Answer:FALSE
Explanation:Financial statements includes income statements, expenditure statement etc they are prepared following specified guidelines and are prepared to monitor and regulate the flow of funds within an organisation.
Managerial accounting is an accounting system designed to help managers take effective and efficient managerial decisions. THE EXTERNAL USERS OF FINANCIAL STATEMENTS ARE NOT MANDATED TO USE IT TO plan for the future THE INTERNAL USERS OF MANAGERIAL ACCOUNTING MUST NOT USE IT TO DECIDE TO
INVEST IN OR LEND TO A COMPANY.
Fiduciary activities are reported only in the fiduciary fund financial statements; they have no effect on the governmental or business-type activities of the primary government reported in the government-wide financial statements.
True or False?
Answer:
The correct answer is True.
Explanation:
Fiduciary assignments that have as their object the realization of investments, the administration of goods or the execution of activities related to the granting of guarantees by third parties to ensure the fulfillment of obligations, the administration or surveillance of the goods on which the guarantees fall and the carrying them out, subject to the restrictions established by law; act as transfer agent and register of securities; act as a representative of bondholders; act as trustee, curator of property or as depositary of sums recorded in any court, by order of judicial authority or by determination of persons who have legal power to designate them for such purpose.
Fiduciary companies may carry out investment trust operations through commercial fiduciary contracts, concluded in accordance with legal formalities, or through fiduciary orders.
Fiduciary activities are not reported in the government-wide financial statements
They may form ordinary common investment funds integrated with monies received from various constituents or adherents for this purpose.
On December 31, the company estimates future sales refunds to be $900. As of that date, the company has an unadjusted debit balance in Accounts Receivable of $25,000 and an unadjusted credit balance of $300 in Sales Refunds Payable. Complete the necessary adjusting entry by selecting the account names from the drop-down menus and the amounts in the Debit and Credit columns.
Answer:
Dr Allowances for sales returns $600
Cr Sales refund payable $600
Being increase sales refund estimate
Explanation:
The sales refund account is liability account that should naturally have a credit balance.
In the current period the balance in the sales refund payable account should be $900 in total,but there is a balancing credit amount already in the account,intuitively, the amount needed to raise the balance in the account to $900 is $600.
The necessary entries required for the sales refund payable is shown below:
Dr Allowances for sales returns $600
Cr Sales refund payable $600
Being increase sales refund estimate
There is no adjusting entry to accounts receivable as that deals with receipt of cash from sales transactions and not the actual sales transactions.
When the refund is eventually settled with cash, a debit is posted to sales refund payable and a credit to cash account
To complete the necessary adjusting entry, the company should debit the Allowance for Sales Refunds by $600 and credit Sales Refunds Payable by $600 to account for the estimated future sales refunds of $900, adding to the existing $300 credit balance.
Explanation:The student is asking about adjusting entries for estimated future sales refunds in accounting. To record the estimated sales refunds at the end of the year, the company needs to adjust the Sales Refunds Payable account and the Allowance for Sales Refunds (or similar account) which acts as a contra account to Accounts Receivable. Since the estimated refunds are $900 and there is already a $300 credit balance in Sales Refunds Payable, the adjusting entry will increase this account by $600 to reflect the total estimated refunds ($900), and an Allowance for Sales Refunds account will be debited by the same amount to acknowledge potential future returns or refunds associated with current sales.
The adjusting journal entry would be:
Debit Allowance for Sales Refunds: $600Credit Sales Refunds Payable: $600After this entry, the Sales Refunds Payable will have a balance of $900 (the estimated refunds), and the Accounts Receivable net balance will consider the estimated refunds by showing the allowance as a deduction from the total receivables.
Economic models are built with a. recommendations concerning public policies. b. facts about the legal system. c. assumptions. d. statistical forecasts.
Answer:
The correct answer is letter "C": assumptions.
Explanation:
Economic models are real-world assumptions economists make to simplify complex phenomena. Economists aim to predict or help to assess actual economic problems with the help of models which in some cases can be purely theoretical and in others can include mathematical calculations or graphs with lines and curves.
The laws of supply and demand are examples of economic models.
Sam expresses interest in buying a motorbike from Jake, a salesman. In an attempt to force a sale, Jake promises Sam that the motorbike in question is capable of providing a mileage of 70 miles for every gallon of gas in its tank. Jake's promise is an example of ________.
a. a disclaimer
b. puffing
c. an express warranty
d. slander
Answer:
B : puffing
Explanation:
Jake's promise is an example of Puffing which refers to usually an expression which is made by a salesman that involves the status of goods proposed for sale. It offers opinions rather than realities and is normally not regarded as a legally binding promise as here Jake promises Sam that his motorbike is capable of providing a mileage of 70 miles to sell his bike to Sam but Jake is not legally bound for his promise.
Phelps Gold manufactures award medals. In August, Phelps produced 5,000 medals, 100 more than expected. During the month, the company purchased 1, 100 ounces of gold for $875,000. The standard price for the gold is $800 per ounce. The company actually used 1,000 ounces of gold for production. Calculate Phelps's direct materials price variance for the month.
Given:
Metals produced = 5000
Standard price for gold = $800 per ounce
Cost of 1100 ounces of gold = $875000
Gold used for production = 1000 ounces
To find:
Direct material price variance
Solution:
To calculate the direct material price variance we have to use the following formula,
[tex]\text{Direct material price variance = (SP - AP )}\times \text{AQ purchased }[/tex]
On plugging-in the values we get,
[tex]\Rightarrow( 800 - [ \frac{875000}{1100} ] )\times1100[/tex]
On solving we get,
[tex]\text{Direct material price variance}=\$5000[/tex]
Therefore, Phelps's direct materials price variance for the month is $5000.
The direct materials price variance for the month is -$80,000.
Explanation:The direct materials price variance is calculated by subtracting the actual cost of the materials from the standard cost of the materials and multiplying the result by the actual quantity of materials used. In this case, the standard price for the gold is $800 per ounce and the actual price paid is $875,000 for 1,100 ounces. The actual quantity of gold used is 1,000 ounces. So, the direct materials price variance can be calculated as follows:
Standard price per ounce * (Actual quantity - Standard quantity)
=$800 * (1,000 - 1,100)
= $800 * (-100)
= -$80,000
The direct materials price variance for the month is -$80,000.
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The _________shows all the individuals associated with each work item in the work breakdown structure, as well as all the work items associated with each individual.
A: project scope document
B: work breakdown structure
C: responsibility assignment matrix
D: network diagram
Answer:
C: responsibility assignment matrix
Explanation:
Responsibility assignment matrix is also called Linear responsibility chat, or RACI, this acronym stands for Responsible, Accountable, Consulted and Informed. This explains the role of various participants in completing a task or delivering on a particular project.
Responsibility assignment matrix helps to assign definite roles to every individual or department involved in a project.
The document that outlines the connection between work items and team members in a work breakdown structure is the Responsibility Assignment Matrix.
Explanation:The document that shows all the individuals associated with each work item in the work breakdown structure, as well as all the work items associated with each individual, is the Responsibility Assignment Matrix (RAM). The RAM is a tool used in project management to illustrate the connections between work packages or activities and project team members. By mapping out every element of the work breakdown structure (WBS) and linking them to the responsible parties, the RAM makes it clear who is responsible for what. This is crucial for ensuring that all tasks have a designated owner and for facilitating better communication and accountability among team members.
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In Shady Company, materials are entered at the beginning of each process. Work in process inventories, with the percentage of work done on conversion costs, and production data for its Sterilizing Department in selected months during 2020 are as follows. Beginning Work in Process Ending Work in Process Month Units Conversion Cost% Units Transferred Out Units Conversion Cost% January 0 — 11,900 3,000 69 March 0 — 12,200 4,200 33 May 0 — 15,600 7,620 80 July 0 — 10,500 2,100 46 Compute the physical units for January and May.
Answer:
Physical Units in January 14,900
Physical Units in May 23,220
Explanation:
The question is to compute physical units for January and May for Shady Company based on the given information
Physical Units (Also known as the units to be accounted for)
= The Opening Workin Progress + The Units Started into Production
Note that this Units should also be equal to the following
= Units Transferred Out + the Ending Work in Progress units
It is therefore computed as follows:
Description January May
Units to be accounted for 0 0
Opening WIP
Started into Production 14,900 23,220
January (11,900 + 3,000)
May (15,600 + 7,620)
Total Units 14,900 23,200
Units accounted for
Units Transferred out 11,900 15,600
Closing Work in Progress 3,000 7,620
Total Units 14,900 23,200
The number of physical units in January is 14,900 units and in May is 23,220 units, calculated by adding beginning work in process, units transferred out, and ending work in process for each month.
Explanation:The physical units calculation is based on data about the beginning work in process, units transferred out, and the ending work in process. For January, the beginning work in process is 0, units transferred out are 11,900 and the ending work in process is 3,000. Hence, the total number of physical units in January = Beginning Work in Process + Units Transferred Out + Ending Work in Process = 0 + 11,900 + 3000 = 14,900 units.
Similarly, for May, the beginning work in process is 0, units transferred out are 15,600, and ending work in process is 7,620. Therefore, the total physical units in May = 0 + 15,600 + 7,620 = 23,220 units. This concept is crucial in the field of cost accounting for tracking production levels.
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Suppose the money supply (as measured by checkable deposits) is currently $700 billion. The required reserve ratio is 25%. Banks hold $175 billion in reserves, so there are no excess reserves.
The Fed wants to increase money supply by $44 billion, to $744 billion. Assume that you can use the simple money multiplier
a) If the Fed wants to increase the money supply through open market operations, it should_ $_ billion worth of U.S. government bonds.
b) If the Fed wants to increase the money supply by adjusting the required reserve ratio, it should_required reserve ratio.
Final answer:
To increase the money supply by $44 billion with a reserve requirement of 25%, the Fed should buy $11 billion in government bonds using open market operations. The money multiplier is used to calculate this figure. Adjusting the reserve requirement is another way to alter the money supply, but the specific new ratio isn't provided.
Explanation:
To increase the money supply by $44 billion, we should start by calculating the amount the Federal Reserve needs to purchase in government bonds. This calculation can be made using the simple money multiplier, which is the inverse of the required reserve ratio (RRR). Given the RRR of 25%, the money multiplier is 1 / 0.25 = 4. Therefore, to increase the money supply by $44 billion, the Fed would need to inject $11 billion into the economy since $11 billion × 4 = $44 billion.
For part b, adjusting the required reserve ratio involves decreasing it so that banks will have more funds available to loan out, which increases the money supply through the lending process. The new reserve requirement can't be calculated precisely from the given information, but the Fed would lower the RRR from 25% to a smaller percentage to achieve the desired expansion in the money supply.
Listed are eight transactions the Foster Corporation made during November.
A. Issued stock in exchange for cash.
B. Purchased land. Made partial payment with cash and issued a note payable for the remaining balance.
C. Recorded utilities expense for November. Payment is due in mid-December.
D. Purchased office supplies with cash.
E. Paid outstanding salaries payable owed to employees for wages earned in October.
F. Declared a cash dividend that will not be paid until late December.
G. Sold land for cash at an amount equal to the land’s historical cost.
H. Collected cash on account from customers Williams, Jan.
The Foster Corporation in November conducted various business activities ranging from raising capital, acquiring assets, tracking expenses, addressing operating expenses and liabilities, sharing profits with shareholders, and managing accounts receivables.
Explanation:The eight transactions made by Foster Corporation during November are common business activities. For instance:
Issuing stock for cash underlies the need to raise capital for the corporation.Purchasing land and making payments using cash as well as a note payable represents an acquisition of assets.Recording utilities expense for November, due in December, indicates how corporations track their pending expenses.Purchasing supplies with cash is an operating expense.Paying outstanding salaries payable is an embodiment of settling of liabilities.Declaring cash dividends payable in the future equates to sharing profits with shareholders.Selling land for cash at cost value constitutes disposal of assets.Collecting cash from customers is part of accounts receivables process of the corporation.Learn more about Business Transactions here:https://brainly.com/question/32522185
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The question assesses the cash flow impact of various transactions in business finance, focusing on cash flows from investing activities and financing activities. Transactions involve purchasing assets, accruing expenses, and declaring dividends, pertinent to understanding the respective cash inflows and outflows.
The question provided outlines various transactions of the Foster Corporation during the month of November, which relate to different types of cash flows in a business, specifically cash flows from investing activities and cash flows from financing activities. These transactions need to be analyzed to determine their impacts on the corporation's cash flow statement, which is a financial statement that shows how changes in balance sheet accounts and income affect cash and cash equivalents, breaking the analysis down into operating, investing, and financing activities.
Analysis of Selected Transactions
Transaction B: This involves purchasing land, where partial payment is made in cash and the remainder is settled with a note payable. This transaction would show a cash outflow under cash flows from investing activities for the cash portion, while the note payable reflects financing activities.Transaction C: Recording a utility expense for November, with payment due in December, shows a change in operating assets and liabilities but does not immediately affect cash flow since the payment is postponed.Transaction F: The declaration of a cash dividend that will be paid later results in a future cash outflow under financing activities, but it does not affect current cash flows until the actual payment occurs.It is crucial to consider the timing of these transactions, as they can affect the financial reporting based on the fiscal year-end. For example, expenses recorded now but paid later (like in transaction C) may not affect the cash basis financial statements until the payment is made, potentially carrying over into a new fiscal year.
The following information pertains to Guillotine Corporation: Beginning inventory 1,000 units Ending inventory 6,000 units Direct labor per unit $40 Direct materials per unit $20 Variable overhead per unit $10 Fixed overhead per unit $30 Variable selling and admin. costs per unit $6 Fixed selling and admin. costs per unit $14
A) What is the value of the ending inventory using the absorption costing method?a) $600,000b) $100,000c) $120,000d) $70,000
Answer:
Value of the ending inventory=$600,000
Option A is correct ($600,000)
Explanation:
Given Data:
Ending inventory=6,000 units
Direct labor per unit =$40
Direct materials per unit=$20
Variable overhead per unit =$10
Fixed overhead per unit=$30
Required:
Value of the ending inventory=?
Solution:
Value of the ending inventory=(Direct labor per unit+Direct materials per unit+Variable overhead per unit + Fixed overhead per unit)*Ending inventory
Value of the ending inventory=($40+$20+$10+$30)*6000
Value of the ending inventory=$100*6000
Value of the ending inventory=$600,000
Option A is correct ($600,000)
The value of the ending inventory using the absorption costing method for Guillotine Corporation is $600,000. This is calculated by adding the relevant per unit costs, which total $100 per unit, and then multiplying by the number of units in the ending inventory.
Explanation:The absorption costing method includes both variable and fixed manufacturing costs, such as direct labor, direct materials, and both variable and fixed overhead, in the valuation of inventory.
In Guillotine Corporation's case, the costs per unit would be added together: $40 (direct labor) + $20 (direct materials) + $10 (variable overhead) + $30 (fixed overhead), which equals $100 per unit. Notice that the selling and administrative costs are not included in the valuation because absorption costing only includes manufacturing costs.
To find the value of the ending inventory, we then multiply the cost per unit ($100) with the number of units in the ending inventory (6,000 units). Therefore, 6,000 units * $100/unit = $600,000. Therefore, answer a) $600,000 is correct.
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You are considering investing in a start up project at a cost of $100,000. You expect the project to return $500,000 to you in seven years. Given the risk of this project, your cost of capital is 20% p.a. compounded annually. The IRR for this project is closest to:a 20.00%b 25.85%c 15.60%d 18.95%
Answer:
b.The IRR is equal to 25.85%
Explanation:
Firstly we are given that i consider investing $100000 which will in this problem be our Cinitial which is the initial investment for the project.
Then now given the risk of this project, my cost of capital is 20% so then we will compare this to the IRR and see if i can accept the project or not if the cost of capital is greater than the IRR than its not good to invest on the project but if the cost of capital is less than the IRR then the this will be a good investment as the cost of capital also checks the opportunity cost.
The future payment cash flows which is $500000 so we will use the following formula:
NPV = (cash flow)/(1+IRR)^n - initial investment
so we find the present value of the cash flow of the investment and subract the initial investment which will give us a zero cause the present value of the cash flow is equal to the initial investment therefore( n is the period of cash flows):
0= $500000/(1+IRR)^7 - $100000 transpose the initial investment and solve for IRR.
$100000(1+IRR)^7= $500000 then divide both sides by $100000
(1+IRR)^7 = 5 then find the 7nth root of both sides to eliminate the exponent of 7
1+ IRR = [tex]\sqrt[7]{5}[/tex]
1+IRR = 1.258498951 then subtract 1 both sides to solve for IRR
IRR = 0.258498... then multiply by 100 as IRR is a percentage
IRR= 25.85 % rounded off to two decimal places which is the answer b
The IRR for a $100,000 investment returning $500,000 after seven years, with a cost of capital of 20%, is calculated using the formula for net present value of cash flows set to zero. After solving for IRR, the rate closest to the options provided is 25.85%.
Explanation:The Internal Rate of Return (IRR) is a financial metric used to assess the profitability of an investment. The IRR is the rate at which the net present value of the project's cash flows (both inflows and outflows) equals zero. In the scenario you've provided, we need to calculate the IRR for a $100,000 investment that returns $500,000 after seven years. To calculate the IRR, we use the formula for the net present value (NPV) of future cash flows and set it equal to zero:
0 = -Investment + Return / (1 + IRR)^Time
0 = -$100,000 + $500,000 / (1 + IRR)^7
We then solve for the IRR, which requires iterative methods or a financial calculator, as there is no explicit algebraic solution for IRR in this cash.
Considering the options provided, and knowing that the IRR is the rate that makes the NPV zero, we can rule out 20% because that is the cost of capital, and if the IRR just meets the cost of capital, the NPV would not be zero but rather break-even. This leads us to evaluate the other options utilizing IRR financial tables, calculators, or software for preciseness.
Compound interest is a concept that can illustrate the power of growth over time, as seen in your example of a $3,000 investment growing at 7% annually over 40 years to $44,923. The same principle can be used to understand the growth of the startup project's value over seven years.
After performing calculations with a financial calculator or appropriate financial software, we find that the IRR closest to the given options is (b) 25.85%.
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Holbrook, a calendar year S corporation, distributes $51,700 cash to its only shareholder, Cody, on December 31. Cody's basis in his stock is $62,040, Holbrook's AAA balance is $23,265, and Holbrook has $7,755 AEP before the distribution. According to the distribution ordering rules, complete the chart below to indicate how much of the $51,700 is from AAA and AEP as well as how Cody's stock basis is affected.
Answer;
AAA account balance after distribution was 0
AEP account balance after distribution was 0
Cordy account balance after distribution was $18,095
Explanation:
Holbrook corporation
From AAA account
Distribution from AAA account 8,000 not taxable
Effect on stock basis (8000)
Balance after distribution 0
From AEP account
Distribution from account 7,755 is a taxable dividend, in which it doesn't affect stock basis because it is from a previous S-corporation.
Effect on stock basis 0
Balance after distribution 0
From Cody’s stock basis
Distribution from account 20,680
(51,700-23,265-7,755)
Effect on stock basis (20,680)
Balance after distribution
(62,040-23,265-20,680)= $18,095
Answer:
The chart is shown in the file attached below
Explanation:
Artery disease. An article in the New England Journal of Medicine describes a randomized controlled trial that compared the effects of using a balloon with a special coating in angioplasty (the repair of blood vessels) compared with a standard balloon. According to the article, the study was designed to have power 90%, with a two-sided Type I error of 0.05, to detect a clinically important difference of approximately 17 percentage points in the presence of certain lesions 12 months after surgery.13 What fixed significance level was used in calculating the power? Explain to someone who knows no statistics why power 90% means that the experiment would probably have been significant if there was a difference between the use of the balloon with a special coating compared to the use of the standard balloon.
Answer:
See the attached picture for answer.
Explanation:
See the attached picture for explanation.
William plans to attend college for 3 years. His first day of college will be one year from today. He expects tuition to cost $15,000 in the first year. He also estimates that the college will increase his tuition by 4% each year for the next two years. William would like to exactly match these liabilities using the following assets: I. a one-year coupon bond with annual coupon of 3% and a yield to maturity of 4% II. a two-year zero coupon bond with a yield to maturity of 4.5% III. a three-year coupon bond with annual coupons of 7% and a yield to maturity of 5% What is the total cost of the asset portfolio that will exactly match the liabilities? a. 41,900 b. 42,300 c. 42,700 d. 43,100 e. 43,500
Answer:
The correct option is c.
Explanation:
See the picture attached
g Let D1 represent the demand curve for premium seats to the Broadway hit Hamilton, and let S1 represent the supply curve for these seats. If the producers of the show charge $497.50 for a premium seat, the scalpers will charge (a) $ , which is (b) $ more than the price listed at the theater box office (give your answer to two decimals).
Answer:
(a) $ 1200
(b) $ 702.5
Explanation:
In the demand and supply curve, the price of goods and services changes with respect to market conditions such as scarcity and consumers' needs. In the problem, if the producers charge about $497.50, the scalper will definitely charge a price higher than that of the producers, in this case, $1200. Thus, this is $702.5 (i.e. $1200 - $497.50) more than the producers' charge.
1. Dominic Joseph deposits $5,000 in a new savings account at his local bank. The account pays 5.5 percent interest compounded annually. At the end of 6 years, how much will Dominic’s account be worth?
Answer:
The future value is $6,894.21
Explanation:
Giving the following information:
Dominic Joseph deposits $5,000 in a new savings account. The account pays 5.5 percent interest compounded annually.
To calculate the future value, we need to use the following formula:
FV= PV*(1+i)^n
PV= 5,000
i= 0.055
n=6
FV= 5,000*(1.055)^6= $6,894.21
Say that Alland can produce 32 units of food per person per year or 16 units of clothing per person per year, but Georgeland can produce 36 units of food per year or 18 units of clothing. Which of the following is true?
Georgeland has an absolute but not a comparative advantage in producing clothing.
Georgeland has both an absolute and a comparative advantage in producing clothing.
Alland has an absolute but not a comparative advantage in producing food.
Alland has both an absolute and a comparative advantage in producing food.
Answer:
Georgeland has an absolute but not a comparative advantage in producing clothing.
Explanation:
Absolute advantage is defined as the ability of a firm to produce higher amounts of a product as a result of use of the same resources with other competitors. It is usually bad a result of more efficient production process.
Comparative advantage is the ability of a firm to produce goods at a lower opportunity cost. Therefore they are able to sell at lower price compared to competitors.
Georgeland can produce 18 units of clothe per year while Alland can produce 16 units per year, so Georgeland has absolute advantage.
In producing clothes Georgeland has opportunity cost of 36 units of food which is higher than that of Alland which is 32 units of food. So Georgeland does not have comparative advantage in producing clothes.
Answer:
Georgeland has an absolute but not a comparative advantage in producing clothing.
Explanation:
A Coase solution to a problem of externality ensures that a socially efficient outcome is to internalize the externality through taxes. internalize the externality through subsidies. maximize the joint welfare, irrespective of the right of ownership. stop production if there is any externality. invite other private partners to share the burden of externality.
Answer: Maximize joint welfare in respective or the right owner.
Explanation: A coase solution to a problem of externality insures that a socially efficient outcome is to maximize the joint welfare, irrespective of the right of ownership.
The Coase theorem states that when transaction cost are low, two parties will be able to bargain and reach an efficient outcome in the presence of an externality.
Weekly demand for a product is 250 units with a standard deviation of 60 units (assume 52 weeks per year). Lead-time is 3 weeks. Calculate the safety stock and the reorder point for 98 percent service level.
Explanation:
Data provided in the question
Weekly demand for a product = 250 units
Standard deviation = 60 units
Lead time = 3 weeks
Service level = 98%
And, the service factor from the normal distribution is 2.05
Now the
Safety stock = Service factor × standard deviation × √lead time
= 2.05 × 60 × 1.73
= 212.79
Now the reorder point is
= Weekly demand × lead time + safety stock
= 250 units × 3 weeks + 212.79
= 962.79
Final answer:
To ensure a 98 percent service level, the safety stock should be approximately 243 units, and the reorder point should be 993 units, calculated using the product's weekly demand, lead time, and the associated z-score from the standard normal distribution.
Explanation:
Calculating Safety Stock and Reorder Point
To calculate the safety stock and the reorder point for a product with given weekly demand and variability, and to ensure a certain service level, we use inventory management techniques.
The weekly demand for the product is 250 units, with a standard deviation of 60 units, and lead time is 3 weeks. To determine the safety stock for a 98 percent service level, we need to look up the z-value associated with 98% in a standard normal distribution table, which is typically 2.33. The safety stock is calculated as:
Safety Stock = Z-Score * Standard Deviation of Lead Time Demand
Assuming demand is normally distributed, the standard deviation of lead time demand is the weekly standard deviation multiplied by the square root of lead time, which in this case is:
Standard Deviation of Lead Time Demand = 60 units * sqrt(3) = 60 units * 1.732 = 103.92 units
Therefore:
Safety Stock = 2.33 * 103.92 = 242.14 units, rounded up to 243 units.
The reorder point is calculated as follows:
Reorder Point = (Average Demand During Lead Time) + Safety Stock
Average Demand During Lead Time = 250 units * 3 weeks = 750 units
Reorder Point = 750 units + 243 units = 993 units
Assume the following facts are true for 2016: 318 million people lived in the United States. A total of 2,468,435 of these people died during 2016. Diabetes was a leading cause of illness and death with 29 million people living with diabetes at the beginning of 2016. During 2016 1.4 million people were newly diagnosed with diabetes.In 2016 how many people were at risk for diabetes?
Answer:
The number of people that were at risk for diabetes in 2016 is 289 million people
Explanation:
The number of persons at risk of a health outcome in a population is the difference between the total population and the number of persons that already have the health outcome in the population.
The number at risk of an outcome is calculated at the beginning of the year, before changes occur throughout the progression of the year, to accurately state the number at risk for that research year.
In our example, we will be concerned only about the data gotten at the beginning of the year, and these include;
The total population = 318,000,000 people
Number of persons with diabetes at the beginning of 2016 = 29,000,000 people.
Therefore, number of persons at risk for diabetes in 2016 = The total population - Number of persons with diabetes at the beginning of 2016
= 318,000,000 - 29,000,000 = 289,000,000 (289 million) people).
Note do not confuse this with the risk ratio for diabetes in 2016, which is the ratio of the number with diabetes and the total population.
Sanjay is the manager at a restaurant and offers to promote Linda, a waitress at the same restaurant, in return for sexual favors. This is an example of _____.
A.quid pro quo harassment
B.reasonable accommodation
C.glass ceiling
D.prima facie
E.disparate treatment
Answer:quid pro quo harassment
Explanation:It is sexual and involves exchanges in a workplace.
Final answer:
Sanjay's offer to promote Linda in exchange for sexual favors is an example of quid pro quo harassment, which is a type of sexual harassment where employment benefits are contingent upon sexual conduct. It is illegal and violates both employment laws and organizational policies.
Explanation:
In the scenario presented, where Sanjay offers Linda a promotion in exchange for sexual favors, this is an example of quid pro quo harassment. This type of harassment transpires when a work-related reward, such as a promotion, is offered contingent upon the performance of sexual acts. It is illegal and violates organizational policies, as it makes employment benefits dependent on sexual conduct. Option A
A manager or supervisor engaging in such behavior is abusing their power and creating a discriminatory environment. It is clearly stipulated in employment laws and organizational policies that unwelcome sexual advances, requests for sexual favors, and other forms of verbal or physical conduct of a sexual nature are forms of sexual harassment.
Sexual harassment, particularly quid pro quo, is a serious issue that can have significant legal implications for both the individuals involved and the organization.
(a) On March 2, Shamrock Company sold $897,900 of merchandise to Pharoah Company on account, terms 2/10, n/30. The cost of the merchandise sold was $594,200. (b) On March 6, Pharoah Company returned $100,900 of the merchandise purchased on March 2. The cost of the merchandise returned was $67,500. (c) On March 12, Shamrock Company received the balance due from Pharoah Company.
Answer:
The journal entries are as follows:
(i) On March 2,
Inventory A/c Dr. $897,900
To Accounts payable - Shamrock company $897,900
(To record the inventory purchased on account)
(ii) On March 6,
Accounts payable - Shamrock company A/c Dr. $100,900
To inventory A/c $100,900
(To record the balance due)
Shamrock Company had transactions with Pharoah Company, including a sale, a return, and receipt of payment. The sale and return were recorded in the respective accounts, and payment was received on March 12.
Explanation:Shamrock Company's Transactions with Pharoah CompanyOn March 2, Shamrock Company sold $897,900 of merchandise to Pharoah Company on account, terms 2/10, n/30. The cost of the merchandise sold was $594,200. To record this transaction, Shamrock Company would debit Accounts Receivable for $897,900 and credit Sales for $897,900. Additionally, Cost of Goods Sold would be debited for $594,200 and Inventory would be credited for $594,200.On March 6, Pharoah Company returned $100,900 of the merchandise purchased on March 2. The cost of the merchandise returned was $67,500. To record this return, Shamrock Company would debit Sales Returns and Allowances for $100,900 and credit Accounts Receivable for $100,900. Cost of Goods Sold would be credited for $67,500 and Inventory would be debited for $67,500.On March 12, Shamrock Company received the balance due from Pharoah Company. To record this receipt of payment, Shamrock Company would debit Cash for the amount received and credit Accounts Receivable for the same amount.Which of the following closings is most effective? a.Bring your lunch and join the group! Because the room is limited to 30, please make your reservation with me before March 12. b.We’d love to have you join the Lunch and Learn presentation. Just bring your lunch and participate in the fun! c.We look forward to seeing you at the next Lunch and Learn presentation. This is your opportunity to learn how to eat smart despite the temptation of high-calorie snacks.
Final answer:
The most effective closing is option a, which includes an inviting tone, important logistical details, and a clear call to action.
Explanation:
The most effective closing from the provided options would be: a. Bring your lunch and join the group! Because the room is limited to 30, please make your reservation with me before March 12. This closing provides a clear and polite invitation along with critical logistical information, including the capacity limit and the reservation deadline, which are essential for planning. The direct call to action encourages the reader to engage promptly, and the inclusion of a specific reservation process ensures that potential attendees understand how to secure their spot. As evidenced by the campus restaurant scenario, students are concerned with coordinating their time effectively and sharing meals. Communicating the relevant details upfront respects their time and facilitates group participation.
Colter Company prepares monthly cash budgets. Relevant data fromoperating budgets for 2017 are as follows:
January February
Sales 360,000 $400,000
Direct materials purchases 120,000 125,000
Direct labor 90,000 100,000
Manufacturing overhead 70,000 75,000
Selling and administrative expenses 79,000 85,000
All sales are on account. Collections are expected to be 50% in the month of sale, 30% in the first month following the sale, and 20% in the second month following the sale. Sixty percent (60%) of direct materials purchases are paid in cash in the month of purchase, and the balance due is paid in the month following the purchase. All other items above are paid in the month incurred except for selling and administrative expenses that include $1,000 of depreciation per month. Other data:
(1) Credit sales: November 2019, $250,000; December 2019, $320,000.
(2) Purchases of direct materials: December 2019, $100,000.
(3) Other receipts: January—Collection of December 31, 2019, notes receivable $15,000; February—Proceeds from sale of securities $6,000.
(4) Other disbursements: February—Payment of $6,000 cash dividend.
The companyâs cash balance on January 1, 2017, is expected to be$60,000. The company wants to maintain a minimum cash balance of$50,000.
Prepare schedules for (1) expected collections from customersand (2) expected payments for direct materials purchases forJanuary and February.
Answer:
1. Collections from customers for January $ 326,000
Collections from customers for February $ 372,000
2. Payments for purchases of Direct Materials - January $ 112,000
Payments for purchases of Direct materials - February $ 123,000
Explanation:
Computations for collections from customers
Collections for January
Collections from November sales
- 20 % ( second month of sales) $ 250,000 November sales
Collections from November sales 20 % * $ 250,000 $ 50,000
Collections from December sales
- 30 % ( first month after sales) $ 320,000
Collections from December sales 30 % * $ 320,000 $ 96,000
Collections from January sales
- 50 % ( month of sales) * $ 360,000 January sales
Collections from January sales 50 % * $ 360,000 $ 180,000
Total Collections for January $ 326,000
Collections for February
Collections from December sales
- 20 % ( second month after sales) $ 320,000
Collections from December sales 20 % * $ 320,000 $ 64,000
Collections from January sales
- 30 % ( first month of sales) * $ 360,000 January sales
Collections from January sales 30 % * $ 360,000 $ 108,000
Collections from February sales
- 50 % ( month of sales) * $ 400,000 ( February sales)
Collections from February sales 50 % * $ 400,000 $ 200,000
Total collections for February $ 372,000
Computations for payments for Direct material purchases
Payments for January
Payments for December purchases
- 40 % ( month after purchase) $ 100,000 (December purchase)
Payments for December purchases 40 % * $ 100,000 $ 40,000
Payments for January purchases
- 60 % ( month of purchase) $120,000
Payments for January purchases 60 % * $ 120,000 $ 72,000
Payments for January $ 112,000
Payments for February
Payments for January purchases
- 40 % ( month after purchase) $ 120,000 (January purchase)
Payments for January purchases 40 % * $ 120,000 $ 48,000
Payments for February purchases
- 60 % ( month of purchase) $125,000
Payments for February purchases 60 % * $ 125,000 $ 75,000
Payments for February $ 123,000
The cash budget is the method under budgetary control that determines the cash balances that are expected to occur or happen based upon the previous period's financial data and experience. The cash budget shows the expected amounts of cash collection and payments for a particular period.
1. The expected collection from customers is:
January month=$326,000
February month=$372,000
2. The expected payments for direct materials purchases are:
January month= $112,000
February month= $123,000
The cash budget schedules for the collection and payment of January and February month are attached in the images below.
The 1st image shows the schedule, while the 2nd image shows the formulas used in the excel sheet to determine the values.
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In Mexico City, only 55-60% of the population owns a telephone. The number drops to less than 50% in Guadalajara and Monterey, and 35% or lower in other cities. This will complicate the task of market researchers hoping to use a telephone survey to obtain a ________ of the Mexican population.
Answer:
Probability sampling.
Explanation:
Probability Sampling is a sampling method whereby sample from a bigger population are chosen through the use of probability theory. For a participant to be chosen as a probability sample, he or she must be chosen through a random selection. The most vital requirement in probability sampling is that everyone should have an equal chance of being selected e.g. if there is a population of 200 people, everyone involved will have an odd of 1 in 200 to be selected.
Probability sampling provides the best chance to get a sample that truly represents the population.
Suppose that Japan can produce 5 cars in 8 hours and 15 HD TVs in 10 hours. The US can produce 5 cars in 6 hours and 15 TVs in 5 hours. Explain which country has a comparative advantage in producing cars and which country has a comparative advantage in producing TVs. In your answer, be sure to be very specific as to how you identified the comparative advantage in each country and define how one goes about identifying comparative advantage.
Answer:
If there is 1 hour of production:
Cars produced by Japan = 5/8 = .625 cars
HD TV produced by Japan = 15/10 = 1.5 HD TVs
Further,
Cars produced by US = 5/6 = .83 cars
HD TV produced by US = 15/5 = 3 HD TVs
So,
Opportunity cost of a car for Japan = 1.5/.625 = 2.4 units of HD TVs
Opportunity cost of car for US = 3/.83 = 3.61 units of HD TV
Since, Japan has lower opportunity cost of producing cars, so Japan has comparative advantage in producing cars.
Opportunity cost of a HD TV for Japan = .625/1.5 = .42 units of car
Opportunity cost of a HD TV for US = .83/3 = .28 units of car
Since US has lower opportunity cost of producing HD TVs, so US has comparative advantage in producing HD TVs.
Which of the following policies are consistent with the goal of increasing productivity and growth in developing countries. CHECK ALL THAT APPLY!
A. Protect property rights and enforce contracts.
B.Pursue inward-oriented policies.
C. Increase taxes on income from savings.
D. Provide tax breaks and patents for firms that pursue research and development in health and sciences.
Answer:
A. Protect property rights and enforce contracts.
D. Provide tax breaks and patents for firms that pursue research and development in health and sciences.
Explanation:Productivity is a term used in macroeconomics as the ratio of Gross domestic product (GDP) to the hours worked, it can also be described as the ratio of output to input.
For a developing country that wants to promote increasing productivity and growth it will need to adopt policies that will encourage investments both from within and outside.
SOME OF THE POLICIES THAT CAN BE IMPLEMENTED INCLUDES THE PROTECTION OF PROPERTY RIGHTS AND ENFORCE CONTRACTS AND TO PROVIDE TAX BREAKS AND PARENTS FOR FIRMS THAT PURSUE RESEARCH AND DEVELOPMENT IN HEALTH AND SCIENCES ARE THE POSSIBLE OPTIONS BASED ON THE OPTIONS AVAILABLE.
A 12-month insurance policy was purchased on Dec. 1 for $3,600 and the Prepaid insurance account was increased for the payment. 14- Demonstrate the required adjusting journal entry on Dec. 31 by selecting from the choices below Click the answer you think is right.
a.Prepaid insurance would be credited for $3,600.
b.Cash would be credited for $3,600.
c.Insurance expense would be debited for $300.
d.Insurance expense would be debited for $3,600.
Answer:
c.Insurance expense would be debited for $300.
Explanation:
Provided that
12 month insurance policy purchased on Dec 1 = $3,600
So, the adjusting entry on Dec 31 would be
Insurance expense A/c Dr $300
To Prepaid Insurance $300
(Being insurance expense is recorded)
The computation is
= $3,600 ÷ 12 months
= 300
As we have to compute for 1 month so we recorded $300 insurance expense
The adjusting entry would be that c.Insurance expense would be debited for $300.
As the insurance was purchased for the year, we can only charge the insurance expense for December to the Insurance expense account.
Insurance Amount for December= Total amount x 1 / 12 months
= 3,600 x 1/12
= $300
This amount will be debited to the insurance expense account as expenses increase when debited.
In conclusion, option C is correct.
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Manufacturing overhead consists of three different costs; (1) machine supplies (variable), (2) property taxes (fixed), and (3) plant maintenance (semivariable). July's overhead costs were $179,000 for machine supplies, $25,700 for property taxes, and $1,250,000 for plant maintenance.
Answer:
(A) machine supplies $720,000 property taxes $25,700 since it is a fixed cost (B) plant maintenance cost $1,136,000, fixed cost high level of activity $114,600, low level of activity $114,700, variable cost per machine hour $17.05 per hour (C) 25.98 per hour
Explanation:
The question is not complete here is the missing part of the questions
The following selected data were taken from the accounting records of Colorado Enterprise
Month. Machine Hours. Manufacturing overhead
May. 46,000. $899,000
June. 60,000. $1,130,000
July. 68,000. $1,274,000
August. 52,000. $980,000
Here is the solution
(A) To determine the machine supplies and property for may
899,000 - 179,000
=720,000
To calculate the property taxes, since property taxes is a fixed cost, it is not affected by increases or decreases in the volume of output. It is $25,700
(B) To determine the Maintenance cost
We calculate maintenance cost, we use the level of activity at high level
1,250,000 - ( 68,000 + 46,000)
= 1,250,000 - 114,000
= $1,136,000
To calculate the monthly fixed cost and the variable cost per machine hour
Hour. Total cost
High output. 68,000. 1,274,000
Low output. 46,000. 899,000
--------------- -----------------
22,000. 375,000
------------------- -----------------
Variable cost per machine hour
=375,000/22,000
=$17.05 Per hour
Substituting in either the high or low volume cost
High. Low
Total cost. 1,274,000. 899,000
Variable cost. 1,159,400. 784,300
----------------- ----------------
Fixed cost. 114,600. 114,700
---------------- -----------------
(C) Estimated cost of 56,000 machine hours of output
Total overhead / Total machine hour
Total overhead = machine supplies + property taxes + plant maintenance
= 179,000 + 25,700 + 1,250,000
= 1,454,700
= 1,454,700/ 56,000
= 25.976
= $25.98 per hour
Working of variable cost
68,000 × 17.05 = 1,159,400
46,000 × 17.05 = 784,300
Manufacturing overhead consists of three different costs: machine supplies, property taxes, and plant maintenance.
Explanation:Manufacturing overhead refers to the indirect costs incurred in the production process, apart from direct materials and direct labor. It consists of three different costs: machine supplies, property taxes, and plant maintenance. Machine supplies are variable costs that change based on the level of production, property taxes are fixed costs that remain constant regardless of production volume, and plant maintenance costs are semi-variable, meaning they have both fixed and variable components.
In July, the machine supplies cost $179,000, property taxes amounted to $25,700, and plant maintenance expenses were $1,250,000.
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Seaborn Co. has identified an investment project with the following cash flows. Year Cash Flow 1 $850 2 1,100 3 1,300 4 1,150 Required: (a) If the discount rate is 10 percent, what is the present value of these cash flows? (b) What is the present value at 17 percent? (c) What is the present value at 27 percent?
Answer:
The present value at the discount rate of 10% is $3,443.99 ,$2,955.44 at 17% and $ 2,428.00 at 27%
Explanation:
The present were arrived at by discounting each year's cash flow to present value by applying discounting factor given as 1/(1+r)^n where r is the discounting rate and n is the number of applicable time horizon.
Kindly find attached spreadsheet showing full computations of the present values