Answer:
The correct answer is D
Explanation:
SCAMPER tool is the technique which is an Idea Manipulation technique, that guide the business in generating diverse ideas. Instead of thinking the original ideas, this technique provokes the business to gather ideas from the divergent fields, fuse and manipulate as per the requirements.
So, in this case, the entrepreneur got to know that all the applications of the product have disappeared and the entrepreneur have the surplus products with them, so the element of the tool which they could employ is that they could put to other uses the surplus products.
In the case of surplus products and vanished conventional applications, entrepreneurs are most likely to 'Put to other uses' from the SCAMPER model. This encourages finding new uses for a product.
Explanation:If entrepreneurs find that all the traditional applications for their products have disappeared and they are left with surplus products, the element of the SCAMPER tool they are most likely to employ is 'Put to other uses'. The 'Put to other uses' option encourages exploring non-traditional uses for a product, which can help the entrepreneurs to use up their surplus. For instance, baking soda, originally used for baking, found its way into a variety of uses, such as cleaning, neutralizing odors, and health applications.
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What are the environmental and firm-specific drivers that are driving Alpaca Luxe to explore international markets?
Answer:
The economy downturn.
Explanation:
An economic crisis is a factor that can lead companies to seek the internationalization of their activities, in order to find new opportunities in new markets.
One factor that influenced this point is the appreciation of the Dollar in underdeveloped economies, which is configured as a commercial policy to encourage the internationalization of American companies. With a strong currency, companies are able with less resources to settle in other locations with cheaper labor, government incentives and less bureaucratization to implement companies in these countries.
In each of the following independent cases the company closes its books on December 31.
1.Sanford Co. sells $500,000 of 10% bonds on March 1, 2014. The bonds pay interest on September 1 and March 1. The due date of the bonds is September 1, 2017. The bonds yield 12%. Give entries through December 31, 2015.
2. Titania Co. sells $400,000 of 12% bonds on June 1, 2014. The bonds pay interest on December 1 and June 1. The due date of the bonds is June 1, 2018. The bonds yield 10%. On October 1, 2015, Titania buys back $120,000 worth of bonds for $126,000 (includes accrued interest). Give entries through December 1, 2016.
For the two cases prepare all of the relevant journal entries from the time of sale until the date indicated. Use the effective-interest method for discount and premium amortization (construct amortization tables where applicable). Amortize premium or discount on interest dates and at year-end. (Assume that no reversing entries were made.)
Answer:
cash 472,088 debit
discount on BP 27,912 debit
bonds payable 500,000 credit
--to record issuance--
interest expense 28325.29
discount on BP 3325.29
cash 25000
--to record first interest payment
interest expense 19,016.53
discount on BP 2,349.86
interest payable 16,666.67
--to record accrued interest Dec 31th--
Titania:
Cash 532,316.06
Bonds payable 500,000
Premium on BP 32,316.06
--to record issuance--
interest expense 26615.8
Premium on BP 3384.2
cash 30000
--first interest payment--
interest expense 4,407.77
Premium on BP 592.23
interest payable 5,000
--to record accrued interest Dec 31th--
Explanation:
Sanford Co.Present value at market rate:
[tex]C \times \frac{1-(1+r)^{-time} }{rate} = PV\\[/tex]
C 25,000.000
time 7
rate 0.06
[tex]25000 \times \frac{1-(1+0.06)^{-7} }{0.06} = PV\\[/tex]
PV $139,559.5360
[tex]\frac{Maturity}{(1 + rate)^{time} } = PV[/tex]
Maturity 500,000.00
time 7.00
rate 0.06
[tex]\frac{500000}{(1 + 0.06)^{7} } = PV[/tex]
PV 332,528.56
PV c $139,559.5360
PV m $332,528.5568
Total $472,088.0928
then, we solve for the first interest payment
carrying value x market rate
472,088.09 x 0.06 = 28325.29
we compare with the cash outlay and solve for the amortization
28,325.29 - 25,000 = 3,325.29
At year-end we also solve for the accrued interest
(472,088.09 + 3,325.29) x 0.06 x 4/6 = 19,016.53
accured payable:
500,000 x 5% x 4/6 = 16,666.67
amortization 19,016.53 - 16,666.67 = 2,349.86
Titania[tex]C \times \frac{1-(1+r)^{-time} }{rate} = PV\\[/tex]
C 30,000.000
time 8
rate 0.05
[tex]30000 \times \frac{1-(1+0.05)^{-8} }{0.05} = PV\\[/tex]
PV $193,896.3828
[tex]\frac{Maturity}{(1 + rate)^{time} } = PV[/tex]
Maturity 500,000.00
time 8.00
rate 0.05
[tex]\frac{500000}{(1 + 0.05)^{8} } = PV[/tex]
PV 338,419.68
PV c $193,896.3828
PV m $338,419.6810
Total $532,316.0638
interest first payment:
532,316.06 x 0.05 = 26615.8
then, compare wit hteh cash outlay of 30,000
30,000 - 26,615.8 = 3384.2
accrued interest:
(532,316.06 - 3,384.2) X 0.05 x 1/6 = 4,407.77
payable 30,000 x 1/6 = 5,000
amoritzation 5000 - 4,407.77 = 592.23
An ad in a newspaper reads: "AVAILABLE TODAY ONLY. FRIENDLY'S APPLIANCES. CLEARANCE SALE FOR ALL FLOOR ITEMS. 75% OFF RETAIL PRICES." Joan Ludwig arrived at Friendly's about one hour after it opened and there were no appliances left. Which of the following is true? a. Friendly's has breached a contract and owes damages to Joan. b. There is no breach of contract. c. Joan has no rights of recovery because the contract was required to be in writing. d. There was no contract, but Joan can recover on the basis of quasi contract. e. none of the above
Answer:
Correct answer is b, there is no breach contract
Explanation:
There is no breach contract happened because what Friendly did is just a mere advertisement published in a news paper. What happened is that, Friendly notify the customers that they will be having a clearance sale for all the floor items that they had. Mere advertisement is not yet in the stage of contract to sell and the advertiser is not bound for any liability in case the product is not available at the time the customer decided to buy the product.
The bookkeeper for Geronimo Company has prepared the following balance sheet as of July 31, 2014.
GERONIMO COMPANY
BALANCE SHEET
AS OF JULY 31, 2014
Cash $69,000 Notes and accounts payable $44,000
Accounts receivable (net) 40,500 Long-term liabilities 75,000
Inventory 60,000 Stockholders's equity 155,500
Equipment (net) 84,000 $274,500
Patents 21,000
$274,500
The following additional information is provided.
1. Cash includes $1,200 in a petty cash fund and $15,000 in a bond sinking fund.
2. The net accounts receivable balance is comprised of the following two items: (a) accounts receivable $44,000 and (b) allowance for doubtful accounts $3,500.
3. Inventory costing $5,300 was shipped out on consignment on July 31, 2014. The ending inventory balance does not include the consigned goods. Receivables in the amount of $5,300 were recognized on these consigned goods.
4. Equipment had a cost of $112,000 and an accumulated depreciation balance of $28,000.
5. Income taxes payable of $6,000 were accrued on July 31. Geronimo Company, however, had set up a cash fund to meet this obligation. This cash fund was not included in the cash balance, but was offset against the income taxes payable amount.
Prepare a corrected classified balance sheet as of July 31, 2014, from the available information, adjusting the account balances using the additional information.
Answer:
Total Assets = $280,500
Total liabilities = $125,000
Total Stockholders' Equity = $155,500
Explanation:
GERONIMO COMPANY
BALANCE SHEET
AS OF JULY 31, 2014
Assets
Current Assets:
Cash $60,000 (Note: 1)
Accounts Receivables $38,700 (Note: 2)
Less:
allowance for doubtful accounts ($3,500)
Net Accounts receivables $35,200
Inventories $65,300 (Note: 3)
Total Current Assets = $160,500
Long-term Investment
Bond sinking fund $15,000 (Adjustment - 1)
Property, plant, and equipment:
Equipment $112,000 (Additional Info-4)
Less: Accumulated Depreciation $28,000
Book Value, Equipment $84,000
Intangible Assets:
Patent $21,000
Total Assets = $280,500
Liabilities and Stockholders' Equity
Current Liabilities:
Notes and Accounts payable $44,000
Taxes payable $6,000 (Additional Information - 5)
Total current liabilities = $50,000
Long-term liabilities $75,000
Total liabilities $125,000
Stockholders' Equity:
Common Stock $155,500
Total liabilities and stockholders' Equity $280,500
Notes:
1. Cash $69,000
Less: Bond Sinking fund ($15,000)
Add: Income Tax offset 6,000
Total Cash at the end of the period $60,000
2. Accounts Receivable $44,000
Less: Inventory consigned recongnized as receivables $(5,300)
Net Accounts receivable = $38,700
3. Inventory =$60,000
Add: Consinged Inventory $5,300
Net Inventory = $65,300
To prepare the corrected balance sheet, adjustments need to be made for the additional information provided. This includes adding cash in petty cash and bond sinking fund, subtracting allowance for doubtful accounts from accounts receivable, excluding consigned inventory, subtracting accumulated depreciation from equipment cost, and offsetting income taxes payable.
Explanation:To prepare the corrected balance sheet, we need to make adjustments for the additional information provided.
Add the amounts in the petty cash fund and bond sinking fund to the cash balance.Subtract the allowance for doubtful accounts from the accounts receivable balance to get the net accounts receivable. Record the receivables from consigned goods as part of accounts receivable.Exclude the consigned inventory from the ending inventory balance.Subtract the accumulated depreciation from the equipment cost to get the net equipment.Offset the income taxes payable with the cash fund set up for that obligation.After making these adjustments, the corrected classified balance sheet will show the updated balances for each asset, liability, and equity account.
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Assume that on February 1, Procter & Gamble (P&G) paid $729,600 in advance for 2 years’ insurance coverage. Prepare P&G’s February 1 journal entry and the annual adjusting entry on June 30. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.)Date Account and Explanation Debit Credit
Answer:
Journal entry on February 1:
Debit Prepaid Insurance $729,600
Credit Cash $729,600
Annual adjusting entry on June 30:
Debit Insurance Expense $152,000
Credits Prepaid Insurance $152,000
Explanation:
On February 1, Procter & Gamble (P&G) paid $729,600 in advance for 2 years’ insurance coverage. The company records the insurance as the prepaid Insurance:
Debit Prepaid Insurance $729,600
Credit Cash $729,600
On Jun 30, the last day of the following 5 months, the company records an adjusting entry that Credits Prepaid Insurance for $152,000 ($729,600 divided by 24 months times the 5 months that will be prepaid as of Jun 30) and Debits Insurance Expense for $152,000
Debit Insurance Expense $152,000
Credits Prepaid Insurance $152,000
The journal entries for P&G’s prepaid insurance and subsequent adjustment are explained. On February 1, P&G debits Prepaid Insurance and credits Cash for $729,600. On June 30, P&G makes an adjusting entry by debiting Insurance Expense and crediting Prepaid Insurance for $152,000, representing the portion of the prepaid insurance used in 5 months.
Explanation:The subject of the question refers to accounting, specifically how to record prepaid insurance and adjusting entries for insurance expense. In this case, Procter & Gamble (P&G) has made a prepayment for 2 years’ worth of insurance coverage, and we need to provide the journal entries for these transactions.
On February 1, the journal entry would be as follows: Debit Prepaid Insurance $729,600; Credit Cash $729,600. This entry reflects P&G paying upfront for the insurance coverage. Prepaid Insurance is an account where the expense has been paid but not yet used, and Cash is decreased as the payment has been made.
Then, on June 30, P&G has to make an adjusting entry to account for the portion of the prepaid insurance that has been used. Given that 5 months have passed from February to June, we need to calculate the amount of insurance expense for these 5 months. Considering that the total amount paid was for 24 months (2 years), we can calculate: $729,600 / 24 = $30,400 per month, then $30,400 x 5 = $152,000. The annual adjusting entry then would be: Debit Insurance Expense $152,000; Credit Prepaid Insurance $152,000. This entry represents the insurance that has been 'used up' over the 5 months.
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. Intellus has long-term debt of $5 million, owners' equity of $7.5 million, current assets of $1 million, gross fixed assets of $20 million, and accumulated depreciation of $7 million. What is the firm’s net working capital
Answer:
- $0.5 million
Explanation:
The computation of the net working capital is shown below:
We know that
Net working capital = Current assets - current liabilities
where,
Current assets = $1 million
The net fixed assets = Gross fixed assets - Accumulated depreciation
= $20 million - $7 million
= $13 million
Total assets = Current assets + net fixed assets
= $1 million + $13 million
= $14 million
And,
Total assets = Total liabilities + owners equity
$14 million = Total liabilities + $7.5 million
So, the total liabilities is
= $14 million - $7.5 million
= $6.5 million
Total liabilities = Current liabilities + long term debt
$6.5 million = Current liabilities + $5 million
So, Current liabilities is $1.5 million
Now the net working capital equal to
= $1 million - $1.5 million
= - $0.5 million
On January 1, 2021, Yancey, Inc. signs a 10-year noncancelable lease agreement to lease a storage building from Holt Warehouse Company. Collectibility of lease payments is reasonably predictable and no important uncertainties surround the amount of costs yet to be incurred by the lessor. The following information pertains to this lease agreement.(a) The agreement requires equal rental payments at the beginning each year.(b) The fair value of the building on January 1, 2021 is $6,000,000; however, the book value to Holt is $4,950,000.(c) The building has an estimated economic life of 10 years, with no residual value. Yancey depreciates similar buildings using the straight-line method.(d) At the termination of the lease, the title to the building will be transferred to the lessee.(e) Yancey’s incremental borrowing rate is 11% per year. Holt Warehouse Co. set the annual rental to insure a 10% rate of return. The implicit rate of the lessor is known by Yancey, Inc.(f) The yearly rental payment includes $15,000 of executory costs related to taxes on the property.
This is a direct financing lease agreement, as the lessee takes on the title at termination of the lease and the lease payments are reliably collectible. The lessee should use the lesser's implicit rate for lease accounting, and the executory costs should be excluded from the yearly rental payments in calculations.
Explanation:This situation describes a direct financing lease, a form of lease agreement in which the lessor is not the manufacturer or dealer of the asset, in this case a storage building, but a finance company. The question involves the financial principles that apply to leasing arrangements in the business field, specifically accounting and finance.
In a direct financing lease, the title of the property transfers to the lessee (in this case, Yancey, Inc.) at the end of the lease term. Furthermore, the collectibility of lease payments is reasonably predictable and there are no important uncertainties surrounding the costs that the lessor (Holt Warehouse Company) has yet to incur, indicating that this is likely a direct financing lease.
Given that Yancey's incremental borrowing rate (11%) is higher than the implicit rate of the lessor (10%) and Yancey is aware of the lessor's implicit rate, it should use the lessor's rate to account for the lease. Yancey would also subtract the executory cost related to taxes ($15,000) from the total yearly rental payments in their calculation because those are not a part of the lease payments.
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On January 16, Tree Co. paid $60,000 in property taxes on its factory for the current calendar year. On April 2, Tree paid $240,000 for unanticipated major repairs to its factory equipment. The repairs will benefit operations for the remainder of the calendar year.
What amount of these expenses should Tree include in its third-quarter interim financial statements for the 3 months ended September 30?
A. $95,000 B. $75,000 C. $0 D. $15,000
Answer:
A. $95,000
Explanation:
60,000 will be property taxes for an entire year
we just need to calcualte expense from July to September thus:
60,000 x 3 months / 12 months = 15,000
The repairs are also distributed among the periods to not put the entire weight in a month or quarter:
240,000 x 3 / 9 months outstanding = 80,000
total amount of expenses for the period July - September:
15,000 property tax expense+ 80,000 repair expense= 95,000
Final answer:
Tree Co. should include $15,000 for property tax and $60,000 for major repairs in its third-quarter interim financial statements, totaling $75,000 (Option B).
Explanation:
To determine the expenses Tree Co. should include in its third-quarter interim financial statements, we need to allocate the proper amounts of the paid property taxes and the repairs to the factory equipment over the relevant periods.
Property Tax Allocation: The annual property tax paid was $60,000. Since this is for the current calendar year, it should be allocated equally across all four quarters. Therefore, for one quarter, the expense would be $60,000 divided by 4, which equals $15,000.
Repairs Expense Allocation: The major repairs costing $240,000 are expected to benefit the operations for the remainder of the calendar year. Since these repairs were made on April 2 and are to benefit for the 9 remaining months, we would take $240,000 and divide it by the 12-month calendar period to determine the monthly rate, then multiply by the number of months in Q3 (July, August, and September). This calculation gives us a quarterly allocation of repairs expense of $60,000.
The total amount of both expenses to be included in the third-quarter interim financial statements is $15,000 for property taxes + $60,000 for repairs, which yields $75,000.
Thus, the correct answer to include in the third-quarter interim financial statements is Option B: $75,000.
Spot Construction builds roads, bridges, and other infrastructure. The following is the budget for a road project along with the actual results (in thousands of dollars) for the last fifteen months. Budget Actual Month Cost %Complete Cost %Complete 0 $ 0 0.0 % $ 0 0.0 % 1 $ 510 5.0 % $ 700 5.5 % 2 $ 1,020 10.0 % $ 1,160 11.2 % 3 $ 1,530 15.0 % $ 1,820 13.4 % 4 $ 2,040 20.0 % $ 2,270 21.6 % 5 $ 2,550 25.0 % $ 2,810 27.5 % 6 $ 3,060 30.0 % $ 3,190 34.0 % 7 $ 3,570 35.0 % $ 3,870 36.5 % 8 $ 4,080 40.0 % $ 4,200 45.0 % 9 $ 4,590 45.0 % $ 4,710 48.8 % 10 $ 5,100 50.0 % $ 5,400 53.4 % 11 $ 5,610 55.0 % $ 5,920 56.7 % 12 $ 6,120 60.0 % $ 6,300 62.3 % At this time, what is the current cost over (under) run on the project?
Final answer:
The current cost over (under) run on the Spot Construction road project is $180,000, calculated by subtracting the budgeted cost from the actual cost as of month 12.
Explanation:
To determine the current cost over (under) run on the Spot Construction road project, we need to compare the actual cost to the budgeted cost as of the most recent month available, which is month 12 in the provided data. The actual cost at month 12 is $6,300,000 (since the values are in thousands of dollars), and the budgeted cost for the same period is $6,120,000. To find the cost overrun, we subtract the budgeted cost from the actual cost.
Actual Cost - Budgeted Cost = Cost Over (Under) Run
$6,300,000 - $6,120,000 = $180,000
Therefore, the project is currently experiencing a cost overrun of $180,000.
Final answer:
The current cost over (under) run on the Spot Construction road project is $180,000, calculated by subtracting the budgeted cost from the actual cost as of month 12.
Explanation:
To determine the current cost over (under) run on the Spot Construction road project, we need to compare the actual cost to the budgeted cost as of the most recent month available, which is month 12 in the provided data. The actual cost at month 12 is $6,300,000 (since the values are in thousands of dollars), and the budgeted cost for the same period is $6,120,000. To find the cost overrun, we subtract the budgeted cost from the actual cost.
Actual Cost - Budgeted Cost = Cost Over (Under) Run
$6,300,000 - $6,120,000 = $180,000
Therefore, the project is currently experiencing a cost overrun of $180,000.
Final answer:
The current cost over (under) run on the Spot Construction road project is $180,000, calculated by subtracting the budgeted cost from the actual cost as of month 12.
Explanation:
To determine the current cost over (under) run on the Spot Construction road project, we need to compare the actual cost to the budgeted cost as of the most recent month available, which is month 12 in the provided data. The actual cost at month 12 is $6,300,000 (since the values are in thousands of dollars), and the budgeted cost for the same period is $6,120,000. To find the cost overrun, we subtract the budgeted cost from the actual cost.
Actual Cost - Budgeted Cost = Cost Over (Under) Run
$6,300,000 - $6,120,000 = $180,000
Therefore, the project is currently experiencing a cost overrun of $180,000.
You book a hotel online, and the registration process is clear and streamlined. This is an example of a(n) ______________ process that has _______________.
Answer:
The correct word for the blank space is: automated; high value to customers.
Explanation:
Most online operations nowadays are automated which implies not having an employee behind a computer to satisfy customers' needs since they are too basic that can be all processed with the use of a server. However, the automation does not imply consumers undervalue the help obtained. Otherwise, the automation helps the process be faster which ends up representing high value for most customers.
Lacey owns a bakery in Dallas. She read online that the homeland security threat level has been increased due to anticipated terrorist activities, especially in large cities in the U.S. She will likely not be able to get insurance to cover any losses her business may suffer should an attack occur in Dallas.\
Answer:
True
Explanation:
In the given statement, it was stated that there was a briefing online about the possibility of terrorist activities. She read the news and understood its meaning. The insurance company is also aware of the news online. Therefore, the insurance company will not take any responsibility for the losses that might occur while she opens her shop.
Final answer:
In the given scenario, Lacey, the owner of a bakery in Dallas, anticipates that due to the increased homeland security threat level, she may not be able to obtain insurance coverage for potential losses her business could suffer.
Explanation:
This situation is plausible because insurance companies may become more cautious and hesitant to offer coverage in regions or industries perceived to be at higher risk of terrorist activities.
The increased threat level indicates a higher perceived risk of terrorism, which could lead insurance companies to either deny coverage altogether or offer it at significantly higher premiums, making it difficult for small business owners like Lacey to afford adequate insurance protection. Therefore, it is true that Lacey may face challenges in obtaining insurance coverage for her bakery in Dallas.
You are graduating from college at the end of this semester and have decided to invest $4 comma 500 at the end of each year into a Roth IRA (a retirement investment account that grows tax free and is not taxed when it is liquidated) for the next 30 years. If you earn 6 percent compounded annually on your investment of $4 comma 500 at the end of each year, how much will you have when you retire in 30 years? How much will you have if you wait 10 years before beginning to save and only make 20 payments into your retirement account?
Answer:
Instructions are listed below.
Explanation:
Giving the following information:
You decided to invest $4,500 at the end of each year earning 6 percent compounded annually.
We need to use the following formula to calculate the final value of the investment:
FV= PV*(1+i)^n
A) n= 30 years
FV= 4,500*(1+0.06)^30= $25,845.71
B) The investment is made for 20 years.
FV= 4,500*1.06^20= $14,432.11
The future value of the investment after contributing $4,500 annually at an interest rate of 6% compounded annually for 30 years is $391,284.69. If you wait 10 years before starting to save and only make 20 payments, the future value of the investment would be $131,199.17.
Explanation:To calculate the future value of the investment, we can use the formula for the future value of an ordinary annuity:
FV = PMT x ((1 + r)^n - 1) / r
Using this formula, we can calculate the future value of the investment to be $391,284.69 after 30 years of contributing $4,500 annually at an interest rate of 6% compounded annually.
If you wait 10 years before starting to save and only make 20 payments, you can calculate the future value using the same formula:
FV = PMT x ((1 + r)^n - 1) / r
Using this formula, the future value of the investment would be $131,199.17 after 20 years of contributing $4,500 annually at an interest rate of 6% compounded annually.
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An investment offers a total return of 12.3 percent over the coming year. Janice Yellen thinks the total real return on this investment will be only 8 percent.
What does Janice believe the inflation rate will be over the next year?
Janice Yellen believes the inflation rate to be 4.3% next year. This is found by subtracting the real return (8%) from the total return (12.3%) using the basic economics formula for calculating inflation.
Explanation:To calculate the inflation rate that Janice Yellen is predicting, we need to understand how real return is associated with total return and inflation rate. The formula to calculate inflation based on real return and total return (also known as nominal return) is:
inflation rate = total return - real return
Given that the total return is 12.3%, and the real return is 8%, the equation should look like this:
inflation rate = 12.3% - 8% = 4.3%
Therefore, Janice Yellen believes that the inflation rate over the next year will be 4.3%.
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Kathy is taking a break from her job so that she can reflect on solving a problem that she is having. Kathy is demonstrating Group of answer choices private communication organizational communication interpersonal communication intrapersonal communication
Kathy is demonstrating intrapersonal communication by taking a break to reflect internally on a personal problem. Intrapersonal communication is the process that occurs within one's own mind, crucial for personal well-being and social interactions.
Kathy is engaging in intrapersonal communication when she takes a break from her job to reflect on solving a problem she is having. Intrapersonal communication involves the processes that occur within an individual's mind. This includes thinking and reflecting, which are internal activities, but can also extend to talking aloud to oneself or writing a note, which would be more external forms of intrapersonal communication.
Intrapersonal communication is different from other forms such as interpersonal, group, or public communication. It is key for processing emotions, thinking through problems, and self-reflection. Effective intrapersonal communication is crucial for social interaction and enhancing well-being.
Assume that you are the auditor of Weller, Inc. and that you have been asked to explain the appropriate accounting and related disclosure necessary for each of these items.
a. The company decided that, for the sake of conciseness, only net income should be reported on the income statement. Details as to revenues, cost of goods sold, and expenses were omitted.b. Equipment purchases of $170,000 were partly financed during the year through the issuance of a $110,000 notes payable. The company offset the equipment against the notes payable and reported plant assets at $60,000.c. Weller has reported its ending inventory at $2,100,000 in the financial statements. No other information related to inventories is presented in the financial statements and related notes.d. The company changed its method of valuing inventories from weighted-average to FIFO. No mention of this change was made in the financial statements.
Answer:
(a) It is true that details of revenues ,cost of goods sold and expenses ought to be in the balance statement, but was not always so ,. In the past only net income was recorded but .Accounting Principles has evolved over the years.
(b) Notes payable should be recorded as liability(because it is a form of cash Outflow) and equipments are assets. Offsetting is can be used when some assets are used to pay off liabilities.
(c) According to General Accepted Accounting Principles, the inventory amounts are stated and the method used in determining cost (LIFO, FIFO, average cost, etc.) should also be stated. Methods used in determining cost should be emphasized and alternatives should be made known as well.
(d)In accounting principles, changes in financial statements should be made known. Contrariwise, this will lead to a false financial statement. Financial statements ought to be compared with that of previous years to substantiate its usefulness.
Explanation:
The company decided that, for the sake of conciseness, only net income should be reported on the income statement. Details as to revenues, cost of goods sold, and expenses were omitted
(a) It is true that details of revenues ,cost of goods sold and expenses ought to be in the balance statement, but was not always so ,. In the past only net income was recorded but .Accounting Principles has evolved over the years.
b. Equipment purchases of $170,000 were partly financed during the year through the issuance of a $110,000 notes payable. The company offset the equipment against the notes payable and reported plant assets at $60,000.
(b) Notes payable should be recorded as liability(because it is a form of cash Outflow) and equipments are assets. Offsetting is can be used when some assets are used to pay off liabilities.
c. Weller has reported its ending inventory at $2,100,000 in the financial statements. No other information related to inventories is presented in the financial statements and related notes.
(c) According to General Accepted Accounting Principles, the inventory amounts are stated and the method used in determining cost (LIFO, FIFO, average cost, etc.) should also be stated. Methods used in determining cost should be emphasized and alternatives should be made known as well.
d. The company changed its method of valuing inventories from weighted-average to FIFO. No mention of this change was made in the financial statements.
(d)In accounting principles, changes in financial statements should be made known. Contrariwise, this will lead to a false financial statement. Financial statements ought to be compared with that of previous years to substantiate its usefulness.
Consider a hypothetical economy in which only computers and shoes are produced and in which computer production is capital intensive as compared with shoe production. If two resources are being used -- labor and capital -- then the capital-labor ratio would be:
A. of an indeterminate relationship.
B. higher in the computer industry.
C. the same in both industries.
D. higher in the shoe industry
Answer:
B) higher in the computer industry
Explanation:
Two industries are given: computer and shoe industry.
it is given in the question that the computer industry is more capital intensive than the shoe industry. which means that the computer industry involves more investment than the shoe industry. Hence, if we calculate the capital and labor ratio then we get a high capital ratio for the computer industry because it includes high investment than shoe industry
Selected transactions for Indigo Corporation during its first month in business are presented below.
Sept. 1 Issued common stock in exchange for $18,300 cash
received from investors.
5 Purchased equipment for $8,540, paying $2,870 in . cash
and the balance on the account.
8 Performed services on account for $20,000.
14 Paid salaries of $3,200.
25 Paid $3,030 cash on the balance owed for equipment.
30 Paid $830 cash dividend
Instructions:
(a) Prepare a tabular analysis of the September transactions.
The column headings should be:
Cash + Accounts Receivable + Equipment = Accounts Payable + Common Stock Revenues Expenses Dividends.
For transactions affecting stockholders' equity, provide explanations in the right margin.
(b) Journalize the transactions. Do not provide explanations
(c) Post the transactions to T-accounts.
Answer:
a. See attached file.
b. Debit Cash 18,300
Credit Common Stock 18,300
Debit Equipment $8,540
Credit cash $2,870
Credit Accounts payable $5,670
Debit Accounts receivable $20,000
Credit Revenue $20,000
Debit salaries expense $3,200
Credit cash $3,200
Debit accounts payable $3,030
Credit Cash $3,030
Debit Dividends $830
Credit cash $830
c.
Cash
Debit Credit
18,300 2,870
3,200
3,030
830
18,300 9,930
8,370 Ending balance
Equipment
Debit Credit
8,540
Accounts payable
Debit Credit
3,030 5,670
2,640 (ending balance)
Common Stock
Debit Credit
18,300
Revenue
Debit Credit
20,000
Expenses
Debit Credit
3,200
Dividends
Debit Credit
830
Explanation:
a.
1-Sep Issuance of common stock from investor will result to an inflow of cash through the cash invested, So have to recognize cash received and credit common stock
8-Sep Based on matching principle, revenue will be recognized on the date of transaction whether collected or not.
14-Sep Payment of expenses will result to deduction to cash and increase expense account.
30-Sep Dividends is a deduction to Retained earnings
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Answer:
Pelvic inflammatory disease (PID) is an infectious and inflammatory disorder of the upper female genital tract, including the uterus, fallopian tubes, and adjacent pelvic structures. Infection and inflammation may spread to the abdomen, including perihepatic structures (Fitz-Hugh−Curtis syndrome). The classic high-risk patient is a menstruating woman younger than 25 years who has multiple sex partners, does not use contraception, and lives in an area with a high prevalence of sexually transmitted disease (STD).
PID is initiated by infection that ascends from the vagina and cervix into the upper genital tract. Chlamydia trachomatis is the predominant sexually transmitted organism associated with PID
Explanation:
governments are prevented from borrowing unlimited funds through the enforcement of debt limits. explain the concept of a debt limit. How is the concept of borrowing power or debt margin connected to debt limits?
Answer:
The concept of debt limit explains the restrictive power of legislative to impose a limit on the amount of debt an executive can borrow for the state. Debt limit is the authorized maximum amount of debt that government can borrow as legally specified by the legislative. The debt limit is usually expressed as a percentage of nation`s GDP.
The major reason why debt limit is put in place to make sure that government does not place uneconomical future debt burden on the citizens.
For relationship between debt limit and debt margin, the borrowing power of government is measured through the comparison of debt limit with debt margin. Debt margin shows the difference between the debt limit and amount that the government has actual debt.
For example, a government has a debt limit of 25% of its GDP and actual debt of 18% of its GDP. The difference between the two percentages of debt shows the debt margin.
So debt margin serves as a gauging tool for borrowing within the debt limit.
Explanation:
A debt limit is a legislative cap on the amount of money a government can borrow to avoid excessive debt, which, if too high, can reduce financial capital for the private sector and lead to economic issues. The borrowing power or debt margin is the remaining capacity for additional debt a government has before reaching its debt ceiling.
Understanding Debt Limits
A debt limit is a cap set by legislation that limits the amount of money a government is authorized to borrow. This limit is in place to prevent governments from accumulating an unsustainable level of debt that could lead to economic instability or financial crises. When a government spends more than it collects in taxes, it incurs a budget deficit and must borrow to finance this deficit, typically by issuing government bonds. There is a practical limit to this borrowing because households and investors may be unwilling to lend unlimited amounts, especially if they fear the government may not be able to repay the debt.
The borrowing power or debt margin refers to the difference between the current level of a government's debt and its statutory debt limit. This concept is closely connected to debt limits because it reflects the amount of additional borrowing a government can undertake before reaching its debt ceiling. Effective management of the debt margin is crucial to maintain fiscal responsibility, prevent crowding out private sector borrowing, and avoid negative economic consequences such as trade imbalances and increased interest rates.
It is important to consider that while a government can borrow to finance deficits, over time, total government spending must align with revenue to maintain fiscal sustainability. High levels of long-run government debt can limit future government actions and be difficult to pay down due to the challenges in making the necessary fiscal policy adjustments.
For each of the following, compute the future value (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.): Present Value $2,328 Years 11 Interest Rate 13% Future Value - ?
Answer:
$8,929.88
Explanation:
The computation of the future value is shown below:
Future value = Present value × (1 + interest rate)^number of years
where,
Present value = $2,328
Rate = 13%
Number of years = 11
So, the future value
= $2,328× (1 + 0.13%)^11
= $2,328 × 3.8358611506
= $8,929.88
Simply we use the above formula to determine the future value
Define a project. What are five characteristics that help differentiate projects from other functions carried out in the daily operations of the organization?
Answer:
A project is a combination of tasks that need to be finished to reach a specific, bigger goal. Since project tasks are not to be confused with the daily schedule of work, this is what differentiates a project from the routine tasks:
- defined span - while daily tasks are usually continuous by nature, project tasks are set in a specific time frame
- project life cycle - similar to the life cycle of a product, a project follows a similar curve that symbolizes the birth of the project, its maturity stage and its decline
- defined goal/objective - the completion of a project and its tasks has to be indicated by reaching a specific goal
- cross-department teams - project teams usually involve people from more business departments (marketing, HR, R&D...)
- allocated resources - while daily, continuous tasks usually source resources (financial, human...) from the firm directly, a project usually has a specifically assigned amount of allocated resources
A project is a temporary endeavor with specific objectives, carried out by a team of people. Five characteristics that differentiate projects from daily operations are their temporary nature, unique deliverables, cross-functional teams, specific objectives, and risk and uncertainty.
Explanation:A project is a temporary endeavor undertaken to create a unique product, service, or result. It has a defined beginning and end, specific objectives, and is carried out by a team of people. Five characteristics that differentiate projects from other functions carried out in daily operations are:
Temporary nature: Projects have a finite duration, whereas daily operations are ongoing and repetitive. Unique deliverables: Projects produce unique outcomes, while daily operations involve routine tasks.
Cross-functional teams: Projects require collaboration across different departments and disciplines, while daily operations are typically carried out within specific functional areas. Specific objectives: Projects have clear goals and objectives, whereas the focus of daily operations is on efficiency and effectiveness.
Risk and uncertainty: Projects involve inherent risks and uncertainties, while daily operations are more predictable due to their repetitive nature.
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A middle-class customer (target) base in a region is most concerned with quality and price of products. Which of the following would be considered a best value proposition for the customers?A. a company that identifies unique features of its products without comparing it with a rival's products
B. a company that offers copycat products at low cost but an average quality compared torivalsC. a company that offers the same quality of products as rivals but at a high cost based ongreater market share and higher brand value
Answer:
The correct answer is letter "B": a company that offers copycat products at low cost but an average quality compared to rivals.
Explanation:
As the consumer is focused both on the quality of the product and price, the best value proposition for the product that is likely to purchase must be the result of the combination of those two factors. Then, if a company offers an average quality product at a lower cost, is highly possible to obtain the consumer's preference.
Although Tracith is one of the best supermarkets in the coastal town of Dawntonia, it fails to retain customers. To solve this problem, Edna, the newly appointed marketing manager at Tracith, decides to implement a customer loyalty program. This program would include a membership card and a mobile app that can only be accessed using the membership card number. The mobile app will be enabled to show real-time availability of products at the supermarket.
In the context of managerial roles, which of the following decisional roles is illustrated by Edna in this scenario?
a. The liaison role
b. The entrepreneur role
c. The disseminator role
d. The spokesperson role
Answer:
The answer is B.The entrepreneur role.
Explanation:
Which of these is the more meaningful measure of leadership effectiveness? Analytical ability Subject matter knowledge Technical skill Emotional intelligence
I believe it would be emotional intelligence
The measure of Leadership is Emotional intelligence, it is the ability to understand and manage one's own emotions, as well as the emotions of others.
The more meaningful measure of leadership effectiveness is emotional intelligence. Leaders who have a high level of emotional intelligence are better equipped to communicate effectively with their team members, manage conflicts, and build strong relationships based on trust and mutual respect. They are also more likely to be adaptable, resilient, and able to handle stress and pressure, which are essential qualities for effective leadership.
Therefore, the correct answer is Emotional intelligence.
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Suppose a monopoly can separate its customers into two groups. If the monopoly practices price discrimination, it will charge the lower price to the group with: the higher price elasticity of demand. the lower price elasticity of demand. the fewer close substitutes. The answer cannot be determined with the information given.
Answer:
the higher price elasticity of demand
Explanation:
A monopoly is when there is only one firm operating in an industry.
Price discrimination is when a producer sells the same good for different prices in different markets.
Elasticity of demand measures the responsiveness of quantity demanded to changes in price.
Demand is elastic when a change in price has greater effect on the quantity demanded.
A monopoly would charge the lower price for customers with a higher elasticity of demand because if price is high consumers would reduce the quantity demanded and the revenue of the monopoly firm would fall.
I hope my answer helps you.
Answer:
The correct answer is letter "A": the higher price elasticity of demand.
Explanation:
Elasticity is a measure of the reaction of a variable to fluctuations in another variable. It can describe to what degree a product or service's supply or demand, varies with the price of the goods or consumer income. Elasticity is calculated by dividing the percentage change in quantity demanded with the percentage change in price.
Thus, while allocating prices, a company should provide a lower price to a sector with high elasticity because that part of the market is prone to make big demand changes if the price varies abruptly.
Although appealing to more refined tastes, art as a collectible has not always performed so profitably. Assume that in 2015, an auction house sold a statute at auction for a price of $10,668,500. Unfortunately for the previous owner, he had purchased it in 2008 at a price of $12,700,500. What was his annual rate of return on this sculpture?
Answer:
-0.0246 or -2.46%
Explanation:
The duration 't' of his investment is:
[tex]t= 2015-2008=7\ years[/tex]
The future value ($10,668,500) of an initial investment ($12,700,500) at a rate 'r' for a period of 7 years is given by:
[tex]10,668,500=12,700,500*(1+r)^7\\1+r=\sqrt[7]{\frac{10,668,500}{12,700,500}}\\1+r=0.9754\\r=-0.0246=-2.46\%[/tex]
His annual rate of return was -0.0246 or -2.46%.
*A negative rate of return means that money was lost in this investment
You want to invest $24,000 and are looking for safe investment options. Your bank is offering you a certificate of deposit that pays a nominal rate of 6% that is compounded quarterly. What is the effective rate of return that you will earn from this investment
Answer:
6.14%
Explanation:
The offered investment has a nominal rate (N) of 6% compounded quarterly (n=4 times a year). The effective rate of return (R) is obtained by:
[tex]R = (1+\frac{N}{n})^n-1\\R = (1+\frac{0.06}{4})^4-1\\R=0.0614=6.14\%[/tex]
The effective rate of return that you will earn from this investment is 6.14%.
*Note that the amount invested is not relevant when determining the effective rate of return, which means that the rate would be the same for any amount.
Cushenberry Corporation had the following transactions.1. Sold land (cost $11,360) for $14,200.2. Issued common stock at par for $18,900.3. Recorded depreciation on buildings for $15,730.4. Paid salaries of $8,080.5. Issued 1,170 shares of $1 par value common stock for equipment worth $8,420.6. Sold equipment (cost $10,300, accumulated depreciation $7,210) for $1,236.
Explanation:
The journal entries are shown below:
1. Cash A/c Dr $14,200
To Gain on land A/c $2,840
To Land $11,360
(Being the land is sold)
2. Cash A/c Dr $18,900
To Common stock A/c $18,900
(Being the common stock is issued for cash)
3. Depreciation Expense A/c Dr $15,730
To Accumulated Depreciation - Buildings A/c $15,730
(Being depreciation expense is recorded)
4. Salaries expense A/c Dr $8,080
To Cash A/c $8,080
(Being the salaries expense is paid for cash)
5. Equipment A/c Dr $8,420
To Common stock A/c $1,170
To Additional paid-in capital in excess of par value A/c $7,250
(Being the equipment is purchased)
6. Cash A/c Dr $1,236
Accumulated depreciation - Equipment A/c Dr $7,210
Loss on sale of equipment A/c Dr $1,854
To Equipment A/c $10,300
(Being the equipment is sold)
What type of process includes order processing, customer service processing, sales processing, customer billing processing, and order shipping processing?
Answer:
The correct answer is: Customer-facing processes.
Explanation:
The customer-facing process is the type of business in which a vendor is in charge of not only for the sale but also for all the steps involved in delivering the product sold to the buyer. Customer-facing processes are considered part of Customer Relationship Management (CRM) and aim to increase the satisfaction of consumers.
Final answer:
The processes of order processing, customer service processing, sales processing, customer billing processing, and order shipping processing are key business processes in sales and customer service. They are essential components of the supply chain and must be carefully managed and analyzed for efficiency and variation control.
Explanation:
Business Processes in Sales and Customer Service
The type of process that includes order processing, customer service processing, sales processing, customer billing processing, and order shipping processing is commonly known as a business process, specifically in the realms of sales and customer service. These processes are integral to the supply chain and the operations of a company.
Many processing variations exist or are envisioned, and these processes mentioned are typical rather than specific. They can be broken into three main parts that may overlap and often need to happen simultaneously, so planning tasks accordingly is critical.
Start on each part of the processing stage and plan tasks accordingly.Understand the various components of processing which are not necessarily linear steps.The typical steps in a supply chain include extraction, acquisition, production, inventory, transportation, wholesaling, and retailing.Process & Process Improvement involves collecting inputs, performing value-added activities to create an output, and regularly reviewing the effectiveness of these processes. A process analysis is crucial as it studies each aspect of a process to ascertain if all parts and steps work cohesively to produce the desired outcome.
Variation is a natural part of any business process, and quality techniques are used by companies to study the variation present in their processes. Identifying the source of variation allows for the production of a more consistently high-quality product or service.
Cupid Co. manufactures dog toys. One of its most popular products, Bacon Ben, has the following costs to produce 1,000 units: $9,600 direct materials, $1,920 advertising costs, $960 plant manager salary, and $640 salaries for factory maintenance. If the cost to produce one Bacon Ben is $14.72, how much is Cupid’s direct labor for this product?
Explain please.
Answer:
3,520= direct labor
Explanation:
Giving the following information:
Bacon Ben, has the following costs to produce 1,000 units:
$9,600 direct materials
$1,920 in advertising costs
$960 plant manager salary
$640 salaries for factory maintenance
To calculate the direct labor cost we need to use the following formula:
Total manufactured cost= direct materials + direct labor + allocated manufacturing overhead
Total manufactured cost= 1,000*14.72= $14,720
Direct material=9,600
Overhead= plant manager salary + salaries for factory maintenance
Overhead= 960 + 640= 1,600
14,720= 9,600 + direct labor + 1,600
3,520= direct labor