Answer:
5 units
Explanation:
Breakeven point is the point or number of units sold that makes the cost equal with the revenue generated. In other words, it is the point in which the profit or loss made by an entity is 0.
Given;
Variable cost per unit = $20
Selling price per unit = $50
Fixed cost = cost of rent = $150
Let the number of units to be sold be c
Total revenue = 50c
total cost = 20c + 150
To break even, total revenue = total cost
20c + 150 = 50c
50c - 20c = 150
30c = 150
c = 5
Ray must sell 5 units to break even.
Prahm Corp. wants to raise $4.4 million via a rights offering. The company currently has 500,000 shares of common stock outstanding that sell for $45 per share. Its underwriter has set a subscription price of $20 per share and will charge the company a spread of 6 percent. If you currently own 3,000 shares of stock in the company and decide not to participate in the rights offering, how much money can you get by selling your rights?
Answer:
price for selling 3000 share right is $25060.87
Explanation:
Given data:
Total Amount raised= $4,400,000
Spreading rate = 6%
Subscription price = $20 per share
Number of share owned by company = 500,000
Per share cost = $45
Totals share own in the company = 3000
subscription price after deducting spreading rate [tex]= 20\times (1 -0.06) = $18.80[/tex]
Now, Right share [tex] = \frac{4400000}{18.8} = 234,043[/tex]
Right price is calculated as
Right price = ((Number of share held * market price) + (Right share *Right price))/( Number of share held + Right share)
plugging all value in above relation
[tex]= \frac{500000 \times 45 + 234043\times 18.8}{500000 + 234043}[/tex]
Right share = $36.65
single right value = 45- 36.65 = $8.35
Price for 3000 share right = 8.35 *3000 = $25060.86
In terms of mission, aspirations, and risk propensity, what are investors looking for in a team? Select one: a. That its missions and aspirations are closely aligned with those of the entrepreneurial team b. That the entrepreneurs are willing to share in the financial risk of the venture c. That the entrepreneurs are ultimately willing to exit the business d. All of the above
Answer:
a.That its missions and aspirations are closely aligned with those of the entrepreneurial team
Explanation:
Separation between the investors and the management team of a business brings about business interest risk. The business interest risk is the probability that the investors interest will be different from the business management interest. In order to align their interests with that of the entrepreneurial team of a business, investors normally for missions and inspirations that are closely aligned with those of the entrepreneurial team.
This congruence is important for boosting investors` confidence in the entrepreneurial team, because it shows that the investors and the entrepreneurial team are on the same page.
Option B is obvious in all business. It can`t be a deciding factor.
Option C is incorrect for this context.
Haulsee Inc. builds 800,000 golf carts a year and purchases the electronic motors for these carts for $370 each. Ordering costs are $540 and Haulsee’s inventory carrying costs average 14% of the inventory value. What is the total inventory costs? a. $565,443 b. $224,331 c. $211,555d. $211,555,120
Answer:
Correct answer is c. $211,555.
Explanation:
Here inventory cost means total ordering cost plus total carrying cost for they year. This can be determine by using simple EOQ (economic order quantity) formula given below.
EOQ =((2* Annaul Requirement * cost per order)/carrying cost per unit)^ (1/2)
EOQ = ((2*800,000*540)/(370*14%))^(1/2)
EOQ = 4,084 units
so
Total order cost = 800.000/4,084 * 540 = 196 (aprox) *540 = 105,840 -A
Total Carrying cost = 4,084/2 * (370*14%) = 105,776-B
Total Cost = A+B = $ 211,555 (aprox)
A product sells for $125, variable costs are $80, and fixed costs are $45,000. If the selling price can be increased by 20% with a similar increase in variable costs, how many fewer units would have to be sold to earn $300,000? (Round the answer to the nearest unit.)
Final answer:
To earn $300,000, we need to set up an equation and solve for the number of units that need to be sold.
Explanation:
To calculate the total revenue, we multiply the selling price by the number of units sold. In this case, the selling price of the product is $125. Let's assume that the number of units sold is x. So, the total revenue is 125x.
With a 20% increase in the selling price and the variable costs, the new selling price would be 1.2 times the original selling price ($125 x 1.2).
Similarly, the new variable costs would be 1.2 times the original variable costs ($80 x 1.2).
To earn $300,000, the total revenue must be equal to the total costs, which include the variable and fixed costs.
So, we can set up the following equation: 1.2(125x) = (80 x 1.2)x + $45,000 + $300,000.
Solving this equation will give us the value of x, which represents the number of units that need to be sold to earn $300,000.
What are some of the innovative principles identified by James Brian Quinn that companies need to establish?
Answer and explanation:
American academic and author James Brian Quinn (1928-2012) found the following principles in large companies characterized by innovation: clear atmosphere and division; orientation to the market; small-size, flat organizations; multiple approaches; and, interactive learning.
Some of the innovative factors for company's establishment has been orientation, small, flat organization, multiple approaches, capital, freedom and encouragement.
James Brian Quinn has been American academic and author. He has been the inventor of managerial concept of intelligent enterprise.
According to James, the factor that has been led to the development of the company’s establishment has been:
Orientation: The development has been mediated with the market need. The atmosphere and the vision for the goal have played an important role in the establishment.Small, flat organization: It has been mediated with the growth to the time. The entrepreneur’s have been started from the flat organization to mediate the growth of the organization or company.Multiple approaches: The development with the chaos of the technology and the outside world has been mediating the growth of an organization.Interactive learning: It has been mediated with the learning process to be a continuous with the development of the entrepreneur and the company.The other factors that have been responsible for the company’s establishment have been flexibility, Availability of capital, incentives, along with freedom and encouragement.
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Otis Thorpe Corporation has 10,000 shares of $100 par value, 8% preferred stock and 50,000 shares of $10 par value common stock outstanding at December 31, 2014.
Answer the questions in each of the following independent situations.
(a) If the preferred stock is cumulative and dividends were last paid on the preferred stock on December 31, 2011, what are the dividends in arrears that should be reported on the December 31, 2014, balance sheet?
The dividends in arrears to be reported on the December 31, 2014 = _______________
(b) If the preferred stock is convertible into 7 shares of $10 par value common stock and 4,000 shares are converted, what entry is required for the conversion assuming the preferred stock was issued at par value? (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
c) If the preferred stock was issued at $107 per share, how should the preferred stock be reported in the stockholders’ equity section? (Enter account name only and do not provide descriptive information.)
Answer:
(a) Cumulative dividend is not reported in Balance sheet.
The dividends in arrears on December 31, 2014 is $240,000
(b) Preferred Stock (Dr.) $400,000
Common Stock (Cr.) $280,000
Paid in capital Excess of par (Cr.) $120,000.
(c) Cash (Dr.) $1,070,000
Preferred Stock (Cr.) $1,000,000
Paid in capital (Cr.) $70,000
Explanation:
a. Cumulative dividends on Preferred stocks are not declared and therefore they are not reported in Balance sheet of a company.
To calculate the dividends in arrears on December 31, 2014,
10,000 shares * $100 par value * 8% preferred stock. * 3 years arrears.
= $240,000.
b. Preferred stock conversion into common stock is recorded as common stock account in balance sheet.
Preferred stock conversion amount is 4,000 shares * $100 par value = $400,000. This is presented as debit entry.
The credit entry will be common stock account with $ 280,000 (4,000 * 7 shares conversion * $10 par value).
The difference in both entries will be recorded as paid in capital as credit.
c. When preferred stock is issued cash is increased so debit account will be cash (10,000 shares * $107 per share) and credit entry will be Preferred Stock account in balance sheet at par value (10,000 shares * $100 par value). The remaining is credited in paid in capital of preferred stock account [10,000 shares * $7 ($107 - $100) per share].
The dividends in arrears should be reported as $240,000 on the December 31, 2014 balance sheet. When preferred stocks are convertible and 4,000 are converted, the business needs to debit Preferred Stock and credit to Common Stock. If the preferred stock was issued at $107, it is reported in the equity section as Preferred Stock and Paid-in Capital in Excess of Par (Preferred Stock).
Explanation:(a) Dividends in arrears are calculated as the difference between the last payment date and the date of the Balance sheet. There are three years between December 31, 2011, and December 31, 2014. So, we need to calculate three years of dividends. The amount of the annual dividend is calculated as 8% of the par value (i.e., $100), so the annual dividend per share is $8. For 10,000 shares, it's $80,000 per year. Thus, for three years, it's $80,000 * 3 = $240,000.
(b) If the preferred stock is convertible and 4,000 shares are converted, the entries would be a debit to Preferred Stock for $400,000 (4,000 shares times $100 par value), a debit to Paid-in Capital in Excess of Par (Preferred Stock) for the amount that the preferred stock was issued above its par value (if any), and a credit to Common Stock for $280,000 (4,000 shares times 7 new shares per original share times $10 par value) in the financial journal.
(c) If the preferred stock was issued at $107 per share, the preferred stock would be reported in the shareholders’ equity section as Preferred Stock ($1,000,000) and Paid-in Capital in Excess of Par (Preferred Stock) ($70,000).
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True or False: The shape of the production function reflects the law of diminishing marginal returns. True False
Answer: True
Explanation: The slope of the production function measures the change in output for each additional unit of input (the marginal return). It can be observed that the production function becomes flatter as more number of input is added. This exhibits the property of diminishing marginal return where at some point, adding an additional factor of production results in smaller increases in output. At this point, the effectiveness of each additional unit of input decreases.
It should be noted that the shape of the production function reflects the law of diminishing marginal returns.
What is production function?Production function, serves as the equation that explains the relationship that exists between the quantities of productive factors as well as the
amount of product obtained.
It helps to reflects the law of diminishing marginal returns.
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Lewis Industries owns 600,000 shares of Compton Corporation, which it originally purchased for $8 each. On December 1, 2020, Lewis declares it will distribute these shares to its stockholders as a dividend with a December 31 date of payment. The shares have a market price of $7 on the declaration date and $9 on the distribution date. If Lewis’ carrying value for the shares is $5, how much of a reduction in stockholders’ equity should it record as a result of this distribution?
Answer:
The equity will decrease through retained earnigns for 3,000,000 dollars
Explanation:
The company's accounting will distribute the shares at the carrying value of the shares which is $5 per share as for them that is how much they are worth.
600,000 shares x $5 each = $3,000,000
retained earnings 3,000,000 debit
investment on Comption 3,000,000 credit
The equity will decrease through retained earnigns for 3,000,000 dollars
Panther Co. had a quality-assurance warranty liability of $359,000 at the beginning of 2018 and $308,000 at the end of 2018. Warranty expense is based on 3% of sales, which were $44 million for the year. What were the warranty expenditures for 2018?
a. $1,320,000
b. $1,269,000
c. $0
d. $1,371,000
Answer:
d.$1,371,000
Explanation:
Given that
Warranty liability at the beginning of year = $359,000
Warranty liability at the end of year = $308,000
Warranty expense = $44 million
Sales percentage = 3%
So, the warranty expense = $44,000,000 × 3% = $13,20,000
So, the warranty expenditures for 2018 is
= Beginning warranty liability + warranty expense - ending warranty liability
= $359,000 + $13,20,000 - $308,000
= $1,371,000
Jan and Sam have all of their 2018 tax documents ready to bring to George to prepare their return. These documents include a W-2 for Jan ($52,300), a W-2 for Sam ($48,700), a state tax refund of $475, canceled debt income of $1,800 for Jan, and state lottery winnings of $2,000. They never itemize deductions. What will be their total on Form 1040, line 7? a. $105.275 b. $104,800 c. $103,275 d. $103,000?
Answer:
The answer is b. $104,800
Explanation:
W-2 for Jan $52,300+ Sam $48,700 + canceled debt income of $1,800 + state lottery winnings of $2,000 = $104,800
Which of the following types of value chain processes directly creates and delivers goods and services to customers? Question 3 options: General management processes Postproduction processes Support processes Core processes
Answer:
Core process:
Explanation:
The value chain is considered to be that network that defines the way of distributing goods and services to the customers. It also consists of details of all transaction that is done throughout the process of distributing goods to the customers.
The Core Process is a process in involves in the value chain which handles the delivery of goods and services directly to the customers
One approach to organization is putting activities that are similar under one person. ________ called this ""unity of direction.""
Answer:
Explanation:
One approach to organization is putting activities that are similar under one person. Fayol called this ""unity of direction."" . Fayol was the first person who outlined the functions of management. He has fourteen principles of management; Unity of directions is one of the principle which narrates that One boss, one plan for a group, of activities having the same objective. As unity of direction principle, it leads all the members of the organization towards a common goal to achieve its objective.
Final answer:
Henri Fayol proposed the principle of 'unity of direction,' suggesting that similar activities should be managed together, which relates to modern business practices emphasizing core competencies and specialized product lines.
Explanation:
The principle of unity of direction was espoused by Henri Fayol, a French mining engineer and a key figure in the development of modern concepts of management. Unity of direction means that activities which are similar in nature should be managed under one plan and by one manager. This principle aligns with the shift in organizational structures we observe in modern times, where there's a greater emphasis on flat organizational structures and centrality of teamwork. Despite the trend towards less hierarchy and increased collaboration across roles, Fayol's principles still echo in today's business practices where focusing on a core competency and specialized product lines often leads to better success for firms rather than spreading efforts across a wide range of products.
In deciding whether or not to expand operations to Singapore, Digital Control Enterprises performed a(n) _______, in which it identified and analyzed the economic, social and competitive factors that may affect its success.
Answer:
Environmental scanning
Explanation:
Environmental scanning nos done by new businesses that are entering a new market and it involves gathering information about events within a market space and how they affect an organisation's internal and external environment. It is used to determine the future direction of the organisation.
Digital Control Enterprises is performing a environmental scan to determine if they will expand operations in Singapore.
The following represent activities in Marc Massoud’s Construction Company project.
a)Draw the network to represent this situation.
b)Which activities are on the critical path?
c)What is the length of the critical path?
Activity Immediate Predecessor(s) Time (weeks) Activity Immediate Predecessor(s) Time (weeks) A — 1 E B 2 B — 4 F C, E 7 C A 1 G D 2 D B 5 H F, G 3
Answer:
BEFH is the critical path of this project with total duration of 16 weeks
Explanation:
Activity Predecessor Time
A - 1
B - 4
C A 1
D B 5
E B 2
F C,E 7
G D 2
H F,G 3
First we draw the network diagram, as shown in the attachment, according to the predecessors of each activity.
Critical activties have zero float (i.e, difference in values of final and initial start or finish of activty)
Critical Path: BEFH
Length: As shown in figure the length of critical path is 16 weeks. In other words, it takes 16 weeks to complete the project.
Answer:
Explanation:
The activities on the critical path are BEFH
The length of the critical path is 16 weeks
You have $86,000 and decide to invest on margin. If the initial margin requirement is 50 percent, what is the maximum dollar purchase you can make?
Answer:
$172,000
Explanation:
Given that,
A person having a amount today for investment = $86,000
Initial margin requirement = 50 percent
Therefore,
Maximum dollar purchase he can make is as follows:
= Amount of money available ÷ Initial margin requirement
= $86,000 ÷ 50%
= $86,000 ÷ 0.50
= ($86,000 × 100) ÷ 50
= $172,000
Therefore, the maximum amount of dollar purchase is $172,000.
The potential difference between two parallel plates is 458 V. An alpha particle with mass of 6.64 ×10−27 kg and charge of 3.20 ×10−19 C is released from rest near the positive plate. What is the speed of the alpha particle when it reaches the other plate? The distance between the plates is 40.6 cm.
Answer:
21.01 × 10⁴ m/s
Explanation:
Data provided in the question:
Potential difference between two parallel plates, V = 458 V
Mass of the alpha particle = 6.64 × 10⁻²⁷ kg
Charge released, q = 3.20 × 10⁻¹⁹ C
Distance between the plates, d = 40.6 cm
Now,
qV = [tex]\frac{1}{2}mv^2[/tex]
on substituting the respective values, we get
(3.20 × 10⁻¹⁹) × 458 = [tex]\frac{1}{2}\times(6.64\times10^{-27})v^2[/tex]
or
1465.6 × 10⁻¹⁹ = (3.32 × 10⁻²⁷)v²
or
v = 21.01 × 10⁴ m/s
Which of the following approaches would be best for gaining more insight into the problem? a. Call managers at other Kroger stores and see if they are experiencing similar problems meeting the average start of checkout time goal. b. Conduct a focus group with half a dozen or so cashiers and baggers to allow them an opportunity to identify issues with the checkout process and QueVision system. c. Interview customers to get their opinion about the checkout process.
Answer:
(c) Interview customers to get their opinion about the checkout process
Explanation:
Customers are those who buy goods or receive services from a business owner. Customers may sometimes not be the consumers because the customers may buy from the company and sell to other people to consume. The customers may also be the consumers at times when they consume what they bought. If customers do not buy from the business owners, they won't be consumers, thou consumers are gods in today's market and life wire of any business.Once customers are satisfied with the products and services provided to them by the company, they will continue to patronize the company and never substitute it for another company.Most companies start having problems or loose customers due to nonsatisfaction of goods and services render by the company. Therefore, interviewing the customers to get their opinion about the checkout process is the best approach for gaining more insight into the problem because they are in the best position to state why they are not patronising the company's product again.
Answer:
a. Conduct a focus group with half a dozen or so cashiers and baggers to allow them an opportunity to identify issues with the checkout process and QueVision system.
Explanation:
Walborn Corporation uses the weighted-average method in its process costing system. The beginning work in process inventory in a particular department consisted of 18,000 units, 100% complete with respect to materials cost and 40% complete with respect to conversion costs. The total cost in the beginning work in process inventory was $25,200. A total of 53,000 units were transferred out of the department during the month. The costs per equivalent unit were computed to be $1.6 for materials and $3.3 for conversion costs. The total cost of the units completed and transferred out of the department was:
A. $259,700
B. $254,180
C. $189,740
D. $225,380
In January, Dieker Company requisitions raw materials for production as follows: Job 1 $970, Job 2 $1,520, Job 3 $810, and general factory use $660. During January, time tickets show that the factory labor of $7,600 was used as follows: Job 1 $2,390, Job 2 $1,730, Job 3 $1,560, and general factory use $1,920.
Prepare the job cost sheets for each of the three jobs.
Answer:
Dieker Company
Job Cost Sheet of
Job1 Job2 Job3
Materials $970 $ 1520 $ 810
Factory Labor $2390 $ 1730 $1560
General Factory
Indirect material $ 660 $ 660 $ 660
Indirect labor $ 1920 $ 1920 $ 1920
Total $ 5940 $5830 $ 4950
Cost of Job 1
Materials $ 970
Factory Labor $ 2390
G. Factory $ 2580
Total $ 5940
Cost of Job 2
Materials $ 1520
Factory Labor $ 1730
G. Factory $ 2580
Total $ 5830
Cost of Job 3
Materials $ 810
Factory Labor $ 1560
G. Factory $ 2580
Total $ 4950
The job cost sheets for Job 1, Job 2, and Job 3 are $3,360, $3,250, and $2,370 respectively, calculated as the sum of each job's raw materials and labor costs.
Explanation:This is about preparing job cost sheets. Here's how to do it for each of the three jobs.
Job 1
Raw materials: $970
Labor: $2,390 Total cost: $3,360
Job 2
Raw materials: $1,520
Labor: $1,730
Total cost: $3,250
Job 3
Raw materials: $810
Labor: $1,560
Total cost: $2,370
Each of these totals represents the combined cost of raw materials and factory labor assigned to each job. General factory use costs are typically not assigned to specific jobs but are accounted as overheads.
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A certain delivery service offers both express and standard delivery. Seventy-five percent of parcels are sent by standard delivery, and 25% are sent by express. Of those sent standard, 80% arrive the next day, and of those sent express, 95% arrive the next day. A record of a parcel delivery is chosen at random from the company's files.
Answer:
Probability, P(n) = 3/8
Explanation: Let standard delivery be S and express delivery be E.
I) When the parcels were sent:
S(n) = 75/100 and E(n) = 25/100
II) When the parcels arrived:
S(n)← = 80/100 and E(n)← = 95/100
The probability a record of a parcel delivery is chosen, P(n) = S(n)*E(n) + E(n)*S(n) = 75/100*25/100 + 25/100*75/100
P(n) = 3/16 + 3/16 = 6/16
∴ P(n) = 3/8
Which of the following statements is FALSE about outsourcing? It saves both direct and indirect management time. It reduces implementation risk. It gains economies of scale. It guarantees a certain a level of quality. It provides easy access to expertise.
Answer: The correct answer is "It guarantees a certain a level of quality.".
Explanation: It is called outsourcing in the business world, the process in which an organization hires other external companies to take over part of its activity or production.
The statement "It guarantees a certain a level of quality." is FALSE because there is no guarantee that outsourcing always means providing a certain level of quality.
The outsourcing has been unable to provide the quality of work to the organization. Thus, option D is correct.
The outsourcing can be defined as the business practice that has been carried out by the hiring of third party for performing a specific task. The outsourcing has been adopted with the decreased level of management.
The outsourcing has been capable of implementing the reduction in the risk factor, as the task has been performed by the third party and they have been responsible for the inappropriate task.
It has been characterized with the easy access as well as the economic profit. However, it has been unable to provide the quality of work to the organization. Thus, option D is correct.
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Brief Exercise 12-8 have a carrying Ayayai Corporation purchased Johnson Company 3 years ago and at that time recorded goodwill of $300,000. The Johnson Division's net assets, including the good amount of $650,000. The fair value of the division is estimated to be $620,000 and the implied goodwill is $270,000 Prepare Ayayai journal entry to record impairment of the goodwill. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit
Answer:
Explanation:
Since the fair value of the division is less than the carrying value of the division so the loss on impairment is recorded
The journal entry to record the impairment of the goodwill is shown below:
Loss on impairment A/c Dr $30,000
To Goodwill A/c $30,000
(Being loss on impairment is recorded)
The computation is shown below:
= Carrying value - fair value
= $300,000 - $270,000
= $30,000
Final answer:
To record the impairment of goodwill, Ayayai Corporation would debit Loss on Impairment of Goodwill for $30,000 and credit Goodwill for the same amount, reflecting the decrease from the previously recorded $300,000 to the new implied goodwill of $270,000.
Explanation:
The student's question involves recording an impairment of goodwill for Ayayai Corporation's purchase of Johnson Company. Initially, goodwill of $300,000 was recorded, but due to impairment, the fair value decreased, and the implied goodwill is now at $270,000. To record the impairment loss, the company would need to make the following journal entry:
Loss on Impairment of Goodwill Debit $30,000Because of its effect on the amount of capital per worker, in the short term an increase in the working population is likely to
a. reduce productivity. Other things the same, this decrease will be larger in a rich country.
b. reduce productivity. Other things the same, this decrease will be larger in a poor country.
c. raise productivity. Other things the same, this increase will be larger in a poor country.
d. raise productivity. Other things the same, this increase will be larger in a rich country.
Answer:
The correct answer is letter "B": reduce productivity. Other things the same, this decrease will be larger in a poor country.
Explanation:
Labor productivity measures the units a worker can produce per hour. Capital, technology, and human development influence the labor productivity employees could have. Poor countries are characterized by having low investments. If the labor force increases but the capital remains stagnant, the level of productivity is likely to fall since there is a surplus in labor hand.
Final answer:
In short, an increase in working population tends to reduce productivity, which is likely to be more pronounced in a rich country because of the higher initial capital per worker. However, the correct option is that productivity decreases and is more impacted in a poor country. Option b is correct.
Explanation:
An increase in the working population has different effects on productivity depending on whether it's a rich or a poor country. In the short term, an increase in the working population is likely to reduce productivity because the same amount of capital is now spread over more workers, reducing the amount of capital per worker.
In a rich country, where the amount of capital per worker is typically higher, this reduction in productivity may be larger because the gains from additional labor are less when capital is already abundant. Conversely, in a poor country, where capital is scarce, adding more labor can actually make better use of the limited capital, such as in the example of more taxi drivers sharing a single vehicle to increase its time on the road and thus, its productivity. In this case, the decrease in productivity due to more workers sharing the same capital might be less pronounced than in a rich country.
Therefore, the correct answer is b. reduce productivity. Other things the same, this decrease will be larger in a poor country.
What is the relationship between the Employee class and the Manager class? What concept does this demonstrate
Answer:
Here, The Manager class is a child class of Employee class. There is an “Is-A” relationship between the manager and employee classes. Here Manager class extends from Employee class. That means Manager “is an” Employee.
It means Manager class objects will have the fields of the Employee class but it cannot access them on its own as my Name, my Title and my Age are declared private. It has to use super keyword and super class methods and constructors to access those fields. But, Manager class can access mySalary on its own because it is declared protected. As a sub class object can call super class methods ( which are public and protected ), the sub class objects can access those field indirectly by using super class constructors and methods. It means the Manager class cannot directly control the Employee class fields without using Employee class constructors and methods.
Halogen Laminated Products Company began business on January 1, 2021. During January, the following transactions occurred:
Jan. 1 Issued common stock in exchange for $103,000 cash.
2 Purchased inventory on account for $38,000 (the perpetual inventory system is used).
4 Paid an insurance company $2,760 for a one-year insurance policy. Prepaid insurance was debited for the entire amount.
10 Sold merchandise on account for $12,300. The cost of the merchandise was $7,300.
15 Borrowed $33,000 from a local bank and signed a note. Principal and interest at 10% is to be repaid in six months.
20 Paid employees $6,300 salaries for the first half of the month.
22 Sold merchandise for $10,300 cash. The cost of the merchandise was $6,300.
24 Paid $15,300 to suppliers for the merchandise purchased on January 2.
26 Collected $6,150 on account from customers.
28 Paid $1,000 to the local utility company for January gas and electricity.
30 Paid $4,300 rent for the building. $2,150 was for January rent, and $2,150 for February rent. Prepaid rent and rent expense were debited for their appropriate amounts.
Required:
1. Prepare general journal entries to record each transaction.
2. Post the transactions into the appropriate T-accounts.
3. Prepare an unadjusted trial balance as of January 30, 2021.
Answer:
1. General journal entries to record each transaction.
Jan. 1 Dr. Cr
Cash $103,000
Common Stock $103,000
Jan. 2 Dr. Cr
Inventory $38,000
Account Payable $38,000
Jan. 4 Dr. Cr
Prepaid Insurance $2,760
Cash $2,760
Jan. 10 Dr. Cr
Account Receivable $12,300
Sale $12,300
Cost of Goods Sold $7,300
Inventory $7,300
Jan. 15 Dr. Cr
Cash $33,000
Note Payable $33,000
Jan. 20 Dr. Cr
Salary Expense $33,000
Cash $33,000
Jan. 22 Dr. Cr
Cash $10,300
Sale $10,300
Cost of Goods Sold $6,300
Inventory $6,300
Jan. 24 Dr. Cr
Account Payable $15,300
Cash $15,300
Jan. 26 Dr. Cr
Cash $6,150
Account Receivable $6,150
Jan. 28 Dr. Cr
Utility Expense $1,000
Cash $1,000
Jan. 30 Dr. Cr
Rent Expense $2,150
Prepaid Rent $2,150
Cash $4,300
2.
MS Excel File is attached for T accounts Posting in Worksheet Named as " T Account". Please Find that.
3.
MS Excel File is attached for unadjusted trial balance in Worksheet Named as " Trial Balance". Please Find that.
To compute the firm's accounting profit, subtract the total expenses ($950,000) from the sales revenue ($1 million), resulting in an accounting profit of $50,000 for the year.
Explanation:The question concerns the calculation of a firm's accounting profit, which is determined by subtracting all expenses from sales revenue. To calculate the accounting profit, we take the firm's total sales revenue of $1 million and deduct the costs of labor, capital, and materials, which are $600,000, $150,000, and $200,000 respectively.
Accounting profit = Sales revenue - (Labor costs + Capital costs + Materials costs)
Accounting profit = $1,000,000 - ($600,000 + $150,000 + $200,000)
Accounting profit = $1,000,000 - $950,000
Accounting profit = $50,000
This calculated figure represents the firm's net income or accounting profit for the year, after accounting for the explicit costs.
Would you expect a brick-and-mortar retailer or an online retailer to have a higher asset turnover? Which supply chain drivers impact asset turnover?
I would expect an online retailer to have a higher asset turnover over a brick-and-mortar retailer because they are more adaptable to change as per the customers choice ,they have many choice options for their customers and are more relaxed with their product pricing strategy.
Explanation:
Asset turnover ratio is used to calculate the productivity of an asset.A company's productivity is directly proportional to its asset turn over ratio.
The formula for calculating
Asset Turnover Ratio =Total Sales of an asset/Average total asset
The supply chain drivers that affect asset turnover are Accounts receivable,inventory ,transportation,information, facilities,sourcing and pricing.
An online retailer typically has a higher asset turnover than a brick-and-mortar retailer due to fewer physical assets. However, key supply chain drivers like production, inventory, location, transportation, information, and sourcing also significantly impact asset turnover.
Explanation:Generally, an online retailer is likely to have a higher asset turnover than a brick-and-mortar retailer. This is because online retailers typically need fewer physical assets to operate and can therefore generate more sales per dollar of assets. However, other factors such as their inventory management and supplier relationships can also impact asset turnover.
The key supply chain drivers that impact asset turnover include production, inventory, location, transportation, information, and sourcing. Efficient management of these drivers can help reduce asset levels and increase sales, thus improving asset turnover. For instance, a company with efficient inventory management and supplier relationships may have a higher asset turnover ratio than its competitors even if it operates physical stores.
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Estimating warranty expenses at 2%, when past history suggests they have experienced 5%, results in an overstatement of expenses and an understatement of liabilities.A. True
B. False
Answer: option B: False
Explanation:
Liabilities and Expenses will both be understated
Answer:
False
Explanation:
Warranty accruals will be accounted for when incurred through the following entries,
Debit Warranty expense
Credit Warranty accrual
Using the history as a basis for accrual estimating the warranty expenses at 2% instead of 5% would result in an understatement of the two accounts stated above.
These are the expense and accrual accounts. As such the answer is false
Which of the following executive roles is responsible for overall priority setting, project selection and prioritization, general guidance and encouragement?a. Steering Team b. Sponsor c. Project Management Office d. Chief Projects Officer
The executive role responsible for overall priority setting, project selection and prioritization, general guidance and encouragement is the Steering Team.
Explanation:The executive role responsible for overall priority setting, project selection and prioritization, general guidance and encouragement is the Steering Team.
The Steering Team is usually made up of high-level executives who set the direction and make crucial decisions for the organization. They prioritize projects based on the organization's goals and strategic objectives. They also provide general guidance and encouragement to ensure projects stay on track.
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Assume that a consumer is currently maximizing satisfaction and attending both movies and basketball games. If the price of movies decreases, what will happen to the marginal utilities of movies and of basketball games once the consumer adjusts to the new price of movies?
Answer and explanation:
Marginal Utility refers to the benefit or satisfaction obtained from consuming one more unit of a good or service. In economics, something has utility if it satisfies any consumer want or needs whether for usefulness or pleasure. It is a subjective term.
Thus, if the price of ticket movies decreases, its marginal utility will decrease and the marginal utility of tickets for basketball games will increase.
Ashton is an investor looking at the income statements of two different companies. The first company has a very detailed income statement, and the second company has a very condensed income statement. Which company is Ashton more likely to invest in? Why?
Answer:
The first company with detailed information.
Explanation:
Financial statements show the financial position of a company at a particular period in time. The various types are balance sheet, income statement, and cash flow statement.
The income statement shows more clearly value of the company.
When Ashton is studying the income statement, he will need as much detail as possible so that he can make informed decision to invest.
The company with detailed income statement will be a better option. The company with condensed income statement will most likely not reveal some important information that will present itself as an unpleasant surprise in the future.
Ashton is more likely to invest in the company with the condensed income statement. A condensed income statement provides a summary of the company's financial performance in a concise manner. This suggests that the company may be well-managed and focused on key financial metrics.
Explanation:Ashton is more likely to invest in the company with the condensed income statement. A condensed income statement provides a summary of the company's financial performance in a concise manner, making it easier for Ashton to quickly identify key information. In contrast, a detailed income statement may be overwhelming and time-consuming to analyze.
Additionally, a condensed income statement indicates that the company has a good understanding of its financial performance and can present its information efficiently. This suggests that the company may be well-managed and focused on key financial metrics.
Therefore, Ashton is more likely to invest in the company with the condensed income statement as it provides a clearer and more efficient overview of the company's financial performance.
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