Answer:
d. exists if the omitted variable is correlated with the included regressor and is a determinant of the dependent variable.
Explanation:
Omitted-variable bias exists when one or more germane variables are left out of a statistical model, and this bias bring about a situation whereby the estimated effects of the variables included in the model are attributed to the impact of the missing variables.
This usually happens when the form and data used for other parameters in the regression model that is estimated are not appropriate.
10. If during 2009, the country of Sildavia recorded a GDP of $65 billion, interest payments of $15 billion, imports of $13 billion, profits of $7 billion, exports of $15 billion, and rent of $7 billion, wages during 2009 in Sildavida were
Answer:
$36 Billion
Explanation:
Given:
GDP = $65 billion
Interest payments = $15 billion
Imports = $13 billion
Profits = $7 billion
Exports = $15 billion
Rent = $7 billion
Wages = ?
Computation of Wages:
GDP from Income Method:
GDP = Interest payments + Wages + Rent + Profits
$65 billion = $15 billion + Wages + $7 billion + $7 billion
$65 billion = Wages + $29 billion
$65 billion - $29 billion = Wages
Wages = $36 Billion
Steve is a baseball fan. He regularly goes to games right after work without eating food. Therefore, he hopes that the food and drink vendors will visit his section of the stand frequently. Bart, on the other hand, regularly has dinner elsewhere before he attends games and has a lower level of desired service from the food and drink vendors at the ballpark.
In this example, Steve and Bart have different ____________ that shape their desired level of service.
A. Personal service philosophies
B. Personal needs
C. Predicted service levels
D. Derived service expectations
E. Adequate service expectations
Answer:
The answer is B.Personal needs.
Explanation:
Final answer:
Option B. Steve and Bart have different personal needs, which dictate their desired level of service from food and drink vendors at a ballpark. The concept of preferences in economics is related to the utility and satisfaction derived from consuming goods and services.
Explanation:
In the scenario with Steve and Bart, their different levels of service need at the ballpark are influenced by their unique personal needs. These needs emerge from their habits, with Steve directly coming to the games after work feeling hungry, hence having a higher demand for food services. Conversely, Bart having dinner beforehand has lower demand for these services during the game. This illustrates the concept of preferences and how individual choices are shaped by the various goods and services they desire, which can be influenced by immediate needs such as hunger or thirst, and choices like having a meal before an event.
The distinction between needs and wants is also crucial here. Needs, especially non-contingent needs, are essential for our survival and well-being, whereas wants are desires for goods and services that provide us with utility or satisfaction. In economics, utility is a measure of the satisfaction or benefit derived from consuming goods and services, and is subjective. The law of diminishing marginal utility states that as we consume more of a good, the additional satisfaction we get from each new unit tends to decrease.
On April 1, Adventures Travel Agency, Inc. began operations. The following transactions were completed during the month. 1. Issued common stock for $24,000 cash. 2. Obtained a bank loan for $7,000 by issuing a note payable. 3. Paid $11,000 cash to buy equipment. 4. Paid $1,200 cash for April office rent. 5. Paid $1,450 for supplies. 6. Purchased $600 of advertising in the Daily Herald, on account. 7. Performed services for $18,000: cash of $2,000 was received from customers, and the balance of $16,000 was billed to customers on account. 8. Paid $400 cash dividend to stockholders. 9. Paid the utility bill for the month, $2,000. 10. Paid Daily Herald the amount due in transaction (6). 11. Paid $40 of interest on the bank loan obtained in transaction (2). 12. Paid employees’ salaries, $6,400. 13. Received $12,000 cash from customers billed in transaction (7). 14. Paid income tax, $1,500.
Answer:
Explanation:
Date Transaction Debit Credit
01.04 Cash $24000
Common stock $24000
02/04 Cash $7000
Notes Payable $7000
03/04 Equipment $11000
Cash $11000
04/04 Operating Expense $1200
Cash $1200
05/04 Equipment Expense $1450
Cash $1450
06/04 Advertising $600
Accounts Payable $600
07/04 Accounts Receivable $16000
Cash $2000
Services performed $18000
08/04 Equity $400
Cash $400
09/04 Accounts Payable $2000
Cash $2000
10/04 Accounts Payable $600
Cash $600
11/04 Accounts payable $7000
Cash $7000
12/04 Salaries and wages Expense $6400
Cash $6400
13/04 Cash $12000
Service Revenue $12000
14/04 Tax Expense $1500
Cash $1500
Journal entries are the entries that let the companies or firms record the daily transaction in the book in order to maintain the record of the transactions avoiding chaos in the calculation of the deficit and surplus.
A journal entry is an act of reporting or staying abreast of any economic or quasi-activity. An accounting journal records transactions and reflects an industry's card payment amounts. Each recording in the journal entry can be either a negative or a positive.
The journal entries have been attached below.
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Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: Opened a business bank account in the name of Stanley Insurance Inc., with a deposit of $50,500 in exchange for common stock. Borrowed $23,000 by issuing a note payable. Received cash from fees earned, $28,500. Paid rent on office and equipment for the month, $2,600. Paid automobile expense for the month, $2,000, and miscellaneous expense, $800. Paid office salaries, $4,200. Paid interest on the note payable, $110. Purchased land as a future building site, $59,000. Paid dividends, $3,800.
Answer:
A. Net Income = $22,790
B. Shareholders' equity balance is = $69,490
Explanation:
Requirement A:
Les Stanley
Income Statement
For the year ended, July 31, 2015
Revenues:
Fees Earned $28,500 (1)
Expenses:
Rent expenses $2,600 (3)
Automobile Expense $2,000 (4)
Office Salaries $4,200 (5)
Miscellaneous expense$ 800 (6)
Interest Expense $ 110 (7)
Total Expenses $5,710
Net Income $22,790
Note - 1: Fees earned = $28,500 (Journal 3)
2. Common stock = $50,500 (Journal 1)
3. Rent expense (Journal 4)
4. Automobile expense (Journal 5)
5. Office salaries (Journal 7)
6. Miscellaneous expense (Journal 6)
7. Interest on payable (Journal 8)
8. Dividends (Journal 10)
Requirement B:
Les Stanley
Statement of shareholders equity
For the year ended, July 31, 2015
Particulars Share R. E* Total
Balances, July 1, 2015 $0 0 $0
Add: Issued Capital $50,500 (2) 0 $50,500
Add: Net Income $0 $22,790 $22,790
Less: Dividends (8) $0 $(3,800) $(3,800)
Balances, July 31, 2015 $50,500 $18,990 $69,490
Therefore, shareholders' equity balance is = $69,490
The question is about understanding and tracking the financial transactions made by a business owner, Les Stanley, for his company, Stanley Insurance Inc., in its first month.
Explanation:The subject of the question regards tracking and understanding financial transactions
in a business, specifically Stanley Insurance Inc. Les Stanley started his business in July and made certain financial decisions. He opened a bank account with $50,500, borrowed $23,000 through a note payable, gained $28,500 from earned fees, paid several expenses amounting to $9,710 in total. He also made a significant purchase of a land costing $59,000, and paid dividends of $3,800.
Business accounting is a key skill in managing the financial health of a company, and these transactions encapsulate that.
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Being "on time" in business situations generally means being about ________________. about thirty minutes late. about five minutes early. at the time of the appointment. at the time of appointment or within 15 minutes after.
Being "on time" in business situations generally means being about "five minutes early".
Option: B
Explanation:
Either in business or in any government sector being on time is one of the key to grab best opportunity. Here in business being on time means atleast 5 minute early on the spot, if someone became late than with apology it is acceptable only upto 5-10 minutes immediately after a start. While the one who is late more than 15 minute they need to inform coordinators or head through phone call or text and with reason. Reaching too early also may become boring and non-interest sometimes, especially when meeting starts.
In a business context, being 'on time' usually refers to arriving about five minutes before a scheduled appointment. This is a demonstration of respect and professionalism. It is almost always considered inappropriate to arrive late.
Explanation:In most professional business situations, being 'on time' typically signifies arriving approximately five minutes early to a scheduled appointment. It gives you enough time to settle in, prepare, and present yourself as a responsible individual. Arriving late tends to communicate disregard for others' time, and should be avoided unless an unavoidable circumstances arise. Keep in mind, though, expectations may vary in different cultures and contexts, but timeliness in general is key to maintaining professionalism in business settings
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The $1,000 face value ABC bond has a coupon rate of 6%, with interest paid semi-annually, and matures in 5 years. If the bond is priced to yield 8%, what is the bond's value today
Answer:
Coupon = (0.06 multiply with 1000) / 2 = 30
Rate = 8% divide by 2 = 4%
The Number of periods = 5 multiply with 2 = 10
Bonds value = 918.89
Keys to use in a financial calculator:
Face Value = 1000
I/Y = 4
PMT = 30
N = 10
CPT PV
Thus, the value of bond = $918.89
Final answer:
To calculate the current bond value, we must find the present value of the semi-annual interest payments and the face value, then sum them up. The present value, using a market yield of 8%, suggests that the bond's value today is approximately $918.89.
Explanation:
To calculate the current value of a bond, we must discount future cash flows (interest payments and the face value repayment at maturity) to their present value using the yield as the discount rate. For an ABC bond with a 6% coupon rate, $1,000 face value, that pays interest semi-annually and matures in 5 years, with a market yield of 8%, the present value must be determined.
First, calculate the semi-annual interest payment: $1,000 × 6% × 0.5 = $30. There are 10 semi-annual periods in 5 years. Now, we discount each semi-annual payment and the face value at the market yield compounded semi-annually.
Present Value of Interest Payments = $30 × [(1 - (1 + 4%)-10) / 4%] = $30 × 8.1109 = $243.327
Present Value of Face Value = $1,000 × (1 + 4%)-10 = $1,000 × 0.6756 = $675.56
Adding both present values, we have: $243.327 + $675.56 = $918.887. Thus, the bond's value today is approximately $918.89.
Now that you have studied the active and passive voice, what do you think when someone in government or business says, "Mistakes were made"? Is it unethical to use the passive voice to avoid specifics? (
Answer:
The sentence is unethical if there is a clear responsability on the mistakes. If the mistakes were made, and no one can be truly held accountable for that, then, the sentence is not unethical.
Explanation:
For example, if the government is corrupt, and officials actively commit embezzlement, the phrase "mistakes were made" is unethical because it is diverting the personal responsability of the corrupt officials.
But if for example, there is a volcano eruption, and the goverment tries its best to avoid casualties, but because of some involuntary mistakes some people still die, the phrase is not unethical because the mistakes were not voluntary and the consequences of those were not intended.
The passive voice in English often omits the perpetrator of an action, which can lead to perceptions of avoiding responsibility. Whether it is unethical depends on the context and intention behind its use, as it's just a grammatical construction. In some cases, it might be used to soften the impact or shift focus to solutions.
Explanation:In English, the use of passive voice such as 'mistakes were made' often omits the doer of the action from the sentence. This can sometimes be seen as avoiding personal responsibility, especially if it's used in government or business scenarios. However, calling it unethical would be a matter of personal judgement because the passive voice itself is just a grammatical construction.
For instance, if a politician uses the passive voice to omit who actually caused a problem ('mistakes were made' versus 'I made mistakes'), it could possibly be seen as an attempt to sidestep personal accountability.
On the other hand, businesses may use the passive voice to soften the blow of a difficult situation or to maintain a focus on solutions rather than forensically analyzing blame. So, whether the use of passive voice is unethical would depend on the context and intention behind its use.
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Ivanhoe Choice sells natural supplements to customers with an unconditional sales return if they are not satisfied. The sales returns extends 60 days. On February 10, 2021, a customer purchases $3000 of products (cost $1500). Assuming that based on prior experience, estimated returns are 10%. The journal entry to record the expected sales return and cost of goods sold includes a_____________.a.credit to Refund Liability for $200.
b.credit to Returned Inventory for $100.
c.credit to Estimated Inventory Returns for $100.
d. debit to Estimated Inventory Returns for $100.
The journal entry to record the expected sales return and cost of goods sold includes a_____________
a.credit to Refund Liability for $200.
Explanation:
Ivanhoe Choice sells natural supplements to customers with an unconditional sales return if they are not satisfied. The sales returns extends 60 days. On February 10, 2021, a customer purchases $3000 of products (cost $1500). Assuming that based on prior experience, estimated returns are 10%. The journal entry to record the expected sales return and cost of goods sold includes a_____________a.credit to Refund Liability for $200.The refund liability shows the amount of consideration that means the company does not expect to be entitled because it will be refunded to customers.The liability should be represented for the amount of revenue expected to be refunded.Also the returns and refunds are disadvantageous for business for a product.
Supporters of socially responsible businesses claim that by becoming socially responsible, businesses can expect ________. more government regulation less government regulation more government interference more strict enforcement of laws
Answer:
less government regulation
An auto manufacturer starts an advertising campaign that stresses the benefits of purchasing a new car every five years so that consumers who are driving an older car will start to want to purchase an automobile. This is an example of a company appealing to what phase of the consumer decision-making process?
Answer:
In the present case, the advertising of the automobile company seeks to affect the first phase of the decision-making process of consumers, that is, it seeks to create in consumers the need to consume: in the case, it seeks to create the need to buy a new car.
In this way, the company aims to create a situation that motivates the consumption of the product it is selling, through certain marketing strategies, to maximize its sales, and therefore its profits.
Brief Exercise 13-05 Pronghorn Inc.’s $11 par value common stock is actively traded at a market price of $14 per share. Pronghorn issues 5,900 shares to purchase land advertised for sale at $77,000. Journalize the issuance of the stock in acquiring the land
Explanation:
The journal entry for issuance of the stock for acquiring the land is shown below:
Land A/c Dr $82,600 (5,900 shares × $14 per share)
To Common stock A/c $64900 (5,900 shares × $11 per share)
To Additional paid-in capital in excess of par - Common stock A/c $17,700 (5,900 shares × $3 per share)
(Being the issuance of the stock for acquiring the land is recorded)
Compute the time-before-deadline for each incoming job. Give the order in which the six jobs will finish, and identify any jobs that fail to meet their dead-line. It may help to draw a timeline
Answer:
The question is not complete the completed one and the solution is attached herewith.
Explanation:
xercise 19-3 Correct answer. Your answer is correct. Barnes Company reports the following operating results for the month of August: sales $320,000 (units 5,000); variable costs $216,000; and fixed costs $70,500. Management is considering the following independent courses of action to increase net income. Compute the net income to be earned under each alternative. 1. Increase selling price by 10% with no change in total variable costs or sales volume. Net income $Entry field with correct answer 65500 2. Reduce variable costs to 56% of sales. Net income $Entry field with correct answer 70300 3. Reduce fixed costs by $22,000. Net income $Entry field with correct answer 55500
Answer:
1.$352,000
2.$33,500
3. $227,500
Explanation:
1.
$320,000 x 10% = 32,000
$320,000 + $32,000= $352,000
2.
Reduce variable costs to 56% of sales.
$320,000 x 56%= $179,200
Sales $320,000 - VC $ 216,000= $104,000
CM $104,000 - FC $70,500 = $33,500
By reducing the variable costs to 56% of sales we would get a net income of $ 33,500
3.
Reduce fixed costs by $22,000.
Sales $320,000 - VC $ 22,000=$298,000
CM $298,000 - FC $70,500 = $227,500
The Sunshine Company's manufacturing costs for the third quarter of 2015 were as follows: Direct materials and direct labor $600,000 Other variable manufacturing costs 100,000 Depreciation of factory building and manufacturing equipment 50,000 Sales Commissions 20,000 What amount should be considered product costs for external reporting purposes
Answer:
$750,000
Explanation:
Product costs are those costs that are incurred during production process, that is process of forming the product. It includes direct and indirect cost incurred during manufacturing.
Sales commission not however not considered part of product cost, but as part of operations expense. Commissions are paid to employees as incentive for driving sales, so it does not contribute to the product cost.
Product cost = Direct materials and direct labour+ Variable manufacturing costs+ Depreciation
Product cost = 600,000+ 100,000+ 50,000
Product cost= $750,000
Danny "Dimes" Donahue is a neighborhood’s 9-year-old entrepreneur. His most recent venture is selling homemade brownies that he bakes himself. At a price of $2.75 each, he sells 100. At a price of $2.25 each, he sells 300. Instructions: Round your answer to 1 decimal place. a. What is the elasticity of demand? . b. Is demand elastic or inelastic over this price range? . c. If demand had the same elasticity for a price decline from $2.25 to $1.75 as it does for the decline from $2.75 to $2.25, would cutting the price from $2.25 to $1.75 increase or decrease Danny’s total revenue? .
Answer:
To calculate the elasticity of demand, we need to use mid point elasticity theory.
According to mid point theory,
Ed = [(Q2 - Q1) / {(Q1 + Q2) / 2}] / [(P2 - P1) / {(P1 + P2) / 2}]
Where, Ed = Elasticity o demand
Q1 = Initial quantity = 100
Q2 = New Quantity = 300
P1 = Initial price = $2.75
P2 = New price = $2.25
Ed = [(300 - 100) / {(100 + 300) / 2}] / [(2.25 - 2.75) / {(2.75 + 2.25) / 2}]
Ed = - 5.
a. So, the elasticity of demand is - 5 or in absolute term 5.
b. As the value of elasticity is more than 1, that means, the elasticty over the price range in elastic.
c. From theory, we knew that, when the demand is elastic, then a decrease in price causes a increase in total revenue. Because, as the demand elasticity is elastic, so the increase in output is higher than decrease in price.
Total revenue will increase
The elasticity of demand is calculated as -5. The rise in output is greater than the drop in price because the demand elasticity is elastic.
Midpoint theory implies that
Ed is equal to [(Q2 - Q1)/(Q1 + Q2) / 2]. / [(P2 - P1) / {(P1 + P2) / 2}]
Where Ed = Demand's Elasticity
Q1 = 100 for the initial quantity
Q2 = 300, New Quantity
P1: The starting fee is $2.75.
P2: $2.25 is the new pricing.
Ed = [(300 - 100) / {(100 + 300) / 2}] / [(2.25 - 2.75) / {(2.75 + 2.25) / 2}]
Ed = - 5.
a. Accordingly, the demand elasticity is -5, or in absolute terms, 5.
b. Since the elasticity value is greater than 1, the elasticity throughout the price range is also greater.
c. According to theory, when demand is elastic, a drop in price results in an increase in overall income. The rise in output is greater than the drop in price because the demand elasticity is elastic.
The degree to which demand reacts to a change in an economic component is known as the elasticity of demand. The most prevalent economic component considered when calculating elasticity is price. Income level and the accessibility of substitutes are further considerations. Elasticity gauges how demand changes in response to shifting economic conditions.
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When Resisto Systems, Inc., was formed, the company was authorized to issue 5,000 shares of $100 par value, 8 percent cumulative preferred stock, and 100,000 shares of $2 stated value common stock. Half of the preferred stock was issued at a price of $105 per share, and 60,000 shares of the common stock were sold for $11 per share. At the end of the current year, Resisto has retained earnings of $382,000. a. Prepare the stockholders’ equity section of the company’s balance sheet at the end of the current year.
Answer:
Resisto Systems
Stockholder Equity As on MM DD, YYYY
Common Share paid-in Capital $120,000
Preferred Shares paid-in Capital $250,000
Additional paid-in capital above par Common $540,000
Additional paid-in capital above par Preferred $12,500
Retained Earning $382,000
Total Stockholder Equity $1,304,500
Explanation:
The stockholders' equity section is reported on the Equity and Liabilities section of the balance sheet. Equity and Liabilities section are equal to the total assets value on the balance sheet. The Stockholders Equity section is consists of the capital from common and preferred shares and any additional paid-in capital over par value. Retained earnings is also a part of this section. The retained earnings is the net balance of opening retained earnings, net income earned during the period and dividends paid during the period.
Preferred share issued = 5,000 x 0.5 = 2,500
Common Share paid-in Capital = 60,000 x $2 = $120,000
Preferred Shares paid-in Capital = 2500 x $100 = $250,000
Additional paid-in capital above par Common = ( $11 - $2 ) x 60,000 = $540,000
Additional paid-in capital above par Preferred = ( $105 - $100 ) x 2,500 = $12,500
Handy Home sells windows and doors in the ratio of 8:2 (windows:doors). The selling price of each window is $200 and of each door is $500. The variable cost of a window is $125 and of a door is $350. Fixed costs are $900,000.
(1) Determine the selling price per composite unit.
(2) Determine the variable costs per composite unit.
(3) Determine the break-even point in composite units.
(4) Determine the number of units of each product that will be sold at the break-even point.
Answer:
Instructions are listed below.
Explanation:
Giving the following information:
The proportion of windowws= 0.8
The proportion of doors= 0.2
The selling price of each window is $200 and each door is $500. The variable cost of a window is $125 and of a door is $350. Fixed costs are $900,000.
1) To determine the composite price, we need to multiply the selling price of each product for the proportion of sales. Then sum them.
weighted average selling price= (selling price* weighted sales participation)
weighted average selling price= (0.8*200) + (0.2*500)= $260
2) We need to the same with the variable cost:
weighted average variable cost= (variable cost* weighted sales participation)
weighted average variable cost= (0.8*125) + (0.2*350)= $170
3) Break-even point (units)= Total fixed costs / (weighted average selling price - weighted average variable expense)
Break-even point (units)= 900,000/ (260 - 170)
Break-even point (units)= 10,000 units
4) To determine the number of units of each product, we need to multiply the break-even point in units for the proportion of sales:
Windows= 10,000*0.8= 8,000
Doors= 10,000*0.2= 2,000
The selling price per composite unit is $260, and the variable cost per composite unit is $170. The break-even point for Handy Home is 10,000 composite units. At this point, 8,000 windows and 2,000 doors will be sold.
Determining the selling price per composite unit, variable costs per composite unit, break-even point in composite units, and the number of units of each product that will be sold at the break-even point for Handy Home.
1. Selling Price per Composite Unit
Handy Home sells windows and doors in the ratio of 8:2. The selling price for each window is $200 and for each door is $500.
Total Revenue from Windows: 8 * 200 = $1600Total Revenue from Doors: 2 * 500 = $1000Total Revenue for Composite Unit: $1600 + $1000 = $2600Selling Price per Composite Unit: $2600 / 10 = $2602. Variable Costs per Composite Unit
The variable cost for each window is $125 and for each door is $350.
Total Variable Cost from Windows: 8 * 125 = $1000Total Variable Cost from Doors: 2 * 350 = $700Total Variable Cost for Composite Unit: $1000 + $700 = $1700Variable Cost per Composite Unit: $1700 / 10 = $1703. Break-Even Point in Composite Units
Fixed Costs: $900,000
Contribution Margin per Composite Unit: 260 - 170 = $90Break-Even Point in Composite Units: 900,000 / 90 = 10,000 units4. Number of Units of Each Product Sold at the Break-Even Point
Windows: 10,000 * 8/10 = 8,000 unitsDoors: 10,000 * 2/10 = 2,000 units
You are given a two-asset portfolio with a fixed correlation coefficient. If the weights of the two assets are varied the expected portfolio return would be ____ and the expected portfolio standard deviation would be
Options
A. Nonlinear, elliptical
B. Nonlinear, Circular
C. Linear, elliptical
D. Linear, Circular
E. Circular, elliptical
Answer: C. Linear, elliptical
Explanation:An asset is any investment made by a person or an organisation that is capable of yielding future benefits in the future.
Portfolio is a group of Financial assets such as bonds,stocks, Financial and non Financial Securities such as real estates etc.
A two-portfollio is a portfolio owned by an organisation or a person containing two assets.
Correlation coefficient is a statistical measure that is used to establish the strength of the Relationship between two the relative movements of two variables.
Judy has been having a very difficult time at work. Her supervisor is constantly making her work long hours and is usually very critical of her behavior. This constant negativity is taking a toll on Judy and she is starting to experience hatred toward her job. According to the theory of emotional regulation, Judy needs to do which of the following to control her spiraling emotions?a. Vent…letting it out clears the soul.b. Drink…a little alcohol count help her chill out.c. Dance…a hobby is always a good diversion.d. Curse…a few choice words will help.
Answer:
.c. Dance…a hobby is always a good diversion
Explanation:
In psychology, the term Emotional regulation refers to a person's ability to manage their emotions and respond adequately to them.
People always use different emotional regulation techniques, some of the ones experts recommend are: talking with friends, doing exercise, doing something you enjoy doing, writing, creating art.
On the other hand, psychologists don't recommend the use of drugs or alcohol, verbal or physical violence.
In this example, Judy has been having a very difficult time at work and this is taking a toll on Judy and she's starting to experience hatred toward her job. According to the theory of emotional regulation, we can see that, from the options given, the one that psychologists recommend is to do something you enjoy doing (a hobby) like dancing. Therefore, this is the right answer.
Stellar Corporation engaged in the following cash transactions during 2017. Sale of land and building $194,800 Purchase of treasury stock 46,900 Purchase of land 44,700 Payment of cash dividend 91,800 Purchase of equipment 58,200 Issuance of common stock 157,000 Retirement of bonds 102,900Compute the net cash provided (used) by investing activities
Use the information presented for Martinez Corporation to compute the net cash used (provided) by financing activities
Answer:
The cash provided by investing activities is $91900
Explanation:
The net cash provided or (used) by investing activities is computed thus:
Sale of land and building $194800
Purchase of land ($44700)
Purchase of equipment ($58200)
Net cash provided by investing activities $91900
The purchase of treasury refers to purchase of own shares from shareholders,hence it is a financing activity
Payment of dividends to shareholders is also a financing activity
Issuance of common stock and retirement of bonds are also financing activity-related,as a result they do not feature in the above computation of cash provided or used by investing activities
If the bidders at a first-price auction have true values of $78, $72, $66, and $65, the item will sell for a. $78 b. $72 c. just over $72 d. Just above $78
Answer:
a. $78
Explanation:
In a first-price auction, all bidders simultaneously submit sealed bids, with that approach, no bidder knows the bid of any other participant and then the bidder with the highest bid purchases the item for the specified amount. If the highest value is $78, the item will sell for exactly $78.
On January 1, 2012, Corvallis Carnivals borrows $20,000 to purchase a delivery truck by agreeing to a 7%, four-year loan with the bank. Payments of $478.92 are due at the end of each month, with the first installment due on January 31, 2012. Record the issuance of the note payable and the first monthly payment.
Explanation:
The journal entries are as follows
On January 1, 2012
Cash $20,000
To Note payable $20,000
(Being the issuance of the note payable is recorded)
On January 31, 2012
Interest expense $116.67
Note payable $362.25
To Cash $478.92
(Being the first monthly payment is recorded)
The interest expense is as follows
= Borrowed amount × monthly interest rate
= $20,000 × 0.5833%
= $116.67
Identify a cost driver that may be used to assign each cost pool to each line of snowmobiles. Budgeted Costs Cost Driver Machine setup, indirect materials select a cost driver Inspections select a cost driver Tests select a cost driver Insurance, plant select a cost driver Engineering design select a cost driver Depreciation, machinery select a cost driver Machine setup, indirect labor select a cost driver Property taxes select a cost driver Oil, heating select a cost driver Electricity, plant lighting select a cost driver Engineering prototypes select a cost driver Depreciation, plant select a cost driver Electricity, machinery select a cost driver Machine maintenance wages select a cost driver
Explanation:
The identification of the cost driver is presented below:
This identification is required so that the indirect cost can be allocated according to the each cost pool
Machine setup, indirect materials = Number of setups
Inspections = Number of inspections
Test = Number of test
Insurance, plant = Machine hours or square feet
Engineering design = Engineering Hours
Depreciation, machinery = Machine hours
Machine setup, indirect labor = Number of setups
Property taxes = Machine hours or square feet
Oil, heating = Machine hours or square feet
Electricity, plant lighting = Machine hours or square feet
Engineering prototypes = Engineering Hours
Depreciation, plant = Machine hours or square feet
Electricity, machinery = Machine hours
Machine maintenance wages = Number of machines or machine hours
The choice of the most appropriate cost driver should align with the specific factors influencing each cost pool and the characteristics of the snowmobile lines essential to select cost drivers that provide a reasonable basis for allocating costs accurately to each product line.
To assign each cost pool to each line of snowmobiles, it's essential to select appropriate cost drivers that reflect the factors driving the incurrence of each cost pool.
Here are some suggested cost drivers for the listed cost pools:
1. **Machine Setup**: The number of machine setup hours or setups can be a suitable cost driver.
Each snowmobile line may require a different number of setups or hours, depending on the complexity of the production process.
2. **Inspections**: The number of inspections or inspection hours can be a relevant cost driver.
Different snowmobile lines may require varying levels of inspection based on their design and quality standards.
3. **Tests**: The number of tests performed or test hours can serve as the cost driver.
Snowmobile lines with more complex features may undergo more testing, impacting costs.
4. **Insurance, Plant**: Total square footage or the value of assets in the plant can be a reasonable cost driver.
Different snowmobile lines may occupy different areas or use plant assets differently.
5. **Engineering Design**: The number of design hours or the number of design iterations could be used as a cost driver.
More complex snowmobile lines may require more extensive design efforts.
6. **Depreciation, Machinery**: Machine hours or the value of machinery can be a suitable cost driver.
Some snowmobile lines may heavily rely on specific machinery, impacting depreciation costs.
7. **Machine Setup, Indirect Labor**: Similar to machine setup, the number of setup hours or setups can be used, but this time focusing on the labor aspect of setup.
8. **Property Taxes**: Total square footage or the assessed value of the property can be a relevant cost driver.
Different snowmobile lines may occupy different areas within the facility.
9. **Oil, Heating**: Heating degree days (a measure of heating requirements) or energy consumption can be a cost driver, as snowmobile lines with different production processes may have varying heating needs.
10. **Electricity, Plant Lighting**: The total square footage of the plant area requiring lighting can be a cost driver, as different snowmobile lines may occupy different spaces.
11. **Engineering Prototypes**: The number of prototypes or prototype design hours can serve as a cost driver, especially for snowmobile lines that require extensive prototyping.
12. **Depreciation, Plant**: Similar to machinery, the value of plant assets or total square footage can be used as a cost driver for plant depreciation.
13. **Electricity, Machinery**: The total hours of machinery operation or the energy consumption by machinery can be a cost driver, particularly for lines that heavily use machinery.
14. **Machine Maintenance Wages**: The number of machine maintenance hours or the number of maintenance activities can be a relevant cost driver.
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On May 15, Maynard Co. borrowed cash from Texas Bank by issuing a 90-day note with a face amount of $45,600. Assume a 360-day year. Required: a. Determine the proceeds of the note, assuming the note carries an interest rate of 8%. $ b. Determine the proceeds of the note, assuming the note is discounted at 8%.
Answer:
a. $45,600
b. $45,296
Explanation:
The computation is shown below:
a. The proceed of the note is always equal to the face amount i.e $45,600
b. After considering the discounted rate, the proceed of the note is
= ($45,600) - ($45,600 × 8% × 30 days ÷ 360 days)
= $45,600 - $304
= $45,296
After considering the discount rate and the issuing days, the proceed of the note could come
Final answer:
For case a, the interest is calculated and added to the principal, giving proceeds of $46,512. For case b, when the note is discounted at 8%, the discount amount is subtracted from the principal, resulting in proceeds of $44,688.
Explanation:
When Maynard Co. borrows $45,600 at an 8% interest rate for 90 days on a 360-day year basis, the interest can be calculated using the formula Interest = Principal imes Rate imes Time. To calculate the proceeds for case a, with the note carrying the interest rate of 8%, the steps are as follows:
Calculate the interest: $45,600 imes 8% imes (90/360) = $912.Add the interest to the principal to determine the maturity value: $45,600 + $912 = $46,512.The proceeds of the note are equal to the maturity value: $46,512.For case b, assuming the note is discounted at 8%, we follow a slightly different process:
Calculate the discount: $45,600 imes 8% imes (90/360) = $912.Subtract the discount from the principal to determine the proceeds of the note: $45,600 - $912 = $44,688.The College of Business is deciding between two photocopier options. The first is to lease a high-end machine for $8,400/year. The lease is all-inclusive so the only additional costs are the cost of paper, which is $0.01/sheet. The other option is to purchase a machine. The cost is $5,000 and the per sheet cost increases (toner, maintenance) to $0.02.
Which option is preferred if the annual copy volume is expected to be 270,000? b. What if the copy volume is reduced to 240,000? c. At what volume is the College indifferent between the two options?
What if the copy volume is reduced to 240,000?
At what volume is the College indifferent between the two options?
Answer:
At 270, 000 copies, option 2 is preferred
At 240, 000 copies, option 2 is preferred.
the college will be indifferent when the volume is 340, 000
Explanation:
When deciding which option to choose, the college of business need to consider that the cost is divided into two: fixed and variable costs.
Fixed costs: Fixed costs are the costs that do no change regardless of the number of copies that will be made. In this instance, fixed costs are the Lease value for option 1 and the cost price of the machine for the second option.
Variable Costs: Variable costs are the costs that will vary depending n the number of copies that will be made. In this instance, variable costs will be the total cost of making copies (per sheet cost x number of copies made)
Option 1: to lease the machine
Fixed cost = $8, 400
Variable cost (@270, 000 copies) = $0.01 x 270, 000 = $2, 700
Total cost = $11, 100
Option 2: to purchase the machine
Fixed cost = $5, 000
Variable cost (@270, 000 copies) = $0.02 x 270, 000 = $5, 400
Total cost = $10, 400
Between option 1 and Option 2, at 270, 000 copies, option 2 is preferred as it has a lesser cost.
Option 1: to lease the machine
Fixed cost = $8, 400
Variable cost (@240, 000 copies) = $0.01 x 240, 000 = $2, 400
Total cost = $10, 800
Option 2: to purchase the machine
Fixed cost = $5, 000
Variable cost (@240, 000 copies) = $0.02 x 240, 000 = $4, 800
Total cost = $9, 800
Between option 1 and Option 2, at 270, 000 copies, option 2 is preferred as it has a lesser total cost.
Now we need to determine at which volume will the college be indifferent between the two option, i.e. when the costs that will be incurred for Option 1 are equal to the costs that will be incurred for Option 2
$8, 400 + 0.01x = $5, 000 + 0.02x
$8, 400 - $5, 000 = 0.02x – 0.01x
$3, 400 = 0.01x
$340, 000 = x
The college will be indifferent between the 2 options when the volume is 340, 000 copies.
Proof:
Option 1: $8, 400 + [0.01 x 340, 000] = $11, 800
Option 2: $5, 000 + [0.02 x 340, 000] = $11, 800
Skidmore Music Company had the following transactions in March: Sold instruments to customers for $16,300; received $11,200 in cash and the rest on account. The cost of the instruments was $8,700. Purchased $4,300 of new instruments inventory; paid $1,600 in cash and owed the rest on account. Paid $610 in wages to employees who worked during the month. Received $4,200 from customers as deposits on orders of new instruments to be sold to the customers in April. Received a $270 bill for March utilities that will be paid in April.
Answer:
1. a) Dr Account receivable 16300
Cr Sales revenue 16300
b) Dr Cash 11200
Cr Account receivable 11200
2. Dr Inventory 4300
Cr Cash 1600
Cr Accounts payable 2700
3. Dr Wages expense 610
Cr Cash 610
4. Dr Cash 4200
Cr Advance from customer 4200
5. Dr utilities expense 270
Cr Utilities payable 270.
Glavine Corporation incurred the following costs while manufacturing its product. Materials used in product $125,000 Depreciation on plant 60,000 Property taxes on store 7,500 Labor costs of assembly-line workers 110,000 Factory supplies used 23,000 Advertising expense 45,000 Property taxes on plant 19,000 Delivery expense 21,000 Sales commissions 35,000 Salaries paid to sales clerks 50,000 Work-in-process inventory was $27,000 at January 1 and $15,500 at December 31. Finished goods inventory was $65,000 at January 1 and $50,600 at December 31.(a) Compute cost of goods manufactured.
(b) Compute cost of goods sold.
Answer:
Part (a) Compute cost of goods manufactured.
Direct Materials 125,000
Direct Labor 110,000
Prime Cost 235,000
Add Manufacturing Overhead Expenses:
Depreciation on Plant 60,000
Factory Supplies 23,000
Property Taxes on Plant 19,000
Total Manufacturing Costs 337,000
Add Opening Work In Process Inventory 27,000
Less Closing Work In Process Inventory (15,500)
Cost of goods manufactured 348,500
Part (b) Compute cost of goods sold.
Opening Stock of Finished Goods Inventory 65,000
Add Cost of Goods Manufactured 348,500
Less Closing Stock Of Finished Goods Inventory (50,600)
Cost of goods sold 362,900
Explanation:
Part (a) Compute cost of goods manufactured.
Cost of goods manufactured = Direct Materials + Direct Labor + Manufacturing Overheads
IGNORE NON-MANUFACTURING OVERHEADS FOR THIS PART OF CALCULATION !
Part (b) Compute cost of goods sold.
Cost of Goods Sod = Opening Stock of Finished Goods + Cost of Goods Manufactured - Closing Stock of Finished Goods
Answer:
Cost of Goods Sold $ 362,500
Explanation:
Glavine Corporation
Cost Of Goods Sold Statement
Materials used $125,000
Labor costs of assembly-line workers 110,000
Factory Overhead $ 102,000
Factory supplies used 23,000
Depreciation on plant 60,000
Property taxes on plant 19,000
Total Manufacturing Costs $ 337,000
Add Work-in-process inventory was $27,000 at January 1
Cost of Goods Available for Manufacture $ 364,000
Less Work-in-process inventory $15,500 at December 31.
Cost of Goods Manufactured $ 348,500
Add Finished goods inventory was $65,000 at January 1
Cost of Goods Available for Sale $ 413,500
Less Finished goods inventory $50,600 at December 31
Cost of Goods Sold $ 362,500
These all expenses are related to Sales and included in the income statement. They are not related to the manufacturing of the product.
Advertising expense 45,000
Property taxes on store 7,500 ****
It is considered to be the Sales Store
Delivery expense 21,000
Sales commissions 35,000
Salaries paid to sales clerks 50,000
A firm wishes to maintain an internal growth rate of 6.5 percent and a dividend payout ratio of 25 percent. The current profit margin is 6 percent, and the firm uses no external financing sources. What must total asset turnover be?
Answer: source Amnesia
Explanation:
Source amnesia is the inability to remember where, when or how previously learned information has been acquired, while retaining the factual knowledge. This branch of amnesia is associated with the malfunctioning of one's explicit memory. It is likely that the disconnect between having the knowledge and remembering the context in which the knowledge was acquired is due to a dissociation between semantic and episodic memory – an individual retains the semantic knowledge (the fact), but lacks the episodic knowledge to indicate the context in which the knowledge was gained.
An owner of a local salon realized that by decreasing the prices that she charges for haircuts, her revenue has increased. This implies that a. The demand for her haircuts is elastic b. The demand for her haircuts is unitary elastic c. The demand for her haircuts is inelastic d. The demand for her haircuts is perfectly inelastic
Answer:
The correct answer is letter "A": The demand for her haircuts is elastic.
Explanation:
Elasticity is a feature of certain goods and services that affect their quantity demanded after a change in prices. The price elasticity of demand is calculated by dividing the percentage of change in quantity demanded by the percentage of change in price. Results equal to or greater than one (1) imply the demand for that product is elastic while results lower than 1 means the demand is inelastic.
Thus, if a salon owner realizes her revenue increased after decreasing the haircut prices, it implies the demand for haircuts is elastic.
Canfield Construction applies overhead to its projects at a rate of $65 per direct labor hour. Laborers are paid an average rate of $30 per hour. The Jefferson Apartments project was charged a total of $1,200,000 in direct materials and $450,000 in direct labor costs.
a. Overhead applied to the Jefferson Apartments project amounted to:
b. The journal entry to transfer the completed Jefferson Apartments project to Canfield's finished goods inventory would include:
c. The journal entry made by Canfield to record the sale of the Jefferson Apartments project to King Development Company for $5,250,000 would include:
Answer:
(a) $975,000
(b) $2,625,000
(c) $2,625,000
Explanation:
(a) Direct labor hours:
= Direct labor costs ÷ Average rate of labor per hour
= $450,000 ÷ $30 per hour
= 15,000 hours
Overhead applied to the Jefferson Apartments project:
= Direct labor hours × rate per direct labor hour
= 15,000 hours × $65 per direct labor hour
= $975,000
(b) Finished goods inventory:
= Direct materials + Direct labor costs + Overhead applied
= $1,200,000 + $450,000 + $975,000
= $2,625,000
Hence, the finished goods inventory account debited by the amount $2,625,000.
(c) Cost of goods sold is debited by the amount of $2,625,000.