Answer:
See below
Explanation:
Ethtridge manufacturing company
Statement of cost of goods manufactured for the month ended, July 31
Work in process July 1
$316,400
Add: Cost of direct materials used in production
$1,150,000
Direct labor
$966,000
Total factory overhead
$490,500
Total manufacturing cost incurred
$2,606,500
Total manufacturing costs
$2,922,900
Less: Work in process July 31
($355,500)
Cost of goods manufactured
$2,567,400
1 points eBookPrintReferencesItem 2 On December 29, year 7, Almond Company granted 100,000 stock options to a group of 100 employees, enabling each employee to buy 1,000 shares for $20 per share. On the grant date, the shares had a market value of $16 per share and the options had a market value of $3.00 per option. The options vest over a 3-year period and become exercisable on January 1, year 11. Almond Company expects that, based on historical turnover, they will lose approximately 3 of the employees receiving the options per year during the vesting period. Compensation expense will be recognized uniformly over the vesting period. How much compensation expense will Almond Company recognize in year 8
Explanation:
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On December 31, Year 1, Ott Co. had investments in marketable debt securities as follows: Amotized Cost Market value Mann Co. $10,000 $8,000 Kemo, Inc. $9,000 $10,000 Fenn Corp. $11,000 $9,000 $30,000 $27,000 The Mann investment is classified as held-to-maturity, while the remaining securities are classified as available-for-sale. Ott does not elect the fair value option for reporting financial assets. Ott's December 31, Year 1, balance sheet should report total marketable debt securities as
Answer:
$29,000
Explanation:
The Held-to-maturity securities to be carried at amortized cost
The available-for-sale & trading securities to be carried at fair value (FV).
Therefore, the investment portfolio is reported at the following amounts:
Mann Co. $10,000 (Cost)
Kemo, Inc. $10,000 (Fair value)
Fenn Corp. $9,000 (Fair value)
Total $29,000
So, Ott's December 31, Year 1, balance sheet should report total marketable debt securities as $29,000
At the end of 2019, Uma Corporation is considering a major long-term project in an effort competitive in its industry. The production and sales departments have determined the potential annual cash flow savings that could accrue to the firm if it acts soon. Specifically, they estimate that a mixed stream of future cash flow savings will occur at the end of the years 2021 through 2026. The years 2027 through 2031 will see consecutive and equal cash flow savings at the end of each year. The firm estimates that its discount rate over the first 6 years will be 7%. The expected discount rate over the years 2027 through 2031 will be 11%. The project managers will find the project acceptable if it results in present cash flow savings of at least $860,000. The following cash flow savings data are supplied to the finance department for analysis.
a. Determine the value (at the beginning of 2019) of the future cash flow savings expected to be generated by this project.
b. Based solely on the one criterion set by management, should the firm undertake this specific project? Explain.
c. What is the "interest rate risk," and how might it influence the recommendation made in part b? Explain.
Discount rate for years 2020 - 2025 7%
Discount rate for years 2026 - 2030 11%
Cash Present
Year Year (n) Flow Value
2020 1 $110,000
2021 2 120,000
2022 3 130,000
2023 4 150,000
2024 5 160,000
2025 6 150,000
2026 7 90,000
2027 8 90,000
2028 9 90,000
2029 10 90,000
2030 11 90,000
Could you please fill the present value for each year in excel and showing me the formula for each year?
The concept of interest-rate risk states that changes in the interest rates may adversely affect the value of an investor's securities portfolio. While this is not a securities problem, the relationship between the change in rates and the subsequent change in the value of an asset hold true. If the the interest rates were to rise just 1%, the present value of the expected savings would fall below the required $860,000 limit set by mangement.
Answer:
A. $820,036.47
B. No, the firm should not undertake this specific project
C. If the interest rate go higher by 1 percent the risk is that the present cash flow savings limits of the amount of $860,000 set by the management will fall.
Explanation:
a. Calculation to Determine the value of the future cash flow savings expected to be generated by this project.
PRESENT VALUE
2020 = $110,000/(1.07)^1
2020= $102,803.74
2021= $120,000/(1.07)^2
2021=$104,812.65
2022 =$130,000/(1.07)^3
2022=$106,118.72
2023 =$150,000/(1.07)^4
2023=$114,434.28
2024 =$160,000/(1.07)^5
2021=$114,077.79
2025 =$150,000/(1.07)^6
2025=$99,951.33
2026 =$90,000/(1.11)^7
2026=$433,49.26
2027 =$90,000/(1.11)^8
2027=$39,053.38
2028 =$90,000/(1.11)^9
2028=$351,83.23
2029 =$90,000/(1.11)^10
2029=$31,696.60
2030 =$90000/(1.11)^11
2030=$28,555.49
TOTAL VALUE $820,036.47
Therefore the value of the future cash flow savings expected to be generated by this project is $820,036.47 .
b. Based on the criterion that was set by the management, the firm should NOT undertake this specific project reason been that the total amount of the PRESENT VALUE (PV) cash inflow of the amount of $820,036.47 is LESSER than the present cash flow savings of the amount of $860,000 that was set by the management.
c. Based on the information given in a situation were the interest rate go higher by 1 percent the risk is that the present cash flow savings limits of the amount of $860,000 set by the management will fall.
The before-tax income for Lonnie Holdiman Co. for 2020 was $101,000 and $77,400 for 2021. However, the accountant noted that the following errors had been made: 1. Sales for 2020 included amounts of $38,200 which had been received in cash during 2020, but for which the related products were delivered in 2021. Title did not pass to the purchaser until 2021. 2. The inventory on December 31, 2020, was understated by $8,640. 3. The bookkeeper in recording interest expense for both 2020 and 2021 on bonds payable made the following entry on an annual basis. Interest Expense 15,000 Cash 15,000 The bonds have a face value of $250,000 and pay a stated interest rate of 6%. They were issued at a discount of $15,000 on January 1, 2017, to yield an effective-interest rate of 7%. (Assume that the effective-yield method should be used.) 4. Ordinary repairs to equipment had been erroneously charged to the Equipment account during 2017 and 2018. Repairs in the amount of $8,500 in 2017 and $9,400 in 2018 were so charged. The company applies a rate of 10% to the balance in the Equipment account at the end of the year in its determination of depreciation charges.
Required:
Prepare a schedule showing the determination of corrected income before taxes for 2017 and 2018.
Answer:
Lonnie Holdiman Co.
A Schedule showing the determination of the corrected income before taxes for 2020 and 2021:
2020 2021
Before-tax income $101,000 $77,400
1. Excess Sales revenue (38,200) 38,200
2. December 31, 2020 Inventory understated 8,640 (8,640)
3. Amortized bonds discount not expensed (1,776) (1,901)
4. Equipment repairs not expensed (8,500) (9,400)
5. Overstated depreciation from capitalized
Equipment repairs 850 940
Corrected income before taxes $62,014 $96,599
Explanation:
a) Data and Calculations:
Before-tax income for 2020 = $101,000
Before-tax income for 2021 = $77,400
1. 2020 Sales Revenue $38,200; 2021 Sales Revenue $38,200
2. 2020 Understated inventory $8,640; 2021 Understated inventory $8,640
3. 2020 Unstated bonds interest expense $1,776
2021 Unstated bonds interest expense $1,901
4. 2020 Unstated equipment repairs $8,500 Overstated Equipment account $8,500
2021 Unstated equipment repairs $9,400 Overstated Equipment account $9,400
2020 Overstated Depreciation expense $850
2021 Overstated Depreciation expense $940.
Bonds Calculations:
Bonds outstanding value:
Bond's face value = $250,000
Discount = 15,000
Proceeds from bonds = $235,000
Bonds coupon payment = $15,000 ($250,000 * 6%)
Bonds Interest expense = $16,450 ($235,000 * 7%)
Amortized discount = $1,450
December 31, 2017:
Bonds coupon payment = $15,000 ($250,000 * 6%)
Bonds Interest expense = $16,450 ($235,000 * 7%)
Amortized discount = $1,450 ($16,450 - $15,000)
Outstanding value = $236,450 ($235,000 + 1,450)
December 31, 2018:
Bonds coupon payment = $15,000 ($250,000 * 6%)
Bonds Interest expense = $16,552 ($236,450 * 7%)
Amortized discount = $1,552 ($16,552 - $15,000)
Outstanding value = $238,002 ($236,450 + 1,552)
December 31, 2019:
Bonds coupon payment = $15,000 ($250,000 * 6%)
Bonds Interest expense = $16,660 ($238,002 * 7%)
Amortized discount = $1,660 ($16,660 - $15,000)
Outstanding value = $239,662 ($238,002 + 1,660)
December 31, 2020:
Bonds coupon payment = $15,000 ($250,000 * 6%)
Bonds Interest expense = $16,776 ($239,662 * 7%)
Amortized discount = $1,776 ($16,776 - $15,000)
Outstanding value = $241,438 ($239,662 + 1,776)
December 31, 2021:
Bonds coupon payment = $15,000 ($250,000 * 6%)
Bonds Interest expense = $16,901 ($241,438 * 7%)
Amortized discount = $1,901 ($16,901 - $15,000)
Outstanding value = $243,339 ($241,438 + 1,901)
Depreciation on Capitalized Equipment Repairs:
Excess depreciation expense:
2020 = $850 ($8,500 * 10%)
2021 = $940 ($9,400 * 10%)
mention any three differences between bookkeeping and accounting
Answer and Explanation:
The three differences between the bookkeeping and accounting is as follows:
1. The preparation of the financial statements would not be part of this but it should be the part of the accounting
2. The bookkeeping does not required any kind of skill set but in the accounting it require skill set to perform the calculations
3. Bookkeeping does not do any kind of analysis but the accounting perform the analyses, it use the bookkeeping information so that it would help to interpret the data.
Firm A plans to introduce a new smart phone which has a potential market of 1 million customers. The marketing research conducted by the firm shows that 40% of the customers will buy t if the phone is priced at no more than S300 and the other 60% of the Customers will only buy it if the phone is priced at no more than $250.
Which of the following pricing strategies is best to help the firm achieve its maximum revenue?
a. Price it at $250 and $300 and use a discrimination strategy to reach the two segments of the market
b. Price it at the middle of the two prices ($250+$300y2-$275)
c. Price it at $250 and use the pull strategy
d. Price it at $300 and use the pull strategy
Answer:
a. Price it at $250 and $300 and use a discrimination strategy to reach the two segments of the market
Explanation:
In order to maximize the revenue the price must be applied. But at the same time the first have to use the price discrimination strategy for reaching the two segments
So, The maximized revenue is
= (1,000,000 × 0.40 × $300 ) + (1,000000 × 0.60 × $250 )
= 120 million + 150 million
= $270 million
SO it would be lies in middle of $250 and $300
Hence, the first option is correct
Big Ideas: The following Big Ideas are intended to provide clear focus and purpose to the lessons. Read each statement and think about how what you have learned will affect your current and future decisions.
1. Personal finance is 80% behavior and 20% head knowledge.
2. Many Americans are buried in debt.
3. Learn the language of money!
Answer:
Overall, each idea provides the notion that you need to learn about financial education and how financial security will impact a person's present and future life.
Explanation:
1- Personal finances correspond to 80% of behavior and 20% of head knowledge, due to the fact that it is important to learn about financial education in theory, but it is the set of balanced actions on how to deal with money that will impact fact about your financial life. That is, how you deal with the money you have is what it dictates if you have financial intelligence.
2- Many Americans are buried in debt many times for not seeking specific knowledge about finance, or for having the knowledge but not applying it. It is necessary for society to be aware of the importance of knowing how to manage your money, how to make investments, how to consume healthily and how to deal with your money in an advantageous way.
It is also necessary that there is more information available on financial education in social institutions and that this concept be more widely disseminated and discussed in society.
3- Learning the language of money means knowing how to manage your money. People often make harmful financial decisions without being aware of the impact that such decisions will have on their present and future. Knowing how much you earn, how much you spend and how much you save, is essential to keeping your finances balanced.
People can start by creating monthly spreadsheets to control their spending, there are several ways to know where your money is going and if it matches your life goals.
There is also a lot of information available on the internet about investments, how to invest in the short and long term and how to make money effectively.
Sunland Company recently performed repair services for a customer that totaled $680. Somehow the bill was lost and the company accountant was trying to recreate the bill from memory. This is what was remembered: Total bill $680 Labor profit margin 10 Materials profit margin 20% Total labor charges $470 Cost of materials used $120 Total hourly cost $22.5 What was the material loading % used
Answer:
75%
Explanation:
Total bill $680
Less: Total labor charges $470
Total material charges $210
Total material charges $210
Less: Cost of materials used $120
Mark up on materials $90
Material loading charge = $90/$120
Material loading charge = 0.75
Material loading charge = 75%
So, the material loading % used is 75%
Oriole Company bought equipment for $420000 on January 1, 2021. Oriole estimated the useful life to be 4 years with no salvage value, and the straight-line method of depreciation will be used. On January 1, 2022, Oriole decides that the business will use the equipment for a total of 6 years. What is the revised depreciation expense for 2022
Answer:
$63,000
Explanation:
Straight line method charges a fixed amount of depreciation for the period the asset is used in the business.
Depreciation Expense = (Costs - Salvage Value) ÷ Estimated useful life
therefore,
2021
Depreciation Expense = $420000 ÷ 4 = $105,000
2022
One month has already expired, therefore the remaining useful life out of 6 years will be 5.
New Depreciable Amount = Cost - Accumulated depreciation to date
= $420,000 - $105,000
= $315,000
Depreciation expense = $315,000 ÷ 5 = $63,000
Conclusion :
the revised depreciation expense for 2022 is $63,000
Presented below are partial October, November, and December cash budgets for Holidays Events. Loans are obtained in increments of $1,000 at the start of each month to maintain a minimum end-of-month balance of $12,000. Interest is one percent simple interest (no compounding) per month, payable when the loan is repaid. Repayments are made as soon as possible, subject to the minimum end-of-month balance.
Required:
Complete the short-term financing section of the cash budget and all missing figures
October November December Total
Cash balance, beginning $24,0005
Collection on sales 36,000 41,000 81,000
Cash available for operations
Disbursements for operations (51,000) (61,000) (40,000)
Ending cash before borrowings or replacements
Short-term finance:
New loans
Repayments
Interest
Cash balance, ending
Answer:
Holidays EventsCash Budget
October November December Total
Cash balance, beginning $24,000 $12,000 $12,000 $24,000
Collection on sales 36,000 41,000 81,000 158,000
Cash available for operations $60,000 $53,000 $93,000 $182,000
Disbursements for operations (51,000) (61,000) (40,000) (152,000)
Ending cash before borrowings
or repayments $9,000 ($8,000) $53,000 $30,000
Short-term finance:
New loans 3,000 20,000 23,000
Repayments (23,260) (23,260)
Interest 30 230 0
Cash balance, ending $12,000 $12,000 $29,740 $29,740
Explanation:
a) Data and Calculations;
Loans obtained in increments of $1,000
Minimum end-of-month balance = $12,000
Simple Interest rate = 1% per month
Cash Budget
October November December Total
Cash balance, beginning $24,000 $12,000 $12,000 $24,000
Collection on sales 36,000 41,000 81,000 158,000
Cash available for operations $60,000 $53,000 $93,000 $182,000
Disbursements for operations (51,000) (61,000) (40,000) (152,000)
Ending cash before borrowings
or repayments
Short-term finance:
New loans
Repayments
Interest
Cash balance, ending
b) Holidays' Cash Budget is a Schedule that estimates the cash inflows and outflows during a period of its financial cycle. The purpose of preparing one is to determine availability of cash for continuing operational activities. In addition, the Cash Budget shows when Holidays needs to borrow cash to continue operations. Excess cash is also determined from the Cash Budget for investment purposes.
As the owner of La Boulangerie Bakery in Baton Rouge, Louisiana, you have a devoted clientele savoring your delicacies. Your salty caramel cupcakes offer an irresistible salty-sweet flavor combination using fleur de sel crystals hand harvested from the pristine seas off Brittany, France. Although your cupcakes are a trendy hit, you also feature delicious cakes, squares, cookies, and breads. Your bakery has a medium-sized storefront; however, most of your business comes from supplying local restaurants and coffee shops with your tantalizing treats. You own two trucks that make deliveries to customers throughout the Baton Rouge metropolitan area.
Although La Boulangerie is financially successful, rising costs have severely undercut your profits over the past few months. You know that you are not the only business owner dealing with rising prices. Many of your suppliers have raised their prices over the past year. Specifically, the higher prices of wheat and sugar have resulted in a drastic increase in your production costs. Previously, you did not charge for deliveries made to your wholesale clients. However, you now feel that you have no choice but to add a delivery charge for each order to cover your increased costs and the rising price of gas.
Required:
As the owner of La Boulangerie Bakery, write a letter to your wholesale clients in which you announce a $20 charge per delivery. Try to think of a special offer to soften the blow.
Answer:
La Boulangerie Bakery,
Baton Rouge,
Louisiana, U.S.A
25th April, 2021
Dear esteemed customers,
I bring to you an unpalatable news about the changes that would be initiated in our business approach to our customers.
As you can bear witness to, there has been a drastic increase in the cost of doing business in our industry with the notable changes being in the wheat used in producing our confectioneries, the sugar as well as the rising cost of transportation to various customers' locations.
Taking this into account, our company decided to introduce a flat rate delivery cost of $20 irrespective of the location of our customers. This would help us to minimize our production cost. Inorder to also consider our customers, there is a free 20 pieces cake (box) offered to every customer who buys 50 box of each product. This means, 50 box of cupcakes earns you one box free, 100 box cupcake purchase earns you 2 free boxes.
I do hope you would understand our challenges as a company and bear with us regarding to this delivery charge introduction.
Sincerely,
Maris Albert (For the company)
Explanation:
Which of the following are reasons to form a corporation? *
Less resources, more responsibility
More expenses, less revenue
More resources, less responsibility
More money, less investment
Answer:
More resources, less responsibility
A company's current assets are $30000 and current liabilities are $19000. Calculate the company's current ratio as a percentage. Does the company have enough assets to pay its liabilities?
Answer:
Current Ratio (in %) = 157.89473684211% rounded off to 157.89%
The current ratio of 157.89% means that the company has 157.89% of current assets to pay off 100% or all of its current liabilities. To understand it better, we can say that to pay off every $1 of current liability, the company has $1.5789 of current assets. Thus, the company has enough current assets to pay off its current liabilities.
Explanation:
The current ratio is a measure of liquidity of a business. It is calculated by dividing the current assets by the current liabilities of the company. To express current ratio in a percentage form, we use the following formula,
Current Ratio (in %) = [Current Assets / Current Liabilities] * 100
Current Ratio (in %) = [30000 / 19000] * 100
Current Ratio (in %) = 157.89473684211% rounded off to 157.89%
Answer:
Part 1
1.58
Part 2
the company does not have enough assets to pay its liabilities.
Explanation:
Current ratio = Current Assets ÷ Current Liabilities
therefore,
Current ratio = $30000 ÷ $19000 = 1.58
conclusion
A current ratio of above 2.0 is usually preferred, therefore the company does not have enough assets to pay its liabilities.
Laura smiles as her employees file into the meeting room of the small vet clinic for their weekly staff meeting. Laura has owned the clinic for the last 20 years, but next week will be her last week as owner before she retires and her son Matthew and his wife Ayla take over the clinic. During the meeting, her team members provide Laura with status updates on the work they've been doing. Laura learns that her team has successfully completed their current project. The team members have now dispersed to focus on other projects or responsibilities. Which stage of team development does this represent
Answer:
Adjourning
Explanation:
The adjourning is the stage where the team would be disperse when the project is finished
As in the given situation, since Laura's team has completed the project and they are moved to the other responsibilities
So as per the given situation, the team development represent the adjourning stage
hence, the same is relevant and considered too.
Journalize the following adjustments.
(1) Services performed but unbilled and uncollected on July 31 were $1,700.
(2) Depreciation on equipment for the month was $180.
(3) One-twelfth of the insurance paid $1,800 expired.
(4) An inventory count shows $320 of cleaning supplies purchased $900, on hand on July 31.
(5) Accrued but unpaid employee salaries were $400.
The following adjustments.
Services performed (July 31) - $1,700
Deprivation of equipment (July) - $180
What are the Services?If you are at someone's service, you are doing her bidding. When the maintenance wiz repairs the photocopier or the mechanic services your car, the word "service" can also refer to a verb that means "to fix." A ceremony is sometimes referred to as a service in the church. Service definitions. an act of assistance or support.
Insurance partially paid (July) - $1,800
Inventory count (July 31) - $1,220
Employee salaries (July) - $400
Total cost in July - $ 5,300.
Therefore, the following adjustments. Services Performed
Learn more about Services here:
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Suppose the economy is initially in long-run equilibrium. Then suppose there is an increase in military spending. According to the model of aggregate demand and aggregate supply, what happens to prices and employment in the short run
Answer:
prices rise, employment rises.
Explanation:
In the starting equilibrium price, there would be more demand that result in fall in the firm inventory. Now in order to maintain the level of the inventory the firm would have to rise the production for this the firm should hire more wokers due to this the employment would rise also the wages are more paid as compared to before so it increase the production cost that results in rise in price
Therefore the above represent the answer
Maria had net sales (all on account) in 2020 of $800000. At December 31, 2020, before adjusting entries, the balances in selected accounts were: accounts receivable $1120000 debit, and allowance for doubtful accounts $2010 debit. Maria estimates that 4% of its accounts receivable will prove to be uncollectible. What is the net amount expected to be collected of the receivables reported on the financial statements at December 31, 2020
Answer:
$1,075,200
Explanation:
Calculation to determine the net amount expected to be collected of the receivable reported on the financial statements at Dec. 31, 2020
First step is to calculate the Estimated uncollectible
Estimated uncollectible = 4% x $1,120,000
Estimated uncollectible= $44,800
Second step is to calculateThe bad debts expense in 2020
Bad debts expense= $44,800 + $2,010
Bad debts expense = $46,810
Preparation of The adjustment entry:
Debit Bad debts expense $46,810
Credit Allowance for doubtful accounts $46,810
Third step is to calculate the Balances in Allowance for doubtful accounts
Balances in Allowance for doubtful accounts=$46,810-$2010
Balances in Allowance for doubtful accounts=$44,800 credit
Now let calculateThe net amount expected to be collected of the receivables reported on the financial statements at December 31, 2020:
Using this formula
Net amount expected to be collected =Balances in Accounts receivable - Balances in Allowance for doubtful accounts
Let plug in the formula
Net amount expected to be collected = $1,120,000 - $44,800
Net amount expected to be collected = $1,075,200
Therefore the net amount expected to be collected of the receivable reported on the financial statements at Dec. 31, 2020 will be $1,075,200
At the stage of information search, when Mr. Isaac consults a broker as to which houses are available for purchasing, He is consulting a
A. Personal source
B.commercial source
C. Experimenial source
D. Public source
Answer:
B.commercial source
Explanation:
Given that a Commercial source of information is a form of secondary source of information in which the information is not free but paid for.
Hence, in this case, when Mr. Isaac consults a broker (who will eventually be paid for his services) as to which houses are available for purchasing, He is consulting a "COMMERCIAL SOURCE).
It is not a personal source because a broker is not a friend or family member.
It s not a public source because a broker is not a government official nor his services are free.
It is not an experimental source of information because it does not involve trying products
Iona wrote her will. The following year, she wrote another will that expressly revoked the earlier will.Later, while cleaning house, she came across the second will. She mistakenly thought that it was the first will and tore it up because the first will had been revoked. Iona died shortly thereafter.The beneficiaries named in the second will claimed that the second will should be probated.The beneficiaries named in the first will claimed that the second will had been revoked when it was torn up. Had the second will been revoked?
Answer and Explanation:
In the given case, the second will would be destroyed non-intentionally by the testatrix that represent the person who writes the will. Also the second will would have be intended to revoke the first will
In addition to this, Testatrix intends the second will to be value also at the same time she dont want the first will to be probated
So the second will would be upheld because of testamentary motive.
Major retail firms such as Walmart have used data mining to customize the product offerings for each store.
t or f
Help! I dont have much lime left ;-;
Answer:
Anthropologist - researches and analyzes historical human characteristics
Agricultural Technician - gathers and test materials from plants and animals
Archivist - organizes, maintains and protects documents and records
Statistician - analyzes and explains numerical information
Sampson Company's accounting records show the following for the year ending on December 31, 2022. Purchase Discounts $ 11200 Freight-in 15600 Purchases 700020 Beginning Inventory 47000 Ending Inventory 57600 Purchase Returns and Allowances 12800 Using the periodic system, the cost of goods purchased is $660420. $717220. $708420. $691620.
Answer: $691620
Explanation:
Using the periodic system, the cost of goods purchased will be:
Purchases = 700020
Add: Freights = 15600
Less: Purchase discount = 11200
Less: Purchase return = 12800
Cost of goods purchased = 691620
Fran is a CPA who has a small tax practice in addition to working as the controller for a local manufacturing business. Fran runs her tax practice out of a 150-square foot office in her home where she meets clients and works on their tax returns and researches their tax issues. She meets the exclusive use test for this space. The gross income from her tax practice amounts to $7,500 for the year. Business expenses amount to $1,000. Based on square footage, $4,000 of Fran's mortgage interest and real estate taxes are allocable to the home office. The allocable portion of maintenance, utilities, and depreciation is $4,500. Assuming no other expenses related to the business were incurred, what amount of the maintenance, utilities, and depreciation is deductible by Fran
Answer:
$ 2,500
Explanation:
It is given that Franc is a certified public accountant(CPA) who is doing small tax practice in addition to the working as a controller of a local manufacturing business. The data provided in the question for his expenses includes maintenance, utilities and depreciation are of level 3 expenses that are limited to a taxable income remaining after allowing the direct business expenses and the mortgage and the real estate taxes.
Therefore, the income limit is = $ 7,500 - $ 1,000 - $ 4,000
= $ 2,500
Thus the allowance is limited to value of $ 2,500.
Deindustrialization affects the economic landscape of countries. Describe the change in the dominant economic sector during industrialization and during deindustrialization. Explain ONE spatial change in manufacturing employment patterns as a result of deindustrialization. Explain ONE likely outcome of deindustrialization in a region of manufacturing communities. Comparing the development of steel and the invention of the computer chip, explain how technological development drove economic change in both the Industrial Revolution and the transition to a service-based economy. Describe the significance of a growth pole in an urban or regional economy. Explain how post-Fordist methods of production have transformed operations at individual factories. Explain the degree to which least-cost theory predicts the local site-selection factors for the location of multinational service industry corporate offices.
Answer:
a. One spatial change in manufacturing employment patterns as a result of deindustrialization is production shift.
b. Companies may move their industrial activities and manufacturing jobs to areas with a lower cost of labor.
c. Some natural places could be deemed unfit for humans.
d. Facilitating the construction of railroads, bridges, tall buildings, larger ships, and other infrastructure, Powering service-sector industries such as information technology, financial services, retail, and education, all of which depend on the processing power and connectivity brought about by the computer chip.
e. A growth pole is significant to an urban economy as it will attract supporting businesses such as retail establishments, restaurants, and other service industries to the city or urban area on a local scale.
f. Post-fordism methods of production have transformed operation at individual factories by instead of workers working only one task all day and not being able to perform other tasks in the factory the workerscould now work multiple tasks and were not concealed to one specific area of work, this also made the workers more appealing to other factories and made it to where they could work other positions for more money and could not be so easily concealed for one spot.
Explanation:
A+
The aspects of deindustrialization lead to the economic effects that made changes in the dominant economic sectors.
What is de-industrialization ?The de-industrialization is social and the economic changes that were created due to the removal of the industrial capacity of activity.
The spatial changes in manufacturing employment patterns were a result of the process. The companies may move their industrial activities and manufacturing jobs towards a lower cost of labor. There are some natural places that would be unfit for humans. The construction of the railroads, bridges, the tall buildings, larger ships, etc.,
The growth pole of urban economy as it will attract supporting the businesses such as the retail establishments, restaurants, and other service industries to the city or urban area on a local scale. The post-Fordism methods gave made changes in the operation of individual factories.
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A cereal company wanted to know if consumers are interested in their new cereal flavor. They conducted a survey in a grocery store. Participants indicated their interest in the new flavor both before and after tasting a sample of the cereal. The technique most appropriate for analyzing the data is:_______
a) Pearson correlation coefficient.
b) paired samples t test. •
c) One-way ANOVA
d) Chi square test of independence.
Answer:
c) One-way ANOVA
Explanation:
One way ANOVA is also known as one way analysis of variance.
It is called one way because only one variable is being analysed. Two samples are usually involved.
Group means of the different samples are used to measure the degree of variance that exists.
In the given scenario the cereal company conducted a survey in a grocery store where participants indicated their interest in the new flavor both before and after tasting a sample of the cereal.
The before tasting survey is one sample while the after tasting survey is another sample. With the independent variable being the fast of the cereal
which statement best describes the current price for the good shown in this graph of supply and demand schedules.
A. the current price will result in a low demand for the good
B. the current price will result in a low supply for the good
C. the current price is higher than the equilibrium for the good
D. the current price equals the equilibrium price for the good
Answer: The current price will result in a low supply for the good.
Explanation: A P E X fam
Answer:
B. the current price will result in a low supply for the good
Explanation:
For each of the following independent cases, use FIFO costing to determine the information requested. Required: a. In the beginning inventory, 5,000 units were 40 percent complete with respect to materials. During the period, 40,000 units were transferred out. Ending inventory consisted of 7,000 units that were 70 percent complete with respect to materials. How many units were started and completed during the period
Answer:
$35,000
Explanation:
Units started and completed means that out of the units completed and transferred, how many were started during the period. This figure is calculated in physical terms only. So there is no need to express any units in their equivalents.
So, this gives us an idea of how to calculate this :
Units started and completed = Units Completed and Transferred - Units in Beginning Work in Process
therefore,
Units started and completed = 40,000 units - 5,000 units = $35,000
FIFO that stands for first in first out is termed as the accounting method that calculates the depreciated amount of the assets over a period of time. It operates with the assumption that the leftover stock contains the parts of the stock that was last purchased.
35,000 units were started and completed during the period.
The term "units begun and finished" refers to how many units were started and completed during the time. This number would be only calculated in physical units. As a result, no units must be expressed in their equivalents.
The formulae to calculate the units of the beginning and the end is:
Units started and completed = Units Completed and Transferred - Units in Beginning Work in Process
Therefore,
Units started and completed = 40,000 units - 5,000 units = 35,000 units
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Lilly's team had trouble keeping up with all the changes being made to the specifications for the website. They would have greatly benefited from the concept of
A) transparency in the work process
B) outsourcing
C) shared calendars and task bars
D) personal productivity
Answer:
c
Explanation:
that way they all know what to do
Shared calendars and task bars could have greatly benefited Lilly's team to keep up with all the changes being made to the specifications for the website. Therefore, option B is correct.
What is an website?A website is a collection of related web pages that are accessible via the internet using a web browser. Websites are typically created and maintained by individuals, organizations, or businesses to provide information, sell products or services, or engage with their audience.
Websites can be static or dynamic, with static websites containing fixed content that rarely changes, and dynamic websites featuring interactive content that is updated regularly.
Websites can be accessed using a unique URL or web address and can include a variety of multimedia elements, such as images, videos, and audio. Websites can be designed using a range of technologies, including HTML, CSS, JavaScript, and server-side scripting languages, among others.
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Question 8
The economic theory of scarcity states that because resources are limited, people have to do which of the following?
А
make choices
B
borrow money
С
share with others
D
pay taxes
Answer:
A
Explanation:
people have to make choice due to limited (opportunity cost)
The economic theory of scarcity states that because resources are limited, people have to make choice. Option (a) is correct.
What do you mean by Scarcity?One of the fundamental ideas in economics is scarcity. It indicates that there is a gap between the supply and demand for an item or service. As a result, scarcity may restrict the options available to consumers, who in the end drive the economy.
An economic theory that describes the price link between dynamic supply and demand is the scarcity principle. The scarcity principle states that when an item has a low supply and a high demand, its price rises to accommodate the anticipated demand.
Economic scarcity is primarily caused by structural, supply- and demand-induced factors. Demand-induced refers to situations where demand increases despite a stable supply.
Therefore, Option (a) is correct. The economic theory of scarcity states that because resources are limited, people have to make choice.
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Suppose 70% of all companies are classified as small companies and the rest as large companies. Suppose further, 82% of large companies provide training to employees, but only 18% of small companies provide training. A company is randomly selected without knowing if it is a large or small company; however, it is determined that the company provides training to employees.
What are the prior probabilities that the company is a large company or a small company? (Round the answers to 2 decimal place.)
p(small) =
p(large) =
What are the revised probabilities that the company is large or small? (Round your answers to 4 decimal places.) p(small) =
p(large) =
Based on your analysis, what is the overall percentage of companies that offer training? (Round your answer to 1 decimal place.)
Percentage = %
Answer:
a) p(small) = 0.126
p(large) = 0.246
b) p(small) = 0.6613
p(large) = 0.3387
c) 37.2%
Explanation:
A) determine that the company picked is a large company or small company
condition : the company provides training to its employees
Given data:
p( small ) = 0.7, p( large ) = 0.3, p( training ∩ small ) = 0.18, p( training ∩ large ) = 0.82 , p( No-training ∩ small ) = 0.82 , p( no-training ∩ large ) = 0.18
A) hence the probability of picking a small company that provides training
P( small | training ) = P(Training ∩ Small)* P(Small) = 0.18 * 0.7 = 0.126
Probability of picking a large company that provides training
P( large | training ) = P(training ∩ Large) *P(Large) = 0.82 * 0.3 = 0.246
B) Determine the revised probabilities that company picked is large or small
Revised probability for a large company; P( large | training )
P(Large | training) = P(Large ∩ training) / P(training)
= 0.246 / ( 0.126 + 0.246 ) = 0.6613
P( small | training ) = P( small ∩ training ) / P(training )
= 0.126 / ( 0.126 + 0.246 ) = 0.3387
C) Overall percentage of companies that offer training
p( training ) = 0.126 + 0.246 = 0.372 = 37.2%