On December 29, 2020, Patel Products, Inc., sells a delivery van that cost $20,000. The equipment had accumulated depreciation of $16,000 at December 31, 2019. Annual depreciation on this equipment is $2,000 computed using straight-line depreciation. Complete the necessary journal entry to bring the accumulated depreciation up-to-date.
Answers
Answer:
Depreciation refers to the state where the assets of the firm undergo a reduction in the price. The reduction takes place yearly or on the defined time period.
Explanation:
Given information:
Cost of delivery van = $20,000
Accumulated depreciation of equipment = $16,000
Annual depreciation on this equipment = $2,000
Therefore, the journal entry is as follows:
On December 29, 2020
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The accumulated depreciation of the van on December 29, 2020, would be $18,000. This is calculated by adding the annual depreciation of $2,000 to the accumulated depreciation of $16,000 from December 2019. A journal entry reflecting this additional depreciation is made debiting Depreciation Expense and crediting Accumulated Depreciation by $2,000
Explanation:The problem revolves around the concept of depreciation, which is the decrease in the value of an asset over time. In this case, Patel Products, Inc. sold a van that had already depreciated in value. In accounting, we record this depreciation to keep our records up-to-date and accurate.
As of December 31, 2019, the accumulated depreciation for the van was $16,000. However, the van continues to depreciate at a rate of $2,000 per year. So, for the year 2020, we need to add this annual depreciation to the accumulated depreciation. Thus, the equation is as follows: Accumulated Depreciation (December 2019) + Annual Depreciation
$16,000 + $2,000 = $18,000
This means that by the time the van is sold on December 29, 2020, the accumulated depreciation has reached $18,000.
To make a journal entry encoding this, it would look something like this:
Date: December 29, 2020
Debit: Depreciation Expense $2,000
Credit: Accumulated Depreciation $2,000
This journal entry reflects how the asset (the van) has further depreciated in value over the course of 2020.
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Related Questions
What would happen to the U.S. standard of living if people lost faith in the safety of the financial institutions?
Answers
Answer:
Financial institutions comprises of banks, insurance companies, stock and bond market, and mutual funds. They aim to make financial markets work by moving funds from savers to people who have productive investment opportunities. A loss in faith in the safety of the financial institutions in the U.S., will result in a credit crunch/liquidity squeeze which will affect the standard of living adversely. This is because there will be a paucity of funds being saved by households due to uncertainty; this will results in insufficient funds available for investment purposes. Also, organizations and investment bankers requiring capital will not get funded and this will have a downward multiplier effect on the economy. A loss in confidence in the financial system will majorly stifle investment opportunities thereby reducing employment and income. This would mean that the standard of living will fall significantly.
Notably, both domestic and foreign investment will fall. There would be a fall in direct investment and portfolio investment which would definitely affect the health of the economy, also, domestic investment would fall due to lack of funds and capital flight. Again, this would lead to an increase in unemployment, a fall in income, and a drastic fall in living standards.
Explanation:
Final answer:
Loss of faith in the safety of financial institutions can dramatically lower the U.S. standard of living by impeding loans, causing bank failures, and requiring government bailouts, as witnessed during the 2008-2009 Great Recession.
Explanation:
When people lose faith in the safety of financial institutions, it can lead to severe consequences for the U.S. standard of living. Financial crises, such as the 2008-2009 Great Recession, showcase how distrust in banks and financial institutions can cause a domino effect that undermines economic stability. If banks face financial stress and the value of their assets decline, the availability of loans may significantly decrease, negatively impacting essential sectors like business investment, home construction, and car manufacturing.
Loss of confidence may halt transactions across the economy, leading to bank failures and requiring government intervention to prevent total collapse. Institutions like Bear Stearns and Lehman Brothers saw their demise due to their inability to renew their funds and repay depositors. The failed financial institutions and the resulting economic conditions not only decimate stock markets but can also push millions of households towards financial ruin, exemplified by the mortgage crisis leading up to the recession.
In response to such crises, there may be a shift towards greater regulation and oversight to ensure the stability of banks, which could re-establish trust but also bring changes to the financial landscape. Ultimately, public confidence is a cornerstone of a healthy economy, and its disappearance can lead to a sharp deterioration in the standard of living.
Which of the following is a transaction for Tyler Corporation?
Tyler pays its employees $400 for work done.
Tyler considers renting office space that will cost $1,500 per month.
Tyler agrees to perform services for a client, which will cost $7,000.
Tyler places an order for supplies that will be delivered in two weeks.
The supplies cost $200.
Answers
Answer:
Tyler pays its employees $400 for work done.
Explanation:
An accounting transaction is a financial event that has occurred already and can be recorded in an organization's financial statement.
In this case, the statement "Tyler pays its employees $400 for work done" is an example of a financial transaction because it has already occurred.
Answer:
Tyler pays its employees $400 for work done.
Explanation:
A business transaction is an activity or event that can be measured in terms of money and which affects the financial position or operations of the business entity. A business transaction has an effect on any of the accounting elements – assets, liabilities, capital, income, and expense.
Tyler pays its employees $400 for work done. This statement shoes that an action that will affect expenses account and cash or bank account has been carried out, so this is a business transaction.
Retained Earnings Statement
The revenues and expenses of Paradise Travel Service for the year ended May 31, 2018, follow:
Fees earned $900,000
Office expense 300,000
Miscellaneous expense 15,000
Wages expense 450,000
Prepare a retained earnings statement for the year ended May 31, 2018.
Everett McCauley invested an additional $40,000 in the business in exchange for common stock, and $10,000 of dividends were paid during the year. Retained earnings as of June 1, 2017, were $300,000.
Answers
Answer:
$425,000
Explanation:
The Retained earning statement of the Paradise travel can be calculated using the following formula:
Closing Retained earnings=opening retained earnings+net income-dividend paid
opening retained earnings=$300,000
Net income=Fees earned-office expense- miscellaneous expense-wages expense
Net income=900,000-300,000-15,000-450,000=$135,000
Dividends paid=$10,000
Closing retained earnings=$300,000+$135,000-$10,000
=$425,000
After calculating the net income for the year by subtracting expenses from revenues, we update the Retained Earnings Statement by adding the net income and additional investment to the initial retained earnings, and subtracting the dividends paid. The final retained earnings at the end of the year would be $465,000.
Explanation:To prepare a Retained Earnings Statement for Paradise Travel Service for the year ended May 31, 2018, we need to first calculate the net income for the year and then update the retained earnings.
Net income is calculated by subtracting expenses (Office expense, Miscellaneous expense and Wages expense) from revenues (Fees earned). So, $900,000 - $300,000 - $15,000 - $450,000 = $135,000.
So, now we update our Retained Earnings Statement. Start with the initial Retained Earnings of $300,000, add the net income of $135,000, add the additional investment of $40,000, and subtract the dividends paid of $10,000. Therefore, the retained earnings at the end of the year would be: $300,000 + $135,000 + $40,000 - $10,000 = $465,000.
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The annual report only contains three basic financial statements: the income statement, balance sheet, statement of cash flows.
True / Fasle
Answers
Answer:
The statement is: False.
Explanation:
The Annual Report is a yearly publication that public corporations must provide to shareholders to describe their operations and financial condition. The Securities and Exchange Commission (SEC) requires public corporations to file annual reports. They reveal if the company's earnings and sales are higher or lower than expectations.
The annual report is composed of four (4) financial statements: the income statement, the balance sheet, the cash flow statement, and the statement of stockholders' equity.
A firm who is adept at recognizing global windows of opportunity, acting on those very quickly, with tight linkages can be said to be competing on:
a)Cost
b)Flexibility
c)Quality
d)Speed
e)dependability
Answers
Answer:
The correct answer is (D)
Explanation:
It is very important to take quick actions to grasp an opportunity. As, many firm compete with each other recognising an opportunity and acting quickly is one way to gain a competitive advantage. In this scenario, a company looks for a new opportunity and they act quickly which whose that they are competing on speed.
In _____, managers evaluate how well the organization is accomplishing its goals. A. leadingB. planningC. organizingD. disseminatingE.controlling
Answers
Answer:
Controlling
Explanation:
Controlling - As the word indicates, controlling is refers to the function of the manager in which he/she is seeking the performance of the subordinate. it helps to measure the growth of the project with respect to the assigned goal a then direct the corrective measure if an organisation is lacking in something.
the controlling process helps the manager to ensure the proper working of the ongoing project.
Kyle Carlson invested $10,000 in a savings account paying 12% interest compounded quarterly. Assuming that he makes no withdrawals, how much interest will he earn during the second quarter of the first year?
Answers
Answer:
Explanation:
Initial deposit = $10,000
Interest = 12% compounded quarterly
Quarterly interest = 12/4 = 3%
Interest earned for quarter 1 = 10,000 x 3% = $300
Deposit value after quarter 1 = 10,000 + 300 = $10,300
Interest earned for quarter 2 = 10,300 x 3% = $309
Effective packaging for food products can be made with Group of answer choices Colorful graphics An understanding of man-made solid materials Any material that seals well Lots of air
Answers
Answer:
The correct answer is "an understanding of man-made solid materials"
Explanation:
When packaging food, you must have ample knowledge on the suitable material that can effectively package a type of food, and this is dependent on the function that you plan to achieve by packaging. You must understand which man-made material such as cans, or bottles, or foils, or others will effectively be fit for packaging of the product.
Bouchard Company manufactures a product that currently has a full cost of $ 200. Its target operating income per unit is $ 40 and management's budgets assume that same target operating income per unit for the foreseeable future. To stay competitive, Bouchard management believes it must cut its price by 25%. What will be its new target price?
Answers
Answer:
New target price is $ 180.
Explanation:
This question requires us to calculate the new target price. The detail calculation is given below.
Current price = Full cost + target income
Current price = $ 200 + $ 40
Current price = $ 240-A
New Price = A * (75%)
New price = $ 180
(new price is 75% of current price)
Acme Global sent 100 workers to training to decrease defects on the assembly line. In the past year, there have been 2,000 defective products created at a cost of $100 each. In the year following training, only 1,000 defective products were created. Training costs $100 per worker.
What is the ROI on the training?
Answers
Answer:
The Return On Investment (ROI) is 1000%
Explanation:
First, we calculate the cost of previous year defects
= Cost per defective product x The number of products that are defective
Previous Year Defect Costs = $100 x 2000 = $200,000
Secondly, we calculate the cost of defects after training took place
= Cost per defective product x defects (1000)
= $100 x 1000= $100,000
After training therefore, the savings in defect costs will be
$200,000 - $100,000 = $100,000
Thirdly, we calculate the cost of training
= Cost of training per worker x number of workers
= $100 x 100 workers = $10,000
Finally, calculate the Return on Investment in percentage
= (The Savings in cost of defects/ cost incurred to train the works) x100
= ($100,000/$10,000) = 1000%
The Return on Investment is 1000%
Lopez Corporation incurred the following costs while manufacturing its product:
Materials used in product $120,000 Advertising expense $45,000
Depreciation on plant 60,000 Property taxes on plant 14,000
Property taxes on store 7,500 Delivery expense 21,000
Labor costs of assembly-line workers 110,000 Sales commissions 35,000
Factory supplies used 23,000 Salaries paid to sales clerks 50,000
Work in process inventory was $12,000 at January 1 and $15,500 at December 31.
Finished goods inventory was $60,000 at January 1 and $45,600 at December 31.
Required:
1. Compute cost of goods manufactured.
2. Compute cost of goods sold.
Answers
Answer:
Cost Of Goods Manufactured = $ 357,000
Cost of Goods Sold = $ 372,000
Explanation:
Lopez Corporation
Cost Of Goods Manufactured
All Amounts in $
Materials 120,000
Labor Costs 110,000
FOH
Depreciation (plant) 60,000
Propert taxes (store) 14,000
Property Tax 7500
Factory supplies 23,000
Total Maufacturing Costs 360,500
Add Begining Work In Process 12,000
Less Ending Work In Process 15,500
Cost of Goods Manufactured 357,000
Add Finished Goods Inventory 60,000
Less Finished Goods Inventory 45,000
Cost Of Goods Sold 372,00
As you move through your professional career, you will receive requests for favors and contributions. You will not be able to honor all the requests you receive and will sometimes refuse requests. When refusing a request, first think about the receiver, and then determine the approach for your message.When refusing most typical requests, ________________
a. eliminate the bufferb. employ the direct strategyc. use the indirect strategy
Answers
Answer:
A
Be direct with your response and don't beat around the bush, because that will make the person who has requested something bored and anticipating what has taken you so long to get to the point.
The current price of Parador Industries stock is $78 per share. Current earnings per share are $5.1, the earnings growth rate is 4 percent, and Parador does not pay a dividend. The expected return on Parador stock is 22 percent.
1.
Calculate the earning per share one-year ahead. (Round your answer to 2 decimal places. Omit the "$" sign in your response.)
2.
Calculate the P/E ratio one-year ahead. (Round your answer to 2 decimal places.)
Answers
Answer:
1. $5.3
2. 17.95
Explanation:
1. Earning per share today = $5.1
Earning growth in one year = 4%
So, the EPS one-year ahead:
= Earning per share today × (1 + Earning growth in one year)
= 5.1 × 1.04
= $5.3
2 . Market price one-year ahead:
= Current price × (1 + expected return on Parador stock)
= 78 × 1.22
= $95.16.
P/E Ratio = Market price per share ÷ Earning per share
P/E Ratio = 95.16 ÷ 5.3
= 17.95
Which of the following does NOT constitute an act of "investment" as economists use the term?
A)A department store increases its inventory of football jerseys before the Super Bowl.
B)A retiree buys 50 shares of stock at $10 a share and then sells the stock at a profit for $20 ashare.
C)The city council authorizes the construction of a new fire station.
D)An accountant attends a seminar on changes in the federal tax code.
Answers
Answer:
B)A retiree buys 50 shares of stock at $10 a share and then sells the stock at a profit for $20 ashare.
Explanation:
In economy an investiment is the purchase, production or use of goods today to generate wealth in the future. This means that in the present, the goods will not be consumed.
In this problem, the only option in which the goods are consumed today is the retiree which buys the stock and then resells it.
So the correct answer is:
B)A retiree buys 50 shares of stock at $10 a share and then sells the stock at a profit for $20 ashare.
Final answer:
The act that does not constitute an "investment" in economic terms is a retiree buying and selling stock for a profit, as investment in economics refers to creating new capital rather than financial transactions.
Explanation:
The question which does NOT constitute an act of "investment" as economists use the term is: A retiree buys 50 shares of stock at $10 a share and then sells the stock at a profit for $20 a share. According to economic terminology, investment refers to activities that increase the economy's stock of capital, rather than financial transactions like the purchase of stocks or bonds. This distinction is crucial because, in economics, investment is specifically about the creation of new capital such as machinery, buildings, or inventory that contributes to production capacity, rather than financial investments which do not add to the physical capital stock.
Under a preferential duties system, goods imported from a country outside the preferred group are subject to a higher tariff.
a. True.
b. False.
Answers
Answer:
The statement is: True.
Explanation:
The preferential duties system or simply called preferential tariffs is an approach to impose lower taxes on countries that collide and come into a trade agreement. Some countries benefit from that pact but the countries outside the agreement are typically affected since they are charged higher levies.
True, goods imported from countries outside a preferential duties group face higher tariffs, aimed at protecting domestic industries by making these imports more expensive and reducing foreign competition.
True. Under a preferential duties system, goods imported from countries outside the preferred group are indeed subject to higher tariffs. This measure is part of a broader strategy to protect domestic industries by making imports more expensive, thus reducing the competition domestic firms face from foreign producers. A tariff, by definition, is a tax levied on imports, aimed at either raising revenue for the government or protecting domestic industries. The imposition of higher tariffs on goods from non-preferred countries aligns with the goal of protecting sensitive industries, promoting local production, and, sometimes, for humanitarian reasons or protection against dumping. The World Trade Organization (WTO) has been instrumental in negotiating reductions in tariffs among countries to foster a more open and fair international trade environment, highlighting the significant benefits of trade, particularly for smaller nations.
A project will generate annual cash flows of $237,600 for each of the next three years, and a cash flow of $274,800 during the fourth year. The initial cost of the project is $750,600. What is the internal rate of return of this project
Answers
The internal rate of return of this project is 12.086%.
Gather the data:
Initial cost: $750,600
Annual cash flows for years 1-3: $237,600 each
Annual cash flow for year 4: $274,800
Use an IRR calculator or spreadsheet function:
Input the initial cost as a negative value and the annual cash flows as positive values.
Solve for the IRR, which will be the discount rate that makes the net present value (NPV) of the project equal to zero.
Alternatively, use a manual iterative process:
Guess an initial IRR value.
Calculate the present value of each cash flow using the guessed IRR.Add up the present values of all cash flows and the initial cost.
If the sum is positive, your guess is too low, increase the IRR and repeat.
If the sum is negative, your guess is too high, decrease the IRR and repeat.
Continue iterating until the sum is as close to zero as possible.
Using either method, you should arrive at an IRR of approximately 12.086%. This means that if you invest $750,600 today and receive the estimated annual cash flows, your investment will earn an annual return of 12.086% over the four-year period.
Therefore, yes, the answer of 12.086% is accurate for the IRR of this project based on the information you provided.
Scott and Andy provide support and learning opportunities, coach, and guide their employees. Andy and Scott discuss their approach at Barcelona as one that is empowering. "This is your restaurant," Andy tells new managers. Scott says, "I think you’re limiting your ability to get better," when you tell managers what to do.
Scott and Andy’s empowering view of management is most closely related to which management theory?
a. Behavioral management perspective
b. Classical management perspective
c. Quantitative management perspective
d. Scientific management perspective
Answers
Answer:
The correct answer is letter "A": Behavioral management perspective.
Explanation:
The Behavioral management perspective proposes understanding the human aspects of employees at work is likely to improve their productivity. That analysis could contribute to the motivation, group dynamics, and diverse interpersonal processes within companies. The approach goes after American psychologist Abraham Maslow (1908-1970) human hierarchy of needs study and American economist Douglas McGregor (1906-1964) research about people at work.
Boilermaker House Painting Company
1. Sep 3 Paint houses in the current month for $20,000 on account.
2. Sep 8 Purchase painting equipment for $21,000 cash.
3. Sep 12 Purchase office supplies on account for $3,500.
4. Sep 15 Pay employee salaries of $4,200 for the current month.
5. Sept 19 Purchase advertising to appear in the current month for $1,000 cash.
6. Sep 22 Pay office rent of $5,400 for the current month.
7. Sep 26 Receive $15,000 from customers in (1) above.
8. Sep 30 Receive cash of $6,000 in advance from a customer who plans to have his house painted in the following month.
a) Record each transaction. The company uses the following accounts: Cash, Accounts Receivable, Supplies, Equipment, Accounts Payable, Deferred Revenue, Common Stock, Retained Earnings, Service Revenue, Salaries Expense, Advertising Expense, Rent Expense.
Answers
Answer:
Explanation:
The journal entries are shown below:
1. Account receivable A/c Dr $20,000
To Deferred revenue A/c $20,000
(Being the paint house on account is recorded)
2. Equipment A/c Dr $21,000
To Cash A/c $21,000
(Being the equipment is purchased for cash)
3. Supplies A/c Dr $3,500
To Accounts Payable A/c $3,500
(Being the office supplies are purchased on credit basis)
4. Salaries expense A/c Dr $4,200
To Cash A/c $4,200
(Being the employees salaries are paid for cash)
5. Advertising expense A/c Dr $1,000
To Cash A/c $1,000
(Being the advertising are purchase for cash)
6. Rent expense A/c $5,400
To Cash A/c $5,400
(Being the rent is paid for cash)
7. Cash A/c Dr $15,000
To Account receivable A/c $15,000
(Being the cash is received)
8. Cash A/c Dr $6,0000
To Deferred revenue $6,000
(Being the cash is received)
The transactions of the Boilermaker House Painting Company are recorded considering the cash flow, accounts receivable, and deferred revenues with specific monetary changes respective of each transaction.
Explanation:The transactions for Boilermaker House Painting Company can be recorded as follows:
Accounts Receivable $20,000 | Service Revenue $20,000 - the company painted houses on credit.Equipment $21,000 | Cash $21,000 - the company purchased equipment for cash.Supplies $3,500 | Accounts Payable $3,500 - the company purchased office supplies on credit.Salaries Expense $4,200 | Cash $4,200 - the company paid employee salaries.Advertising Expense $1,000 | Cash $1,000 - the company purchased advertising for cash.Rent Expense $5,400 | Cash $5,400 - the company paid office rent.Cash $15,000 | Accounts Receivable $15,000 - the company received cash from customers.Deferred Revenue $6,000 | Cash $6,000 - the company received cash in advance from a customer.Learn more about Accounting Transactions here:https://brainly.com/question/34190871
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Shanstella bought a 4-unit apartment building in July 2007 for $360,000 and sold it for $480,000in 2016. There was $96,541 of accumulated straight-line depreciation on the apartment building.Assuming that Shanstella is in the 33% tax bracket, how much of her gain is taxed at 25%?a. $0.b. $96,541.c. $120,000.d. $216,541.
Answers
Answer:
(d). 216,541
Explanation:
Sales Consideration = $480,000
Book Value as on date of sale= Cost - accumulated depreciation till date = $360,000- $96,541
= $263,459
Long term capital gain (since asset held for use for more than an year)= Sales Consideration less Book value on date of sale = $480,000- $263,459
= $216,541
Since building comes under the definition of a capital asset and since it has been held for use for more than an year, the gain arising out on it's sale would be regarded as long term capital gain.
Assume you own more than one business. The financial records are prepared separately for each business. The records are also separate and distinct from your personal finances. This methodology relies on the going concern concept. (If false, identify error and correct.)
Answers
Answer:
False. It is called separate legal entity.
Explanation:
In the eye of law, a company is a separate legal entity as it is distinct from its owners (i.e shareholders) , directors, promoters etc and as such is conferred with rights and is also subjected to certain duties and obligations.
It has the right to issue and be sued in any legal transaction it has entered its own name.
As a separate legal entity, it activities and operations must be kept separate from that of the owner and other entities.
You have a standard practice of displaying all student work in your classroom. Recently, you assigned students to write any essay and submit a pictorial depiction on the person they considered to be their hero. One of your students submitted an essay on Jesus and a drawing of the Last Supper. In a 500-750-essay, discuss any legal issues regarding the grading of your student’s essay and whether you could display the student’s work. How does the First Amendment apply to this situation? Include at least five references in your essay. At least three of the five references should cite U.S. Supreme Court cases.
Answers
Answer:
The first amendment involves the freedom off free scheech and religion. Meaning that a person can not criticize or not display a person's religion based on your own beliefs or beliefs of others.
Explanation:
Reference possibilities could be
1. http:/guides.library.harvard .edu/
2. Your state website ie Maine.gov mass.gov
3. USA.gov is the federal law
4. Loc.gov is the library of congress
5. 6. Supremecourtus.gov and supremecourts
Gov/opinions for us Supreme Court and recent opinions
7. Law.cornell.edu/citation for legal citations for legal arguments if needed as well as taking the citation out of the address bar to use for finding the law online
8. Http.thelawdictionary.org for legal terms or the black law dictionary
Be cautious of commercial websites some that are good and can give information that is not completely accurate.
C1. Findlaw.com
C2. Lexisone.com for federal and state cases and statutes
Both are used for general information.
Good luck.
Final answer:
In grading and considering the display of a student's essay on Jesus, a teacher must adhere to standard academic criteria and navigate the balance between the First Amendment rights and the Establishment Clause. Supreme Court cases offer guidance on managing religious expression in public schools to avoid endorsing specific religions.
Explanation:
When considering the legality of displaying a student's essay and pictorial depiction of Jesus, a teacher must navigate the complex intersection of educational practice and First Amendment rights. The First Amendment guarantees freedom of speech and expression, which encompasses the expression of religious beliefs; however, schools must also be careful not to violate the Establishment Clause, which prevents the government from endorsing any particular religion.
In grading the assignment, the teacher must evaluate the essay based on standard academic criteria, such as the quality of writing, the argument's coherence, and adherence to the prompt, rather than the religious content presented. Displaying the work could have legal implications if it is perceived as the school endorsing a specific religion, particularly given the context of a public school setting. U.S. Supreme Court cases such as Tinker v. Des Moines Independent Community School District, Lemon v. Kurtzman, and Santa Fe Independent School Dist. v. Doe provide guidance on the balance between free expression and the Establishment Clause in school environments.
The decision to display the student's work highlighting a religious figure should be carefully considered with respect to the school's policies on religious neutrality, and consultations with legal advisors or education boards may be prudent to avoid potential legal challenges.
In your own words, identify two different stock exchanges in the United States. Describe the similarities and differences between the two stock exchanges. Identify one stock from each of the two stock exchanges.
Answers
Answer:
Two different stock exchanges in the US:
(1) NASDAQ
(2) NYSE
Explanation:
SIMILARITIES:
Both stock exchanges trade on stock.
DIFFERENCES:
NASDAQ transact stock trading with dealers.
NYSE transact stock trading with brokers
One of the most important applications of ratio analysis is to compare a company's performance with that of other players in the industry or to compare its own performance over a period of time. Such analyses are referred to as a comparative analysis and trend analysis, respectively The analysis that involves calculating the growth rates of all items from the balance sheet and income statement relative to a base year is called a: A. Common size balance sheet analysis B. Cash flow change analysis C. Percentage change analysis D. Common size income statement analysis
Answers
Answer:
The correct answer is letter "C": Percentage change analysis.
Explanation:
Percentage change analysis is an approach used to measure the change on certain assets over time. When it comes to the financial statement, it portraits how much two items have changed from one period to the next or from one quarter to another if used in the balance sheet.
The analysis method involving calculation of growth rates of all items from balance sheet and income statement relative to a base year is Percentage Change Analysis. It's useful in understanding company's growth over time.
Explanation:The analysis method that involves calculating the growth rates of all items from the balance sheet and income statement, relative to a base year, is referred to as Percentage Change Analysis. In such an analysis, you measure the variation of each item relative to the initial year's base amount. This specific type of analysis is crucial in comprehending a company's development and progression over a specific period. For example, if a company's revenue increased by 10% compared to the previous year, it signifies growth. However, if a particular cost increased by 15%, it might indicate an area that needs focus and improvement.
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For the following questions, you need to determine whether each of the four factors given creates a positive demand shock, a negative demand shock, a positive supply shock, or a negative supply shock for the market in bold. For example, if you are told, "Automobile workers receive higher wages: automobiles," you would indicate that the supply of automobiles will decrease due to higher input costs, and the supply curve will shift to the left.
Answers
Answer:There will be negative shift in demand and a negative shift in supply.
Explanation:The increase in workers wages is a is a major determinant the inluences the cost of production.It therefore stand to reason that if the cost production in increasesd by workers wages,then the total cost of production will equally be increased leading to an increase in price of the product in question.The increases will be passed on the consumers in a form of higher prices which will eventually reduce tje demand for the product and hence a negative shift in demand and supply.
Ferguson Company recognized $400 of estimated manufacturing overhead costs at the end of the month. How does this transaction affect the financial statements?
Answers
Answer:
This leads to a reduction in net income
Explanation:
Manufacturing overheads refer to those costs which indirectly relate to a good's production. Examples of manufacturing overheads would include depreciation charged on equipments used for production, rent of the factory wherein production takes place.
The effect of recognition of $400 of estimated manufacturing overheads would be reduction in net income since their recognition raises the cost of production which reduces gross profit. Consequently this would reduce the net income.
_______ is a collection of related activities that produce a product or a service of value to an organization.
Answers
Answer:
The correct answer is letter "B": business process.
Explanation:
A business process is the set of steps stakeholders structurally follow to produce a good or service that is useful for an organization. The business process is also related to the activities carried out in a firm to achieve an objective. These activities could be performed at management, operational or support level.
Rachel is assisting the CEO of her small company with a project to reduce electricity usage on the shop floor. This is a strategic engineering economic project focused on:
Question 14 options:
equipment replacement
new product introduction
cost reduction
improvement in service
Answers
Answer:
(c).Cost Reduction
Explanation:
Cost reduction is defined as a business process which aims at reduction in costs and elimination of all unnecessary costs. With reduction in costs, profitability increases.
Cost reduction also calls for efficient use of resources i.e optimum utilization of resources at the same time adhering to quality standards of production
In the given case, Rachel assists her CEO with a project to reduce electricity bills. This is a strategic engineering economic project focused on (c) Cost Reduction.
______________ knowledge refers to the entrepreneur's possession of information, technology, know-how, and skills that provide insight into the industry and customers.
Answers
Answer:
The correct word for the blank space is: Market.
Explanation:
Market knowledge refers to the collection of information about the business and all its resources being offered to the market. It does not only help entrepreneurs to have a better understanding of what the firm is and what it can do but also allows them to improve the decisions they take to direct the business process towards the organizational goal.
Inventory Costing Methods and the Periodic Method Lambeth Company experienced the following events in February: Date Event Units Unit Cost Total Cost Feb. 1 Purchased inventory 100 @ $20 $2,000 Feb. 4 Sold inventory 50 Feb. 9 Purchased inventory 100 @ 22 $2,200 Feb. 27 Sold inventory 100 If the Lambeth Company uses the LIFO inventory costing method, calculate the company’s cost of goods sold and ending inventory as of February 28 assuming the periodic method. Cost of goods sold $Answer Ending inventory
Answers
Answer:
Closing Inventory : $ 1,000
Cost of Goods Sold: $ 3,200
Explanation:
The inventory balance as at February 28 is 50 units. This is calculated by adding the total purchases of 100 on February 01 and 100 on February 9 reduced by the sales of 50 units on February 4 and 100 units on Feb 27.
In a LIFO costing method, the last purchased inventory is costed first hence the term Last In First Out (LIFO). The inventory balance of 50 units shall be valued from the first purchase @ $ 20. Thus the inventory value is $ 1000. ( $ 20 x 50 units)
For the cost of goods sold of the units sold aggregating to 150 units, the last purchased units will be considered first and then the remaining shall be considered from the first purchase.
Computation of cost of goods sold
100 units @ $ 22 $ 2,200
50 units @$ 20 $ 1,000
Total Cost of goods sold for 150 sold units $ 3,200
Under the LIFO inventory costing method, the cost of goods sold is $3,100 and the ending inventory is $5,500.
Explanation:Under the LIFO (Last-In, First-Out) inventory costing method, the cost of goods sold is calculated by assuming that the most recently acquired inventory is sold first. In this case, Lambeth Company purchased inventory on February 9 at $22 per unit, so the cost of goods sold would be (50 x $22) + (50 x $20) = $2,100 + $1,000 = $3,100.
The ending inventory as of February 28 would be calculated by subtracting the number of units sold from the total units purchased, and then multiplying by the unit cost. In this case, (100 - 50) x $22 = $5,500.
"as the interest rate decreases the planned aggregate expenditure curve shifts downward"
True/False
Answers
Answer:FALSE
Explanation: Aggregate expenditure is the total amount of goods and services rendered and paid for by both the Government or private individuals,it can also be described as the current market value of all the finished products( goods and services) in an Economy.
As the interest rate reduces the more people will be ready to make expenditures which will cause the aggregate expenditure curve to shift UPWARD. CONSUMPTION, INCOME, GOVERNMENT EXPENDITURE, NET EXPORT AND INVESTMENT are components of aggregate expenditure.