Answer:
A. $29.72
Explanation:
The calculation of cost per driver unit is shown below:-
Cost per driver unit = Indirect cost relating to account inquiry ÷ Allocation base relating to account inquiry
= $86,200 ÷ 2,900
= $29.72 per hour
Therefore for computing the cost per driver unit we simply divide the Indirect cost relating to account inquiry by allocation base relating to account inquiry.
After graduating, you might decide to start a small business. As discussed in this chapter, owners of any business need to know how to calculate the cost of their products. In fact, many small businesses fail because they don't accurately calculate their product costs, so they don't know if they are making a profit or losing money—until it's too late.Suppose that you decide to start a landscape business. You use an old pickup truck that you've fully paid for. You store the truck and other equipment in your parents' barn, and you store trees and shrubs on their land. Your parents will not charge you for the use of these facilities for the first two years, but beginning in the third year they will charge a reasonable rent. Your mother helps you by answering phone calls and providing customers with information. She doesn't charge you for this service, but she plans on doing it for only your first two years in business.In pricing your services, should you include charges for the truck, the barn, the land, and your mother's services when calculating your product cost?InstructionsWrite a response indicating your position regarding this situation. Provide support for your view.
Answer:
When the value of the service ends, it will be necessary to include the charges for the truck, the granary and the land. It is not necessary to include your mother's service charges, as she is not charging for the service.
Explanation:
Setting up your own business can be quite a big challenge and you need a lot of control and planning so you don't have to lose money. One of the biggest challenges of becoming an entrepreneur is to price the service performed. As was said in the question above, many people do not know how to place a value on the service produced, mainly because they are unable to identify the expense for service production.
In summary, the expense to produce the service must take into account all charges related to any element necessary to perform the service. Thus, we can consider that in the case shown in the question above, it will be necessary for you to include expenses with the truck (gasoline, repairs, exchange of parts, etc.), with the rent of the granary, with the rent of the land and with the gratification of any employee. Since your mother is not charging for her services, this charge should not be included, however, your mother will only be in this service for two years. If the person replacing your mother charges for the service, this should be added to the cost.
Which of the following budgeting options increases the marketing budget by the rate of the company's inflation?
rule of thumb budgeting
objective and task budgeting
competitive budgeting
arbitrary budgeting
Answer:
D. objective and task budgeting I believe
Explanation:
Really difficult, but not impossible, to determine the tasks necessary to reach goals and estimating the costs associated with tasks
Zach attended Champion University during 2014-2018. He lived at home and was claimed by his parents as a deduction during the entire duration of his education. He incurred education expenses of $21,000 during college of which $3,780 was paid for by scholarships. To finance his education, he borrowed $12,500 through a federal student loan program and borrowed another $8,500 from a local lending institution for educational purposes. After graduation, he married and moved with his spouse to a distant city. In 2019, he incurred $1,250 of interest on the federal loans and $850 on the lending institution loan. He filed a joint return with his spouse showing modified AGI of $122,500. What amount of student loan interest can Zach and his spouse deduct in 2019, if any
Answer:
$1722
Explanation:
incurred expenses = 21000
scholarship amount = 3780
interest on federal loan = 1250
interest on lending institution = 850
Education expenses:
21000 - 3780
= $17220
= $17220/21000
= $0.82 = 82%
the interest incurred would be:-
intereston federal loan + interest from lending institution
= $1250 + $850
= $2100
$2100 * $850
= $1722
Assume that you inherited some money. A friend of yours is working as an unpaid intern at a local brokerage firm, and her boss is selling securities that call for 4 payments of $80 (1 payment at the end of each of the next 4 years) plus an extra payment of $1,000 at the end of Year 4. Your friend says she can get you some of these securities at a cost of $900 each. Your money is now invested in a bank that pays a 10% nominal (quoted) interest rate but with quarterly compounding. You regard the securities as being just as safe, and as liquid, as your bank deposit, so your required effective annual rate of return on the securities is the same as that on your bank deposit. You must calculate the value of the securities to decide whether they are a good investment. What is their present value to you?
Answer: The securities are a good investment as their Present Value of $925.17 is greater than their cost of $900.
Explanation:
First calculate the Effective annual rate of return;
= (( 1 + r/n)^n) - 1
= ((1 + 10%/4 ) ^ 4 ) - 1
= 10.38%
The present value of the security is;
= (80 / 1.1038 ) + (80 / 1.1038 ^ 2) + (80 / 1.1038 ^ 3) + (80 / 1.1038 ^ 4 ) + (1000 / 1.1038 ^ 4 )
= $925.17
Which statement demonstrates the misuse of e-commerce?
A. asking for testimonials from satisfied customers
B. offering free shipping
C. offering discounts
D. shipping products that don't match the description online
Answer:
A . asking for testimonials from satisfied customers
Answer:a
Explanation:
Journalize the following business transactions in general journal form. Identify each transaction by number. You may omit explanations of the transaction. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
1. Stockholders invest $40,000 in cash in starting a real estate office operating as a corporation.
2. Purchased $500 of supplies on credit.
3. Purchased equipment for $25,000, paying $3,500 in cash and signed a 30-day, $21,500, note payable.
4. Real estate commissions billed to clients amount to $4,000.
5. Paid $700 in cash for the current month's rent.
6. Paid $250 cash on account for office supplies purchased in transaction 2.
7. Received a bill for $800 for advertising for the current month.
8. Paid $2,500 cash for office salaries.
9. Paid $1,200 cash dividends to stockholders.
10.Received a check for $2,000 from a client in payment on account for commissions billed in transaction 4.
Answer: Please find answers in the explanation column
Explanation:
Account titles Debit Credit
To Record Investment by stockholders
1 Cash $40,000
Common Stock $40,000
To record purchase of supplies on credit
2 Supplies $500
Accounts Payable $500
To record payment in part for cash and signing a note
3 Equipment $25,000
Cash $ 3,500
Note Payable $21,500
To record commission billed to clients
4 Accounts Receivable $4,000
Service Revenue $4,000
To record rent paid for the month
5 Rent Expense $700
Cash $700
To record cash paid to supplies purchased on account
6 Accounts Payable $250
Cash $250
To record receipt on advertising
7 Advertising Expense $800
Accounts Payable $800
To record cash for salaries
8 Salaries Expense $2,500
Cash $2,500
To record cash paid as dividends
9 Dividends $1,200
Cash $1,200
To record receipts of cash from accounts receivable
10 Cash $2,000
Accounts Receivable $2,000
Which of the following is the best example of an ethical statement?
Answer:
Ethical dilemmas are situations in which there is a difficult choice to be made between two or more options, neither of which resolves the situation in a manner that is consistent with accepted ethical guidelines. When faced with an ethical dilemma, a person is faced with having to select an option that doesn’t align with an established code of ethics or societal norms, such as codes of law and religious teachings, or with their internal moral perceptions of right and wrong. Explore ethical dilemma examples to see how you might handle these difficult situations.
Explanation:
Ethical Dilemma Situations
Ethical dilemmas occur all too frequently in everyday life. There is rarely a clear answer regarding right and wrong. Instead of being able to rely on external standards, people have to rely on their morals and values to navigate such situations. A storytelling approach, as introduced by Lawrence Kohlberg in the 1930s, is often used to encourage people to think through possible outcomes and consequences of ethical dilemmas.
This is one of the most extreme moral dilemma examples, as well as an ethical dilemma. The choice is between actively causing one person’s death or allowing people (including oneself) to die. Someone following a utilitarian approach to ethics would likely choose to eliminate the person who is stuck, as this philosophy is based on choosing actions that result in the greatest good for the greatest number of people. Someone who focuses primarily on the sanctity of each individual life, however, would not consider harming the person who is stuck to be a viable option.
Following the Rules
One of the most important characteristics of an effective leader is treating people equitably. This involves fairness and consistency, including regards to applying the rules to everyone equally. What should a coach do when a few superstar players get caught breaking rules that should lead to their suspension from the team immediately before a big game that is very important to the team?
If the star players don’t play, there is a good chance the team will lose. If the team has to win this game to advance to the championship game, should that affect the coach’s decision?
If the coach doesn’t apply appropriate consequences to the actions of the players who broke the rules, what lesson are those players learning? Will they continue to break rules?
What about the other players who do follow the rules. Will they learn that the rules are just suggestions and feel like they don’t need to comply in the future?
What if one of the players who broke the rules will miss a chance to be seen by professional scouts if he doesn’t play in the game?
What if the team’s school will earn a large amount of money from television coverage of the big game if the team goes to the championship?
What if the coach is set to earn a big bonus or significant pay increase if the team advances to the championship game?
Coaches are responsible for winning, but they’re also responsible for setting an appropriate example of leadership for players and treating all team members fairly. What may seem to be an obvious choice between right and wrong at first glance is really much more complicated.
A tough decision must be made between two or more solutions in an ethical dilemma when neither of them answers the issue in a way that complies with generally recognized ethical standards.
What is ethical dilemma?In philosophy, ethical dilemmas—also known as ethical paradoxes or moral dilemmas—arise when an agent must choose between two competing moral obligations, none of which takes precedence.
A definition that is similarly comparable describes ethical situations as ones where there is no right decision to be made.
Taking credit for other people's efforts is one example of an ethical conundrum. Giving a customer a subpar product so you can profit. using insider information for personal gain.
A moral (ethical) dilemma is a circumstance in which there is a choice to be made, a decision to be made, an act or action to be taken, a solution to be found, and there may be an unpleasant problem involved.
There are many different kinds of moral quandaries, but the following categories best describe the most prevalent ones:
Epistemic and ontological dilemmas are listed first, followed by self-inflicted and externally imposed dilemmas, obligation dilemmas, prohibition dilemmas, and dilemmas involving a single agent and multiple agents.
Learn more about ethical dilemma, here
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Andy works at AZ Corporation. He has been working very hard and feels he deserves a pay hike. He wants to seek a meeting with Anna, the manager of AZ Corp., and ask for a raise. Since Anna is busy preparing for the annual board meeting, Andy decides to delay the meeting with Anna for a while. Which of the following dimensions to context influenced Andy's interaction with Anna? Group of answer choices The physical context The social context The chronological context The cultural context
The correct answer is C. The chronological context
Explanation:
The chronological context is related to the time during which a situation or communication occurs; this includes the age, year, season, month, day, etc. In the case presented, the chronological context is some days before the annual board meeting. Moreover, this condition of time is the one that makes Andy delay her meeting with Anna because she knows how busy is Anna during this time of the year, and based on this, she considers it is better to wait before asking her for a rise. According to this, the dimension that influences Andy is the chronological context.
Racket Corporation and Laocoon Corporation create Raccoon Corporation. Racket transfers $600,000 in assets for all of Raccoon's common stock. Racket distributes its remaining assets ($300,000) and the Raccoon common stock to its shareholder, Mia, for all her stock in Racket (basis $950,000) and then liquidates. Laocoon receives all the Raccoon preferred stock for its $400,000 of assets. Laocoon distributes its remaining assets ($300,000) and the Raccoon preferred stock to its shareholder, Carlos, for all his stock in Laocoon (basis $200,000) and then liquidates. What type of acquisition (if any) is this an example of?
Answer:
Type A reorganization
Explanation:
Type A reorganizations are known as statutory mergers or consolidations. This transaction involves 2 corporations, but one of them (Racket) will absorb the other one (Laocoon).
In this case, Mia doesn't have to recognize any loss or gain resulting from this merger, but Carlos has to recognize a gain equal to the remaining assets that were distributed ($300,000).
3. Continuous review inventory control is being applied to purchase motors for an electric fan manufacturer. Demand is uniformly distributed between 500 and 600 motors per week. Each order costs $250 to prepare, place and receive. Motors cost $2.75/unit and the holding cost rate is 1% per week. Management proposes using the EOQ order quantity and setting reorder points to ensure a 97% fill rate. Find the imputed(implied) cost of a shortage and the expected number of shortages per year.
Answer:
The expected no. of shortage will be "0.27".
Explanation:
The given values are:
Ordering cost,
O = $250
Holding cost (i),
= 1% (per week)
= 52% (a year)
Cost of goods (C),
= $2.75
The average annual demand is:
[tex]=\frac{600+500}{2}\times 52 \ weeks[/tex]
[tex]=28600 \ units[/tex]
Now,
⇒ [tex]EOQ=\sqrt{(2\times D\times \frac{O}{C}\times i)}[/tex]
[tex]=\sqrt{2\times 18600\times \frac{250}{2.75}\times 52 \ percent}[/tex]
[tex]=\sqrt{10000000}[/tex]
[tex]=3162.27[/tex]
In a year, the number of orders will be:
⇒ [tex]\frac{D}{EOQ}=\frac{28600}{3162.27}[/tex]
[tex]=9.04 \ i.e., \ 9 \ orders[/tex]
Demand mean will be:
= [tex]\frac{500+600}{2}[/tex]
= [tex]550 \ units \ Demand \ SD[/tex]
= [tex]max[\frac{(Upper \ limit - Mean)}{3} , \frac{(mean-lower \ limit)}{3} ][/tex]
= [tex]max [\frac{50}{3} ,\frac{50}{3} ][/tex]
= [tex]16.66 \ units[/tex]
So, in a year, the expected number of the shortages will be:
⇒ [tex]Number \ of \ orders \ in \ a \ year\times fill \ rate[/tex]
⇒ [tex]9\times (1-97 \ percent)[/tex]
⇒ [tex]0.27[/tex]
Lutz Company produces a product in two departments: (1) Mixing and (2) Finishing. The company uses a process cost accounting system. (a) Purchased raw materials for $50,000 on account. (b) Raw materials requisitioned for production were: Direct materials Mixing department $20,000 Finishing department 14,000 (c) Incurred labor costs of $74,000. (d) Factory labor used: Mixing department $44,000 Finishing department 30,000 (e) Manufacturing overhead is applied to the product based on machine hours used in each department: Mixing department-400 machine hours at $30 per machine hour. Finishing department-500 machine hours at $20 per machine hour. (f) Units costing $56,000 were completed in the Mixing Department and were transferred to the Finishing Department. (g) Units costing $70,000 were completed in the Finishing Department and were transferred to finished goods. (h) Finished goods costing $40,000 were sold on account for $55,000.
Answer and Explanation:
The Journal entries are shown below:-
a. Raw materials inventory Dr, $50,000
To Accounts Payable $50,000
(Being purchase of raw material is recorded)
b. Work in process - mixing Dr, $20,000
Work in process - finishing Dr, $14,000
To Raw materials inventory $34,000
(Being work in process is recorded)
c. Factory labor Dr, $74,000
To Wages payable $74,000
(Being labor cost incurred is recorded)
d. Work in process - mixing Dr, $44,000
Work in process - finishing Dr, $30,000
To Factory labor $74,000
(Being factor labor used is recorded)
e. Work in process - mixing Dr, $12,000 (400 × $30)
Work in process - finishing $10,000 (500 × $20)
To Manufacturing overhead $22,000
(Being manufacturing overhead applied is recorded)
f. Work in process - finishing Dr, $56,000
To Work in process - mixing $56,000
(Being completed is recorded)
g. Finished goods Dr, $70,000
To Work in process - finishing $70,000
(Being is recorded)
h. Accounts receivable Dr, $55,000
To Sales revenue $55,000
(Being sales is recorded)
Cost of goods sold Dr, $40,000
To Finished goods $40,000
(Being cost of goods sold is recorded)
Kale, a California CPA, is a sole practitioner who prepared 500 tax returns in 20X6. At the end of 20X6 she took over a tax practice from a close friend who died suddenly and will now prepare nearly 900 returns during 20X7. Due to the increased work load and her inability to hire qualified help, Kale because so busy that she forgot to complete all of her required continuing professional education. When it became time to renew her license in May 20X7 she realized that she was 30 hours short of the total hours required, she had not taken enough accounting and auditing hours, and it was the renewal period in which she was required to take her California Regulatory Review course which she had not completed within the previous six years. Given the situation, what must Kale do
Answer:
Kale should apply to have her license put on inactive status while she completes her CPE requirements. During thatperiod of time she may not engage in the practice of public accounting
Explanation:
The cost of equipment purchased by Bonita, Inc., on June 1, 2020, is $119,700. It is estimated that the machine will have a $10,500 salvage value at the end of its service life. Its service life is estimated at 7 years, its total working hours are estimated at 54,600, and its total production is estimated at 728,000 units. During 2020, the machine was operated 6,600 hours and produced 60,500 units. During 2021, the machine was operated 6,050 hours and produced 52,800 units. Compute depreciation expense on the machine for the year ending December 31, 2020, and the year ending December 31, 2021, using the following methods. (Round depreciation per unit to 2 decimal places, e.g. 15.25 and final answers to 0 decimal places, e.g. 45,892.) 2020 2021 (a) Straight-line $ $ (b) Units-of-output $ $ (c) Working hours $ $ (d) Sum-of-the-years'-digits $ $ (e) Double-declining-balance (twice the straight-line rate)
Answer:
(a) Straight-line $ $
straight line depreciation expense = $109,200 / 7 = $15,600
depreciation expense 2020 = $15,600 x 7/12 = $9,100
depreciation expense 2020 = $15,600
(b) Units-of-output $ $
depreciation expense per unit of output = $109,200 / 728,000 = $0.15 per unit
depreciation expense 2020 = $0.15 x 60,500 = $9,075
depreciation expense 2020 = $0.15 x 52,800 = $7,920
(c) Working hours $ $
depreciation expense per working hour = $109,200 / 54,600 = $2 per working hour
depreciation expense 2020 = $2 x 6,600 = $13,200
depreciation expense 2020 = $2 x 6,050 = $12,100
(d) Sum-of-the-years'-digits
total years = 7 + 6 + 5 + 4 + 3 + 2 + 1 = 28
depreciation expense 2020 = $109,200 x 7/28 x 7/12 = $15,925
depreciation expense 2021 = ($27,300 - $15,925) + (109,200 x 6/28 x 7/12) = $25,025
(e) Double-declining-balance (twice the straight-line rate)
depreciation expense 2020 = $119,700 x 2/7 x 7/12 = $19,950
depreciation expense 2021 = ($34,200 - $19,950) + ($85,500 x 2/7 x 7/12) = $28,500
Explanation:
depreciable value = $119,700 - $10,500 = $109,200
useful life = 7 years
working hours = 54,600
production = 728,000 units
19. During March, Perpetual Envy Inc. provides $46,000 in consulting services for a customer. The customer paid $24,000; the other $22,000 was on account. Which of the following statements about these transactions is correct? Cash increases by $24,000, Consulting Revenue increases by $22,000, and Accounts Receivable increases by $46,000. Cash increases by $24,000, Accounts Receivable increases by $22,000, and Consulting Revenue increases by $46,000. Accounts Receivable increases by $22,000, Liabilities decrease by $24,000, and Stockholders' Equity increases by $2,000. Revenues increase by $24,000, liabilities decrease by $24,000, and Stockholders' Equity is unchanged.
Answer:
Cash increases by $24,000, Accounts Receivable increases by $22,000, and Consulting Revenue increases by $46,000.
Explanation:
The journal entry is shown below:
Cash $24,000
Accounts receivable $22,000
To Consulting Revenue $46,000
(Being the consulting service provided is recorded)
here the cash and account receivable is increased also at the same time the consulting revenue is also increased as the assets have normal debit balance while the revenue has the normal debit balance
Newton Company currently produces and sells 5,000 units of a product that has a contribution margin of $6 per unit. The company sells the product for a sales price of $20 per unit. Fixed costs are $40,000. The company is considering investing in new technology that would decrease the variable cost per unit to $9 per unit and double total fixed costs. The company expects the new technology to increase production and sales to 10,000 units of product. What sales price would have to be charged to earn a $90,000 target profit assuming the investment in technology is made
Answer:
26
Explanation:
The computation of sales price is shown below:-
Particulars Amount
New Fixed Costs $80,000
($40,000 × 2)
Variable Cost per unit $9
Total variable cost on 10,000 Units $90,000
(10,000 × $9)
Total cost $170,000
Profit desired $90,000
Sales $260,000
Number of units 10,000
sales price per unit $26
For computing the sales price per unit we simply divide the number of units by sales price per unit.
Deepa Dalal opened a free-standing radiology clinic. She had anticipated that the costs for the radiological tests would be primarily fixed, but she found that costs increased with the number of tests performed. Costs for this service over the past nine months are as follows:
Month Radiology Test Total Cost
January 2,800 $135,500
February 2,600 $135,060
March 3,100 $175,000
April 3,500 $170,600
May 3,400 $176,900
June 3,700 $186,600
July 3,840 $174,450
August 4,100 $195,510
September 3,450 $85,300
1) Compute the cost formula for radiology services using the high-low method.
2) Calculate the predicted cost of radiology services for October for 3,500 tests using the formula found in Requirement 1.
Answer:
Results are below.
Explanation:
To calculate the fixed and variable cost under the high-low method, we need to use the following formulas:
Variable cost per unit= (Highest activity cost - Lowest activity cost)/ (Highest activity units - Lowest activity units)
Variable cost per unit= (195,510 - 135,060) / (4,100 - 2,600)
Variable cost per unit= $40.3
Fixed costs= Highest activity cost - (Variable cost per unit * HAU)
Fixed costs= 195,510 - (40.3*4,100)
Fixed costs= $30,280
Fixed costs= LAC - (Variable cost per unit* LAU)
Fixed costs= 135,060 - (40.3*2,600)
Fixed costs= $30,280
Now, the total cost for 3,500 tests:
Total cost= 30,280 + 40.3*3,500
Total cost= $171,330
A manufacturing company produces products 1, 2, and 3. The three products have the following resource requirements and produce the following profit:
Profit Labor (hr/unit) Material (lb/unit) Profit ($/unit)
1 5 4 $3
2 2 6 5
3 4 3 2
At present, the firm has a daily labor capacity of 240 available hours and a daily supply of 400 pounds of material. Management has developed the following set of goals, arranged in order of their importance to the firm:
1. Because of recent labor relations difficulties, management wants to avoid underutilization of normal production capacity.
2. Management has established a satisfactory profit level of exist500 per day.
3. Overtime is to be minimized as much as possible.
4. Management wants to minimize the purchase of additional materials to avoid handling and storage problems.
Required:
Formulate a goal programming model (multi-criteria model) to determine the number of each product to produce to best satisfy the goals.
di+, di- are the deviation variables for i-th objectives.
Product_1, product_2, product_3 are respectively the products 1,2 and 3 to be produced in a day. Those are the Standard variables
goal: (1/400)*d4+ (2/240)*d3+ (3/500)*d2-+ Min (4/240)*d1-
variables are equal or bigger than zero
400 = 5*product_1 + 6*product_2 + 3*product_3 - d4- + d4+
240 = 5*product_1 + 2*product_2 + 4*product_3 - d3- + d3+
240 = 5*product_1 + 2*product_2 + 4*product_3 + d1- - d1+
500 = 3*product_1 + 5*product_2 + 2*product_3 + d2- - d2+
The general ledger of Pipers Plumbing at January 1, 2018, includes the following account balances:
Accounts Debits Credits
Cash $ 4,500
Accounts receivable 9,500
Supplies 3,500
Equipment 36,000
Accumulated depreciation $ 8,000
Accounts payable 6,000
Utilities payable 7,000
Deferred revenue 0
Common stock 23,000
Retained earnings 9,500
Totals $ 53,500 $ 53,500
The following is a summary of the transactions for the year:_______.
1. January 24 Provide plumbing services for cash, $18,000, and on account, $63,000.
2. March 13 Collect on accounts receivable, $51,000.
3. May 6 Issue shares of common stock in exchange for $10,000 cash.
4. June 30 Pay salaries for the current year, $32,600.
5. September 15 Pay utilities of $6,200 from 2020 (prior year).
6. November 24 Receive cash in advance from customers, $9,200.
7. December 30 Pay $2,600 cash dividends to stockholders.
The following information is available for the adjusting entries.
Depreciation for the year on the machinery is $7,200.
Plumbing supplies remaining on hand at the end of the year equal $1,000.
Of the $9,200 paid in advance by customers, $6,600 of the work has been completed by the end of the year.
Accrued utilities at year-end amounted to $6,400.
Answer:
Journal entries
1. January 24 Provide plumbing services for cash, $18,000, and on account, $63,000.
Dr Cash 18,000
Dr Accounts receivable 63,000
Cr Service revenue 81,000
2. March 13 Collect on accounts receivable, $51,000.
Dr Cash 51,000
Cr Accounts receivable 51,000
3. May 6 Issue shares of common stock in exchange for $10,000 cash.
Dr Cash 10,000
Cr Common stock 10,000
4. June 30 Pay salaries for the current year, $32,600.
Dr Wages expense 32,600
Cr Cash 32,600
5. September 15 Pay utilities of $6,200 from 2020 (prior year).
Dr Utilities payable 6,200
Cr Cash 6,200
6. November 24 Receive cash in advance from customers, $9,200.
Dr Cash 9,200
Cr Unearned revenue 9,2000
7. December 30 Pay $2,600 cash dividends to stockholders.
Dr Dividends 2,600
Cr Cash 2,600
Adjusting entries
Depreciation for the year on the machinery is $7,200.
Dr Depreciation expense 7,200
Cr Accumulated depreciation, equipment 7,200
Plumbing supplies remaining on hand at the end of the year equal $1,000.
Dr Supplies expense 2,500
Cr Supplies 2,500
Of the $9,200 paid in advance by customers, $6,600 of the work has been completed by the end of the year.
Dr Unearned revenue 6,600
Cr Service revenue 6,600
Accrued utilities at year-end amounted to $6,400.
Dr Utilities expense 6,400
Cr Utilities payable 6,400
What is a "Halo effect?" Review Later This bias occurs when decision makers seek out evidence that confirms their previously held beliefs, while discounting or diminishing the impact of evidence in support of differing conclusions. This is the overreliance on an initial single piece of information or experience to make subsequent judgments. Once an anchor is set, other judgments are made by adjusting away from that anchor, which can limit one’s ability to accurately interpret new, potentially relevant information. This is an observer’s overall impression of a person, company, brand, or product, and it influences the observer’s feelings and thoughts about that entity’s overall character or properties. It is the perception, for example, that if someone does well in a certain area, then they will automatically perform well at something else regardless of whether those tasks are related. This bias occurs when a person overestimates the reliability of their judgments. This can include the certainty one feels in her own ability, performance, level of control, or chance of success.
Answer:
Option C (This is an observer's......related) is the right option.
Explanation:
This would be the individual's evaluation of such an individual, business, brand as well as commodity by an observer, and then it affects the thoughts and emotions including its observer about either the personal appearance including its object. It is a belief that just because someone performs well enough in a certain area, independently of those same activities required, they will naturally do well in another one.All those other decisions also aren't linked to the circumstance issued. So, the solution is indeed the right one.
What is the term for the joining of two or more firms involved in different stages of producing the same good or service?
horizontal merger
conglomerate
closely held corporation
vertical merger
Answer:
vertical merger
Explanation:
What happens when the price of a good increases
Answer:
the value of good increases (goes up)
Project:
Develop a presentation to be used as an advertising brochure for both an "Imaginary
hotel/resort/lodging" and your selected state. This can be best done on either google docs or sides.
Pictures and Colors are required. Be sure to include different attractive features to include, but not
limited to:
Hotel
-Amenities
-Dining Options
-Tours Provided
State
- Tourism
-Attractions
-Food
You can earn up to 50 extra credit points if you prepare a food item popularized in your state and include
pictures and a critique from someone you cooked for.
TO DO:
Answer:
So should i create a power point for you and then include a link or just type it up with images and you can copy and paste into slide i will do the latter.
Explanation:
Beginning work in process inventory: Units in beginning work in process inventory500 Materials costs$ 7,800 Conversion costs$ 9,100 Percent complete with respect to materials85% Percent complete with respect to conversion55% Units started into production during the month7,000 Units transferred to the next department during the month6,100 Materials costs added during the month$ 102,700 Conversion costs added during the month$ 184,400 Ending work in process inventory: Units in ending work in process inventory1,400 Percent complete with respect to materials60% Percent complete with respect to conversion50% The cost per equivalent unit for materials for the month in the first processing department is closest to:
Answer:
$15.76
Explanation:
beginning WIP 500 units
materials 85% complete, so 15% added during the period (EUP during current month = 75 units)
conversion costs 55% complete, so 45% added during the period (EUP during current month = 225 units)
units started 7,000
units transferred out 6,100
units started and transferred out = 6,100 - 500 = 5,600 (EUP = 5,600 units)
ending WIP 1,400 units
materials 60% complete (EUP = 840 units)
conversion costs 50% complete (EUP = 700 units)
materials cost for the month = $102,700
total EUP for the month = 6,515 units
total cost per EUP for materials = $102,700 / 6,515 = $15.7636 ≈ $15.76
Compute the discounted payback statistic for Project C if the appropriate cost of capital is 7 percent and the maximum allowable discounted payback period is three years. (Do not round intermediate calculations and round your final answer to 2 decimal places.)
Project C
Time: 0 1 2 3 4 5
Cash flow: –$1,400 $640 $600 $640 $380 $180
Should the project be accepted or rejected?
accepted
rejected
g Phoenix industries has pulled off a miraculous recovery. Four years ago it was near bankruptcy. Today, it was announced a $1 per share dividend to be paid a year from now, the first dividend since the crisis. Analysts expect dividends to increase by $1 a year for another 2 years. After the third year dividends growth is expected to settle down to a more moderate longterm growth rate of 8%. If the firm's investors expect to earn a return of 16% on this stock, what must the price be
Answer:
Market Share price $ 31,12
Explanation:
The price of the stock will be the same as the present value of their dividends:
Year Dividend Presnet Value
First year $1,00 $ 0,8621
Second $2,00 $ 1,7241
Third $3,00 $ 2,5862
Total Value $ 5,1724
Now, we solve for the horizon value
3 x (1.08) / (0.16 - 0.08) = 40,50
And, as this is three year ahead we also discounted like the other dividends:
[tex]\frac{Maturity}{(1 + rate)^{time} } = PV[/tex]
Maturity 40,50
time 3,00
rate 0,16
[tex]\frac{40,5}{(1 + 0,16)^{3} } = PV[/tex]
PV 25,95
And last, we add up the horizon with the other dividends:
5.17 + 25,95 = 31,12
Brief Exercise 3-36 (Algorithmic) Preparing and Analyzing Closing Entries At December 31, 2019, the ledger of Aulani Company includes the following accounts, all having normal balances: Sales Revenue, $83,200; Cost of Goods Sold, $43,700; Retained Earnings, $20,000; Interest Expense, $3,200; Dividends, $5,000; Wages Expense, $8,000, and Interest Payable, $2,100. Required: 1. Prepare the closing entries for Aulani at December 31, 2019. If an amount box does not require an entry, leave it blank. Dec. 31 (Close revenues) Dec. 31 (Close expenses) Dec. 31 (Close Income Summary) Dec. 31 (Close Dividends) 2. How does the closing process affect Aulani's retained earnings? of $
Answer and Explanation:
1. The Closing entries are shown below:-
a. Sales revenue Dr, $83,200
To Income summary $83,200
(Being Close revenue is recorded)
b. Income summary Dr, $54,900
To Cost of goods sold $43,700
To Interest expense $3,200
To Wages expense $8,000
(Being Close expense is recorded)
c. Income summary Dr, $28,300 (83,200 - $54,900)
To Retained earnings $28,300
(Being close income summary is recorded)
d. Retained earnings Dr, $5,000
To Dividend $5,000
(Being Close dividend is recorded)
2. The amount affect after retained earning by
Net income = $28,300 - $5,000
= $23,300
Sanchez Corporation Selected Financial Information 12/31/X2 12/31/X1 Cash $ 20,000 $ 25,000 Accounts receivable (net) 100,000 110,000 Inventories 190,000 155,000 Total current assets 310,000 290,000 Long-term assets 230,000 210,000 Current liabilities 200,000 190,000 Long-term liabilities 40,000 50,000 Shareholders' equity 300,000 260,000 Net income $ 40,000 Interest expense 10,000 Income tax expense 20,000 The debt to equity ratio for 20X2 is: Multiple Choice 0.80 0.44 0.67 0.13
Answer:
0.80
Explanation:
The computation of the debt to equity ratio is shown below:-
Total debt = Current Liabilities + Long - term liabilities
= $200,000 + $40,000
= $240,000
Total Equity = Shareholders’ equity = $300,000
Now,
Debt to equity ratio = Total Debt ÷ Total Equity
= $240,000 ÷ $300,000
= 0.80
Determine the amount of tax liability in the following situations. In all cases, the taxpayer is using the filing status of married filing jointly. Use the appropriate Tax Tables or Tax Rate Schedules.
1. Taxable income of $62,449 that includes a qualified dividend of $560.
2. Taxable income of $12,932 that includes a qualified dividend of $322.
3. Taxable income of $144,290 that includes a qualified dividend of $4,384. (Round your intermediate computations to 2 decimal places and final answer to the nearest whole dollar amount.)
4. Taxable income of $43,297 that includes a qualified dividend of $971.
5. Taxable income of $262,403 that includes a qualified dividend of $12,396. (Round your intermediate computations to 2 decimal places and final answer to the nearest whole dollar amount.)
Answer:
1. Taxable income of $62,449 that includes a qualified dividend of $560.
tax liability = $1,975 + [12% x ($62,449 - $19,750)] = $7,098.88
2. Taxable income of $12,932 that includes a qualified dividend of $322.
tax liability = $12,932 x 10% = $1,293.20
3. Taxable income of $144,290 that includes a qualified dividend of $4,384.
tax liability = $9,235 + [22% x ($144,290 - $80,250)] + ($4,384 x 15%) = $23,981.40 ≈ $23,981
4. Taxable income of $43,297 that includes a qualified dividend of $971.
tax liability = $1,975 + [12% x ($43,297 - $19,750)] = $4,800.64 ≈ $4,801
5. Taxable income of $262,403 that includes a qualified dividend of $12,396.
tax liability = $29,211 + [24% x ($262,403 - $171,050)] + ($12,396 x 15%) = $52,995.12 ≈ $52,995
Explanation:
I used the 2020 tax bracket. Everyone earning over $78,750 but less than $488,850 must pay a 15% tax rate for their qualified dividends.
2) If a country, like the US, can produce all of the goods and services needed by
their citizens, why would they want to specialize in producing only some products
and trade with other countries for other products wanted by their citizens?
Answer:
See below
Explanation:
Specialization means a company or country concentrating on producing few commodities. In practice, a state or company will focus on the products it can produce more efficiently. It means focusing on goods they can manufacture at a lower cost compared to other countries.
The USA can specialize in the goods and services it can produce at a lower cost than other nations. It can then export these products to other countries at competitive prices. For products that are costly to manufacture in the USA, it is prudent to import them from countries that can produce them at lower costs.
Some products manufactured in other countries at a lower cost may be sold in the USA at fair prices than when produced in the USA.
What makes buying a foreclosed property risky?
Answer:
almost everything
Explanation: