Answer: A. Distinct
Explanation: Distinct goods or services are those that generates economic benefit (that can be of use) to the customer on its own or together with other readily available resources (Goods or services that are sold separately or a resource that the customer already possess).
One of the measures of determining if a good or service is distinct is to determine if it can be sold on a standalone basis and if it can be separately identifiable from other promises in a contract.
Below are the account balances for Cowboy Law Firm at the end of December. Accounts Balances Cash $ 5,100 Salaries expense 2,050 Accounts payable 3,100 Retained earnings 4,050 Utilities expense 1,200 Supplies 13,500 Service revenue 9,000 Common stock 5,700 Required: Use only the appropriate accounts to prepare an income statement.
Answer:
Net income = $5,750
Explanation:
The question is to compute the income statement based on given information
COWBOY LAW FIRM'S INCOME STATEMENT for DECEMBER ENDING
Description Amount ($) Amount ($)
Service Revenue 9,000
Deduct the total expenses as follows:
Salaries 2,050
Utilities 1,200
Total Expenses (3,250)
Net Income 5,750
Note: that the remaining figures, cash, accounts payable, retained earnings and the common stock are relevant for the preparation of the Balance sheet or the Statement of Financial position. The balance sheet is grouped into asset- cash, liabilities - accounts payable and equity - stock and retained earning.
Final answer:
To prepare the income statement for Cowboy Law Firm, one must list the Service Revenue of $9,000 and subtract the sum of Salaries Expense and Utilities Expense totaling $3,250 to arrive at a Net Income of $5,750.
Explanation:
To prepare an income statement using the provided account balances for Cowboy Law Firm, we consider only those accounts that reflect the firm's revenues and expenses within the period. The income statement will show the firm's profitability by subtracting total expenses from the total revenues.
Here’s how you can calculate it:
Service Revenue: $9,000
Total Expenses: Salaries expense ($2,050) + Utilities expense ($1,200) = $3,250
Next, we calculate the net income:
Net Income:
= Service Revenue - Total Expenses
$9,000 - $3,250
= $5,750
The Net Income is the figure that will be reported on the bottom line of the income statement for Cowboy Law Firm. In this simple income statement, we ignore other accounts such as Cash, Accounts Payable, Retained Earnings, Common Stock, and Supplies as they are not relevant to computing the firm's profitability for the period.
Write two paragraphs explaining each of the parties’ point of view - Lauren's as well as the CEO's. Explain your final decision on whether or not to go through with the sale as well as WHY this is your decision.
Final answer:
In this case, the final decision has already been made by Lauren to agree to the new terms proposed by Bart's. As the CEO, Jimmy Cricket should address the issue with Lauren and have a discussion about the importance of group decision-making. While it is understandable that Lauren wanted to save time and effort by making the decision on her own, it is crucial for the CEO to emphasize the value of collective decision-making in order to consider different perspectives, mitigate risks, and ensure that the company's best interests are protected. The CEO should emphasize the need for team collaboration and the importance of discussing potential risks, such as Bart's payment history, to make informed decisions that align with the company's goals and objectives.
Explanation:
--Lauren's point of view:
Lauren, as an employee, is likely to focus on the potential benefits and opportunities that the new ride can bring to the amusement park. She may see it as a way to attract new customers and increase ticket revenue. Lauren may also believe that the ride would enhance the overall experience of the park, leading to positive word-of-mouth and customer satisfaction. From her perspective, investing in the new ride could be a way to stay competitive in the market and keep the park exciting for visitors.
--The CEO's point of view:
The CEO, on the other hand, has the responsibility to make strategic decisions that will ensure the financial stability and success of the amusement park. The CEO may take a more cautious approach and consider the financial feasibility of the investment. They will carefully analyze the costs, such as the purchase cost of the ride, the annual operating costs, and the potential increase in revenue. The CEO will also factor in the useful life of the ride and the salvage value. They will weigh the potential benefits against the financial risks and assess whether the investment aligns with the long-term goals of the park.
--Final decision and reasoning:
Based on the information provided, it is difficult to make a definitive decision on whether or not to go through with the sale. Further analysis is needed to evaluate the potential additional ticket revenue that the ride would generate. Additionally, other factors, such as market trends, competition, and customer preferences, should be considered.
However, if we assume that the additional revenue generated by the ride is sufficient to cover the costs and provide a positive net present value (NPV), it could be a viable investment. A positive NPV indicates that the present value of the cash inflows exceeds the initial investment, making it an attractive opportunity.
Hope receives an $18,500 scholarship from State University. The university specifies books, supplies, and equipment, while $10,000 is for room and board. In addition, Hope w campus library and earns $5,000. What is Hope's gross income?
Answer:
Hope's gross income = $5000 + $10,000 = $15,000
Explanation:
First, we need to highlight what are qualified education expenses especially for tax-free fellowships and scholarships.
Specifically, the qualified expenses that will be tax exempt will be
The tuition and fees which are requirements to go to an eligible school or institution
Other course related expenses required for courses in such institutions such as books equipment and supplies are also tax exempt.
However, room and board, research travel and other expenses that are not required for courses in the institution are not tax free
Based on this analysis:
Hope's initial earning on campus = $5000
However, $10,000 spent on room and board are not required for enrolment in the school, hence, it will be added to the earnings to make the gross income
Hope's gross income = $5000 + $10,000 = $15,000
Final answer:
Hope's gross income is calculated by adding the taxable portion of her scholarship assigned for room and board ($10,000) to her earnings from working at the campus library ($5,000), totaling $15,000.
Explanation:
Hope's gross income can be calculated by adding her earnings from work to the taxable portion of her scholarship. The scholarship funds allocated to room and board are typically considered taxable income by the IRS. Therefore, from her $18,500 scholarship, $10,000 for room and board is taxable. The remaining $8,500, specified for books, supplies, and equipment, is usually tax-free if it is a requirement for enrollment or attendance at the educational institution. Additionally, the money Hope earns from working at the campus library is considered earned income and is taxable. Thus, her gross income is the sum of her earnings from work ($5,000) and the taxable part of her scholarship ($10,000).
Total Gross Income = Taxable Scholarship Funds + Earnings from Work
Total Gross Income = $10,000 (for room and board) + $5,000 (from working) = $15,000
Nelson is properly classified as an independent contractor for FunTime Toys. While driving to a meeting at FunTime's headquarters, Nelson caused a car accident in which a cab driver was hurt. Upon investigation, it was found that Nelson was on the phone with one of the managers at FunTime when he was driving that day. Which of the following may be true in the context of liability for the accident? A. FunTime has no liability, because Nelson is not a full-time employee. B. FunTime has vicarious liability. C. FunTime has no liability, but only if Nelson is a member of a protected class. D. FunTime has strict liability.
FunTime Toys may have vicarious liability for the accident caused by Nelson if he was performing tasks within the scope of his work, such as being on a work-related call, at the time of the accident.
In the context of liability for the car accident caused by Nelson, it is important to determine the extent to which FunTime Toys may be responsible. Despite Nelson being classified as an independent contractor, certain circumstances could lead to FunTime having vicarious liability. According to the principle of vicarious liability, if Nelson was performing a task within the scope of his work for FunTime (such as being on a work-related call), then FunTime may be held liable for his actions during that time. The fact that Nelson is not a full-time employee does not automatically absolve FunTime of liability, nor does Nelson's membership in a protected class have any bearing on this issue. Strict liability would typically not apply in this case because it is generally associated with scenarios where someone is held liable without fault, such as with inherently dangerous activities or product liability.
Therefore, option B suggesting that FunTime might have vicarious liability could be true, if it is determined that Nelson's actions were within the scope of his work for FunTime when the accident occurred.
Salaries Expense before adjustment at September 30, the end of the fiscal year, has a balance of $140,000. The amount of accrued salaries is $3,100. The closing entry (after adjustments) would be:
Answer:
income summary 143,100 debit
salaries expense 143,100 credit
Explanation:
The company will do an adjusting entry to reocrd the expense for the accrued but not payed salaries of the year:
salaries expense 3,100 debit
salaries payables 3,100 credit
Thus, the total slaries expense for the year would be:
140,000 + 3,100 = 143,100
To close we will leave the expenses balance at zero thus, we will credit this amount against an auxiliary account called income summary.
Retained Earnings represents the firm's cumulative earnings since inception, minus dividends and other adjustments. True False
Answer:
True
Explanation:
Retained earnings refer to profits generated by a business but have not been distributed to the shareholders. Business owners or shareholders are entitled to share in the company's profits. The company directors may decide not to distribute all the earnings to the shareholders.
Retained earning are recorded independently in the balance sheet as part of the shareholder's equity. The figure in the balance sheet shows the total amount of a company's retained earnings since inception. Retained earnings increase when a company makes profits and decreases when losses are reported. A company may reinvest the retained earnings in the business or use them for other purposes such as debts repayments.
What is the duration of a two-year bond that pays an annual coupon of 10.8 percent and has a current yield to maturity of 13.3 percent? Use $1,000 as the face value. (Do not round intermediate calculations. Round your answer to 4 decimal places. (e.g., 32.1616))
Answer:
Explanation:
Year cash flow at 10.8% PV of cash flow at 13.3% discount PV X time
1 108 95.3222 95.3222 x 1
2 1108 863.1374 863.1374 x2
Total 958.4596 1821.597
Duration of bond = 1821.597 / 958.4596
= 1.9 year
The duration of the two-year bound that pays the annual coupon of 10.8% is 1.9 years.
What is present value?The value in the present of a sum of money, in opposition to some future value it will have when it has been invested at compound interest.
Computation of duration:
given,
Annual coupon rate = 10.8%,
Maturity rate = 13.3%, and
Face Value = $1,000.
Cash flow for the 1st year would be:
[tex]\text{Cash Flow} =\text{Face Value}\times\text{Annul Coupun Rate}\\\\\text{Cash Flow} =\$1,000\times\dfrac{10.8}{100}\\\\\text{Cash Flow} =\$108.[/tex]
Then the present value would be:
[tex]\text{Present Value} =\dfrac{ \text{Future Value}}{(1+i)^n}\\\\\\\text{Present Value} =\dfrac{\$108}{(1+13.3\%)}\\\\\\\text{Present Value} = 95.3222.\\[/tex]
For the second year:
[tex]\text{Cash Flow} =\text{Face Value}\times\text{Annul Coupun Rate}\\\\\text{Cash Flow} =(\$1,000+\$108)\times\dfrac{10.8}{100}\\\\\text{Cash Flow} =\$1108.[/tex]
Then the present value at the end of 2 years would be:
[tex]\text{Present Value} =\dfrac{ \text{Future Value}}{(1+i)^n}\\\\\\\text{Present Value} =\dfrac{\$1,108}{(1+13.3\%)}\\\\\\\text{Present Value} = 863.1674.[/tex]
Then the duration of the bond would be:
[tex]\text{Duration Of Bound}= \dfrac{(95.3222\times1)+(863.1374\times2)}{(95.3222+863.1374)}\\\\\text{Duration Of Bound}=1.9 \text{Years}.\\[/tex]
Therefore, the duration of the bound would be 1.9 years.
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Bell Co. changed from a traditional manufacturing philosophy to a just-in-time philosophy. What are the expected effects of this change on Bell’s inventory turnover and inventory as a percentage of total assets reported on Bell’s balance sheet?
A. Decrease， Decrease
B. Decrease ，Increase
C. Increase， Decrease
D. Increase， Increase
Answer:
C. Increase， Decrease
Explanation:
Inventory turnover is increased because there are very low or almost nill Closing inventorya as we divide the cost of goods sold with a lower number. Inventory as a percentage to total asset will be decrease because there will be a lower value ofinventory in the balance sheet. Comparing it with total value of asset tells us the percentage of total asset.
A building with a book value of $37,771 is sold for $54,543 cash. Using the indirect method, this transaction should be shown on the statement of cash flows as an increase of a.$37,771 from investing activities b.$54,543 from investing activities c.$37,771 from investing activities and an addition to net income of $16,772 d.$54,543 from investing activities and a deduction from net income of $16,772
Answer:
b.$54,543 from investing activities
Explanation:
The disposal of an asset has two effects on the cash flow statement. The first is that the gain/loss from the disposal is recognized in the operating activities segment of the cash flow statement while the cash received from the disposal is recognized as an inflow in the investing activities section of the statement.
As such, where a building with a book value of $37,771 is sold for $54,543 cash, the amount received $54,543 is an inflow in investing activities.
Option b.$54,543 from investing activities
You have just reviewed the financial statements of Penelope's Candy Store (PCS). You have determined that PCS has a Profit Margin of 19%. How do you explain this to owner Penelope Hassey?
1)For every $19 in sales, $100 ended up in Net Income.
2)For every $100 in sales, $19 ended up in Net Income.
3) 19% of Net Income was generated by Profit Margin.
4) 19% of sales were generated by Net Income.
Answer:
2)For every $100 in sales, $19 ended up in Net Income.
Explanation:
The Profit Margin is determined as the ratio between net income and revenue.
In Penelope's Candy Store, revenue is given by the gross amount received from sales. The net income is the amount that remains from sales after taxes and expenses are deducted.
Therefore, a 19% profit margin means that for every $100 in sales, $19 ended up in Net Income.
What is the present value of $1,500 due in 14 years at a (a) 5 percent interest rate and (b) 10 percent rate. Explain why the present value is lower when the interest rate is higher.
Answer:
a. $757.60
b. $395.00
Explanation:
We have to applied the present value function which is shown in the attachment
a. Given that,
Future value = $1,000
Rate of interest = 5%
NPER = 14 years
PMT = $0
The formula is shown below:
= -PV(Rate;NPER;PMT;FV;type)
So, after solving this, the present value is $757.60
b. Given that,
Future value = $1,000
Rate of interest = 10%
NPER = 14 years
PMT = $0
The formula is shown below:
= -PV(Rate;NPER;PMT;FV;type)
So, after solving this, the present value is $395.00
It shows a inverse relationship between the present value and the interest rate. The higher the interest rate, the lower is the present value and the lower the interest rate, the higher is the present value.
Final answer:
The present value of $1,500 due in 14 years is approximately $757.58 at a 5% interest rate and approximately $395.03 at a 10% interest rate. The present value decreases as the interest rate increases due to the time value of money concept.
Explanation:
The question involves calculating the present value of $1,500 due in 14 years at different interest rates. To find the present value, we use the formula Present Value = Future Value / (1 + r)^n, where 'r' is the interest rate and 'n' is the number of years until the payment is made.
For a 5% interest rate (a), the calculation is $1,500 / (1 + 0.05)^14 = $1,500 / 1.9799 ≈ $757.58.
For a 10% interest rate (b), the calculation is $1,500 / (1 + 0.1)^14 = $1,500 / 3.7975 ≈ $395.03.
The present value is lower when the interest rate is higher because a dollar in the future is worth less than a dollar today when looking at a higher rate of return. This indicates the time value of money, where the value of money decreases over time when faced with the opportunity to earn interest.
In 2002, the National Opinion Research Center asked U.S. adult survey respondents to rate the importance of various life transitions and events as indicators or adulthood. _________ was NOT mentioned. Select one: a. Reaching sexual maturity b. Being finished with school c. Being employed full-time d. Being financially independent
Answer:
Option A was not mentioned in the research report. Which most people think is a good measure for setting adultry benchmarks. Almost most boys get sexually mature in the age between 15-17 whereas girls reach sexual maturity in the age range 14-16. In the nutshell saying being finished with high school is same to saying reaching sexual maturity so that's the reason the research report didn't asked this question.
the correct answer us option A.In a 2002 survey by the National Opinion Research Center, significant indicators of adulthood included completing school, being financially independent, and being employed full-time. Reaching sexual maturity was not considered a major milestone of adulthood.
In 2002, the National Opinion Research Center asked U.S. adult survey respondents to rate the importance of various life transitions and events as indicators of adulthood.
The five milestones that define adulthood are completing school, leaving home, becoming financially independent, marrying, and having a child. Among the options given, reaching sexual maturity was NOT mentioned as a significant indicator of adulthood.In a single sentence, contrast microeconomics and macroeconomics. Next, categorize each of the following issues as a microeconomic issue, a macroeconomic issue, or not an economic issue. (See page 3.) a. The national unemployment rate b. The decision of a worker to work overtime or not c. A family's choice to have a baby d. The rate of growth of the money supply e. The national government's budget deficit f. A student's allocation of study time across two subjects
Answer:
a. Macroeconomics
b. Microeconomics
c. Not an economic issue
d. Microeconomic
e. Macroeconomic
f. Not an economic issue
Explanation:
Microeconomics is the kind of economics, which deals with the study of the decision making, that is undertaken by the firms or the individuals. Whereas the Macroeconomics is also kind or type of economics, which deals with the study of behavior of the whole economy.
a. Rate of national unemployment- It dealt with the economy as a whole. So, it is concerned with the Macroeconomics.
b. Decision of worker to work overtime - It deal with the decision making of the worker. So, it is concerned with the Microeconomics.
c. Choice of family having a baby - It is related to the family, it will not be considered as an economic issue.
d. Growth rate of the money supply - It deal with the decision making of the money supply. So, it is concerned with the Microeconomics.
e. Budget deficit - It dealt with the economy as a whole. So, it is concerned with the Macroeconomics.
f. Student allocation of study - It is related to the student life, it will not be considered as an economic issue.
Microeconomics deals with economic activity at an individual level, while macroeconomics is concerned with larger, national or global economic factors. The national unemployment rate, growth rate of the money supply, and national budget deficit are macroeconomic issues. While decisions concerning overtime, having a baby, and how a student allocates study time are examples of microeconomic issues.
Explanation:Microeconomics focuses on the behaviour of individual households and firms, while macroeconomics deals with economic factors on a wider, national or global scope.
Now, let's categorize the issues:
The national unemployment rate and the rate of growth of the money supply are macroeconomic issues because they deal with economic factors at the national level. The decision of a worker to work overtime or not, a family's choice to have a baby, and a student's allocation of study time across two subjects are considered microeconomic issues as they relate to individual decision making.The national government's budget deficit is also a macroeconomic issue as it involves fiscal policies and its national implications.Learn more about Microeconomics and Macroeconomics here:https://brainly.com/question/33034197
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Why has the HRM function increased in stature and influence in many organization and How has increased globalization influenced the way HRM is practiced in the United States?
Explanation:
Globalization at the organizational level can be understood as the integration of all systems that make up a company, including the macro environment.
Understanding the concept of globalization in business makes it possible to understand that the company to be successful in a foreign market must align its strategy in order to conquer the local market, it is important to carry out research and development to understand what the target audience of certain region wants to consume, in addition to respecting the culture, behavior and values of each region.
Currently, in globalized companies, the focus of HRM is to ensure that the company receives new employees and that existing employees have a global posture that prioritizes respect, ethics, company identity, culture and is flexible and open to work in a company that adopts global management, where there are important interactions with other countries for the success of the business.
The HRM function has increased in stature and influence in organizations due to factors such as the shift to service industries, globalization, and reduced desire for unions. Increased globalization has influenced HRM practices in the United States by requiring strategies to attract and retain talent internationally and accommodate diverse workforces.
Explanation:The HRM function has increased in stature and influence in many organizations due to several factors. First, with the shift from manufacturing to service industries, human resources have become more vital to ensuring efficient and effective operations. Additionally, globalization and increased competition from foreign producers have made it necessary for organizations to have knowledgeable and skilled HR professionals who can navigate the complexities of managing a global workforce. Lastly, workplace protection laws and a reduced desire for unions have placed more responsibility on HRM to ensure compliance and employee satisfaction.
Increased globalization has influenced the way HRM is practiced in the United States. With multinational corporations expanding their operations globally, HRM departments have had to develop strategies to attract and retain talent in a highly competitive international labor market. They also have to consider cultural differences and develop HR policies and practices that accommodate diverse workforces. Additionally, HRM professionals need to stay updated on international labor laws and regulations to ensure compliance when operating in different countries.
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There are four closing entries: The first one is to close ___________________. The second one is to close __________________. The third one is to close __________________. The fourth one is to close ___________________.
Answer:
Revenues, expenses, income summary, dividend or withdraws account
Explanation:
The closing entries for the following accounts are presented below:
1. Service Revenue A/c Dr XXXXX
To Income Summary XXXXX
(Being revenue account closed)
2. Income summary A/c Dr XXXXX
To Expense A/c XXXXX
(Being expenses accounts are closed)
3. Income summary A/c Dr XXXXX
To Retained earning XXXXX
(Being the difference is credited to retained earning that reflected as a profit)
4. Retained earnings A/c Dr XXXXX
To Dividend A/c XXXXX
(Being dividend account is closed)
The four closing entries in accounting are used to close revenue accounts, expense accounts, income summary, and dividends account.
Explanation:The four closing entries in accounting are used to close temporary accounts at the end of an accounting period. The first closing entry is to close revenue accounts. Revenue accounts represent income earned by a company. The second closing entry is to close expense accounts. Expense accounts represent costs incurred by a company. The third closing entry is to close income summary. Income summary is a temporary account used to summarize the net income or net loss for the period. The fourth closing entry is to close the dividends account. Dividends account represents distributions of profits to shareholders.
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Organizations have three levels of management: first-line, middle, and top. Each of the managers at these levels has different levels of skills and responsibilities. First-line managers are generally responsible for the daily supervision of nonmanagerial employees and are often called supervisors. Middle managers generally oversee first-line managers and report to top managers. Middle managers ensure that organizational goals are being met by devising the best way to organize resources. Top managers are responsible for all departments and determine organizational goals and how departments achieve goals. The top management team is responsible for ensuring good working relationships among the top managers.
Management is of three levels. managerial, middle and top level management.
Explanation:
levels of management can be defined as a part of an organization that maintains responsibility for the overall productivity and the work performance of employees.
Managerial or top level management consists of board of directors. It also consists of the board of directors. Executive or middle level management consist of line or department managers and in this level mostly the managers report top the top level management. next lowest level is the operative or supervisory level management.
Thus mostly consists of supervisors, first line managers. It comes under the organisational hierarchy of a company. top management is responsible and controls the entire organisation.
Compare the two organizations you selected in terms of the public services they provide. How are they alike, and how are they different?
Answer:West Africa Examination council and Joint Admission Matriculation Board.
Explanation:
Looking at West Africa Examination Council:It is responsible for the proper conduct of examination in secondary schools level among West Africa countries. It specifically deals with anglophone countries in West Africa.
joint Admission Matriculation Board:This organisation is responsible for the proper conduct of examinations into tertiary institutions.
What makes them look alike is that they are both responsible for secondary school students education while their difference is waec deals with Five anglophone countries in West Africa while Jamb deals with only Nigeria and also responsible for only admission into tertiary schools.
The Red Cross and UNICEF provide public services improving life quality, though they focus on different areas. The Red Cross provides emergency services, disaster relief and education, while UNICEF's services are centered around children's rights, education, healthcare and emergency food supply.
Explanation:Assuming that the organizations being compared are non-profit organizations such as the Red Cross and UNICEF, I will provide a brief comparison. Both the Red Cross and UNICEF are geared towards providing public services aimed at improving the quality of life and health of individuals, especially those in crisis situations. They also work globally, which means they serve people in different parts of the world.
However, there are also differences in the public services they provide. The Red Cross provides emergency assistance, disaster relief, and disaster preparedness education, while UNICEF focuses more on children's rights, providing services like education, healthcare, and emergency food supplies to children in need.
Remember, this comparison may vary depending on the real organizations that are intended for comparison as the question doesn't specify the type or name of the organizations to be compared.
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Holly's Ham, Inc. sells hams during the major holiday seasons. During the current year 11,000 hams were sold resulting in $220,000 of sales revenue, $55,000 of variable costs, and $24,000 of fixed cost. The break-even point in sales dollars is: A. $320,000 B. $16,000 C. $32,000 D. $61,740
Answer:
The break-even point in sales dollars is: C. $32,000
Explanation:
During the current year 11,000 hams were sold resulting in $220,000 of sales revenue, $55,000 of variable costs, and $24,000 of fixed cost.
Contribution margin ratio = (Sales - Total Variable cost)/Sales = ($220,000 - $55,000)/$220,000 = 0.75
The break-even point sales dollars is calculated by using following formula:
Break-even point in sales dollars = Fixed cost/Contribution margin ratio = $24,000/0.75 = $32,000
The McKnight Company expects sales in 2015 of 208 comma 000 units of serving trays. McKnight's beginning inventory for 2015 is 18 comma 000 trays, and its target ending inventory is 27 comma 000 trays. Compute the number of trays budgeted for production in 2015. Select the labels and enter the amounts to calculate the units of finished goods (trays) to be produced. Budgeted unit sales 208,000 Add target ending finished goods inventory 27,000 Total required units Deduct beginning finished goods inventory –18,000 Units of finished goods to be produced
Answer:
units required to be produced 217,000
Explanation:
expected sales for the period 208,000
desired ending inventory 27,000
total units required 235,000
beginning units ( 18,000 )
units required to be produced 217,000
The company needs units to fullfil teir sales bdget and desired ending invenoty.
the beginning inventory already complete a portion of the requirement so is the difference what determinates the required units to be produced.
Final answer:
To calculate the number of serving trays McKnight Company needs to produce in 2015, you add the budgeted unit sales to the target ending inventory and subtract the beginning inventory, which totals 217,000 units.
Explanation:
To compute the number of trays the McKnight Company budgeted for production in 2015, we use the following formula:
Budgeted unit sales + Target ending inventory - Beginning inventory = Units of finished goods to be produced.Applying this formula:
208,000 (Budgeted unit sales)+ 27,000 (Target ending inventory)- 18,000 (Beginning inventory)= 217,000 units of finished goods to be produced in 2015.Jiminez, Inc., had the following transactions during the month of March 2015. Prepare an income statement based on this information, being careful to include only those items that should appear in that financial statement. 1. Cash received from bank loans was $10,000Revenues earned and received in cash were $9,850. 3. Dividends of $4,000 were paid to stockholders. 4. Expenses incurred and paid were $5,465
Based on the information given the income statement for Jiminez Inc is: $4,535.
Income statement:Income statement=Revenues -Expenses
Jiminez, Inc. Income Statement for the month ended March 2015:
Revenue earned and received $10,000
Less Expenses incurred and paid $5,465
Net income $4,535
($10,000-$5,465)
Inconclusion the income statement for Jiminez Inc is: $4,535.
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Carl has been working as a sales executive with All Fame Cosmetics Inc. for more than a year. His work has been appreciated by his seniors and he regularly meets his sales targets. However, he has not received any incentive or commission that was promised to him by his employer during his pre-employment interview. If Carl decides to file a case against All Fame Cosmetics, he has_____________.
Answer:
The questions is lacking options, here are the options
A) a cause of action under whistle-blower protection.) a cause of action for breach of implied contract.C) no recourse because he is an at-will employee.D) no recourse because the incentives
The answer is option (b) a course of action for breach of implied contract
Explanation:
The action carried out by All fame cosmetics inc. shows a breach of contract entered with Carl to pay him an agreed incentives for the performance of a specified job. Having been able to carry out the activities and All fame Cosmetics inc. have failed to pay him, he can sure them for breach agreement.
Answer: B. A cause of action for breach of Implied contract.
Explanation:A contract is an agreement between two people or organization,a contract is expected to be obeyed by all the parties of the agreement.
An Implied contract is a contract between two people or organizations which arises from the actions, Conduct or activities of any or both parties. It is legally binding and can be tendered in the Court of Law. Carl can sue the company for breach of Implied contract.
JKS, a nongovernmental not-for-profit art museum, has elected not to capitalize its permanent collections. In 2X11 a bronze statue was stolen. The statue was not recovered, and insurance proceeds of $35,000 were paid to JKS in 2X12. This transaction would be reported in: I. The statement of activities as permanently restricted revenues.; II. The statement of cash flows as cash flows from investing activities.a. Neither I nor II.
b. I only.
c. Both I and II.
d. II only.
Answer:
I. The statement of activities as permanently restricted revenues.;
Explanation:
Permanently restricted items are the objects under the owner of a trustee which are received with restriction by the donor . Restriction states that
the donation must be maintained permanently and which may be used for financial gain for the trust.
The term "market" in economics refers to A. a legal institution where exchange can take place. B. a place where money changes hands. C. an organization which sells goods and services. D. a group of buyers and sellers of a product and the arrangement by which they come together to trade.
Answer:
D. a group of buyers and sellers of a product and the arrangement by which they come together to trade.
Explanation:
The market is the place at which the buying and selling of goods and services are taken place. It could come via direct contact, indirect contact through agents or brokers.
It is a trading of goods and services where the seller can able to sell the products and the buyer can buy the products that satisfy its needs and wants so that he or she could get the maximum satisfaction after consuming the product
At the end of the month, Grant Entertainment Company showed a $9,300 book balance in its cash account. The following information was gathered by studying the bank statement and the company's cash records: (1) deposits in transit amounted to $3,150 (2) outstanding checks were $6,200 (3) a $550 check had been incorrectly drawn on Grant's account by the bank (4) NSF checks returned by the bank were $750 (5) bank service charge was $29 (6) credit memo for $75 for the collection of one of the company's account receivable Based on the above information the true cash balance would be
Answer:
$9,146
Explanation:
The question states that the true cash balance should be calculated based on the information given
In order to do this, a bank reconciliation statement will be computed as follows:
December 31
Particulars Amount ($) Amount ($)
Cash balance (based company books) 9,300
Add the following:
Incorrectly drawn check 550
Company's credit memo on account receivable 75
Subtract the following:
NSF check 750
Bank Charges 29
Adjusted Cash Balance as per books 9,146
The true cash balance after all the necessary additions and subtractions based on omissions from the bank statement is $9,146
Susan could consider exploring her rights and protections under _____________which is a federal labor law.
Susan could consider exploring her rights and protection under the Family and Medical Leave Act.
Explanation:
• The federal law governing the maternity leave policy in countries like USA is the Family and Medical Leave Act .
• This law states that a woman can take a leave from her job for up-to 12 weeks in case of pregnancy or adoption.
• In simple, words the women can return back to her job after 12 weeks and she is cannot be penalized by her employer for taking leave.
• This act is applicable to only those employees who have been working in the organisation for more than an year and the organization has employed more than 50 peoples
McCann Co. has identified an investment project with the following cash flows.
Year Cash Flow
1 $820
2 1,130
3 1,390
4 1,525
Required:
a. If the discount rate is 10 percent, what is the present value of these cash flows? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
b. What is the present value at 16 percent? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)c.What is the present value at 25 percent? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
Answer:
Present value when discount rate is 10% = $3765.26
Present value when discount rate is 16% = $3,279.43
Present value when discount rate is 25% = $2,715.52
Explanation:
Present value can be calculated by discounting the cash flows at the discount rate.
Present value can be calculated using a financial calculator:
Cash flow for year 1 = $820
Cash flow for year 2 = $ 1,130
Cash flow for year 3 = $1,390
Cash flow for year 4 = $1,525
Present value when discount rate is 10% = $3765.26
Present value when discount rate is 16% = $3,279.43
Present value when discount rate is 25% = $2,715.52
I hope my answer helps you
The present value of cash flows can be calculated using the formula PV = CF / (1+r)^n, where PV is the present value, CF is the cash flow, r is the discount rate, and n is the year. Using this formula, the present value of the cash flows at a 10% discount rate is $3806.68.
Explanation:To calculate the present value of the cash flows, we need to use the formula for present value which is PV = CF / (1+r)^n, where PV is the present value, CF is the cash flow, r is the discount rate, and n is the year.
For the first year, the present value is $820 / (1+0.10)^1 = $745.45.For the second year, the present value is $1130 / (1+0.10)^2 = $929.75.For the third year, the present value is $1390 / (1+0.10)^3 = $1059.29.For the fourth year, the present value is $1525 / (1+0.10)^4 = $1072.19.
Therefore, the present value of the cash flows at a 10% discount rate is $745.45 + $929.75 + $1059.29 + $1072.19 = $3806.68.
Using the same formula, we can calculate the present value at a 16% discount rate and a 25% discount rate.
Two countries can each produce clothing and computers.
If the two countries decide to specialize and exchange then all consumers, workers, and firms will benefit and experience gains from trade.
True or False?
Answer:
True
Explanation:
International trade refers to buying and selling of goods by a country beyond it's domestic geographical boundaries.
When a country decides to produce those goods in which it specializes and decides to exchange in trade for other goods, it stands to gain from such trade.
A country should focus on production of those goods in which it holds a comparative advantage. For example, if Ghana specializes in cocoa production and Brazil specializes in wheat production, both can benefit if each decides to produce as per it's comparative advantage and trade the rest.
Pablo Management has four part-time employees, each of whom earns $235 per day. They are paid on Fridays for work completed Monday through Friday of the same week. Near year-end, the four employees worked Monday, December 31, and Wednesday through Friday, January 2, 3, and 4. New Year's Day. (January 1) was an unpaid holiday.
a. Prepare the year-end adjusting entry for wages expenses.
b. Prepare the journal entry to record payment of the employees' wages on Friday, January 4.
Answer:
1) $940 will be debited to wages account credited to wages payable account
2) $2,820 will be debited to wage expense; $940 to wages payable and $3,760 credited to cash account.
Explanation:
Question 1: To prepare the year end adjusting entry for the wages expenses assuming that December 31 was a Monday.
Date Particulars Debit Credit
Dec, 31 Wages Account $940
Wages Payable A/c $940
Being the record of wages accrued for one day.
Note: The $940 is the $235 x 4
Question 2) Prepare the journal entry to record payment of the employees' wages on Friday, January 4.
Step 1) The wages expense would be the wages of the four workers for the will be calculated as follows
The wage expense for the three days in the new year = 4 workers x 3 days x $235= $2,820
The Cash account= 4 workers x 4 days x $235= $3,760
Date Particulars Debit Credit
Jan, 14 Wages Expense $2,820
Wages Payable A/c $940
Cash Account $3,760
Being the record of accrued wages (from step 1) and current wages paid.
a. To prepare the year-end adjusting entry for wages expenses, we need to account for the three days worked in January that will be paid in the following year. We will debit (increase) the Wages Expense account and credit (increase) the Accrued Wages Payable account. b. To record the payment of the employees' wages on Friday, January 4, we need to account for the wages earned in December. We will debit (decrease) the Accrued Wages Payable account and credit (decrease) the Cash account to record the payment.
Explanation:a. To prepare the year-end adjusting entry for wages expenses, we need to account for the three days worked in January that will be paid in the following year. Since the four employees earn $235 per day, the total wages for those three days would be $235 x 3 = $705. We will debit (increase) the Wages Expense account for $705 and credit (increase) the Accrued Wages Payable account for $705.
b. To record the payment of the employees' wages on Friday, January 4, we need to account for the wages earned in December. The employees worked from Monday, December 31, and Wednesday through Friday, January 2, 3, and 4. New Year's Day was an unpaid holiday, so the total wages for those four days would be $235 x 4 = $940. We will debit (decrease) the Accrued Wages Payable account for $940 and credit (decrease) the Cash account for $940 to record the payment.
a. Prepare journal entries to record the following transactions of Recycled Fashion retail store. Recycled Fashion uses a perpetual inventory system and the gross method
Mar. 3 Purchased $1,150 of merchandise made from recycled material from GreenWorld Company with credit terms of 2/15, n/60, invoice dated March 3, and FOB shipping point.
4 Paid $75 cash for shipping charges on the March 3 purchase.
5 Returned to GreenWorld unacceptable merchandise that had an invoice price of $150.
18 Paid GreenWorld for the March 3 purchase, net of the discount and the returned merchandise.
19 Purchased $425 of fair trade merchandise from PeopleFirst Corp. with credit terms of 1/10, n/30, invoice dated March 19, and FOB destination.
21 After negotiations, received from PeopleFirst a $25 allowance (for scuffed merchandise) toward the $425 owed on the March 19 purchase.
29 Sent check to PeopleFirst paying for the March 19 purchase, net of the allowance and the discount.
Answer:
Following is given a solution for your question as required.
I hope it will help you a lot!
Explanation:
Based the appropriate journal entries to record the transactions are:
Recycled Fashion journal entries
March 3
Debit Merchandise inventory $1,150
Credit Account payable- GreenWorld Company $1,150
March 4
Debit Merchandise inventory $75
Credit Cash $75
March 5
Debit Account payable- GreenWorld Company $150
Credit Merchandise inventory $150
March 18
Debit Account payable- GreenWorld Company $1,000
($1,150-$150)
Credit Merchandise inventory $20
(2%×$1,000)
Credit Cash $980
[$1,000×(100%-2%)]
March 19
Debit Merchandise inventory $425
Credit Account payable-PeopleFirst Corp $425
March 21
Debit Account payable-PeopleFirst Corp $25
Credit Merchandise inventory $25
March 29
Debit Account payable- PeopleFirst Corp $400
($425-$25)
Credit Merchandise inventory $4
[($425-$25)×1%]
Credit Cash $396
[$400×(100%-1%)]
Learn more about journal entries here:https://brainly.com/question/14279491
First Among Best Solar Inc. announces thatthey will take back free of cost, all of their solar panels that are no longer useful. Till now, the cost of disposal was significant. This action reduces___________.
Answer:
Total Cost of ownership
Post ownership cost
Explanation:
Total cost of Ownership is the the sum of all the amount spent on an item,which includes the cost of purchase,servicing,repair, disposal etc. It is a management tool adopted by marketers and financial analyst to help determine the total costs associated with an item.
Post ownership cost is the total amount involved in disposal of an item,it also include the salvage costs of the item and more recently some other cost like environment costs, liability cost etc.
When the company takes back the panel it will reduce both of Total cost of ownership and Post ownership cost.
Final answer:
First Among Best Solar Inc.'s new policy of taking back old solar panels for free reduces the lifetime cost and lowers economic barriers for customers, potentially making solar energy adoption more appealing due to reduced total cost of ownership.
Explanation:
First Among Best Solar Inc. has announced a significant policy change by offering to take back their solar panels at no extra cost once they are no longer useful. This action reduces the overall lifetime cost of solar panel ownership for their customers. Previously, the disposal of solar panels could involve a significant cost, potentially adding financial burden on the solar panel owners at the end of the panel's life cycle.
One of the challenges in the adoption of solar energy is the high upfront cost associated with purchasing and installing solar panels. While the cost of solar energy has become more competitive over the years, especially when considering that the fuel cost is zero, these upfront costs still present a significant barrier for many potential customers. First Among Best Solar Inc.'s policy to take back solar panels free of charge effectively reduces the total cost of ownership, making the option to invest in solar energy more accessible and financially attractive.
In addition to lowering the economic barrier, the company's initiative can be seen as an environmental commitment. The manufacturing and disposal of photovoltaic (PV) cells involve handling hazardous materials and waste. By offering to take back the panels, the company is potentially reducing the environmental impact, ensuring proper disposal or recycling of these materials. This also aligns with the environmental benefits of solar power, which are generally low-impact, especially when compared with fossil fuels, despite the challenges such as intermittency and the need for maintenance and periodic battery replacement.