Answer:
Service revenue $8,700
Less: Expenses
Salaries expense $1,900
Utilities expense $1,200
Total expense (subtract from Service revenue ) -$3100
Net Income (Service revenue -Total expense) = $5,600
Explanation:
First Make the list of given quantities:
Cash=$4,800
Salaries expense=$1,900
Accounts payable=$2,800
Retained earnings=$4,200
Utilities expense=$1,200
Supplies=$13,200
Service revenue=$8,700
Common stock=$5,400
Income statement is as follow:
Only Service revenue and expenses are used to find the net income.
Service revenue $8,700
Less: Expenses
Salaries expense $1,900
Utilities expense $1,200
Total expense (subtract from Service revenue ) -$3100
Net Income (Service revenue -Total expense) = $5,600
If I'd like to take 1000 and put it into a savings account for a long period of time in the hopes of earning a higher interest rate and making my money grow, which type of account should I choose?
Answer:
Fixed Deposit Account
Explanation:
Commercial Banks perform this crucial role of accepting deposits & advancing loans.
3 Types of Deposits :
Current Account - Used by businesses, has liberal depositing & withdrawal rules for payments & receipts, negligible interest by bank (rather bank charges for their service).
Savings Account - Used by households, for normal savings, has deposit & withdrawal rules less free than current account, moderate interest rate by bank.
Fixed Deposit Account - Used for Long Term savings, strict withdrawal rules before maturity (interest lost if withdrawn), high interest rate & money growth.
So, If need is to save money foe long period & letting it grow meanwhile, Fixed Deposit Account is a suitable Account.
If a company’s current assets increase, what might we assume about their inventory levels?a) It increasedb) It decreasedc) It stayed the samed) We don’t have enough information to decide
Answer:
We don’t have enough information to decide
Explanation:
If a company's assets increase it can be multiple things such as increase in cash, maybe buying new fixed assets such as land or building or it can be buying inventory so we do not have enough information to tell if inventory increased or not.
1.Which of the following are components of the opportunity cost of being a full-time student who lives at home? The things that the student would have bought with: • A higher income • Expenditure on tuition • A subscription to the Rolling Stone magazine • The income a student will earn after graduating
Answer:
Opportunity cost refers to loss arising out of a foregone option when another option or alternative is chosen.
Following would constitute the opportunity cost:
1. A Higher Income
This represents the scenario if the same student would've been working instead of being a student at home. This means the articles the student could've purchased in such a scenario with a higher income.
2 Expenditure On tuition
This is a specific cost related to being a student and would not have arose had the student been working or doing something else.
3. A Subscription to the Rolling Stones Magazine
If such a subscription directly relates to study and is essential then it represents opportunity cost otherwise not.
4. The Income student earns after graduating does not relate to the current period and hence will not constitute opportunity cost.
Identify key components of economic growth and explain how they function in an economy.
Answer:
Explanation:
1) Employment
The development of human capital can play an important role in overcoming unemployment, which is one of the biggest problems of our age. One of the most important components of human capital is the most important education that gives people new knowledge, skills and abilities, or enhances their skills, indirectly increasing their productivity and income. The effects of education on economic development and unemployment levels have been studied by economists much later than in classical production factors. A more detailed analysis of the economic aspects of education has led to a better understanding of labor market revenues, organizational structures and economic development.
2) Industry sector and human development
The mobilization and increase of physical inputs such as labor, material capital and natural resources (the discovery of new natural resources, the shift of existing labor and capital resources across sectors, etc.) in the short-term and long-term impact on economic growth in the manufacturing process. Due to technological progress and more intensive use of human capital in the manufacturing process, the impact of increased productivity on economic growth and development occurs mainly in the medium and long term. Experience of different countries' economic development is a sustainable and sustainable economic growth
It mainly focuses on the development and technological progress of human capital.
3) Development of the agricultural sector
It is a complement to activities that involve land (farming) and animal husbandry for the purpose of acquiring agricultural, plant and animal products. Adequate and high-quality agricultural production, which is one of the main sources of nutrition and income for the population, contributes to human development, with a positive impact on people's health and wellbeing.
4) Trade, Investment Environment and Private Sector Development
There is a significant and significant relationship between the liberalization of trade and the business environment and human development. Economic development practices show that countries liberalizing their foreign trade regime, improving their business environment and opening up to foreign investments will gradually achieve higher human capital potential in parallel with this process. The emergence of a strong human capital reserve, while ensuring the sustainability of economic growth, can also lead to the process of economic growth turning into economic development.
In other words, a favorable business environment will increase human capital investment in the country by increasing the demand for quality labor resources.
What section of a cash flow statement shows the cash spent on new equipment during the past accounting period? a. The investing sectionb. The operating sectionc.The financing sectiond.The cash flow statement does not give this information
Answer:
The correct answer is letter "A": The investing section.
Explanation:
Cash flow is the movement of cash into or out of an account, a business or an investment. When cash inflows exceed outflows this is generally considered to be a sign of good financial health. Specifically in the cash flows statement, the investing section records information about material capital (land and equipment) that was acquired by the company.
When a company utilizies _______ it arranges for other organizations in the supply chain to perform functions that were previously performed internally.
A) offshoring
B) insourcing
C) outsourcing
D) contract manufacturing
Answer:
C
Explanation:
When a company utilizes outsourcing it arranges for other organization in the supply chain to perform functions that were previously performed internally.
Sirius has just finished high school and started looking for his first job, but has not yet found one. Other things the same, the unemployment rate A. and the labor force participation rate are both unaffected B. is unaffected, and the labor-force participation rate increases. c. and the labor force participation rate both increase. D, increases, and the labor-force participation rate is unaffected.
Answer:
D. increases, and the labor-force participation rate is unaffected.
Explanation:
When the students pass out from a university or high school and are looking for a job but unable to get a suitable one will definitely increase the unemployment rate but since Sirius has not yet started working so labor-force participation rate will be unaffected by his unemployment. There will be no effect on the labor-force participation rate but unemployment rate will increase.
The following costs were incurred in September:
Direct materials $44,200
Direct labor $31,800
Manufacturing overhead $25,200
Selling expenses $22,100
Administrative expenses $37,100
Conversion costs during the month totaled:
a. $160,400
b. $76,000
c. $69,400
d. $57,000
Answer:
Option (d) is correct.
Explanation:
Given that,
Direct materials = $44,200
Direct labor = $31,800
Manufacturing overhead = $25,200
Selling expenses = $22,100
Administrative expenses = $37,100
Conversion cost:
= Direct labor + Manufacturing overhead
= $31,800 +$25,200
= $57,000
Therefore, the conversion costs during the month totaled $57,000.
Overall, how effective is the partnership between IT and the business at Hefty Hardware?
1. Identify the shortcomings of both IT and the business.
2. Create a plan for how IT and the business can work collaboratively to deliver the Savvy Store program successfully.
Answer:
The partnership between IT and the business at Hefty Hardware was ineffective as there were clear communication gaps. The business group thinks that the IT has no knowledge of the business whereas the IT team thinks that the business has no understanding of the technical issues in IT system.
Therefore, correspondence is needed by sitting and working together to achieve the common organizational goals.
Explanation:
1. Shortcomings of both IT and the business.
The business often feels that the IT don’t have the required competence for finding solution for business problems, since IT is not involved in the executive business meetings. Similarly the business managers do not understand the technical jargon when the IT tries to explain the technical aspects of the solution. Hefty Hardware do not has solid foundation and good relationship between the IT and the Business department, and this issue became the main problem that Hefty should deal with it to make sure that the current and future projects will success.
2. Plan for how IT and the business can work collaboratively to deliver the Savvy Store program successfully
To work in the same coordinated flow, IT and the business need to work collaboratively by attending the executive meetings together since the beginning where the ideas are brainstormed.
Weekly or fortnightly meetings should be held to discuss the progress and follow up on the previously decided agendas. All must be documented for review and future reference.
Match each of the numbered descriptions with the term or phrase it best reflects. Indicate your answer by writing theletter for the term or phrase in the blank provided.A. AuditB. GAAPC. EthicsD. Tax accountingE. SECF. Public accountantsG. Net incomeH. IASB
Please the remaining part of the question below :
1.Amount a business earns after paying all expenses and costs associated with its sales and revenues.
2.An examination of an organization’s accounting system and records that adds credibility to financial statements.
3.Principles that determine whether an action is right or wrong.
4.Accounting professionals who provide services to many clients.
5.An accounting area that includes planning future transactions to minimize taxes paid.
Answer:
1.Amount a business earns after paying all expenses and costs associated with its sales and revenues. - Net income (G)
2.An examination of an organization’s accounting system and records that adds credibility to financial statements. - Audit (A)
3.Principles that determine whether an action is right or wrong. - Ethics (C)
4.Accounting professionals who provide services to many clients.- Public accountants (F)
5.An accounting area that includes planning future transactions to minimize taxes paid- Tax accounting (D)
Explanation:
Descriptions are matched with terms such as Audit, GAAP, Ethics, and others. Each term is defined and associated with its appropriate description. This matching helps in understanding key accounting concepts.
Matching Descriptions with Terms
Let's match each of the numbered descriptions with the appropriate term or phrase provided:
A. Audit: An examination of financial records to ensure accuracy and compliance with regulations.B. GAAP: Generally Accepted Accounting Principles, the standard framework of guidelines for financial accounting.C. Ethics: Moral principles that govern a person's or group's behavior in conducting activities.D. Tax accounting: Accounting methods focused on taxes rather than the appearance of public financial statements.E. SEC: The Securities and Exchange Commission, a U.S. government agency responsible for enforcing the federal securities laws.F. Public accountants: Professionals who provide accounting services to a variety of clients, including audits.G. Net income: The total revenue minus total expenses in a financial period, indicating profit.H. IASB: The International Accounting Standards Board, which develops global accounting standards.Using the list above, we can assign each description to its corresponding term or phrase.
Audit: To check the accuracy of financial statements, conducted by an independent third party.GAAP: These are the standard guidelines for financial accounting used in the U.S.Ethics: The principles and values guiding the conduct of accountants and financial professionals.Tax accounting: Focuses on preparing tax returns and planning for future tax obligations.SEC: U.S. agency responsible for regulating the securities industry and protecting investors.Public accountants: Provide various accounting services to multiple clients.Net income: The profit or loss of a company after all revenues and expenses have been accounted for.IASB: Sets international financial reporting standards.At the end of the current year, Florentina Corporation reported $25 million of net income and $405 million of retained earnings. The previous year, Florentina Corporation had $390 million of retained earnings. What were the total dividends paid to shareholders during the most recent year?
Answer:
$10 million
Explanation:
net income = $25 million
Year end retained earnings balance = $405 million
Opening retained earnings balance = $390 million
Total dividends paid to shareholders during the most recent year = ?
Retained earnings is the accumulation of the entity's net income over the years. The balance in the retained earnings account reduces when dividends are paid.
Opening retained earnings + net income - dividend paid = closing retained earnings
$390 million + $25 million - dividend paid = $405 million
$390 million + $25 million - $405 million = dividend paid
dividend paid = $10 million
The total dividends paid to shareholders during the most recent year amounts to $10 million.
Answer:
Total dividends paid out equals = $10 million
Explanation:
Dividends represent the proportion of profits paid out as return to ordinary shareholders for their ownership stake -ordinary share capital- in the business.
Retained earnings is the balance of the profit after the payment of dividends. Retained earnings serves as internal source of finance for company to fund the acquisition of non-current assets and working capital.
The balance in the retained earnings account at the end of the accounting period is computed as follows:
$
Balance at the beginning xxx
add net income made in the current period xxx
less Dividend paid (xxx)
Balance at the end xxx
So we can apply this to the question;
$
Balance at the beginning 390
add net income made in the current period 25
less Dividend paid ( y )
Balance at the end 405
Dividends is missing, so we represent it with " y"
390 + 25 -y = 405
390 + 25 - 405 = y
10= y.
Total dividends paid out equals = $10 million
DDX Co. is a short-haul trucking company. Misha owned 1,000 shares of DDX stock. With research, he found a better investment opportunity and sold his entire holding of DDX to another investor. This an example of: a. proprietorship, b. LLC/LLP, c. corporationd. partnership
Answer:
Corporation
Explanation:
The main key to understanding the type of business is the ownership of capital/funding.
In a Sole Proprietorship, the capital is usually provided by an individual who is the owner of the business. Where personal funds are not available, then lending can be done either from friends and family or from financial institutions.
In a Partnership also talks about private ownership, although unlike the sole proprietorship, it is owned and managed by a group of people who bring in expertise and they are the financiers of the business or through lending
The Corporation however, is the key here because it allows public ownership and raising of capital through the sales of shares of stock and since Misha was able to own and sell 1,000 shares of stock. DDX Co. is a Corporation.
Icarus Inc. manufactures fighter planes for the government. It made a strategic decision to outsource the production of wings and turbines to another firm for the purpose of reducing production cost and development time by two years. However, the outsourcing provider developed the planes' wings and turbines using low-grade material, which led to Icarus Inc. losing its contract with the government. The loss of time and revenue was non-amendable and the company was closed down eventually. Which of the following issues associated with outsourcing best describes the cause of Icarus Inc. shutting down?
a. Security breachesb. Legal issuesc. Quality problemsd. Employee morale
Answer:
The correct answer is letter "C": Quality problems.
Explanation:
Outsourcing is the practice by which a company hires a third party to be in charge of the production of what the company typically does but at lower costs. However, in some cases, the company does not have control over the quality standards of the third party, which is likely to use low-quality assets to profit as well.
The collapse of Icarus Inc. after outsourcing wings and turbine production is best attributed to 'c. Quality problems', stemming from the use of low-grade materials by the outsourcing provider.
Icarus Inc. decided to outsource the production of wings and turbines to focus on cost efficiency and reduce production time. However, the decision to outsource led to quality problems since the outsourcing provider used low-grade materials, resulting in the loss of a government contract and the eventual closure of the company. Among the options provided, the issue that best describes the cause of Icarus Inc. shutting down is 'c. Quality problems'.
Outsourcing has various risks such as loss of control, and while it may lead to cost reduction, it can compromise the essential quality standards, especially in manufacturing sectors like aerospace.
The scenario with Icarus Inc. highlights the potential consequences when outsourcing critical components, emphasizing that managing quality is crucial when delegating parts of the production process to external providers.
In the late 1980s and early 1990s, Congress passed legislation making it more difficult for outside investors to stage hostile takeovers.
This legislation likely _________ conflicts between managers and stockholders.
Answer:
The correct word for the blank space is: increased.
Explanation:
A Hostile Takeover is an acquisition of a target company by another biding company where the two (2) parties fail to reach a purchasing agreement or the target company is unwilling to go forward with a merger. Hostile takeovers commonly occur among public companies where owners are the stockholders represented by the Board of directors.
In the scenario, if legislation makes it more difficult for companies to get to agreements with international investors, the situation is likely leading to increase the differences between managers and stockholders because the executives will have fewer options to obtain more capital to accomplish the organization's goals.
Robert, the CEO of a software company in Houston, has fulfilled his career goals. Therefore, he decides to retire and help eliminate societal problems. In order to achieve this, he starts a charitable organization that helps in educating underprivileged children. With respect to Maslow's hierarchy of needs theory, Robert is looking to fulfill his _____ need.
Answer:
The correct answer is: self-actualization.
Explanation:
American psychologist Abraham Maslow (1908-1970) proposed the hierarchy of needs -usually portrayed in a pyramid to explain- humans face different needs but the most basic must be satisfied so they can pursuit ti satisfy other less necessary desires. According to Maslow, those needs are divided into five (5) categories: Physiological needs, safety needs, love and belonging, esteem, and self-actualization.
Self-actualization is at the top of the pyramid and this need arises when individuals have the desire to become the most that one can be. Just like in Robert's case. He has fulfilled his career goals so he decides to retire and contribute to the education of underprivileged children.
According to the NFIB Small Business Policy Guide, after 10 years in business, the percentage of small firms surviving is ________.
Answer: TWENTY FIVE (25)
Explanation: NFIB (National federation of independent businesses) is an association of small businesses with members spread across the United States of America . NFIB usually collects data concerning small businesses economic trends both monthly and quarterly, since the year 1973. Through the surveys they have been able to understand the trend of survival of small Businesses which they put at 25 Small Businesses in every 100 Small Businesses. NFIB arrives at conclusions through consensus agreement among its members.
A customer purchased a $2,500 package of spa services on December 1st, 2022. The customer can use the spa from December 1st, 2022 through February 28th, 2023. Using the accrual basis of accounting, and assuming the spa uses a calendar year as its fiscal year, the spa should recognize ________ in revenue on its December 31st, 2022 financial statements.
Answer:
$833
Explanation:
As per accrual basis of accounting, an income is recognized when it is earned and not when cash is received for it.
In the given case, customer purchased a service for 3 months.
The position as on 31st Dec is that only one third i.e 1 month of services out of 3 months has been provided and 2 months of services is due which is yet to be provided against the collective cash received.
Hence, the spa should recognize 2500/3 i.e $833 in revenue on it's December 31st, 2022 financial statements.
Using the accrual basis of accounting, the spa should recognize approximately $861 as revenue on its December 31st, 2022 financial statements. This conclusion is drawn after considering the duration of services from December 1st, 2022 to February 28th, 2023 i.e., 90 days, and determining the portion of the revenue earned up to 31st December 2022.
Explanation:The accrual basis of accounting recognizes revenues when they are earned, not when they are received. In this scenario, the customer purchased a $2,500 package of spa services that they can avail of from December 1st, 2022 through February 28th, 2023. This period calculates to 90 days.
To calculate how much of this revenue should be recognized on December 31st, 2022, you would want to consider that out of the total 90 days, only 31 days (December 1st to December 31st) have elapsed. Thus, the revenue to be recognized is proportionate. It comes out to be ($2,500 x 31) / 90 = approximately $861.
Therefore, on December 31st, 2022 financial statements, the spa should recognize $861 as revenue. The rest of the revenue will be recognized respectively in the coming months, as and when the services are provided to the customer.
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An income statement for Sam's Bookstore for the first quarter of the year is presented below: Sam's Bookstore Income Statement For Quarter Ended March 31 Sales $ 950,000 Cost of goods sold 650,000 Gross margin 300,000 Selling and administrative expenses Selling $ 104,000 Administration 112,000 216,000 Net operating income $ 84,000 On average, a book sells for $50. Variable selling expenses are $4 per book with the remaining selling expenses being fixed. The variable administrative expenses are 3% of sales with the remainder being fixed. The contribution margin for Sam's Bookstore for the first quarter is:___________.
Answer:
$44.50
Explanation:
Selling Price $50.00
Variable selling expenses $4.00
Variable administrative expenses $1.50
Contribution Margin $44.50
Answer:
$495,500
Explanation:
First, we calculate the total number of books sold during the quarter.
950,000/50 = 19,000 books sold
Then we calculate variable selling and administrative expenses.
Variable Selling Expenses = 19,000 x 4 = $76,000
Variable Administrative Expenses = 950,000 x 3% = $28,500
Finally, we calculate contribution margin for the first quarter by deducting Cost of Goods Sold, Variable Selling Expenses and Variable Administrative Expenses from the Total Sales Value, as shown below:
950,000 - (350,000 + 76,000 + 28,500) = $495,500
The contribution margin for Sam's Bookstore for the first quarter is: $495,500
The phrase to "design the rules of the game without specifying the actions of the players" refers to what type of manager? a. Keeping tabs b. Individuals over teams c. Controllers d. Enablers
Answer:
d. Enablers
Explanation:
This is a manager that will not micromanage things, as long as the employees follow the requirements(this is where the phrase comes on).
For example, in the NFL, Bill Bellichick may call the plays, but also let Tom Brady audible(change the play) at the line of scrimmage. This enables his players.
So the correct answer is:
d. Enablers
Companies that have become successful with a limited standard product offering often fall into the trap of subsequently broadening their product offering without making corresponding changes to their process strategy.True or False?
Answer:
True
Explanation:
When a company successfully offers a product or few products to customers, it tends to expand the range of products it has to offer.
For a company to increase its range of products successfully, it has to realize that it must make corresponding changes to its processes to accommodate the addition of new products.
However oftentimes, companies do not make the necessary changes to their process strategy when expanding their product offerings.
Identify which of the major fundamental principles (responsibilities, performance, or reporting) is most closely related to each of the following:
1. The need for auditors to consider their financial relationships with prospective clients.
2. An auditor has raised some question with respect to management’s response to various inquiries concerning pending litigation facing the client.
3. The auditors’ consideration of the effectiveness of the entity’s internal control on the nature, timing, and extent of substantive procedures.
4. The auditing’ evolution of the magnitude of a misstatement that would impact perceptions of the entity’s profitability.
5. The auditors’ issuance of a disclaimer of opinion because of a significant scope limitation.
6. Relevant education and experience requirement to provide absolute assurance with respect to profession.
7. The inability of an audit examination of provide absolute assurance with respect to detecting all material misstatements.
8. The requirement that auditors possess the skills and knowledge of others in their profession.
9. The preparation of a written audit plan that guides the conduct of the audit engagement.
10. The auditors’ issuance of a qualified opinion because of a departure from GAAP.
Explanation:
1. The need for auditors to consider their financial relationships with prospective clients. - responsibilities
2. An auditor has raised some question with respect to management’s response to various inquiries concerning pending litigation facing the client. - responsibilities
3. The auditors’ consideration of the effectiveness of the entity’s internal control on the nature, timing, and extent of substantive procedures. - performance
4. The auditing’ evolution of the magnitude of a misstatement that would impact perceptions of the entity’s profitability. -performance
5. The auditors’ issuance of a disclaimer of opinion because of a significant scope limitation. -reporting
6. Relevant education and experience requirement to provide absolute assurance with respect to profession. - responsibilities
7. The inability of an audit examination of provide absolute assurance with respect to detecting all material misstatements. -performance
8. The requirement that auditors possess the skills and knowledge of others in their profession. - responsibilities
9. The preparation of a written audit plan that guides the conduct of the audit engagement. -performance
10. The auditors’ issuance of a qualified opinion because of a departure from GAAP. -reporting
A house costs $138,000. It is to be paid off in exactly ten years, with monthly payments of $1675. What is the APR of this loan?
Answer:
45.65%
Explanation:
Cost of House = $138,000
Total Annual Payments Cost = $138,000/12
= $ 13,800
Total Payments made = $1,675*12*10
= $ 20,100*10
= $ 200,100
APR = (20,100-13,800)/13,800
= 45.65%
The APR of a $138,000 house loan paid off with monthly payments of $1675 over ten years requires financial calculations or a financial calculator to determine.
The APR of a loan for a house costing $138,000 and paid off over ten years with monthly payments of $1675 can be calculated using the formula for the present value of an annuity. The present value (PV) equals the loan amount ($138,000), the regular payment (PMT) is $1675 per month, and the number of payments (n) is 120 (10 years x 12 months/year). The APR can be found by iterative methods or using a financial calculator, as it's difficult to solve explicitly for the interest rate in this formula without such tools. This task typically falls within the purview of a financial mathematics course or similar studies.
Sophie is highly concerned about what others think of her. She is extremely careful about freely displaying her feelings and opinions in public. She tactfully adapts her responses and interactions to suit the situation and the audience. On the basis of the given information, we can conclude that Sophie would score_______________.
Answer:
The correct answer is letter "C": high on self-monitoring.
Explanation:
American psychologist Mark Snyder proposed the self-monitoring scale to explain how much people measure their behavior and affective demonstrations in front of others. Self-monitoring is the ability individuals have to evaluate their behavior to provide a good impression to others.
Thus, Sophie would score high in a self-monitoring test.
Final answer:
Sophie would likely score high on a scale measuring sensitivity and psychological well-being, as her tendencies match those of a rhetorically sensitive and highly sensitive person who tactfully adapts to social situations and shows concern for the perceptions of others.
Explanation:
Based on the information provided, Sophie would likely score high in terms of sensitivity and psychological resources and strengths. Sophie's concern with what others think of her, careful control of emotional expression, and tactful adaptation to different social situations indicate a high degree of sensitivity and self-consciousness. These traits align with that of a rhetorically sensitive person, who takes care to understand their audience and adapts their communication accordingly.
Sophie's behavioral traits suggest that she is highly affected by her environment, likely to experience a range of emotions strongly, and may worry a lot about others' perceptions. Therefore, on a scale where a high score represents attributes such as worrying, temperamental, self-pitying, self-conscious, emotional, and vulnerable, Sophie would likely land on the higher end. Given these aspects, Sophie displays signs of being a highly sensitive person.
It is also worth mentioning that adapting to others can indicate strong social relationships, which are part of the scoring for psychological well-being. Sophie's capability to adapt her interactions for the betterment of social settings can also be seen as contributing to the happiness and well-being of others, which forms part of the scoring for high psychological well-being.
Global staffing has created political issues such as questioning U.S. federal legislation that restricts the number of high-skilled workers admitted from other countries. True or False
Answer:
True
Explanation:
This is true that global staffing has created political issues such as questioning U.S. federal legislation that restricts the number of high-skilled workers admitted from other countries.
Diaz Company owns a milling machine that cost $126,600 and has accumulated depreciation of $92,600. Prepare the entry to record the disposal of the milling machine on January 3 under each of the following independent situations.
1. The machine needed extensive repairs, and it was not worth repairing. Diaz disposed of the machine, receiving nothing in return.
Record the disposal of the machine receiving nothing in return.
2. Diaz sold the machine for $17,500 cash.
Record the sale of the machine for $17,500 cash.
3. Diaz sold the machine for $34,000 cash.
Record the sale of the machine for $34,000 cash.
4. Diaz sold the machine for $40,900 cash.
Record the sale of the machine for $40,900 cash.
Final answer:
The journal entries for the disposal of a fixed asset for no consideration and sale at varying cash amounts are provided, each accounting for the machine's cost, accumulated depreciation, and resulting in either a loss or gain on disposal.
Explanation:
The Diaz Company's situation involves accounting for the disposal of a fixed asset in various scenarios on their financial records.
We'll make journal entries to reflect the removal of the milling machine from the company's balance sheet and recognize any gain or loss on its disposal.
The original cost of the machine and its accumulated depreciation are provided to calculate the book value at the time of disposal.
Disposal for No Consideration
Journal Entry:
Debit Accumulated Depreciation: $92,600Debit Loss on Disposal of Machine: $34,000Credit Machinery: $126,600Sale for $17,500 Cash
Journal Entry:
Debit Cash: $17,500Debit Accumulated Depreciation: $92,600Debit Loss on Disposal of Machine: $16,500Credit Machinery: $126,600Sale for $34,000 Cash
Journal Entry:
Debit Cash: $34,000Debit Accumulated Depreciation: $92,600Credit Machinery: $126,600Sale for $40,900 Cash
Journal Entry:
Debit Cash: $40,900Debit Accumulated Depreciation: $92,600Credit Machinery: $126,600Credit Gain on Disposal of Machine: $6,900
On December 1, Marzion Electronics Ltd. has three DVD players left in stock. All are identical, all are priced to sell at $161. One of the three DVD players left in stock, with serial #1012, was purchased on June 1 at a cost of $113. Another, with serial #1045, was purchased on November 1 for $95. The last player, serial #1056, was purchased on November 30 for $88. Calculate the cost of goods sold using the FIFO periodic inventory method assuming that two of the three players were sold by the end of December, Marzion Electronics' year-end. The cost of goods sold If Marzion Electronics used the specific identification method instead of the FIFO method, how might it alter its earnings by "selectively choosing which particular players to sell to the two customers? What would Marzion's cost of goods sold be if the company wished to minimize earnings? Maximize earnings? Cost of goods sold would be if it wished to minimise the earnings. Cost of goods sold would be if it wished to maximise the earnings. Which of the two inventory methods do you recommend that Marzion use?
Answer:
Fifo means First in First out
CP SP
S # 1012 June 1 DVD $113 $161
S# 1045 Nov 1 DVD $ 95 $ 161
Ss # 1056 Nov 30 DVD $ 88 $ 161
Cost of Goods Sold ( using FIFO) = $ 113+ $ 95= $ 208
Weighted average method = Opening inventory + Purchases (amount)/ Units
Weighted Average Method CGS= $ 296/3= $ 98.6= $ 99
The specific identification method would allow to record the prices individually. this method is better in this scenario because the balance sheet would record only the left out balance . the item is removed immediately as soon as the item is sold.
To minimise earnings FIFO is used because the inventory at the beginning has more cost price
To maximise earning LIFO is used because the inventory at the end has less cost price.
I recommend LIFO and specific identification method as both would get desired results. LIFO would give maximum profit and specific would be better in meeting the customers specific needs
Using the FIFO method, Marzion's cost of goods sold would be $208. If Marzion wishes to minimize earnings, it should use the specific identification method and sell the DVDs costing $208, and if it wishes to maximize earnings, it should sell the DVDs costing $183. The choice of inventory method should depend on the company strategy and objectives.
Explanation:Using the FIFO (First-In, First-Out) periodic inventory method, Marzion Electronics would first sell the DVD players which were acquired earlier. Thus, the cost of goods sold would be the cost of the DVDs purchased on June 1 and November 1, which is $113 + $95 = $208.
With the Specific Identification method, Marzion Electronics could choose which DVD players to sell to influence their earnings. If Marzion wanted to minimize earnings, it would sell the DVD players that cost more to purchase (as higher cost of goods sold decreases earnings), meaning the DVDs with serial #1012 and #1045 totaling $208. To maximize earnings, it would sell the players that cost less, i.e., serial #1045 and #1056, with a total cost of $95 + $88 = $183.
The decision on which inventory method to use depends on the company's objectives. If Marzion wants more control over cost of goods sold and earnings, the specific identification method might be more suitable. However, for simplicity and consistency, many businesses prefer the FIFO method.
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Two contractors are comparing the stages of the design phase for a construction project. Contractor A says that the approval of the completed DD documents by the owner occurs during the design development stage. Contractor B says that the schematic design stage is the last stage that occurs. Which one of the following statements is correct?A)Only Contractor A is correctB)Only Contractor A is correctC)Both Contractor A and Contractor B are correctD)Neither Contractor A and Contractor B are correct
Answer:
The correct answer is the option A: only Contractor A is correct.
Explanation:
To begin with, the design phase regarding a construction project involves the convertion of the idea and instructions into a creatable plan. Furthermore, this design stage counts with common but fundamental stages itself as well, including the schematic design, the design development, the construction documents and the construction administration.
Secondly, the shematic design is the first stage of the design phase for a construction project and it requires to understand what the client is looking for and to translate ideas into concepts.
Finally, the development design is the second stage of the design phase for a construction project and it involves many modifications to the original idea and also the approval of the conceptual design by the client in order to move forward to the next stage.
"The correct statement is A) Only Contractor A is correct.
In the design phase of a construction project, there are typically several stages. The schematic design stage is usually the first stage, where the project's conceptual design is developed. This is followed by the design development (DD) stage, where the design is refined and more detailed drawings and specifications are prepared. The approval of the completed DD documents by the owner indeed occurs during the design development stage, as stated by Contractor A.
The schematic design stage is not the last stage; it is followed by the design development stage and then the construction documents stage, where the final detailed drawings and specifications are prepared for construction. Therefore, Contractor B's statement that the schematic design stage is the last stage is incorrect.
Hence, only Contractor A's statement is correct, and the approval of the completed DD documents by the owner occurs during the design development stage, not during the schematic design stage as incorrectly stated by Contractor B."
When the price of good A is $50, the quantity demanded of good A is 500 units. When the price of good A rises to $70, the quantity demanded of good A falls to 400 units. Using the midpoint method, what is the price elasticity of demand for this good? What happens to total revenue when price increases? Show your complete work.
Answer:
total revenue for 500 is $2500
total revenue for 400 is $2800
Explanation:
given data
price of good A = $50
quantity demanded of good A = 500 units
price of good A rises = $70
quantity demanded of good A falls = 400 units
solution
we get here Elasticity of demand that is express as
Elasticity of demand = (change in quantity ÷ average quantity) ÷ (change in price ÷ average price) .......................1
here
Change in quantity is = 400 - 500 = -100
and average quantity is = [tex]\frac{400+500}{2}[/tex] = 450
and change in price is = 70 - 50 = 20
average price is = [tex]\frac{70+50}{2}[/tex] = 60
so now we put all value in equation 1
Elasticity of demand = [tex]\frac{\frac{-100}{450} }{\frac{20}{60} }[/tex]
Elasticity of demand = -0.67
as here the elasticity of demand is inelastic because elasticity is above -1
so about total revenue when price will increases as elasticity is inelastic
so increase in price will cause increase in revenue because revenue is maximum when elasticity = -1
and increase in price will cause increases elasticity in the absolute term and revenue will increase
total revenue = price × quantity
so
total revenue for 500 = 500 × 5 = $2500
total revenue for 400 = 400 × 7 = $2800
ABC Hardware store is open for business 350 days a year. Annual demand for a power cutter at this store is 700 units. Replenishment cost is $15 per order, and annual inventory holding cost is 10% of the inventory value. ABC pays $20 for each power cutter. What is the economic order quantity for this cutter, and what is the reorder point if the lead time is 5 days and ABC policy is to keep a safety stock of 10 units?
Answer:
102.47 and 20
Explanation:
What is economic order quantity?
EOQ or the economic order quantity is the level of inventory which is the most optimal level for reducing inventory costs. It assumes that the supplier will supply as and when required and follows a just in time policy.
Now that we are familiar with the concept, let's recall the formula:
EOQ= SQRT( 2* D *k /h)
D - Annual demand, which is 700
k - Replenishment cost, which is $15
h - holding cost, which is 10% of inventory value = 0.1 × $20 = $2
So, EOQ = SQRT(2 * 700 * 15/2) = 102.47 units
Reorder point = daily demand * lead time + safety stock = 700/365*5+10=20 Units
Final answer:
The Economic Order Quantity (EOQ) for the power cutter at ABC Hardware store is approximately 190 units per order, and the reorder point, considering lead time and safety stock, is 20 units.
Explanation:
To calculate the Economic Order Quantity (EOQ) and the reorder point for the power cutter at ABC Hardware store, we will use the EOQ formula and take into consideration the lead time and safety stock for accurately defining the reorder point. The formula for EOQ is {(√2DS)/H}\), where D is the annual demand, S is the replenishment cost per order, and H is the annual holding cost per unit. In this case, D=700 units, S=$15, and H=10% of $20 (cost per unit) equating to $2.
The EOQ formula yields√{(2*700*15)/2}\), which simplifies to approximately 190 units per order. For the reorder point, considering a lead time of 5 days and a daily demand of 2 units (700 units/350 days), we calculate the lead time demand as 10 units (5 days * 2 units/day) plus the safety stock of 10 units, leading to a total of 20 units as the reorder point.
In the context of Camp Bow Wow, which of the following is likely to be affected and shaped by founder Heidi Ganahl's inspirational life story?a.Specific environmentb.Organizational structurec.Internal environmentd.Organizational diversity
Answer:
c.Internal environment
Explanation:
internal environment refers to the culture, members, events and factors within an organization that has the ability to influence the decisions of the organization.
Organizational Culture is affected by the influence of the founder leader
In the context of Camp Bow Wow, the item that is likely to be affected and shaped by founder Heidi Ganahl's inspirational life story is the c.Internal environment.
While the internal environment is a component of the business environment, it is composed of internal factors that change with the choices, activities, and decisions of the organization.
Some elements of the internal environment are:
Organizational Plans & PoliciesValue PropositionManpower capabilities and financial resources Corporate Image and brand equityPhysical assets Inter-personal RelationshipsThus, the internal environment interacts with the organization's external environment to shape its success.
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