Scenario: Your direct supervisor is interested in a project you are currently working on, and they have asked to increase the scope to increase the department's goals. How would you respond if your supervisor was not the project sponsor?
ANSWER:
Take down his/her suggestions. The first thing is to show respect. Accept thoughts and contributions towards that project. Most times a project "sponsor" is not someone who is a professional in the field or discipline that the project is about.
If your direct supervisor has the idea of increasing the scope of the project, take note of his/her reasons and if they will truly bring the achievement of more departmental goals, then relay the idea of expansion to the project sponsor.
Answer:
At this point, the important thing is to remain calm and in control. Your supervisor, like everyone else, is likely to get confused and blame people for things that are not their fault, or even find fault that does not exist.
In that case, you should wait for him to finish speaking, ask for permission to speak and explain how you did your job and show how your supervisor is wrong about the conclusion he made. This must be done calmly and politely, always maintaining respect.
Explanation:
Giannitti Corporation bases its predetermined overhead rate on the estimated machine-hours for the upcoming year. Data for the upcoming year appear below: Estimated machine-hours 72,700 Estimated variable manufacturing overhead $ 3.30 per machine-hour Estimated total fixed manufacturing overhead $ 838,730 The predetermined overhead rate for the recently completed year was closest to:
Answer:
The predetermined overhead rate for the recently completed year was closest to: $11.54 per machine-hour
Explanation:
Predetermined Overheads = Budgeted Fixed Overheads / Budgeted Activity
= $ 838,730 / 72,700
= $11.536864 or $11.54 per machine-hour.
The smaller the required reserve ratio the larger the simple deposit multiplier. Do you agree or disagree with this statement. Explain your answer.
Answer:
Agree
Explanation:
A deposit multiplier is maximum amount of money that can be created for each unit of reserve. It is key requirement for maintaining economy's basic money supply. The simple deposit multiplier is 1 / rr * change in R. Deposit multiplier is the inverse of reserve ratio. The higher the reserve ratio the lesser will be the deposit multiplier. Reserve ratio is the minimum amount of money that must be kept in the deposit.
Zarina Corp. signed a new installment note on January 1, 2018, and deposited the proceeds of $15,000 in its bank account. The note has a two-year term, compounds 4 percent interest annually, and requires an annual installment payment on December 31. Zarina Corp.
Required:
1. Use an online application, such as the loan calculator with annual payments at mycalculators.com, to generate an amortization schedule. Enter that information into an amortization schedule with the following headings: Year, Beginning Notes Payable, Interest Expense, Repaid Principal on Notes Payable, and Ending Notes Payable.
2. Prepare the journal entry on January 1, 2018, the adjusting journal entry to accrue interest on March 31, 2018. Assuming the journal entry from requirement 3 also is recorded on June 30, September 30, and December 31, 2018, prepare the journal entry to record the first annual installment payment on December 31, 2018.
3. Calculate the amount of interest expense that should be accrued for the quarter ended March 31, 2019.
Answer:
1)
the annual installment = $7,952.94
total Interest paid = $905.88
Year Beginning Interest Repaid Ending
Notes Payable Expense Principal Notes Payable
1 $15,000 $600 $7,352.94 $7,647.06
2 $7,647.06 $305.88 $7,647.06 $0
2)
March 31, 2018, accrued interests on notes payable
Dr Interest expense 150
Cr Interest payable 150
June 30, 2018, accrued interests on notes payable
Dr Interest expense 150
Cr Interest payable 150
September 30, 2018, accrued interests on notes payable
Dr Interest expense 150
Cr Interest payable 150
December 31, 2018, accrued interests on notes payable
Dr Interest expense 150
Cr Interest payable 150
December 31, 2018, first installment on notes payable
Dr Notes payable 7,352.94
Dr Interest payable 600
Cr Cash 7,952.94
3)
March 31, 2019, accrued interests on notes payable
Dr Interest expense 76.47
Cr Interest payable 76.47
1. The Amortization schedule is:
Year Beginning Notes Interest expense Repaid Principle Ending notes
Payable on notes payable Payable
2018 15,000 600 7,353 7,647
2019 7,647 306 7,647 0
The annual payment is an annuity and can be found as:
Loan= Annuity x Present value interest factor of annuity, 4%, 2 years
15,000 = Annuity x 1.886
Annuity = 15,000 / 1.886
= $7,953
Principal repaid in first year = Amount paid - interest
= 7,953 - (15,000 x 4%)
= 7,953 - 600
= $7,353
Principal repaid in second year
= 7,953 - (4% x 7,647)
= $7,647
2.
Date Account title Debit Credit
Jan 1, 2018 Cash $15,000
Notes Payable $15,000
Date Account title Debit Credit
March 31, 2018 Interest expense $150
Interest payable $150
Working:
= Loan amount x Rate x period of loan so far
= 15,000 x 4% x 3/ 12 months
= $150
Date Account title Debit Credit
Dec 1, 2018 Interest payable $600
Notes payable $7,353
Cash $7,953
3. Interest accrued March 31,2019:
= Loan amount in second year x 4% x 3/12 months
= 7,647 x 4% x 3/12
= $76
Find out more at https://brainly.com/question/12942532.
The Walthers Company has a semi-annual coupon bond outstanding. An increase in the market rate of interest will have which one of the following effects on this bond?
a. increase the coupon rate.
b. decrease the coupon rate.
c. increase the market price.
d. decrease the market price.
e. increase the time period.
Answer:
The answer is D.
Explanation:
An increase in the market rate of interest of a bond will decrease the market price of the bond. Market rate of interest of a bond is inversely related to the market price of the bond.
For example, A bonds is issued with a higher interest rate, the price of existing bonds will fall because the demand for this bond falls.
Playa Inc. owns 85 percent of Seashore Inc. During 20X8, Playa sold goods with a 25 percent gross profit to Seashore. Seashore sold all of these goods in 20X8. How should 20X8 consolidated income statement items be adjusted g
Answer:
Debit the Cost of Sales and,
Credit the Revenue.
Explanation:
Transactions that occur within a group of companies must be eliminated. Playa is a Parent (85%) and Seashore Inc is a Subsidiary.
The effect of the Sale by Playa to Seashore is that Group Cost of Sales and Revenue would be over-valued by the price of intragroup sale.
Thus, the adjustment for this intragroup sale, is to Debit the Cost of Sales and Credit the Revenue.
You want to buy a new sports coupe for $74,500, and the finance office at the dealership has quoted you a loan with an APR of 6.9 percent for 36 months to buy the car.
Required:
a. What will your monthly payments be?
b. What is the effective annual rate on this loan?
Answer:
a) Monthly payments = $22,969.38
b) Effective rate of return= 7.12%
Explanation:
Loan Amortization: A loan repayment method structured such that a series of equal periodic installments will be paid for certain number of periods to offset both the loan principal amount and the accrued interest.
The monthly installment is computed as follows:
Monthly installment= Loan amount/annuity factor
Loan amount; = 74,500
Annuity factor = (1 - (1+r)^(-n))/r
r -monthly rate of interest, n- number of months
r- 6.9%/12 = 0.575 % = 0.00575, n = 36 =
Annuity factor = ( 1- (1+00575)^(-36)/0.00575= 32.434
Monthly installment = Loan amount /annuity factor
= 74,500/32.434= 22,969.38
Required monthly payments = $22,969.38
Effective annual interest rate
Effective rate of return = ((1+r)^n- 1) × 100
where r - monthly interest rate- 6.9%/12 = 0.575%
n- number of months= 12 months
Effective rate of return - (1+00575)^(12) - 1× 100= 7.12%
Effective rate of return= 7.12%
DIP LLC reports ordinary income (before guaranteed payments) of $120,000, rent expense of $40,000, and interest income of $4,000 for the year. In addition, DIP paid guaranteed payments to partner Percy of $20,000. If Percy owns a 40% capital and profits interest, how much income will he report for the year and what is its character?
Answer:
$24,000 ordinary income
$1,600 interest income
$20,000 guaranteed payment.
Explanation:
Calculation for what how much income will Percy report for the year and what is its character
Calculation for Percy Ordinary income: 120,000 - 40,000 - 20,000
= 60,000 x 40%
= 24,000.
Calculation for Percy Interest income:
4,000 x 40%
= 1,600
Guaranteed Payment: 20,000
Therefore what Percy will report will be: $24,000 ordinary income
$1,600 interest income
$20,000 guaranteed payment.