Answer:
The correct answer is excessive government spending and debt
Explanation:
The justification for this answer is that International Monetary Fund(IMF) as a credit-granting organization would want the nation that loan is granted to ,to strengthen its liquidity position by cutting down on excessive government spending so as to be able to use such reserved liquidity to service IMF loans.
Also, by cutting down on international indebtedness the country is able to repay IMF loans as at when due,compared to a situation of multiple debts which brings about default in servicing and repaying IMF loans
Privatization of state-owned assets is not a requirement as well as deregulation of the economy.
The same applies to elimination of restrictive import licensing.
A manufacturing facility consists of eight departments (A, B, C, D, E, F, G, and H) and is to produce six components (1, 2, 3, 4, 5, and 6). Following are the product routings and production forecasts: Component Routing Production Forecast (E.U.L. per week)
1 A-B-G-H 20
2 A-C-D-H 25
3 A-D-E-F-H 20
4 A-B-C-E-H 30
5 A-B-C-D-H 15
6 A-E-F-G-H 5
a) Develop the FROM-TO chart [20]
b) Develop the VOLUME-BETWEEN chart [20]
Answer:
The answer is given in the attached file.
Explanation:
The following transactions took place at Fine Fashions Outlet during July 2019. Fine Fashions Outlet uses a perpetual inventory system. DATE TRANSACTIONS July 1 Purchased dresses for $4,400 plus a freight charge of $700 from Fashion Expo, Invoice 101, dated July 1; the terms are 2/10, n/30. 5 Sold two dresses on account to Alice Chu, terms 1/10, n/30; issued Sales Slip 788 for $900. The cost of the dresses sold was $720. 7 Received Credit Memorandum 210 for $850 from Fashion Expo for damaged dresses returned; the goods were purchased on Invoice 101 dated July 1. 9 Accepted a return of a dress from Alice Chu; the dress was originally sold on Sales Slip 788 of July 5; issued Credit Memorandum 89 for $400. The cost of the returned dress was $240. 10 Issued Check 1255 to pay the amount due to Fashion Expo for Invoice 101, dated July 1, less the return of July 7 and less the cash discount. 15 Received payment from Alice Chu for the sale of July 5, less the return of July 9 and less the cash discount. 15 Recorded sales on credit cards for the two-week period ended July 15, $13,000; the bank charges a 3 percent fee on all credit card sales. The cost of merchandise sold was $10,400. 17 Purchased merchandise on account from Fashion Wholesalers for $5,000, subject to trade discounts of 40 percent and 10 percent, terms 1/10, n/30, Invoice 2078. 26 Paid amount owed to Fashion Wholesalers for the purchase of July 17, Check 1285. Record the transactions in a general journal.
Answer:
July 1 Debit inventory 5100 credit Accounts payable 5100
5 July Debit Accounts receivables 900 credit sales 900
debit cost of sales 720 credit inventory 720
7 July Debit Accounts payable 850, credit inventory 850
9 July Debit sales allowance 400, credit Accounts receivables 400
debit inventory 240 credit cost of sales 240
10 July Debit Accounts payable 4165 credit bank 4165
15. July Debit Bank 13000 credit sales 13000
debit cost of sales 10400 credit inventory 10400
debit bank charges 390 credit bank 390
17 debit merchandise 5000 credit Accounts payable 5000
26 Debit Accounts payable 4950 credit bank 4950
Explanation:
1 july inventory is the total of purchases plus freight charges.
10 july the discount is on the remaining amount after the goods returned because goods returned had decreased the amount owing.
26 july the trade discounts are for when buying and paying same day when it it is on account there can only be settlement discount
Final answer:
Fine Fashions Outlet's transactions from July 2019 must be correctly recorded in a general journal, following the details and terms provided for each transaction within the perpetual inventory system.
Explanation:
For Fine Fashions Outlet, which uses a perpetual inventory system, the transactions from July 2019 must be properly recorded in the general journal. Each transaction involves different aspects of business operation such as purchases, sales, returns, and payments. Detailed entries including dates, amounts, and terms are crucial for accurate financial accounting and inventory management.
Purchase of dresses and payment of freight with terms.
Sales of dresses on account with terms and cost of goods sold.
Receipt of a credit memorandum for returned damaged dresses.
Acceptance of a return from a customer and issuance of a credit memorandum considering the cost.
Issuance of a check to Fashion Expo considering returns and cash discounts.
Collection of payment from customer considering returns and discounts.
Recording credit card sales and associated bank charges along with the cost of goods sold.
Purchase of merchandise considering trade discounts and payment terms.
Payment made to Fashion Wholesalers for prior purchases.
Each entry should reflect the specific details of the transaction – the date, the parties involved, the nature of the transaction (e.g., purchase, sale, return), and the terms of the transactions (discounts, due dates, and so on).
Southwest Pediatrics has the following balances on December 31, 2021, before any adjustment: Accounts Receivable = $130,000; Allowance for Uncollectible Accounts = $2,100 (debit). On December 31, 2021, Southwest estimates uncollectible accounts to be 20% of accounts receivable.
Answer:
Bed debts expenses = $28,100
Explanation:
Given:
Accounts Receivable = $130,000
Allowance for Uncollected Accounts = $2,100 (debit)
Uncollected accounts = 20% of accounts receivable
Computation of Uncollected accounts :
= 20% x Accounts receivable
= 20% x $130,000
= $26,000
Total Bed debts = $26,000 + $2,100
= $28,100
Journal Entries
Date Accounts Debit Credit
Bed Debts Expenses A/c Dr $28,100
To Allowance for Uncollected Accounts $28,100
A worksheet A. is an internal document that helps summarize data for the preparation of financial statements. B. is a journal used to record transactions. C. is a ledger listing the account balances and changes in those accounts.
Answer:
A. is an internal document that helps summarize data for the preparation of financial statements.
Explanation:
A worksheet is an internal document used to prepare accounting information and different reports. It used to calculate the adjusted values from unadjusted values. In include unadjusted trial balance, adjusting journal entries, adjusted trial balance, equity section, Income statement section and balance sheet section. It provide information for the preparation of financial statements.
Mauro Products distributes a single product, a woven basket whose selling price is $12 per unit and whose variable expense is $9 per unit. The company’s monthly fixed expense is $6,300. Required: 1. Calculate the company’s break-even point in unit sales. 2. Calculate the company’s break-even point in dollar sales. (Do not round intermediate calculations.) 3. If the company's fixed expenses increase by $600, what would become the new break-even point in unit sales? In dollar sales? (Do not round intermediate calculations.)
Answer:
1. 2,100 units
2. $25,200
3. 2,300 units and $27,600
Explanation:
The break-even point is the level of sales at which the business incur no profit no loss.Fixed and variable costs are covered at this level of sales.
Contribution Margin = Sale price - variable cost = $12 - $9 = $3
Contribution Margin ratio= Contribution Margin / Sale price = $3 / $12 = 25%
1.
Break-even point = Fixed cost / Contribution margin = $6,300 / $3 = 2,100
2.
Break-even point = Fixed cost / Contribution margin ratio = $6,300 / 25% = $25,200
3.
Fixed Cost = $6,300 + $600 = $6,900
Break-even point = Fixed cost / Contribution margin = $6,900 / $3 = 2,300 units
Break-even point = Fixed cost / Contribution margin ratio = $6,900 / 25% = $27,600
Gates Corp. has net income of $172,000, sales of $ 1,453,909, and an accounts receivable balance of $127,100. Assume that 100% percent of sales are on credit. What is the days' sales in receivables?
Answer:
Days' sales in receivables= 31.91 days
Explanation:
The day's sales in account receivable ratio is also called average collection period. It states the number of days on the average to collect a business's account receivable.
Days sales turnover is calculated by dividing total number of days in a year by the account recievables turnover ratio.
The formula for accounts receivable turnover ratio= Current credit sales received/ Accounts receivable balance
Accounts receivable turnover= 1,453,909/127,100
Accounts receivable turnover= 11.439
Assume a 365 day year
Days' sales in receivables= 365/Account receivable turnover
Days' sales in receivables= 365/11.439
Days' sales in receivables= 31.908~ 31.91 days
Widmer Watercraft’s predetermined overhead rate for the year 2017 is 200% of direct labor. Information on the company’s production activities during May 2017 follows. Purchased raw materials on credit, $220,000. Materials requisitions record use of the following materials for the month. Job 136 $ 50,000 Job 137 33,000 Job 138 19,400 Job 139 23,200 Job 140 7,200 Total direct materials 132,800 Indirect materials 20,500 Total materials used $ 153,300 Paid $15,500 cash to a computer consultant to reprogram factory equipment. Time tickets record use of the following labor for the month. These wages were paid in cash. Job 136 $ 12,100 Job 137 10,500 Job 138 37,500 Job 139 39,200 Job 140 3,200 Total direct labor 102,500 Indirect labor 25,500 Total $ 128,000 Applied overhead to Jobs 136, 138, and 139. Transferred Jobs 136, 138, and 139 to Finished Goods. Sold Jobs 136 and 138 on credit at a total price of $525,000. The company incurred the following overhead costs during the month (credit Prepaid Insurance for expired factory insurance). Depreciation of factory building $ 68,000 Depreciation of factory equipment 36,500 Expired factory insurance 12,000 Accrued property taxes payable 35,000 Applied overhead at month-end to the Work in Process Inventory account (Jobs 137 and 140) using the predetermined overhead rate of 200% of direct labor cost. Required: 1. Prepare a job cost sheet for each job worked on during the month.
Job cost sheets for Widmer Watercraft's May 2017 production activities were prepared, accounting for materials, labor, and overhead (200% of labor cost) for each job handled in the month.
Explanation:The preparation of job cost sheets plays a vital role in accounting and financial tasks, specifically in cost accounting where it allows companies to estimate the costs associated with each job. Below are the job cost sheets you asked for:
Job 136
Materials: $50,000Labor: $12,100Overhead: $24,200 (200% of $12,100)
Job 137
Materials: $33,000Labor: $10,500Overhead: $21,000 (200% of $10,500)
Job 138
Materials: $19,400Labor: $37,500Overhead: $75,000 (200% of $37,500)
Job 139
Materials: $23,200Labor: $39,200Overhead: $78,400 (200% of $39,200)
Job 140
Materials: $7,200Labor: $3,200Overhead: $6,400 (200% of $3,200)Learn more about Job Cost Sheet here:
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Each job cost sheet outlines the direct materials, direct labor, and applied overhead costs incurred for each respective job during May 2017. Direct materials and labor costs are recorded based on actual expenditures, while applied overhead is calculated at 200% of direct labor cost, as per the predetermined overhead rate. Total costs for each job are calculated by summing up the direct materials, direct labor, and applied overhead costs.
Explanation:Job Cost Sheets for each job worked on during May 2017 are as follows:
Job 136:
Direct Materials: $50,000
Direct Labor: $12,100
Applied Overhead (200% of direct labor): $24,200
Total Cost: $86,300
Job 137:
Direct Materials: $33,000
Direct Labor: $10,500
Applied Overhead (200% of direct labor): $21,000
Total Cost: $64,500
Job 138:
Direct Materials: $19,400
Direct Labor: $37,500
Applied Overhead (200% of direct labor): $75,000
Total Cost: $131,900
Job 139:
Direct Materials: $23,200
Direct Labor: $39,200
Applied Overhead (200% of direct labor): $78,400
Total Cost: $140,800
Job 140:
Direct Materials: $7,200
Direct Labor: $3,200
Applied Overhead (200% of direct labor): $6,400
Total Cost: $16,800
The Filzinger Corporation’s December 31, 2021 year-end trial balance contained the following income statement items:
Account Title Debits Credits Sales revenue 6,675,000
Interest revenue 69,000
Gain on sale of investments 51,000
Cost of goods sold 4,250,000
Selling expense 330,000
General and administrative expense 943,000
Interest expense 29,000
Research and development expense 580,000
Income tax expense 144,000
Required:
Calculate the company’s operating income for the year using a single-step income statement format.
Answer:
$548 000
Explanation:
Income Statement for Filzinger Corporation as at 31 December 2021
Sales 6 675 000
Cost of sales (4 250 000)
Gross Income 2 425 000
Other Income 120 000
Interest Revenue 69 000
Gain on sale of investment 51 000
Net income (2 425 000 + 120 000) 2 545 000
Expenses (330 000 + 943 000 + 580000) (1 853 000)
Selling expense 330 000
General and administrative expense 943 000
Research and Development expense 580 000
Net Profit before tax (2 545 000 – 1 853 000) 692 000
Income Tax expense (144 000)
Net Operating Profit 548 000
To calculate the operating income for Filzinger Corporation, add up the relevant revenues and subtract the relevant expenses using a single-step income statement format.
Explanation:A single-step income statement format adds up all the relevant revenues and subtracts relevant expenses to arrive at the operating income. To calculate the operating income for Filzinger Corporation, we need to sum up all the revenues (sales revenue, interest revenue, gain on sale of investments) and subtract all the expenses (cost of goods sold, selling expense, general and administrative expense, interest expense, research and development expense, income tax expense).
In this case, the operating income can be calculated as follows:
Sales revenue + Interest revenue + Gain on sale of investments - Cost of goods sold - Selling expense - General and administrative expense - Interest expense - Research and development expense - Income tax expense
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The debits and credits for four related entries for a sale of $15,000, terms 1/10, n/30, are presented in the following T accounts. Cash (5) 13,860 Accounts Receivable (1) 14,850 (3) 990 (5) 13,860 Merchandise Inventory (4) 575 (2) 8,800 Estimated Returns Inventory (4) 575 Customer Refunds Payable (3) 990 Sales (1) 14,850 Cost of Merchandise Sold (2) 8,800 Describe each transaction. 1. Sold merchandise on account. 2. Recorded the cost of the merchandise sold and reduced the merchandise inventory account. 3. 4. 5. Check My Work5 more Check My Work uses remaining.
please finThe debits and credits for four related entries for a sale of $15,000, terms 1/10, n/30, are presented in the following T accounts. EXPLANATIONS for these accounts are given below in an attachment
Suppose a loan of $38,000 is taken out with an annual interest rate of 8.125%, with interest compounded semiannually. If equal payments are also made semiannually, find the amount of each payment needed to amortize (pay off) the loan in 13 years.
Answer:
$2,393.78
Explanation:
In this question we use the PMT formula that is shown in the attachment below:
Data provided in the question
Present value = $38,000
Future value = $0
Rate of interest = 8.125% ÷ 2 = 4.0625%
NPER = 13 years × 2 = 26 years
The formula is shown below:
= PMT(Rate;NPER;-PV;FV;type)
The present value come in negative
So, after solving this, the amount of each payment is $2,393.78
The Best Manufacturing Company is considering a new investment. Financial projections for the investment are tabulated here. The corporate tax rate is 40 percent. Assume all sales revenue is received in cash, all operating costs and income taxes are paid in cash, and all cash flows occur at the end of the year. All net working capital is recovered at the end of the project.
Year 0 Year 1 Year 2 Year 3 Year 4
Investment $ 43,000
Sales revenue $ 22,000 $ 22,500 $ 23,000 $ 20,000
Operating costs 4,600 4,700 4,800 4,000
Depreciation 10,750 10,750 10,750 10,750
Net working capital spending 490 540 590 490 ?
Compute the incremental net income of the investment for each year. (Do not round intermediate calculations.)
Year 1 Year 2 Year 3 Year 4
Net income $ $ $ $
b.
Compute the incremental cash flows of the investment for each year. (Do not round intermediate calculations. Negative amounts should be indicated by a minus sign.)
Year 0 Year 1 Year 2 Year 3 Year 4
Cash flow $ $ $ $ $
c.
Suppose the appropriate discount rate is 11 percent. What is the NPV of the project? (Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16))
NPV $
Answer:
The solution is presented in the attached excel sheets.
Explanation:
Part a
For the first part the for the calculation of increment, the income is calculated as follows
The income is calculated using following
Gross Income=Sales Revenue-Operating Cost-Depreciation
Net Income is given as Gross Income-Tax Rate *Gross Income
Now the increment is given by finding the difference between two year's income.
Part b
The incremental cash flow is calculated as indicated in the attached sheet.
Part c
The present value at 11 percent is calculated as using the formula indicated in the attached sheets.
To evaluate the financial projections of the investment, we first determine the incremental net income for each year, then calculate the incremental cash flows, and lastly compute the Net Present Value (NPV) of these cash flows based on a discount rate of 11%.
Explanation:The first step is to calculate the incremental net income for each year. This is done by subtracting both the operating costs and the depreciation from the sales revenue and then deducting 40% tax. For example, in Year 1, this would look like: (22,000 - 4,600 - 10,750) * (1 - 0.4) = $4080.
Then we can calculate incremental cash flows. This means adding back the depreciation to the net income calculated in the first step, and considering changes in working capital. The calculation for Year 1 is: 4080 + 10750 - (540-490) = $14,790. Cash flow in Year 0 is -43000 because it's the investment year.
Finally, we calculate the Net Present Value (NPV). This involves the sum of present value of each year's cash flow, discounted at a rate of 11%. NPV is calculated as follows: (-43000/(1+11%)^0) + (14790/(1+11%)^1) + [similar terms for the subsequent years].
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By the start of ____, global growth slipped. The post-World War II boom in advanced industrial nations lost momentum. The need existed for a new set of advanced technologies. Select one: a. 1970 b. 1980 c. 1960 d. 1990
By the start of 1970, global growth slipped. The post-World War II boom in advanced industrial nations lost momentum. The need existed for a new set of advanced technologies.
Explanation:
By the start of 1970, global growth slipped. The post-World War II boom in advanced industrial nations lost momentum. The need existed for a new set of advanced technologies. Technological changes, are like a series of explosions with innovations uplifting in specific sectors, or the leading industries that provide the momentum for future prosperity.the process of technological transformation should be called “creative destruction", as it becomes dominant at expenses."Makers Corp. had additions to retained earnings for the year just ended of $213,000. The firm paid out $183,000 in cash dividends, and it has ending total equity of $4.88 million. The company currently has 110,000 shares of common stock outstanding."What are earnings per share?What are dividends per share?What is the book value per share?If the stock currently sells for $63 per share, what is the market-to-book ratio?What is the price-earnings ratio?If the company had sales of $3.52 million, what is the price-sales ratio?
Answer:
Dividends per share is $1.66
Book value per share is $44.36
Market-to-book ratio is 1.42
Price-earnings ratio is 32.54
Price-sales ratio is 1.97
Explanation:
1 ) What are dividends per share?
Dividends per share = cash dividends/ number of shares = $183,000/ 110,000 = $1.66
2) What is the book value per share?
Book value per share = total equity/ number of shares = $4,880,000 / 110,000 = $44.36
3) If the stock currently sells for $63 per share, what is the market-to-book ratio?
Market-to-book ratio = $63/ $44.36 = 1.42
4) What is the price-earnings ratio?
The price of Makers Corp. = market price * number of shares = $63* 110,000 = $6,930,000
Price-earnings ratio = $693,000/ $213,000 = 32.54
5) If the company had sales of $3.52 million, what is the price-sales ratio?
Price-sales ratio = market price/ sales = $6,930,000/ $3,520,000 = 1.97
Suppose that consumers' preferences are well behaved in that properties 4-1 to 4-4 are satisfied. Furthermore, assume goods X and Y are normal goods and the price of good X decreases. Then the substitution effect will lead consumer to consume:
a. More of good X and more of good Y
b. Less of good X and more of good Y
c. Less of good X and less of good Y
d. More of good X and less of good Y
Answer:
d. More of good X and less of good Y
Explanation:
Normal goods are goods whose demands vary directly with income. If income rises, demand increases and if income falls, demand falls.
When the price of good X reduces, good X becomes cheaper and rational consumers would demand more of good X because it is cheaper and less of good Y which is now more expensive. This is known as the substitution effect.
I hope my answer helps you
Final answer:
The substitution effect will cause a consumer to consume more of good X and less of good Y when the price of good X decreases and both goods are normal goods.
Explanation:
When the price of good X decreases and assuming goods X and Y are normal goods, the substitution effect will lead a consumer to consume more of good X and less of good Y. The substitution effect, based on consumer's behavior with well-behaved preferences, dictates that as the price of a product decreases, consumers will substitute more of this now-cheaper good in place of others. Therefore, the consumer will buy more of good X because it has become relatively cheaper compared to good Y. However, since both X and Y are normal goods, we are not discussing the income effect here, which could potentially increase the consumption of both goods due to the extra purchasing power from the price decrease of good X.
Considering the options provided:
a. More of good X and more of good Y – Incorrect, substitution effect considers only one good becoming relatively cheaper.b. Less of good X and more of good Y – Incorrect, substitution effect dictates more of the cheaper good, not less.c. Less of good X and less of good Y – Incorrect, the price decrease leads to more consumption of the cheaper good due to the substitution effect.d. More of good X and less of good Y – Correct, as the substitution effect will generally cause consumers to purchase more of the relatively cheaper good and less of the relatively more expensive good.According to a book by a Harvard Business School professor, some organizational cultures simply cannot meet the challenges posed by innovation and must respond to threats from new technologies by building outside ventures. Digital Equipment is described as having one of those organizational cultures. The company squandered the opportunities presented by the PC revolution even though it was well equipped to build cheap PCs. The company did not have ____.
(A) adaptability
(B) synergy
(C) a formula for success laddering
(D) knowledge management
(E) comprehension
Answer:
A) Adaptability
Explanation:
The company could not adapt to the current trends in the market. organizational adaptability is concerned with how firms could quickly adjust their business processes to changes that enhances their growth and make give them the ability to compete with rivals.
Many advantages are embedded in adjusting to the trend in the market, one of which is:
1. They value their employees
2. They have a well defined goals
3. They become more creative
Answer:
(A) adaptability
Explanation:
Adaptability refers to the ability of changing in order to meet new challenges and opportunities. When a company is adaptable, it knows how to take advantage of the new opportunities that come its way. It also knows how to recover effectively when facing problems. It can also be understood as the ability to notice and respond to changes in an organizational environment.
To determine how to crash activity times:
A. normal activity costs and costs under maximum crashing must be known.
B. shortest times with crashing must be known.
C. realize that new paths may become critical.
D. All of these are correct.
Answer:
D. All of these are correct.
Explanation:
It is the method used to reduce the time duration required for a project by spending less time on on the important activities. This will be achieved by committing more resources to the project thus leading to increase in the cost of project.
The free cash flow hypothesis supports A. decreasing stockholder dividends to retain more cash within the firm. B. reducing a firm's level of debt to reduce the amount of cash used to pay interest. C. increasing the debt portion of a firm's capital structure to increase firm value. D. hiring managers with little or no stock ownership in the firm. E. the idea that firms with high levels of free cash flow are more apt to make good acquisitions than firms with low levels. Reset Selection\
Answer:
The correct answer is C
Explanation:
Free cash flow hypothesis is the one which is defined as the increase in the cash flow, which the agency costs of the firms or business with the opportunities of the poor investment. The management which exhausted the positive projects of NPV (Net Present Value), it proceeds in order to invest in negative NPV projects instead paying out the funds to the shareholders.
So, this hypothesis supports, in increasing or rising the portion of debt of the capital structure of the firm so that could increase the value of the firm.
Quackenbush Widgets has developed a new type of widget that whistles, sings, and plays the accordion—making it unlike any other widget ever produced. Quackenbush wishes to grab a hold in the musical widget market before its competitors create similar products, so when it releases its new widget it prices it at only $250—even though most of its other widgets start at $350. Which pricing strategy does this example show?
1. Cost-plus pricing
2. Price penetration
3. Price skimming
4. Value pricing
Answer:
The answer to this question is 2. Price penetration
Explanation:
price penetration is a method of pricing that involves setting a very low price to attract customers to buy a new product. It is a pricing strategy that is used to gain market share and customer base most especially for new product.
The price is set low with the view to entice consumer and gain more market share for new product.
Hence the action of Quackenbush Widgets setting the price of its new widgets at only $250 even though others widgets starts from $350 is an example of a price penetration
"Come out of the fog, young man. And remember you don't have to be a complete fool in order to succeed. Play the game, but don't believe in it--that much you owe yourself." *
Answer:
Quoted from"The Invisible Man" by Ralph Ellison, these lines are spoken by the vet who had mocked the narrator's college and Mr. Norton.
Explanation:
Ralph Ellison's "The Invisible Man" tells the story of the narrator/ protagonist who had been accustomed to being "invisible", meaning he was unnoticed by people. Amidst the racial prejudice of the blacks by the whites, the young narrator finds it hard to fully comprehend the situation. And things turn for the worse when he showed the reality of life for the blacks to one of the college's benefactors which resulted in him getting expelled from the college.
But despite all that, he calmly accepted his mistake and asked for recommendation from the man. The letters did not endorse him but rather cheated him from any form of employment. The given quote is from Chapter 7, spoken by the vet who was his co-passenger in the bus for New York. He told the young man to "come out of the fog". He advised him to try to "learn to look beneath the surface", be more conscious of the events around him so as not to be a victim.
The question pertains to themes of self-awareness, personal growth, and skepticism in societal participation, typically discussed in college-level English literature or philosophy classes.
Explanation:The passage provided appears to be about self-awareness, personal development, and the dichotomy between participating in life's games and maintaining a distance from fully believing in them. This topic falls under the category of English, specifically in the field of literature or philosophical discussion often found in novels, essays, or similar texts. The passage suggests that in order to improve oneself, a person may need to accept being perceived as foolish by others. This idea is mirrored across other quotes provided, which reflect themes of self-knowledge, the importance of maintaining a level of skepticism about one's perceived importance, and the acknowledgement of life's deeper questions and challenges.
One particular emphasis is on the concept that success doesn't require complete buy-in into societal games, but rather a strategic participation with a level of detachment. This philosophical viewpoint can lead to a more authentic path of personal growth and self-discovery. Such profound reflections are typical of college-level English literature or philosophy courses, where students are encouraged to engage with complex ideas and analyze texts deeply.
If a $150,000 balance in Deferred Tax Liability was computed by use of a 30% rate, the underlying cumulative temporary difference amounts to
Answer:
$105,000
Explanation:
Given:
Balance in deferred tax liabilities = $150,000
Rate of computing deferred tax liabilities = 30% = [tex]\frac{30}{100}[/tex] = 0.30
Cumulative temporary difference = ?
Computation of Cumulative temporary difference:
Temporary difference = Balance in deferred tax liabilities - (Balance in deferred tax liabilities × Tax rate)
= $150,000 - ($150,000 × 0.30)
= $150,000 - $45,000
= 105,000
Commodity money is
A.backed by gold.
B.the principal type of money in use today.
C.money with intrinsic value.
D.receipts created in international trade that are used as a medium of exchange.
Answer:
The correct answer is letter "C": money with intrinsic value.
Explanation:
Commodity money refers to the value items have themselves (intrinsic) and the value they have to purchase other goods. Commodity money opposes fiat money which is a currency issued by governments with a value imposed that does not represent the actual value of the paper or coin it is. In such a case, fiat money is only used as a medium of exchange.
Find the amount of money accrued at the end of 5 years when $5000 is deposited in a savings account drawing 5 1 4 % annual interest compounded continuously. (Round your answer to the nearest cent.)
Answer:
$6,424 .06
Explanation:
Present value (PV): $5,000
Rate: 5.14% per annual
Tenor: 5 years
The amount of money accrued at the end of 5 years is the future value (FV) of investment
FV = PV * (1+rate)^tenor
= $5,000 *(1+5.14%)^5
= $6,424 .06
You are planning to make monthly deposits of $370 into a retirement account that pays 9 percent interest compounded monthly. If your first deposit will be made one month from now, how large will your retirement account be in 35 years?
Answer:
Future value = $1,088,460.26
Explanation:
Given:
Periodic payment (PMT) = $370
Internet rate (r) = 9% / 12 = 0.75% per month = 0.75 /100 =0.0075
Number of period (n) = 35 years x 12 months = 420
Future value = ?
Computation of future value:
[tex]Future \ value = Pmt[\frac{(1+r)^n-1}{r} ]\\\\Future \ value = 370[\frac{(1+0.0075)^{420}-1}{0.0075} ]\\\\Future \ value = 370[\frac{(1.0075)^{420}-1}{0.0075} ]\\\\Future \ value = 370[\frac{23.0633836-1}{0.0075} ]\\\\Future \ value = 370[\frac{22.0633836}{0.0075} ]\\\\Future \ value = 370[2,941.78448]\\\\Future \ value = 1,088,460.26\\\\[/tex]
Future value = $1,088,460.26
Financial accounting: Multiple Choice Provides information primarily for external decision makers. Provides information primarily for a company's employees. Provides information primarily for the use of managers of the company. Is primarily used to compute a company's tax obligation. g
Answer:
The correct answer is letter "A": Provides information primarily for external decision makers.
Explanation:
Financial Accounting is the method of gathering, recording, summarizing and publishing financial data on a company that is useful to investors and creditors. The ultimate goal is to accurately report a business' financial picture and results at a given point in time and over a specified period.
Financial accounting output is a financial report containing different statements and explanatory notes.
internal control of cash receipts , Jodi rostad works at the drive-through window of mamma's burgers. Occasionally, when a drive-through customer orders, jodi fills the order and pockets the customer's money. she does not ring up the order on the cash register. If mamma's burgers cannot hire more people to prevent this theft, the most effective internal control to implement would be:
Answer:
To implement and advertise a policy that any customer who does not receive a reciept is entitled to a free burger.
Explanation:
Internal control is the process by which an organisation's objectives are met by ensuring efficiency of operational procedures, reliable financial reporting, and compliance with regulations and policies.
The normal procedure in Mamma's burgers is for Jodi to ring up customer orders on the cash register. Since she is taking the money and pocketing it occasionally, the best internal control policy is to advertise that any customer who did not receive a receipt will be entitled to a free burger.
This will give the customers incentive to report cases where reciepts are not given. The measure will act as a deterrent to Jodi.
You are terminating an employee.You need to congratulate your coworker on his recent promotion.You need to inform your boss that she has made a significant error in her data calculations.You need to inform your boss of a new lead.You want to schedule a meeting to update your boss on a client meeting.Which of the following is a situation that might call for an indirect strategy? Check all that apply.
You need to congratulate your coworker on his recent promotion.
You need to inform your boss that she has made a significant error in her data calculations.
You want to schedule a meeting to update your boss on a client meeting.
You need to inform your boss of a new lead.
You are terminating an employee.
Answer:
You are terminating an employee.You need to congratulate your coworker on his recent promotion.You need to inform your boss that she has made a significant error in her data calculations.You need to inform your boss of a new lead.You want to schedule a meeting to update your boss on a client meeting. The following are the situation that might call for an indirect strategy:
You need to congratulate your coworker on his recent promotion.You are terminating an employee.You need to inform your boss that she has made a significant error in her data calculations.An indirect strategy in business communication is used when delivering negative news or when the audience may resist the message. Thus, the situations that might need an indirect approach include informing your boss about a significant error in her data calculations, and terminating an employee.
Explanation:An indirect strategy in business communication is typically utilized when delivering negative news or when the audience may resist the message. Hence, the situations that might call for an indirect approach from the options provided are: 'You need to inform your boss that she has made a significant error in her data calculations' and 'You are terminating an employee'. The indirect approach can help soften the blow of these potentially contentious topics, by beginning with a neutral or positive statement before delivering the negative news.
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Terri, age 16, is a dependent of her parents. During 2018, Terri earned $5,000 in interest income and $3,000 from part-time jobs. Click here to access the 2018 tax rate schedule and 2018 Estate and Trust Tax Rate Schedule. a. What is Terri's taxable income
Terri's taxable income is the part of her interest income that exceeds the tax-free limit of $1,050. So, her taxable income would be $3,950.
Explanation:Terri's taxable income is calculated based on her interest income and the income from her part-time jobs. Since she is a dependent, she can earn a certain amount of income without having to pay taxes. In 2018, a dependent could earn up to $1,050 in unearned income, like interest, before taxes. Interest income beyond $1,050 is taxable. Therefore, out of $5,000 interest income, $3,950 ($5,000 - $1,050) is taxable.
For earned income, like wages from part-time jobs, the amount a dependent can earn without owing taxes is higher. In 2018, this amount was $12,000. Since Terri earned only $3,000 from her jobs, none of this income is taxable.
In summary, Terri's taxable income for the year 2018 would be the taxable portion of her interest income, which is $3,950.
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Cavy Company accumulated 580 hours of direct labor on Job 456 and 850 hours on Job 777. The direct labor was incurred at a rate of $15 per direct labor hour for Job 456 and $26 per direct labor for Job 777. Journalize the entry to record the flow of labor costs into production. If an amount box does not require an entry, leave it blank.
Answer:
$30,800
Explanation:
Dr Work in progress 30,800
Cr Wages payable 30,800
Direct labour hours × Per direct labour hour
Job 456
580×15 = 8700
Job 777
850×26= 22100
22,100 + 8,700 = 30,800
The journal entries to record the flow of labor costs into production for Job 456 and Job 777 at Cavy Company involve debiting the work in process for each job for the calculated labor costs and crediting Wages Payable for the total labor cost incurred.
The question asks to journalize the entry for the labor costs incurred on Job 456 and Job 777 at Cavy Company, incorporating direct labor hours and the rate per hour for each job. Thus, to record these transactions, we would use the information provided to calculate the total labor costs for each job. For Job 456, 580 hours of direct labor were incurred at a rate of $15 per hour. Calculating the total, 580 hours × $15/hour = $8,700. Similarly, for Job 777, 850 hours were incurred at $26 per hour, resulting in a total of 850 hours × $26/hour = $22,100.
To journalize these amounts into the production process:
Work in Process - Job 456 ............................ $8,700
Work in Process - Job 777 ............................ $22,100
Wages Payable .............................................. $30,800
This entry increases the work in process for each job, indicating that labor costs have been allocated to these jobs. The corresponding credit to Wages Payable reflects the obligation to pay for the direct labor used.
A 16-year, 4.5 percent coupon bond pays interest annually. The bond has a face value of $1,000. What is the percentage change in the price of this bond if the market yield to maturity rises to 5.7 percent from the current rate of 5.5 percent?
Answer:
2.2% change in the price of this bond if the market yield to maturity rises to 5.7 percent from the current rate of 5.5 percent.
Explanation:
Face Value = $1,000
Coupon payment = 1000 x 4.5% = $45 annually
Number of periods = n = 16 years
Price of bond is the present value of future cash flows, to calculate Price of the bond use following formula
Price of the Bond = C x [ ( 1 - ( 1 + r )^-n ) / r ] + [ F / ( 1 + r )^n ]
Yield to maturity = 5.7%
Price of the Bond = $45 x [ ( 1 - ( 1 + 5.7% )^-16 ) / 5.7% ] + [ $1,000 / ( 1 + 5.7% )^16 ]
Price of the Bond = $876.18
Yield to maturity = 5.5%
Price of the Bond = $45 x [ ( 1 - ( 1 + 5.5% )^-16 ) / 5.5% ] + [ $1,000 / ( 1 + 5.5% )^16 ]
Price of the Bond = $895.38
Percentage Change = ( $895.38 - $876.18 ) / $876.18 = 2.2%
2.2% modification in the price of this bond if the market yield to maturity rises to 5.7 percent from the current rate of 5.5 percent.
Calculation of Percentage change
The Face Value is = $1,000
Then the Coupon payment is = 1000 x 4.5% = $45 annually
After that Number of periods = n is = 16 years
When the Price of bond is the present value of future cash flows, Then to calculate Price of the bond use following formula are:
Price of the Bond is = C x [ ( 1 - ( 1 + r )^-n ) / r ] + [ F / ( 1 + r )^n ]
Then Yield to maturity = 5.7%
The Price of the Bond is = $45 x [ ( 1 - ( 1 + 5.7% )^-16 ) / 5.7% ] + [ $1,000 / ( 1 + 5.7% )^16 ]
The Price of the Bond is = $876.18
Then Yield to maturity is = 5.5%
After that Price of the Bond is = $45 x [ ( 1 - ( 1 + 5.5% )^-16 ) / 5.5% ] + [ $1,000 / ( 1 + 5.5% )^16 ]
Then Price of the Bond = $895.38
Therefore, the Percentage Change is = ( $895.38 - $876.18 ) / $876.18 = 2.2%
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The following information is available for Splish Brothers Inc. for three recent fiscal years. 2022 2021 2020Inventory $580,000 $590,000 $320,000Net sales 1,950,000 1,750,000 1,350,000Cost of goods sold 1,462,500 1,228,500 938,000Calculate the inventory turnover, days in inventory, and gross profit rate for 2022 and 2021. 2022 2021Inventory Turnover times timesDays in Inventory days daysGross Profit Rate % %
Answer:
In 2021:
Inventory Turnover for 2021: 2.7 times
Days in inventory: 135.19 days
Gross Profit Rate: 29.8%
In 2022:
Inventory Turnover for 2022: 2.5 times
Days in inventory: 146 days
Gross Profit Rate: 25%
Explanation:
Inventory turnover ratio is calculated by using following formula:
Inventory turnover ratio = Cost of Goods Sold/Average Inventory
Average Inventory = (Inventory beginning of year + Inventory end of year )/2
In the company:
Average Inventory for 2021 = ($590,000 + $320,000)/2 = $455,000
Average Inventory for 2022 = ($580,000 + $590,000)/2 = $585,000
In 2021:
Inventory Turnover for 2021 = $1,228,500/$455,000 = 2.7 times
Days in inventory = 365/Inventory Turnover = 365/2.7 = 135.19 days
Gross Profit Rate = Gross profit/net sales = (Net Sales - Cost of goods sold)/Net Sales = ($1,750,000 - $1,228,500)/$1,750,000 = 0.298 = 29.8%
In 2022:
Inventory Turnover for 2022 = $1,462,500/$585,000 = 2.5 times
Days in inventory = 365/Inventory Turnover = 365/2.5 = 146 days
Gross Profit Rate = Gross profit/net sales = (Net Sales - Cost of goods sold)/Net Sales = ($1,950,000 - $1,462,500)/$1,950,000 = 0.25 = 25%