Answer:
Cash 49,500 debit
Common Stock 31,000 credit
Additional paid.in 18,500 credit
--to record issuance of shares--
legal fees expense 49,500 debit
Common Stock 31,000 credit
Additional paid.in 18,500 credit
--to record issuance of shares for services--
land 49,500 debit
Common Stock 31,000 credit
Additional paid.in 18,500 credit
--to record issuance of shares for land --
Cash 49,500 debit
Common Stock 49,500 credit
--to record issuance of no-par stock--
Explanation:
We will compare the amount collected from the shares issued against the face value to get the amount of additional paid-in:
3,100 shares x $10 = 31,000
we collect $ 49,500
additional paid-in 18,500
When there is a no-par value we post the entire amount against common stock.
Green Mat, a notebook manufacturer, wants to gauge the response of customers to its new line of eco-friendly notebooks. Being situated in a school district, the marketing team at Green Mat restricts the respondents to school-going teenagers. This scenario exemplifies:
a. quota sampling.
b. snowball sampling.
c. descriptive research.
d. causal research.
e. simple random sampling.
Answer:
a. quota sampling.
Explanation:
Quota sampling -
It refers to the method of sampling , where the data or information is collected from a certain specified group of people , is referred to as quota sampling .
The method is helpful for marketing the goods and services of the company .
The likes and dislikes of the people is given the priority and the product is altered according to the taste of the consumers , in order to increase the sale of the product .
Hence , from the given scenario of the question ,
The correct answer is a. quota sampling.
Data concerning Farm Corporation's single product appear below:
Selling price per unit $ 290.00
Variable expense per unit $ 78.30
Fixed expense per month $ 161,330
1. The break-even in monthly dollar sales is closest to __________.
Answer:
$221,000
Explanation:
Breakeven Point is the level of Sales where business has no profit no loss. At this level of sales the business covers all the varible and fixed expenses.
Contribution margin = Selling Price - Variable cost
Contribution margin = $290 - $78.3
Contribution margin = $211.70
Contribution margin Ratio =
Contribution margin Ratio = Contribution margin / Sales
Contribution margin Ratio = $211.70 / $290
Contribution margin Ratio = 0.73 = 73%
Breakeven Point = Fixed Cost / Contribution margin ratio
Breakeven Point = $161,330 / 73%
Breakeven Point = $221,000
Balance sheet information for a resort hotel reflects the changes to current accounts that occurred over the annual operating period ended December 31, 0008. Cash account balance at December 31, 0007, was $12,020 and the ending cash balance at December 31, 0008, is $30,840. Current Asset Accounts Change Amount Cash Increased $18,820 Credit card receivables Increased 680 Accounts receivable Increased 1,500 Inventories Increased 1,200 Prepaid expenses Decreased 800 Current Liability Accounts Change Amount Accounts payable Decreased $ 2,100 Accrued payroll payable Increased 2,400 Taxes payable Decreased 900 Additional information applying to the current year ending December 31, 0008: a. Net income for Year 0008 was $112,400. b. Depreciation expense for Year 2008 was $120,000. c. Furnishings with a book value of $5,400 were sold for $8,600. d. Equipment with a book value of $2,800 was sold for $2,000. e. New furnishings were purchased for $16,800. f. New equipment was purchased for $24,200. g. A total of $54,800 was paid to reduce long-term debt. h. Cash dividends of $122,400 were declared and paid. Using the information provided, complete an SCF, in good form, using the indirect method.
Answer:
Net Income 112,400
Depreciation expense 120,000
Gain at disposal (furnishing) (3200)
Loss at Disposal (equipment) 800
Credit card receivables Increased (680)
Accounts receivable Increased (1,500)
Inventories Increased (1,200)
Prepaid expenses Decreased 800
Accounts payable Decreased (2,100)
Accrued payroll payable Increased 2,400
Taxes payable Decreased (900)
Cashflow from operating 226420
Investing Activities
Sale of furnishing 8,600
Sale of equipment 2,000
Purchase of furnishing (16,800)
Purchase of equipment (24,200)
Cash flow used on investing activities 30,400
Financing Activities
payment to lenders (54,800)
Cash dividends paid (122,400)
Cash flow used on financing activities 177,200
Cash balance at Dec 31th 2008 30,840
Cash balance at Dec 31th 2007 12,020
Cashflow generated for the year ended Dec 31th 2008 18,820
Explanation:
From the net income we remove the non-monettary terms
as gain at disposal, loss at disposal and depreciation.
Increase in assets decrease the cash as it was used to acquired
increase of liabilities increase cahs as payment was delayed
the opposite is true when these variables decreases.
Praveen Co. manufactures and markets a number of rope products. Management is considering the future of Product XT, a special rope for hang gliding, that has not been as profitable as planned. Since Product XT is manufactured and marketed independently of the other products, its total costs can be precisely measured. Next year’s plans call for a $200 selling price per 100 yards of XT rope. Its fixed costs for the year are expected to be $270,000, up to a maximum capacity of 700,000 yards of rope. Forecasted variable costs are $140 per 100 yards of XT rope. 1. Estimate Product XT’s break-even point in terms of sales units and sales dollars. (1 unit = 100 yards) (Do not round intermediate calculations.)
Answer:
(a) 4,500 units
(b) $900,000
Explanation:
Given that,
Sales price = $200 per unit
Variable cost = $140 per unit
Fixed costs = $270,000
Contribution margin per unit:
= Sales - variable cost
= $200 - $140
= $60
Contribution margin ratio:
= Contribution margin per unit ÷ Sales per unit
= $60 ÷ $200
= 0.3
(a) Estimate Product XT’s break-even point in terms of sales units:
1 units = 100 yards
Break-even units:
= Fixed costs ÷ Contribution margin per unit
= $270,000 ÷ $60
= 4,500 units
(b) Estimate Product XT’s break-even point in terms of sales dollars:
Break-even dollars:
= Fixed costs ÷ Contribution margin ratio
= $270,000 ÷ 0.3
= $900,000
Green Productions performs London shows. The average show sells 1,300 tickets at $60 per ticket. There are 175 shows per year. No additional shows can be held as the theater is also used by other production companies. The average show has a cast of 65, each earning a net average of $340 per show. The cast is paid after each show. The other variable cost is program-printing cost of $8 per guest. Annual fixed costs total $728,000.
Requirements:
1. Compute revenue and variable costs for each show.
2. Use the equation approach to compute the number of shows Green Productions must perform each year to break even.
3. Use the contribution margin ratio approach to compute the number of shows needed each year to earn a profit of 5,687,500. Is this profit goal realistic? Give your reasoning.
4. Prepare Green Production’s contribution margin income statement for 175 shows performed in 2016. Report only two categories of costs: variable and fixed.
To compute the revenue for each show, multiply the number of tickets sold by the ticket price. The variable costs for each show include the cast salaries and the program-printing cost.
Explanation:1. To compute the revenue for each show, you multiply the number of tickets sold by the ticket price. In this case, the average show sells 1,300 tickets at $60 per ticket, so the revenue per show is 1,300 x $60 = $78,000.
The variable costs for each show include the cast salaries and the program-printing cost. The cast of each show consists of 65 members, each earning a net average of $340 per show. So, the total cast expenses per show are 65 x $340 = $22,100. The program-printing cost per guest is $8, so the total program-printing cost per show would vary depending on the number of guests.
Assume that on April 1, Jerome, Inc., paid $100,000 to buy Potter's 8 percent, two-year bonds with a $100,000 par value. The bonds pay interest semiannually on March 31 and September 30. Jerome intends to hold the bonds until they mature. Complete the necessary journal entry by selecting the account names from the pull-down menus and entering dollar amounts in the debit and credit columns.
Answer:
Dr Investment in bonds $100,000
Cr Cash $100000
To record the purchase of investment in bonds
Explanation:
Since Jerome Inc. parted with $100000 in order to invest in the bonds,cash balance has reduced by $100000(a credit) and investment in bonds held to maturity account has increased by the same $100000(a debit)
Hence the journalized entries are
Dr Investment in bonds $100,000
Cr Cash $100000
To record the purchase of investment in bonds
However,interest is due on 30 September, the interest to be recognized on that date is shown by a way of journal entry below assuming the interest was received on that day:
The interest is calculated as :$100000*8%=$8000
Dr Cash $8000
Cr Investment income $8000
If the interest was not received in cash, the journal entries would look like this:
Dr Interest receivable $8000
Cr Investment income $8000
Charlotte wrote a book about her experience as an anthropologist living in an Incan village for three years and becoming an expert weaver. Her book was widely read by other anthropologists, including Mira, who is an expert in Navaho weaving. For Mira, Charlotte's book constitutes: _______
Answer:
The correct answer is letter "B": secondary data.
Explanation:
Secondary data represents all sources of information an individual can collect data from that do not represent information that person is gathering from the audience directly. Secondary data serves as support information for a study but, as its name says, it is the second option to be considered in research.
Censuses, internet researches, books, and newspaper articles can be considered sources of secondary data.
Shore Co. sold merchandise to Blue Star Co. on account, $112,000, terms FOB shipping point, 2/10, n/30. The cost of the goods sold is $67,200. Shore Co. paid freight of $1,800. Journalize the entries for Shore and Blue Star for the sale, purchase, and payment of amount due. Refer to the appropriate company’s Chart of Accounts for exact wording of account titles
Explanation:
On the books of Shore Co
Cash A/c Dr $111,560
Sales discount A/c $2,240 ($11,2000 x 2%)
To Accounts receivable A/c $113,800 ($112,000 + $1,800)
(Being cash is received)
On the books of Blue star
Accounts payable A/c Dr $113,800 ($112,000 + $1,800)
To Merchandise inventory A/c $2,240 ($11,2000 x 2%)
To Cash A/c $111,560
(Being cash is paid)
Georges Bank, a highly productive fishing area off New England, can be divided into two zones in terms of fish population. Zone 1 has the higher population per square mile but is subject to severe diminishing returns to fishing effort. The daily fish catch (in tons) in Zone 1 is F1 = 200(X1) - 2(X1) 2 where X1 is the number of boats fishing there. Zone 2 has fewer fish per mile but is larger, and diminishing returns are less of a problem. Its daily fish catch is F2 = 100(X2 ) - (X2 ) 2 where X2 is the number of boats fishing in Zone 2. The marginal fish catch MFC in each zone can be represented as MFC1 = 200 - 4(X1) and MFC2 = 100 - 2(X2). There are 100 boats now licensed by the U.S. government to fish in these two zones. The fish are sold at $100 per ton. Total cost (capital and operating) per boat is constant at $1000 per day. Answer the following questions about this situation: a. If the boats are allowed to fish where they want, with no government restriction, how many will fish in each zone? What will be the gross value of the catch?b. If the U.S. government can restrict the number and distribution of the boats, how many should be allocated to each zone? What will be the gross value of the catch? Assume the total number of boats remains at 100.c. If additional fishermen want to buy boats and join the fishing fleet, should a government wishing to maximize the net value of the catch grant them licenses? Why or why not? (Hint: Marginal revenue and marginal cost in Zone 1 are 100(200 ? 4X1 ) and 1000 , respectively; while marginal revenue and marginal cost in Zone 2 are 100(100 ? 2X2 ) and, 1000 , respectively).
Answer:
Explanation:
please find the attached for a solution
Diego Company manufactures one product that is sold for $75 per unit in two geographic regions—the East and West regions. The following information pertains to the company’s first year of operations in which it produced 57,000 units and sold 52,000 units.
Variable costs per unit:
Manufacturing:
Direct materials $25
Direct labor $18
Variable manufacturing overhead $3
Variable selling and administrative $5
Fixed costs per year:
Fixed manufacturing overhead $627,000
Fixed selling and administrative expenses $645,000
The company sold 36,000 units in the East region and 16,000 units in the West region. It determined that $310,000 of its fixed selling and administrative expense is traceable to the West region, $260,000 is traceable to the East region, and the remaining $75,000 is a common fixed expense. The company will continue to incur the total amount of its fixed manufacturing overhead costs as long as it continues to produce any amount of its only product.
Required:
What is the company’s total gross margin under absorption costing?
To calculate company's marginal cost under absorption costing method both fixed cost and variable cost will be taken into account.
Given,
Variable cost:
Direct materials $25
Direct labor $18
Variable manufacturing overhead $3
Variable selling and administrative $5, adding all these we get $51.
The fixed manufacturing overhead is $627000.
Fixed selling and administrative expenses are $310000
in the west and $260000 in the east.
Absorption costing is a managerial accounting method for calculating all cost associated with the manufacturing of a particular product.
Now the $75000 is the fixed expenses. When adding all the fixed and the variable cost and then comparing it to the unit selling price and manufacturing price we get that total cost of selling one unit is $91.46. The unit selling price is $75.
so the gross margin will be 16.46 ( negative )
Hence, the company is incurring losses.
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The represents the difference between total sales revenue and the total cost of goods sold, which includes both variable costs and a portion of fixed manufacturing overhead allocated to each unit produced.
To calculate the company's total gross margin under absorption costing, we need to understand the concept of absorption costing, which includes both variable and fixed manufacturing overhead costs in the cost of goods sold (COGS).
Here's how to calculate the total gross margin:
1. Calculate the total variable cost per unit:
Total Variable Cost per Unit = Variable Manufacturing Costs per Unit + Variable Selling and Administrative Costs per Unit
Total Variable Cost per Unit = ($25 + $18 + $3) + $5 = $51 per unit
2. Calculate the total variable cost of goods sold (COGS):
Total Variable COGS = Total Variable Cost per Unit x Total Units Sold
Total Variable COGS = $51 per unit x 52,000 units (units sold) = $2,652,000
3. Calculate the total fixed manufacturing overhead costs:
Total Fixed Manufacturing Overhead = $627,000 (given)
4. Calculate the total gross margin under absorption costing:
Total Gross Margin = Total Sales - Total COGS
Total Sales = $75 per unit x 52,000 units = $3,900,000
Total COGS = Total Variable COGS + Total Fixed Manufacturing Overhead
Total COGS = $2,652,000 + $627,000 = $3,279,000
Total Gross Margin = $3,900,000 - $3,279,000 = $621,000
So, the company's total gross margin under absorption costing is $621,000.
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Bramble Corp. provided the following information on selected transactions during 2018: Purchase of land by issuing bonds $1010000 Proceeds from issuing bonds 3080000 Purchases of inventory 3760000 Purchases of treasury stock 610000 Loans made to affiliated corporations 1340000 Dividends paid to preferred stockholders 409000 Proceeds from issuing preferred stock 1590000 Proceeds from sale of equipment 305000 The net cash provided (used) by investing activities during 2018 is
Answer:
-$1,035,000
Explanation:
The computation of the cash flows from investing activities is presented below:
Cash flows from investing activities
Loans made to affiliated corporations -$1,340,000
Add: Process from sale of equipment $305,000
Net cash used by investing activities -$1,035,000
The loan made is an cash outflow whereas the proceeds from sale of an equipment is cash inflow so we did the adjustment accordingly
Indicate whether each of the following events will increase, decrease, or have no effect on long-run aggregate supply. Event Effect on Long-Run Aggregate Supply Increase Decrease No Effect The United States experiences a wave of immigration. Congress raises the minimum wage to $15 per hour. Intel invents a new and more powerful computer chip. A severe hurricane damages factories along the East
Answer:
Explanation:
a. When the United States experiences a wave of immigration, the labor force increases, therefore there would be an increase in the long-run aggregate supply because there are more people who can produce output.
b. When Congress raises the minimum wage to $10 per hour, the natural rate unemployment decreases, thus, leading to the shifting of the long-run aggregate-supply curve to the left.
c. When Intel invents a new and more powerful computer chip, productivity increases, therefore, there would be an increase in the long-run aggregate because more output can be produced with the same inputs.
d. When a severe hurricane damages factories along the East Coast, the capital stock is smaller, thus leading to a decline in the long-run aggregate supply.
g: have an annual coupon rate of 8 percent and a par value of $1,000 and will mature in 20 years. If you require a 7 percent return, what price would you be willing to pay for a Vanguard bond
Answer:
The price for a vanguard bond will be $1204.48
Explanation:
We are given the face value of the bond so now we will look for the present value at which the vangaurd bond can be sold for so firstly we are given the bonds face value which is $1000 and an annual coupon rate of 8% plus the mature period of 20 years so we will use this information to find the bonds future value at a coupon rate which is the face value in 20 years time using the formula Fv = Pv (1+i)^n
where Fv is the future face value of the bond
Pv is the present value of the bond which is $1000
i is the coupon rate of 8%
n is the period the bond will mature in
therefore now we substitute the above mentioned values:
Fv = 1000(1+8%)^20
Fv = $4660.957144 this is the future face value of the bond now we will find the present value of the bond using the interest rate of 7% considering the return i want to find the value of the vanguard bond now using the same above formula but finding the present value at 7% per annum:
Pv= Fv/ (1+i)^n
where Fv is the future value above for the bond
Pv is the present value price of the bond which we are looking for
i is the interest rate i require which is 7%
n is the period of 20 years the bond took to mature.
therefore we substitute to the above mentioned formula:
Pv = $4660.957144/(1+7%)^20 then compute on a calculator
Pv = $1204.48 which will be the the price i'm willing to pay for the vanguard bond.
Animal Gear Company makes two pet carriers, the Ccat-allac and the Dog-eriffic. They are both made of plastic with metal doors, but the Cat-allac is smaller. Information for the two products for the month of April is given in the following tables:
Input prices
Direct materials
Plastic $5 per pound
Metal $4 per pound
Direct Manufacturing labor $10 per direct manufactufing labor-hour
Input Quantities per Unit of Output
Cat-allac Dod-eriffic
Direct materials
Plastic 4 pounds 6 pounds
Metal 0.5 pounds 1 pound
Direct manufacturing labor-hours 3 hours 5 hours
Machine-hours (MH) 11 MH 19MH
Inventory Information, Direct Materials
Plastic Mmetal
Beginning inventory 290 pounds 70 pounds
Target ending inventory 410 pounds 65 pounds
Cost of beginning inventory $1,102 $217
Animal Gear accounts for direct materials using a FIFO cost flow assumption
Sales and Inventory Information, Finished Goods
Cat-allac Dog-eriffic
Expected sales in units 530 225
Selling price $205 $310
Target ending inventory in units 30 10
Beginning inventory in units 10 25
Beginning inventory in dollards $1,000 $4,650
Animal Gear uses a FIFO cost flow assumption for finished goods inventory.
Animal Ggear uses an activity-based costing system and classifies overhead into three activity pools; Setup, Processing, and Inspection. Activity rates for these activities are $105 per setup-hour, $10 per machine-hour, and $15 per inspection-hour, respectively. Other information follows
Cost-Driver Iinformation
Cat-allac Dog-eriffic
Number of units per batch 25 9
Setup time per batch 1.50 hours 1.75 hours
Inspection time per batch 0.5 hour 0.7 hour
Nonmanufacturing fixed costs for March equal $32,000, half of which are salaries. Salaries are expected to increase 5% in April. The only variabe nonmanufacturing cost is sales commission, equal to 1% of sales revenue.
Prepare the following for April (SHOW ALL YOUR WORK):
(1) Revenues budget
(2) Production budget in units
Based on the computation, the revenue budget for Catallcac will be $108650 and that of dogeriffic will be $69750.
The budget for Catallcac was calculated as:
= Expected sales × Selling price
= 530 × $205
= $108650
The budget for Dogeriffic was calculated as:
= Expected sales × Selling price
= 225 × $310
= $69750
Total budget revenue = $69750 + $108650 = $178400.
Also, it should be noted that the production budget in units for Catallc is 550 while that of Dogeriffic is 210.
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1. The revenues budget is $178,400.
2. The Production budget in units are:
Cat-allac 550Dog-eriffic 2101. Revenues budget:
Budgeted unit sales Per units price Total revenues
Cat-allac 530 $205 $108,650
Dog-eriffic 225 $310 $69,750
Total $178,400
2. Production budget:
Cat-allac Dog-eriffic
Budgeted unit sales 530 225
Add Ending inventory of finished goods 30 10
Less Beginning inventory of finished goods (10) (25)
Units to be produced 550 210
Inconclusion the revenues budget is $178,400 and the Production budget in units are: Cat-allac 550; Dog-eriffic 210.
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17-06Coronado Corporation purchased 380 shares of Sherman Inc. common stock for $12,900 (Coronado does not have significant influence). During the year, Sherman paid a cash dividend of $3.25 per share. Assume the stock is nonmarketable.Prepare Coronado’s journal entries to record (a) the purchase of the investment, (b) the dividends received, and (c) the fair value adjustment. (Assume a zero balance in the Fair Value Adjustment account.)
Answer:
See explanation section.
Explanation:
Description/Account
(a) Investments in Sherman Inc. debit $12,900
Cash credit $12,900
As Coronado Corporation purchased shares of Sherman Inc. common stock, it is an investment.
(b) Cash debit $1,235
Dividend Revenue credit $1,235
Calculation: Shares × cash dividend of per share.
380 × $3.25 = $1,235
As Sherman paid a cash dividend of $3.25 per share to its share holder, Coronado Corporation will receive the portion of the dividend.
(c) Fair Value Adjustment debit $0
Unrealized Holding Gain or Loss Income credit $0
Seance the stock is non-marketable, the Fair Value Adjustment is not required. However, for the purpose of future transaction, I have added the journal entry.
According to the question, I Assume a zero balance in the Fair Value Adjustment account.
Which one of these is the best way to prevent foreclosure? Save at least 1% of your home’s purchase price annually Refinance as soon as possible Use a budget to live within your means and build savings Never accept an adjustable-rate mortgage
Answer:
Use a budget to live within your means and build saving
Explanation:
Taking loans in engaging in capital projects are not to be discouraged,but the opinion or the fear of the masses is, if such loans could be paid back or the lender will be forced to apply foreclosure on your assets.
Through living within your means and with a healthy and well planned saving budget,all borrowed money will be definitely paid back to the lender .
Mary, Susan, and Sarah are running a beach boutique on the board walk of Ocean City. Their favorite product is a red lifeguard hoody. Mary believes it will sell 341 times next season. Susan forecasts sales of 535, and Sarah forecasts 199 What would be the result of a simple forecast combination? (Round to two decimal places)
Answer:
358.33 times
Explanation:
The computation of the simple forecast combination is shown below:
= (Forecast sales done by Mary + Forecast sales done by Susan + Forecast sales done by Sarah) ÷ (Total number of observations)
= (341 + 535 + 199) ÷ (3)
= (1,075) ÷ (3)
= 358.33 times
We simply divided the total sales forecasted done by each one by the total number of observations
The simple forecast combination for sales of the red lifeguard hoody is 358.33 when averaging the forecasts by Mary, Susan, and Sarah.
Explanation:The simple forecast combination for sales of the red lifeguard hoody is 358.33 when averaging the forecasts by Mary, Susan, and Sarah.To create a simple forecast combination, we take the average of the individual forecasts provided by Mary, Susan, and Sarah for the sales of the red lifeguard hoody. We calculate this by adding up all their forecasts and then dividing by the number of forecasts, which is 3 in this case.
The calculation is as follows:
(341 + 535 + 199) ÷ 3 = 1075 ÷ 3 = 358.33
Therefore, the simple forecast combination for the sales of the red lifeguard hoody is 358.33 (rounded to two decimal places).
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Folsom Fashions sells a line of women's dresses. The company uses flexible budgets to analyze its performances. The firm's performance report for November is presented below: Actual Budget Dresses sold 5,000 6,000 Sales $ 235,000 $ 300,000 Variable costs 145,000 180,000 Contribution margin $ 90,000 $ 120,000 Fixed costs 84,000 80,000 Operating income $ 6,000 $ 40,000 What additional information would be needed for Folsom to calculate the dollar impact of changes in market share on November's operating income
Answer is below in attachment
Solstice Company, which uses the direct write-off method, determines on October 1 that it cannot collect $50,000 of its accounts receivable from its customer P Moore. On October 30, P. Moore unexpectedly paid his account in full to Solstice company. Record Solstice's entries to reflect recovery of this bad debt
Answer:
The entries to record the recovery are:
Dr Accounts receivable $50000
Cr Bad debt expense account $50000
Being reversal of bad debt written off now recovered
Dr Cash $50000
Cr Accounts receivable $50000
Being receipt of cash from customer
Explanation:
In recording the bad recovery of $50000,the entries posted in respect of the bad debt written must first of all be reversed,thereafter, the $50000 receipt of cash is recorded.
The reversal entries would look like this:
Dr Accounts receivable $50000
Cr Bad debt expense account $50000
Being reversal of bad debt written off now recovered
In addition, the receipt of cash is then recorded as follows:
Dr Cash $50000
Cr Accounts receivable $50000
Being receipt of cash from customer
The impact of these entries on the accounts receivable overall is nil
Also, the impact on the income statement is also nil as an earlier expense of $50000 now being reversed by an income of the same amount.
Which course is an integral part of your academic program and is required every semester? Additionally, this course will require you to reflect on how your coursework corresponds to the professional field associated with your program
Answer:
INTR
Explanation:
INTR is an essential part of the academic program that every student must take in each semester. This course is also known as the applied learning practicum and it is used to ensure that students have both theoretical knowledge as well as practical field experience. This will help students to apply theoretical knowledge to real-life situations.
English is the course that is an integral part of your academic program and is required every semester. It will require you to reflect on how your coursework corresponds to the professional field associated with your program. Portfolio assignments in English courses often combine cumulative work collected over the semester, along with a cover letter explaining the nature and value of the papers.
Explanation:English is the course that is an integral part of your academic program and is required every semester. It will require you to reflect on how your coursework corresponds to the professional field associated with your program. In an English course, you will develop a writing portfolio over the semester, reflecting on your experience and writing process for each project.
Portfolio assignments in English courses often combine cumulative work collected over the semester, along with a cover letter explaining the nature and value of the papers. Reflection is an important step in your growth as a writer, allowing you to recognize your improvement and progress.
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Rowland & Sons Air Transport Service, Inc., has been in operation for three years. The following transactions occurred in February:
Feb. 1 Paid $200 for rent of hangar space in February.
Feb. 4 Received customer payment of $800 to ship several items to Philadelphia next month.
Feb. 7 Flew cargo from Denver to Dallas; the customer paid in full ($900 cash).
Feb. 10 Incurred and paid $1,200 in pilot wages for flying in February.
Feb. 14 Paid $100 for an advertisement run in the local paper on February 14.
Feb. 18 Flew cargo for two customers from Dallas to Albuquerque for $2,505; one customer paid $795 cash and the other asked to be billed $1,710.
Feb. 25 Purchased on account $1,730 in supplies for future use on the planes.
Required:
Prepare accrual basis journal entries for each transaction.
Answer:
Explanation:
Feb. 1
prepaid rent 200
Cash 200
To record the advance rent payment
Feb. 4
Cash 800
Advance liability 800
To record received for future supplies
Feb. 7
Cash 900
Contract liability 900
Payment for the service to be provided
Feb. 10
Advance wages 1200
Cash 1200
Advance wages payment to pilot
Feb. 14
Adv to Advertise 100
Cash 100
Advance payment for advertisement expense.
Feb. 18
Cash 795
Account receiveable 1710
Revenue 2510
To record the accrued revenue
Feb. 25
inventory 1730
Account payable 1730
purchases on credit
Accrual basis journal entries for transactions in Rowland & Sons Air Transport Service, Inc. in February.
Explanation:Feb. 1: Rent expense 200 cash 200
Feb. 4: Cash 800 unearned revenue 800
Feb. 7: Cash 900 service revenue 900
Feb. 10: Pilot wages expense 1,200 cash 1,200
Feb. 14: Advertising expense 100 cash 100
Feb. 18: Cash 795 unearned revenue 795
Accounts receivable 1,710 service revenue 2,505
Feb. 25: Supplies 1,730 accounts payable 1,730
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Implementing security policies is easier if you manage it from a change model perspective. The first step of this model is to create urgency. Who is responsible for conveying urgency to business leaders?a.chief information security officerb.chief information officerc.chief finance officerd.chief technology officer
Answer:
chief information security officer
Explanation:
Chief information security officer -
It refers to the officer , present is the in senior level executive of the organization who is responsible for maintaining and establishing the program and strategy so that all the assets are efficiently protected .
The responsibility of the CISO officers is to indicate other employees to identifying , generting , implementing and maintaining the enterprise in order to eliminate any risk of information technology .
Hence , from the given information of the question ,
The correct answer is chief information security officer .
The Chief Information Security Officer (CISO) is typically responsible for conveying a sense of urgency to business leaders during the implementation of security policies, using potential threats to the organization to inspire necessary changes.
The individual responsible for conveying urgency to business leaders in the context of implementing security policies is typically the Chief Information Security Officer (CISO). The CISO's role is to highlight external or internal threats to the organization's competitiveness, reputation, or survival. In successful change efforts, a sense of urgency is crucial, as evidenced by the transformation at IBM under CEO Lou Gerstner, who leveraged the company's crisis to inspire change rather than projecting unfounded optimism.
Creating a sense of urgency is the foremost step in a change model that is integral to successful implementation of new policies or adjustments within a business. This approach can lead to the acceptance and cooperation necessary for the change to be effective and sustainable.
If the cafeteria installs an automatic vendor that dispenses a cup of coffee at a constant time of 15 seconds, how many customers would you expect to see at the coffee urn (waiting and/or pouring coffee)
On average, we can expect 4 customers to arrive at the coffee urn per minute when the cafeteria installs the automatic vendor.
Explanation:To find out how many customers we would expect to see at the coffee urn, we need to determine the average time it takes for a new customer to arrive.
Given that a cup of coffee is dispensed every 15 seconds, we can calculate the average number of customers arriving per minute.
There are 60 seconds in a minute, so there will be 60 / 15 = 4 cups of coffee dispensed per minute.
Therefore, we can expect an average of 4 customers to arrive at the coffee urn per minute.
You have just purchased a car and, to fund the purchase, you borrowed $27,500. If your monthly payments are $515.27 for the next 5 years, what is the APR of the loan?
Answer: APR of the loan is 2.48%
Explanation:
Answer: The APR is 2.48%
Explanation:
The annual percentage rate is the total amount to be paid yearly to support the purchase of a car. It is given by the formula;
(Fees + Interest/Principal/n *365) * 100
In the given question,
Interest=12.4% or $3416.2
Principal=$27500
Number of days=365*5
=1825
Interest was gotten by multiplying the monthly payment which is $515.27 by 12. The result was then multiplied by 5 to give $30916.2. This is then subtracted from the principal amount.
Therefore we have;
($3416.2 / $27500 / 1825* 365)*100
=2.48%
Note that fees are not usually charged in car loans.
. Name some companies that you think could succeed today with a globalization strategy and explain why you selected those companies. How does the globalization strategy differ from a multidomestic strategy?
The correct answer to this open question is the following.
The companies that I think could succeed today with a globalization strategy are Target and Wholefoods. These two supermarket chains are very successful in the United States and are the kind of grocery stores that can compete in international markets in México and South America, where people are already familiar with these concepts because Walmart has a large presence there.
The globalization strategy differs from a multidomestic strategy in that in globalization, the companies open businesses in other countries maintaining the same kinds of operations and models that they use in their native country. In the case of multidomestic companies, they change, adjust, or adapt part of their operation to fit in the consumers' likes in every country.
Final answer:
Companies like Apple, Amazon, McDonald's, Tesla, and Netflix could succeed with a globalization strategy due to their brand strength, innovative offerings, and ability to either standardize or slightly localize their products for different markets. Globalization strategies focus on standardization for efficiency, whereas multidomestic strategies tailor products to local markets.
Explanation:
Some companies that could succeed today with a globalization strategy include tech giants like Apple, e-commerce platforms like Amazon, fast-food chains like McDonald's, automotive manufacturers like Tesla, and entertainment entities like Netflix. These companies have strong brand recognition, innovative products, and digital platforms that can easily cross borders, making them ideal candidates for globalization. They posses the capability to standardize their operations and offerings worldwide to gain economies of scale while also localizing certain aspects where necessary to fit local demands.
A globalization strategy generally implies a standardized approach to markets, promoting uniformity in products and services across different countries to optimize efficiencies. Conversely, a multi domestic strategy entails customizing the company's offerings to better suit individual local markets, thus foregoing some efficiencies for local relevance and responsiveness.
For instance, McDonald's, while maintaining a core global menu, adapts its menu items to cater to local tastes in various countries, such as offering vegetarian options in India. Tesla could utilize a globalization approach by selling its electric vehicles and energy products across different markets with minimal changes due to the universal demand for sustainable energy solutions. Meanwhile, Netflix can offer a global streaming service but must tailor its content library to fit the cultural preferences and regulations of different countries.
Which of the following statements about the American blended family is MOST ACCURATE? A. The blended family is too small to warrant the development of a marketing program by a firm to reach its members with a product or service. B. The rise in the divorce rate among baby busters is called a "gray divorce" because their divorce rate now exceeds 50 percent. C. The majority of divorced people never remarry; instead, they choose to cohabitate. D. Firms like Hallmark Cards have developed greeting cards with sentiments specifically created for step parents, step children, and step siblings. E. The percentage of divorced couples has increased from 15 percent in 1960 to 60 percent today.
Answer:
D. Firms like Hallmark Cards have developed greeting cards with sentiments specifically created for step parents, step children, and step siblings.
Explanation:
The statement most accurate about the American Blended Family is "Firms like Hallmark Cards have developed greeting cards with sentiments specifically created for step parents, step children, and step siblings."
The challenges of the modern family as caused Card producing firms to produce cards with sentiments specifically developed for step parents, step children, and step siblings.
With nearly half of kids in the United States, Canada, Australia, and the United Kingdom ( as well as several other countries) having at least one step parent in their extended family. It is only imperative for a firm like Hallmark to look into this lucrative card openings as Parents, Children and siblings alike getting cards for their step child and step sibling are on the increase.
This as prompted firms like Hallmark to infuse and commodify sentiment into their cards, with these sentiments aiming and targeted at developing cards for step parents, step children, and step siblings.
Bayest Manufacturing Corporation uses a predetermined overhead rate based on direct labor-hours to apply manufacturing overhead to jobs. Last year, the Corporation worked 58,000 actual direct labor-hours and incurred $432,000 of actual manufacturing overhead cost. The Corporation had estimated that it would work 60,800 direct labor-hours during the year and incur $383,040 of manufacturing overhead cost. The Corporation's manufacturing overhead cost for the year was:
Answer: $66, 600
Explanation:
Predetermined overhead rate = Estimated total manufacturing overhead cost ÷ Estimated total amount of the allocation base = $373,040 ÷ 60,800 direct labor-hours = $6.3 per direct labor-hour Overhead over or underapplied Actual MOH = $432,000 Applied MOH = $6.3 x 58000 = $365,400 Underapplied MOH = 432,000-365,400 = $66,60
To find Bayest Manufacturing Corporation's manufacturing overhead cost, calculate the predetermined overhead rate using the provided estimates and apply this rate to the actual direct labor-hours worked. The predetermined rate is $6.30 per hour, resulting in an applied manufacturing overhead of $365,400 based on 58,000 actual direct labor-hours.
To determine Bayest Manufacturing Corporation's manufacturing overhead cost for the year, we need to first establish the predetermined overhead rate using the estimates provided. The formula for the predetermined overhead rate is:
Estimated Total Manufacturing Overhead Cost / Estimated Total Direct Labor Hours
Using the given estimates:
Estimated Total Manufacturing Overhead Cost: $383,040Estimated Total Direct Labor Hours: 60,800The predetermined overhead rate is $383,040 / 60,800 hours = $6.30 per direct labor-hour.
Next, apply this predetermined overhead rate to the actual direct labor-hours worked to find the applied manufacturing overhead:
Actual Direct Labor Hours: 58,000Applied Manufacturing Overhead = 58,000 hours * $6.30 per hour = $365,400Therefore, the applied manufacturing overhead for the year was $365,400.
____________bonds are exchangeable at the option of the holder for the issuing firm's common stock. Bonds can be issued with warrants giving the holder the option to purchase the firm's stock for a stated price, thereby providing a capital gain if the stock's price rises.
a. Convertible
b. Perpetual
c. Putable)
Answer:
The correct answer is letter "A": Convertible.
Explanation:
A Convertible Bond is a bond which the lender may exchange at a later date for a particular amount of company stock. It combines a bond with a call option. The holder of a bond will profit if the value of the stock increases. A fixed formula determines the amount of stock a bondholder may purchase.
Wellington Chocolate Company uses activity-based costing (ABC). The controller identified two activities and their budgeted costs:Setting up equipment $598,000Other overheard $6,400,000Setting up equipment is based on setup hours, and other overhead is based on oven hours. Wellington produces two products, Fudge and Cookies. Information on each product is as follows:Fudge CookiesUnits produced 8,000 445,000Setup hours 10,400 2,600Oven hours 5,000 35,000Required:1. Calculate the activity rate for (a) setting up equipment and (b) other overhead.a. Setting up equipment $_____ per setup hourb. Other overhead $_____ per oven hour2. How much total overhead is assigned to Fudge using ABC?3. What is the unit overhead assigned to Fudge using ABC?4. Now, ignoring the ABC results, calculate the plantwide overhead rate, based on oven hours.5. How much total overhead is assigned to Fudge using the plantwide overhead rate?6a. The difference in the total overhead assigned to Fudge is different under the ABC system and non-ABC system because.6b. What is the difference in total overhead assigned to fudge under the two methods?
Answer:
Explanation:
1. Setting up equipment rate = (598,000/(10,400+2,600))= 46/setup hour
Other overhead rate = (6,400,000/(35,000+5,000)= 160/oven hour
2. Total overhead assigned to Fudge:
Setting up Equipment = 46*10,400 = $478,400
Other overhead = 160*5000 = $800,000
Total = $1,278,400
3. Units produced = 8000
Unit overhead assigned to Fudge = $1,278,400/8000 = $159.8/unit
4. Plantwide overhead rate = (598,000+6,400,000)/40,000 = $174.95/hour
5. Overhead assigned to Fudget = 174.95*5000 = $874,750
6a. The difference in the total overhead assigned to Fudge is different under the ABC system and non-ABC system because under traditinal method oven hours; under ABC setup hours are used as allocation rate.
6b. Difference = 1,278,400 - 874,750 = $403,650
We calculated activity rates for setting up equipment and other overhead, then assigned overhead costs to Fudge using ABC resulting in a total overhead of $1,278,400. Using a plantwide overhead rate, the overhead assigned to Fudge was $874,750. The difference in overhead assigned to Fudge between the two methods is $403,650.
Let's break down the solution step-by-step:
1. Calculate the activity rate
Setting up equipment:
Budgeted cost for setting up equipment = $598,000
Total setup hours = 10,400 (Fudge) + 2,600 (Cookies) = 13,000
Activity rate for setting up equipment = $598,000 / 13,000 = $46 per setup hour
Other overhead:
Budgeted cost for other overhead = $6,400,000
Total oven hours = 5,000 (Fudge) + 35,000 (Cookies) = 40,000
Activity rate for other overhead = $6,400,000 / 40,000 = $160 per oven hour
2. Total overhead assigned to Fudge using ABC
Overhead from setting up equipment for Fudge = 10,400 setup hours * $46 per setup hour = $478,400
Overhead from other overhead for Fudge = 5,000 oven hours * $160 per oven hour = $800,000
Total overhead assigned to Fudge = $478,400 + $800,000 = $1,278,400
3. Unit overhead assigned to Fudge using ABC
Total overhead assigned to Fudge / Units produced = $1,278,400 / 8,000
Unit overhead = $159.80 per unit
4. Plantwide overhead rate based on oven hours
Total budgeted overhead = $598,000 + $6,400,000 = $6,998,000
Total oven hours = 40,000
Plantwide overhead rate = $6,998,000 / 40,000 = $174.95 per oven hour
5. Total overhead assigned to Fudge using the plantwide overhead rate
Oven hours for Fudge = 5,000
Total overhead assigned to Fudge = 5,000 oven hours * $174.95 per oven hour = $874,750
6. Analysis of the differences between ABC and non-ABC systems
6a. The difference occurs because ABC assigns costs more precisely based on actual activities, while a plantwide rate spreads costs more uniformly.
6b. The difference in total overhead assigned to Fudge under the two methods is $1,278,400 (ABC) - $874,750 (Plantwide) = $403,650.
Farr Industries Inc. manufactures only one product. For the year ended December 31, the contribution margin increased by $560,000 from the planned level of $5,200,000. The president of Farr Industries Inc. has expressed concern about such a small increase in contribution margin and has requested a follow-up report.The following data have been gathered from the accounting records for the year ended December 31: 1 Actual Planned Difference — Increase (Decrease) 2 Sales $30,000,000.00 $28,600,000.00 $1,400,000.00 3 Variable costs: 4 Variable cost of goods sold $21,600,000.00 $21,450,000.00 $150,000.00 5 Variable selling and administrative expenses 2,640,000.00 1,950,000.00 690,000.00 6 Total variable costs $24,240,000.00 $23,400,000.00 $840,000.00 7 Contribution margin $5,760,000.00 $5,200,000.00 $560,000.00 8 Number of units sold 120,000.00 130,000.00 9 Per unit: 10 Sales price $250.00 $220.00 11 Variable cost of goods sold 180.00 165.00 12 Variable selling and administrative expenses 22.00 15.00 Required: 1. Prepare a contribution margin analysis report for the year ended December 31. Refer to the lists of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. A colon (:) will automatically appear if it is required. For those boxes in which you must enter subtracted or negative numbers use a minus sign. 2. At a meeting of the board of directors on January 30, the president, after reviewing the contribution margin analysis report, made the following comment: "It looks as if the price increase of $30 had the effect of increasing sales. However, this was a trade-off since sales volume decreased. Also, variable cost of goods sold per unit increased by $15 more than planned. The variable selling and administrative expenses appear out of control. They increased by $7 per unit more than was planned, which is an increase of over 47% more than was planned. Let’s look into these expenses and get them under control! Also, let’s consider increasing the sales price to $275 and continue this favorable trade-off between higher price and lower volume." Do you agree with the president’s comment? Explain.
Answer:
Farr Industries Inc
Contribution Margin Analysis
Planned Contribution Margin $5,200,000.00
Effect of change in sales:
Sales quantity factor (120,000-130,000)x$220 ($2,200,000)
Unit price factor ($250 - $220)x120,000 $3,600,000
Total effect of change in sales $1,400,000.00
Effect of changes in variable cost of goods sold:
Variable cost quantity factor (130,000-120,000)x $165 $1,650,000.00
Unit cost factor ($180-165) x 120,000 ($1,800,000.00)
Total effect of changes in variable cost of goods sold ($150,000.00)
Effect of changes in variable selling and administrative expenses:
Variable cost quantity factor (130,000-120,000)x $15 $150,000.00
Unit cost factor ($22-$15)x 120,000 units ($840,000.00)
Total effect of changes in
variable selling and administrative expenses ($690,000.00)
Actual contribution margin $5,760,000.00
I disagree with the President, seeing as though we see that the majority of the decrease in the variable cost of the products sold is due to the variable cost factor and also to the variable sales and administrative expenses because the company made additional sales efforts to stay competitive at increased prices