Answer:
Cost of finished goods on hand = $78,000
Explanation:
Job costing is appropriate where goods or contracts are done to meet customers specific and unique requirements. Each customer's job is different from the other.
To determine cost per unit cost job, we use the formula :
= (D.material cost + Direct labour cost + Overhead)/ No of units
We can work out the cost per unit for Job No; 402 as follows:
Step 1
Calculate the closing inventory
Closing inventory = Opening inventory + Production - Sales
= 0 + 5000 - 4000 = 1000
Step 2
Calculate the the cost per unit
= $(120,000 + 180,000 + 90,000)/ 5000 units
= $78 per unit
Step 3
Value the closing inventory
= unit cost × inventory units
= $78 × 1,000
= $78,000
Cost of finished goods on hand = $78,000
A depreciable asset has an estimated 15 percent salvage value. At the end of its estimated useful life, the accumulated depreciation would equal the original cost of the asset under which of the following depreciation methods? Productive- Sum-of-the- Double- Output Years'-Digits Declining-Balance Select one:
a. Yes No No
b. No No No
c. No Yes No
d. Yes Yes Yes
Answer:
B
Explanation:
Depreciation is the uniform decrease in the value of an asset over a period until the salvage value is reached.
It is given by :
Annual depreciation expense = (cost of asset - salvage)÷ useful life of the asset
Therefore the accumulated depreciation would not equal the original cost of the asset at the end of its estimated useful life because the salvage value will be deducted from cost of asset under declining-Balance.
The Productive Declining-Balance method would result in accumulated depreciation equaling the original cost of the asset at the end of its useful life.
Explanation:The depreciation method that would result in the accumulated depreciation equaling the original cost of the asset at the end of its estimated useful life with a 15 percent salvage value is Productive Declining-Balance method.
In the Productive Declining-Balance method, the depreciation expense is calculated as a percentage of the asset's net book value. The net book value is calculated by subtracting the accumulated depreciation from the original cost. This method allows for a higher depreciation expense in the earlier years of the asset's life, which gradually decreases over time.
With a salvage value of 15 percent, the accumulated depreciation would equal the original cost of the asset at the end of its useful life because the depreciation expense would be higher in the early years, gradually decreasing over time, until it reaches the salvage value.
Sunland Company's inventory records show the following data: Units Unit Cost Inventory, January 1 11100 $8.00 Purchases: June 18 9500 8.40 November 8 6000 9.00 A physical inventory on December 31 shows 6000 units on hand. Under the FIFO method, the December 31 inventory is $50400. $54000. $50592. $48000.
Answer:
$54,000
Explanation:
Given that,
Inventory, January 1 = 11,100 units at $8.00 per unit
Purchases, June 18 = 9,500 units at $8.40 per unit
Purchases, November 8 = 6,000 units at $9.00 per unit
Physical inventory on December 31 (units on hand) = 6,000
Under the FIFO method,
December 31 inventory:
= Physical inventory on hand × Cost per unit at November 8
= 6,000 × $9.00 per unit
= $54,000
As an outcome for exceptional performance, Jeffery was provided the opportunity to make a highly visible presentation to the board of directors. However, Jeffery was extremely nervous and upset about the presentation. This consequence was viewed by Jeffery as:
Options:
A. Negative
B. Positive
C. Extinction
D. Punishment
Answer:A. Negative
Explanation:Being Nervous is a situation where a person feels or behaves in such a way to that he or she is scared and afraid or a certain situation or at the presence of certain factors or persons, it can also be described as not being angry about a particular action or Activity such as the presentation in the presence of the board of directors.
JEFFREY'S ACTION OF BEING NERVOUS SHOWS THAT HE VIEWS THE PRESERVATION AS A NEGATIVE CONSEQUENCE.
The following data were selected from the records of Sykes Company for the year ended December 31, Current Year.
Balances January 1,Current year
Accounts receivable (various customers) $ 120,000
Allowance for doubtful accounts 8,000
In the following order, except for cash sales, the company sold merchandise and made collections on credit terms 2/10, n/30 (assume a unit sales price of $500 in all transactions and use the gross method to record sales revenue).
Transactions during Current year
A) Sold merchandise for cash, $235,000.
B) Sold merchandise to R. Smith; invoice price, $11,500.
C) Sold merchandise to K. Miller; invoice price, $26,500.
D) Two days after purchase date, R. Smith returned one of the units purchased in (b) and received account credit.
E) Sold merchandise to B. Sears; invoice price, $24,000.
F) R. Smith paid his account in full within the discount period.
G) Collected $98,000 cash from customer sales on credit in prior year, all within the discount periods.
H) Miller paid the invoice in (c) within the discount period.
I) Sold merchandise to R. Roy; invoice price, $19,000.
J) Three days after paying the account in full, K. Miller returned seven defective units and received a cash refund.
K) After the discount period, collected $6,000 cash on an account receivable on sales in a prior year.
L) Wrote off a prior year account of $3,000 after deciding that the amount would never be collected.
M) The estimated bad debt rate used by the company was 1.5 percent of credit sales net of returns.
Bad Debt Expense: $944.55
Allowance for Doubtful Accounts Adjustment: $944.55
To solve this problem, we need to understand the various transactions involving sales, collections, and returns recorded by Sykes Company throughout the year. We will also need to account for discounts offered to customers for early payment and how this affects accounts receivable and sales revenue. Here is a step-by-step breakdown of each transaction:
January 1, Current Year Balances:
Accounts Receivable: $120,000Allowance for Doubtful Accounts: $8,000Transactions during Current Year:
A) Sold merchandise for cash:
Cash $235,000Sales Revenue: $235,000B) Sold merchandise to R. Smith; invoice price $11,500:
Accounts Receivable: $11,500Sales Revenue: $11,500C) Sold merchandise to K. Miller; invoice price $26,500:
Accounts Receivable: $26,500Sales Revenue: $26,500D) R. Smith returned one unit:
Accounts Receivable: -$500Sales Returns and Allowances: $500E) Sold merchandise to B. Sears; invoice price $24,000:
Accounts Receivable: $24,000Sales Revenue: $24,000F) R. Smith paid his account within the discount period:
Accounts Receivable: -$11,000Cash: $11,270Sales Discounts: $230G) Collected $98,000 cash from previous year sales within discount periods:
Accounts Receivable: -$100,000 (previous year)Cash: $98,000Sales Discounts: $2,000H) Miller paid invoice within the discount period:
Accounts Receivable: -$26,500Cash: $25,970Sales Discounts: $530I) Sold merchandise to R. Roy; invoice price $19,000:
Accounts Receivable: $19,000Sales Revenue: $19,000J) K. Miller returned seven defective units and received a cash refund:
Accounts Receivable: $3,500 (refund post payment)Cash: -$3,500 (refund)Sales Returns and Allowances: $3,500K) Collected $6,000 cash after discount period:
Accounts Receivable: -$6,000Cash: $6,000L) Wrote off an uncollectible account of $3,000:
Accounts Receivable: -$3,000Allowance for Doubtful Accounts: $3,000Calculate Estimated Bad Debt Expense:
Total Credit Sales: $77,000 (Smith) + $26,000 (Millers) - Returns $3,500 - (Discounts $2,000 + $530) = $62,970Estimated Bad Debt Expense: 1.5% of credit sales net of returns = 0.015 * $62,970 ≈ $944.55The final financial statement balances consider all transactions and necessary adjustments. This detailed breakdown covers all customer interactions and their influence on financial records.
Samantha, an accrual basis taxpayer, subscribes to a service that updates a database used in her business. In December 2019, Samantha paid the $120,000 subscription for the period January 2019 through December 2020. What is Samantha's deduction for 2019?
Answer:
$60,000
Explanation:
The amount deductible for 2019 is the expense incurred on accrual basis bu Samantha. Since the cost of the subscription paid for was $120,000 for 2 years (January 2019 to December 2020).
It means that the expense for 2019
= 1/2 × $120,000
= $60,000
This represents her deduction for 2019.
Answer:
Superman
Explanation:
Nikki, the design and development manager at Holden, recalls a team project done in college that failed because individual members of the team refused to take ownership and responsibility. This is a common problem of teams known as _____.
Answer:
Social Loafing.
Explanation:
Nikki, the design and development manager at Holden, recalls a team project done in college that failed because individual members of the team refused to take ownership and responsibility. This is a common problem of teams known as social loafing. Social loafing can be defined as the process when people put less efforts and energy while working in a group or team as compared to when they work alone. People feel that other people will be putting efforts, therefore, they should not put much efforts. Efficient managers need to eradicate this phenomenon with the help of proper communication of goals and objectives to every member of the team. They should convey it to the every member that everyone's contribution will make this project effective and successful.
Vail Resorts, Inc., owns and operates five premier year-round ski resort properties (Vail Mountain, Beaver Creek Resort, Breckenridge Mountain, and Keystone Resort, all located in the Colorado Rocky Mountains, and Heavenly Valley Mountain Resort, located in the Lake Tahoe area of California/Nevada). The company also owns a collection of luxury hotels, resorts, and lodging properties. The company sells lift tickets, ski lessons, and ski equipment. The following hypothetical December transactions are typical of those that occur at the resorts.
a. Borrowed $2,500,000 from the bank on December 1, signing a note payable due in 6 months.
b. Purchased a new snowplow for $90,000 cash on December 31.
c. Purchased ski equipment inventory for $40,000 on account to sell in the ski shops.
d. Incurred $62,000 in routine maintenance expenses for the chairlifts; paid cash.
e. Sold $372,000 of January through March season passes and received cash.
f. Sold a pair of skis from a ski shop to a customer for $750 on account. (The cost of the skis was $450.)
g. Sold daily lift passes in December for a total of $270,000 in cash.
h. Received a $3,200 deposit on a townhouse to be rented for five days in January.
i. Paid half the charges incurred on account in (c).
j. Received $400 on account from the customer in (f).
k. Paid $258,000 in wages to employees for the month of December.
Required:
1. Prepare journal entries for each transaction. (Remember to check that debits equal credits and that the accounting equation is in balance after each transaction.)
2. Assume that ending balance in the Accounts Receivable account at the end of December based on transaction (A) through (K). Show your work in T_Account format.
Answer:
Account receivable credit balance is 67100 means customer has overpaid and company has liability to settle it.
Explanation:
a.) Dr Bank 2500,000
Cr Notes payable 2500,000
b.) Dr Snowplow 90000
Cr Cash 90000
c.) Dr Inventory 40000
Cr Accounts payable 40000
d.) Dr Repair and maintenance expense 62000
Cr Cash 62000
e.)1. Dr Account receivable 372000
Cr Sales revenue 372000
2. Dr Cash 372000
Cr Account receivable 372000
f.) Dr Account receivable ( 750*450) 337500
Cr Sales revenue 337500
g.) Dr Cash 270000
Cr Account receivable 270000
h.) Dr Cash 3200
Cr Advance rent 3200
I.) Dr Account payable 20000
Cr Cash (40000/2) 20000
j.) Dr Cash 400
Cr Account receivable 400.
k.) Dr Salary expense 258000
Cr Cash 258000
2.) ACCOUNT RECEIVABLE
_______________________________
e.1)-372000 --- e.2) 372000
f.- 337500 ---- g. 270000
---- j. 400
----- Balance 67100
709500 ------ 709500
At the beginning of the year an investor purchased 100 shares of common stock from ABC Corporation at $10 per share. During the year, the firm paid dividends of $1 per share. At the end of the year, the investor sold the 100 shares at $11 per share. What is the period return
Answer:
The periodic return or total return is 20%.
Explanation:
A stock can provide return in two forms: Dividends and Capital Gains. So, a formula that is used to calculate stock return must incorporate these two factors. Following formula is used;
Total Return = {(Selling Price - Purchase Price) + Dividends} / Purchase Price
This implies that Total Return = {(1,100 - 1,000) + 100} / 1,000 = .2 * 100 = 20%.
Thank you.
Suppose that GDP is $50 million in 2015 but falls to $48 million in 2016, and that no changes in personal consumption expenditures, gross private domestic investment, and government spending are recorded. What must have happened to net exports to cause this change
Solution and Explanation:
GDP is calculated as follows:
Y = C + G + I + NX
where
C = Consumption
G = Government Expenditure
I = Investment
NX = Net Exports
It is mentioned that in 2015, GDP was 50 million and in 2016, it was 48 million without any change in the factors except NX. It means the net exports that is the difference between export and the import of the country has changed and it has fallen by 2 million.
The decline in GDP from $50 million to $48 million without changes in personal consumption, domestic investment, and government spending indicates a decrease in net exports. This could be due to reduced exports or increased imports.
Explanation:The Gross Domestic Product (GDP) is calculated as the sum of personal consumption expenditures, gross private domestic investment, government spending, and net exports(exports minus imports). Given that GDP fell from $50 million in 2015 to $48 million in 2016, with no changes in personal consumption expenditures, gross private domestic investment, and government spending, we can infer that the change must have been in the net exports. The net exports must have decreased, either due to a decrease in exports or an increase in imports, resulting in the GDP decline.
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SuperAmazona has ending inventory of $200,000, and cost of goods sold for the year just ended was $1,410,000. On average, how long does a unit of inventory sit on the shelf before it is sold?
Answer:
On average, there are 51.77 days, a unit of inventory sit on the shelf before it is sold.
Explanation:
Super Amazona has ending inventory of $200,000, and cost of goods sold for the year just ended was $1,410,000.
Inventory turnover ratio = Cost of Goods Sold/Inventory = $1,410,000/$200,000 = 7.05 times
The number of days a unit of inventory sit on the shelf before it is sold = 365/Inventory turnover ratio = 365/7.05 = 51.77 days
Blain Company has $10,000 of accounts receivable that are current, $5,000 that are between 0 and 30 days past due, $3,000 that are between 30 and 60 days past due, and $800 that are more than 60 days past due. Bain estimates that 2% of the receivables that are current will be uncollectible, 5% of those between 0 and 30 days past due will be uncollectible, 10% of those between 30 and 60 days past due will be uncollectible, and 50% of those more than 60 days past due will be uncollectible. Just prior to recognizing uncollectible accounts expense, Blain's allowance for doubtful accounts account has a $100 positive balance. Assuming Blain uses the aging method to estimate uncollectible accounts expense, the amount of uncollectible expense will be ________
a. $1,300.
b. $1150
c. $900.
d. $1050.
Answer:
d. $1050.
Explanation:
We multiply each account balance by the expected uncollectible amount and then addd them to get the expected total for doutful accounts
[tex]\left[\begin{array}{cccc}Date&Amount&Expected&uncollectible\\$not due&10000&0.02&200\\$up to 30&5000&0.05&250\\$up to 60&3000&0.1&300\\$more than 61&800&0.5&400\\&&Total&1150\\\end{array}\right][/tex]
Balance of the allowance account: 100
The expense will be the adjustment made on the allowance to get the expected balance of 1,150
1,150 - 100 = 1,050
we increase the allowance bu 1,050 to get our expected uncollectible fro maccounts receivable agaisnt the bad debt expense ofthe period.
A bank has a reserve requirement of 0.08. If it has demand deposits of $200,000 and is holding $4,000 in reserves: a. the bank is holding $2,000 in excess reserves. b. the bank could extend additional loans and still meet its reserve requirement. c. all the bank's reserves are excess reserves. d. the bank is not meeting its reserve requirement.
Answer:
Option (d) is correct.
Explanation:
Given that,
Reserve requirement = 0.08
Demand deposits = $200,000
Holding in reserves = $4,000
Reserve required:
= Reserve Requirement ratio × Amount of demand deposits
= 0.08 × $200,000
= $16,000
Therefore, the reserves in holding is less than the required reserves. Hence, the bank is not meeting its reserve requirement.
Tobin Supplies Company expects sales next year to be $500,000. Inventory and accounts receivable will increase $90,000 to accommodate this sales level. The company has a steady profit margin of 12 percent with a 40 percent dividend payout. How much external financing will Tobin Supplies Company have to seek? Assume there is no increase in liabilities other than that which will occur with the external financing.
Answer:
$54,000
Explanation:
Given:
Sales = $500,000
Increase in Inventory = $90,000
Profit margin = 12% = 0.12
Dividend payout = 40% = 0.40
Computation:
Net income = Sales × Profit margin = $500,000 × 0.12 = $60,000
Dividend = Net income × Dividend payout = $60,000 × 0.40 = $24,000
Increase in retained earnings = Net income - Dividend = $60,000 - $24,000 = $36,000
External Fund = Increase in Inventory - Increase in retained earnings
= $90,000 - $36,000
= $54,000
How much external financing will Tobin Supplies Company have to seek is $54,000.
First step is to calculate net income
Net Income = $500,000 x 12%
Net income=$60,000
Second step is to calculate Dividend Pay-out
Dividend Pay-out =$60,000 x 40%
Dividend Pay-out =$24,000
Third step is to calculate Additions to Retained Earnings
Additions to Retained Earnings =$60,000 - $24,000
Additions to Retained Earnings =$36,000
Fourth step is to calculate External Funds Needed
External Funds Needed = Increase in Assets – Additions to retained earnings
External Funds Needed = $90,000 - $36,000
External Funds Needed = $54,000
Inconclusion how much external financing will Tobin Supplies Company have to seek is $54,000.
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Twinte Cars, a California corporation, has internal corporate requirements that stipulate a three-year payroll document retention period. They enter into a contract with an international company that mandates a six-year payroll document retention requirement. How should Twinte Cars balance these requirements? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.)
the shorter period is more cost effective
the period for retention could be up to 8 years depending upon the circumstances.
the benefits and records may be called to evidence
Twinte Cars should adopt the more stringent six-year retention requirement to comply with both internal and international mandates. While there may be increased costs associated with longer retention periods, these may be offset by the potential cost of noncompliance.
Explanation:Twinte Cars, faced with conflicting payroll document retention requirements, should adopt the more stringent requirement, which is the six-year retention period.
Following this, the California corporation would not only comply with its internal corporate requirements but also meet the stipulations of the international contract. It is imperative to remember the purpose of these regulations: to ensure that in the event of an audit or potential legal issue, the company can provide necessary documentation.
This does not necessarily mean it will become less cost-effective. Modern document storage solutions, especially digital ones, are increasingly affordable. However, the company should weigh the potential cost of non-compliance, such as legal issues or fines, against the expenses of a longer retention period.
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Erie company has 500 units of capacity for their traditional product, Emu, and buys one point of automation. If Erie company’s current labor cost per unit of Emu is $10, and Erie sells 1,000 units per year of Emu, what is the payback period for this investment?
Answer: 2 years
Explanation:
The payback period is the amount of time that is needed for the required cash inflow of a project to offset the initial cash outflow that the business offsets. The payback period is when the initial outlay of an investment is recovered. There are two different methods used to calculate payback period. We have the average method and the subtraction method.
In the above question, the payback period is solved as follows:
Labour cost decreases by 10% for each unit.
Therefore,
= $10 × 10%
= $10 × 0.1
= $1 per unit.
In order to recover $2000, the business needs to sell the following;
= 2000/1
= 2000units.
If Eric sells 1000 units per year of Emu, it will take:
2000/1000= 2years
In conclusion, the payback period of the investment is 2 years.
Schrager Company has two production departments: Cutting and Assembly. July 1 inventories are Raw Materials $4,200, Work in Process�Cutting $2,900, Work in Process�Assembly $10,600, and Finished Goods $31,000. During July, the following transactions occurred.
1. Purchased $62,500 of raw materials on account.
2. Incurred $60,000 of factory labor. (Credit Factory Wages Payable.)
3. Incurred $70,000 of manufacturing overhead; $40,000 was paid and the remainder is unpaid.
4. Requisitioned materials for Cutting $15,700 and Assembly $8,900.
5. Used factory labor for Cutting $33,000 and Assembly $27,000.
6. Applied overhead at the rate of $18 per machine hour. Machine hours were Cutting 1,680 and Assembly 1,720.
7. Transferred goods costing $67,600 from the Cutting Department to the Assembly Department.
8. Transferred goods costing $134,900 from Assembly to Finished Goods.
9. Sold goods costing $150,000 for $200,000 on account.
Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Answer:
The journal entries for the given economic events are given below.
Explanation:
Account Title Dr Cr
1. Raw Materials Inventory 62,500
Accounts Payable 62,500
2. Factory Labor 60,000
Wages Payable 60,000
3. Manufacturing Overhead 70,000
Cash 40,000
Accounts Payable 30,000
4. Work in Process—Cutting 15,700
Work in Process—Assembly 8,900
Raw Materials Inventory 24,600
5. Work in Process—Cutting 33,000
Work in Process—Assembly 27,000
Factory Labor 60,000
6. Work in Process—Cutting (1,680 X $18) 30,240
Work in Process—Assembly (1,720 X $18) 30,960
Manufacturing Overhead 61,200
7. Work in Process—Assembly 67,600
Work in Process—Cutting 67,600
8. Finished Goods Inventory 134,900
Work in Process—Assembly 134,900
9. Cost of Goods Sold 150,000
Finished Goods Inventory 150,000
Accounts Receivable 200,000
Sales Revenue 200,000
Final answer:
To journalize the transactions for Schrager Company, you need to record each transaction in the appropriate journal. The transactions involve purchasing raw materials, incurring labor and overhead costs, requisitioning materials, using factory labor, applying overhead, transferring goods between departments, and selling goods. Each transaction has specific debits and credits that need to be recorded.
Explanation:
To journalize the transactions for Schrager Company, we need to record each transaction in the appropriate journal. The transactions are as follows:
Purchased $62,500 of raw materials on account. (Debit Raw Materials Inventory, Credit Accounts Payable)Incurred $60,000 of factory labor. (Debit Factory Wages Expense, Credit Factory Wages Payable)Incurred $70,000 of manufacturing overhead; $40,000 was paid and the remainder is unpaid. (Debit Manufacturing Overhead Expense, Credit Cash for $40,000 and Credit Accounts Payable for the remainder)Requisitioned materials for Cutting $15,700 and Assembly $8,900. (Debit Work in Process - Cutting for $15,700 and Debit Work in Process - Assembly for $8,900, Credit Raw Materials Inventory)Used factory labor for Cutting $33,000 and Assembly $27,000. (Debit Work in Process - Cutting for $33,000 and Debit Work in Process - Assembly for $27,000, Credit Factory Wages Payable)Applied overhead at the rate of $18 per machine hour. Machine hours were Cutting 1,680 and Assembly 1,720. (Debit Work in Process - Cutting for $30,240 (1,680 x $18) and Debit Work in Process - Assembly for $30,960 (1,720 x $18), Credit Manufacturing Overhead)Transferred goods costing $67,600 from the Cutting Department to the Assembly Department. (Debit Work in Process - Assembly for $67,600, Credit Work in Process - Cutting)Transferred goods costing $134,900 from Assembly to Finished Goods. (Debit Finished Goods Inventory for $134,900, Credit Work in Process - Assembly)Sold goods costing $150,000 for $200,000 on account. (Debit Accounts Receivable for $200,000, Credit Sales for $200,000, Debit Cost of Goods Sold for $150,000, Credit Finished Goods Inventory for $150,000)If your agency decides to limit competition for the BSVD contract, which FAR Subpart 6.3 exception is best justified in relation to the facts presented? Provide rationale for your response to include addressing any unique requirements contained in the FAR Subpart 6.3 exceptions. (2 points)
Undefinitized Contract Actions (UCAs) – 4 points total
DFARS Subpart 217.74
In analyzing your alternatives to get this requirement on contract rapidly and responsibly, you are now considering using a letter contract - a type of undefinitized contract action (UCA). Under a UCA, the contractor starts work before all contract terms, specifications, or prices are agreed upon.
Identify and explain four risks that are introduced into a program by use of a UCA. For each identified risk, what limitation in DFARS 217.7404 could be used to mitigate that risk? Explain. (1/2 point for each identified risk with supporting rationale and ½ point each for identifying and explaining how the applicable DFARS 217.7404 limitation mitigates that risk – total of 4 points)
Answer:
6.302-1-
Only one responsible source and no other supplies or services will satisfy agency requirements. This authority shall be used, if appropriate, in preference to the authority in 6.302-7; it shall not be used when any of the other circumstances is applicable. Use of this authority may be appropriate in situations when there is a reasonable basis to conclude that the agency’s minimum needs can only be satisfied by unique supplies or services available from only one source or only one supplier with unique capabilities; or for DoD, NASA, and the Coast Guard, unique supplies or services available from only one or a limited number of sources or from only one or a limited number of suppliers with unique capabilities.
It appears that Nanotech is the only commercial entity with technology that is mature enough to potentially meet the stringent 90 day criteria for delivery of working prototypes
Undefinitized Contract Actions (UCAs)
Risk: Improper justification of the issuance of a UCA, or undefined UCA approval delegations
Mitigation: DFARS 217.7404-1 - The contracting officer shall obtain approval from the head of the contracting activity before entering into a UCA. The request for approval must fully explain the need to begin performance before definitization, including the adverse impact on agency requirements resulting from delays in beginning performance.
Risk: The contractor has little incentive to control costs during the undefinitized period, creating a potential for wasted taxpayer dollars.
Mitigation: This is mitigated by DFARS 217.7404-2 which requires UCAs to include a not-to-exceed price. DFARS 217.7404-4 provides that the Government shall not obligate more than 50 percent of the not-to-exceed price before definitization.
Risk: Definitation dates may not be met.
Mitigation: This is mitigated by DFARS 217.7404-3 - In order to meet the definitization dates, the contracting officer shall closely coordinate and monitor each UCA. Contracting officers should frequently communicate with the program office and requiring officials as appropriate to actively manage the definitization of UCAs. The contracting officer should alert the approval authority if, for any reason, the definitization schedule appears to be in jeopardy.
Risk: Failure to obligate funds within allowable limits for UCA
Mitigation: This is mitigated by DFARS 217.7404-4. Where the Government shall not obligate more than 50 percent of the not-to-exceed price before definitization. However, if a contractor submits a qualifying proposal before 50 percent of the not-to-exceed price has been obligated by the Government, then the limitation on obligations before definitization may be increased to no more than 75 percent (see 232.102-70 for coverage on provisional delivery payments). In determining the appropriate amount to obligate, the contracting officer shall assess the contractor’s proposal for the undefinitized period and shall obligate funds only in an amount consistent with the contractor’s requirements for the undefinitized period.
A critical aspect of content management is the authority to manage data. Some are allowed to create, edit, and delete content, others are restricted to edit, and still others are restricted to a read-only status. This is managed through ________.
Answer:
The correct answer is letter "C": permissions.
Explanation:
File permissions are set to give users certain privileges such as viewing, changing, navigating, and executing files in an operating system that belongs to a determined network. This is mostly used in the corporate world to prevent attacks to the firm's sensitive data and to minimize risks of malware.
File permissions can be different according to the hierarchy of the user within a company.
Charlotte Newsom worked as a cashier at a store. One day she was told to report to the manager's office, where she was accused by two security staff members of stealing $500. She denied stealing the money. The meeting lasted two hours. The security staff asserted to have evidence of theft, although Newsom constantly denied the claim. Whenever Newsom said she wanted to leave, the staff told her she would be arrested for theft if she left. Finally, Newsom wrote a statement denying the charge. She was fired on the spot and left the store. Did she have a case for false imprisonment
Answer:No, because the staff members only threatened to arrest her if she left, and that she was free to leave at any time.
Explanation: False imprisonment is an intentional tort, defined under tort law as an act of restraining someone in a bounded area without any authority.
Bounded Area
- It can be a physical barrier such as locking someone where they can't get out,it involves using physical force to keep that person in that area. The bounded are is characterized by limited room for movement in any direction. If one can easily find means to escape from that area , without getting hurt this means the area is not bound but if there is a chance of getting physically harmed when one tries to escape then the area is bounded. Charlotte was in manager's office ,which has no limited movement.
A threat to harm this person or their family would also be counted as a bounded area.
A mere threat to imprison doesn't count as false imprisonment like in Charlotte was only threatened that if she leaves she will be arrested but we don't sense any sign that she will be injured if she left . The court always consider if the person had any fear that they will be injured if they left the place.
As a director it's my responsibility to make my organization in state of compliance at each and every audit of country. Here in one of my center we are keeping records and all document in consistent and manageable manner but other facility we are acquiring is not too much correct in documentations.STEPS TO BE TAKEN:" Quarterly assessment of patient health record and the need of factors should to be taken." Quality of care should be evaluated properly." Health care quality can be improved by supportive leadership, proper planning, education and training, availability of resources, effective management of resources, employees and processes and collaboration and cooperation among providers." Meetings should be conducted between health care providers, managers, policy makers, and payers to identify factors affecting the quality of health care services." A conceptual framework is developed between the state policy makers, and a practical understanding of factors that affect health care service quality." Depending on the state laws, health care providers are required to report possible criminal activities such as child abuse as well as communicable diseases.
Answer and Explanation:
As a director it's my responsibility to make my organisation in state of compliance at each and every audit of country. Here in one of my center we are keeping records and all document in consistent and manageable manner but other facility we are acquiring is not too much correct in documentations.
Lack point
1. Online documentation is not mentioned as laws
2. Laws are not so strick to make all document in audit trail
3. All the document they are producing is not viewed by the auditor hence system become so loose.
4. As per timeline these laws are not revise due to which soohisticated system is not generated
5. All laws in such away that it can be easily breakup by the authority
6. Due to which one institute is within the set of compliance but other one is not.
7. Traceability is not there which create question on authority.
My steps
1. Training to individual about importance of documentation
2. Meeting with all experts
3. Periodic training to everyone
4. Implementation of audit trail software
5. Privileged group generation
6. Failure identification and analysis
7. Blockage on sharing of documentation without authority
During 2017, Blossom Company disposed of Pine Division, a major component of its business. Blossom realized a gain of $2920000, net of taxes, on the sale of Pine's assets. Pine's operating losses, net of taxes, were $3580000 in 2017. How should these facts be reported in Blossom's income statement for 2017? Total Amount to be Included in Income from Results of Continuing Operations Discontinued Operations $3580000 loss $2920000 gain 2920000 gain 3580000 loss 0 660000 loss 660000 loss 0
Answer:
0 660000 loss
Explanation:
Data given in the question
Realized gain = $2,920,000
Operating losses, net of taxes = $3,580,000
By considering the above information, since there is no income arise from continuing operations so it should be zero
And, the discontinued operations, the operating losses is
= Operating losses - realized gain
= $3,580,000 - $2,920,000
= $660,000
Interest rates on 4-year Treasury securities are currently 5.6%, while 6-year Treasury securities yield 7.45%. If the pure expectations theory is correct, what does the market believe that 2-year securities will be yielding 4 years from now
Answer:
2 year yield 4 years from now = [ ( 1 + 0.056)⁶ / ( 1 + 0.0745)⁴]^1/2 - 1
2 year yield 4 years from now = [ 1.3867 / 1.3329]^1/2 - 1
2 year yield 4 years from now = 1.019 - 1
2 year yield 4 years from now = 1.99%
Explanation:
An example of technological change is A. a firm rearranging the layout of a retail store to increase sales. B. a firm installing faster or more reliable machinery or equipment. C. a hurricane damaging firm facilities. D. both a and b E. all of the above.
Answer:
B. a firm installing faster or more reliable machinery or equipment.
Answer: E. all of the above.
Explanation: The examples listed in the options can all be seen as technological changes. A technological change is when a firm or organization is able to produce the same number of output using fewer inputs. It is the increase in the efficiency of a product or process that brings about an increase in output, without an increase in input. Rearranging the store's layout to improve sales is an increase in output; installation of faster or more reliable machinery or equipment would also increase output; a hurricane damaging firm facilities translates to the firm producing at normal capacity with fewer inputs (technological changes can also be negative). As such, the all of the above option is correct.
Mason cancelled a note issued by Emma Mason's niece that arose in connection with the sale of property at the time of cancellation the note had a basis to Mason of $30,000 a face amount of $55,000 and a fair market value of $42,000. Presuming that the initial sale by Mason qualify as an installment sale the cancellation results in a gain of ___.
Answer:
The correct answer is $25,000.
Explanation:
According to the scenario, the given data are as follows:
Face amount = $55,000
Basis of Mason = $30,000
Fair market value = $42,000
So, we can calculate the gain by using following formula:
Gain = Face amount - Basis of Mason
By putting the following in the formula we get,
Gain = $55,000 - $30,000
= $25,000.
Hence, the cancellation of the sale results in gain of $25,000.
The cancellation of the note results in a gain of $12,000 for Mason.
To determine the gain, we need to consider the basis of the note to Mason, the face amount of the note, and the fair market value of the note at the time of cancellation.
The gain on the cancellation of a note is calculated as the difference between the fair market value of the note at the time of cancellation and the basis of the note.
Given:
- Basis of the note to Mason: $30,000
- Fair market value of the note at the time of cancellation: $42,000
Using the formula for gain:
[tex]\[ \text{Gain} = \text{Fair Market Value} - \text{Basis} \][/tex]
[tex]\[ \text{Gain} = \$42,000 - \$30,000 \][/tex]
[tex]\[ \text{Gain} = \$12,000 \][/tex]
Therefore, Mason realizes a gain of $12,000 upon the cancellation of the note. The face amount of the note is not directly relevant to the calculation of the gain in this case, as the gain is based on the fair market value at the time of cancellation minus the basis.
Production Budget Pasadena Candle Inc. projected sales of 64,000 candles for January. The estimated January 1 inventory is 2,600 units, and the desired January 31 inventory is 7,000 units. Prepare a production budget report in units for Pasadena Candle Inc. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Pasadena Candle Inc. Production Budget For the Month Ending January 31 Total units available Total units to be produced in January
Answer:
Production budget:
Projected sales= 64,000
Ending inventory= 7,000
Beginning inventory= (2,600)
Total= 68,400 units
Explanation:
Giving the following information:
Pasadena Candle Inc. projected sales of 64,000 candles for January. The estimated January 1 inventory is 2,600 units, and the desired January 31 inventory is 7,000 units.
Production budget= projected sales + ending inventory - beginning inventory
Production budget:
Projected sales= 64,000
Ending inventory= 7,000
Beginning inventory= (2,600)
Total= 68,400 units
A 25-year, $1,000 par value bond has an 8.5% annual payment coupon. The bond currently sells for $925. If the yield to maturity remains at its current rate, what will the price be 5 years from now? $884.19 $906.86 $930.11 $953.36 $977.20
Answer:
$930.11
Explanation:
We will first find the YTM
Par value 1000
Couple rate 8.50%
N 24
PV $925
PMT $85
FV $1000
We are going to use YTM to find the bonds price of 5 years .
Therefore:
Value in 5 years will be:
N 20
I/YR 9.28%
PMT 85%
FV $1,000
PV $930.116
Final answer:
The price of a bond is influenced by its coupon rate, face value, current market price, and yield to maturity. If the yield to maturity remains constant, the bond price will gradually increase toward its face value as it nears maturity. However, without the exact yield to maturity and the formula used to calculate this bond's price, we cannot determine the exact price after five years.
Explanation:
To determine the price of a bond five years from now, we must understand how bond prices fluctuate with interest rates. The bond in question has an 8.5% annual coupon rate and a $1,000 par value. It currently sells for $925. If the yield to maturity (YTM) remains constant, the price of the bond will approach its par value as the maturity date gets closer.
While the provided references discuss how interest rates affect bond prices and what yield or total return comprises, it does not directly provide a calculation for the bond price after five years. To calculate this, we would typically use the formula for the present value of a bond. However, given the choices provided and assuming the current yield to maturity is reflected in the current price, we must select a choice that is closer to par than the current price—assuming no changes in interest rates and that the bond is still considered to be a desirable investment.
Given that we do not have the exact formula or YTM used to calculate the bond's future price, we cannot confidently provide the correct answer among the options given without speculation. Hence, we refuse to speculate on an answer.
________ suggests that attributes such as age or the date of joining should help us predict turnover. Population dynamics Employee mobility Residential mobility Organizational demography Demographic environment
Answer:
The correct answer is letter "D": Organizational demography.
Explanation:
Organizational demography analyzes employees' features such as age, gender, race, or academic background in the frame of work to find out the capability they have to perform their duties efficiently, thus, increasing the productivity and profits of the company in the long-run. Firms are likely to hire new employees with similar demographic characteristics of those with higher turnover.
The demand for salt is inelastic, and the supply of salt is elastic. The demand for caviar is elastic, and the supply of caviar is inelastic. Suppose that a tax of $1 per pound is levied on the sellers of salt, and a tax of $1 per pound is levied on the buyers of caviar. We would expect that most of the burden of these taxes will fall on .
a. buyers of salt and the buyers of caviar.
b. buyers of salt and the sellers of caviar.
c. sellers of salt and the sellers of caviar.
d. sellers of salt and the buyers of caviar.
Answer:
In the case of the salt,the salt buyers would bear most of the tax burden and for caviar,the sellers would bear most of the tax burden.Hence,the correct answer is option b. or buyers of salt and the sellers of caviar.Explanation:
In the case of salt,the supply is more elastic than the demand which implies that the salt sellers are relatively more responsive to salt price change in the market.Therefore,if any tax is imposed on them,it would basically translate into higher production cost for the sellers and due to price elasticity of supply,the sellers would pass the tax to the salt consumers who are comparatively less price sensitive.Now,since the consumer demand for salt is inelastic and the consumers are relatively price insensitive,the consumers won't perhaps mind paying a higher market price for salt including the extra tax.Hence,in this instance,the tax burden would fall on the salt buyers or consumers.
On the other hand,based on the same line of argument,the tax burden would fall on the sellers of caviars as the price elasticity of caviar supply is less than that of the caviar demand.In this case,the caviar sellers are less sensitive about changes in market price of caviars and thus,won't mind paying a relatively higher production cost/expense which is inclusive of the tax burden.Due to higher price elasticity of demand or price responsiveness,the cavier consumers would be reluctant to bear the tax burden and pass it onto the sellers.
This year, Jack O. Lantern incurred a $60,000 loss on the worthlessness of his stock in the Creepy Corporation (CC). The stock, which Jack purchased in 2005, met all of the §1244 stock requirements at the time of issue. In December of this year, Jack’s wife, Jill, also incurred a $75,000 loss on the sale of Eerie Corporation (EC) stock that she purchased in July 2005 and which also satisfied all of the §1244 stock requirements at the time of issue. Both corporations are operating companies. Assume that they file a joint return. How much of the losses incurred on the two stock sales can Jack and Jill deduct this year, assuming they do not have capital gains in the current or prior years?
Answer:A total deduction of $103,000, $1244 limits the ordinary loss deduction for married couple filling jointly
to $100,000. In this case, the total loss incurred on the §1244 stock is $135,000 ($60,000 + $75,000). The remaining $35,000 loss is treated as a capital loss, which can offset other capital gains plus $3,000 of ordinary income.
Explanation:
Jack and Jill are eligible to deduct $100,000 of the total $135,000 loss incurred on their §1244 stocks according to section 1244 of the Internal Revenue Code. The remaining $35,000 will be treated as a capital loss and will be carried forward to next year.
Explanation:Jack and Jill had total business losses amounting to $135,000 from the decrease in stock value in Creepy Corporation (CC) and Eerie Corporation (EC), both of which were eligible §1244 stocks. Section 1244 of the Internal Revenue Code is particularly important here, as it allows investors like Jack and Jill to claim an ordinary loss, instead of a capital loss, on the sale or exchange, or becoming worthless, of qualified small business stock.
Under §1244, a married couple filing jointly can deduct a loss on §1244 stock of up to $100,000 in any one year. The remaining $35,000 exceeding this limit is treated as a capital loss and, since there are no capital gains to offset this, it carries to the next year and can offset capital gains in that year or any subsequent years until depleted.
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1. Brooks Agency set up a petty cash fund for $150. At the end of the current period, the fund contained $28 and had the following receipts: entertainment, $70; postage, $30; and printing, $22.Prepare journal entries to record (a) establishment of the fund and (b) reimbursement of the fund at the end of the current period.
Explanation:
The journal entries are as follows:
1. Petty cash A/c Dr $150
To Cash A/c $150
(Being the establishment of petty cash is recorded)
2.
Entertainment expenses A/c Dr $70
Postage expense A/c Dr $30
Printing A/c Dr $22
To Petty cash A/c $122
(Being the reimbursement of petty cash fund is recorded)
Brooks Agency initially established a petty cash fund with a journal entry debiting Petty Cash and crediting Cash for $150. At the end of the period, the fund was reimbursed with entries debiting the respective expenditure categories (Entertainment, Postage, Printing for a total of $122) and crediting Cash for the same amount.
Explanation:The question pertains to accounting journal entries relating to the establishment and replenishment of a petty cash fund. Let's answer this in two steps:
(a) When Brooks Agency set up the petty cash fund initially, the entry would be: Debit - Petty Cash $150, Credit - Cash $150. This illustrates the company removed $150 from its primary cash account and allocated it to petty cash.(b) At the end of the period, with the fund containing $28 in cash, Brooks Agency had expended $122 on various items. To reimburse the fund back to $150, entries would appear as follows: Debit - Entertainment $70, Debit - Postage $30, Debit - Printing $22, Credit - Cash $122. This signifies that cash was reduced by the amount reimbursed, and each expenditure was logged in its correct category.Learn more about petty cash accounting here:https://brainly.com/question/31694556
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