Answer:
Option B) 3 or 4; 2 or fewer
Explanation:
A high quality factor will not meet 3 or 4 and low quality factor will not meet 1 or 0 so option A, C and D are incorrect.
The correct option is B. 3 or 4; 2 or fewer as a high quality factor will meet three or four of the AQCD criteria; a low quality factor will meet two or fewer of the AQCD critieria.
Lisa and Eric were notified that replacement cost coverage is in effect on a home owner's policy only if the home is insured for at least 80% of its replacement cost. This provision is known as theA) Replacement Cost Rule. B) 80 Percent Rule. C) Replacement Cost Provision. D) none of the above.
Answer:
The correct answer is letter "B": 80 Percent Rule.
Explanation:
The Pareto Principle -also known as the 80-20 rule- states that 80% of the results are attributable to 20% of the causes. It is a guide that helps people to focus their efforts on the 20% that is important knowing the other 80% is of minor consequence. The Pareto Principle was developed by 20th-century business scholar Joseph Juran (1904-2008) who named the rule after Italian economist Vilfredo Pareto.
You work for Emerita's Pizzeria and have been given the task of looking at company goals and deciding how the goals will be accomplished. You understand that planning is a complex process, but you are up for the challenge. Breifly explain your stratedy for this task.
The plans that must be involved are the strategic planning, the mid level, the low level, the operational planning, the top level planning.
Explanation:
In the strategic planning the company's stakeholders will ask them were they want their company to be in five years
The middle level staff will decide to focus in recruiting the new clients and to increase the productivity and they will find the way to give back to the company
Being a low level employee it is necessary that one must interact with the customers and contribute to the company's performance
In the operational planning it will be difficult to manage the customers meet their day to day needs and satisfy them
A meeting will be held with the top level staff and hence they will be coming up with the new tools of the operational planning
Harley Davidson stores sell merchandise which attract people who love motorcycles and the idea of an open road and freedom. Some are bikers and others are those who do not have a Harley Davidson motorcycle but buy the HD logo apparel and accessories. Therefore, Harley Davidson is using _____ as the scheme for market segmentation.
Answer: Lifestyle segmentation
Explanation: Because Harley Davidson seeks to attract a particular group of consumers, those who either bike, love the idea of the open road and freedom or those who do buy the HD logo apparel and accessories, Harley Davidson is employing the lifestyle segmentation type. This type of segmentation is one wherein consumers are grouped into sub-groups that are made from data pertaining to each customer as regards their lifestyle. Lifestyle segmentation is employed in the planning of products or services to be better suited to the lifestyle of customers in a bid to increase market share.
A person's lifestyle is a collection of their attitudes, values, interests, opinions etc. Lifestyle segmentation aims to establish relationships between products and services offered and targeted lifestyle groups.
Harley Davidson uses psychographic segmentation to market its merchandise to both bikers and individuals drawn to the motorcycle culture.
Harley Davidson is using psychographic segmentation as the scheme for market segmentation. This type of segmentation focuses on the lifestyle, interests, and activities of consumers. It targets not only those who are already bikers but also those who are attracted to the motorcycle culture and the sense of freedom and adventure it represents. By selling merchandise such as HD logo apparel and accessories, Harley Davidson appeals to a broader market that includes individuals who aspire to be part of this lifestyle, even if they do not own a Harley Davidson motorcycle.
The school of philosophy that acknowledged the gods but taught that they had no influence on human life and that the principle goods of human life were contentment and pleasure, meaning a life free from fear and suffering, was inspired by which of the following?A. DemocritusB. EpicurusC. ZenoD. Socrates
Answer:
The correct answer is letter "B": Epicurus.
Explanation:
Greek philosopher Epicurus (341 b.C. - 270 a.C.) was immortalized in the Latin poem "On the nature of things" -Lucrecio- in which Epicurus is attributed that the object of wisdom is to suppress the obstacles that oppose to happiness. This does not imply the pursue of unbridled pleasure, but of a measured lifestyle in which the spirit can enjoy friendship and the cultivation of knowledge.
The year-end adjusted trial balance of the Timmons Tool and Die Corporation included the following account balances: retained earnings, $265,000; sales revenue, $880,000; cost of goods sold, $580,000; salaries expense, $155,000; rent expense, $49,000; and interest expense, $24,000.1.Close the revenue accounts as necessary2.Close the expense accounts as necessary3.Close net income
Answer:
Year end Closing journal Entries:
Dr. Cr.
1.
Sales revenue $880,000
Income Summary $880,000
2.
Income Summary $808,000
Cost of goods sold $580,000
Salaries expense $155,000
Rent expense $49,000
Interest expense $24,000
Retained earning is an equity account and it is also a permanent account which will not close.
Carol Bates, a young, dynamic, and affluent banker, likes to shop online and try out new products. She likes to keep herself updated about the latest products introduced in the market. She is usually the first among her friends to buy the latest gadgets.
What trait best describes Carol?
Explanation:
Based on the given statement, Carol Bates is very much interested in grabbing the latest gadgets. It means that,
Carol is updatedAdaptable to changeHave exploring capability to upgradeA technology savvyMonitors market and has good knowledge on current trendsSelf-motivated to be on trackHas creative skills to use the latest gadgetsAll the above qualities describes that Carol Bates is innovative.
Otto and Monica are married taxpayers who file a joint tax return. For the current tax year, they have AGI of $80, 300. They have excess depreciation on real estate of $67, 500, which must be added back to Taxable Income to arrive at AMTI. The amount of their mortgage interest expense for the year was $25,000, and they made charitable contributions of $7, 500. They have no other itemized deductions. If Otto and Monica's taxable income for the current year is 39, 800, determine the amount of their AMTI.
Answer:
the AMT is 115, 300
Explanation:
The question is to determine the Alternate Minimum Tax (AMT). This represents a type of tax that is undertaken on estates, trusts, individuals and corporations by the Federal government of the United States. It works such that some items of tax preference are summed back to increase the amount of gross income.
The calculation is as follows:
Description Amount ($)
Otto and Monica's Adjusted Gross income 80,300
Add back: Depreciation in excess on real estate 67,500
This becomes the Minimum Income taxable 147,800
Subtract the following as deductions
Interest expense on mortgage (25,000)
Charitable contributions (7,500)
The AMT is 115, 300
Otto and Monica's alternative minimum taxable income (AMTI) is calculated by adding back the excess depreciation on real estate to their taxable income and then subtracting their total itemized deductions, resulting in an AMTI of $74,800 for the current tax year.
The student asks how to determine the alternative minimum taxable income (AMTI) for Otto and Monica, based on their given financial information. To calculate the AMTI, we must first add back the excess depreciation on real estate to their taxable income and then make necessary adjustments based on allowable itemized deductions.
Starting with their taxable income of $39,800, we add the excess depreciation on real estate of $67,500 to get a subtotal. Since their total itemized deductions (mortgage interest and charitable contributions) amount to $32,500, the AMTI can be calculated by summing the taxable income and the depreciation, then subtracting the itemized deductions as follows:
Taxable Income: $39,800
Add: Excess Depreciation on Real Estate: $67,500
Subtotal: $107,300
Less: Total Itemized Deductions (Mortgage Interest $25,000 + Charitable Contributions $7,500): $32,500
AMTI: Subtotal - Total Itemized Deductions
AMTI: $107,300 - $32,500 = $74,800
Hence, Otto and Monica's AMTI for the current tax year is $74,800.
Most goods and services are produced through a chain of vertical activities which add value. a. True b. False
Answer:
The statement is: True.
Explanation:
A company has a vertical integration in its supply chain when all the steps involved from the production until the delivery of the final goods to suppliers or customers are handled by the same firm. The supply chain is methodically arranged in a series of steps where one follows the next one adding value.
For the current year, Vidalia Company reported revenues of $250,000 and expenses of $225,000. At the beginning of the year, its retained earnings had a balance of $95,000. During the year, Vidalia paid $11,000 dividends to shareholders. Its contributed capital was $56,000 at the beginning of the year, and it did not issue any new stock during the year. Vidalia's assets total $237,500 on December 31 of the current year.
What are Vidalia's total liabilities on December 31 of the current year?
Vidalia's total liabilities on December 31 of the current year is calculated by determining its total equity and then substituting this into the assets equals liabilities plus equity equation. The final total liabilities for the Vidalia Company is $72,500.
Explanation:To determine Vidalia Company's total liabilities at the end of the current year, we refer to the basic accounting equation: Assets = Liabilities + Equity.
First, we need to calculate Vidalia's equity at the end of the year. It had a beginning retained earnings of $95,000. Given the revenue is $250,000 and expenses are $225,000, the company's net income for the year is $25,000 ($250,000 - $225,000).
Subtracting the dividends of $11,000 from the sum of the beginning retained earnings and net income yields the ending retained earnings: $95,000 + $25,000 - $11,000 = $109,000.
Combining this with the contributed capital of $56,000 gives us the total equity: $109,000 + $56,000 = $165,000.
Finally, substituting the values into the accounting equation, we get:
$237,500 (Assets) = Liabilities + $165,000 (Equity)
Which gives us, Liabilities = $237,500 - $165,000 = $72,500.
So, Vidalia's total liabilities on December 31 of the current year are $72,500.
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Sometimes called the coverage ratio, this ratio measures the risk that interest payments will not be made if earnings decrease. a.Number of days' sales in inventory b.Times interest earned ratio c.Ratio of fixed assets to long-term liabilities d.Ratio of liabilities to stockholders' equity
Answer:
The correct answer is letter "B": Times Interest Earned Ratio.
Explanation:
Times Interest Earned (TIE) ratio or the coverage ratio tests the capacity of a company to pay off its debts. TIE is calculated by dividing the company's earnings before interest and taxes by the interest that is payable on its debts. A low ratio means the company struggles to pay its debt, and if it fails to meet its obligations, it may face bankruptcy. A high ratio means that an organization can cover its expenses.
. Pratt was able to see the issue with student loans after she personally declared bankruptcy. Investors she spoke with in Silicon Valley thought parents should just pay off the loans. Their differences in view can be explained because of the __________ theory.a. deontologicalb. utilitarian ethicalc. casuist ethicald. moral relativism
Answer: D. Moral relativism
Explanation: The theory of moral relativism helps resolves issues bordering on truth and falsehood. It states that the truth or falsity of moral judgments, or their justification, is not absolute or universal, but is relative to the traditions, convictions, or practices of a group of persons concerned. With respect to justification, it says that judgment may be justified in one society but not in another. Here, no standpoint is uniquely privileged over all others, Pratt's, the investors or parents as the case may be.
Sanders Company has the following information for last year: Selling price $190 per unit Variable production costs $52 per unit produced Variable selling and admin. expenses $18 per unit sold Fixed production costs $240,000 Fixed selling and admin. expenses $180,000 Units produced 12,000 Units sold 7,000 There were no beginning inventories. What is the cost of ending inventory for Sanders using the variable costing method? a.$300,000 b.$280,000 c.$260,000
Answer:
Option (c) is correct.
Explanation:
Given that,
Variable production costs = $52 per unit
selling and admin. expenses = $18 per unit sold
Fixed production costs = $240,000
Fixed selling and admin. expenses = $180,000
Units produced = 12,000
Units sold = 7,000
Therefore,
Cost of ending inventory:
= (Units produced - Units sold) × Variable production costs per unit
= (12,000 - 7,000) × $52
= 5,000 × $52
= $260,000
The cost of ending inventory for Sanders using the variable costing method is $260,000.
Explanation:The cost of ending inventory for Sanders using the variable costing method can be calculated by multiplying the number of units in ending inventory by the variable production cost per unit. In this case, the number of units in ending inventory would be the difference between the units produced and the units sold, which is 12,000 - 7,000 = 5,000 units. The variable production cost per unit is $52. Therefore, the cost of ending inventory would be 5,000 units x $52 per unit = $260,000.
Problems and Applications Q7
Oyster crackers are a complement for clam chowder. If the price of clam chowder falls, the quantity of clam chowder demanded
falls
rises
which
raises
lowers
the demand for oyster crackers. Because of the change in the equilibrium quantity of oyster crackers, the demand for wheat flour by oyster crackers producers
rises
falls
, causing the equilibrium price of wheat flour to
decrease
increase
. This means producers of bread face
higher
lower
input prices, and the supply of bread
decreases
increases
. The resulting
rise
fall
in the price of bread causes people to substitute
away from cereal and toward bread
away from bread and toward cereal
, so the demand for cereal
rises
falls
Answer:
Q1 rises quantity of clam chowder demanded as there will be more demand from complement goods for Oyster crackers as theri price decreases it.
Q2 rises the quantity the demand for oyster crackers as more persons will find a consumer surplus at a lower price therefore, more quantity.
Q3 demand for wheat flour increases as they are an input in the processing of Oyster crackers.
Q4: increase as the demand increases without an increase in supply which,
Q5 increase input prices of bread making decreases it resulting in:
Q6: rise of the price of bread making people
Q7 subtitute with cereal thus,
Q8 increasing the demand for cerals.
Explanation:
An increase in human capital would tend to Group of answer choices decrease worker productivity. decrease employee wages. increase worker productivity. decrease the number of people working. have no effect on worker productivity.
Answer:
increase worker productivity.
Explanation:
The OECD defines human capital as “the knowledge, skills, competencies and other attributes embodied in individuals or groups of individuals acquired during their life and used to produce goods, services or ideas in market circumstances”.
If the skills ,knowledge and competences of labour increases, it should lead to an increase in labour productivity.
I hope my answer helps you
Suppose that the government of China is currently fixing the exchange rate between the U.S. Dollar and the Chinese Yuan at a rate of $1 = 6 yuan. Also suppose that at this exchange rate, the people who want to convert dollars to yuan are asking to convert $10 billion per day of dollars into yuan, while the people who are wanting to convert yuan into dollars are asking to convert 36 billion yuan into dollars. What will happen to the size of China’s official reserves of dollars?a. Increaseb. Decreasec. Remains the same
Answer:
Explanation:
$10 billion is being converted to yuan
at a rate of $1 = 6 yuan, it would be converted to 60 billion yuan
$10 billion is transferred to China since they gain ownership of yuan
36 billion yuan is being converted to $6 billion
China’s official reserves of dollars will increase because $10 billion is coming and $6 billion going out.
Answer - A
You are starting medical school today. Becoming a doctor is your lifetime dream, so you started saving money when you were little. You now have $200,000 in your account, and you are going to withdraw annually starting today over the next four years. If you can earn 3 percent interest on the account, how much a year can you withdraw? Round to the nearest cent. Do not include any unit (If your answer is $111.11, then type 111.11 without $ sign.)
Answer:
$52,238.26
Explanation:
Since he is going to withdraw annually starting today over the next four years, the formula to use to calculate how much to withdraw a year is the formula for annuity due.
Basically, annuity refers to financial investment that pays investors a fixed stream of amount for a specified period. It of two types: ordinary annuity that pays at the end of the period, and annuity due that pays at beginning of the period.
Since our focus here is annuity due, we employ the following annuity due formula:
PV = P × [{1 - [1 ÷ (1+r)]^n} ÷ r] × (1+r) ....................................... (1)
Where
A
PV = Present value of an annuity due = $200,000
P = yearly withdrawal = ?
r = interest rate = 3% = 0.03
n = number of years = 4
Therefore, we have:
200,000 = P × [{1 - [1 ÷ (1+0.03)]^4} ÷ 0.03] × (1+0.03)
200,000 = P × [{1 - [1 ÷ (1.03)]^4} ÷ 0.03] × (1.03)
200,000 = P × [{1 - [1 ÷ 1.12550881]} ÷ 0.03] × (1.03)
200,000 = P × [{1 - 0.888487047915689} ÷ 0.03] × (1.03)
200,000 = P × [0.111512952084311 ÷ 0.03] × (1.03)
200,000 = P × 3.71709840281037 × 1.03
200,000 = P × 3.82861135489468
Rearranging, we have:
P = 200,000 ÷ 3.82861135489468
P = 52,238.26
Therefore, $52,238.26 can be withdrawn a year.
John would like to save $1,500,000 by the time he retires in 30 years and believes he can earn an annual return of 8%. How much does he need to invest each year to achieve his goal?
Answer:
he need to invest $13,241 each year to achieve his goal
Explanation:
Target Saving Amount = Future value = F = $1,500,000
Number of years = n = 30 years
Inyterest rate = r = 8% = 0.08
Invetment to be made = P = ?
Use following formula to calculate Invetment amount
F = P x ([1 + r]^n - 1 )/r
P = F / ([1 + r]^n - 1 )/r
P = 1,500,000 / ([1 + 0.08]^30 - 1 )/0.08
P = 1,500,000 / 113.2832
P = 13241.15
Which of the following statements correctly characterizes the elasticity of demand for food? a. While food demand is not very responsive to changes in price, increases in income produce big increases in the demand for food. b. As income increases, the quantity demanded of food decreases. c. If the price of food falls by 5 percent, quantity demanded will rise by less than 5 percent. d. People consume the same amount of food regardless of the price of food.
Answer:
b. As income increases, the quantity demanded of food decrease
Explanation:
food weights for individuals whose income is sufficient enought to keep them healty and feed will not increase their food consumption much else. That's because, their already have it covered and want to saisfy new needs
The demand for food is only high at low levels of income.
Carlin Company has total assets of $1,000,000, liabilities of $400,000, and equity of $600,000. What is the debt ratio (rounded to a whole percent)? 250% 167% 60% 40%
Answer:
40%
Explanation:
Given that,
Carlin Company has;
Total assets = $1,000,000
Liabilities = $400,000
Equity = $600,000
Total debt = $400,000
Therefore,
Debt ratio = Total debt ÷ Total assets
= $400,000 ÷ $1,000,000
= 0.4 or 40 percent
Hence, the debt ratio of Carlin Company is 40 percent.
This means that 40% of its total assets are financed by debt, while the remaining 60% is financed by equity.
The debt ratio is a measure of the proportion of a company's assets that are financed by debt (liabilities).
It is calculated as:
Debt Ratio = (Total Liabilities / Total Assets) * 100%
In this case, Carlin Company has:
- Total Assets = $1,000,000
- Liabilities = $400,000
Now, let's calculate the debt ratio:
Debt Ratio = ($400,000 / $1,000,000) * 100%
Debt Ratio = (0.4) * 100%
Debt Ratio = 40%
So, Carlin Company's debt ratio is 40%.
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Lee Financial Services pays employees monthly. Payroll information is listed below for January 2016, the first month of Lee's fiscal year. Assume that none of the employees exceeded any relevant wage base.
Salaries $ 500,000
Federal income taxes to be withheld 100,000
Federal unemployment tax rate 0.60 %
State unemployment tax rate (after FUTA deduction) 5.40 %
Social security tax rate 6.20 %
Medicare tax rate 1.45 %
Required:
a. Calculate the income and payroll taxes for the January 2016 pay period.
b. Prepare the appropriate journal entries to record salaries and wages expense (not paid) and payroll tax expense for the January 2016 pay period.
Final answer:
To calculate the income and payroll taxes for the January 2016 pay period, we need to consider the tax rates and deductions provided. The income taxes are $152,500 and the payroll taxes are $68,070. We can record the journal entries for the salaries and payroll tax expenses.
Explanation:
To calculate the income and payroll taxes for the January 2016 pay period, we need to consider the various tax rates and deductions provided. The salaries for the pay period are $500,000. The federal income taxes to be withheld are $100,000. The federal unemployment tax rate is 0.60%, state unemployment tax rate is 5.40%, social security tax rate is 6.20%, and medicare tax rate is 1.45%.
To calculate the income taxes, we multiply the gross salary by the federal income tax rate: $500,000 * 0.305 = $152,500.
To calculate the payroll taxes, we multiply the gross salary by each respective tax rate: federal unemployment tax: $500,000 * 0.006 = $3,000, state unemployment tax: ($500,000 - $3,000) * 0.054 = $26,820, social security tax: $500,000 * 0.062 = $31,000, medicare tax: $500,000 * 0.0145 = $7,250.
To record the journal entries, we will debit Salaries expense for $500,000 and credit Salaries payable for $500,000. We will also debit Payroll tax expense for $68,070 ($3,000 + $26,820 + $31,000 + $7,250) and credit Payroll taxes payable for $68,070.
Reginald looked for work for six months but could not find a job to his liking. He now spends his time at the beach. For purposes of employment he is considered: A. unemployed. B. out of the labor force. C. underemployed.
Answer:
The answer is B. Out of labor force.
Explanation:
In which of the following cases will the effect on equilibrium output be indeterminate (i.e., depend on the magnitudes of the shifts in supply and demand)? a. Demand increases and supply increases b. Demand decreases and supply decreases c. Demand decreases and supply increases d. Demand remains constant and supply increases
Answer:
c. demand decreases and supply increases
Explanation:
Equilibrium level of output refers to that level of output at which demand equals supply.
If demand decreases, the demand curve will experience a leftward shift. When supply increases, the supply curve shifts to the right. This results into suppliers supplying more and customers demanding lesser.
This will lead to a decrease in equilibrium price but in such a case, the effect on equilibrium quantity cannot be determined i.e the output would be indeterminate.
When both demand and supply increase, the effect on equilibrium output is considered indeterminate due to multiple possible outcomes. It can stay the same, increase, or decrease depending on whether the increase in demand is equal to, is greater than, or falls short of the increase in supply. The elasticity of demand can also play a role.
Explanation:The subject matter is concerned with the effect on equilibrium output when there is a shift in both demand and supply. Among the provided options, the effect on equilibrium output would be indeterminate in case 'a', where both demand and supply increase. The reason is as follows:
If the increase in both demand and supply is equal, the equilibrium price stays the same but the quantity of output increases.If the increase in demand outweighs the increase in supply, the equilibrium price and quantity both increase.If the increase in supply outweighs the increase in demand, the equilibrium price falls, but the quantity increases.Because of multiple possible outcomes, the effect on the equilibrium output is said to be indeterminate in this scenario. It's also important to note that elasticity of demand can also influence the change in equilibrium price and quantity.
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A proposed new project has projected sales of $177,000, costs of $89,000, and depreciation of $24,600. The tax rate is 24 percent. Calculate operating cash flow using the four different approaches
Answer:
Operating Cash flow 72,784
Explanation:
sales 177,000
cost (89,000)
depreciation (24,600)
income before taxes 63,400
income tax expense
63,400 x24% (15,216)
Net income 48,184
1)
net income + non monetary term (depreciation)
48,184 + 24,600 = 72,784
2) direct method
collected from customer 177,000
payment to supplier (89,000)
tax paid (15,216)
cash flow 72.784
3) EBIT + depreciation - taxes
63,400 -15,216 + 24,600 = 72.784
It is clear that to produce the maximum material comfort for its citizens, a nation needs to _______.
(A) Limit competition from the products of foreign nations
(B) Strive for self-sufficiency
(C) Subsidize the sale of lots of goods and services
(D) Specialize in producing something that it is relatively good at producing
Answer:
(D) Specialize in producing something that it is relatively good at producing.
Explanation:
When a country specialises in production of a good it is relatively good at producing, its citizens will not find it difficult to manufacture the good for local consumption and export.
If the country needs product it is not good at producing it imports it from other countries that have a competitive advantage in producing it.
This will produce maximum material comfort for its citizens.
It is clear that to produce the maximum material comfort for its citizens, a nation needs to Specialize in producing something that it is relatively good at producing. The correct answer is option D.
Economic theory suggests that nations should focus on specializing in the production of goods and services where they have a comparative advantage. This means producing items that they can produce more efficiently and at a lower opportunity cost compared to other countries. Specialization allows nations to maximize their productivity and engage in trade with other nations to obtain goods and services that they are less efficient at producing.
Comparative advantage: Producing goods more efficiently than others.Specialization: Focusing on what a nation can produce best.Trade benefits: Engaging in trade to obtain other needed goods and services.By specializing, a nation can enhance its overall economic efficiency, increase the wealth of its citizens, and improve material comfort through the gains from trade. This approach leverages the strengths of each nation, leading to a more prosperous and interconnected global economy.
The following is the ending balances of accounts at December 31, 2021, for the Vosburgh Electronics Corporation:
Account Title Debits Credits Cash 99,000
Short-term investments 214,000
Accounts receivable 155,000
Long-term investments 51,000
Inventory 231,000
Receivables from employees 56,000
Prepaid expenses (for 2022) 32,000
Land 296,000 Building 1,710,000
Equipment 653,000
Patent (net) 168,000
Franchise (net) 56,000
Notes receivable 330,000
Interest receivable 28,000
Accumulated depreciation—building 636,000
Accumulated depreciation—equipment 226,000
Accounts payable 205,000
Dividends payable (payable on 1/16/2022) 26,000
Interest payable 32,000
Income Taxes payable 56,000
Deferred revenue 76,000
Notes payable 332,000
Allowance for uncollectible accounts 24,000
Common stock 2,064,000
Retained earnings 402,000
Totals 4,079,000
Additional information:
1. The common stock represents 1.3 million shares of no-par stock authorized, 660,000 shares issued and outstanding.
2. The receivables from employees are due on June 30, 2022.
3. The notes receivable are due in installments of $66,000, payable on each September 30. Interest is payable annually
4. Short-term investments consist of securities that the company plans to sell in 2022 and $66,000 in treasury bills purchased on December 15 of the current year that mature on February 15, 2022. Long-term investments consist of securities that the company does not plan to sell in the next year.
5. Deferred revenue represents payments from customer for extended service contracts. Seventy percent of these contracts expire in 2022, the remainder in 2023.
6. Notes payable consists of two notes, one for $116,000 due on January 15, 2023, and another for $216,000 due on June 30, 2024.
Required:
Prepare a classified balance sheet for Vosburgh at December 31, 2021. (Amounts to be deducted should be indicated by a minus sign.)
Answer:
Find the balance sheet in attached excel file
Explanation:
Please note that the workings is before the final figures placed in respective columns.
The question is about generating a classified balance sheet for Vosburgh Electronics Corporation. The sheet lists assets, liabilities, and shareholder's equity into categories including current and long-term assets, current and long-term liabilities and shareholder's equity. Each category is calculated using the information provided.
Explanation:This question is about generating a classified balance sheet for the Vosburgh Electronics Corporation. A
classified balance sheet categorizes the company's assets, liabilities, and shareholder's equity into subcategories for easy understanding and comparison.
A classified balance sheet for Vosburgh would look like following:
Assets
Current Assets: Cash: $99,000 Short-term investments: $214,000 Accounts receivable (net): $155,000 - $24,000 (Allowance for uncollectible accounts) = $131,000 Inventory: $231,000 Receivables from employees: $56,000 Prepaid expenses: $32,000 Interest receivable: $28,000 Notes receivable: $66,000 (due in the following year) Long-term Assets:Long-term investments: $51,000 Land: $296,000 Building: $1,710,000 - $636,000 (Accumulated depreciation) = $1,074,000 Equipment: $653,000 - $226,000 (Accumulated depreciation) = $427,000 Patent: $168,000 Franchise: $56,000 Notes receivable: $330,000 - $66,000 (due in the following year) = $264,000
Liabilities
Current Liabilities: Accounts payable: $205,000 Dividends payable: $26,000 Interest payable: $32,000 Income taxes payable: $56,000 Deferred revenue, current portion: $76,000 * 70% = $53,200 Notes payable, current portion: $116,000 (due in the following year) Long-term Liabilities:Deferred revenue, non-current portion: $76,000 * 30% = $22,800 Notes payable, non-current portion: $216,000 (due beyond next year)
Stockholders' Equity
Common stock: $2,064,000 Retained earnings: $402,000 Learn more about Classified balance sheet here:
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Which of the following organizations would be MOST likely to face a dynamic/complex environment? a. Oracle b. Whirlpool c. JCPenney d. Tyson Foods e. Merck
Answer:
The correct answer is letter "A": Oracle.
Explanation:
Dynamic-complex organizations are those with diverse operations that are constantly changing because of the rapid development of their industry. Firms that fall into this category are mainly technological which products tend to have a short life cycle.
Thus, American cloud-solutions company Oracle can be described as one having dynamic-complex processes.
Assume a bank's bid rate for the Danish kroner (DKK) is $0.1875, while its ask rate is $0.1895. Assume you convert $1,000 to Danish kroner to take on your trip to Denmark. Immediately after conversion, a family emergency arises, and you are unable to go on your trip. Thus, you convert the Danish kroner back to dollars.
How many Danish kroner will you receive when converting the dollars initially?
Answer:
When initially converting the dollars to Danish Kroner you will receive;
DKK 5,333.33
Explanation:
The bid price can be defined as the price that buyers are willing to pay for a currency while the ask price is the price that sellers are willing to take for it. In our case;
The bank's bid rate for the Danish Kroner=$0.1875
1 Danish Kroner=$0.1875
This means to convert $1,000 to Danish Kroner, you are selling the Us dollar and buying the Danish Kroner. To buy the Danish Kroner we use the bid rate of $0.1875
Therefor $1,000=(1,000/0.1875)=DKK 5,333.33
But immediately after conversion, you get an emergency that needs your to change your currency back to dollars as follows;
We will utilize the bank's ask rate, for example
1 Danish Kroner=$0.1895
Therefor DKK 5,333.33=(5,333.33×0.1895)=$1,010.67
When initially converting the dollars to Danish Kroner you will receive
DKK 5,333.33
A skilled nursing–facility chain is considering building a new facility on a piece of property that it currently owns. The property was purchased five years ago for $250,000 and could be sold now at a current market value of $100,000. When estimating the cash flows for the new facility, what amount should be included to recognize the opportunity cost of using the land for the proposed project?
a. $0 (the land is a sunk cost)
b. -$150,000
c. $250,000
d. $100,000
e. -$100,000
Answer:
correct option is e. -$100,000
Explanation:
given data
purchase time period = 5 year
property purchased = $250,000
current market value = $100,000
solution
we know property is 5 year old so here salvage value of building that would be realized when there is not engaged in any new project that shall be taken as a opportunity cost
so that it will be taken as here cash outflows
so correct option is e. -$100,000
The XYZ Chemical Company must ship 9,500 gallons of pesticides from its plant in Cincinnati, Ohio, to a customer in Columbia, Missouri. XYZ has a contract in place with Henderson Bulk Trucking Company as well as with the Central States Railroad. Both carriers are available for the move. Henderson will charge $600 per tank truck, and Central States A?1 rate is $1,000 per tankcar. Henderson tanks can hold a maximum quantity of 7,000 gallons. XYZ has a fleet of 23,500-gallon tankcars available in Cincinnati.a. Given the above information, evaluate the cost of each alternative.b. What other
Answer:
Henderson = $1,200
Central States = $1,000
Based on the calculations, Central States Railroad is better at a lower cost than Henderson
Explanation:
The question is to do an evaluation of the costs of use Henderson Bulk Trucking Company or the Central States Railroad
Step 1) Determine the cost of using Henderson
What is the cost per tank truck = $600
What is the capacity in gallons = 700 galloons
However, since XYZ Chemical needs to ship 9,600 gallons, it means it will make use of 2 trucks from Henderson as follows
The cost of Henderson Bulk Trucking = $600 x 2 = $1,200
Step 2) Determine the cost of using Central Railroad
What is the cost per tank truck = $1000
What is the capacity in gallons = 23,500 galloons
since XYZ Chemical needs to ship 9,600 gallons, it means it will make use of only one of the trucks
The cost of Central Roilroad= $1000 x 1 = $1,000
Based on the calculations, Central States Railroad is better at a lower cost than Henderson
XYZ Chemical Company would need two Henderson tank trucks for a total cost of $1,200, or a single tank car from Central States for a cost of $1,000. Thus, the cheaper alternative would be to transport the 9,500 gallons of pesticide via Central States Railroad. However, other factors such as delivery schedules, reliability, and environmental impact should also be considered.
Explanation:The first step to finding the cost of each alternative is to find out how many tank trucks or tank cars are required to ship the 9,500 gallons of pesticide. Given that Henderson tanks can carry a maximum of 7,000 gallons, this means that XYZ would need to utilize 2 Henderson tank trucks (7,000 gallons for the first truck and the remaining 2,500 gallons for the second truck).
Since Henderson charges $600 per tank truck, the cost equates to: 2 trucks * $600/truck = $1,200.
On the other hand, with Central States, given that each tank car can hold up to 23,500 gallons, XYZ only needs one tank car to transport the 9,500 gallons. Since Central State charges $1,000 per tank car, the total cost amounts to $1,000.
Therefore, the cheaper alternative would be to use Central States Railroad. However, the choice might depend on other factors as well, such as the reliability of the two carriers, their delivery schedules, and the environmental impact of both transport modes.
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Which leadership style focuses on limiting supervision and promoting individualistic decision making?
Answer:
The answer is laissez-faire leadership style
Explanation:
In laissez-faire leadership style the leader gives authority to employees, subordinates are allowed to work as they choose with a minimum interference. Communication flows horizontally in a firm that uses this leadership style.