Answer:
a. 8.75 times
b. 41.71 days
c. 41.71 days
Explanation:
The computation is shown below:
a. Inventory Turnover = Cost of Goods Sold ÷ Inventory
= $4,233,460 ÷ $483,824
= 8.75 times
b. Days' sales in inventory = 365 ÷ Inventory Turnover
= 365 ÷ 8.75 times
= 41.71 days
c. Number of days for the unit of inventory sit on the shelf would be equal to the days' sales in inventory i.e 41.71 days
The inventory turnover of the King Corporation is 8.75 times. The days' sales in inventory or how long on average did a unit of inventory sit on the shelf before it was sold is roughly 41.71 days.
Explanation:To calculate the inventory turnover, we use the formula Inventory Turnover = Cost of Goods Sold / Average Inventory. However, in this case, we are only given the ending inventory, so we will use that as an approximation for the average inventory. Therefore, Inventory Turnover = $4,233,460 / $483,824 = 8.75 times. This suggests that the inventory turned over 8.75 times in the year.
Next, to calculate days' sales in inventory, we use the formula Days' Sales Inventory = 365 days / Inventory Turnover. Using the inventory turnover we calculated, Days' Sales in Inventory = 365 / 8.75 = 41.71 days. This suggests that on average, inventory stays in stock for about 41.71 days before it is sold.
Finally, the answer to the third question on how long an average unit of inventory sat on the shelf before being sold is the same as the days' sales in inventory, which is 41.71 days.
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What is the present value of an annuity of $6,000 per year, with the first cash flow received three years from today and the last one received 25 years from today? Use a discount rate of 7 percent.
Answer:
The present value will be of 85,714.29 dollars
Explanation:
We write the formula for the annuity and then, we place the values for our case:
[tex]C \times \frac{1-(1+r)^{-time} }{rate} = PV\\[/tex]
C 6,000.00
time 2500
rate 0.07
[tex]6000 \times \frac{1-(1+0.07)^{-2500} }{0.07} = PV\\[/tex]
PV $85,714.2857
The present value will be of 85,714.29 dollars
Matt Bennett wishes to have $ 110 comma 000 in six years. If he can earn annual interest of 8%, how much must he invest today?
Answer:
he invest today is $229166.67
Explanation:
given data
future value = $110,000
time t = 6 year
rate r = 8 % = 0.08
to find out
present value
solution
we get here present value that is
future amount = principal × rate × time .................1
$110,000 = principal × 8% × 6
$110,000 = principal × 0.08 × 6
$110,000 = principal × 0.48
principal = [tex]\frac{110000}{0.48}[/tex]
principal = 229166.67
so he invest today is $229166.67
A student's bank statement reflects $1,600 at month end. The student's checkbook, before reconciling, reflects $1,500. The student has $5 of interest on the bank statement which has not been posted to his/her checkbook, deposits in transit of $100, and outstanding checks of $195. What is the reconciled bank balance?
a. $1,400
b. $1,520
c. $1,510
d. $1,505
Answer:
$1505
Explanation:
Bank reconciliation is done to agree cash balance in the book with balance in the bank statement.
In reconciling these amounts, some items are added and some subtracted.
In this case, three items are needed to be reconciled: interest of $5, deposit in transit of $100 and outstanding check of $195.
Starting with the bank statement balance, only items that have not been registered in the account will be considered. Hence, $5 interest will not be considered because it has been included in the unadjusted bank balance already.
For the other two items, the treatment is as follows: deposit in transit is added to bank balance and uncleared check subtracted.
$
Bank Balance 1600
Add: Deposit in transit 100
Subtract Outstanding check (195)
Balance per adjusted bank balance 1505
Answer:
1600
Explanation:
Balance As per Checkbook = 1500
Add: checks issued but not presented in bank = 195
Add: Interest Income not recorded in books = 5
Less: Depsits recorded in books but not presented in books = (100)
Balance As per bank statement = 1600
Ajax, Inc., issued callable bonds with a par value of $1,000,000 that require the payment of a call premium of $10,000. The bonds have a carrying value of $990,000. We call these bonds prior to maturity on September 30. Complete the necessary journal entry by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns.
Answer:
The journal entry is as follows:
On September 30,
Bonds payable A/c Dr. $1,000,000
Loss on bonds retirement A/c Dr. $20,000
To Discount on bond $10,000
To cash A/c $1,010,000
(To record the bonds payable and retirement)
Workings:
Loss on bonds retirement:
= (Cash + Discount on bonds) - Par value of callable bonds
= ($1,010,000 + $10,000) - $1,000,000
= $1,020,000 - $1,000,000
= $20,000
The scientific method ________. results in conclusions based on speculation cannot prove a hypothesis to be true results in the proving of a theory now has been replaced by a widely accepted shortcut that is less time-consuming and less expensive involves testing observations to derive a working hypothesis Section: 1.3 Bloom's Taxonomy: Knowledge/Comprehension
Answer:
The correct answer is letter "B": cannot prove a hypothesis to be true.
Explanation:
The scientific method is the proper procedure or instrument of science to obtain an explanation of things. Thanks to the scientific method it is possible to manage, combine, and use those things. Besides, it allows us to prove if a hypothesis deserves to be considered a Law. Without proof, the scientific method cannot prove if a hypothesis is true.
Baxley Brothers has a DSO of 26 days, and its annual sales are $6,205,000. What is its accounts receivable balance? Assume that it uses a 365-day year. Round your answer to the nearest cent.
Answer:
The receivable balance is $ 442,000
Explanation:
The DSO is the abbreviation for Days Sales Outstanding and is referred to in no of days.
Based on the data in the question, the average daily sales is $ 6,205,000/ 365 days.
$ 6,205,000 / 365 days = $ 17,000 per day
If the DSO is 26 days, we need to multiply the average daily sales by the number of days to get the receivable balance
$ 17,000 *DSO of 26 = $ 442,000
In Step 1 of developing an EFE Matrix, how many opportunities and threats should be included in the full and narrow lists, respectively? A. 200, 20 B. 100, 20 C. 50, 10 D. 200, 10 E. 100, 10
Answer:
Option B. 100, 20
Explanation:
The full list should not be more than 100 because we would not like to have any opportunity/threat having less than 1% contribution so The sum of percentages should be 100.
At least 20 opportunities and threats should be there in the narrow list.
A media company has a high market share in the cassette tape market. The cassette tape market has low growth potential. This business fits into the ________ category of the BCG growth-market share matrix.
Answer:
Cash Cows
Explanation:
The Boston Consultancy Group devised a matrix representation for evaluating businesses as per their respective market share. The matrix depicts a portfolio of four possibilities for a strategic business unit.
The matrix is known for it's cows-dogs metaphor. It measures market growth rate on vertical axis and relative market share on horizontal axis.
It is used for allocating resources to a strategic business unit as per feasibility. The four possibilities defined are, stars, cash cows, question mark and dogs.
In the given question, the media company has relative high market share in low growth industry. This fits into the grid of "cash cows". These require little timely investment.
Final answer:
The correct classification for a business with high market share in a low growth market according to the BCG matrix is 'Cash Cow'. This category is characterized by generating significant cash flow more than what is invested into the business, allowing for investment in other areas.
Explanation:
The question relates to a concept within the BCG growth-market share matrix, specifically addressing a scenario where a company holds a high market share in a market with low growth potential. The correct category for such a business is 'Dog'. However, based on the characteristics described (high market share in a low growth market), the correct answer is 'Cash Cow'. Cash Cows are segments where a company has a high market share in a slow-growing industry. These divisions generate more cash than they consume, allowing a company to invest in other areas of business. The BCG matrix helps businesses allocate resources efficiently across different segments by categorizing them into four types: Stars, Question Marks, Cash Cows, and Dogs, based on market growth and market share.
Considering other market dynamics like network effects and winner-take-all contests, examples include the dominance of VHS over Betamax in the videotape market or Microsoft's Windows in the personal computer operating systems. These examples illustrate how a business can leverage its market position to secure almost monopolistic control, similar to how a Cash Cow operates by relying on a well-established market share in a stagnant growth environment.
The quantity supplied of coffee beans decreases when: a. Average annual rainfall decreases due to a drought in Central and South America b. The price of coffee beans falls c. The price of tea rises. d. A labor union for coffee bean pickers forms and wages rise
Answer:
b. The price of coffee beans falls
Explanation:
Only a decrease in price of coffee beans would lead to a fall in the quantity supplied of coffee beans.
This is in line with the law of supply which says: The higher the price, the higher the quantity supplied and the lower the price, the lower the quantity supplied.
The other factors listed in the options would lead to a fall in supply and not quantity supplied.
I hope my answer helps you
For fiscal year 2016, Nancy calculated the following costs for Choco-rama’s manufacturing process. Beginning work in process inventory, $22,655 Ending work in process inventory, $28,207 Beginning raw materials inventory, $42,385 Ending raw materials inventory, $44,299 Raw materials purchased, $387,521 Office supplies purchased and used, $15,274 388,400 man-hours of factory labor incurred at $23.60/hour 14,200 man-hours of factory oversight labor incurred at $28.75/hour Administrative salaries, $392,000 Factory utilities, $18,500 Factory depreciation, $9,700 Factory repairs, $15,400
Answer:
The Cost of Manufactured Goods 9,998,145
Explanation:
The question is to determine Choco-rama's Cost of Goods Manufactured for the 2016 Fiscal Year.
CHOCO RAMA COST OF GOODS MANUFACTURED FOR THE 2016 FISCAL YEAR
Description Amount ($) Amount ($)
Opening Inventory of Raw materials 42,385
Add: Purchase of raw materials 387,521
Direct raw materials available 429,906
Subtract: Closing raw materials (44,299)
Raw materials in Production 385,607
Add:
Direct labour ($388,400 x $23.60) 9,166,240
Manufacturing overhead 451,850
The total manufacturing costs 10,003,697
Add: Opening Work-in-Progress 22,655
10,026,352
Subtract: Closing work-in-progress (28,207)
The Cost of Manufactured Goods 9,998,145
"Treasury bonds paying an 14.0% coupon rate with semiannual payments currently sell at par value. What coupon rate would they have to pay in order to sell at par if they paid their coupons annually? (Hint: What is the effective annual yield on the bond?")
Answer:
An annual bond should pay 14.49% to be sale at par when issued.
Explanation:
Considering the effective yield on the bond, we should convert the 7% semiannual rate into an annual rate:
[tex](1+0.07)^{2} - 1 = r_e\\.1449 = r_e[/tex]
We get that the ate for an annual bonds to be financially equivalent it should be 14.49%
Final answer:
To find the annual coupon rate for Treasury bonds to sell at par when currently selling at par with a 14.0% semiannual coupon, calculate the effective annual yield from the semiannual coupon and set that as the annual coupon rate for the bond to still sell at par.
Explanation:
The question asks what coupon rate Treasury bonds would have to pay in order to sell at par value if they paid their coupons annually instead of semiannually, while currently selling at par with a 14.0% coupon rate and semiannual payments. The crux of the problem lies in calculating the effective annual yield, which will account for the compounding effect of semiannual payments. When bonds pay coupons semiannually, the actual annual yield, or effective annual rate (EAR), is higher than the nominal coupon rate due to compounding. To find the coupon rate needed for an annual payment to sell at par, one would equate the EAR from the semiannual bond to the coupon rate of the annual bond.
Using the formula for EAR, EAR = (1 + (nominal rate / number of periods))^number of periods - 1, for a semiannual bond with a 14.0% nominal rate, we have EAR = (1 + (0.14 / 2))^2 - 1. Calculating this, we find the EAR to be higher than 14.0%. The bond that pays coupons annually at this EAR would sell at par since the investor would be indifferent between the two bonds in terms of yield.
In 2008, Upper Crust had cash flows from investing activities of −$270,000 and cash flows from financing activities of −$163,000. The balance in the firm's cash account was $86,000 at the beginning of 2008 and $118,000 at the end of the year. What was Upper Crust's cash flow from operations for 2008?
A- $118,000
B- $465,000
C- $32,000
D- $433,000
Answer:
Cash flows from operating activities = $465,000
so correct option is B- $465,000
Explanation:
given data
investing activities = - $270,000
cash flows = - $163,000
cash account at the beginning = $86,000
cash account at the end of year = $118,000
solution
we get here Cash flows from operating activities that is express as
Cash flows from operating activities = closing cash balance - (cash flows from financing activities + cash flows from investing activities + beginning cash balance) .....................1
put here value and we get
Cash flows from operating activities = $118,000 - (-$163,000 - $270,000 + $86,000)
Cash flows from operating activities = $465,000
Assuming Net Income for the year is $230,000, what is the net cash flows from operating activities given the following information: Increase in Salaries Payable: $17,000 Depreciation Expense: $5,000 Increase in Prepaid Rent: $29,000 Loss on sale of asset: $1,150 Increase in Accounts Payable: $31,000 Increase in Inventory: $82,000a. $234,950 b. $242,450 c. $205,450 d. $324,050
Answer:
$173,150
Explanation:
Given that,
Increase in Salaries Payable = $17,000
Depreciation Expense = $5,000
Increase in Prepaid Rent = $29,000
Loss on sale of asset = $1,150
Increase in Accounts Payable = $31,000
Increase in Inventory = $82,000
Net cash flows from operating activities:
= Net income + Increase in Salaries Payable + Depreciation Expense - Increase in Prepaid Rent + Loss on sale of asset + Increase in Accounts Payable - Increase in Inventory
= $230,000 + $17,000 + $5,000 - $29,000 + $1,150 + $31,000 - $82,000
= $173,150
Therefore, the net cash flows from operating activities is $173,150.
Juniper Design Ltd. of Manchester, England, is a company specializing in providing design services to residential developers. Last year the company had net operating income of $450,000 on sales of $1,200,000. The company’s average operating assets for the year were $1,400,000 and its minimum required rate of return was 13%.
Required:
Compute the company’s residual income for the year.
Answer:
$268,000
Explanation:
Given that,
Last year net operating income = $450,000
Sales = $1,200,000
Average operating assets = $1,400,000
Minimum required rate of return = 13%
Minimum required return:
= 13% × Average operating assets
= 0.13 × $1,400,000
= $182,000
Therefore,
Residual income:
= Net operating income - Minimum required return
= $450,000 - $182,000
= $268,000
Final answer:
Juniper Design Ltd.'s residual income for the year can be calculated by subtracting the product of its average operating assets and its minimum required rate of return from the net operating income, which results in a residual income of $268,000.
Explanation:
To calculate the residual income of Juniper Design Ltd., we need to first find the company's net operating income, subtract the product of the minimum required rate of return and the average operating assets. Given that the net operating income is $450,000, the average operating assets are $1,400,000, and the minimum required rate of return is 13%, the calculation is as follows:
Minimum required return on assets = Average operating assets × Minimum required rate of return
= $1,400,000 × 13%
= $182,000
Residual income = Net operating income - Minimum required return on assets
= $450,000 - $182,000
= $268,000
Therefore, the residual income for Juniper Design Ltd. is $268,000 for the year.
A 10-year maturity bond with par value of $1,000 makes annual coupon payments at a coupon rate of 12%. Find the bond equivalent and effective annual yield to maturity of the bond for the following bond prices. (Round your answers to 2 decimal places.)a. Find the bond equivalent and effective annual yield to maturity of the bond if the bond price is $940. Bond equivalent yield to maturity %
Effective annual yield to maturity % b. Find the bond equivalent and effective annual yield to maturity of the bond if the bond price is $1,000. Bond equivalent yield to maturity %
Effective annual yield to maturity % c. Find the bond equivalent and effective annual yield to maturity of the bond if the bond price is $1,040. Bond equivalent yield to maturity %
Effective annual yield to maturity %
Answer:
a) 13.11%
b) as the price matches the bond rate it will be 12%
c) 11.31%
Explanation:
We should calcuate usig excel for the rate which makes the present value of the coupon payment and discounted maturity:
A) PV of the coupon payment (PV of an annuity)
[tex]C \times \frac{1-(1+r)^{-time} }{rate} = PV\\[/tex]
C $1,000 x 12% = 120.000
time 10
rate 0.1311 (finded with excel)
[tex]120 \times \frac{1-(1+0.1311)^{-10} }{0.1311} = PV\\[/tex]
PV $648.2804
PV of the maturity (PV of a lump sum)
[tex]\frac{Maturity}{(1 + rate)^{time} } = PV[/tex]
Maturity 1,000.00
time 10.00
rate 0.1311(finded with excel)
[tex]\frac{1000}{(1 + 0.1311)^{10} } = PV[/tex]
PV 291.72
PV c $648.2804
PV m $291.7198
Total $940.0002
For C we do the same with a present value of 1,040 dollars
[tex]C \times \frac{1-(1+r)^{-time} }{rate} = PV\\[/tex]
C 120.000
time 10
rate 0.113118875
[tex]120 \times \frac{1-(1+0.113118874891792)^{-10} }{0.113118874891792} = PV\\[/tex]
PV $697.5599
[tex]\frac{Maturity}{(1 + rate)^{time} } = PV[/tex]
Maturity 1,000.00
time 10.00
rate 0.113118875
[tex]\frac{1000}{(1 + 0.113118874891792)^{10} } = PV[/tex]
PV 342.44
PV c $697.5599
PV m $342.4400
Total $1,040.0000
Local Co. has sales of $ 10.2 million and cost of sales of $ 5.7 million. Its selling, general and administrative expenses are $ 550 comma 000 and its research and development is $ 1.2 million. It has annual depreciation charges of $ 1.1 million and a tax rate of 35 %. a. What is Local's gross margin? b. What is Local's operating margin? c. What is Local's net profit margin? a. What is Local's gross margin? Local's gross margin is nothing%. (Round to one decimal place.) b. What is Local's operating margin? Local's operating margin is nothing%. (Round to one decimal place.) c. What is Local's net profit margin? Local's net profit margin is nothing%. (Round to two decimal places.)
Answer:
a. What is Local's gross margin? (Round to one decimal place.)
0.4412 / 44.12%
b. What is Local's operating margin? (Round to one decimal place.)
0.1618 / 16.18%
c. What is Local's net profit margin? (Round to two decimal places.)
0.1049 / 10.49%
Explanation:
Local Co.
Income Statement for the year ended MM DD, YY
$, million
Sales 10.20
-Cost of sales 5.70
=Gross Income 4.50
-Selling, general and administrative expenses 0.55
-Research and development 1.20
-Annual depreciation charges 1.10
=Operating Income 1.65
-Tax rate of 35 %. 0.58
=Net Income 1.07
(a) Gross Margin = Gross Income / Sales = 4.50 / 10.20 = 0.4412 = 44.12%
(b) Operating Margin = Operating Profit / Sales = 1.65 / 10.20 =0.1618=16.18%
(c) Net Profit Margin = Net Income / Sales = 1.07 / 10.20 = 0.1049 = 10.49%
The concept of market efficiency underpins almost all financial theory and decision models. When financial markets are efficient, the price of a security—such as a share of a particular corporation’s common stock—should be _________(equal to or more than) the present value estimate of the firm's expected cash flows discounted by its appropriate rate of return.
Answer:
Equal
Explanation:
Market efficiency is the term which is defined as the degree to which the prices of the product in the market reflect or state all the relevant as well as available information.
When the market are efficient, then all the information is incorporated into the prices and there is no method to beat the market as there is no overvalued or undervalues securities will be available.
So, the financial market are efficient, then the price of the security is equal to the present value of expected cash flows of the firm.
Barb is trying to take control of her time by using an online time tracking system that tracks her time spent on tasks and projects. She heard that if you do something for seven weeks it becomes a habit. The activity in our brain that decides whether a behavior should be repeated and stored is ______.
Answer:
Habit Loop
Explanation:
Habit Loop -
It is a type of loop , which runs in the brain of the human being , and functions to govern the habit , is referred to as habit loop .
The habit loop has three components , i.e. , reward , routine , and cue .
The proper knowledge of these components enables the person to have command of their habits and can easily remove the bad habits and inculcate the good ones .
Hence , from the given scenario of the question,
The correct term is habit loop .
What is a stock that reinvests its earnings in the business instead of paying regular dividends called?
Answer:
growth stock.
Explanation:
Growth stock is the title through which the company usually reinvests the profits that guarantee growth and this is manifested in the prices that are publicly traded.
Growth stocks are shares of companies that are growing and are usually from innovative or expanding sectors that, against the value actions, distribute very few dividends or none. By not distributing benefits does not decrease its equity value and, therefore, the behavior of the action if the company generates benefits is that its value must grow. Hence, its denomination. Naturally, these companies are less mature and stable and, in many cases, part of the value granted to them is in the perspectives that exist to generate benefits in the future but that have not yet been realized. Companies of new technologies, biotechnology or research and development of innovative projects are the most characteristic examples of this type of actions.
Mountaineer excavation operates in a low-lying area that is subject to heavy rains and flooding. because of this, mountaineer purchases one year of flood insurance in advance on march 1, paying $36,000 ($3,000/month).
Required:
1. Recore the purchase of insurance in advance on March,1.
1. Record the adjusting entry on December, 31.
Answer:
1. Recore the purchase of insurance in advance on March,1.
Debit Prepaid Insurance $36,000
Credit Cash $36,000
2. Record the adjusting entry on December, 31.
Debit Insurance Expense $30,000
Credits Prepaid Insurance $30,000
Explanation:
Mountaineer excavation purchases one year of flood insurance in advance on March 1, paying $36,000 ($3,000/month). The company records the insurance as the prepaid Insurance:
Debit Prepaid Insurance $36,000
Credit Cash $36,000
On December, 31, the last day of the following 10 months, the company records an adjusting entry that Credits Prepaid Insurance for $30,000 ($3,000/month times the 10 months) and Debits Insurance Expense for $30,000
Debit Insurance Expense $30,000
Credits Prepaid Insurance $30,000
1. Record of the purchase of insurance in advance on March,1 as Debit Prepaid Insurance $36,000 & Credit Cash $36,000.
2. Record the adjusting entry on December, 31 as Debit Insurance Expense $30,000 & Credits Prepaid Insurance $30,000.
1. The journal entry above records the payment of $36,000 for one year of flood insurance coverage.
It debits the Insurance Expense account (or Prepaid Insurance account) to recognize the expense and credits the Cash account to reflect the payment made.
Thus, the journal entry would look like this
Debit Credit
Prepaid Insurance $36,000
Cash $36,000
2. Mountaineer Excavation would need to recognize the portion of the prepaid insurance that has been used up.
Since the insurance was purchased on March 1 and covers a period of one year, by December 31, 10 months’ worth of insurance has been used up. At a rate of $3,000 per month, this amounts to $30,000.
Thus, the journal entry would look like this
Debit Credit
Insurance Expense $30,000
Prepaid Insurance $30,000
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Assume that your parents wanted to have $100,000 saved for college by your 18th birthday and they started saving on your first birthday. They saved the same amount on your birthday and earned 8.0% per year on their investments.
A. How much would they have to save each year to reach their goal?
B. If they think you will take five years instead of four to graduate to graduate and decide to have $140,000 saved just in case, how much more would they have to save each year to reach their new goal?
Answer:
My parents will need to make 18 deposits of 24,724.16 dollars
My parent will then have to deposit 28,185.55 per year
which is $3,461.39 more than the other scenario
Explanation:
We need to solve for the future value of an annuity-due (because the payment are made at the beginning of each period
[tex]FV \div \frac{(1+r)^{time} -1 }{rate}(1+r) = C\\[/tex]
FV 1,000,000
time 18
rate 0.08
[tex]1,000,000 \div \frac{(1+0.08)^{18}-1 }{0.08}(1+0.08) = C\\[/tex]
C $ 24,724.163
If we need do save and additional 140,000 dollars:
[tex]FV \div \frac{(1+r)^{time} -1 }{rate}(1+r) = C\\[/tex]
FV 1,140,000
time 18
rate 0.08
[tex]1,140,000 \div \frac{(1+0.08)^{18}-1 }{0.08}(1+0.08) = C\\[/tex]
C $ 28,185.546
The difference will be:
28,185.55 - 24,724.16 = 3.461,39
If the value of an investment is $1500 in 12 years and the interest rate is 6%, how much is the investment worth now?
Answer:
$745.45
Explanation:
The expression that describes the future value of an investment (P) at an annual rate (r) for a period of n years, compounded annually is:
[tex]FV = P*(1+r)^n[/tex]
If the future value of an investment is $1,500 after 12 years at a rate of 6%, the present value (P) is:
[tex]1500 = P*(1+0.06)^{12}\\P=\$745.45[/tex]
The investment is worth $745.45 today.
If Whole Foods Market leaders were to engage in a SWOT analysis, they might study which of the following factors as part of the organization's external environment? a. Demographic and population changes within society b. The organizational culture c. Leadership strength and strong succession plans d. The talent pipeline
Answer:
The answer is a. Demographic and population changes within society
Explanation:
The year-end financial statements of Greenway Company contained the following elements and corresponding amounts: Assets = $23,000; Liabilities = ?; Common Stock = $5,300; Revenue = $11,600; Dividends = $900; Beginning Retained Earnings = $3,900; Ending Retained Earnings = $7,300.
The amount of liabilities reported on the end-of-period balance sheet was
A. $11,200.
B. $10,400.
C. $13,800.
D. $9,200.
Elston Company has entered into a lease agreement for office equipment which could be purchased for $39,927. Elston Company has, however, chosen to lease the equipment for $10,000 per year, payable at the end of each of the next 5 years. Calculate the implied interest rate for the lease payments.
Answer:
The implied interest rate for the lease payments is 8%.
Explanation:
The implied interest rate (or interest rate implicit in lease) is the rate at which minimum lease payment is equal to current fair value (present value) of asset leased out. Using the following formula we can easily calculate implied interest rate for the lease payments. Detail calculation is given below.
PV = MLPS (1-(1+interest rate%)^-period)/i
39,927 = 10,000 (1-(1+I)^-5)/I
3.9927 = Anuity factor
(using annuity table)
Interest = 8%
Ivanhoe Co. reports net income of $78,000. Partner salary allowances are Pitts $10,000, Filbert $3,000, and Witten $5,000. Indicate the division of net income to each partner, assuming the income ratio is 52 : 22 : 26, respectively. quiz
Answer:
52 : 22 : 26 getting $31,200, $13,200, and $15,600
Explanation:
In a partnership, the salaries earned by the partners are treated like salaries paid to third parties. As such, these salaries are deducted from the net income of the partnership before the sharing formula is applied to determine what each partner gets.
Total salaries paid = $10,000 + $3,000 + $5,000
= $18,000
Net profit to be shared = $78,000 - $18,000 = $60,000
Total of all ratios = 52 + 22 + 26 = 100
Division of net income to each partner is as follows;
Partner 1 = (52/100) × $60,000 =$31,200
Partner 2 = (22/100) × $60,000 =$13,200
Partner 3 = (26/100) × $60,000 =$15,600
Hence the partners share at the ratio 52 : 22 : 26 getting $31,200, $13,200, and $15,600
The division of net income from Ivanhoe Co. for the partners would be: Pitts $40,560, Filbert $17,160, and Witten $20,280, determined by their respective income ratios.
Explanation:To determine the division of net income to each partner, you must first calculate the total partnership income ratio using the provided ratios for Pitts, Filbert, and Witten, which are 52, 22, and 26 respectively. The total income ratio is the sum of these numbers, which is 100 (52 + 22 + 26).
For the division of net income, multiply each partner's ratio by the total net income. Ivanhoe Co. reported a net income of $78,000. Pitts' share will be 52/100 x $78,000 = $40,560. Filbert's share will be 22/100 x $78,000 = $17,160. Witten's share will be 26/100 x $78,000 = $20,280.
Please note that in real-life situations, these calculations are often accomplished after the salary allowances have been distributed. However, in this question, we have simply dealt with the distribution based on the income ratio, as directed.
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How relevant are references when information about an applicant can be easily located through an online search of blogs, social networking sites, and news sources?
Answer:
References are former colleagues and supervisors who can vouch for your performance in past companies where you worked. References are the best way an employer can get information on past work experience, performance, and work ethic
It is a way to also cross-check the information given by the applicant for accuracy. They also give insight on your skills, strengths, and achievements.
Explanation:
Challenger Factory produces two similar products: regular widgets and deluxe widgets. The total factory overhead budget is $630,400 with 330,800 estimated direct labor hours. Deluxe widget production requires 4 direct labor hours for each unit, and regular widget production requires 6 direct labor hours for each unit.
Final answer:
Economies of scale and widget production costs.
Explanation:
Economies of scale refer to the cost advantages that a business can achieve by increasing its output. In the case of Challenger Factory, producing more units of widgets can lower the average cost per unit due to economies of scale.
Calculating the costs for regular and deluxe widgets based on direct labor hours can help determine the optimal production quantities and cost structures for each type of widget.
Understanding the relationship between production volume, costs, and pricing can assist in making informed decisions regarding maximizing efficiency and profitability in widget production.
A law was recently passed in the city of Birmingdon that specifies a long list of restrictions on disposing of different kinds of waste material. The law is long, meticulous, and complicated, and many citizens do not understand all the points of the law or the purpose it is meant to fulfill. Citizens are commonly caught breaking the ordinance. Which law or principle of law which is most relevant to this situation?
a. Procedural Due Process
b. Substantive Due Process
c. First Amendment
d. Equal Protection Laws
Answer:
Substantive Due Process
Explanation:
Substantive Due Process - it is referred to as the authority of courts to defend the rights from the interference of government. it is also applicable even when these rights are not written anywhere in the constitution of the United States.
it is different from the procedural due process whose main focus is to convict the defendant for any rules breaking while Substantive Due Process is work for protecting fundamental right from Government interference.
Your mother just received a $340 comma 461 inheritance. If she invests her money in a diversified equity portfolio returning 8 percent per year, approximately how long will it take her to become a millionaire?
Answer:
time period is 14.17 years
Explanation:
given data
principal P = $340,461
future value FV = $1000000
rate r = 8% = 0.08
to find out
time period t
solution
we will apply here future value formula that is
future value = principal × [tex](1+rate)^{t}[/tex] ..........................1
put here value and we get
$1000000 = $340,461 × [tex](1+0.08)^{t}[/tex]
2.9371 = [tex](1.08)^{t}[/tex]
take ln both side
ln 2.9371 = t ln(1.08)
1.077 = t × 0.076
t = 14.17
so time period is 14.17 years