Answer:
$296,205
Explanation:
Cash flows from operating activities
Net income $315,153
Add Depreciation expense $32,591
Add Amortization expense $11,136
Increase in Accounts Receivable ($18,901)
Increase in Inventories ($24,325)
Decrease in Prepaid Expenses $2,654
Decrease in Accounts Payable ($22,103)
Net Cash from Operating Activities $296,205
Therefore,
the amount of cash flows from operating activities reported on the statement of cash flows prepared by the indirect method is $296,205.
2. A welder and a carpenter decided to get out of the construction industry and build farm trailers instead. From building a few trailers on weekends, they estimated that the first trailer would take about $700 of their own labor to build and that an 85 percent learning rate can be anticipated on the cumulative average time as each trailer is built. (Note: They decided that their hourly wages should be no less than those they received in the construction trades.) The material costs for each trailer will be about $500, and the craftsmen do not see any way that this can be reduced. They estimate that each trailer can be sold for $1,000. In addition to making their wages on labor, they want to make 15 percent profit on the trailer materials. How many trailers must be built before this rate of profit can be realized
Answer:
Answer is explained in the explanation section below.
Explanation:
Data Given:
Material Cost Per Trailer = $500
Material Cost plus Profit Per Trailer (15%) = $500 + 75 = $575
Selling Price = $1000
Labor Cost Remaining Per Trailer = $425
Formula to Calculate the number of Trailers:
X = X1 ([tex]N^{S}[/tex])
Where,
N = number of Trailers
S = Slope Parameter
X = $425
X1 = $700
So, First we need to find the slope parameter, in order to calculate the number of trailers to be built.
S = [tex]\frac{log \alpha }{log 2}[/tex]
where, α = 0.85 rate of improvement.
Plugging in the values into the formula, we get:
S = [tex]\frac{log (0.85) }{log 2}[/tex]
S = -0.234
Now, we can easily find the number of trailers.
X = X1 ([tex]N^{S}[/tex])
Plugging in the values,
425 = 700 x ([tex]N^{-0.234}[/tex])
Solving For N, we get:
N = 8.4 Trailers
N = 9 Trailers.
Hence, 9 Trailers must be built in order to realize this rate of profit.
Suppose that Perry and Taimur both produce poems and novels. Perry’s productive capabilities are as follows. He can produce 12 poems if he spends all of his time writing poems or he can write 2 novels if he spends all of his time writing novels. He can also produce any linear combination in between. Taimur’s productive capabilities are as follows. He can produce 12 poems if he spends all of his time writing poems or he can write 4 novels if he spends all of his time writing novels. He can also produce any linear combination in between.
A. Which person can produce poems at lower opportunity cost? Explain. Which person can produce novels at a lower opportunity cost? Explain.
B. Suppose that Perry and Taimur make the following deal. Perry will spend all of his time making poems and Taimur will spend all of his time making novels. Taimur will then send 1 novel to Perry and in return Perry will send Taimur 4 poems. How many poems and novels will Perry have after this trade? How may poems and novels will Taimur have after this trade?
C. I claim that after trading with Taimur, Perry can now consume a combination of poems and novels that he never could have produced for himself. Likewise, Taimur can now consume a combination of poems and novels that he never could have produced for himself after trading with Perry. Use equations and a couple of simple calculations to demonstrate that I am correct.
D. What do you think is going on here? Why can both Perry and Taimur now consume a quantity of goods that they never could have produced for themselves?
Answer:
Answer is explained in the explanation section below.
Explanation:
Solution:
a.
Perry poems = 12
Taimur Poems = 12
Perry Novels = 2
Taimur Novels = 4
Opportunity cost of Poems for Perry = 2/12 = 1/6
Opportunity cost of Poems for Taimur = 4/12 = 1/3
Opportunity cost of Novels for Perry = 12/2 = 6
Opportunity cost of Novels for Taimur = 12/4 = 3
As opportunity cost of poems for Perry < Opportunity Cost of Poems for Taimur
So,
Perry can produce poems at lower opportunity cost.
And,
Opportunity cost of Novels for Taimur < Opportunity cost of Novels for Perry
SO,
Taimur can produce novels at lower opportunity cost.
b.
Perry spend all time in making poems = 12 poems
Taimur Spend all time in novel making = 4 novels
Trade ---> Taimur send 1 novel, So, he will left with 3 novels, in exchange he will get 4 poems.
So, after trade, we have:
Perry = 8 novels and 1 Poem
Taimur = 4 poems and 3 novels.
c.
The claim is correct.
This is because, Perry makes 8 poems, he is left with with only 4 novels of productivity and as his opportunity cost of novel is 6, he won't be able to produce even 1 novel, if he doesn't trade.
Let's assume Perry and Taimur both have 12 hours of time each.
Productivity of Perry ---> Poems: 12 hours/12 units = 1 Novels: 12/2 = 6
i.e. Perry need 1 hour to produce 1 poem
and 6 hours to produce 1 novel .
So, when Perry produce 8 poems, he exhaust his 8 hours. Now, he is left with 4 hours. So he cannot produce 1 novel, which require 6 hours to complete. So, after trade, he is better off.
d.
As both Perry and Taimur, produce the good, in which they have comparative advantage it lead to specialization. And when they trade the good, in which they have specialization which will lead them expand this consumption possibilities.
Countries like China and other developed economies are in the Neo classical zone. What is the best option for these countries to sustain their economies?
a.
Decrease aggregate demand
b.
Increase aggregate supply
c.
Move back to Keynesian Zone
d.
Move back to intermediate zone
Answer:
c. Move back to Keynesian Zone
Explanation:
The Keynesian zone is a model that states the stable level of GDP is far from potential GDP and that economy is in a period of recession. Unemployment is high and the demands shift from the right to left of the curve. It can be determined by the level of output and employment. The Neoclassical zone will occur when the right side of the curve is fairly vertical, a rise in demand will affect the process but will indirectly impact the output.Bank Reconciliation and Related Journal entries.
The book balance in the checking account of Lyle's Salon as of November 30 is $3,292.08. The bank statement shows an ending balance of $2,118.00. By examining last month's bank reconciliation, comparing the deposits and checks written per books and per bank in November, and noting the service charges and other debit and credit memos shown on the bank statement, the following were found:
A) An ATM withdrawal of $150 on November 18 by Lyle for personal use was not recorded on the books.
B) A bank debit memo issued for an NSF check from a customer of $19.50.
C) A bank credit memo issued for interest of $19 earned during the month.
D) On November 30, a deposit of $1,177 was made, which is not shown on the bank statement.
E) A bank debit memo issued for $17.50 for bank service charges.
F) Checks No. 549, 561, and 562 for the amounts of $185, $21, and $9.40, respectively, were written during November but have not yet been received by the bank.
G) The reconciliation from the previous month showed outstanding checks totaling $271.95. One of those checks, No. 471 for $18.65, has not yet been received by the bank.
H) Check No. 523 written to a creditor in the amount of $372.90 was recorded in the books as $327.90.
Required:
1. Prepare a bank reconciliation as of November 30.
2. Prepare the required journals entries.
Answer:
Cash (Dr.) $19
Interest Revenue (Cr.) $19
Cash (Dr.) $150
Bank (Cr.) $150
Bank Charges (Dr.) $17.50
Cash (Cr.) $17.50
Explanation:
Bank Reconciliation Statement
Balance as per Bank statement $2,118.00
Less: ATM withdrawals $150
Less: Bank debit memo $19.50
Add: Interest Earned $19
Add: Deposits $1,177
Less: Bank service Charges $17.50
Less: Checks no.549 not presented $185
Less: Checks no.561 not presented $21
Less: Checks no.562 not presented $9.40
Less: Outstanding Checks $271.95
Add: Error in recording $45
Adjusted balance for the reconciliation $2,684.65
how to reply to brand collaboration
Answer:
"Thank you so much for reaching out. I'd love to discuss a collaboration and agree we are a good fit. I have some ideas but I'd like to hear from you what your brand needs right now as far as content goes. I look forward to working together!"
Explanation:
which body develops independence rules that apply to engagements performed under gagas?
Answer:
The Generally Accepted Government Auditing Standards (GAGAS), commonly referred to as the "Yellow Book", are produced in the United States by the Government Accountability Office (GAO). The standards apply to both financial and performance audits of government agencies. Five general standards are included: Independence.
Explanation:
looked up in internet :)
LOL :) Brainliest please
Government Accountability Office (GAO) is the body that develops independence rules that apply to engagements performed under gagas.
The following information should be considered;
The Generally Accepted Government Auditing Standards (GAGAS), commonly referred to as the Yellow Book, are generated in the United States by the Government Accountability Office (GAO). Government Accountability Office (GAO) created independence rules that apply to engagements performed under generally accepted government auditing standards (GAGAS).Learn more: brainly.com/question/16911495
A firm with two factories one in Michigan and one in Texas has decided that it should produce a total of 500 units of output in order to maximize profit. The firm is currently producing 200 units in the Michigan factory and 300 units in the Texas factory. At this allocation between plans the last units of output produced in Michigan added $5 to total cost while the last units of output products in Texas added $3 to total the firm
a. is maximizing profit should keep producing 200 units in Michigan and 300 units in Texas
b. should produce 250 units in each factory
c. should produce more in the Michigan factory and less in the Texas factory
d. should produce more in the Texas factory and less in the Michigan factory
Answer: d. should produce more in the Texas factory and less in the Michigan factory
Explanation:
A company stands to benefit more if it produces at less cost because then it can produce more goods or rather make more profit.
This company is is spending $3 to make an additional unit in Texas than in Michigan where it is spending $5.
It is spending less in Texas and should therefore shift more production to Texas so that it can spend even less when producing and therefore become more profitable.
Milliken Company paid $3.00 million to purchase stock in another company, $1.40 million to repurchase treasury shares, $1.50 million to buy short-term investments, sold used equipment for $0.84 million when its book value was $1.20 million, and purchased new equipment for $3.8 million. What was the net cash flow from investing activities
Answer:
Net cash flow from investing activities is -$7.46 million.
Explanation:
Cash Flow from Investing Activities refers to the section of the cash flow statement of an organisation that shows the amount that been utilized in or made from making investments durin a particular accounting period. Examples of investing activities are purchases and sales of investments, long-term assets like property, plant, and equipment, etc.
Net cash flow from investing activities for Milliken Company can be calculated as follows:
Milliken Company
Calculation of net cash flow from investing activities
Details Amount ($'million)
Purchase stock in another company (3.00)
Buy short-term investments (1.50)
Sold used equipment 0.84
Purchased new equipment (3.80)
Net cash flow from investing activities (7.46)
Therefore, net cash flow from investing activities is -$7.46 million.
The following scenario applies to the next three questions. At the start of the current period, Alberich Jewelers had an inventory of three identical gold rings. The cost of the gold ring purchased first is $640, the gold ring purchased next had a cost of $720, and the most recent purchase had a cost of $750. During the current period one of the gold rings was sold for $1,400. Alberich expects this gold ring will be a fast seller and he is thinking about ordering more of the same model for $780 each. If Alberich elects the FIFO method of inventory, after selling one ring for $1,400, compute the gross profit he should report. Post your response without any special characters. So an answer of $1,000 would be expressed as 1000
Answer:
Alberich Jewelers
The gross profit that Alberich should report is 760.
Explanation:
a) Data and Calculations:
Cost of gold ring purchased first = $640
Cost of gold ring purchased next = $720
Cost of gold ring purchased recently = $750
Sale of one gold ring = $1,400
Using the FIFO method of inventory, the gross profit for the gold ring sold is based on the first gold ring purchased, as follows:
= Sales Revenue - FIFO cost of inventory
= $1,400 - $640
= $760
Manson Industries incurs unit costs of $6 ($4 variable and $2 fixed) in making an assembly part for its finished product. A supplier offers to make 15,000 of the assembly part at $5 per unit. If the offer is accepted, Manson will save all variable costs but no fixed costs. Prepare an analysis showing the total cost saving, if any, Manson will realize by buying the part.
Answer:
The decision should be to make the part
Explanation:
Variable cost of manufacturing = 15000x4 = 60000
Fixed cost of manufacturing = 15000 x 2 = 30000
Purchase cost = 15000x5 = 75000
Total annual cost of making = 60000 + 30000 = $90000
Total annual cost of buying is 30000 + 75000 = $105000
90000 - 105,000 = -15000
This shows that manson's cost savings would decrease by -15000
So instead of buying, it is better to make.
Doug is filing singly. His net taxable income is $80,575. Every week, $304 is withheld from his earnings for income tax. Based on the table below, what can Doug expect when his taxes are due? Between 80,550 and 80,600 dollars, for filing single, the amount of taxes is 16,539 dollars. a. Doug will receive a refund of $123. b. Doug will receive a refund of $2,977. c. Doug will owe an additional $1,125. d. Doug will owe an additional $731. Please select the best answer from the choices provided A B C D
Between 80,550 and 80,600 dollars, for filing single, the amount of taxes is 16,539 dollars Doug will owe an additional $731. The correct option is D.
How are tax liabilities calculated?Your gross tax liability is equal to your taxable income less your tax deductions. Your total income tax liability is equal to your gross tax liability less any tax credits you are eligible for.
Given
the amount of taxes is $16,539
Every week =$304 income withdrawal for tax.
Required to calculate the amount of taxes =?
The total amount of tax in a year = 304 x 52 = $15,808
amount of taxes = amount of taxes - amount already deposited
amount of taxes = 16539 - 15808 = $731
Thus, Doug will owe an additional $731. The total amount of tax owed to federal, state, and local governments by individuals and organizations in a given period is referred to as tax liability. Tax liabilities are short-term liabilities that are recorded on a balance sheet and paid within a year.
Thus, the ideal selection is D.
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Answer: D
Explanation:
ik
Tambe Electric entered into a written agreement with Home Depot to provide copper wire to Tambe at a price set forth in the writing, and allowed the contractor the option of paying for the wire over a period of time. Tambe later tried to purchase such wire on a payment plan but Home Depot refused. As Home Depot did not fulfill this written agreement, Tambe sued for $68,000, the additional cost it had to subsequently pay to obtain copper wire for its work. Home Depot defended that it had made an oral condition precedent requiring payment in full by Tambe at the time it accepted the price quote in the written agreement. The result is that:_________
Answer:
Tambe will win.
Explanation:
The Statue of Frauds requires that contracts over $500 are written, and both companies had a written contract. Home Depot later argues that they had orally agreed to modify the written contract. That modification will not hold since it cannot contradict the written contract. In order to legally modify a written contract, you must do it in writing, not orally.
Alvis Construction Supply Company has a department that manufactures wood trusses (wood frames used in the construction industry). The following information is for the production of these trusses for the month of February:
Work-in-process inventory, February 1 4,000 trusses
Direct materials: 100% complete $10,480
Conversion: 20% complete $15,258
Units started during February 18,000 trusses
Units completed during February and transferred out 17,000 trusses
Work-in-process inventory, February 29
Direct materials: 100% complete
Conversion: 40% complete
Costs incurred during February
Direct materials $59,040
Conversion $92,092
Required:
Using the FIFO method, calculate the following:
1. Costs per equivalent unit.
2. Cost of goods completed and transferred out.
3. Cost remaining in the ending work-in-process inventory.
Answer:
Part 1
M = $3.28
C = $5.06
Part 2
$141,780
Part 3
$26,520
Explanation:
1. Costs per equivalent unit.
Step 1 ; Equivalent units
Materials = 4,000 x 0 % + 13,000 x 100 % + 5,000 x 100 % = 18,000 units
Conversion Costs = 4,000 x 80 % + 13,000 x 100 % + 5,000 x 40 % = 18,200 units
Step 2 : Cost per Equivalent units
Materials = $59,040 / 18,000 units = $3.28
Conversion Costs = $92,092 / 18,200 units = $5.06
Total = $3.28 + $5.06 = $8.34
2. Cost of goods completed and transferred out.
Cost of goods completed and transferred out = 17,000 trusses x $8.34 = $141,780
3. Cost remaining in the ending work-in-process inventory.
Ending work-in-process inventory = $3.28 x 5,000 + $5.06 x 2,000 = $26,520
Cost of manufacturing is the total cost incurred by the manufacturing unit or the entire department for the production of goods. It is classified into three main categories: direct material cost, direct labor cost, and manufacturing overhead.
Using the FIFO method, the answers are:
1. Cost per equivalent unit:
For the material is $3.28
For the conversion is $5.06
2. Cost of goods completed and transferred out is $141,780
3. Cost remaining in the ending work-in-process inventory is $26,520
Computations:
1. Cost per equivalent unit:
Material:
[tex]\begin{aligned}\text{Cost per equivalent unit}&=\frac{\text{Total Cost}}{\text{Equivalent Units}}\\&=\frac{\$59,040}{18,000\;\text{units}}\\&=\$3.28\end{aligned}[/tex]
Conversion:
[tex]\begin{aligned}\text{Cost per equivalent unit}&=\frac{\text{Total Cost}}{\text{Equivalent Units}}\\&=\frac{\$92,092}{18,200\;\text{units}}\\&=\$5.06\end{aligned}[/tex]
[tex]\begin{aligned}\text{Total cost per equivalent unit}&=\text{Cost per unit for material}+\text{Cost per unit for conversion}\\&=\$3.28+\$5.06\\&=\$8.34\end{aligned}[/tex]
2. Cost of goods completed and transferred out:
[tex]\begin{aligned}\text{Cost of goods completed}&=\text{Units Completed}\times\text{Total Cost of equivalent units}\\&=17,000\;\text{trusses}\times\$8.34\\&=\$141,780\end{aligned}[/tex]
3. Cost of remaining ending work in process inventory:
[tex]\begin{aligned}\text{Ending Work in Process Inventory}&=[\left( \text{Costs per equivalent unit for material}\times\text{Units}\right )\\&+\left( \text{Costs per equivalent unit for conversion}\times\text{Units}\right )]\\&=\left(\$3.28\times5,000\;\text{units}\right )+\left(\$5.06\times2,000\;\text{units} \right ) \\&=\$26,520\end{aligned}[/tex]
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Suppose that the cross price elasticity of demand between movie tickets and popcorn is −0.10. What would you expect to happen to the sales of popcorn if the price of movie tickets rises by 30 percent? The demand for popcorn would fall fall rise by 33 percent (Enter your response rounded to one decimal place.)
Answer:
fall
3%
Explanation:
In the A-B-C classification system, items which account for about 15 percent of the annual dollar value, but which account for a majority of the inventory items, would be classified as: Group of answer choices B items. A items plus B items. B items plus C items. C items. A items.
Answer:
C items
Explanation:
ABC analysis is the inventory management technique of inventory management where the inventory would be divided into 3 types i.e. A, B and C and it is based upon the importance and the control. The C category items would contains high percenatge of the total no of items but at the same time they have the less dollar volume due to which they have lower control
Match to correct letter option
1. LRAS
2. Market value
3. Disposable income
4. Real
5. Final
6. Excess reserves
A. Money leftover after taxes are paid
B. Quantity theory of money helps explain the shape of this.
C. Part of GDP s definition that captures the quality of the goods and services.
D. Caused by a fall in the money supply
E. Part of GDPâs definition that means you exclude used goods and services.
F. Sticky prices/wages justifies its shape
G. Part of GDP s definition that means you exclude intermediary goods and services.
H. Used to make loans.
I. Used to cover withdraws.
J. Interest rates are at their lower bound
K. Represents the economy s fundamentals, such as population, capital, and technology.
L. Adjusted for inflation.
M. Caused by a collapse of the stock market.
Answer:
A. Money left over after taxes are paid - Disposable income
B. Quantity theory of money helps explain the shape of this - Real
C. Part of GDP s definition that captures the quality of goods and services - Market Value
D. Caused by a fall in the money supply - Final
E. Part of GDP s definition that means you exclude used goods and services - Real
F. Sticky prices/wages justifies its shape - Final
G. Part of GDP s definition that means you exclude intermediary goods and services - Market Value
H. Used to make loans - Excess reserves
I. Used to cover withdraws - Disposable income
J. Interest rates are at their lower bound - Real
K. Represents the economy s fundamentals, such as population, capital, and technology - LRAS
L. Adjusted for inflation Final
M. Caused by a collapse of the stock market - Market Value
Explanation:
Long run aggregate supply is adjusted based on the products produced in the country. The supply rate is also adjusted based on demand factor. GDP is the monetary value of all goods and services produced in the country during a certain period.
Synovec Corp. is experiencing rapid growth. Dividends are expected to grow at 25 percent per year during the next three years, 15 percent over the following year, and then 6 percent per year, indefinitely. The required return on this stock is 12 percent and the stock currently sells for $94 per share. What is the projected dividend for the coming year? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
Answer:
$26.86
Explanation:
Calculation to determine the projected dividend for the coming year
First step is to calculate the Dividend(D0)=
D0 = $94 * 0.12
Dividend(D0)= $11.28
Second step is to calculate the Expected Dividend growth rate for 3 years (D3) using this formula
Expected Dividend growth rate for 3 years (D3) =D0 (1+g)
Let plug in the formula
D3=$11.28* (1+0.25)^3
D3=$22.03125
Third step is to calculate Dividend in 4th year(D4
Dividend in 4th year(D4)=$22.03125 *1.15
D4 =$25.3359
Now let calculate the Dividend in 5th year(D5
Dividend in 5th year(D5)=$25.3359 * 1.06
Dividend in 5th year(D5)=$26.86
Therefore the Projected Dividend for the coming year will be $26.86
Meade Nuptial Bakery makes very elaborate wedding cakes to order. The company has an activity-based costing system with three activity cost pools. The activity rate for the Size-Related activity cost pool is $1.13 per guest. (The greater the number of guests, the larger the cake.) The activity rate for the Complexity-Related cost pool is $43.52 per tier. (Cakes with more tiers are more complex.) Finally, the activity rate for the Order-Related activity cost pool is $61.44 per order. (Each wedding involves one order for a cake.) The activity rates include the costs of raw ingredients such as flour, sugar, eggs, and shortening. The activity rates do not include the costs of purchased decorations such as miniature statues and wedding bells, which are accounted for separately. Data concerning two recent orders appear below: Ericson Wedding Haupt Wedding Number of reception guests 60 162 Number of tiers on the cake 4 3 Cost of purchased decorations for cake $ 16.89 $ 38.61 Assuming that the company charges $500.54 for the Haupt wedding cake, what would be the overall margin on the order
Answer:
$86.87
Explanation:
Calculation for what would be the overall margin on the order
Price of cake $500.54
Less Costs:Size related ($183.06)
($1.13 per guest × 162 guests)
Less Complexity-related ($130.56)
($43.52 per tier × 3 tiers)
Less Order-related ($61.44)
($61.44 per order × 1 order)
Less Cost of purchased decorations for cake ($38.61)
Customer margin $86.87
Therefore would be the overall margin on the order is $86.87
Digital Prosper, a web services firm, has experienced a 7 percent decline in revenues in consecutive quarters. In an effort to reduce operating costs, managers reduced the customer service staff from 12 employees to 6. Management also enlisted the remaining employees to help produce a new company vision: to give customers of all budgets a customizable, stress-free web hosting experience. What is wrong with this scenario
Answer: c. Digital Prosper's organizational structures do not align with the vision.
Explanation:
Digital Prosper have reduced their staff by 50% and yet go on to advertise through their vision, that they are able to cater for all types of customers regardless of their budgets.
This purpose of this vision is to bring in more customers and if it succeeds, the remaining employees in customer service will be swamped with work. This might lead to the employees being inefficient thereby creating stress for the customers.
The organizational structure of Digital Prosper therefore does not align with the vision.
Answer:
Marigold's organizational structures do not align with the vision
Explanation:
The internal stakeholders would be designers, manufacturing, assembly, etc here the internal stockholder would be invested that defines the vision so here the organizational structure would not be aligned with the vision as they attempt to provide the better service for the customer as half the originial staff
Mel is thinking of going on a cruise. Mel values a cruise in nice weather at $2,000 and values a cruise in bad weather at $50. The probability of nice weather is 60% and the probability of bad weather is 40%. Trip insurance is sometimes available. If purchased, it allows travelers to delay the cruise until the weather is nice. If Mel is risk-neutral, then in the absence of trip insurance, the most she will be willing to pay for the cruise is _______. Select one: a. $1,200 b. $1,250 c. $1,220 d. $1,000
Answer:
Mel
If Mel is risk-neutral, then in the absence of trip insurance, the most she will be willing to pay for the cruise is _______.
c. $1,220
Explanation:
a) Data and Calculations:
Mel's value of a cruise in nice weather = $2,000
Mel's value of a cruise in bad weather = $50
Probability of nice weather = 60%
Probability of bad weather = 40%
Expected value:
Weather Outcome Probability Expected Value
Nice weather $2,000 60% $1,200
Bad weather $50 40% $20
Total expected value of a cruise $1,220
As the question says just provide modalities for compensating the victims of the accident. Do not try to attribute reasons for the cause of the accident, i.e. who is wrong or responsible for the accident. Try to come up with the various kinds of victims and decide what they get. To say that everybody that was killed should get the same amount is not realistic. Think about the families of those involved in September 11 disaster. Did all the families get the same amount?
Answer:
No, all families cannot get the same amount of compensation as this is dependent on the loss of the misfortune family.
Explanation:
The amount of compensation for the victims of September 11 disaster should be different for every person. The number of family members will be different for every victim. The compensation is based on the number of dependents of the victim family and those are paid high compensation who have their widows and children left behind.
Posting to T-Accounts Post the amounts for the following transactions (a) through (f) to the appropriate T-accounts.
a. Receive merchandise inventory costing $9,000, purchased with cash.
b. Sell half of inventory in (a) for $7,500 on credit.
c. Place order for $5,000 of additional merchandise inventory to be delivered next month.
d. Pay employee $4,000 for compensation earned during the month.
e. Pay $7,000 rent for use of premises during the month.
f. Receive full payment from customer in part (b).
Answer:
T-accounts
Cash Account
Account Titles Debit Credit
a. Inventory $9,000
d. Salaries Expense 4,000
e. Rent Expense 7,000
f. Sales Revenue $7,500
Inventory
Account Titles Debit Credit
a. Cash $9,000
b. Cost of goods sold $4,500
Cost of Goods Sold
Account Titles Debit Credit
b. Inventory $4,500
Accounts Receivable
Account Titles Debit Credit
b. Sales revenue $7,500
f. Cash $7,500
Sales Revenue
Account Titles Debit Credit
b. Accounts receivable $7,500
Salaries Expense
Account Titles Debit Credit
d. Cash $4,000
Rent Expense
Account Titles Debit Credit
e. Cash $7,000
Explanation:
a) Data and Analysis:
a. Inventory $9,000 Cash $9,000
b. Cost of goods sold $4,500 Inventory $4,500
b. Accounts receivable $7,500 Sales revenue $7,500
c. No effect.
d. Salaries Expense $4,000 Cash $4,000
e. Rent Expense $7,000 Cash $7,000
f. Cash $7,500 Accounts receivable $7,500
The foreign exchange market is a market for converting the currency of one country into that of another country.
a. True
b. False
Answer:
a. True
Explanation:
The foreign exchange market is a market for converting the currency of one country into that of another country.
For example, the conversion of dollars of the United States of America can be converted into naira (Nigeria) at the foreign exchange market.
Efficient market school is the market school which argues that forward exchange rates do the best possible job for forecasting future spot exchange rates, so investing in exchange rate forecasting services would be a waste of time because it is impossible to have a consistent alpha generation on a risk adjusted excess returns basis as market prices are only affected by new informations.
The efficient market school also known as the efficient market hypothesis (EMH) is a hypothesis that states that asset (share) prices reflect all information and it is very much impossible to consistently beat the market.
Also, forward exchange rates are exchange rates controlling foreign exchange transactions at a specific future date or time.
On April 1, 2020, Novak Company assigns $505,300 of its accounts receivable to the Third National Bank as collateral for a $327,200 loan due July 1, 2020. The assignment agreement calls for Novak to continue to collect the receivables. Third National Bank assesses a finance charge of 4% of the accounts receivable, and interest on the loan is 10% (a realistic rate of interest for a note of this type).
Required:
a. Prepare the April 1, 2020, journal entry for Rasheed Company.
b. Prepare the journal entry for Rasheed’s collection of $364,000 of the accounts receivable during the period from April 1, 2014, through June 30, 2020.
c. On July 1, 2014, Rasheed paid Third National all that was due from the loan it secured on April 1, 2020. Prepare the journal entry to record this payment
Answer:
A. Dr Cash 306,988
Dr Finance Charge 20,212
Cr Notes Payable $327,200
B. Dr Cash $364,000
Cr Accounts Receivable $364,000
C. Dr Notes Payable $327,200
Cr Interest Expense $8,180
Cr Cash $319,020
Explanation:
A) Preparation of the April 1, 2020, journal entry for Prince Company.
Dr Cash 306,988
(327200-20212)
Dr Finance Charge 20,212
($505,300 x 4% = 20212)
Cr Notes Payable $327,200
B. Preparation of the journal entry for Rasheed’s collection
Dr Cash $364,000
Cr Accounts Receivable $364,000
C. Preparation of the journal entry to record this payment
Dr Notes Payable $327,200
Cr Interest Expense $8,180
(10% x $327,200 x 3/12 = 8180)
Cr Cash $319,020
($327,200-$8,180)
Consider each argument for limiting international trade:
The national security argument suggests that national security requires that strategically important goods be produced domestically.
The infant industry argument suggests that protection can help infant industries develop.
The unfair competition argument suggests that anti‑dumping laws prevent unfair competition.
The fair standards argument suggests that trade should not enable firms to skirt regulations.
Determine which argument each statement is related to and whether the statement supports or opposes the argument.
a. "Industries that are protected from foreign competition often never develop to a point where they can compete internationally." This statement _________the ______________argument.
b. 'If foreign importers do not meet U.S. requirements regarding child labor, safety, and the environment, they will have an unfair cost advantage over domestic firms." This statement ___________ the________ argument.
Answer:
a. opposes the infant industry argument.
b. supports the fair standard arguments.
Explanation:
The companies are regulated by the standards. There are certain standards which businesses need to follow in order to achieve regulatory compliance. The companies are regulated but there should be fair competition which enables firms to promote healthy competition in order to develop their business.
Creating your own flyer assignment
Answer:
what's the question ...?
Explanation:
In the welding operations of a bicycle manufacturer, a bike frame has a flow time of about 13.6 hours. The time in the welding operation is spent as follows: 3 hours waiting in front of the cutting machine for the batch to start, 3 hours waiting for the setup of the machine, 1 hour waiting for the other pieces of the batch to go through cutting, 2 minute at the cutting machine, and 3 hours waiting for the transfer to the welding machine. Then, at the welding machine, the unit spends 1 hour waiting in front of the welding machine for the batch to start, 1 hour waiting for the setup of the welding machine, 0.6 hour waiting for the other pieces of the batch to go through welding, 0.65 minute at the welding machine, and 1 hour waiting for the transfer to the next department.
1. Determine the exact flow time.2. What is the value-added percentage of the flow time?
Answer:
Exact flow time in hours
13.64416 hours
% value added flow time = 0.3236
Explanation:
Hours to start = 3
Set up = 3 hours
Time spent cutting = 2 minutes
Time through cutting = 1 hour
Transfer = 3 hours
Time waiting for welding machine = 1 hour
Time for set up = 1 hour
Time waiting for pieces of batch = 0.6 hours
Time at welding machine = 0.65 minutes
Time to transfer to next department = 1 hour
To get the exact flow time we convert the minutes to hour
2 minutes to hour = 2/60 = 0.03333
0.65 minutes to hour = 0.65/60 = 0.01083
We sum up all of these hours
3+3+0.03333+1+3+1+1+0.6+0.01083+1 = 13.64416 hours
1.
13.64416 is the exact flow time in hours.
2.
Value added percentage of flow time
13.64416-13.6
= 0.04416
Percentage = 0.04416/13.64416*100
= 0.003236x100
= 0.3236%
The following facts relate to Duncan Corporation.
1. Deferred tax liability, January 1, 2019, $80,000.
2. Deferred tax asset, January 1, 2019, $30,000.
3. Taxable income for 2019, $115,000.
4. Cumulative temporary difference at December 31, 2019, giving rise to future taxable amounts, $250,000.
5. Cumulative temporary difference at December 31, 2019, giving rise to future deductible amounts, $95,000.
6. Tax rate for all years, 40%. No permanent differences exist.
7. The company is expected to operate profitably in the future.
Required:
a. Compute the amount of accounting income for 2019.
b. Prepare the journal entry to record income tax expense, deferred income taxes, and income payable for 2019
Answer:
Duncan Corporation
a. The amount of the accounting income for 2019 is:
= $270,000
b. Journal Entries:
Debit Income tax expense $46,000
Credit Income tax payable $46,000
To record the income tax expense for 2019.
Debit Deferred tax asset $30,000
Credit Profit and Loss $30,000
To record the deferred tax asset
Debit Profit and Loss $80,000
Credit Deferred tax liability $80,000
To record the deferred tax liability.
Explanation:
a) Data and Calculations:
Taxable income for 2019 = $115,000
add Cumulative temporary difference, giving
rise to future taxable amounts = $250,000
less Cumulative temporary difference, giving
rise to future deductible amounts = $95,000
Accounting income for 2019 $270,000
Income tax expense:
Taxable income = $115,000
Tax rate (40%) 46,000
After-tax income $69,000
At year-end (December 31), Chan Company estimates its bad debts as 0.90% of its annual credit sales of $743,000. Chan records its Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $372 account of P. Park is uncollectible and writes it off as a bad debt. On June 5, Park unexpectedly pays the amount previously written off. Prepare Chan's journal entries for the transactions.
Answer:
Chan Company
Journal Entries:
December 31:
Debit Bad Debts Expense $6,687
Credit Allowance for Doubtful Accounts $6,687
To record the bad debts expense.
February 1:
Debit Allowance for doubtful accounts $372
Credit Accounts receivable (P. Park) $372
To write-off bad debt.
June 5:
Debit Accounts receivable (P. Park) $372
Credit Allowance for doubtful accounts $372
To reverse previously written-off debt.
Debit Cash $372
Credit Accounts receivable (P. Park) $372
To record the receipt on account.
Explanation:
a) Data and Calculations:
Annual credit sales = $743,000
Estimated bad debts = 0.90% of credit sales
Estimated bad debts = $6,687 ($743,000 * 0.90%)
December 31:
Bad Debts Expense $6,687
Allowance for Doubtful Accounts $6,687
February 1:
Allowance for doubtful accounts $372
Accounts receivable (P. Park) $372
June 5:
Accounts receivable (P. Park) $372
Allowance for doubtful accounts $372
Cash $372
Accounts receivable (P. Park) $372
Early in 2021, the Excalibur Company began developing a new software package to be marketed. The project was completed in December 2021 at a cost of $54 million. Of this amount, $36 million was spent before technological feasibility was established. Excalibur expects a useful life of five years for the new product with total revenues of $90 million. During 2022, revenue of $27 million was recognized.
Required:
1. Prepare a journal entry to record the 2021 development costs.
2. Calculate the required amortization for 2022.
3. Determine the amount to report for the computer software costs in the December 31, 2022, balance sheet.
Answer:
a.
Account Title Debit Credit
Research and Development Expense $36,000,000
Software Development Costs $18,000,000
Cash $54,000,000
b. The higher of the Straight-line and Percentage Revenue should be used:
Straight Line method:
= Software Development Costs / useful life
=18,000,000/5
= $3,600,000
Percentage Revenue method:
= Current revenue / Total revenue * Software Development Costs
= 27,000,000/90,000,000 * 18,000,000
= $5,400,000
Amortization = $5,400,000
c. $12,600,000
= Software development cost - Amortization for 2022
= 18,000,000 - 5,400,000
= $12,600,000