Answer:
she needs to demostrate effective leadership and sportsman shop and that all starts with trust. To be clear on the goals they must list their goals 1st and work for them in order to persue them imma athlete and i do that a lot
Explanation:
Answer:
Sheila nerds to demonstrate good communication skittles
On May 31, the following data were accumulated to assist the accountant in preparing the adjusting entries for Oceanside Realty: Fees accrued but unbilled at May 31 are $13,680. The supplies account balance on May 31 is $4,500. The supplies on hand at May 31 are $1,290. Wages accrued but not paid at May 31 are $1,720. The unearned rent account balance at May 31 is $13,410, representing the receipt of an advance payment on May 1 of three months' rent from tenants. Depreciation of office equipment is $2,280. Required: 1. Journalize the adjusting entries required at May 31. If an amount box does not require an entry, leave it blank.
Answer and Explanation:
The adjusting entries are shown below:
1. Accounts Receivable $13,680
To Fees Earned $13,680
(Being Accrued fees earned is recorded)
2. Supplies Expense $3,210 ($4500 - $1290)
To Supplies $3,210
(Being Supplies used is recorded)
3. Wages Expense $1,720
To Wages Payable ($1,720
(Being Accrued wages is recorded)
4. Unearned Rent $4,470 ($13,410 ÷ 3 month)
To Rent Revenue $4,470
(Being rent earned is recorded)
5. Depreciation Expense $2,280
To Accumulated Depreciation- Equipment $2,280
(Being Depreciation expense is recorded)
Lakeisha works as an administrative assistant in the finance department of a commercial construction company. She enjoys writing and public speaking, so she thinks she might enjoy working as a communications manager in the marketing communications department. What is the best choice of interviewee for Lakeisha's career research interview?
Answer:
A manager in the marketing communications department
Explanation:
The marketing communications department manager is the best choice of interviewee for Lakeisha's interview, as this professional can provide you with information relevant to your job duties so that Lakeisha can better assess your career research.
As she is a person who has communication skills in public, being a marketing communications manager can be a good option for Lakeisha, since this position has as main duties to develop marketing communication strategies in order to promote the company and its employees. products and services in the market, generate value to the target audience through marketing campaigns and position the company in a competitive way in the market.
During the year, Belyk Paving Co. had sales of $2,425,000. Cost of goods sold, administrative and selling expenses, and depreciation expense were $1,335,000, $635,000, and $450,000, respectively. In addition, the company had an interest expense of $275,000 and a tax rate of 25%. (Ignore any tax loss or carryforward provision and assume interest expense is fully deductible). Calculate the firm's net new long-term debt added during the year.
Answer:
See below
Explanation:
Sales
$2,425,000
Less:
Cost of goods sold
($1,335,000)
Administration and selling expense
($635,000)
Depreciation
($450,000)
EBIT
$5,000
Less:
Interest
($275,000)
No tax
Net income/loss
-$270,000
Operating cash flow = $5,000 + $450,000 - $0 = $500,000
Cash flow from assets = Operating cash flow - Change in networking capital - Net capital spending
= $500,000 - $0 - $0
= $500,000
Cash flow to shareholders = Dividends - New equity
= $0 - $0
= $0
Cash flow to creditors = Cash flow from assets - Cash flow to shareholders
= $500,000 - $0
= $500,000
Therefore, new long term debt added during the year is;
= Interest - Cash flow to creditors
= $275,000 - $500,000
= $225,000
Thirty years ago,Star Grocer Corporation purchased a building for its grocery store for $30,000.Based on inflation estimates,the amount of the building has been adjusted in the accounting records.The building is now reported at $75,000 in Star Grocer's financial statements.Which of the following concepts or principles of accounting is being violated?
A) going concern assumption
B) revenue realization concept
C) economic entity assumption
D) cost principle
Answer:
D) cost principle
Explanation:
Cost principle: The term "cost principle" is described as an "accounting principle" that tends to require equity, assets, and liabilities investments to be documented on financial records or documents at their "original price or cost" instead of the ongoing market price or cost. The term "cost principle" is also referred to as "historical cost principle".
In the question above, the principle related to accounting that is being violated is the "cost principle".
Innova uses 1,100 units of the component IMC2 every month to manufacture one of its products. The unit costs incurred to manufacture the component are as follows. Direct materials $63.96 Direct labor 41.72 Overhead 126.50 Total $232.18 Overhead costs include variable material handling costs of $7.50, which are applied to products on the basis of direct material costs. The remainder of the overhead costs are applied on the basis of direct labor dollars and consist of 60% variable costs and 40% fixed costs. A vendor has offered to supply the IMC2 component at a price of $250 per unit.
Prepare the incremental analysis for the decision to make or buy IMC2. Should Innova purchase the component from the outside vendor if Innova's capacity remains idle?
Answer:
a. Make IMC2 Buy IMC2 N.I. Increase/(Decrease)
Direct Materials $63.96 $63.96
Direct Labor $41.72 $41.72
Material handling $7.50 $7.50
Variable Overhead $71.40 $71.40
Purchase Price $250.00 -$250.00
Total Unit Cost $184.58 $250.00 -$65.42
Workings: Variable Overhead = ($126.5 - $7.5) x 60% = $71.40
b. No, Innova should not purchase the component from the outside vendor if Innova's capacity remains idle.
Jeremiah Corporation purchased debt securities during 2021 and classified them as securities available-for-sale: Security Cost Fair Value, 12/31/2021 A $ 42,500 $ 49,500 B 77,500 71,000 C 28,100 41,500 All declines are considered to be temporary. How much gain will be reported by Jeremiah Corporation in the December 31, 2021, income statement relative to the portfolio
Answer: $0
Explanation:
Available-for-sale securities simply refers to the debt securities that are bought but with the intention that they'll be sold before they mature. They're typically reported at their fair value.
The gain that will be reported by Jeremiah Corporation in the December 31, 2021, income statement relative to the portfolio is $0. This is because for available-for-sale securities, there'll be no reports on holding gains or losses incurred.
Appliance Center is an experienced home appliance dealer. Appliance Center also offers a number of services for the home appliances that it sells. Assume that Appliance Center sells ovens on a standalone basis. Appliance Center also sells installation services and maintenance services for ovens. However, Appliance Center does not offer installation or maintenance services to customers who buy ovens from other vendors. Pricing for ovens is as follows.
Oven only 803
Oven with installation service 910
Oven with maintenance services 976
Oven with installation and maintenance services 1,040
In each instance in which maintenance services are provided, the maintenance service is separately priced within the arrangement at $173. Additionally, the incremental amount charged by The Center for installation approximates the amount charged by independent third parties. Ovens are sold subject to a general right of return. If a customer purchases an oven with installation and/or maintenance services, in the event The Center does not complete the service satisfactorily, the customer is only entitled to a refund of the portion of the fee that exceeds $803. Assume that a customer purchases an oven with both installation and maintenance services for $1,040.
Required:
Indicate the amount of revenues that should be allocated to the oven, the installation, and to the maintenance contract.
Answer:
Oven $1,133
Installation $150
Maintenance contract $244
Explanation:
Calculation to Indicate the amount of revenues that should be allocated to the oven, the installation, and to the maintenance contract.
Oven= $ 803/($910-173)× $1,040
Oven= $ 803/737×$1,040
Oven =$1,133
Installation= ($910-$803)/($910-173)× $1,040
Installation=$107/737×$1,040
Installation=$150
Maintenance contract= $173/($910-173)× $1,040
Maintenance contract= $173/737×$1,040
Maintenance contract=$ 244
Therefore the amount of revenues that should be allocated to the oven, the installation, and to the maintenance contract are :
Oven $1,133
Installation $150
Maintenance contract $ 244
what is international employment
Answer:
International Employee means any regular full-time or regular part-time employee of an Employer who is not on a United States payroll and is working regularly in a location outside of the United States.
Explanation:
Gazelle Corporation, a merchandiser, recently completed its calendar-year 2015 operations. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, and (5) Other Expenses are paid in advance and are initially debited to Prepaid Expenses. The company's balance sheets and income statement follow. GAZELLE CORPORATION Comparative Balance Sheets December 31, 2015 and 2014 2015 2014AssetsCash $123,450 $61,550Accounts receivable 77,100 80,750Inventory 240,600 250,700Prepaid expenses 15,100 17,000Total current assets 456,250 410,000Equipment 262,250 200,000Accum. depreciation—Equipment (110,750) (95,000)Total assets $607,750 $515,000Liabilities and EquityAccounts payable $17,750 $102,000Short-term notes payable 15,000 10,000Total current liabilities 32,750 112,000Long-term notes payable100,000 77,500Total liabilities 132,750 189,500EquityCommon stock, $5 par 215,000 200,000Paid-in capital in excessof par, common stock 30,000 0Retained earnings 230,000 125,500Total liabilities and equity$607,750 $515,000 GAZELLE CORPORATION Income Statement For Year Ended December 31, 2015Sales $1,185,000Cost of goods sold 595,000Gross profit 590,000Operating expensesDepreciation expense $38,600Other expenses 362,850Total operating expenses 401,450 188,550Other gains (losses)Loss on sale of equipment (2,100)Income before taxes 86,450Income taxes expense 28,350Net income $158,100Additional Information on Year 2015 TransactionsA. The loss on the cash sale of equipment was $2,100 (details in b).B. Sold equipment costing $51,000, with accumulated depreciation of $22,850, for $26,050 cash.C. Purchased equipment costing $113,250 by paying $43,250 cash and signing a long-term note payable for the balance.D. Borrowed $5,000 cash by signing a short-term note payable.E. Paid $47,500 cash to reduce the long-term notes payable.F. Issued 3,000 shares of common stock for $15 cash per share. G. Declared and paid cash dividends of $53,600.Required1. Prepare a complete statement of cash flows; report its operating activities using the indirect method. Disclose any noncash investing and financing activities in a note.2. Analyze and discuss the statement of cash flows prepared in part 1, giving special attention to the wisdom of the cash dividend payment.
Answer:
Gazelle Corporation
1. Statement of Cash Flows
Operating Activities:
Net income $158,100
Non-cash expenses:
Loss on sale of equipment 2,100
Depreciation expense 38,600
Working capital changes:
Accounts receivable $3,650
Inventory 10,100
Prepaid expenses 1,900
Accounts payable -84,250
Short-term notes payable 5,000
Net cash flow from
operating activities $135,200
Investing activities:
Purchase of equipment -62,250
Net cash flow from investing ($62,250)
Financing activities:
Cash from Common Stock 45,000
Long-term notes payable 22,500
Dividends -53,600
Net cash from financing $13,900
Net cash flows $86,850
2. A closer look shows that the company should not have paid the dividends when it also went back to the shareholders for more financing, thereby diluting their shareholding.
Explanation:
a) Data and Analysis:
GAZELLE CORPORATION
Comparative Balance Sheets
December 31, 2015 and 2014
2015 2014 Cash Flows
Assets
Cash $123,450 $61,550
Accounts receivable 77,100 80,750 $3,650
Inventory 240,600 250,700 10,100
Prepaid expenses 15,100 17,000 1,900
Total current assets 456,250 410,000
Equipment 262,250 200,000 -62,250
Accum. depreciation—Equipment (110,750) (95,000)
Total assets $607,750 $515,000
Liabilities and Equity
Accounts payable $17,750 $102,000 -$84,250
Short-term notes payable 15,000 10,000 5,000
Total current liabilities 32,750 112,000
Long-term notes payable 100,000 77,500 22,500
Total liabilities 132,750 189,500
Equity
Common stock, $5 par 215,000 200,000 15,000
Paid-in capital in excess of par,
common stock 30,000 0 30,000
Retained earnings 230,000 125,500
Total liabilities and equity $607,750 $515,000
GAZELLE CORPORATION
Income Statement
For Year Ended December 31, 2015
Sales $1,185,000
Cost of goods sold 595,000
Gross profit 590,000
Operating expenses
Depreciation expense $38,600
Other expenses 362,850
Total operating expenses 401,450
Operating income 188,550
Other gains (losses)Loss on sale of equipment (2,100)
Income before taxes 186,450
Income taxes expense 28,350
Net income $158,100
a and b) Cash of sale of equipment $43,250 Loss on Cash Sale of Equipment $2,100
c) Equipment $113,250 Cash $43,250 Long-term note payable $70,000
d) Cash $5,000 Short-term note payable $5,000
e) Long-term note payable $47,500 Cash $47,500
f) Cash $45,000 Common Stock $45,000
g) Dividends $53,600 Cash $53,600
The classical dichotomy is the separation of real and nominal variables. The following questions test your understanding of this distinction.
Susan spends all of her money on comic books and mandarins. In 2009 she earned $27.00 per hour, the price of a comic book was $9.00, and the price of a mandarin was $3.00.
Which of the following give the nominal value of a variable?
A) Susan's wage is 3 comic books per hour in 2009.
B) The price of a mandarin is 0.33 comic books in 2009.
C) The price of a mandarin is $3.00 in 2009.
Answer:
The price of a mandarin is $3.00 in 2009.
Explanation:
The classical dichotomy is an economic theory that postulates that ( real variables e.g. output and employment, are independent of monetary variables e.g. price
Kalamazoo Corporation's cost formula for its manufacturing overhead is $45,700 per month plus $53 per machine-hour. For the month of March, the company planned for activity of 6,200 machine-hours, but the actual level of activity was 6,150 machine-hours. The actual manufacturing overhead for the month was $373,630. The manufacturing overhead in the flexible budget for March would be closest
Answer:
$371,650
Explanation:
Use the costs formula provided to find the flexed manufacturing overhead cost for March.
A flexed budget amount is a budgeted amount adjusted to actual level of activities as follows.
Actual Activity is given as 6,150 machine-hours
Manufacturing overhead cost = $45,700 + $53 x 6,150 machine-hours
= $371,650
Therefore,
The manufacturing overhead in the flexible budget for March would be closest $371,650
Firms in monopolistic competition would: Select one: a. persistently realize economic profits in both the short and long run b. may realize economic profits in the long run and normal profits in the short run c. tend to incur persistent losses in both the short and long run d. tend to realize economic profits in the short run and normal profits in the long run e. none of the above
Answer:
d. tend to realize economic profits in the short run and normal profits in the long run
Explanation:
Monopolistic competition can be defined as the market structure which comprises of elements of competitive markets (having many competitors) and monopoly.
Firms in monopolistic competition would tend to realize economic profits in the short run and normal profits in the long run
Two years ago, you purchased 100 shares of General Mills Corporation. Your purchase price was $58 a share, plus a total commission of $30 to purchase the stock. During the last two years, you have received the following dividend amounts: $1.65 per share for the first year and $1.77 per share the second year. Also, assume that at the end of two years, you sold your General Mills stock for $67 a share minus a total commission of $40 to sell the stock.
(a) Calculate the dividend yield for your General Mills stock at the time you purchased it. (Enter your answer as a percent rounded to 2 decimal places.) Dividend yield at purchase %
(b) Calculate the dividend yield for your General Mills stock at the time you sold it. (Enter your answer as a percent rounded to 2 decimal places.) Dividend yield at sale
(c) Calculate the total return for your General Mills investment when you sold the stock at the end of two years. (Do not round intermediate calculations. Round your final answer to the nearest whole number.) Total return
(d) Calculate the annualized holding period yield for your General Mills investment at the end of the two-year period. (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)
Answer:
a. Dividend = $1.65
Market price per share = $58
Dividend yield at purchase = $1.65/$58
Dividend yield at purchase = 2.84%
b. Dividend = $1.77
Market price per share = $67
Dividend yield at sale = $1.77/$67
Dividend yield at sale = 2.64%
c. Total return = Dividend Received + Capital Gain on sale of shares - Commission paid
= [$ (1.65 + 1.77) * 100 shares] + [$ (67-58) * 100 shares] - $30 - $40
= 342 + 900 - 30 - 40
= $812
d. Annualized holding period yield = (Total return / Original investment) * (1 / N)
= {Total return / [(Purchase price per share * Number of shares) + Purchase commission]} * (1 / N)
= {$ 812/[($ 58 *100) + 30]} * (1/2 years)
= 6.96%
Suppose you are planning to invest your saving in a fixed income fund. you feel you can mange to deposit 700 at the end of the first year, 500 at the end of the second year ,300 at the end of the third year, and 600 at the end of the fourth year. If the fund earns 6 percent interest each year. The terminal value of this uneven cash flow stream at the end of Year 4 is _____.
Answer:
$2,314
Explanation:
Calculation for what The terminal value of this uneven cash flow stream at the end of Year 4 is
First step is to calculate the terminal Value at the end of the first year
Terminal Value at the end of the first year=$700(1+0.06)^3
Terminal Value at the end of the first year=$833.7
Second step is to calculate the terminal Value at the end of the second year
Terminal Value at the end of the second year=$500(1+0.06)^2
Terminal Value at the end of the second year=$561.8
Third step is to calculate the terminal Value at the end of the third year
Terminal Value at the end of the third year=$300(1+0.06)^1
Terminal Value at the end of the third year=$318
Now let calculate the terminal value of this uneven cash flow stream at the end of Year 4
Terminal Value at the end of year 4=$833.7+$561.8+$318+$600
Terminal Value at the end of year 4=$2,313.5
Terminal Value at the end of year 4=$2,314 (Approximately)
Therefore The terminal value of this uneven cash flow stream at the end of Year 4 is $2,314
What is the most money that an investor could lose if they buy 40 shares of electriccarco for $25/share
Answer:
$300
Explanation:
What was the opening price of Coca-Cola on Jan 1, 1962?
Answer:
I'm not 100 %sure but but I think 49 cents
Answer:
6.5 oz glass
Explanation:
a pharmacist and former confederate soldier produced the first Coca cola syrup on May 1886. Although most soda fountain drinks cost seven or eight cents at the time(for a 6.5 oz glass)
isa Inc. uses the lower-of-cost-or-net-realizable-value (LCNRV) basis for its inventory. The following data are available at December 31 Units Cost/Unit NRV/Unit Cameras Minolta 6 $171 $166 Canon 7 149 159 Light Meters Vivitar 15 121 118 Kodak 11 122 135 What amount should be reported on Lisa's financial statements, assuming the lower-of-cost-or-net-realizable-value rule is applied
Answer:
Lisa Inc.
The amount that should be reported on Lisa's financial statements, assuming the lower-of-cost-or-net-realizable-value rule is applied is:
= $5,151.
Explanation:
a) Data and Calculations:
at December 31
Units Cost/Unit NRV/Unit Total Value
Cameras
Minolta 6 $171 $166 $996 ($166 * 6)
Canon 7 149 159 1,043 ($149 * 7)
Light Meters
Vivitar 15 121 118 1,770 ($118 * 15)
Kodak 11 122 135 1,342 ($122 * 11)
Total value of ending inventory $5,151
b) This implies that the value of the ending inventory is based on the lower of each product's cost or net realizable value. Once each individual product's lower cost is chosen, it is then multiplied by the units in ending inventory to obtain the value for the particular product's ending inventory. Then, the sum of the individual values becomes the value of all the ending inventory for Lisa Inc.
What is the role of the Federal Trade Commission?
Explanation:
The fredeal trade commission protests consumers by stopping unfair, deceptive and fraudulent practices in the marketplace. We conduct investigation, sue companies, develop rules to ensure a vibrant marketplace, and educated consumers and businesses about their rights and responsibilities.Which of the following is an example of an instance of public health education that created positive externalities?
teaching pregnant women hygienic practices in the early 1900s
people learning the importance of washing their hands
public campaigns against smoking in the late 1900s
all of the above
Answer:
D.) All of the above
Explantin
Teaching preg women abt hygienic practicers helped prevent infection because preg women are more prone to infections since they sweat more and stuff... (due to hormone)
People learning the importance of wash their hands is important because it helps prevent the spread of dieases. For example the infamous coronavirus
Public campaign against smoking was important in the 1990s because people back then didn't know smoking could cause. It caused cancer stroke lung dieases etc
Trustmark provides more than 2 million people with flexible medical, life, and disability benefits and fitness and wellness services. The company, headquartered in Lake Forest, Illinois, has more than 6,200 full- and part-time employees working in twenty five locations across the United States. Trustmark experienced steady growth until mid-1990, when it experienced financial pressures that forced it to re-evaluate its operations. Trustmark concentrated on core competencies, sold off businesses, and focused on generating capital. Once the company was financially sound, Trustmark executives moved to create a culture that would be open to innovation and opportunity. The challenge was to create a culture where all employees felt they could challenge that status quo and seek new opportunities. The key to creating this culture was developing effective leaders who supported it. Trustmark used workshops and 360-degree feedback to help the "Trustmark Renaissance," a radical change in the organization culture and mindset, succeed. The leadership program includes sessions, attended by senior leaders, directors, and managers, during which participants learn about leadership practices, such as how to inspire a shared vision, challenge the process, enable others to act, and encourage with the heart. During these sessions, participants also receive feedback from their 360-degree assessments. Participants also get one-on-one coaching where they can discuss their leadership challenges and their feedback. Participants are asked to identify development areas to focus on during the next step in the process, a two-day workshop. At the workshop, participants learn more about the leadership practices and how to improve the areas identified in their feedback. Participants leave the workshop with an improvement plan for improving their leadership effectiveness. Participants are paired with partners who are expected to provide post-workshop support, exchange action plans, and commit to follow-up to ensure success in using what they learned. 1- What development activities are used in this program? Why are they important? 2- What data or outcomes should be collected to monitor the effectiveness of the leadership development program? Explain the business reason for your choice or outcomes or data.
Answer:
Trustmark
1. The development activities used in this program are:
a. Leadership workshops
b. 360-degree feedback
c. One-on-one coaching
d. Improvement plans for participants
1b. These development activities enable participants to achieve success in their development learning.
2. The data or outcomes that should be collected to monitor the effectiveness of the leadership development program are the improved ability of participants to:
a. inspire a shared vision
b. challenge the process
c. enable others to act
d. encourage with the heart.
The business reason for the above-stated outcomes is that these outcomes will demonstrate that participants have actually improved their leadership skills. Their improved leadership skills will galvanize them to become effective leaders who could create and grab new business opportunities for the overall growth of the company.
Explanation:
Creating a culture open to innovation and opportunity will enable Trustmark to become competitive.
Leadership workshops are sessions where participants learn and improve their leadership skills.
360-degree feedback is a communication strategy that enables face-to-face or one-on-one interaction.
One-on-one coaching is a personalized form of coaching aimed at improving a leader's skills exclusively.
Improvement plans for participants enable workshop participants to develop their skills and grow in their leadership experience.
In addition to telling readers why an illustration is important, why else should you refer to it in the text of your document?
Answer:
To assist the readers to relate objects and actions with texts.
Explanation:
Aside from telling readers why an illustration is important, the other reason you should refer to it in the text of your document is "to assist the readers to relate objects and actions with texts."
This is evident in the fact that illustration in a text is a means of presenting a graphical representation of ideas, processes, or theories to aid or give elaborate meaning to what is written.
Stephanle is planning to buy a house and can choose between a traditional mortgage at 5% Interest or an adjustable-rate mortgage (ARM) at
4.5% Interest. What factor would make the ARM less attractive to Stephanie?
Select the best answer from the choices provided.
ОА. Interest rates are dropping and are expected to continue to fall.
ОВ.
Home values are rising and are expected to continue to rise.
OC. Stephanie expects to receive a promotion within a year.
OD. Stephanie could not afford the payment if the interest rate rose to 5.5%.
Answer:
D.
Explanation:
If Stephanie knows that the interest rates are dropping and are expected to continue to do so, she may feel that the ARM is her best option. However, interest rates that go down will always come back up, and most likely surpass the previous high rate. If said rate increases to an amount out of her budget, the adjustable-rate mortgage would be the less attractive method.
Yankee Express is offering qualified customers a new credit card that offers an introductory rate of .5 percent per year, compounded monthly for the first 6 months, then increasing to 17.3 percent compounded monthly. Assume you transfer a balance of $6,300 from your existing credit card to Yankee Express, and make no subsequent payments. How much credit card interest will you owe at the end of the first year? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
Answer: $582.15
Explanation:
Total amount owed in 6 months = 6,300 * ( 1 + 0.5%/12)⁶
= $6,315.77
Interest increases to 17.3%.
Amount owed at the end of the year:
= 6,315.77 * (1 + 17.3%/12)⁶
= $6,882.16
Interest owed = Amount owed end of year - Beginning balance
= 6,882.16 - 6,300
= $582.15
How can marketers take advantage of laughable disclaimers in their advertising?
Answer:
a
Explanation:
Express Meals is a local bistro that has budgeted inventory purchases as follows: September: $ 300,000 October: $ 350,000 November: $ 390,000 Express pays for 20% of their purchases during the month of purchase, 70% during the month following the purchase, and the remaining 10% two months after the month of purchase. What is the budgeted accounts payable balance on November 30
Answer:
Express Meals
The budgeted accounts payable balance on November 30 is:
= $347,000.
Explanation:
a) Data and Calculations:
Budgeted inventory purchases:
September: $ 300,000
October: $ 350,000
November: $ 390,000
Payment to suppliers:
Month of purchase = 20%
Month following purchase = 70%
Two months after purchase = 10%
September October November Total
Purchase $300,000 $350,000 $390,000 $1,040,000
Payments:
Month of purchase (20%) 60,000 70,000 78,000 $208,000
Month following purchase (70%) 210,000 245,000 $455,000
Two months after purchase (10%) 30,000 $30,000
Total payments 60,000 280,000 353,000 $693,000
Outstanding balance ($1,040,000 - $693,000) = $347,000
A company has two departments, Y and Z that incur wage expenses. An analysis of the total wage expense of $24,000 indicates that Dept. Y had a direct wage expense of $3,000 and Dept. Z had a direct wage expense of $5,000. The remaining expenses are indirect and analysis indicates they should be allocated evenly between the two departments. Departmental wage expenses for Dept. Y and Dept. Z, respectively, are:
Answer:
$11,000;$13,000
Explanation:
Calculation for Departmental wage expenses for Dept. Y and Dept. Z, respectively, are:
First step is to calculate the Indirect wages
Indirect wages = 24,000 - (3000+5000)
Indirect wages= 16,000
Now let calculate Departmental wage expenses for Dept. Y and Dept. Z, respectively,
Departmental wages for dept Y
= 3000 + (16,000/2)
Departmental wages for dept Y=$ 11,000
Departmental wages for dept Z
= 5000 + (16,000/2)
Departmental wages for dept Z= $13,000
Therefore Departmental wage expenses for Dept. Y and Dept. Z, respectively, are:$11,000 ; $13,000
Here is a forecast of sales by National Bromide for the first 4 months of 2019 (figures in thousands of dollars): Month: 1 2 3 4 Cash sales 16 25 19 15 Sales on credit 105 125 95 75 On average, 60% of credit sales are paid for in the current month, 20% in the next month, and the remainder in the month after that. What are the expected cash collections in months 3 and 4
Answer:
National Bromide
The expected cash collections in months 3 and 4 are:
Month 3 = $122 ,000
Month 4 = $104,000
Explanation:
a) Data and Calculations:
(figures in thousands of dollars):
Months 1 2 3 4
Cash sales 16 25 19 15
Sales on credit 105 125 95 75
Collections of sales on credit:
60% current month 63 75 57 45
20% next month 21 25 19
20% two months 21 25
Cash sales 16 25 19 15
Total collections 79 121 122 104
b) The credit sales are not collected in full until after two months or 60 days. After classifying the cash collections on percentage basis, the cash sales for each month are added to ensure that the correct cash collections for the month are obtained.
If a taxpayer sells property for cash, the amount realized consists of the net proceeds from the sale. For each of the following, indicate the effect on the amount realized if:
a. The property is sold on credit. The amount realized includes both the cash received at the time of sale and the cash to be received in the future .
b. A mortgage on the property is assumed by the buyer. The assumption by the buyer of the seller's mortgage the amount realized by_______ .
c. A mortgage on the property of the buyer is assumed by the seller. The assumption by the seller of the buyer's mortgage the amount realized by______ .
d. The buyer acquires the property subject to a mortgage of the seller. The buyer's acquisition of the property subject to the mortgage of the seller the amount realized by_______ .
e. Stock that has a basis to the purchaser of $6,000 and a fair market value of $10,000 is received by the seller as part of the consideration. The receipt of the stock by the seller the amount realized by the seller by_________
Answer:
a. Is answered
b. The amount realized increases.
As the mortgage is assumed by the buyer, the seller is now free of the debt in addition to making cash from selling. Realized value therefore increases.
c. The amount realized decreases.
As the mortgage is assumed by the seller, they will have to pay off the mortgage from the cash received therefore their realized value decreases.
d. Amount realized increases.
As the buyer is gets the property subject to the mortgage, they will be the ones making the mortgage payments instead of the seller so the seller's realized value will increase.
e. Realized value increases to $10,000.
The seller accepted the stock so the fair value will be the amount considered for the realized value.
A company issued 70 shares of $30 par value preferred stock for $4,000 cash. The journal entry to record the issuance is:______.
A. Debit Cash $2,100; credit Preferred Stock $2,100.
B. Debit Investment in Preferred Stock $2,100; credit Cash $2,100.
C. Debit Cash $4,000; credit Preferred Stock $4,000.
D. Debit Preferred Stock $2,100, debit Investment in Preferred Stock $1,900; credit Cash $4,000.
E. Debit Cash $4,000; credit Paid-in Capital in Excess of Par Value, Preferred Stock $1,900, credit Preferred Stock $2,100.
Answer:
E. Debit Cash $4,000; credit Paid-in Capital in Excess of Par Value, Preferred Stock $1,900, credit Preferred Stock $2,100.
Explanation:
Journal Entry for Issuance of 70 shares of $30 par value preferred stock for $4,000 is -
Cash Debited - $4,000
Paid in Capital in excess of Par value Credited - $1,900
Preferred Stock (70 shares × $30 each) Credited - $2,100
The correct option is - E. Debit Cash $4,000; credit Paid-in Capital in Excess of Par Value, Preferred Stock $1,900, credit Preferred Stock $2,100.
Grover Corp. manufactures three products, and is currently facing a labor shortage. The selling price, costs, and labor requirements of the three products are as follows: Product A Product B Product C Selling price $ 44.00 $ 18.00 $ 28.50 Variable cost per unit $ 28.00 $ 15.00 $ 27.00 Direct labor hours per unit 2.00 1.50 .50 In what order should Grover Corp. prioritize production of its products to maximize profit during the labor shortage
Answer:
A, C, B
Explanation:
Calculation to determine In what order should Grover Corp. prioritize production of its products to maximize profit during the labor shortage
Product A Product B Product C
Selling price $ 44.00 $ 18.00 $ 28.50
Less Variable cost per unit
$ 28.00 $ 15.00 $ 27.00
=Contribution margin per unit
$16.00 $3.00 $1.50
÷Direct labor hours per unit 2.00 1.50 .50
=Contribution margin per labor hour
$8.00 $2.00 $3.00
PRODUCT A=$16.00÷2.00
PRODUCT A=$8.00
PRODUCT B=$3.00÷1.50
PRODUCT B=$2.00
PRODUCT C=$1.50÷.50
PRODUCT C=$3.00
RANKING:
PRODUCT A=$8.00
PRODUCT C=$3.00
PRODUCT B=$2.00
Therefore based on the above calculation the order that Grover Corp.should prioritize production of its products to maximize profit during the labor shortage will be from the highest Contribution margin per labor hour to the lowest which are A,C,B
Answer: A, C, B.
Explanation:
To solve this question based on the information given goes thus:
The Contribution margin per labor hour for Product A will be:
= ($44 - $28) / 2.0
= $16/2.0
= $8
The Contribution margin per labor hour for Product B will be:
= ($18 - $15) / 1.50
= $2
The Contribution margin per labor hour for Product C will be:
= ($28.50 - $27) / 0.50
= $1.50/0.5
= $3
Therefore, the order that Grover Corp. should use to prioritize production of its products to maximize profit during the labor shortage will be:
A, C, B.