Answer:
Characteristics more closely related to Financial Accounting:
A - 1
B - 3
C - 5
D - 6
E - 7
F - 8
G - 10
Characteristics more closely related to management accounting:
A - 2
B - 4
C - 9
Explanation:
Characteristics more closely related to Financial Accounting:
A - general purpose reports: financial accounting takes a general and broad overview look on the company's affairs. This cannot be said of management accounting.
B - Preparation in accordance with relevant Generally Accepted Accounting Principles is one of the fundamentals of financial accounting. Unlike management accounting.
C - financial accounting uses historical bases in valuation of its cost items. Unlike the management accounting.
D - Reporting standards is crucial to the presentation of financial statement and eventual decision making. This cannot be said of management accounting.
E - Financial statement is simply the medium through financial accountant communicate their findings. This is not the same as management accountant.
F - Reports generally centers on the business in financial accounting than management accounting.
G - Financial statement are issued quarterly - interim, or annually - year end. This is unlike management accounting that is most time discretional.
Characteristics more closely related to management accounting than financial accounting:
A - reports are used internally. Management reports are specific to a particular line of company's business. The reports are thus to be used by management.
B - Management reports are more specifically focused. This further buttresses point A above.
C - management reports in its specifically focused drive generally focused on sub units. This cannot be said of financial reports.
Financial accounting is associated with general-purpose reports, GAAP, historical cost data, financial statements, and company-wide reporting at regular intervals. Managerial accounting is linked to internal use, special-purpose, and decision-relevant reports that focus on specific subunits of the business.
Explanation:The characteristics that distinguish financial accounting from managerial accounting can be related to specific aspects such as the purpose of reports, principles followed, scope, timing, and their usage. Here is the association of each characteristic:
General-purpose reports: Financial accountingReports are used internally: Managerial accountingPrepared in accordance with generally accepted accounting principles (GAAP): Financial accountingSpecial-purpose reports: Managerial accountingHistorical cost data: Financial accountingReporting standard is relevance to the decision to be made: Managerial accountingFinancial statements: Financial accountingReports generally pertain to the business as a whole: Financial accountingReports generally pertain to subunits: Managerial accountingReports issued quarterly or annually: Financial accountingFinancial accounting is oriented towards external stakeholders, follows strict guidelines such as GAAP, and is more concerned with historical data and general-purpose reporting. Managerial accounting focuses on internal decision-making, provides detailed reports for specific purposes, and emphasizes relevance and timeliness.
Jimbo invested $9,250 in an account that pays 6 percent simple interest (annually). How much more could he have earned over a 7-year period if the interest had compounded semi-annually
Answer:
The difference is that the interest in Option 2 gets capitalized faster.
Explanation:
Giving the following information:
Option 1:
$9,250 in an account that pays 6 percent simple interest (annually).
Option 2:
$9,250 n an account that pays 6 percent semiannually.
Number of years= 7 years
We need to use the following formula:
FV= PV*(1+i)^n
Option 1:
FV= 9,250*(1.06^7)= $13,908.58
Option 2:
FV= 9,250*(1.03^14)= $13,991.45
n= 2*7= 14
i= 0.06/2= 0.03
The difference is that the interest in Option 2 gets capitalized faster.
Answer:
860.25
Explanation:
Solution
Simple interest= 9250+(9250*0.06*7)=13,135
Semi Annual Compound interest=A(1+r)^nt)/n
9250(1+0.06)^7*2)/2
=9250(1+0.03)^14
=9250(1.03)^14
=9250(1.513)=13,995.25
Take the difference between between simple and compound interest
13,995.25-13,135=860.25
Donna donates stock in Chipper Corporation to the American Red Cross on September 10, 2019. She purchased the stock for $23,800 on December 28, 2018, and it had a fair market value of $34,000 when she made the donation.
a. What is Donna’s charitable contribution deduction?
The stock is treated as property and Donna's charitable contribution deduction is $ for tax purposes.
b. Assume instead that the stock had a fair market value of $20,400 (rather than $34,000) when it was donated to the American Red Cross. What is Donna’s charitable contribution deduction?
Answer:
(a) $23,800
(b) $20,400
Explanation:
(a) Donna purchased the stock on December 28, 2018 and sold it on September 10, 2019. This means she held the stock for less than 1 year. Hence, she made a short-term capital gain that is treated as ordinary income property for tax purposes.
As per rules, the tax deduction for ordinary income property is the lesser of the adjusted basis and fair market value, that is, the lesser of $23,800 and $34,000. Therefore, the deduction is $23,800.
(b) Again, we compare the adjusted basis and fair market value. In this case, the fair market value is $20,400 which is less than the adjusted basis of $23,800. Therefore, the deduction is now $20,400 only.
Final answer:
Donna's charitable contribution deduction for the stock is based on its fair market value and cost basis. If the fair market value is higher, the deduction is larger. If the fair market value is lower, the deduction is smaller.
Explanation:
The questions can be answered as -
a. Donna's charitable contribution deduction for the stock is the fair market value of the stock on the date of donation, which is $34,000.
This deduction is the difference between the fair market value of the stock and the cost basis, which is the purchase price of the stock.
So, Donna's charitable contribution deduction is ($34,000 – $23,800)
= $10,200
b. If the stock had a fair market value of $20,400 when it was donated, Donna's charitable contribution deduction would be - ($20,400 – $15,800)
= $4,600
On a separate sheet of paper, draw a graph representing the labor leisure decision for a year, with 4000 discretionary hours in a year. Label your axes with leisure on the horizontal axis, and consumption on the vertical axis. Assume the wage is $16 per hour.
Draw a budget constraint and label the endpoints. Carefully draw an indifference curve for a utility-maximizing worker who initially chooses 1000 hours of work per year. Label hours of leisure, hours of labor, and earnings.
Now consider the introduction of the EITC for a single-earner married couple with 2 children in 2019, which has a phase-in range with a 40% wage subsidy up to $14,570 of earnings, a constant range where the subsidy is fixed at $5828 for earnings between $14,570 and $24,820, and a phase-out range where the subsidy is reduced 21.06% for every dollar earned above $24,820.
Draw the budget constraint with the EITC, labeling each kink point and the point where the EITC is fully phased out on your graph carefully, along the vertical axis (in dollars, not hours).
Answer:
See the picture attached
Explanation:
In the case of a team, when each member's contribution is not clearly visible, ________. team cohesiveness tends to decrease mutual accountability of the team members tends to decrease team members tend to decrease their efforts motivation of the team members tends to increase team efficacy tends to increase
Answer: team members tend to decrease their efforts
Explanation: Individuals of a team tend to decrease their efforts when the contribution of each member of the team is not clearly visible. This describes the likelihood of individuals in putting forth less effort because they are part of a team. This reduction in effort illustrates a process loss (actions, operations etc. that prevents teams, groups from achieving their maximum potential) from using teams. Process loss can also result from ineffective leadership, poor communication etc.
In the case of a team, when each member's contribution is not clearly visible, team cohesiveness tends to decrease, mutual accountability of the team members tends to decrease, and team efficacy tends to increase.
Explanation:In the case of a team, when each member's contribution is not clearly visible, team cohesiveness tends to decrease. When team members are unable to see and understand the efforts of their peers, it can lead to a lack of trust and a decrease in overall teamwork. Without a clear understanding of individual contributions, team members may also decrease their efforts, as they may feel their work is not valued or acknowledged.
This can also lead to a decrease in mutual accountability among team members. When contributions are not visible, it becomes easier for individuals to avoid taking responsibility for their actions or lack thereof. Without the sense of collective responsibility, team members may not feel the need to uphold their commitments to the team.
On the other hand, when each member's contribution is visible and acknowledged, it can increase team efficacy. When team members can see how their work contributes to the overall goals and success of the team, it can motivate them to continue putting in effort and striving towards success.
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Suppose that severe floods destroyed farms, homes and businesses in the Midwest. Use the aggregate demand /aggregate supply model, to explain the changes you would expect to take place and the effects you would expect these floods to have on both output and prices. (Include both short-run and long-run effects.)
Answer:
Severe floods affecting aggregate demand and aggregate supply can be equated with bad weather destroying crops. In this regard, the supply of goods and services will be slower or harder to keep up with depending on the demand given. The losses suffered as a result of the sever floods will result in the demand for goods and services to increase but the measured supply thereof might not be sufficient given the extreme backlog and circumstances created by the sever floods.
In this scenario, the effects on the output (goods and services) supplied will be slower in the short-run until businesses and farms are restored to stable working conditions. The demand thereof (for output) will increase and has inverse relationship with the supply of goods and services, until there is an equilibrium point reached when the supply of goods and services meet the demand required. Prices in the short term will increase until conditions have become stable. This will affect the GDP of the businesses negatively.
In the long-run, the demand for goods and services will decrease as conditions stabilise and the supply of goods and services will even out to meet the demand required. Depending on the far reaching effects of the severe floods, equilibrium and stable demand and supply may take a while to become normal again. In the long-run the price of goods and services should decrease as the demand required is met through the supply of goods and services. This will affect the GDP of the businesses positively.
Explanation:
To understand the answer given above, you have to understand the inverse relationship there is between the aggregate demand and aggregate supply.
Aggregate supply is the complete number of units (goods and services) supplied to the market (i.e. produced and sold in the market) which is also the gross domestic profit (GDP). In the short-run for this question, the GDP will decrease initially until conditions become stable.
Aggregate demand is the total domestic spending consumers have on goods and services in the economy. The GDP will increase in the long-run as the demand and supply is met and becomes steady.
Final answer:
Severe floods in the Midwest would initially decrease aggregate supply, leading to a decrease in output and an increase in prices in the short run. However, in the long run, the economy would recover, leading to an increase in both aggregate supply and output.
Explanation:
In the short run, severe floods in the Midwest would lead to a decrease in aggregate supply due to the destruction of farms, homes, and businesses. This would cause a decrease in output and an increase in prices. In the long run, however, the economy would recover as damaged infrastructure is repaired, leading to an increase in both aggregate supply and output. Prices would eventually stabilize.
When a product’s components are made in the country that can produce them at a high level of productivity and assemble them in another country where productivity in assembly is high, it resembles the theory of ________.
Answer:comparative advantage
Explanation:Comparative advantage is when a country produces a good or service for a lower opportunity cost than other countries. Opportunity cost measures a trade-off. A nation with a comparative advantage makes the trade-off worth it. The benefits of buying its good or service outweigh the disadvantages. The country may not be the best at producing something. But the good or service has a low opportunity cost for other countries to import.
Conners Company has offered to sell 10,000 units of the same part to Piels Corporation for $36 per unit. Assuming there is no other use for the facilities, Schmidt should ________.
Answer:
Conners Company has offered to sell 10,000 units of the same part to Piels Corporation for $36 per unit. Assuming there is no other use for the facilities, Schmidt should make this part, as this would save $2 per unit.
In a process operation, the direct labor of a production department includes: Multiple Choice All labor used exclusively by that department, even if the labor is not applied to the product itself. All labor used exclusively by that department, but only if the labor is applied to the product itself. All labor for that department, including labor for services that help more than one production department, such as clerical, repair, and computer technicians. Only labor that helps more than one production department, such as clerical, repair, and computer technicians. Only labor that relates to goods finished during the period.
Answer: All labor used exclusively by that department, but only if the labor is applied to the product itself.
Explanation: Process operation is a Manufacturing system that involves the production of products in a continuous flow or pattern. This type of manufacturing involves the use of interconnected sections and units through the use of conveyor belts,chains etc.
Direct labor is a labor that is used specifically for a particular process or activity.
IN A PROCESS OPERATION, THE DIRECT LABOR IS ALL THE LABOR THAT ARE EXCLUSIVELY USED BY THE DEPARTMENT FOR THE PRODUCTION OF THE PRODUCT ITSELF.
The direct labor in a process operation includes all labor used exclusively by that department, but only if it's involved in producing the product directly. For instance, in pizza making, the pizza maker's labor is a direct input into the production process.
Explanation:In a process operation, the direct labor of a production department includes all labor used exclusively by that department, but only if the labor is applied to the product itself.
For example, consider the process of pizza making. The inputs or factors of production in this scenario are the labor (pizzaiolo or pizza maker), raw materials (flour, water, yeast, tomatoes, spices, cheese, and other toppings), and the capital (tools like the peel--a shovel-like wooden tool).
These inputs are transformed into a finished product, the pizza, through the labor of the pizzaiolo.
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If you leave your job when should you notify a DSO so that CPT can be removed from your record? It is the responsibility of the student to notify the DSO within 5 business days of any changes to the employment status. It is the responsibility of the student to notify the DSO within 15 business days of any changes to the employment status. Notification does not need to be sent. It is the responsibility of the student to notify the DSO before the end of the semester of any changes to the employment status.
If a student working under CPT leaves their job, they should notify their DSO within five business days to have the CPT notation removed from their record. This maintains their F-1 non-immigrant status.
Explanation:If you leave your job as a student using Curricular Practical Training (CPT), you should notify the Designated School Official (DSO) within five business days of your employment status change. It's the student's responsibility to ensure this is done. Notifying your DSO allows them to remove the CPT notation from your record promptly, maintaining your non-immigrant F-1 status intact.
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The correct statement is: "It is the responsibility of the student to notify the DSO within 5 business days of any changes to the employment status."
The correct statement is that "It is the responsibility of the student to notify the DSO within 5 business days of any changes to the employment status." This requirement ensures timely communication between the student and the Designated School Official (DSO) regarding any changes in their employment situation. Prompt notification allows the DSO to update the student's record and take appropriate action, such as removing Curricular Practical Training (CPT) from the student's record if necessary. Failing to notify the DSO within the specified timeframe could lead to administrative issues and potential violations of immigration regulations, affecting the student's legal status in the United States. Therefore, adhering to this notification requirement is crucial for maintaining compliance and ensuring smooth academic and employment transitions.
During its first year of operation Mazer Manufacturing Company produced 4,500 units of inventory and sold 2,050 units. Mazer incurred variable product cost of $3.5 per unit and $5,850 of fixed manufacturing overhead costs. The sales price of the products was $8.5 per unit. Determine the amount of gross margin Mazer would report if the company uses absorption costing. (Do not round intermediate calculations.)
Answer:
Gross profit= $7,585
Explanation:
Giving the following information:
Units produced= 4,500 units
Units sold= 2,050 units.
Unitary variable cost= $3.5 per unit
Fixed manufacturing overhead= $5,850
The sales price of the products was $8.5 per unit.
Under the absorption costing method, the fixed manufacturing overhead is part of the product cost. Therefore, the units remaining in inventory have fixed costs incorporated.
Unitary cost= 3.5 + 5,850/4,500= $4.8
Sales= 2,050*8.5= 17,425
Cost of goods sold= 2,050*4.8= (9,840)
Gross profit= $7,585
Complete the following statements regarding the general rules for the QBI deduction and how is it computed. Be specific.
a. The QBI deduction is available to _________ (all/ corporate/ noncorporate) taxpayers. It applies to the qualified business income generated through ________ (all buisness entities/ C and S corporations/ a sole proprietership, a partnership, or an S corporation) .
b. In general, the deduction for qualified business income is the _______ (higher/ lesser) of:
1) __________% of qualified business income, or
2) __________% of modified taxable income.
c. The QBI deduction is a deduction__________ (for/ from) AGI. Further, the deduction is available __________ (only if the standard deduction is used/ only if the taxpayer itemizes deductions/ whether the taxpayer uses the standard deduction or itemizes deductions) .
Answer:
A) - non corporate
- sole proprietorship, a partnership or an S corporation.
B) lesser
1) 20%
2) 20%
C) -from
-whether the taxpayer uses the standard deduction or itemizes deductions.
Explanation:
The QBI deduction is available to noncorporate taxpayers. It applies to the qualified business income generated through a sole proprietership, a partnership, or an S corporation.
b. In general, the deduction for qualified business income is the lesser of:
1) 20% of qualified business income, or
2) 20% of modified taxable income.
c. The QBI deduction is a deduction from AGI. Further, the deduction is available whether the taxpayer uses standard deduction or itemized deductions.
Lewelling Company issued 100,000 shares of its $1 par common stock to the Michael Morgan law firm as compensation for 4,000 hours of legal services performed. Morgan’s usual rate is $240 per hour. By what amount should Lewelling’s paid-in capital—excess of par increase as a result of this transaction?
Answer:
The excess of par increase as a result of this transaction of $860000
Explanation:
The excess of Lewelling's paid-in capital over par value can be computed by first of all ascertaining the fees charged by the law firm, which is then compared with the value of shares given in lieu.
Excess of paid-in capital=law firm fees-par value of firm
Law firm fees=4000*$240
=$960000
The par value of shares=100000*$1
=$100000
Excess of paid-in capital=$960000-$100000
=$860000
The journal entry to record the transaction is shown below:
Dr Professional fees $960000
Cr Treasury stock $100000
Cr Additional paid-in capital $860000
Under IFRS, the credit would $100000 share capital and $860000 in share premium account
The excess of par increase as a result of this transaction of $860000.
Calculation of the excess amount:Since
we know that
Excess of paid-in capital = law firm fees - par value of firm
Here,
Law firm fees = 4000*$240
=$960000
And,
The par value of shares = 100000 * $1
= $100000
So,
Excess of paid-in capital = $960000 - $100000
= $860000
hence, The excess of par increase as a result of this transaction of $860000.
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Blair Biotech enters into a licensing agreement with Pang Pharmaceutical for a drug under development. Blair will receive a payment of $10,000,000 if the drug receives regulatory approval. Based on prior experience in the drug-approval process, Blair determines it is 90% likely that the drug will gain approval and a 10% chance of denial. Determine the transaction price of the arrangement for Blair Biotech.
Answer:
$10,000,000
Explanation:
Data provided in the question
Amount received = $10,000,000
Gain approval percentage = 90%
Denial chance of percentage = 10%
So, the transaction price of the arrangement is $10,000,000 that reflects the received amount for providing the services to the customer.
So, only the $10,000,000 is come under the transaction price
You are in talks to settle a potential lawsuit. The defendant has offered to make annual payments of $28,000, $32,000, $66,000, and $99,000 to you each year over the next four years, respectively. All payments will be made at the end of the year. If the appropriate interest rate is 3.6 percent, what is the value of the settlement offer today
Answer:
$202,137.90
Explanation:
Year Annual payment Discount factor Present value
1 $28,000 0.965250965 $27,027.03
2 $32,000 0.931709426 $29,814.70
3 $66,000 0.899333423 $59,356.01
4 $99,000 0.868082454 $85,940.16
Total present value $202,137.90
The discount factor should be computed by
= 1 ÷ (1 + interest rate)^years
where,
rate is 3.6%
Year = 0,1,2,3,4 and so on
Final answer:
To find the present value of the settlement offer, discount each future payment to its present value using the formula PV = Future Payment / [tex](1 + r)^n[/tex] for each year and add them together.
Explanation:
To calculate the present value of the settlement offer with the given future payments and an interest rate of 3.6 percent, we need to discount each payment back to its present value using the formula for present value of a future payment:
Present Value (PV) = Future Payment / [tex](1 + r)^n[/tex]Where:
r is the interest rate per periodn is the number of periods until the paymentWe'll calculate the present value of each payment separately and then sum them up to get the total present value of the settlement:
PV of $28,000 after 1 year = $28,000 / [tex](1 + 0.036)^1[/tex]PV of $32,000 after 2 years = $32,000 / [tex](1 + 0.036)^2[/tex]PV of $66,000 after 3 years = $66,000 / [tex](1 + 0.036)^3[/tex]PV of $99,000 after 4 years = $99,000 / [tex](1 + 0.036)^4[/tex]After calculating each of these present values, add them together to find the total present value of the offer.
A market research study conducted by Genomia Science Supply shows that the company holds a 25 percent market share in laboratory cell incubators. It wishes to increase that share to 50 percent over the course of three years. This goal is an example of a _____ objective.
Answer:
Explanation:
A market research study conducted by Genomia Science Supply shows that the company holds a 25 percent market share in laboratory cell incubators. It wishes to increase that share to 50 percent over the course of three years. This goal is an example of a competitive objective.
Globo-Chem Co. reported net sales of $600 million last year and generated a net income of $132.00 million. Last year’s accounts receivable increased by $17 million. What is the maximum amount of cash that Globo-Chem Co. received from sales last year?
Answer:
The answer is $583 million.
Explanation:
The two variables that is of interest to us in this question are net sales which is the same thing as net revenue and increase in receivables. These two are need to calculate the cash Globo-Chem Co. collected last year from her customers.
Cash collected from customers = net sales (revenue) minus increase in accounts receivable.
Net sales(revenue) = $600 million
Increase in revenue = $17 million
Therefore, cash collected from customers is $600 million - $17 million
=$583,000
The maximum amount of cash that Globo-Chem Co. received from sales last year is $583 million.
To determine the maximum amount of cash received from sales, we need to consider the net sales and the change in accounts receivable. The net sales represent the total amount billed to customers for goods sold or services provided, while the change in accounts receivable reflects the amount of money owed to the company that has not yet been collected in cash.
The net sales for Globo-Chem Co. were $600 million. However, since the accounts receivable increased by $17 million, this means that $17 million of the net sales were not collected in cash.
Therefore, to find the maximum cash received, we subtract the increase in accounts receivable from the net sales:
Maximum cash received = Net sales - Increase in accounts receivable
Maximum cash received = $600 million - $17 million
Maximum cash received = $583 million
Zero-coupon bonds: Offer a return in the form of a deep discount off the face value. Are reported as shareholders' equity by the issuer. Result in zero interest revenue for the investor. Result in zero interest expense for the issuer.
Answer:
Offer a return in form the form of a deep discount off the face value
Explanation:
The term deep discount bonds in financial accounting refers to indentures that are sold at a price reasonably lower than face value, normally 20% or more than that. Deep discount bonds also has a zero coupon bonds, which do not pay a rate of interest to the holder of the bond. They are usually issued for a period of five(5) years on more than that.
The ledger of Nash Rental Agency on March 31 of the current year includes the following selected accounts before adjusting entries have been prepared. Debit Credit Prepaid Insurance $3,492 Supplies 2,593 Equipment 25,040 Accumulated Depreciation-Equipment $7,743 Notes Payable 20,290 Unearned Rent Revenue 4,080 Rent Revenue 61,870 Interest Expense –0– Salaries and Wages Expense 15,040An analysis of the accounts shows the following. 1. The equipment depreciates $616 per month. 2. Half of the unearned rent revenue was earned during the quarter. 3. Interest of $880 is accrued on the notes payable. 4. Supplies on hand total $1,870. 5. Insurance expires at the rate of $880 per month.Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly. Additional accounts are Depreciation Expense, Insurance Expense, Interest Payable, and Supplies Expenses.
The question revolves around adjusting entries in accounting. The answers involve calculating depreciation, recognizing earned and unearned revenue, calculating accrued interest, and recognizing used up resources. The calculation results are then entered in the ledger as adjusting entries.
Explanation:The adjusting entries to be made in the ledger of Nash Rental Agency on March 31st of the current year are as follows:
Depreciation of equipment ($616) is recorded as follows:
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3. Bob, a minor, contracted with Pioneer Temporary Staffing Agency, LLC, an employment agency, for the agency to find a job for him. The agency’s fee under the contract was $200. Bob started working for Big Job Opportunity, Inc as an interoffice mail carrier, a job that was referred through the contracting employment agency. Bob decided to quit his job position 3 months after he started his employment and while still a minor disaffirmed the contract with the employment agency. The agency sued Bob for the job placement fee. Can Bob disaffirm his contract with the employment agency? Please briefly explain each party’s position.
The agency's position is that Bob had already signed a contract, and that the contract included a placement fee due to the fact that Bob was able to find this job through the agency. On the other hand, the position that Bob would most likely argue is that he is a minor. As a minor, Bob is allowed to disaffirm his contract. Therefore, Bob is likely to win in this dispute.
Bob can disaffirm the contract with the employment agency as he was the minor, and according to the law, each contract made with or by a minor is void-ab-initio.
What is the position of minor's contract?According to the Indian contract act, it is clearly defined that the every contract made with a minor or by a minor is void from the very beginning.
If any contract made by or with a minor, it cannot be enforceable by law if the another party file a suit against a minor.
In the above case, since Bob is the minor, hence the contract made by Bob with the with Pioneer Temporary Staffing Agency, LLC, an employment agency to find a job is void.
There is no matter whether the bob used the service of the agency, or not, it cannot be enforceable by law, by the agency against the minor.
This means that if Bob not wants to return the fees amount if $200 to the agency, then the agency cannot enforce against the bob.
Hence, the case is in favor of the bob if he disaffirm to pay the fees.
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Using the definition of GDP determine whether the following economic activities would be included (I) in GDP or excluded (E). a. ____ the sale of a stock b. ____ the sale of a home owned by Mr. Jones c. ____ the government builds a new office building d. ____ the purchase of a crane by a construction company e. ____ a factory that was built to replace one destroyed in a fire.
Answer: 1. Excluded
2. Excuded
3. Included
4. Included
5. Included
Explanation:
The gross domestic product is a measure of the monetary value of all business/economic activities happening within a country at a particular point in time. Factors measured in GDP include; expenditures, income, investments, and exports.
I. The sale of a stock is not an investment expenditure in GDP. It is rather seen as a Saving.
II. The sale of a home owned by Mr. Jones is a used product. This house might have been counted in a previous year's GDP.
III. When the government builds a new office building, it can be counted as government expenditure which is a component of GDP.
IV. The purchase of a crane by a construction company is an example of a business investment and can be seen as a component of GDP.
V. A factory that was built to replace the one destroyed in a fire would be regarded as a business investment.
Peters Manufacturing Company has the following data at June 30, 2019:
Raw materials inventory, June 1 $13,800
Work in process inventory, June 1 18,100
Finished goods inventory, June 1 43,500
Total manufacturing costs 430,000
Sales 580,000
Work in process inventory, June 30 30,400
Finished goods inventory, June 30 55,200
Raw materials inventory, June 30 18,000
Required:
Prepare an income statement through gross profit for the month of June.
Answer:
Gross Profit $ 74,000
Cost of Goods sold $ 506,000
Explanation:
Peters Manufacturing Company
Income Statement
June 30, 2019
Sales $580,000
Total manufacturing costs 430,000
Add Work in process inventory, June 1 18,100
Cost of Goods Available for Manufacturing 548,100
Less Work in process inventory, June 30 30,400
Cost Of Goods Manufactured 517,700
Add Finished goods inventory, June 1 43,500
Cost Of Goods Available for Sale 561,200
Less Finished goods inventory, June 30 55,200
Cost of Goods sold $ 506,000
Gross Profit $ 74,000
The gross profit for Peters Manufacturing Company for the month of June 2019 is $98,600. This is calculated by starting with sales, subtracting the costs of goods sold (the opening inventory plus total manufacturing costs minus the closing inventory), which provides the gross profit.
Explanation:To prepare an income statement through gross profit for Peters Manufacturing Company for the month of June, we start with sales, then subtract the cost of goods sold (COGS). The COGS is calculated by adding the beginning inventory to the total manufacturing costs and then subtracting the ending inventory. In this case:
Sales : $580,000COGS = (Opening Inventory + Total Manufacturing Costs – Closing Inventory) = (($13,800 + $18,100 + $43,500) + $430,000) - ($18,000 + $30,400 + $55,200) = $481,400Gross Profit (Sales - COGS) = $580,000 - $481,400 = $98,600A final income statement for the month of June would then display sales of $580,000, COGS of $481,400, and a resulting gross profit of $98,600.
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Robin Company has $100,000 of income before payment of $100,000 of reasonable salaries to its owners employees (who are in the 32% bracket). Which form of business results in the least amount of combined income tax being paid by the company and its owners? 2. a. Partnership b. C corporation. c. S corporation. d. a., b, and c. all result in the same amount of tax. e. a. and c. result in the least amount of tax. t.
Answer:
d. a., b, and c. all result in the same amount of tax.
Explanation:
The question is to determine the form of business
First we need to understand some terms
A C Corporation refers to a standard corporation as far as the IRS is concerned while the S Coproration is a corporation with a special tax status giving it some tax privileges with the IRS. We however, group organisations as either C or S based on the taxation code with the Internal Revenue Service
It should be noted that C corporation, S corporation and partnership all aply the same rate of tax. The only place of advantage or difference is in the area of how the tax is treated and the difference in their liability.
As such, the owner in the question is being taxed based on the 32% bracket and as such it affects all the forms of business structures. Therefore, Partnership. C corporation and S corporation will asll result in the same amount of tax.
Here I Sit Sofas has 7,400 shares of common stock outstanding at a price of $97 per share. There are 720 bonds that mature in 33 years with a coupon rate of 7.1 percent paid semiannually. The bonds have a par value of $2,000 each and sell at 110 percent of par. The company also has 6,300 shares of preferred stock outstanding at a price of $50 per share. What is the capital structure weight of the debt?
Answer:
The capital structure weight of debt is 60.53% as shown below
Explanation:
In order to determine the weight of the debt financing in the company's structure, it is important to determine the market value of the common stock ,preferred stock and the debt financing,afterwards each market value can then be measured as a fraction of total market values of all the three financing arrangements in order to determine the weighting of each.
Financing Volume Mkt price mkt value Weighting
Common stock 7400 $97 717800
Debt 720 $2000*1.1 1584000 60.53
Preferred stock 6300 $50 315000
Total 2616800
The weighting for debt is 1584000/2616800= 60.53
The capital structure weight of the debt is 60.46%.
Explanation:The capital structure weight of the debt can be calculated by dividing the market value of the debt by the total market value of the firm. In this case, the market value of the debt can be calculated by multiplying the number of bonds by the price at which they are sold. The market value of the bonds is: 720 bonds * $2,000 * 110% = $1,584,000. The market value of the firm can be calculated by adding the market value of the common stock, preferred stock, and the debt.
It is given that the firm has 7,400 shares of common stock outstanding at $97 per share and 6,300 shares of preferred stock outstanding at $50 per share, so the market value of the common stock is: 7,400 shares * $97 = $718,800 and the market value of the preferred stock is: 6,300 shares * $50 = $315,000. Therefore, the market value of the firm is: $718,800 + $315,000 + $1,584,000 = $2,617,800. Finally, the capital structure weight of the debt can be calculated as: ($1,584,000 / $2,617,800) * 100% = 60.46%.
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Common shareholders have a claim on the company's assets:
A) at any time, equal to the value of their shares.
B) only after the claims of debtholders and preferred shareholders have been satisfied.
C) after the claims of the preferred shareholders have been satisfied, but before the debt holders.
D) never. Common shareholders have no claim on the company's assets.
Answer:
The correct option is B,common shareholders have a claim on the company's assets only after the claims of debt-holders and preferred shareholders have been satisfied.
Explanation:
The debt-holders have priority over preferred shareholders and common shareholders in laying claims to the assets of the company.This accounts for the reason why payment of interest on their loans is accorded highest priority.
The preferred shareholders have priority on company assets over the common shareholders in the event of company going bankrupt.
The common shareholders are at the bottom-line in terms of claims t assets upon liquidation,however they share in excess gains from liquidation as they are the original owners of the company entitled to higher risks and rewards.
What strategic plans could be adopted by the college or university at which you are taking this management course to compete for students in the marketplace? Would these plans depend on the school's goals?
Answer:
A few strategic plans that ought to be adopted in a bid to compete for students in the market place includes;
PLANNING PROCESS
1. Developing goals, objectives, and action steps, and
2. Following up on implementation, tracking progress, and revising the plan. During the initial planning process, conducting comprehensive institutional research is crucial to determine appropriate goals and objectives.
3. Coordinating with stakeholders in the planning process which can help build broad support among diverse constituents. In particular, the planning committee benefits from members that represent a variety of institutional roles, demographic groups, and campus units. In addition to building buy‐in, a diverse committee helps to anticipate the future cross‐unit coordination necessary to carry out goals and objectives.
4. Creating planning committees to include an average of 25 members from the institution. While the average is higher than the recommended 10‐12 members, it allows for broad participation. The committees often consist of senior administrators, faculty, staff, one or two students, an alumni representative, and a representative of the institution’s foundation. Participating staff and administrators represent units such as academics, student affairs, facilities, operations, enrollment management, information technology, institutional research, alumni relations, athletics, and budgeting.
5. A short plan cycle may also mitigate the tendency to front‐load or back‐load goals during the planning process. These pitfalls can lead to unrealistic timelines and/or a loss of momentum.
6. Aligning the budget with the strategic plan helps increase the plan’s impact. For instance, redesigning an institution’s budget request form to include strategic importance can ensure that key initiatives are implemented.
IMPLEMENTATION AND MONITORING
The plan should answer the question “How will we know if we reach this goal, and how will we prove it?” A comprehensive implementation plan describes, for each objective, action steps, anticipated outcomes, criteria of success, a timeline, benchmark indicator(s), assessment method, necessary resources, and the person or office accountable. Linking strategic accomplishments to administrators’ performance evaluations may also help to incentivize implementation.
Reporting annually on the institution’s progress can sustain momentum after the plan has been approved. Including a mix of short‐, middle‐, and long‐term objectives in the plan also improves motivation by creating opportunities for measured success early on.
Additional assessment methods may involve reviewing policies and procedures, or analyzing the results of surveys and focus groups. In these cases, the indicators may be revised internal documents or improved survey ratings.
WOULD THESE PLANS DEPEND ON THE SCHOOLS GOALS
The above-mentioned plans would be directly related to the schools goals which includes; ensuring students’ academic success, diversifying financial resources, improving infrastructure and operations, promoting community engagement, and developing institutional branding emerged as common strategic goals among the five profiled institutions. Related initiatives include increasing enrollment and retention, improving alumni engagement, building sustainable facilities, establishing relationships with community organizations, and creating a marketing strategy.
Answer:
A relationship cannot stay stagnant; either the relationship grows or the relationship deteriorates. Colleges must always be looking into the future, exploring different tactics to attract new and more students. Prestigious colleges and universities such as Yale, Harvard, and Princeton do not worry very much about attracting students because they are so selective. However, for the vast majority of colleges and universities, competing for students in the marketplace is of large concern. Students can get a great education at any college they attend, what Northwestern needs to do to compete for students is emphasize what makes them so different from other colleges. Highlighting Northwestern’s Christ-centered atmosphere, emphasizing the small student-to-teacher ratio, and showing off the beauty of the campus are some of the tactics currently in use. However, Northwestern needs to look at some of the tactics other educational institutions are currently employing and implement them into their own plan. Take for example Temple University of Japan, they are developing English summer programs for high schools both domestically and overseas, reaching out to transfer students in the US and Japan, targeting US military base schools, creating more affiliation agreements with high schools, utilizing online marketing tools including search engines and SNS.
Explanation:
Market Value Ratios Val's Volleyball Supply's market-to-book ratio is currently 3.29 times and PE ratio is 5.49 times. If Val's Volleyball Supply's common stock is currently selling at $9.70 per share, what is the book value per share and earnings per share? (Round your answer to 2 decimal places.)
Final answer:
The book value per share for Val's Volleyball Supply is $2.95, and the earnings per share is $1.77, both rounded to two decimal places.
Explanation:
To find the book value per share for Val's Volleyball Supply, we need to use the market-to-book ratio, which is given as 3.29 times. This ratio is calculated by taking the market value per share and dividing it by the book value per share. We rearrange the formula to solve for the book value per share as follows:
Book Value per Share = Market Price per Share / Market-to-Book Ratio
Book Value per Share = $9.70 / 3.29
Book Value per Share = $2.95 (rounded to two decimal places)
Next, to find the earnings per share (EPS), we utilize the price-to-earnings (PE) ratio, which is provided as 5.49 times. This ratio is calculated by taking the market price per share and dividing it by the EPS. We rearrange the formula in the same manner:
Earnings per Share = Market Price per Share / PE Ratio
Earnings per Share = $9.70 / 5.49
Earnings per Share = $1.77 (rounded to two decimal places)
A company seeks to employ a new public relations manager. The hiring committee surveys 13 public relations managers and finds the average salary is $95082.787 with standard deviation of $1857.716. What is the 90% confidence interval for the true average public relations manager salary?
Answer:
[tex]95082.787-1.782\frac{1857.716}{\sqrt{13}}=94164.485[/tex]
[tex]95082.787+1.782\frac{1857.716}{\sqrt{13}}=96001.089[/tex]
So on this case the 90% confidence interval would be given by (94164.485;96001.089)
Explanation:
Previous concepts
A confidence interval is "a range of values that’s likely to include a population value with a certain degree of confidence. It is often expressed a % whereby a population means lies between an upper and lower interval".
The margin of error is the range of values below and above the sample statistic in a confidence interval.
Normal distribution, is a "probability distribution that is symmetric about the mean, showing that data near the mean are more frequent in occurrence than data far from the mean".
[tex]\bar X=95082.787[/tex] represent the sample mean
[tex]\mu[/tex] population mean (variable of interest)
s=1857.716 represent the sample standard deviation
n=13 represent the sample size
The confidence interval for the mean is given by the following formula:
[tex]\bar X \pm t_{\alpha/2}\frac{s}{\sqrt{n}}[/tex] (1)
In order to calculate the critical value [tex]t_{\alpha/2}[/tex] we need to find first the degrees of freedom, given by:
[tex]df=n-1=13-1=12[/tex]
Since the Confidence is 0.90 or 90%, the value of [tex]\alpha=0.1[/tex] and [tex]\alpha/2 =0.05[/tex], and we can use excel, a calculator or a table to find the critical value. The excel command would be: "=-T.INV(0.05,12)".And we see that [tex]t_{\alpha/2}=1.782[/tex]
Now we have everything in order to replace into formula (1):
[tex]95082.787-1.782\frac{1857.716}{\sqrt{13}}=94164.485[/tex]
[tex]95082.787+1.782\frac{1857.716}{\sqrt{13}}=96001.089[/tex]
So on this case the 90% confidence interval would be given by (94164.485;96001.089)
Let's say a production manager that makes custom jet airplanes expects to make and sell two airplanes during 2016. Each airplane sells for $10 million and costs $6 million to make, which consists of $5 million of fixed costs and $1 million of variable costs. If the manager beats his budget, he will get a $300,000 bonus. During 2016 the company only managed to make and sell one airplane, and the actual manufacturing costs incurred included $5 million of fixed costs and $1.2 million of variable costs.
a. Did the manager earn his bonus if the static budget was used? Explain your answer or show your calculations.
b. Did the manager earn his bonus if a flexible budget was used? Explain your answer or show your calculations.
Answer:
(1) No
(2) No
Explanation:
1. No, according to the static budget manager will receive a commission when he sale 2 airplanes, but he sold only 1 airplane during the year 2016.
Total Estimated Revenue = 2 × $10,000,000 = $20,000,000
Total Estimated Cost = 2 × ($5,000,000 + $1,000,000) = $12,000,000
Total Estimated Profit = Total Estimated Revenue - Total Estimated Cost
= $20,000,000 - $12,000,000 = $8,000,000
Actual Revenue = $10,000,000
Actual cost = $5,000,000 + $1,200,000 = $6,200,000
Actual profit = Actual Revenue - Actual cost
= $10,000,000 - $6,200,000 = $3,800,000
2. Manager will not get bonus because Firm does not meet his Target of $8,000,000.
flexible budget only use to measure Individual cost not efficiency of manager.
A company's _______________________, or proportion of company advertising of that product to all advertising of that product, is part of the formula for measuring different stages in the sales impact of advertising.
Answer:
Share of voice
Explanation:
A company's Share of Voice (SOV) is a tool that measures how much the company's products or services is talked about compared to its direct competitors. It is a gauge to measure popularity a company product may have among users and prospective customers.
Share of Voice also serves as part of the formula for measuring the sales and brand awareness impact of advertising at different stages so as to evaluate the effectiveness of the marketing campaigns used such as may include social media monitoring
Your father invested a lump sum 39 years ago at 4.25 percent interest. Today, he gave you the proceeds of that investment which totaled $51,780.79. How much did your father originally invest, assuming annual compounding
Answer:
The correct answer is $10,214.15.
Explanation:
According to the scenario, the given data are as follows:
Future value (FV) = $51,780.79
Time period (t) = 39 years
Rate of interest (r) = 4.25%
So, we can calculate the amount invested by using following formula:
Amount invested = FV ÷ ( 1+ r)^t
= $51,780.79 ÷ ( 1 + 0.0425)^39
= $51,780.79 ÷ 5.06951581449
= $10,214.15