Available options are:
A salesperson who has held a valid license within the last 3 years
A broker who surrendered his broker license and has been employed as a salesperson since the surrender
A broker associate who had a valid salesperson license five years ago
A broker associate who held a broker associate license two years ago
Answer:
A broker associate who had a valid salesperson license five years ago
Explanation:
The Department may choose to grant an exception to the examination requirement under certain circumstances except "a broker associate who had a valid salesperson license five years ago."
This is because in the United States, for the real estate brokers to renew a license they need to undergo an examination as part of the requirements. However, they may be granted an exception under specific situations such as
1. When they still hold a valid license within the last 3 years
2. When they hold broker associate valid license within the last two years
3. When they are now into salesperson employment.
Hence, considering the available options, the correct answer is "A broker associate who had a valid salesperson license five years ago."
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.
How can marketers take advantage of laughable disclaimers in their advertising?
Answer:
a
Explanation:
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.
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:
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.
What is the most money that an investor could lose if they buy 40 shares of electriccarco for $25/share
Answer:
$300
Explanation:
McElroy, Inc., produces a single model of a popular cell phone in large quantities. A single cell phone moves through two departments, assembly and testing. The manufacturing costs in the assembly department during March follow:
Direct materials $187,500
Conversion costs 163,800
$351,300
The assembly department has no beginning Work-in-Process Inventory. During the month, it started 30,000 cell phones, but only 26,000 were fully completed and transferred to the testing department. All parts had been made and placed in the remaining 4,000 cell phones, but only 50% of the conversion had been completed. The company uses the weighted-average method of process costing to accumulate product costs.
Required:
a. Compute the equivalent units and cost per equivalent unit for March in the assembly department.
b. Compute the costs of units completed and transferred to the testing department.
c. Compute the costs of the ending work-in-process.
Answer:
Part a.
Equivalent units : Materials = 30,000 units ,Conversion Costs = 28,000 units
Cost per equivalent unit : Materials = $6.25 Conversion Costs = $5.85
Part b.
$314,600
Part c.
$36,700
Explanation:
Step 1 : Equivalent units
Materials
Units Completed and Transferred (26,000 x 100 %) 26,000
Units in Ending Work in Process (4,000 x 100%) 4,000
Equivalent units with respect to Materials 30,000
Conversion Costs
Units Completed and Transferred (26,000 x 100 %) 26,000
Units in Ending Work in Process (4,000 x 50%) 2,000
Equivalent units with respect to Materials 28,000
Step 2 : Cost per equivalent unit
Materials = $187,500 ÷ 30,000 = $6.25
Conversion Costs = $163,800 ÷ 28,000 = $5.85
Total unit cost = $6.25 + $5.85 = $12.10
Step 3 : Costs of units completed and transferred to the testing department
Costs of units completed and transferred = 26,000 x $12.10 = $314,600
Step 4 : Costs of the ending work-in-process
Costs of the ending work-in-process = 4,000 x $6.25 + 2,000 x $5.85 = $36,700
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
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
What are stocks? Sorry it’s so simple but I was hoping I could get a good answer.
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
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
The labor force (sum of employed and unemployed workers) is fixed at 120 million. Each month, 2% of the workers who are employed at the beginning of the month lose their job, and 10% of the workers who are unemployed at the beginning of the month find a job. Assume that in January the number of workers without a job (unemployed) are 10 million. How many workers will be unemployed in March, that is, two months later
Answer:
Total number of unemployed (March)= 12,256,000
Explanation:
Giving the following information:
Total labor force= 120 million
Unemployed people (January)= 10 million
Each month, 2% of the workers who are employed at the beginning of the month lose their job, and 10% of the workers who are unemployed at the beginning of the month find a job.
First, we will calculate the unemployed and employed people for February:
New Unemployed= 110,000,000*0.02= 2,200,000
New employed= 10,000,000*0.1= 1,000,000
Total number of unemployed= 10,000,000 + 2,200,000 - 1,000,000= 11,200,000
Total number of employed= 110,000,000 + 1,000,000 - 2,200,000= 108,800,000
Now, for March:
New Unemployed= 108,800,000*0.02= 2,176,000
New employed= 11,200,000*0.1= 1,120,000
Total number of unemployed= 11,200,000 + 2,176,000 - 1,120,000= 12,256,000
Total number of employed= 108,800,000 + 1,120,000 - 2,176,000= 107,744,000
Which of the following statements is false? A) Price determination is the key element in any market system. B) Input prices influence a firm's costs of production. C) Output prices influence a firm's revenues. D) While managers must understand how output prices are determined, determination of input prices is irrelevant because it is beyond the manager's control.
Answer:
option D) While managers must understand how output prices are determined, determination of input prices is irrelevant because it is beyond the manager's control.
Explanation:
A price system is simply defined as a part of any economic system. It uses prices usually expressed in monetary form for goods and services valuation and distribution and also the factors of production.
A Pricing Manager helps to determine pricing schemes for firms products and services. The scope of work entailss co-ordination with production departments on cost of making and working with staff in marketing especially on appropriate campaigns and promotions and also they assist with pricing bargaining of customers intent.
Price Determination is getting or deriving the cost of goods sold and services offered/ rendered in the free market. The forces of demand and supply always determine the prices of goods and services in the market system.
Described below are certain transactions of Pharoah Company for 2021:
1. On May 10, the company purchased goods from Fox Company for $77,800, terms 2/10, n/30. Purchases and accounts payable are recorded at net amounts. The invoice was paid on May 18.
2. On June 1, the company purchased equipment for $87,600 from Rao Company, paying $24,000 in cash and giving a one-year, 9% note for the balance.
3. On September 30, the company discounted at 11% its $180,000, one-year zero-interest-bearing note at Virginia State Bank, receiving $162,000.
Required:
Prepare the journal entries necessary to record the transactions above using appropriate dates.
Answer:
May 10, 2021
Dr Purchases/Inventory $76,244
Cr Accounts Payable $76,244
May 18, 2021
Dr Accounts Payable $76,244
Cr Cash $76,244
June 1, 2021
Dr Equipment $87,600
Cr Cash $24,000
Cr Notes Payable $63,600
September 30, 2021
Dr Cash $162,000
Dr Discount on Notes Payable $18,000
Cr Notes Payable $180,000
Explanation:
Preparation of the journal entries necessary to record the transactions above using appropriate dates
May 10, 2021
Dr Purchases/Inventory $76,244
Cr Accounts Payable $76,244
[$77,800-(2%*$77,800)]
May 18, 2021
Dr Accounts Payable $76,244
Cr Cash $76,244
[$77,800-(2%*$77,800)]
June 1, 2021
Dr Equipment $87,600
Cr Cash $24,000
Cr Notes Payable $63,600
($87,600-$24,000)
September 30, 2021
Dr Cash $162,000
Dr Discount on Notes Payable $18,000
($180,000-$162,000)
Cr Notes Payable $180,000
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%
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.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.
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
In 2020, the CEO of Crimson, Inc., entertains 9 clients at a skybox in Memorial Stadium for a single athletic event during the year. Substantive business discussions occurred at various times during the event. The box cost $11,300 per event and seats 11 people. (The cost of a regular, nonluxury box seat at Memorial ranges from $90 to $180.) Refreshments served during the event cost $820 (and were separately itemized on the bill Crimson received).
Required:
How much of these costs may Crimson deduct?
Answer:
The amount of these costs Crimson may deduct is $1,400.
Explanation:
The amount of these costs Crimson may deduct can be calculated as follows:
Costs of refreshments served during the event = $820
Higher of the cost of nonluxury box seat at Memorial = $180
Number of people the box can seat = 11
Costs of the seat = Higher of the cost of nonluxury box seat at Memorial * Number of people the box can seat = $180 * 11 = $1,980
Total cost of entertainment = Costs of refreshments served during the event + Costs of the seat = $820 + $1,980 = $2,800
50% of the total cost of entertainment = $2,800 * 50% = $1,400
Allowable deduction = Total cost of entertainment - Elimination of 50% of the total cost of entertainment = $2,800 - $1,400 = $1,400
Therefore, the amount of these costs Crimson may deduct is $1,400.
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
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
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.
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".
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.
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
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.
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.
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