Answer:
The combined wage bracket tables in Exhibits 9-3 and 9-4 is missing hence I will use 2014 tax year
answer :
a) Federal income tax withheld
= 75.6 + ( 1989.60 - 944 )*15% = $232.44
b) social security
6% * 1989.6 = $119.38
c) Medicare
1.45% * 1989.6 = $28.85
Explanation:
For a single individual
Two withholding allowance = $329.20 * 2 = $658.40
Gross Pay = $2648
withholding allowance = $658.40
Subject to withholding = $2648 - $658.40 = $1989.60
a) Federal income tax withheld
= 75.6 + ( 1989.60 - 944 )*15% = $232.44
b) social security
6% * 1989.6 = $119.38
c) Medicare
1.45% * 1989.6 = $28.85
Waterway Corp. purchased machinery for $315,600 on May 1, 2020. It is estimated that it will have a useful life of 10 years, salvage value of $18,600, production of 237,600 units, and working hours of 25,000. During 2021, Waterway Corp. uses the machinery for 2,650 hours, and the machinery produces 30,300 units. From the information given, compute the depreciation charge for 2021 under each of the following methods.
a. straight line $_____:
b. Units-of-output $________:
c. Working Hours $______:
d. Sum-of-the-years-digits $_________:
e. Declining balance (use 20% as the annual rate).
Answer:
Waterway Corp.
a. straight line $__29,700___:
b. Units-of-output $__37,875___:
c. Working Hours $___31,482___:
d. Sum-of-the-years-digits $____48,600_____:
e. Declining balance (use 20% as the annual rate) = $54,704
Explanation:
Cost of machinery purchased on May 1, 2020 = $315,600
Estimated useful life = 10 years
Salvage value = $18,600
Depreciable amount = $297,000
Production units = 237,600
Working hours = 25,000
Straight-line method:
Annual Depreciation Expense = $29,700 ($297,000/10)
Production units:
Depreciation per unit = $1.25 ($297,000/237,600)
Working hours:
Depreciation per hour = $11.88 ($297,000/25,000)
Sum-of-the-years-digits = 55 years;
Depreciation per year = $5,400 ($297,000/55)
Declining balance rate = 20% (100/10 * 2)
During 2021:
Straight-line:
Depreciation expense = $29,700
Machine hours used = 2,650
Depreciation expense = 2,650 * $11.88
= $31,482
Production units = 30,300
Depreciation expense = 30,300 * $1.25
= $37,875
Sum-of-the-years-digits:
Depreciation expense = 9 * $5,400 = $48,600
Declining balance:
2020 = $315,600 * 20% * 8/12 = $63,120 * 8/12 = $42,080
2021 balance = $273,520
2021 Depreciation expense = $273,520 * 20% = $54,704
Which pathway includes the most self-employed workers?
Banking Services
Insurance Services
Financial and Investment Planning
Business Financial Management
Answer:
The Answer is B
Explanation:
Im sure its B
What to do most careers in Finance deal with?
a) real estate and education
b) assets and liabilities
c) assets and retail
d) real estate and retail
Answer:
b
Explanation:
B)
Answer: B would be the answer
Explanation: assist and liabilities
can you please help me on how to write a formal Email
Answer:
It's just like writing a letter!
Explanation:
You don't add the date, here's a format to go by:
Dear {Recipient},
{Body paragraph}
Thanks/Best Regards/Sincerely,
{Your name}
EXMAPLE:
To: (email)
Subject: Ice Cream
Email: Father and Mother, I was wondering if you would consider buying me ice cream. I understand I haven't been a good 5 - year - old, but may you consider the benefits of buying me ice cream?
Thank you,
5 - year - old
Assume a division of Hewlett-Packard currently makes 12,000 circuit boards per year used in producing diagnostic electronic instruments at a cost of $34 per board, consisting of variable costs per unit of $24 and fixed costs per unit of $10.
Further assume Sanmina-SCI offers to sell Hewlett-Packard the 12,000 circuit boards for $34 each.
If Hewlett-Packard accepts this offer, the facilities currently used to make the boards could be rented to one of Hewlett-Packard's suppliers for $46,000 per year.
In addition, $6 per unit of the fixed overhead applied to the circuit boards would be totally eliminated.
Calculate the net benefit (cost) to HP of outsourcing the component from Samina-SCI.
(Use a negative sign with your answer, if appropriate.)
Answer:
The net benefit is -$26,000
Explanation:
Given the above information,
The total cost of manufacturing 12,000 circuit boards
= 12,000 × $34
= $408,000
Total purchase price
= 12,000 × $34
= $408,000
Fixed overhead cost applied
= 12,000 × $6
= $72,000
The rental income = $46,000
Outsourcing cost
= Total purchase price + Fixed overhead cost applied - Rental income
= $408,000 + $72,000 - $46,000
= $434,000
Therefore, Net benefit
= Total cost of manufacturing - Outsourcing cost
=$408,000 - $434,000
= -$26,000
On January 1, 2019, Sunland Company purchased the following two machines for use in its production process.
Machine A: The cash price of this machine was $50,000. Related expenditures included: sales tax $3,700, shipping costs $100, insurance during shipping $60, installation and testing costs $70, and $100 of oil and lubricants to be used with the machinery during its first year of operations. Sunland estimates that the useful life of the machine is 5 years with a $5,050 salvage value remaining at the end of that time period. Assume that the straight-line method of depreciation is used.
Machine B: The recorded cost of this machine was $180,000. Sunland estimates that the useful life of the machine is 4 years with a $20,880 salvage value remaining at the end of that time period.
Prepare the following for Machine A. (Round answers to 0 decimal places, e.g. 2,125. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
1. The journal entry to record its purchase on January 1, 2019.
2. The journal entry to record annual depreciation at December 31, 2019.
No. Account Titles and Explanation Debit Credit 1.
Answer:
1. Purchase of Machine A (Dr.) $54,030
Cash (Cr.) $54,030
2. Depreciation Machine A (Dr.) $9,796
Accumulated depreciation (Cr.) $9,796
3. Depreciation Machine B (Dr.) $39,780
Accumulated depreciation (Cr.) $39,780
Explanation:
Machine A :
Cash price $50,000
Sales Tax $3,700
Shipping cost $100
Insurance $60
Installation and Testing $70
Oil and lubricants $100
Total cost of machine = $54,030
Depreciation = ( Cost - Salvage Value ) / Useful Life
Depreciation = ( $54,030 - 5,050 ) / 5 years = $9,796
Machine B :
Depreciation = ( 180,000 - 20,880 ) / 4 = $39,780
Which of the following statements is true of raw materials?
Can you put the complete question, please?
Raw materials include products used in producing other products. They are the the input goods or inventory that a company needs to manufacture its products.
What is a raw material?A raw material, which is also referred to as a feedstock, an unprocessed material, or a primary commodity, is a kind of fundamental resource that is used to make other materials, such as intermediate materials that will be used as feedstock for finished items in the future.
Materials or substances used in the initial stages of producing or manufacturing items are known as raw materials. On commodity exchanges around the world, raw materials are commodities that are purchased and sold. Because raw materials are production factors, businesses trade them on the factor market.
Therefore, raw materials are directly used in any manufacturing process.
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Your question is incomplete, but most probably the full question was,
a. They are large capital purchases designed for a long productive life.
b. They include products used in producing other products.
c. They are the goods and services that hold little interest for consumers.
d. They are categorized as consumer products.
Ingraham Inc. currently has $820,000 in accounts receivable, and its days sales outstanding (DSO) is 54 days. It wants to reduce its DSO to 35 days by pressuring more of its customers to pay their bills on time. If this policy is adopted, the company's average sales will fall by 15%. What will be the level of accounts receivable following the change? Assume a 365-day year.
Answer: 451759.29
Explanation:
To solve the question, we need to calculate the current sales. This will be calculated by using the formula:
DSO = (Account receivable × 365) / Sales
54 = 820000 × 365 / Sales
Sales = 820000 × 365 / 54
Sales = 5542593
After the new policy, the expected sales will be:
= 5542593 × (1 - 15%)
= 5542593 × (1 - 0.15)
= 5542593 × 0.85
= 4711204.5
The level of accounts receivable following the change will be:
DSO = (Account receivable × 365) / Sales
35 = Account receivable × 365 / 4711204.5
Account receivable = 35 × 4711204.5 / 365
Account receivable = 451759.29
The Duerr Company manufactures a single product. All raw materials used are traceable to specific units of product. Current information for the Duerr Company follows:
Beginning raw materials inventory $27,000
Ending raw materials inventory 30,000
Raw material purchases 104,000
Beginning work in process inventory 39,000
Ending work in process inventory 49,000
Direct labor 129,000
Total factory overhead 104,000
Beginning finished goods inventory 79,000
Ending finished goods inventory 59,000
The company's cost of raw materials used, cost of goods manufactured and cost of goods sold is:________
Answer:
Results are below.
Explanation:
First, we need to calculate the direct material used:
Direct material used= beginning inventory + purchases - ending inventory
Direct material used= 27,000 + 104,000 - 30,000
Direct material used= $101,000
Now, the cost of goods manufactured:
cost of goods manufactured= beginning WIP + direct materials + direct labor + allocated manufacturing overhead - Ending WIP
cost of goods manufactured= 39,000 + 101,000 + 129,000 + 104,000 - 49,000
cost of goods manufactured= $324,000
Finally, the cost of goods sold:
COGS= beginning finished inventory + cost of goods manufactured - ending finished inventory
COGS= 79,000 + 324,000 - 59,000
COGS= $344,000
Calculate the annual cash dividends required to be paid for each of the following preferred stock issues:
Required:
a. $3.30 cumulative preferred, no par value; 210,000 shares authorized, 146,000 shares issued. (The treasury stock caption of the stockholders' equity section of the balance sheet indicates that 40,653 shares of this preferred stock issue are owned by the company.) (Round your answer to 2 decimal places.)
b. 5%, $40 par value preferred, 293,000 shares authorized, 165,000 shares issued, and 72,725 shares outstanding. (Round your answer to 2 decimal places.)
c. 12.2% cumulative preferred, $100 stated value, $108 liquidating value; 81,000 shares authorized, 42,000 shares issued, 26,000 shares outstanding.
Answer:
Annual Cash Dividends
a. = $347,645.10
b. = $145,450
c. = $317,200
Explanation:
a) Data and Calculations:
1. $3.30 Cumulative Preferred Stock:
Authorized shares = 210,000
Issued shares = 146,000
Treasury shares = 40,653
Outstanding shares 105,347
Cash dividend = $347,645.10 ($3.30 * 105,347)
2. 5% Preferred Stock, $40 par value:
Authorized shares = 293,000
Issued shares = 165,000
Outstanding shares 72,725 * $40 = $2,909,000
Cash dividend = $145,450 ($2,909,000 * 5%)
3. 12.2% cumulative preferred, $100 stated value, $108 liquidating value:
Authorized shares = 81,000
Issued shares = 42,000
Outstanding shares 26,000 * $100 = $2,600,000
Cash dividend = $317,200 ($2,600,000 * 12.2%)
Money serves three functions in the economy: medium of exchange, unit of account, and store of value. Which of the following statements describes how inflation affects the ability of money to serve as a unit of account? Check all that apply. Inflation causes menu costs. Inflation erodes money's purchasing power. In some countries with hyperinflation, prices are posted in terms of U.S. dollars rather than the local currency, even though the local currency is still used to purchase the good.
Answer:
Inflation causes menu costs.
In some countries with hyperinflation, prices are posted in terms of U.S. dollars rather than the local currency, even though the local currency is still used to purchase the good.
Explanation:
The inflation that cause menu cost and the hyperinflation would be treated as a unit of account because for menu cost, the seller have to change the cost because of changing in the price
On the other hand, because of the difference in the currencies, inflation would create a problem for measuring the currency units
And, the left one would be represent the store of value as the value of the money would be decrease when the inflation rate is increased
Money has three functions unit if accounts, storm of values and a medium of exchange. Modern economies use flat money that is not a community nor backed by the economy.
The inflation depicts the rise in procs and services and is a reason of the produces of goods and services in the economy. Inflation affects money by reducing the purchasing power of clients.Hence the option B is correct.
Learn more about the serves three functions in the economy: medium of exchange.
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Water Source Inc. manufactures badminton rackets. The company estimates the following costs for the next year: Indirect factory wages $151,000 Supervisor salaries 56,000 Direct materials 221,000 Direct labor 149,000 Power and light 113,000 Depreciation of plant and equipment 74,000 Indirect materials 20,000 Insurance and property taxes 32,000 Determine the total factory overhead cost of the company.
Answer:
$446,000
Explanation:
Factory overhead are indirect costs incurred by a company during production which can not be easily be traced to units produced.
factory overhead cost calculation :
Indirect factory wages $151,000
Supervisor salaries $56,000
Power and light $113,000
Depreciation of plant and equipment $74,000
Indirect materials $20,000
Insurance and property taxes $32,000
Total $446,000
George noticed that some of the top salespeople on his team were spending more time checking their phones than contributing to the group's development of a new strategic plan. He decided that if his peers weren't going to make a concerted effort on the project, then he wasn't either. George put down his notepad and started tapping on his phone. Which concept best describes George's action
Answer:
The answer is "the s ucker effect"
Explanation:
Please find the image.
Some people work extremely hard but lose their drive when they see other riders who are not riding in the community. It won't fit, that's exactly what's happening here. After noting other people who did not carry out the initiative, he also began using his telephones and placed down his paper pad. It is also an operation, for which a person works less than a like independent member, as a group member.
Carol and Dave each purchase 100 shares of stock of Burgundy, Inc., a publicly owned corporation, in July for $10,000 each. Carol sells her stock on December 31 for $8,000. Because Burgundy’s stock is listed on a national exchange, Dave can ascertain that his shares are worth $8,000 on December 31. Does the Federal income tax law treat the decline in value of the stock differently for Carol and Dave? Explain.
Answer:
See below
Explanation:
From the above information, we can deduce that the stock owned by Carol and Dave falls in value by $2,000 I.e ($10,000 - $8,000) ; it is to be noted that Carol solely has realised and recognized loss of $2,000.
Here, one of the cogent factors that determines whether a sale has taken place is if realization has been effected. Here, stock sold by Carol qualifies as a disposition while the decline in the value of stock sold by Dave does not qualify as disposition.
With regards to the foregoing, we can conclude that the federal income tax law treat the decline in the value of the stock differently for Carol and Dave.
Two companies, A and B, both have $1 million in assets, earnings before interest and taxes (EBIT) of $160,000, and the same tax rate. Company A is all equity financed, and Company B is 50% debt financed and 50% equity financed. If Company B's pretax cost of debt is 8%, then Company A will have a ROA that is _____ and a ROE that is _____ than Company B's. a. Option D b. Option B c. Option A d. Option C
Question Completion with Options:
A) lower, higher
B) higher, higher
C) lower, lower
D) higher, lower
Answer:
Companies A and B
If Company B's pretax cost of debt is 8%, then Company A will have a ROA that is __higher___ and a ROE that is __lower___ than Company B's.
a. Option D
Explanation:
a) Data and Calculations:
Company A Company B
Assets $1,000,000 $1,000,000
EBIT 160,000 160,000
Tax rate = same
Equity 100% 50%
Debts 0% 50%
Equity $1,000,000 $500,000
Debts $0 $500,000
Pretax cost of debt 0% 8%
Interest expense $0 $40,000
Pretax income $160,000 $120,000
ROA (Return on assets) = Pretax income/Assets * 100
= 16% 12%
ROE (Return on equity) = Pretax income/Equity * 100
= 16% 24%
Soprano Corporation allocates administrative costs on the basis of staff hours. Short-run monthly usage and anticipated long-run monthly usage of staff hours for Operating Departments 1 and 2 follow. Department 1 Department 2 Total Short-run usage (hours) 80,000 120,000 200,000 Long-run usage (hours) 90,000 110,000 200,000 If Soprano uses dual-cost accounting procedures and fixed administrative costs total $1,000,000, the amount of fixed administrative costs to allocate to Department 1 would be:
Answer:
$850,000
Explanation:
Total Hours of Department 1=$80,000+$90,000
=$170,000/$200,000*1000,0000
Lakeview Company completed the following two transactions. The annual accounting period ends December 31.
On December 31, calculated the payroll, which indicates gross earnings for wages ($64,000), payroll deductions for income tax ($6,400), payroll deductions for FICA ($4,800), payroll deductions for American Cancer Society ($2,400), employer contributions for FICA (matching), and state and federal unemployment taxes ($560). Employees were paid in cash, but payments for the corresponding payroll deductions have not yet been made and employer taxes have not yet been recorded.
Collected rent revenue of $5,700 on December 10 for office space that Lakeview rented to another business. The rent collected was for 30 days from December 12 to January 10 and was credited in full to Deferred Revenue.
Required:
1. & 2. Prepare the journal entries to record payroll on December 31, the collection of rent on December 10 and adjusting journal entry on December 31.
3. Show how any of the liabilities related to these items should be reported on the company’s balance sheet at December 31.
Answer: Check attachment and explanation.
Explanation:
a. The question has been solved. Check the attachment.
b. LAKEVIEW COMPANY
Balance sheet (Partial)
December 31
Current liabilities
FICA Payable=$4800 + $4800= $9600
Charitable contribution payable = $2400
Withheld income tax payable = $6400
State and Federal unemployment tax payable = $560
Unearned rent revenue = $5700 - $3800 = $1900
Total current liabilities = $20860
Lauer Corporation uses the periodic inventory system and has provided the following information about one of its laptop computers: Date Transaction Number of Units Cost per Unit 1/1 Beginning Inventory 220 $ 920 5/5 Purchase 320 $ 1,020 8/10 Purchase 420 $ 1,120 10/15 Purchase 260 $ 1,170 During the year, Lauer sold 1,050 laptop computers. What was ending inventory using the FIFO cost flow assumption
Answer:
$198,900
Explanation:
Ending inventory units = Available units for sale - Units sold
Ending inventory units = 220 + 320 + 420 + 260
Ending inventory units = 1,220.
Units sold = 1,050.
Ending inventory units = 1,220 - 1,050
Ending inventory units = 170
As per the FIFO cost flow assumption, sales comprise of units from beginning inventory and earlier purchases. Hence, ending inventory comprises units from latest purchases.
So, ending inventory of 170 units would be valued at the price from 10/15 purchases.
10/15 purchase price per unit = $1,170
Ending inventory value = 170 units x $1,170
Ending inventory value = $198,900
On January 1, 2021, Casey Corporation exchanged $3,194,000 cash for 100 percent of the outstanding voting stock of Kennedy Corporation. Casey plans to maintain Kennedy as a wholly owned subsidiary with separate legal status and accounting information systems. At the acquisition date, Casey prepared the following fair-value allocation schedule:
Fair value of Kennedy (consideration transferred) $3,194,000
Carrying amount acquired 2,600,000
Excess fair value $650,000
to buildings (undervalued) $342,000
to licensing agreements (overvalued) (160,000) 182,000
to goodwill (indefinite life) $468,000
Immediately after closing the transaction, Casey and Kennedy prepared the following postacquisition balance sheets from their separate financial records (credit balances in parentheses).
Accounts Casey Kennedy
Cash $500,000 $176,250
Accounts receivable 1,410,000 345,000
Inventory 1,585,000 375,750
Investment in Kennedy 3,250,000 0
Buildings (net) 5,722,500 1,990,000
Licensing agreements 0 3,070,000
Goodwill 693,500 0
Total assets $13,161,000 $5,957,000
Accounts payable $(391,000) $(377,000)
Long-term debt (3,770,000) (2,980,000)
Common stock (3,000,000) (1,000,000)
Additional paid-in capital 0 (500,000)
Retained earnings (6,000,000) (1,100,000)
Total liabilities and equities $(13,161,000) $(5,957,000)
Required:
Prepare an acquisition-date consolidated balance sheet for Casey Corporation and its subsidiary Kennedy Corporation.
Question Completion Basis:
On January 1, 2021, Casey Corporation exchanged $3,250,000 cash for 100 percent of the outstanding... "and not $3,194,000".
Answer:
Cassey Corporation
Post Acquisition Balance Sheets
(credit balances in parentheses)
Accounts Casey Kennedy Consolidated
Cash $500,000 $176,250 $676,250
Accounts receivable 1,410,000 345,000 1,755,000
Inventory 1,585,000 375,750 1,960,750
Investment in Kennedy 3,250,000 0 0
Buildings (net) 5,722,500 2,332,000 8,054,500
Licensing agreements 0 2,888,000 2,888,000
Goodwill 693,500 0 1,183,500
Total assets $13,161,000 $6,117,000 $16,518,000
Accounts payable $(391,000) $(377,000) (768,000)
Long-term debt (3,770,000) (2,980,000) (6,750,000)
Common stock (3,000,000) (1,000,000) (3,000,000)
Additional paid-in capital 0 (500,000)
Retained earnings (6,000,000) (1,100,000) (6,000,000)
Total liabilities and equities $(13,161,000) $(5,957,000) $16,518,000
Explanation:
a) Data and Calculations:
Fair-value allocation schedule:
Fair value of Kennedy (consideration transferred) $3,250,000
Carrying amount acquired 2,600,000
Excess fair value 650,000
to buildings (undervalued) $342,000
to licensing agreements (overvalued) (160,000) 160,000
to goodwill (indefinite life) $468,000
Post Acquisition Balance Sheets
(credit balances in parentheses)
Accounts Casey Kennedy
Cash $500,000 $176,250
Accounts receivable 1,410,000 345,000
Inventory 1,585,000 375,750
Investment in Kennedy 3,250,000 0
Buildings (net) 5,722,500 1,990,000
Licensing agreements 0 3,070,000
Goodwill 693,500 0
Total assets $13,161,000 $5,957,000
Accounts payable $(391,000) $(377,000)
Long-term debt (3,770,000) (2,980,000)
Common stock (3,000,000) (1,000,000)
Additional paid-in capital 0 (500,000)
Retained earnings (6,000,000) (1,100,000)
Total liabilities and equities $(13,161,000) $(5,957,000)
b) The reframing of the question somehow complicated its workings and the solution provided here.
Blues Inc. manufactures jeans in the cutting and sewing process. Jeans are manufactured in 40-jean batch sizes. The cutting time is 5 minutes per jean. The sewing time is 20 minutes per jean. It takes 2 minutes to move a batch of jeans from cutting to sewing. a. Compute the value-added, non-value-added, and total lead time of this process. Value-added lead time fill in the blank 1 minutes Non-value-added lead time fill in the blank 2 minutes Total lead time fill in the blank 3 minutes b. Compute the value-added ratio. Round to one decimal place.
Answer:
a. Value added time = Cutting time + Sewing time
Value added time = 5 minutes + 20 minutes
Value added time = 25 minutes
Non-value added time = Total within batch wait time + Move time
Non-value added time = [25 minutes * (40 - 1) + 2 minutes
Non-value added time = 977 minutes
Total lead time = Value added time + Non-value added time
Total lead time = 25 minutes + 977 minutes
Total lead time = 1,002 minutes
b. Value added ratio = Value added time / Total lead time
Value added ratio = 25 minutes / 1,002 minutes
Value added ratio = 0.02495
Value added ratio = 2.5%
art of the screening process when choosing which markets to expand to involves gathering information on local markets. One way to gain information is by participating in trade fairs and trade missions. However, companies will often need additional information on markets that require further research. Collecting primary data in foreign markets can present some challenges in researchers especially because of cultural and technical differences between the markets. Identify whether each statement about the research process is most likely associated with cultural differences between markets or technical differences. 1. A number of languages may be spoken in a country and even in countries where only one language is used, a word's meaning can change from one region to the next.
Answer:
1. Cultural differences between markets.
Explanation:
There are many language across the world. There are even many languages spoken in a single country. People living in one region will speak different language than those who live in other nearby region of the same country. The meanings of many words also changes in different languages. The word of English language have some meaning and same words may have different meaning in other languages.
A NOW account requires a minimum balance of $750 for interest to be earned at an annual rate of 4 percent. An account holder has maintained an average balance of $500 for the first six months and $1,000 for the remaining six months. The account holder writes an average of 60 checks per month and pays $0.02 per check, although it costs the bank $0.05 to clear a check.
Required:
a. What average return does the account holder earn on the account?
b. What is the average return if the bank lowers the minimum balance to $400?
c. What is the average return if the bank pays interest only on the amount in excess of $400? Assume that the minimum required balance is $400.
d. How much should the bank increase its check fee to the account holder to ensure that the average interest it pays on this account is 5 percent? Assume that the minimum required balance is $750.
Answer:
a. Average return = 5.55%
b. Average return = 6.88%
c. Average return = 4.75%
d. Bank increase per check fees = $.0257
Explanation:
a.)
Interest earned on first $500 = $500×0×6 / 12 = $0
Interest earned on next $1000 = $1000×0.04×6 / 12= $20
Now,
Fees earned on checks = ($.05 - $.02)×60×12 = $21.6
So,
Total interest earned = $20 + $21.6 = $41.6
Given,
Average balance maintained = $750
So,
Average return = $41.6 / $750 = 5.55%
b.)
Interest earned on first $500 = $500×0.04×6 / 12 = $10
Interest earned on next $1000 = $1000×0.04×6 / 12 = $20
Now,
Fees earned on checks = ($.05 - $.02)×60×12 = $21.6
So,
Total interest earned = $10 + $20 + $21.6 = $51.6
Given that,
Average balance maintained = $750
So,
Average return = $51.6 / $750 = 6.88%
c.)
Interest earned on first $100 = $100×0.04×6 / 12 = $2
Interest earned on next $600 = $600×0.04×6 / 12 = $12
Now,
Fees earned on checks = ($.05 - $.02)×60×12 = $21.6
So,
Total interest earned = $2 + $12 + $21.6 = $35.6
Given that,
Average balance maintained = $750
So,
Average return = $35.6 / $750 = 4.75%
d.)
Total interest earned = $750×0.05 = $37.5
So,
fees earned on checks = $37.5 - $20 = $17.5
Subsidiary per check = $17.5 / 60×12 = $.0243
So,
Bank increase per check fees = $.05 – $.0243 = $.0257
Which Finance jobs can someone pursue with only a high school diploma? Check all that apply.
Tax Preparer
Treasurer
Actuary
Teller
Loan Officer
Quantitative Analyst
Answer:
Actuary, Tax Preparer and Loan Officer
Answer:
A, C, and E
Explanation:
Actuary, Tax Preparer and Loan Officer
Given the description of the firm below, decide whether it applies to monopolistic competition, perfect competition, or both.
a. a firm that produces with excess capacity in the long run
b. a firm that has market power
c. a firm that sets greater than marginal
d. a firm that earns zero economic profit in the long
Answer:
Perfect Competition
d. a firm that earns zero economic profit in the long
In the long run, firms will keep entering and exiting the market in a perfect competition such that there will be no economic profit to be gained.
Monopolistic Competition
a. a firm that produces with excess capacity in the long run
b. a firm that has market power
c. a firm that sets price greater than marginal cost.
Monopolistic competition has excess capacity in the long run because their prices are set at a higher level than the marginal revenue. They are therefore producing more goods than they are selling leading to excess capacity.
Monopolistic competition has some form of market power as well because they get to set their own prices.
Joyce works hard and puts in many extra hours. For this, she can anticipate a pay raise, a promotion, or an expanded sales territory. However, getting a promotion is most important to Joyce. According to the useful guidelines of the ____ theory, Jim, her manager, must recognize that (1) she is putting in hard work and long hours to obtain a promotion, (2) what motivates Joyce will change over time, and (3) he must clearly show Joyce how to attain the desirable reward.
Answer:
Expectancy theory
Explanation:
Expectancy theory states that when an individual is faced with different choices they will be motivated in a certain way in choosing a particular option based on what they expect to be the result of the choice.
So behaviour is affected by perceived result or consequence of a particular choice.
In the given scenario Joyce works hard and puts in many extra hours, and getting a promotion is most important to Joyce.
So because of her expectations that manager must recognise that:
(1) she is putting in hard work and long hours to obtain a promotion,
(2) what motivates Joyce will change over time (if she does not get the promotion), and
(3) he must clearly show Joyce how to attain the desirable reward.
Russell Retail Group begins the year with inventory of $50,000 and ends the year with inventory of $40,000. During the year, the company has four purchases for the following amounts.
Purchase on February 17 $ 205,000
Purchase on May 6 125,000
Purchase on September 8 155,000
Purchase on December 4 405,000
Required:
Calculate cost of goods sold for the year.
Answer:
COGS= $900,000
Explanation:
Giving the following formula:
Beginning inventory= $50,000
Ending inventory= $40,000
Purchase on February 17 $ 205,000
Purchase on May 6 125,000
Purchase on September 8 155,000
Purchase on December 4 405,000
Total= $890,000
To calculate the cost of goods sold, we need to use the following formula:
COGS= beginning finished inventory + cost of goods manufactured - ending finished inventory
COGS= 50,000 + 890,000 - 40,000
COGS= $900,000
Tex's Manufacturing Company can make 200 units of a necessary component part with the following costs: Direct Materials $240,000 Direct Labor 35,000 Variable Overhead 75,000 Fixed Overhead 40,000 If Tex's Manufacturing Company can purchase the component externally for $330,000 and only $15,000 of the fixed costs can be avoided, what is the correct make-or-buy decision
Answer:
Buy and save $35,000
Explanation:
The computation is shown below:
Particulars Make Buy
Direct Materials $240,000
Direct Labor $35,000
Variable Overhead $75,000
Fixed Overhead $15,000
Purchase cost $330,000
Total cost $365,000 $330,000
As we can see that the buying total cost is less than the total making cost so here we can buy the product as it saves the company by $35,000 ($365,000 - $330,000)
The Consumer Electronics Show (CES) reports that the HP Spectre laptop computer starts at $994.00 for a base configuration. The model displayed at its recent show costs $1,353, $118 more than the comparable 13-inch Apple MacBook Air. If Computers-R-Us buys the HP Spectre at the show with 3/15, net 30 terms on August 26, how much does it need to pay on September 9
Answer: $1312.41
Explanation:
The following information can be depicted from the question:
Cost of HP Spectre laptop = $1353
Credit terms = 3/15, net 30
Therefore, since discount allowed is 3%, the complement of the discount rate will be:
= 100% - 3%
= 97%
Therefore, amount needed to pay will be:
= Listed price × Complement of discounts rate
= $1353 × 97%
= $1353 × 0.97
= $1312.41
Therefore, the amount needed to pay is $1312.41
In 2020 Ryce contributes non depreciable property with an adjusted basis of $101,600 and a fair market value of $152,400 to the Montgomery Partnership in exchange for a one-half interest in profits and capital. In the next tax year, when the property's fair market value is $162,560, the partnership distributes the property to Jarvis, the other one-half partner. Jarvis's basis in the partnership interest was $162,560 immediately before the distribution. Which partner must recognize the built-in gain, what is the amount recognized, and what is the effect on that partner's basis in the partnership interest
Answer:
A. Ryce
B.$50,800
C. Increase
Explanation:
Based on the information given the partner that must recognize the builtin gain is RYCE
B. Calculation to determine the amount recognized
Using this formula
Amount recognized=Fair market value-Adjusted basis
Let plug in the formula
Amount recognized=$152,400-$101,600
Amount recognized=$50,800
Therefore the amount recognized is $50,800
C. Based on the information given the effect on that partner's basis in the partnership interest is that the basis amount in the partnership interest would be INCREASED by the amount of gain that was recognized or Realized.
Jallouk Corporation has two different bonds currently outstanding. Bond M has a face value of $30,000 and matures in 20 years. The bond makes no payments for the first six years, then pays $2,400 every six months over the subsequent eight years, and finally pays $2,700 every six months over the last six years. Bond N also has a face value of $30,000 and a maturity of 20 years; it makes no coupon payments over the life of the bond. The required return on both these bonds is 6% compounded semi-annually. What are the current price of bond M and bond N?
Answer:
um
Explanation: