods. Jobs costing $59,000 were sold on account for $73,750. Make the entry to record the revenue from the sale first, followed by the entry to record the cost of the jobs. Beginning balances as of July 1 were: Materials Inventory $1,200 Work-in-Process Inventory 3,400 Finished Goods Inventory 2,630 Required: Message
Answer: See attachment
Explanation:
a. The journal entries for the preceding events have been attached. Note that for (e), work in process inventory was calculated as:
= $22400 × 5.5/14 = $8800
b. The ending balance for:
Material inventory = 1200 + 44670 - 40990 = 5880
Work in process inventory = 3400 + 40990 + 22400 + 8800 - 58000 = 17590
Overhead control = 9020 - 8800 = 220
Finished goods inventory = 2630 + 58000 - 59000 = 1630
You just bought a motorcycle for $8,000. You plan to ride the motorcycle for two years, and then sell it for $3,200. During this two-year period, you expect to ride the motorcycle 10,000 miles each year, and you expect the motorcycle to get 50 miles per gallon of gasoline. The annual cost of insurance is $960, registration costs are $80 (good for two years), and the price of gasoline is $2.50 per gallon. During this same two-year period, you will need to service your motorcycle five times, at $240 per service check, and obtain five oil changes. Each oil change costs $35. You will also need to replace your tires once during this two-year period, for a total cost of $400.
a. Calculate the total fixed cost, total variable cost, and cost per mile for the two-year period, .
b. Suppose you want to lower the cost per mile. You should focus on:
i. variable costs, because they represent a majority of the total costs.
ii. fixed costs, because they must be paid.
iii. variable costs, because they can be avoided.
iv. fixed costs, because they represent a majority of the total costs.
Answer:
Total fixed costs = $6,800
b. Total variable cost = $2,775
c. = $0.48 per mile
2. iii variable costs, because they can be avoided.
Explanation:
Fixed costs are costs that do not vary with output. e,g, rent, mortgage payments
If production is zero or if production is a million, Mortgage payments do not change - it remains the same no matter the level of output.
Hourly wage costs and payments for production inputs are variable costs
Variable costs are costs that vary with production
If a producer decides not to produce any output, there would be no need to hire labour and thus no need to pay hourly wages.
Depreciation + Insurance + cost of registration
Depreciation = Cost - salvage = 8,000 - 3,200 = $4,800
Insurance = 960 x 2 = 1920
Total fixed cost = 4,800 + 1920 + 80 = $6,800
Total variable cost
Gasoline + Service + Oil change + tire replacement
Gasoline = 10,000/ 50 = 2000 x 2.5 x 2 = 1000
= (1000 + (240 * 5) + (35 * 5) + 400
= 1,000 + 1,200 + 175 + 400 = $2,775
Total cost / Number of miles
= (6,800 + 2,775) / (10,000 * 2 years)
= $0.48 per mile
Why is pillar content important
Content pillars will help you get clarity on your niche, while also building trust and helping your audience grow faster. There's another huge benefit: By creating content your target audience wants, they will spend longer on your site's pages and engage with your posts.
Certify Completion Icon Tries remaining:3 Suppose that you and a friend are playing cards and you decide to make a friendly wager. The bet is that you will draw two cards without replacement from a standard deck. If both cards are diamonds, your friend will pay you $296. Otherwise, you have to pay your friend $17. Step 1 of 2 : What is the expected value of your bet? Round your answer to two decimal places. Losses must be expressed as negative values.
Answer:
The expected value of the bet is –$0.95.
Explanation:
Number of cards in a standard deck = 52
Number of diamonds in a standard deck = 13
The probability (P) that the two cards that will be drawn without replacement will be diamonds is therefore as follows:
P = (13 / 52) * (12 / 51) = 0.0588
The probability (P) that the two cards that will be drawn without replacement will NOT be diamonds is also as follows:
1 – P = 1 – 0.0588
1 – P = 0.9412
Amount your friend will pay you if both cards are diamonds = $296
Amount you will pay your friend if both cards are NOT diamonds = -$17 (Note that this is negative since it is a loss)
Expected value of the bet = (P * $296) + ((1 – P) * ($-17)) = (0.0588 * $256) – (0.9412 * 17) = –$0.95
Graham, Inc.'s April bank statement shows an April 30 balance of $5,120. Prior to reconciliation, its books show a cash balance of $5,510. ThIs information pertains to Graham, Inc.: Deposits in transit $800; Checks outstanding $465; Bank service charge $10; Error in Graham's records understating cash disbursement $180; Check of another company charged erroneously against Graham's bank account $115; Bank statement shows bank collected a note receivable and interest income for Graham $250. The reconciled cash balance at April 30 on the bank reconciliation should be:
Answer:
$5,570
Explanation:
The purpose of a bank reconciliation statement is to reconcile the difference between Cash Book balance and Bank Statement balance. Also it is used to check accuracy of Cash Book and the accuracy of Bank Statement.
Graham, Inc.'s April bank reconciliation statement is prepared as :
Graham, Inc.
Bank reconciliation statement as at April 30
Balance as per Bank Statement $5,120
Add outstanding lodgments $800
Add back error at the bank $115
Less unpresented checks ($465)
Balance as per Cash Book $5,570
therefore,
The reconciled cash balance at April 30 on the bank reconciliation should be $5,570.
Prior to the early twentieth century, a worker who was injured on the job could collect damages only by suing his employer. To sue successfully, the workeror his family, if the worker had been killedhad to show that the injury was due to the employer's negligence, that the worker did not know the job was hazardous, and that the worker's own negligence had not contributed to the accident. These lawsuits were difficult for workers to win, and even workers who had been seriously injured on the job often were unable to collect any damages from their employers. Beginning in 1910, most states passed "workers' compensation" laws that required employers to purchase insurance that would compensate workers for injuries suffered on the job. A study by Price Fishback and Shawn Kantor of the University of Arizona shows that after the passage of workers' compensation laws, wages received by workers in the coal and lumber industries fell.
Required:
Briefly explain why passage of workers’ compensation laws would lead to a fall in wages in some industries.
Answer:
Wages would fall due to an increase in labor costs.
When the workers compensation laws were not there, the employers only had to worry about one labor cost, that of paying their employees. With the introduction of worker's compensation, they then had to get insurance for their employees as well.
This led to an increase in the costs of labor which meant an increase in production costs and a decrease in profitability. To compensate for this, the employers cut wages in order to be able to pay for both the insurance and wages and still pay the same general amounts they were paying as wages such that their production costs don't rise significantly.
The following information pertains to Seda Co.'s pension plan:
Actuarial estimate of projected benefit obligation at January 1, 2017 $72,000
Assumed discount rate 10%
Service costs for 2017 $18,000
Pension benefits paid during 2017 $15,000
If no change in actuarial estimates occurred during 2017, Seda's projected benefit obligation at December 31, 2017 was:___________.
a. $75,000
b. $79,200
c. $82,200
d. $64,200
Answer:
c. $82,200
Explanation:
Calculation to determine what Seda's projected benefit obligation at December 31, 2017 was:
Actuarial estimate of projected benefit obligation at January 1, 2017 $72,000
Add Interest cost $7,200
Add Service costs for 2017 $18,000
Less Pension benefits paid during 2017 ($15,000)
Projected benefit obligation at December 31, 2017 $82,200
Theretore Seda's projected benefit obligation at December 31, 2017 was:$82,200
Shipping cost at Junk Food Imports is a mixed cost with variable and fixed components. Past records indicate total shipping cost was $18,000 for 16,000 pounds shipped and $22,500 for 22,000 pounds shipped. Assuming that this activity is within the relevant range, if the company plans to ship 18,000 pounds next month, the expected shipping cost is:
Answer:
$18,500
Explanation:
Calculation to determine what the expected shipping cost is:
First step is to calculate the Variable using this formula
Variable =Change in total cost /change in units
Let plug in the formula
Variable=(22,500-18,000)/(22,000-16,000)
Variable=$0.75 per pound
Now let calculate the expected shipping cost
Expected shipping cost=$0.75 per pound *18,000 pound
Expected shipping cost=$18,500
Therefore The Expected shipping cost is $18,500