Answer:
The investment would likely be $29,708.18 in six years' time
Explanation:
The $17000 receivable in two years would be invested for eight years less two years,in other words, it would be invested for only 6 years at the rate of 9.75 per year.
The formula applicable here is FV=PV*(1+r)^n
FV represents future value of the investment which is unknown
PV is the amount invested ,that is $17000
r is the rate at 9.75%
n is the number year is 6 years
FV=$17000*(1+0.0975)^6
FV=$29708.18
Six years is the applicable time horizon for the investment as the funds are receivable in two years' time
The ending inventory of finished goods has a total cost of $11,600 and consists of 600 units. If the overhead applied to these goods is $3,850, and the overhead rate is 70% of direct labor, how much direct materials cost was incurred in producing these units?
Answer:
the Direct Labor Costs are $5500
And Direct Materials are 2,250
Explanation:
Finished Goods has a total cost of $11,600
If the overhead applied to these goods is $3,850
Then the Direct Labor Costs are $5500
And Direct Materials are 2,250
Using the cross product rule
$3850 : 70
x : 100
x= $3850*100/70= $ 5500 are Direct LAbor Costs
Direct Materials= Finished Goods - overhead applied -Direct Labor Costs
Direct Materials =$11,600- $3,850- $5500
And Direct Materials are = $2,250
Pureform, Inc., manufactures a product that passes through two departments. Data for a recent month for the first department follow: Units Materials Labor Overhead Work in process inventory, beginning 77,000 $ 68,900 $ 31,500 $ 43,500 Units started in process 729,000 Units transferred out 750,000 Work in process inventory, ending 56,000 Cost added during the month $ 911,380 $ 388,700 $ 537,140 The beginning work in process inventory was 70% complete with respect to materials and 55% complete with respect to labor and overhead. The ending work in process inventory was 50% complete with respect to materials and 25% complete with respect to labor and overhead. Required: Assume that the company uses the weighted-average method of accounting for units and costs. 1. Compute the equivalent units for the month for the first department.
Explanation:
Equivalent units
Materials Labor Overhead
Work in process inventory, 23,100.00 34,650.00 34,650.00
beginning
Units started and completed 6,73,000.00 6,73,000.00 6,73,000.00
Work in process inventory, 28,000.00 14,000.00 14,000.00
ending
Equivalent units 7,24,100.00 7,21,650.00 7,21,650.00
First department cost per unit for first department
Materials Labor Overhead Total
Current costs 11,94,765.00 2,88,660.00 5,05,155.00 19,88,580.00
Equivalent units 7,24,100.00 7,21,650.00 7,21,650.00
Cost per Equivalent unit 1.65 0.40 0.70 2.75
The equivalent units for materials,labor and overhead are as follows:
Equivalent units
Materials 724,000
Labor 721,650
Overhead 721,650
In addition,the cost per unit for equivalent units are as follows:
Materials 1.65
Labor 0.40
Overhead 0.70
Total 2.75
Identify whether each of the following examples belongs in M1 or M2. If an example belongs in both, be sure to check both boxes. Example M1 M2 Larry has $25,000 in a money market account. Felix has a roll of quarters that he just withdrew from the bank to do laundry. Megan has $8,000 in a two-year certificate of deposit (CD).
Answer
Given that:
The Boxes are M1 and M2
The Larry has $25,000 in a money in the market.
Megan has $8,000 in a 2 year certificate of deposit.
Felix has a roll of quaters.
M1 = Currency circulation + checks of traveller + balance of transaction account.
M2 = M1 + saving account which is small + funds of money market + deposits for small time + other deposits.
1st Example: M1 & M2 both. Because here money is circulating from bank to laundry. This is the condition of M1 and M2 also includes M1. Hence M1 and M2 both are correct for this example .
2nd Example: M2. Because here $25000 is a fund of money market which is the condition of M2.
3rd Example: M2. Because here $8000 is a certificate deposit for 2 years. All small time period deposits are the condition of M2.
Larry's money market account and Megan's certificate of deposit (CD) belong to M2. Felix's roll of quarters belongs to both M1 and M2 because these are coins in active circulation.
Explanation:The funds that Larry has in his money market account count as M2 money because money market funds are included in M2. Felix's roll of quarters, which represents coins and currency in circulation, belongs to both M1 and M2, as it is currency that's readily available. Lastly, Megan's certificate of deposit (CD) is also a part of M2 because certificates of deposit are included in M2, which represents more kinds of savings that are less liquid than M1.
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Complete the following sentence about margins and alignment with the best choices. Business letters and memos usually have margins of_________ and are usually___________ on the left. Typeface, font, and size influence how your message is read.
Business letters and memos usually have margins of approximately one inch and are usually aligned flush or justified on the left. Typeface, font, and size influence how your message is read.
Flush refers to a specific alignment style commonly used in business letters and memos. When a document is aligned flush on the left, it means that the left edge of the text forms a straight line, creating a clean and professional appearance.
This alignment choice helps maintain consistency and readability by ensuring a uniform left margin throughout the document.
By aligning text flush on the left, it facilitates easy scanning and comprehension for the reader. This alignment style is a standard convention in business communication, contributing to the overall professional presentation and visual appeal of the document.
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Small percentage changes in an amount from a company's financial statement may still represent large dollar amounts; therefore, analysts should examine changes in both absolute dollar amounts and percentages.
Answer: You are trying to find out if the statement is true or false? It is FALSE.
Explanation: Analysts should be concerned with the material movements in the company's financial statements. Although as stated in the question, small changes could amount to material movement but that applies in situations where there is a huge outflow but at the same time, there is similar inflow, so the net effect is negligible on a particular financial statements line item. This instance is not relevant to financial analysts but only the concern of internal control and or internal audit.
Financial analysts are interested in what the key drivers of the financial statements are. These drivers in most cases are an avenue to explain what has transpired in the financials between the current period and the preceding one by way of writing a commentary and providing a succinct and holistic explanation of the financial statements.
It would be time consuming and too operational if analysts are concerned with every percentage movement in the financial statements.
Cool Sky reports the following costing data on its product for its first year of operations. During this first year, the company produced 44,000 units and sold 36,000 units at a price of $140 per unit. Manufacturing costs Direct materials per unit $ 60 Direct labor per unit $ 22 Variable overhead per unit $ 8 Fixed overhead for the year $ 528,000 Selling and administrative costs Variable selling and administrative cost per unit $ 11 Fixed selling and administrative cost per year $ 105,000 Exercise 06-9 Part 1a 1a. Assume the company uses absorption costing. Determine its product cost per unit.
Answer:
$102
Explanation:
Given that,
Direct materials per unit = $60
Direct labor per unit = $22
Variable overhead per unit = $8
Fixed overhead for the year = $528,000
Units produced = 44,000
Fixed overhead = Fixed overhead for the year ÷ Number of units produced
= $528,000 ÷ 44,000
= $12 per unit
Total product cost per unit under absorption costing:
= Direct material per unit + Direct labor per unit + Variable overhead + Fixed overhead
= $60 + $22 + $8 + $12
= $102
For each of the following statements, indicate whether it is true, false, or uncertain and EXPLAIN WHY. a. In the long-run the typical monopolistically competitive firm earns no economic profit and that indicates that the firm is economically (productively) efficient. b. Monopolists have complete pricing freedom as they seek to maximize profits. c. In the short-run, if price drops below the average total cost, the perfectly competitive firm must shut down immediately.
Answer:
a.
FALSE
The argument above is in part inaccurate. In the long run, the monopoly dominant firms gain no economic profit at the profit generating production as their LRAC= LRAR at.
The firm is not effective economically (productively) though.
A monopolistically dominant firm is not successful effective because it does not achieve the average cost curve at the minimum level. The difference between supply and supply of the equilibrium at the minimum average cost is called overcapacity.
b.
FALSE
The monopolist has the power to make the price to maximize the profit. The monopolist, however, always has to respect demand rule of law. Its AR-curve is a sloping downward curve.
It indicates that if the monopolist decides to increase production, he will have to lower the price. It shows that to increase income, the monopolist can set its price but can not set any price.
c.
FALSE
The shut down point for reasonably competitive firms is Price= AVC.
When the price falls below the average cost of the product, otherwise the business must shut off.
Otherwise, the business must continue to manufacture until the price falls below the average cost of the product. It will still deliver, even if the average income or price is below the average output.
Alphonse Company manufactures staplers. The budgeted sales price is $ 16.00 per stapler, the variable costs are $ 4.00 per stapler, and budgeted fixed costs are $ 10 comma 000. What is the budgeted operating income for 5 comma 000 staplers?
Answer:
$50,000
Explanation:
Budgeted operating income is the difference between the total sales and the total expenses. The total expense is made up of the fixed cost and variable cost.
The variable cost and sales are dependent on the level of activities. The sales less the variable cost gives the contribution margin.
As such, contribution less fixed cost gives the budgeted operating income.
The budgeted operating income
= ($16 × 5000) - ($4 × 5000) - $10,000
= $50,000
According to the dynamic version of the equation of exchange (as presented in the PowerPoint slides for Chapter 12), what will the rate of inflation be if real output grows 3% a year while the money supply grows 9% a year, assuming velocity is constant?
Answer:
6%
Explanation:
Based on the equation of exchange, the inflation rate can be determined by taking the difference between the rate of wage growth and the rate of labor productivity. Therefore, in the question above, the inflation rate is 9% - 3% = 6%. This shows that a fast increase in the wage growth rate with a slow increase in the productivity rate will lead to inflation.
Slapshot Company makes ice hockey sticks. Last week, direct materials (wood, paint, Kevlar, and resin) costing $28,000 were put into production. Direct labor of $28,000 (10 workers x 100 hours x $28 per hour) was incurred. Manufacturing overhead equaled $55,000. By the end of the week, the company had manufactured 5,600 hockey sticks.1.Calculate the total prime cost for last week.$2. Calculate the per-unit prime cost. Round your answer to the nearest cent.$ per unit3. Calculate the total conversion cost for last week.$4. Calculate the per-unit conversion cost. Round your answer to the nearest cent.$ per unit
Answer:
Part 1. Calculate the total prime cost for last week
Direct materials 28,000
Add Direct labor 28,000
Prime Cost 56,000
Part 2. Calculate the per-unit prime cost
per-unit prime cost=$56,000/5,600
=$10.00
Part 3. Calculate the total conversion cost for last week
Direct labor 28,000
Add Manufacturing Overheads 55,000
Total conversion cost 83,000
Part 4. Calculate the per-unit conversion cost.
per-unit conversion cost=$83,000/5,600
=$14.82
Explanation:
Part 1. Calculate the total prime cost for last week
Prime Cost = Direct Materials + Direct Labor
Part 2. Calculate the per-unit prime cost
Per Unit Prime Cost = total prime cost/number of units manufactured
Part 3. Calculate the total conversion cost for last week
Conversion Cost = Direct Labor + Manufacturing Overheads
Part 4. Calculate the per-unit conversion cost.
Per-unit conversion cost =Total Conversion Cost / number of units manufactured
The total prime cost last week was $56,000, and the per-unit prime cost was $10. The total conversion cost was $83,000, and the per-unit conversion cost was $14.82.
Explanation:The prime cost is calculated by adding the costs of the direct materials and direct labor. Therefore, the total prime cost for Slapshot Company last week was $28,000 (direct materials) + $28,000 (direct labor) = $56,000.
The per-unit prime cost is calculated by dividing the total prime cost by the number of units produced. Therefore, it is $56,000 ÷ 5,600 hockey sticks = $10 per unit (rounded to the nearest cent).
The conversion cost is calculated by adding the cost of direct labor and manufacturing overhead. Therefore, the total conversion cost last week was $28,000 (direct labor) + $55,000 (overhead) = $83,000.
The per-unit conversion cost is calculated by dividing the total conversion cost by the number of units produced. Therefore, it is $83,000 ÷ 5,600 hockey sticks = <-strong>$14.82 per unit (rounded to the nearest cent).
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A thirty-year annuity X has annual payments of $1,000 at the beginning of each year for twelve years, then annual payments of $2,000 at the beginning of each year for eighteen years. A perpetuity Y has payments of $Q at the end of each year for twenty years, then payments of $3Q at the end of each year thereafter. The present values of X and Y are equal when calculated using an annual effective discount rate of 10%. Find Q.
Answer:
The value of Q is $1069.89
Explanation:
Please find attached
Apple Inc."". Create a company report that includes financial highlights. What can you say about Apple’s financial performance? Compare Apple with key competitors. Submit a one page summary in class and attach the report. (This is a separate assignment than the BB discussion case)
Answer:
A company report is a report that gives detailed information about what a company has done and how successful it has been.
When this report is generated to capture annual performance it is referred to annual report.
An example of Apples Quarterly report is given below
Explanation:
Apple Reports Record First Quarter Results
iPhone, Wearables and Services Drive All-Time Record Revenue and Earnings
On January 28, 2020 Apple announced financial results for its fiscal 2020 first quarter ended December 28, 2019. The Company posted quarterly revenue of $91.8 billion, an increase of 9 percent from the year-ago quarter and an all-time record, and quarterly earnings per diluted share of $4.99, up 19 percent, also an all-time record. International sales accounted for 61 percent of the quarter’s revenue.
Apple recorded its highest quarterly revenue ever, fuelled by strong demand for her iPhone 11 and iPhone 11 Pro models, and all-time records for Services and Wearables.
Tim Cook, Apple’s CEO stated that during the holiday quarter their active installed base of devices grew in each of their geographic segments and has now reached over 1.5 billion. This according to him is a powerful testament to the satisfaction, engagement and loyalty of their customers — and a great driver of their growth across the board.
“Our very strong business performance drove an all-time net income record of $22.2 billion and generated operating cash flow of $30.5 billion,” said Luca Maestri, Apple’s CFO. “We also returned nearly $25 billion to shareholders during the quarter, including $20 billion in share repurchases and $3.5 billion in dividends and equivalents, as we maintain our target of reaching a net cash neutral position over time.”
Apple is providing the following guidance for its fiscal 2020 second quarter:
revenue between $63.0 billion and $67.0 billiongross margin between 38.0 percent and 39.0 percentoperating expenses between $9.6 billion and $9.7 billionother income/(expense) of $250 milliontax rate of approximately 16.5 percentApple’s board of directors has declared a cash dividend of $0.77 per share of the Company’s common stock. The dividend is payable on February 13, 2020 to shareholders of record as of the close of business on February 10, 2020.
Apple periodically provides information for investors on its corporate website, apple.com, and its investors relations website, investor.apple.com. This includes press releases and other information about financial performance, reports filed or furnished with the SEC, information on corporate governance and details related to its annual meeting of shareholders.
Apple versus Competition
Apples top competition in order of strength are:
MicrosoftDellSamsungLenovo and HPFor the purposes of this writ, we would look at Microsoft and Dell.
1. Microsoft
The CEO of Microsoft is Satya Nadella.
Microsoft develops, manufactures, licenses, supports and sells computer software, consumer electronics, personal computers and laptops.
Microsoft generates $932.3K in revenue per employee Microsoft's IPO generated $61M. Microsoft has 42 companies in its portfolio, and its first investment was made in 1999.
Based on data from Microsoft's latest SEC filings, its Annual Revenue is
$134.2B. In terms of revenue. Apple ranks higher than Microsoft with a total of $267.7B.
2. Dell
The Chaiman and CEO of Dell Corporations is Micheal S. Dell.
Dell is a computer technology company that develops, sells, repairs and supports computers and related products.
Dell has a revenue of $90.8B, and 150,125 employees.Estimated Annual Revenue.
A 1-year long forward contract on a non-dividend-paying stock is entered into when the stock price is $40 and the risk-free rate of interest is 10% per annum with continuous compounding.
(a) What are the forward price and the initial value of the forward contract?
(b) Six months later, the price of the stock is $45 and the risk-free interest rate is still 10%. What are the forward price and the value of the forward contract?
Answer:
(a) What are the forward price and the initial value of the forward contract?
Fo= 40ε[tex]^{0.1*1}[/tex] = 44.21
The initial value of the forward contract is zero.
(b) Six months later, the price of the stock is $45 and the risk-free interest rate is still 10%. What are the forward price and the value of the forward contract?
The delivery price K in the contract is $44.21. The value of the contract, f, after six months is given by:
f= 45-44.21ε[tex]^{-0.1*0.5}[/tex]
= $2.95
The forward price is:
45ε[tex]^{0.1*0.5}[/tex] = $47.31
A car rental agency rents 210 cars per day at a rate of 30 dollars per day. For each 1 dollar increase in the daily rate, 5 fewer cars are rented. At what rate should the cars be rented to produce the maximum income, and what is the maximum income
To produce the maximum income, the cars should be rented at a rate of $30 per day. The maximum income produced by the rentals will be $6300.
Explanation:
The problem is essentially asking for the maximum of the revenue function. Since revenue (R) can be modeled with the equation R = x*y, where x represents the cost per day(hours of work, for example) and y represents the number of cars rented, we can substitute the given values. However, since the number of cars rented decreases by 5 for every dollar increase in rent, we can write y = 210 - 5(x - 30), where x > 30. Substituting y back into the revenue equation, we have R = x * (210 - 5(x - 30)).
Maximizing this quadratic function can be done by finding its vertex. The x-coordinate of the vertex (h) of a parabola given by the formula R = a(x - h)^2 + k, is h = -b/2a. Therefore, the price per day to maximize the income from rentals should be h = -b/2a = -(-5)/2*(-5) = 30 dollars and maximum income k = R(30) = 30*(210 - 5*(30 - 30)) = 6300 dollars.
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The car rental agency should charge $36 per day to maximize income. The maximum daily income the agency can make is $6480.
Explanation:This is a problem of maximizing revenue, which can be approached using the concept of quadratic functions in mathematics. The daily rental income can be represented by the function R(x) = (210 - 5x)(30 + x) = 6300 - 60x + 5x², where x is the number of dollar increases in the daily rental rate.
To find the maximum revenue, we first need to find the vertex of the parabolic function. The x-coordinate of the vertex is given by -b/2a. For this equation, b = -60 and a = 5, so the x-coordinate is -(-60) / 2×5 = 6. This means that the rental agency should increase the daily rate by $6 to achieve maximum income.
Substitute x = 6 into R(x) to find the maximum income: R(6) = 6300 - 60×6 + 5×6² = $6480. So, the maximum income is $6480.
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If average household income increases by 10%, from $50,000 to $55,000 per year, the quantity of rooms demanded at the Peacock ______ from ______ rooms per night to ______ rooms per night. Therefore, the income elasticity of demand is _____, meaning that hotel rooms at the Peacock are _____.
The quantity of rooms demanded at the Peacock Hotel in response to increases in household income relates to the concept of income elasticity of demand. As income rises, the elasticity measure tells us whether the good (hotel rooms) is a necessity or a luxury. With an elasticity value greater than 1, hotel rooms would be considered a luxury.
Explanation:To answer this question, we'd need factual data on how the demand for rooms at the Peacock Hotel has changed. However, we can discuss the concept of income elasticity of demand. The income elasticity of demand measures how much the quantity demanded of a good responds to a change in consumers' income.
For example, if income increases by 10% and simultaneously, demand for hotel rooms increases by 15% (from 100 rooms to 115 per night), we'd calculate the income elasticity of demand as follows: (change in quantity demanded / initial quantity demanded) / (change in income / initial income), resulting in (15/100) / (10/100), or 1.5. An elasticity greater than 1 implies that the good is a luxury good, meaning consumers will buy more of it as their income rises.
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The first step when planning pricing policies for a good or service is to develop _____. A. demand curves B. competitive effects C. profit objectives D. variable cost objectives E. pricing objectives
The first step when planning pricing policies for a good or service is to develop pricing objectives.
Explanation:
The first step when planning pricing policies for a good or service is to develop pricing objectives.Pricing objectives are the goals that guide your business is a setting of the product cost or service cost to your valuable customers.examples of pricing objectives include maximizing profits, increasing sales volume, matching competitors' prices, deterring competitors.Some commonly used pricing objective are:increase monetary sales. increase market share.survival avoid government investigation or intervention.Potter Industries has a bond issue outstanding with an annual coupon of 6% and a 10-year maturity. The par value of the bond is $1,000. If the going annual interest rate is 8.6%, what is the value of the bond
Answer:
Value of the bond = $767.70
Explanation:
The value of the bond is the present value of the future cash receipts expected from the bond. The value is equal to present values of interest payment and the redemption value (RV).
Value of Bond = PV of interest + PV of RV
The value of bond for Potter Industries can be worked out as follows:
Step 1
Calculate the PV of Interest payment
Present value of the interest payment
PV = Interest payment × (1- (1+r)^(-n))/r
Interest payment = 6% × $1,000 = $60
PV = 60 × (1 - (1.0.086)^(-10)/0.086)
= 60 × 5.4912
= 329.47
Step 2
PV of redemption Value
PV of RV = RV × (1+r)^(-n)
= 1000 × (1.086)^(-10)
= 438.229
Step 3
Calculate Value of the bond
=329.47 + 438.229
=767.7066285
Value of the bond = $767.70
Answer:
$830.16
Explanation:
Tenor: 10 years
Coupon rate: 6% annually -> coupon received annual (PMT) = $1,000 * 6% = $60
Face value (FV): $1,000
Yield To Date (YTD): 8.6% annually
Bond’s price = present value of bond + present value of total coupon received semiannual
Present value of bond = FV/(1+ YTD) ^tenor = 1000/(1+8.6%)^10 = $438.23
Present value of total coupon received semiannual = 60/(1+8.6%)^10 +60/(1+8.6%)^9+….+ 60/(1+8.6%)^1 = $391.93
(we can use excel to calculate the PV of coupon received = PV(rate,tenor,-PMT) = PV(8.6%,10,-60) = 391.93)
⇒ Bond’s price = $438.23+ $391.93 = $830.16
Luke Anderson is earning $48,000 a year in a city located in the Midwest. He is interviewing for a position in a city with a cost of living 12 percent higher than where he currently lives. What is the minimum salary Luke would need at his new job to maintain the same standard of living?
The minimum requirement of salary = $53760
Explanation:
Cost of living in city is 12 percent higher than where Luke Anderson lives. So, Luke Anderson will require 12 percent higher salary than existing salary in order to maintain the existing standard of living
The calculations are as follows.
Current salary of Luke Anderson = $48000
12 percent increase = 48000 multiply with 12 percent = 5760
Thus, the required minimum salary = 48000+ 5760 = 53760
So, Luke Anderson will require minimum salary of $53760
To maintain the same standard of living in a city with a cost of living 12% higher than his current city, Luke Anderson would need a minimum salary of $53,760.a year.
Explanation:To calculate the minimum salary Luke Anderson would need to maintain the same standard of living in the new city, we need to consider the new city's higher cost of living. Given that it is 12% higher, this percentage needs to be added to Luke's current salary. The equation is as follows:
Current salary x (1 + Percentage increase / 100)
Substituting in the values provided gives:
$48,000 x (1 + 12/100)
This calculation gives a total of $53,760. This means that Luke would need a minimum salary of $53,760 to maintain his current standard of living in the new city, considering the higher cost of living.
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Gambrinus is a large company that owns and operates the breweries that produce Moosehead Lager, Bridgeport Ale, Pete's Wicked Ale, Corona beer, Trumer Pilsner, and Shiner Bock. Each brewery is run as an independent division and each produces a malt liquor that appeals to a different market. This is an example of departmentalization by:
Answer:
The answer is departmentalization by product.
Explanation:
Departmentalization refers to the divisions of different work areas. Each one specializes in a specific job, most companies use departmentalization and train their employees, making them specialists in their role.
The main objective of departmentalization is to specialize in activities and facilitate processes while maintaining control in the organization. The departmentalization is usually divided by product, function, process, project, clients, and territory.
For example, in the case of departmentalization by-products, it is used by large companies to divide the area where the product is developed and those in charge of product delivery, thus obtaining better control, organization, and production.
I hope this information can help you.
Departmentalization by product in business organizations is exemplified by Gambrinus owning breweries producing various types of beer that cater to different market segments.
Departmentalization is a strategy in which a company organizes its structure by grouping jobs based on similarities. In the case of Gambrinus owning several breweries producing different types of beer targeting diverse markets, this represents departmentalization by product. Each brewery operates independently, focusing on producing a specific type of beer for a distinct market segment.
Determine the utilization and the efficiency for each of these situations: a. A loan processing operation that processes an average of 7 loans per day. The operation has a design capacity of 10 loans per day and an effective capacity of 8 loans per day. b. A furnace repair team that services an average of four furnaces a day if the design capacity is six furnaces a day and the effective capacity is five furnaces a day. c. Would you say that systems that have higher efficiency ratios than other systems will always have higher utilization ratios than those other systems? Explain.
Answer:
Explanation:
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The voters of the City of Monroe approved the issuance of tax-supported bonds in the face amount of $4,000,000 for the construction and equipping of a new City Jail. Architects were to be retained, and construction was to be completed by outside contractors. In addition to the bond proceeds, a $1,340,000 grant was expected from the state government.
Open a general journal for the City Jail Annex Construction Fund. Record the following transactions and post to the general ledger. Control accounts are not necessary.(1) On January 1, 2017, the total face amount of bonds bearing an interest rate of 8 percent was sold at a $200,000 premium. Principal amounts of $200,000 each will come due annually over a 20-year period commencing January 1, 2018. Interest payment dates are July 1 and January 1. The first interest payment will be July 1, 2017. The premium was transferred to the City Jail Debt Service Fund for the future payment of principal on the bonds.(2) The receivable from the state government was recorded.(3) Legal and engineering fees early in the project were paid in the amount of $121,000. This amount had not been encumbered.(4) Architects were engaged (like a contract, record an encumbrance) at a fee of $250,000.(5) Preliminary plans were approved, and the architects were paid $50,000 (20 percent of the fee).(6) The complete plans and specifications were received from the architects and approved. A liability in the amount of $150,000 to the architects was approved and paid.(7) Bids were received and opened in public session. After considerable discussion in City Council, the low bid from Hardhat Construction Company in the amount of $4,500,000 was accepted, and a contract was signed.(8) The contractor required partial payment of $1,350,000. Payment was approved and vouchered with the exception of a 5 percent retainage.(9) Cash in the full amount of the grant was received from the state government.(10) Furniture and equipment for the annex were ordered at a total cost of $459,500.(11) Payment was made to the contractor for the amount payable (see 8 above).(12) The contractor completed construction and requested payment of the balance due on the contract. After inspection of the work, the amount, including the past retainage, was approved for payment and then paid.(13)The furniture and equipment were received at a total actual installed cost of $459,300. Invoices were approved for payment.(14) The remainder of the architects’ fees was approved for payment.(15) The City Jail Construction Fund paid all outstanding accounts payables ($ 509,300) on December 31, 2017.(16) The remaining cash was transferred to the City Jail Debt Service Fund.
Answer:
See attached for answer because of the inability to create a table on this platform.
Opening a general journal to record transactions for the City Jail Annex Construction Fund involves several steps as detailed below:
1. On January 1, 2017:
Debit Cash $4,200,000
Credit Bonds Payable $4,000,000
Credit Premium on Bonds $200,000
Debit Premium on Bonds $200,000
Credit Transfer to Debt Service Fund $200,000
2. Recording the Receivable from the State Government:
Debit Receivable from State Government $1,340,000
Credit Revenue $1,340,000
3. Paying Legal and Engineering Fees:
Debit Expenditures $121,000
Credit Cash $121,000
4. Engaging Architects:
Debit Encumbrances $250,000
Credit Reserve for Encumbrances $250,000
5. Paying Architects' Preliminary Fees:
Debit Expenditures $50,000
Credit Cash $50,000
6. Paying Remaining Architects' Fees:
Debit Expenditures $150,000
Credit Cash $150,000
7. Signing Contract with Hardhat Construction Company:
Debit Encumbrances $4,500,000
Credit Reserve for Encumbrances $4,500,000
8. Approving Partial Payment to Contractor:
Debit Expenditures $1,282,500
Debit Retainage Payable $67,500
Credit Cash $1,282,500
Credit Accounts Payable $67,500
9. Receiving State Government Grant:
Debit Cash $1,340,000
Credit Receivable from State Government $1,340,000
10. Ordering Furniture and Equipment:
Debit Encumbrances $459,500
Credit Reserve for Encumbrances $459,500
11. Paying Contractor:
Debit Accounts Payable $67,500
Credit Cash $67,500
12. Completing Construction and Final Contractor Payment:
Debit Expenditures $3,217,500
Credit Cash $3,217,500
Debit Retainage Payable $67,500
13. Receiving and Paying for Furniture and Equipment:
Debit Expenditures $459,300
Credit Cash $459,300
14. Paying Remaining Architects' Fees:
Debit Expenditures $50,000
Credit Cash $50,000
15. Paying all Outstanding Accounts Payable:
Debit Accounts Payable $509,300
Credit Cash $509,300
16. Transferring Remaining Cash to Debt Service Fund:
Debit Transfer to Debt Service Fund $750,000
Credit Cash $750,000
These entries ensure proper tracking of the transactions in accounting records.
On December 31, 2020, Buffalo Company signed a $1,278,400 note to Carla Bank. The market interest rate at that time was 10%. The stated interest rate on the note was 8%, payable annually. The note matures in 5 years. Unfortunately, because of lower sales, Buffalo’s financial situation worsened. On December 31, 2022, Carla Bank determined that it was probable that the company would pay back only $767,040 of the principal at maturity. However, it was considered likely that interest would continue to be paid, based on the $1,278,400 loan.
Determine the amount of cash Buffalo received from the loan on December 31, 2020. (Round present value factors to 5 decimal places, e.g. 0.52513 and final answer to 0 decimal places, e.g. 5,275.)
The amount of cash Buffalo Company received from the loan on December 31, 2020, is $1,153,607.62.
Explanation:To determine the amount of cash Buffalo Company received from the loan on December 31, 2020, we need to calculate the present value of the future cash flows. The note pays interest of $1,278,400 x 8% = $102,272 per year for 5 years, and the principal of $1,278,400 at maturity. The market interest rate at the time was 10%, so we need to discount the future cash flows using this rate.
Using the present value formula, the cash flow for the first 4 years would be:
$102,272 / (1 + 10%)^1 + $102,272 / (1 + 10%)^2 + $102,272 / (1 + 10%)^3 + $102,272 / (1 + 10%)^4 = $98,429.43.
The cash flow at maturity would be the principal of $1,278,400 / (1 + 10%)^5 = $767,391.90.
Adding up all the discounted cash flows, the amount of cash Buffalo Company received from the loan on December 31, 2020, is $98,429.43 x 4 + $767,391.90 = $1,153,607.62.
Below are a set of heights (in inches) and GPA scores for a sample of 6 students. Height, GPA 60, 4.0 55, 3.2 62, 3.7 55, 3.9 49, 2.4 61, 2.7 Find the equation of the regression line to predict GPA from height by hand
Answer:
[tex]S_{xx}=\sum_{i=1}^n x^2_i -\frac{(\sum_{i=1}^n x_i)^2}{n}=19616-\frac{342^2}{6}=122[/tex]
[tex]S_{xy}=\sum_{i=1}^n x_i y_i -\frac{(\sum_{i=1}^n x_i)(\sum_{i=1}^n y_i)}{n}=1142.2-\frac{342*19.9}{6}=7.9[/tex]
And the slope would be:
[tex]m=\frac{7.9}{122}=0.0648[/tex]
Nowe we can find the means for x and y like this:
[tex]\bar x= \frac{\sum x_i}{n}=\frac{342}{6}=57[/tex]
[tex]\bar y= \frac{\sum y_i}{n}=\frac{19.9}{6}=3.317[/tex]
And we can find the intercept using this:
[tex]b=\bar y -m \bar x=3.317-(0.0648*57)=-0.377[/tex]
So the line would be given by:
[tex]y=0.0648 x -0.377[/tex]
Explanation:
The data given is:
x: 60, 55, 62, 55,49, 61
y: 4.0, 3.2, 3.7, 3.9, 2.4, 2.7
For this case we need to calculate the slope with the following formula:
[tex]m=\frac{S_{xy}}{S_{xx}}[/tex]
Where:
[tex]S_{xy}=\sum_{i=1}^n x_i y_i -\frac{(\sum_{i=1}^n x_i)(\sum_{i=1}^n y_i)}{n}[/tex]
[tex]S_{xx}=\sum_{i=1}^n x^2_i -\frac{(\sum_{i=1}^n x_i)^2}{n}[/tex]
So we can find the sums like this:
[tex]\sum_{i=1}^n x_i = 342[/tex]
[tex]\sum_{i=1}^n y_i =19.9[/tex]
[tex]\sum_{i=1}^n x^2_i =19616[/tex]
[tex]\sum_{i=1}^n y^2_i =68.19[/tex]
[tex]\sum_{i=1}^n x_i y_i =1142.2[/tex]
With these we can find the sums:
[tex]S_{xx}=\sum_{i=1}^n x^2_i -\frac{(\sum_{i=1}^n x_i)^2}{n}=19616-\frac{342^2}{6}=122[/tex]
[tex]S_{xy}=\sum_{i=1}^n x_i y_i -\frac{(\sum_{i=1}^n x_i)(\sum_{i=1}^n y_i)}{n}=1142.2-\frac{342*19.9}{6}=7.9[/tex]
And the slope would be:
[tex]m=\frac{7.9}{122}=0.0648[/tex]
Nowe we can find the means for x and y like this:
[tex]\bar x= \frac{\sum x_i}{n}=\frac{342}{6}=57[/tex]
[tex]\bar y= \frac{\sum y_i}{n}=\frac{19.9}{6}=3.317[/tex]
And we can find the intercept using this:
[tex]b=\bar y -m \bar x=3.317-(0.0648*57)=-0.377[/tex]
So the line would be given by:
[tex]y=0.0648 x -0.377[/tex]
On January 1, 20X8, Peta Company acquired 85 percent of Star Company's common stock for $100,000 cash. The fair value of the noncontrolling interest was determined to be 15 percent of the book value of Star at that date. What portion of the retained earnings reported in the consolidated balance sheet prepared immediately after the business combination is assigned to the noncontrolling interest
Final answer:
The portion of the retained earnings assigned to the noncontrolling interest can be calculated by multiplying the book value of the company by the non-controlling interest percentage.
Explanation:
The portion of the retained earnings reported in the consolidated balance sheet that is assigned to the noncontrolling interest can be calculated by multiplying the book value of Star Company by the non-controlling interest percentage. In this case, the noncontrolling interest percentage is 15% of the book value of Star. Since the fair value of the noncontrolling interest was determined to be 15% of the book value, we can assign the same percentage to the retained earnings. Therefore, 15% of the retained earnings will be assigned to the noncontrolling interest.
A restaurant has fixed costs of $53,400 for the month of March 0006. The average check is $12.95, with an average variable cost of $7.38. What is breakeven units of sales revenue for the month of March
Answer:
9587 orders are needed to achieve breakeven sales revenue for March' 06
Explanation:
Break Even Point is where firm earns Total Revenue (TR) equal to its total cost (TC)
Total Revenue = Average Revenue or Price x Quantity ;Total Cost = Total Fixed Cost + Total Variable CostLet quantity i.e unit of sales revenue be = x
Above 2 formulas & ; Total Variable Cost = Average Variable Cost x Quantity implies :-
12.95x = 7.38x + 53400
12.95x - 7.38 x = 53400
5.57 x = 53400
x = 53400 / 5.57
x = 9587
Vangaurd Health System bonds have an annual coupon rate of 8 percent and a par value of $1,000 and will mature in 20 years. If you require a 7 percent return, what price would you be willing to pay for a Vangaurd bond
Answer:
Price willing to pay=$1105.94
Explanation:
Annual Coupon Payment=$1,000*0.08
Annual Coupon Payment=$80
Calculating Present Value (PV) of Par Value:
[tex]PV=\frac{FV}{(1+i)^{20}}[/tex]
Where:
i is the rate of return.
FV is par value
[tex]PV=\frac{\$1000}{(1+0.07)^{20}}[/tex]
PV= $258.419.
Calculating PV of annual Coupon Payment:
[tex]PV=A\frac{1-(1+i)^{-20}}{i}[/tex]
i is the coupon rate
A is the annual Payment
[tex]PV=\$80\frac{1-(1+0.07)^{-20}}{0.07}[/tex]
PV=$847.521
Price willing to pay= Present Value (PV) of Par Value+ PV of annual Coupon Payment
Price willing to pay=$258.419+$847.521
Price willing to pay=$1105.94
Final reports represent the end product of a thorough investigation and analysis. They provide an ordered format for presenting information to decision makers and are divided into segments to make information comprehensible and accessible. Formal reports usually consist of three divisions.
a. Which element of formal proposals is similar to that of informal proposals?
Answer:
Elements of formal proposals similar to that of informal proposals
Introduction Background, Problem, Purpose Proposal, Plan, Schedule Staffing Budget AuthorizationIn order to purchase a new freezer in 4 years, the Steakhouse Restaurant has decided to deposit $1,700 in an account that earns 2% per year compounded monthly for 4 years. How much money will be in the account in 4 years
Answer:
$ 1844
Explanation:
A = P (1 + r / n) ^ nt ; where
A = Final Amount , P = Principal base, r = Interest rate , t = no. of time periods (usually years) , n = compounding in a time period (annually)
Given : P = 1700 , r = 2% , t = 4 , n = 12
A = 1700 [ 1 + 0.02 / 12 ] ^ (12 x 4)
1700 [ 1 + 0.0017 ] ^ (12 x 4)
1700 [ 1.0017 ] ^ 48
1700 [1.0849]
= 1844
The transactions of Spade Company appear below. Kacy Spade, owner, invested $12,500 cash in the company in exchange for common stock. The company purchased office supplies for $363 cash. The company purchased $6,913 of office equipment on credit. The company received $1,475 cash as fees for services provided to a customer. The company paid $6,913 cash to settle the payable for the office equipment purchased in transaction c. The company billed a customer $2,650 as fees for services provided. The company paid $520 cash for the monthly rent. The company collected $1,113 cash as partial payment for the account receivable created in transaction f. The company paid $1,100 cash in dividends to the owner (sole shareholder).
Prepare the Trial Balance.
Answer:
Debits of trial balance = Credits of trial balance.
Explanation:
1. Dr Cash 12500
Cr Capital 12500
2.Dr Office supplies 363
Cr Cash 363
3.Dr Office equipment 6913
Cr Accounts payable 6913
4. Dr Cash 1475
Cr Service revenue 1475
5. Dr Accounts payable 6913
Cr Cash 6913
6. Dr Account receivable 2650
Cr Service revenue 2650
7. Dr Rent expense 520
Cr Cash 520
8. Dr Cash 1113
Cr Account receivable 1113
9.a) Dr Retained Earning 1100
Cr Dividend payable 1100
b) Dr Dividend payable 1100
Cr Cash 1100
Ledgers:
Cash=12500-363+1475-6913-520+1113-1100= Dr 6192
Office Supplies = Dr 363
Office equipment = Dr 6913
Capital = Cr 12500
Accounts payable = 6913-6913=0
Service revenue = 1475+2650= Cr 4125
Rent expense = Dr 520
Account receivable = 2650-1113= Dr 1537
Retained earning = Dr 1100
Dividend payable =1100-1100=0
Trial Balance
_Dr________________________________________Cr_____
6192 cash ----- 12500 Capital
363 Office supplies ----- 4125 Service revenue
6913 Office equipment -----
520 Rent expense ------
1537 Account receivable
1100 Retained earning
Total = 16625 ------ Total = 16625
The Trial Balance for Spade Company is prepared by listing all accounts and their current balances. The total debit equals the total credit, which confirms that the Trial Balance is correctly prepared.
Explanation:To prepare a Trial Balance for Spade Company, we list all the accounts and their current balances.
Cash: $12,500 (owner investment) - $363 (office supplies) - $6,913 (office equipment) + $1,475 (services provided) - $520 (rent) + $1,113 (accounts receivable) - $1,100 (dividends) = $5,292Office Supplies: $363Office Equipment: $6,913 (purchased on credit and paid)Accounts Payable: $0 (all payables have been settled)Service Revenue: $1,475 (cash received) + $2,650 (billed to customer) - $1,113 (partial collection from customer) = $3,012Rent Expense: $520Dividends: $1,100Common Stock: $12,500 (owner investment)The total debit equals the total credit, which confirms our Trial Balance is correctly prepared.
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Market-leader Frito-Lay sells so many snacks to U.S. stores that it operates the country's seventh-largest private fleet of trucks and vans. It also uses its fleet to haul raw materials like fresh potatoes from farms to production facilities across the country. At the Frito-Lay plant in Casa Grande, Arizona, potatoes arrive by truck, vegetable oils arrive by rail, and corn arrives by rail. From the time they arrive in their raw state to the time they're processed and packaged as snacks, ready to be trucked to stores and warehouses, potatoes spend less than 36 hours at the plant. In all, the Casa Grande plant turns out 90 million pounds of snacks every year, including Sun Chips, Cheetos, Fritos, potato chips, and tortilla chips.
One of Frito-Lay's distribution strengths is a strategy it calls "direct store distribution." To ensure that snacks arrive fresh and in good condition, Frito-Lay has its truck drivers deliver snacks directly to individual stores on a regular basis. For specialty snacks geared toward smaller target markets, however, Frito-Lay is experimenting with distribution through wholesalers that sell to delicatessens and other small stores. Frito-Lay fills wholesalers' orders with stock stored in its regional warehouses.
Put yourself in the shoes of a marketer helping to plan for supply-chain and channel management at Frito-Lay. Assume that Frito-Lay is a channel captain. Does the following statement describe activities that Frito-Lay should undertake as channel captain?
Offer special pricing to retailers who make high-volume purchases during promotional periods.
A. True
B. False
Final answer:
True. As a channel captain, Frito-Lay should offer special pricing to retailers for high-volume purchases during promotional periods to effectively manage the supply chain and stimulate demand.
Explanation:
As a channel captain in a supply chain, Frito-Lay is responsible for leadership and coordination activities to optimize the flow of products from producers to consumers. One such activity is offering special pricing to retailers who make high-volume purchases during promotional periods. The answer to whether this statement describes activities that Frito-Lay should undertake as a channel captain is A. True. This strategy is aligned with the goals of managing the supply chain effectively, stimulating demand, and ensuring that retailers are incentivized to stock up and promote Frito-Lay's products, particularly during high-traffic sales periods, thus maximizing the potential for turnover and profit.