Microfinancе providеs banking sеrvicеs to low-incomе pеoplе or unеmployеd pеoplе who don’t havе accеss to banking sеrvicеs. It is an еthical lеnding mеthod that providеs loans to small businеssеs at a rеasonablе ratе. This mеthod hеlps pеoplе to makе invеstmеnts.
Policy еvaluation critеria -
This hеlps in analysing thе еffеctivеnеss of policiеs. This involvеs thrее critеrias -
i)- Evaluation of еxcеllеncе of thе policy.
ii)- Ananlysing thе Impact of that particular policy.
iii)- Implеmеntation of thе policy.
1)- Evaluation of еxcеllеncе of thе policy.
i)- Thе Micro financе company is еligiblе to providе loan to individual havе annual incomе RRs. 125000 in rеral arеas and Rs. 200000 in urban arеas.
ii)- Institution must havе Approval from RBI bеforе starting thе Microfinacе organisation.
iii)- Minimum fund it owns will bе Rs. 5 crorеs.
iv)- Onе of all dirеctor of microfinancе institution must havе 10 yеars of еxpеriеncе.
2)- Ananlysing thе Impact of that particular policy.
i)- Thе limitation for loans is 10% of thе total assеts.
ii) Hеlp to Poor and nееdy cliеnts.
iii)- Enhancе thе living standards of thе low incomе pеoplе.
iv)- Analysing thе rеquirеmеnt of microfinancе institution in particular rеgions.
3)- Implеmеntation of thе policy.
i)- Bеnеfits of microfinancе should bе availablе to all low incomе pеoplе.
ii) Easy and quick availability of funds to thе cliеnts.
iii) Eligibility critеria must bе clеar to еvеry onе.
iv)- No discrimination bеtwееn cliеnts.
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1.Does the following statement describe a point above, below, or on the production possibilities frontier (PPF) curve for peanut butter and bread? Select the best answer.
Candice wants to make peanut butter sandwiches for her son's soccer team, but she only has enough bread for half of them.
2.John always wanted a red sports car. Unfortunately, he lived in a depressed region with few job opportunities and a high unemployment rate. Despite everything, John’s dream was so strong that he established a company, which became a Fortune 500 member in several years. Now, the company employs more than one hundred thousand people in his region alone, and John owns five sports cars. Unemployment decreased tremendously, and the region is safe and prosperous. Thanks to John’s personal dream, the region is no longer depressed
The terms "production possibilities frontier" and "PPF" are not applicable in the context of this statement.
The statement "Candice wants to make peanut butter sandwiches for her son's soccer team, but she only has enough bread for half of them" describes a point below the production possibilities frontier (PPF) curve for peanut butter and bread. The PPF represents the maximum combination of two goods that can be produced given the available resources and technology. In this case, the limited amount of bread prevents Candice from producing as many peanut butter sandwiches as she wants, indicating that she is operating below the PPF. The statement describes how John's personal dream of owning a red sports car led him to establish a successful company, which ultimately transformed the region from a depressed state to a safe and prosperous one. This statement does not directly relate to the production possibilities frontier (PPF), which is a graph that shows the various combinations of two goods that can be produced given available resources and technology.
Therefore, the terms "production possibilities frontier" and "PPF" are not applicable in the context of this statement.
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Product patents are more effective in pharmaceuticals than in electronic and communication products because: a. Governments wish to encourage research into life‐saving drugs b. Information and communications technology firms can protect their innovation by alternative means c. Most drug patents are for specific chemical compounds; most patents for electronic and telecom products are for designs—the latter are easier for competitors to innovate around. d. Pharmaceutical firms are more willing to use litigation to enforce their patents than the producers of electronic and telecom products
Product patents are more effective in pharmaceuticals than in electronic and communication products because: Governments wish to encourage research into life‐saving drugs. Option A.
This statement is true because the government wishes to ensure that its citizens have access to affordable healthcare, and the only way to make that possible is to encourage research into life-saving drugs.
Product patents are one way of ensuring that pharmaceutical companies are compensated for their work and are thus motivated to continue with research.
In addition, many drug patents are for specific chemical compounds; most patents for electronic and telecom products are for designs—the latter is easier for competitors to innovate around.
Electronic and communications technology firms can protect their innovation by alternative means. Pharmaceutical firms are more willing to use litigation to enforce their patents than the producers of electronic and telecom products.
As a result, the lack of effective enforcement mechanisms for product patents in electronic and telecommunications products results in fewer incentives for businesses to pursue research and development in these fields.
Hence, the right answer is option A. Governments wish to encourage research into life‐saving drugs.
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The name of a company often gives a good clue about the form it takes. Find the names of eight businesses in your community and try to guess their shape.
The names of businesses often reflect their core offerings and values. Examples include Apple's focus on technology, Walmart's emphasis on affordability, Coca-Cola's beverage production, Nike's sports-related products, and Starbucks' coffee chain.
The form that a business takes is usually conveyed by its name. The names of eight companies in the community and their shapes are discussed below: Example 1: Apple Inc.- Apple is an American multinational technology corporation that specializes in the production of electronic devices such as smartphones, computers, and tablets. The company's logo is an apple with a bite taken out of it.
Example 2: Walmart Inc.- Walmart is a retail corporation that specializes in the sale of a variety of items such as groceries, clothing, and home goods. Walmart has a unique tagline that says "Save money, live better".Example 3: Coca-Cola Company - The Coca-Cola Company is a beverage manufacturer that specializes in the production of carbonated soft drinks. The company is known for its iconic red and white logo.
Example 4: Nike, Inc.- Nike is a corporation that specializes in the production of sports shoes, clothing, and equipment. The company's logo is the swoosh symbol, which is recognized worldwide. Example 5: Starbucks Corporation - Starbucks is a coffee chain that specializes in the sale of coffee beverages, pastries, and sandwiches. The Starbucks logo is a green mermaid with long hair.
Example 6: General Motors Company - General Motors is an automotive corporation that produces automobiles, trucks, and parts. The General Motors logo features the letters G and M in blue and white. Example 7: McDonald's Corporation - McDonald's is a fast-food restaurant chain that is recognized worldwide. The restaurant specializes in the production of hamburgers, fries, and soft drinks. The company's logo is a pair of golden arches that are crossed.
Example 8: Amazon.com, Inc. - Amazon is an American multinational technology corporation that specializes in e-commerce, cloud computing, and artificial intelligence. The company's logo is an arrow that points from A to Z, which suggests that Amazon sells everything.
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Which statement is true for gains and losses from foreign currency translations ?
a. They do not affect cash and are excluded from the cash flow statement
b. They are included in cash flows from financing activities
c. They are included in cash flows from operating activities
d. They are included in cash flows from investing activities
e. They are included in cash flows from both investing and financing activities
f. They are included in the cash flow statement as a miscellaneous adjustment
The correct statement is:
a. They do not affect cash and are excluded from the cash flow statement.
Gains and losses from foreign currency translations are not considered cash flows and do not impact the cash flow statement. These gains and losses result from the fluctuations in exchange rates when translating financial statements from one currency to another.
They are classified as non-cash items and are typically reported as a separate line item within comprehensive income or equity on the financial statements. Since they do not involve actual inflows or outflows of cash, they are not included in any specific section of the cash flow statement, such as operating activities, investing activities, or financing activities.
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Naomi Ltd. (hereinafter the "Company") has developed a new product and began manufacturing it in January 2022
The company estimates that the monthly demand for the product is 250 units .
Below are partial data on total production time in the company as measured Actual ( hours ):
number of units
Manufactured
Total production time -
Hours
1
3.5
4
10.5966
Production costs are as follows :
Raw materials: 111.4 NIS per unit .
Direct work: 75 NIS per working hour .
Indirect costs are charged at a rate of NIS 85 per hour of direct work .
What is the learning rate of the company's employees? (Approximate) - (round to two places after the dot)
a.0.92
b.0.83
c.0.87
d.0.79
e.All other answers are incorrect .
Assume that the learning rate of the company's employees is 94%. What will be (approximately) the average production time per unit in March (the third month of product production)? Note: Answers are given in minutes.
a.115.3 minutes .
b.All other answers are incorrect .
c.107.7 minutes .
d.119.1 minutes
e.112.8 minutes .
Assume that the learning rate of the company's employees is 94%, and also assume that the company has set itself a monthly gross profit target of 25% of sales, and that the company can determine the selling price of the product. What will be the selling price per unit to be determined by the company (approximately) in April (the fourth month of product production)?
a.515 NIS .
b.510 NIS .
c.550 NIS .
d.All other answers are incorrect .
e.520 NIS .
Step 1: The learning rate of the company's employees is approximately 87%.
Step 2: The learning rate can be calculated by dividing the total production time of the first unit by the total production time of the last unit and taking the square root of the result. In this case, the total production time for the first unit is 4 hours, and the total production time for the last unit is 10.5966 hours. Taking the square root of the ratio (4/10.5966), we get a learning rate of approximately 0.869 or 87%.
The learning rate indicates the rate at which the employees are improving their production efficiency over time. A higher learning rate suggests a faster rate of improvement. In this case, the employees of Naomi Ltd. are improving their production efficiency by approximately 87% with each doubling of the cumulative output. This means that as the company produces more units, the total production time per unit decreases by 13% on average.
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Lee Park was an executive for a large corporation. His base salary, which was calculated on a formula tied to the company income, averaged $338,500 over a five-year period. Because of a recent divorce (within the last year), Lee owed his ex-wife $4,350 per month in spousal support. Lee owed back taxes to the IRS of $210,000, which required him to pay $2,800 per month in addition to current tax payments. Lee owed $150,000 in student loan debt. As a result of his divorce, Lee became the sole owner of his home, which was worth $900,000 and had a $600,000 mortgage on it with Bank of the US.
PLEASE ONLY CHOOSE ONE OPTION IN THE BOLD WRITING.
In this case, Lee Park (the debtor) filed a Chapter 11 / 13 / 7 bankruptcy. Under this type of bankruptcy, the debtor is required to file a list of secured and unsecured creditors as well as several other lists, known as . Creditors / Anticipated Income Statements/ Schedules. Lee’s payments to his wife generally Would / Would not be dischargeable in bankruptcy. Student loans generally Are / Are Notdischargeable in bankruptcy.
Under the federal exemptions, Lee normally Would / Would Not be allowed some portion of equity in his home. Because Lee Did / Did Not become the sole owner of the house (with responsibility for the mortgage) within the last three years, Lee Did / Did Not have a federal maximum equity exemption. According to the federal limit in the book, Lee Should / Should Not be able to claim a homestead exemption for the full amount of the equity in his home.
If the median income in Lee’s state for a single person was $47,000, there Would Be / Would Not Be a presumption of bankruptcy abuse by Lee. If Lee had to complete the means test, the Court would deduct Actual / Living / Formula-Based expenses from his monthly disposable income to decide whether Lee could pay any of his Secured / Unsecured debt. In this situation, given Lee’s income, it Is / Is Not likely that he would have his case dismissed or converted to a Chapter 13.
What If the Facts Were Different?
Assume that Lee Park was not an executive but instead was a line worker making $41,000 per year. His spousal support was $1,000 per month and his home was worth $365,000 with a $290,000 mortgage. He did not have student loans and did not owe any back taxes. The state median income was still $47,000.
In this case, Lee’s income Was / Was Not
higher than the state median. Because of this, there Would Not Be/ Would be
a presumption of bankruptcy abuse.
Lee’s equity in his house would be $290,00 / $75,000 / $365,000
. This amount of equity Is / Is Not lower than the federal limit. Lee Would Not/ Would receive the entire amount of equity in his home.
If the median income in Lee’s state was $47,000, there would not be a presumption of bankruptcy abuse by Lee. Given his income, it is likely that he would have his case dismissed or converted to Chapter 13.
Lee Park in this case filed a Chapter 13 bankruptcy. Under this type of bankruptcy, the debtor is required to file a list of secured and unsecured creditors as well as several other lists, known as Schedules. Lee’s payments to his wife generally would not be dischargeable in bankruptcy.
Student loans generally are not dischargeable in bankruptcy. Under the federal exemptions, Lee normally would be allowed some portion of the equity in his home. Because Lee Did become the sole owner of the house (with responsibility for the mortgage) within the last three years, Lee Did Not have a federal maximum equity exemption. According to the federal limit in the book, Lee Should be able to claim a homestead exemption for the full amount of the equity in his home. If the median income in Lee’s state for a single person was $47,000, there would not be a presumption of bankruptcy abuse by Lee. If Lee had to complete the means test, the Court would deduct Actual expenses from his monthly disposable income to decide whether Lee could pay any of his unsecured debt. In this situation, given Lee’s income, it Is likely that he would have his case dismissed or converted to Chapter 13.
Lee Park filed for Chapter 13 bankruptcy as he owed his ex-wife $4,350 per month in spousal support. Lee owed back taxes to the IRS of $210,000, which required him to pay $2,800 per month in addition to current tax payments. Lee owed $150,000 in student loan debt. As a result of his divorce, Lee became the sole owner of his home, which was worth $900,000 and had a $600,000 mortgage on it with Bank of the US. Under the Chapter 13 bankruptcy, Lee was required to file a list of secured and unsecured creditors, which included his ex-wife's payments that generally would not be dischargeable in bankruptcy. Student loans were also not dischargeable in bankruptcy. Lee could claim a homestead exemption for the full amount of the equity in his home, which was $900,000 with a $600,000 mortgage. However, he did not have a federal maximum equity exemption, as he became the sole owner of the house within the last three years. Therefore, according to the federal limit, Lee could claim a homestead exemption for the full amount of the equity in his home. If Lee’s state's median income for a single person was $47,000, there would not be a presumption of bankruptcy abuse by Lee. If Lee had to complete the means test, the Court would deduct actual expenses from his monthly disposable income to decide whether Lee could pay any of his unsecured debt. In this situation, given Lee’s income, it is likely that he would have his case dismissed or converted to Chapter 13.
Therefore, Lee Park filed for Chapter 13 bankruptcy. His payments to his ex-wife and student loans were not dischargeable in bankruptcy. Lee could claim a homestead exemption for the full amount of the equity in his home. If the median income in Lee’s state was $47,000, there would not be a presumption of bankruptcy abuse by Lee. Given his income, it is likely that he would have his case dismissed or converted to Chapter 13.
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According to the Ricardian model, once trade begins, a country will tend to specialize completely in the production of its export goods. A. True B. False
According to the Ricardian model, once trade begins, a country will tend to specialize completely in the production of its export goods.
A. True B. False
According to the Ricardian model, countries will specialize in producing goods they have a comparative advantage in, leading to complete specialization in their export goods.
According to the Ricardian model of international trade, countries will tend to specialize in the production of goods in which they have a comparative advantage. This means that they will focus on producing and exporting goods in which they are relatively more efficient compared to other countries. By specializing in their export goods, countries can maximize their production and efficiency, leading to increased economic output and overall welfare. Therefore, in the Ricardian model, it is true that once trade begins, a country will tend to specialize completely in the production of its export goods.
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Which role of the Vendor Business Partner has integration with the Reconciliation Account in Financial Accounting?BP Grouping
Supplier Role
General BP Role
FI Vendor Role
The role of the Vendor Business Partner that has integration with the Reconciliation Account in Financial Accounting is the FI Vendor Role.
In SAP Financial Accounting (FI), the FI Vendor Role is responsible for managing vendor-related transactions and integrating with the Reconciliation Account. The Reconciliation Account is a general ledger account used to track and reconcile vendor transactions. The FI Vendor Role allows users to perform vendor-related activities such as creating and maintaining vendor master data, processing vendor invoices, managing payments, and generating financial reports. This role ensures that vendor transactions are accurately recorded and reconciled in the financial statements.
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Predetermined Overhead Rates (LO 6-4) Tiger Furnishings produces two models of cabinets for home theater components, the Basic and the Dominator. Data on operations and costs for March follow: Basic Dominator Total 1,250 7,000 250 Machine-hours Direct labor-hours . .. Direct labor costs Manufacturing overhead costs.. 5,000 175,000 $288,750 Total costs. Required Compute the predetermined overhead rate assuming that Tiger Furnishings uses direct labor-hours to allocate overhead costs
The predetermined overhead rate using direct labor-hours to allocate overhead costs is approximately $21.21 per direct labor-hour.
To compute the predetermined overhead rate using direct labor-hours as the allocation base, we need the following information:
Direct labor-hours: The total direct labor-hours for the production of both the Basic and Dominator cabinets.
Manufacturing overhead costs: The total manufacturing overhead costs incurred during the period.
From the provided data, we have:
Direct labor-hours:
Basic: 1,250 direct labor-hours
Dominator: 7,000 direct labor-hours
Manufacturing overhead costs: $175,000
To calculate the predetermined overhead rate:
Add up the direct labor-hours for both products:
Total direct labor-hours = Direct labor-hours for Basic + Direct labor-hours for Dominator
Calculate the predetermined overhead rate:
Predetermined Overhead Rate = Manufacturing overhead costs / Total direct labor-hours
Using the given data, we can perform the calculations:
Total direct labor-hours = 1,250 direct labor-hours (Basic) + 7,000 direct labor-hours (Dominator) = 8,250 direct labor-hours
Predetermined Overhead Rate = $175,000 / 8,250 direct labor-hours
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based on what you have learned from your rankings in parts a and b, why is it generally hotter in summer than in winter? check all that apply. based on what you have learned from your rankings in parts a and b, why is it generally hotter in summer than in winter?check all that apply. we are closer to the sun in the summer. earth rotates more rapidly in summer. the sun is higher in the sky in summer. we have more hours of daylight in summer.
Based on what you have learned from your rankings in parts a and b, why is it generally hotter in summer than in winter?The sun's heat reaches the earth at a greater angle in the summer, resulting in more direct heat being absorbed by the earth's surface, according to the reason why it is typically hotter in summer than in winter.
The sun is higher in the sky during summer than in winter, which means that the same amount of solar energy is distributed across a smaller area than it would be in winter. This is why it is warmer in summer than in winter. As a result, summers are always hotter than winters.
Earth rotates at a fixed speed and it takes approximately 24 hours for it to complete one rotation. While this has no impact on the temperatures on earth, it does influence the duration of daylight hours. We have more hours of daylight in the summer due to the earth's tilt.
In summer, the days are longer than the nights, whereas in winter, the nights are longer than the days. The tilt of the earth’s axis determines the hours of daylight received at a particular location, and this, in turn, has an impact on the temperatures experienced in that location.
Because the earth's orbit is elliptical, we are closer to the sun in winter than in summer. This proximity to the sun has a limited effect on the temperatures on earth. During the winter season, earth's tilt exposes the Northern Hemisphere to less direct sunlight than the Southern Hemisphere.
This is why the Northern Hemisphere experiences winter while the Southern Hemisphere experiences summer.
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A contractor has signed EPSA contract with NOC on offshore oil field that produces 11,000 bbl / d of with a 10 % Royalty , 30 % recovery cost , and 25 % tax Calculate the profit split in the agreement government take in terms of barrels of oil equal to the contractor ?
in terms of barrels of oil, the contractor's share is 4,950 barrels per day, and the government's share is 6,050 barrels per day.
To calculate the profit split between the contractor and the government in terms of barrels of oil, we need to consider the various components of the agreement: royalty, recovery cost, and tax.
Royalty:
The royalty is typically calculated as a percentage of the total oil produced. In this case, the royalty is 10% of the daily oil production, which is 11,000 barrels per day.
Royalty = 10% of 11,000 = 1,100 barrels per day
Recovery Cost:
The recovery cost represents the expenses incurred by the contractor to recover the oil. It is usually calculated as a percentage of the total oil produced. In this case, the recovery cost is 30% of the daily oil production.
Recovery Cost = 30% of 11,000 = 3,300 barrels per day
Tax:
The tax is typically calculated as a percentage of the profit after deducting the royalty and recovery cost. In this case, the tax is 25% of the remaining profit.
Profit after Royalty and Recovery Cost = Total Oil Production - Royalty - Recovery Cost
Profit after Royalty and Recovery Cost = 11,000 - 1,100 - 3,300 = 6,600 barrels per day
Tax = 25% of 6,600 = 1,650 barrels per day
Contractor's Share:
To calculate the contractor's share, we subtract the royalty, recovery cost, and tax from the total oil production.
Contractor's Share = Total Oil Production - Royalty - Recovery Cost - Tax
Contractor's Share = 11,000 - 1,100 - 3,300 - 1,650 = 4,950 barrels per day
Government's Share:
The government's share is equal to the sum of the royalty, recovery cost, and tax.
Government's Share = Royalty + Recovery Cost + Tax
Government's Share = 1,100 + 3,300 + 1,650 = 6,050 barrels per day
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You’ve just come back from Taiwan. You still have 5,000
Taiwan New Dollar (TWD) from your trip and can exchange them for
USD at the airport. The airport foreign exchange desk buys TWD for
$0.03
You
Based solely on the exchange rates provided, accepting the tourist's offer of 1,200 HKD for the 5,000 TWD appears to be a slightly better deal.
To determine whether to accept the tourist's offer or exchange the 5,000 TWD at the airport, we need to compare the value of the offer with the value we would get through the airport foreign exchange desk.
Value at the airport foreign exchange desk:
The airport foreign exchange desk buys TWD for $0.03. Therefore, if we exchange the 5,000 TWD, we would receive:
Value = 5,000 TWD * $0.03/TWD
Value = $150
Value of the tourist's offer:
The tourist is offering 1,200 HKD in exchange for the 5,000 TWD. To determine the value of the offer in USD, we need to convert the HKD to USD at the airport exchange rate of $0.13/HKD:
Value = 1,200 HKD * $0.13/HKD
Value = $156
Comparing the two values, we find that the tourist's offer of 1,200 HKD is equivalent to $156, while exchanging the 5,000 TWD at the airport would give us $150. Therefore, accepting the tourist's offer would result in a slightly higher value.
However, before making a decision, it's essential to consider any additional fees or commissions involved in the exchange. If there are fees or unfavorable exchange rates, they could reduce the overall value of the offer. Additionally, if you will need Hong Kong dollars for your upcoming trip, accepting the offer could be more convenient than exchanging the currency at the airport.
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Complete Question : You’ve just come back from Taiwan. You still have 5,000 Taiwan New Dollar (TWD) from your trip and can exchange them for USD at the airport. The airport foreign exchange desk buys TWD for $0.03
You will go to Hongkong tomorrow and need to buy Hongkong dollars (HKD) right now. The airport foreign exchange desk offers to sell HKD for $0.13.
Then you meet a tourist at the airport who is from Hongkong and is on his way to Taiwan. He is willing to buy your 5,000 TWD for 1,200 HKD. Will you accept the offer of the tourist at the airport? Why or why not?
Journalize the following transactions for Alan's Furniture. Explanations are not required. (Click the icon to view the transactions.) (Record debits first, then credits. Exclude explanations from any joumal entries.) More info a. Incurred and paid Web site expenses, 52,700 . Incurred manufacturing wages of $12,000,80% of which was direct labor and 20% of which was b. Indirect labor. c. Purchased raw materials on account, $18,000. d. Used in production: direct materials, $8,500; indirect materials, $2,500. Recorded manufacturing overhead: depreciation on plant, $19,000; plant insurance (previously e. paid), $1,600; plant property tax, $3,500 (credit Property Tax Payable). f. Allocated manufacturing overhead to jobs, 160% of direct labor costs. g. Completed production on jobs with costs of $36,000. h. Sold inventory on account, $28,000; cost of goods sold, $10,000. i. Adjusted for overallocated or underallocated overhead q. Completed production on jobs with costs of $36,000. h. Sold inventory on account, $28,000; cost of goods sold, $10,000. Begin by recording the revenue from the sales on account. Do not record the expense related to the sale in this journal entry. We will do that in the next Now record the expense related to the sale. i. Adjusted for overallocated or underallocated overhead.
A journal entry is a record of a financial transaction in the accounting system. It documents the double-entry bookkeeping principle, which states that every transaction has equal and opposite effects on at least two accounts.
Here are the journal entries for the transactions of Alan's Furniture:
a) Incurred and paid Web site expenses, $52,700:
Expense (Web site expenses) 52,700
Cash 52,700
b) Incurred manufacturing wages of $12,000 (80% direct labor and 20% indirect labor):
Work in Process 9,600
Manufacturing Wages (Direct labor) 9,600
Manufacturing Overhead 2,400
Manufacturing Wages (Indirect labor) 2,400
c) Purchased raw materials on account, $18,000:
Raw Materials Inventory 18,000
Accounts Payable 18,000
d) Used in production: direct materials, $8,500; indirect materials, $2,500:
Work in Process 8,500
Raw Materials Inventory 8,500
Manufacturing Overhead 2,500
Raw Materials Inventory 2,500
e) Recorded manufacturing overhead:
Depreciation Expense 19,000
Accumulated Depreciation 19,000
Manufacturing Overhead 1,600
Prepaid Insurance 1,600
Manufacturing Overhead 3,500
Property Tax Payable 3,500
f) Allocated manufacturing overhead to jobs (160% of direct labor costs):
Work in Process 15,360
Manufacturing Overhead 15,360
g) Completed production on jobs with costs of $36,000:
Finished Goods Inventory 36,000
Work in Process 36,000
h) Sold inventory on account, $28,000; cost of goods sold, $10,000:
Accounts Receivable 28,000
Sales Revenue 28,000
Cost of Goods Sold 10,000
Finished Goods Inventory 10,000
i) Adjusted for overallocated or underallocated overhead:
Manufacturing Overhead X
Cost of Goods Sold X
Please note that the specific amount to adjust for overallocated or underallocated overhead is not provided in the information given. The adjustment would involve allocating the overallocated or underallocated amount to the cost of goods sold.
These journal entries record the various transactions for Alan's Furniture, including expenses, purchases, production costs, sales, and overhead allocation.
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A 7-year project is expected to provide annual sales of $217,000 with costs of $97,000. The equipment necessary for the project will cost $355,000 and will be depreciated on a straight-line method over the life of the project. You feel that both sales and costs are accurate to +/-10 percent. The tax rate is 21 percent. What is the annual operating cash flow for the worst-case scenario? Multiple Choice O $58,476 O$80,644 O$68,719 O$47,367 $117,167
The annual operating cash flow for the worst-case scenario is approximately $80,435 (Option B).
To calculate the annual operating cash flow for the worst-case scenario, we need to consider the lowest possible sales and the highest possible costs based on the given accuracy range of +/-10 percent.
Tales for the worst-case scenario can be calculated as 90% of the expected annual sales:
Sales (Worst-case) = $217,000 * 0.9 = $195,300
Costs for the worst-case scenario can be calculated as 110% of the expected annual costs:
Costs (Worst-case) = $97,000 * 1.1 = $106,700
Next, we need to calculate the annual depreciation expense. Since the equipment necessary for the project costs $355,000 and has a 7-year life, the annual depreciation expense would be:
Depreciation Expense = $355,000 / 7 = $50,714.29
To calculate the taxable income, we subtract the depreciation expense from the difference between sales and costs:
Taxable Income = (Sales - Costs) - Depreciation Expense
Taxable Income = ($195,300 - $106,700) - $50,714.29
Taxable Income = $38,885.71
The annual tax payment can be calculated by multiplying the taxable income by the tax rate of 21%:
Tax Payment = Taxable Income * Tax Rate
Tax Payment = $38,885.71 * 0.21 = $8,165.20
Finally, the annual operating cash flow for the worst-case scenario can be calculated by subtracting the tax payment from the difference between sales and costs:
Annual Operating Cash Flow (Worst-case) = (Sales - Costs) - Tax Payment
Annual Operating Cash Flow (Worst-case) = ($195,300 - $106,700) - $8,165.20
Annual Operating Cash Flow (Worst-case) = $80,434.80
Therefore, the annual operating cash flow for the worst-case scenario is approximately **$80,435** (Option B).
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Do you agree or disagree to the following paragraph? explain why?
When the framers first wrote the Constitution, their ideal was to build a government that was different from the one-man-ruled King tyrannical structure of England that the people of the United States had been subjected to for many years. The goal was that no one singular power would be in existence for their citizens. This was not an easy task for the framers and through the failure of the Articles of Confederation, the Great Compromise and Bicameralism were introduced, hence the House and Senate were born. I do believe that it was and is necessary for our government process to be set up as it was. It allows for checks and balances or accounting from one branch of government to another. It essentially means that all branches have to be on the same page for issues, agendas, and laws to go forward. Sometimes this takes great compromise from all branches. It is a balancing of the issue for the greater good of the American people. Filter or moderate no one man or group has ultimate power or authority to govern alone.
The paragraph expresses the view that the government structure established by the framers of the United States Constitution, with its system of checks and balances, is necessary and beneficial.
The author believes that the framers' goal was to create a government different from the tyrannical structure of the English monarchy. The introduction of the Great Compromise and the bicameral legislature (House and Senate) was seen as a response to the failures of the Articles of Confederation. The author argues that the system of checks and balances ensures that no single branch or individual has ultimate power, and decisions require compromise and collaboration between branches for the greater good of the American people.
The validity of this viewpoint depends on individual perspectives. Supporters of the checks and balances system often argue that it helps prevent the concentration of power, promotes accountability, and encourages a broader representation of interests in decision-making. Critics, on the other hand, may argue that it can lead to gridlock, slow decision-making processes, and an inability to address urgent issues.
It's important to note that the interpretation of the Constitution and the effectiveness of its design are ongoing topics of debate, and various viewpoints exist on the matter.
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A Company's data are: Selling price per unit $120 . Variable cost per unit $50 • Fixed cost of operations per year $210 000 What is the break-even point in units? O a. 1 235 O b. 1750 O c. 4 200 C. O d. 3 000
The break-even point in units is option D, 3,000 units. The break-even point is the level of sales where total revenue equals total costs, resulting in zero profit.
To calculate the break-even point in units, we can use the following formula:
Break-even point (units) = Fixed costs / Contribution margin per unit
Where contribution margin per unit = Selling price per unit - Variable cost per unit
Applying the values given in the problem, we get:
Contribution margin per unit = $120 - $50 = $70
Break-even point (units) = $210,000 / $70 = 3,000 units
Therefore, the break-even point in units is option D, 3,000 units.
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Using the information provided below, construct a simple WBS for the project. Project Outline-Remodeling an Appliance I.Research Phase A. Prepare product development proposal 1. Conduct competitive analysis 2. Review field sales reports 3. Conduct technological capabilities assessment B. Develop focus group data C. Conduct telephone surveys D. Identify relevant specification improvements II. Design and Engineering Phase A. Interface with marketing staff B. And so on III. Testing Phase IV. Manufacturing Phase V. Sales Phase
This phase is responsible for manufacturing the product. V. Sales Phase - The final phase in the development of a new appliance is the sales phase. This phase is responsible for marketing and selling the product. The WBS for Remodeling an Appliance includes the above mentioned phases and their respective tasks that help to structure the project work into smaller, more manageable pieces.
Work Breakdown Structure (WBS) is a technique used to organize the deliverables of a project into manageable pieces. A WBS helps to structure the project work into smaller, more manageable pieces. It is a tree-like structure that is broken down into smaller work units. Each work unit is a deliverable that can be monitored and evaluated. The WBS is used to assign tasks to team members and to track progress towards completion. The WBS is a useful tool for project managers to ensure that their projects are on track and that they are meeting their objectives.
WBS for Remodeling an Appliance:
I. Research Phase - The first phase in the development of a new appliance is the research phase. This phase is responsible for researching the product's market, competitors, and technological capabilities.
A. Prepare product development proposal - This phase is responsible for developing a product proposal that will outline the product's features, benefits, and target market.
Conduct competitive analysis - This step includes gathering information on the competitors' products, pricing, and marketing strategies.
Review field sales reports - This step includes analyzing the field sales reports to determine the market demand for the product.
Conduct technological capabilities assessment - This step includes assessing the technological capabilities of the product.
B. Develop focus group data - In this phase, the product's focus group data is developed.
C. Conduct telephone surveys - This step involves conducting telephone surveys to gather information from potential customers about their needs and preferences.
D. Identify relevant specification improvements - This step includes identifying areas where the product specifications can be improved.
II. Design and Engineering Phase - The second phase in the development of a new appliance is the design and engineering phase. This phase is responsible for designing the product's features, functions, and specifications.
A. Interface with marketing staff - This phase includes interfacing with the marketing staff to ensure that the product design is consistent with the marketing strategy.
B. Develop product specifications - In this phase, the product specifications are developed.
III. Testing Phase - The third phase in the development of a new appliance is the testing phase. This phase is responsible for testing the product's features, functions, and specifications.
IV. Manufacturing Phase - The fourth phase in the development of a new appliance is the manufacturing phase. This phase is responsible for manufacturing the product.
V. Sales Phase - The final phase in the development of a new appliance is the sales phase. This phase is responsible for marketing and selling the product.
The WBS for Remodeling an Appliance includes the above mentioned phases and their respective tasks that help to structure the project work into smaller, more manageable pieces.
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Tano Company issues bonds with a par value of $88,000 on January 1.2019. The bonds annual contract rate is 10%0 arid interestis paid semannually on June 30 and December 31 . The bonds mature in three years. The annual market rate at the date of issuance is 12%, and the bonds are 501d for $83,676. 1. What is the amount of the discount on these bonds at issuance? 2. How much total bond interest expense will be recognized over the life of these bonds? 3. Prepare a straight-line amortization table for these bonds. Complete this question by enterinc your answers in the tabs below. What is the amount of the discount on these bonds at issuance?
Amount of the discount on bonds at issuance = $88,000 - $83,676Amount of the discount on bonds at issuance = $4,324Therefore, the amount of discount on these bonds at issuance is $4,324.
The amount of discount on these bonds at issuance is $4,324. Bonds Payable = Face value of the bonds. (Par value of the bonds)Annual market rate = 12%Total amount of cash received from the issuance of bonds = $83,676The annual contract rate of bonds = 10%Par value of bonds = $88,000The difference between the face value of bonds and the proceeds from the sale of bonds is considered as a discount on the issuance of bonds. Therefore, the amount of discount on these bonds at issuance is calculated below: Amount of the discount on bonds at issuance = Face value of bonds - Proceeds from the sale of bonds.
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which of the following is not a mechanism to manage
international political risk?
1.expropration
2.insurance
3.localization
4. partnerships
Expropriation is not a mechanism to manage international political risk, but rather a risk itself. Expropriation refers to the government's seizure of private property without adequate compensation, which can be a significant risk for foreign investors in certain countries.
On the other hand, insurance, localization, and partnerships are all mechanisms that can be used to manage international political risk. Insurance can help protect against a variety of risks, including political violence, currency fluctuations, and business disruption. Localization involves adapting business strategies and operations to the local market and culture, which can reduce political risk by building stronger relationships with local stakeholders. Partnerships with local companies or organizations can also mitigate political risk by providing deeper knowledge of the local market and political environment, as well as access to influential networks and resources.
In summary, while expropriation is not a mechanism to manage international political risk, there are several other approaches that businesses can use to mitigate these risks. It is important for companies operating in foreign markets to carefully evaluate potential political risks and implement strategies to manage them effectively.
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What norms of behavior or ground rules do you set for yourself
(and hope to hold your team members accountable for) to ensure a
successful experience.
Active listening, respect for others' opinions, meeting deadlines, and punctuality are just a few of the many ground rules that can help ensure everyone is working together to achieve their goals.
As a team leader, setting standards of conduct or ground rules is crucial to ensuring a successful experience for yourself and your team members. Some of the norms of behavior that I set for myself and hold my team members accountable for include active listening, respect for others’ opinions, meeting deadlines, and punctuality. I'll explain further below.
Active Listening: Active listening is the process of focusing on the speaker, showing that you understand what they are saying, and acknowledging their feelings. It is essential in team settings to ensure that everyone's ideas are heard, and everyone feels included.
Respect for Others' Opinions: Everyone has unique ideas and opinions. As a team leader, it's important to encourage diversity of thought, and everyone should be respected for their unique perspective.
Meeting Deadlines: Meeting deadlines is critical to success. It is essential that everyone understands and meets project timelines and deadlines. This keeps everyone on track and ensures that the project is completed on time.
Punctuality: Being on time is essential to ensuring that everyone gets started on the right foot. It sets a standard for everyone to follow and avoids creating unnecessary tension.
Conclusion: Setting norms of behavior is critical to ensure the success of any team project.
Active listening, respect for others' opinions, meeting deadlines, and punctuality are just a few of the many ground rules that can help ensure everyone is working together to achieve their goals. By setting clear expectations and holding team members accountable, everyone can work together to produce outstanding results.
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2. International Competitiveness of companies and countries Competitiveness is usually related to companies that fight for customers and contracts.
2a) What is different about the competitiveness of nations?
2b) Why can we not apply the same logic when we compare countries instead of companies?
While competitiveness at the company level focuses on specific market dynamics, the competitiveness of nations involves a broader set of factors that shape a country's overall environment for businesses.
Comparing countries cannot be approached with the same logic as comparing companies due to the distinct circumstances, contexts, and interdependencies involved at the national level.
The competitiveness of nations differs from the competitiveness of companies. While companies compete for customers and contracts, the competitiveness of nations involves a broader set of factors. Comparing countries cannot be based solely on the same logic applied to companies due to several reasons.
The competitiveness of nations encompasses a range of factors beyond the scope of individual companies. It includes aspects such as a country's economic policies, infrastructure, education system, technological capabilities, political stability, and social factors. These factors shape a country's overall environment for businesses and influence its ability to attract investment, stimulate economic growth, and foster innovation.
When comparing countries, it is important to consider their unique circumstances and characteristics. Each country has its own economic, political, and social context, which significantly impacts its competitiveness. Factors such as natural resources, labor market conditions, geopolitical location, and historical development can greatly influence a country's competitive advantage or disadvantage.
Moreover, the competitiveness of nations is interconnected. Countries do not operate in isolation but participate in global markets and international relations. Their competitiveness is influenced by trade policies, foreign investments, exchange rates, and international agreements. Therefore, the comparison of countries requires a broader perspective that considers the complex interactions between various economic, political, and social factors.
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a. Unit trust is considered a popular and convenient forms of investment especially for low risk investors.
i. Discuss how an Islamic unit trust is essentially different from a conventional unit trust.
ii. Briefly explain the five (5) aspects that an Islamic unit trust fund managers need to address to ensure the Shariah-compliant status of their Islamic unit trust fund.
b. Briefly discuss the debate surrounding the validity of short-selling and the decision of
the Shariah Advisory Council (SAC) of Securities Commission (SC) to allow short-selling
in Malaysia.
a. i. An Islamic unit trust, also known as a Shariah-compliant unit trust, operates under the principles of Islamic finance. It differs from a conventional unit trust in several ways:
The Shariah Advisory Council (SAC) of the Securities Commission (SC) in Malaysia made the decision to allow short-selling after careful consideration of the principles of Islamic finance. The SAC determined that short-selling can be permissible if it meets certain conditions, such as ensuring that the transaction involves actual assets, not merely speculative contracts, and that it does not lead to unfair practices or market manipulation. The decision to allow short-selling in Malaysia reflects the evolving nature of Islamic finance and the efforts to adapt to modern financial practices while maintaining adherence to Shariah principles.
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Do you think Voice-rs are friends of a company? Why or not why?
(Topic customers Complaints)
Subject : Marketing service
Voice-rs can be considered friends of a company.
Voice-rs, who express their complaints or negative experiences, can be seen as friends of a company because their feedback provides an opportunity for improvement. By addressing their concerns, companies can enhance customer satisfaction and loyalty. Voice-rs play a valuable role in helping companies identify areas of weakness and drive positive changes in products, services, and overall customer experience. Embracing and resolving complaints can lead to stronger relationships with customers and ultimately contribute to the success of the company.
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You and an appraiser colleague are discussing the value of a duplex located in an area that is experiencing rising demand for mid-rise condominiums. Your friend argues that the sale prices condominiums is irrelevant, because you need to focus on what is, not what could be. Which principle is your friend ignoring in this case? (1) Principle of conformity (2) Principle of substitution (3) Highest and best use principle (4) Principle of consistent use Which of the following is a type of fee timesharing? (1) Interval ownership (2) Leasehold interest (3) Vacation license (4) Club membership 18. 19. What form of ownership is a combination of fee simple of a defined space and tenancy in common of shared areas? (1) Leasehold (2) Easement (3) Condominium (4) Timesharing
Your friend is ignoring the 2. principle of substitution in this case. The principle of substitution states that a buyer will not pay more for a property if they can purchase a similar property for less money.
What does it entail?In this scenario, your friend is disregarding the sale prices of condominiums, which are similar to the duplex in question.
By not considering the sale prices of similar properties, your friend is not taking into account the principle of substitution.
Regarding the type of fee timesharing, 1. interval ownership is a type of fee timesharing.
Lastly, a combination of fee simple of a defined space and tenancy in common of shared areas is known as a 3. condominium.
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BUSI 601. ETHICS, CSR and BUSINESS ENVIRONMENTAL ANALYSIS
Weekly Assignment #
Deadline: Before the next class
• Choose a company in from India and one in Canada (website) in the same industry.
• Conduct SWOT analysis for each.
• Compare both in a table and highlight similarities and differences.
• Submit as 1 file in the thread below.
The assignment is to be submitted as one file in the thread below, before the next class. It should include a comparison of both companies in a table and highlighting similarities and differences.
This weekly assignment of BUSI 601. ETHICS, CSR and BUSINESS ENVIRONMENTAL ANALYSIS, requires conducting a SWOT analysis of two companies in the same industry. One company has to be from India and the other company has to be from Canada. The assignment is to be submitted as one file in the thread below, before the next class. It should include a comparison of both companies in a table and highlighting similarities and differences.
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Bellevue City’s printing shop had the following trial balance on January 1, 20X2:
Debit Credit
Cash $ 24,600 Due from Other Funds 15,600 Inventory of Supplies 9,800 Furniture & Equipment 260,000 Accumulated Depreciation $ 50,000 Vouchers Payable 12,000 Net Assets: Invested in Capital Assets (no related debt) 210,000 Unrestricted 38,000 Total $ 310,000 $ 310,000 Additional Information for 20X2
During 20X2, the printing shop acquired supplies for $96,000, furniture for $1,500, and a copier for $3,200.
Printing jobs billed to other funds amounted to $292,000; cash received from other funds, $287,300; costs of printing jobs, $204,000, including $84,000 of supplies; operating expenses, $38,000, including $8,400 of supplies; depreciation expense, $23,000; and vouchers paid, $243,000.
Required:
a. Prepare entries for the printing shop for 20X2, including closing entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
ARecord the acquisitions of supplies, furniture, and office equipment.
BRecord the billings for jobs completed.
CRecord the collections on billings.
DRecord the costs of printing jobs.
prepare entries for A-D
Closing Entries reset the revenue and expense accounts to zero for the following accounting period and transfer the revenue and expense amounts to the relevant net assets accounts.
a. Recording the acquisitions of supplies, furniture, and office equipment:
1. Supplies Acquisition:
Date: 20X2
Account Title Debit Credit
Inventory of Supplies $96,000
Cash or Accounts Payable $96,000
2. Furniture Acquisition:
Date: 20X2
Account Title Debit Credit
Furniture & Equipment $1,500
Cash or Accounts Payable $1,500
3. Office Equipment Acquisition (Copier):
Date: 20X2
Account Title Debit Credit
Furniture & Equipment $3,200
Cash or Accounts Payable $3,200
b. Recording the billings for jobs completed:
Date: 20X2
Account Title Debit Credit
Due from Other Funds $292,000
Printing Revenue $292,000
c. Recording the collections on billings:
Date: 20X2
Account Title Debit Credit
Cash $287,300
Due from Other Funds $287,300
d. Recording the costs of printing jobs:
Date: 20X2
Account Title Debit Credit
Printing Expense $204,000
Inventory of Supplies $84,000
Cash or Accounts Payable $120,000
Note: The cost of printing jobs includes $84,000 of supplies used for the printing.
Closing Entries:
To close the revenue and expense accounts at the end of 20X2, we transfer their balances to the Net Assets accounts.
Closing Entry for Printing Revenue:
Date: December 31, 20X2
Account Title Debit Credit
Printing Revenue $292,000
Unrestricted Net Assets $292,000
Closing Entry for Printing Expense:
Date: December 31, 20X2
Account Title Debit Credit
Unrestricted Net Assets $204,000
Printing Expense $204,000
Closing Entry for Supplies Expense:
Date: December 31, 20X2
Account Title Debit Credit
Unrestricted Net Assets $84,000
Supplies Expense $84,000
Closing Entry for Operating Expense:
Date: December 31, 20X2
Account Title Debit Credit
Unrestricted Net Assets $38,000
Operating Expense $38,000
Closing Entry for Depreciation Expense:
Date: December 31, 20X2
Account Title Debit Credit
Unrestricted Net Assets $23,000
Accumulated Depreciation $23,000
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Assume we have a PLAM for $450,000 mortgage with a 30 year term and monthly payments. The "real" loan rate is 3%, with inflation rates of 3%, 4%, and 5% for years 1, 2, 3, respectively. What is the loan payments at the beginning of the second year? a. 453.823 b. 354,420 c. 203,230 d. 420,230 e. None of the given answers
The loan payments at the beginning of the second year is $2,895.54. So, none of the given answers are right.are
The payment of a loan depends on the loan amount, interest rate, and loan term. In the given scenario, we have a PLAM for $450,000 mortgage with a 30-year term and monthly payments. The "real" loan rate is 3%, with inflation rates of 3%, 4%, and 5% for years 1, 2, 3, respectively. We need to calculate the loan payments at the beginning of the second year. The loan rate is real, i.e., the loan rate is adjusted to account for inflation. Therefore, we need to calculate the nominal interest rate.
The nominal interest rate for year 1 is: Nominal interest rate for year 1 = Real interest rate + Inflation rate for year 1= 3% + 3%= 6%
The nominal interest rate for year 2 is:Nominal interest rate for year 2 = Real interest rate + Inflation rate for year 2= 3% + 4%= 7%
The nominal interest rate for year 3 is:Nominal interest rate for year 3 = Real interest rate + Inflation rate for year 3= 3% + 5%= 8%
Hence, the nominal interest rates for years 1, 2, 3, respectively, are 6%, 7%, and 8%.The number of payments over the loan term is 30 years × 12 months/year = 360 monthly payments.The loan payments at the beginning of the second year is calculated using the PMT function. The formula for the loan payment (PMT) is:PMT = (P × r) / (1 - (1 + r) -n)Here,P = principal or the loan amountr = interest rate per periodn = number of paymentsWe need to find the loan payments at the beginning of the second year.
Therefore, the number of payments is 29 years × 12 months/year + 1 month = 349 monthly payments.The nominal interest rate for year 2 is 7%. The monthly interest rate is r = 7% / 12 = 0.00583.The loan amount is $450,000.The loan payments at the beginning of the second year is:PMT = (P × r) / (1 - (1 + r) -n)PMT = ($450,000 × 0.00583) / (1 - (1 + 0.00583) -349)PMT = $2,895.54Therefore, the loan payments at the beginning of the second year is $2,895.54. Answer: None of the given answers.
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Terry Wade, the new controller of Riverbed Company, has reviewed the expected usefullives and salvage values of selected depreciable assets at the beginning of 2022. Here are his findings: Accumulated Useful life (in Years) Date Depreciation Salvage Value Type of Asset Acquired Cost Jan. 1, 2022 Old Proposed Building Jan. 1, 2016 $810,000 40 50 Warehouse Jan. 1, 2017 116,000 25 20 $115,950 22,360 Old $37,000 4,200 Proposed $73,650 27,640 All assets are depreciated by the straight-line method. Riverbed Company uses a calendar year in preparing annual adjusting entries and financial statements. After discussion, management has agreed to accept Terry's proposed changes. (The "Proposed" useful life is total life, not remaining life.) (a) Compute the revised annual depreciation on each asset in 2022. Building Warehouse Revised annual depreciation (b). Prepare the entry to record depreciation on the building in 2022. (List all debit entries before credit entries. Credit account titles are automatically indented when 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.) Date Account Titles and Explanation Debit Credit Dec. 31
To compute the revised annual depreciation on each asset in 2022, we need to use the information provided in Riverbed Company . Here are the calculations:
a) Revised annual depreciation:
For the building:
Acquired Cost = $810,000
Useful life (revised) = 40 years
Depreciation = Acquired Cost / Useful life (revised)
Depreciation = $810,000 / 40 = $20,250 per year
For the warehouse:
Acquired Cost = $116,000
Useful life (revised) = 25 years
Depreciation = Acquired Cost / Useful life (revised)
Depreciation = $116,000 / 25 = $4,640 per year
b) The entry to record depreciation on the building in 2022 would be as follows:
Date Account Titles and Explanation Debit Credit
December 31 Depreciation Expense (Building) $20,250
Accumulated Depreciation (Building) $20,250
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Mr DIY Corporation offers bond with: 9%coupon bond (payable once a year). Yield to maturity is 8.13% Mature in 9 years Based on the above information, which of the following statements is true? Select one: a. The bond is both discount and premium bond. b. The bond is discount bond. c. The bond is premium bond. d. The bond is equal bond.
The bond is a premium bond.
Based on the given information, the bond is a premium bond. A premium bond is a bond that is priced higher than its face value or par value. In this case, the bond offers a coupon rate of 9%, which is higher than the yield to maturity of 8.13%. This indicates that the bond is attractive to investors, resulting in its price being higher than its face value.
Premium bonds typically occur when the coupon rate is higher than the prevailing interest rates, making them desirable investments. Investors are willing to pay a premium to receive the higher coupon payments compared to the yield offered in the market.
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rior to recording its closing entries, a company has the following accounts and account balances at the end of its first year: accounts payable, $3,000 cash, $19,000 common stock, not given dividends, $1,000 expenses, $14,000 notes payable, $4,000 prepaid insurance, $3,000 revenues, $23,000 what is the balance of its common stock account at the end of the first year?
The balance of the common stock account at the end of the first year is given as $19,000.
The balance of the common stock account at the end of the first year can be calculated by subtracting the total liabilities and retained earnings from the total assets.
Total assets = Cash + Accounts Receivable + Prepaid Insurance + Other Assets
Total liabilities = Accounts Payable + Notes Payable
Total equity = Common Stock + Retained Earnings
Given:
Accounts Payable = $3,000
Cash = $19,000
Common Stock (not given dividends) = $19,000
Expenses = $1,000
Notes Payable = $14,000
Prepaid Insurance = $4,000
Revenues = $23,000
Total assets = $19,000 + $4,000 + Other Assets (not provided)
Total liabilities = $3,000 + $14,000 = $17,000
Total equity = Total assets - Total liabilities
Total equity = ($19,000 + $4,000 + Other Assets) - $17,000
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