Answer:1184%
Explanation:
The following information relates to year-end adjusting entries as of December 31, 2021. Depreciation of the mountain bikes purchased on July 8 and kayaks purchased on August 4 totals $6,660. Six months’ of the one-year insurance policy purchased on July 1 has expired. Four months of the one-year rental agreement purchased on September 1 has expired. Of the $1,000 of office supplies purchased on July 4, $300 remains. Interest expense on the $44,000 loan obtained from the city council on August 1 should be recorded. Of the $2,100 of racing supplies purchased on December 12, $110 remains. Suzie calculates that the company owes $13,900 in income taxes.
Question Completion:
Record the adjusting entries.
Answer:
Adjusting Journal Entries:
Debit Depreciation Expense - Mountain Bikes $6,660
Credit Accumulated Depreciation - Mountain Bikes $6,660
To record depreciation expense for the period.
Debit Insurance Expense $
Credit Prepaid Insurance $
To record the insurance expense for the period.
Debit Rental Expense $
Credit Prepaid Rental $
To record the rental expense for the period.
Debit Office Supplies Expense $700
Credit Office Supplies $700
To record office supplies expense for the period.
Debit Interest Expense $
Credit Interest Expense Payable $
To record interest expense on the $44,000 loan.
Debit Racing Supplies Expense $1,990
Credit Racing Supplies $1,990
To record racing supplies expense for the period.
Debit Income Tax Expense $13,900
Credit Income Tax Payable $13,900
To record income tax expense payable.
Explanation:
Adjusting journal entries are recorded in order to present elements of financial statements based on the accrual basis and not whether cash was paid or received.
In this question, some data were not provided. This is why some figures were not disclosed for Insurance Expense, Rental Expense, and Interest Expense. But, the accounting treatments remain valid. Only the figures are missing.
Adams Co. reports the following balance sheet accounts as of December 31. Salaries payable $ 6,800 Retained earnings $ 58,000 Buildings 67,800 Notes payable (due in 9 years) 46,000 Prepaid rent 7,800 Office supplies 3,600 Merchandise inventory 15,600 Land 38,000 Accounts payable 18,000 Accumulated depreciation-Building 6,600 Prepaid insurance 4,600 Mortgages payable (due in 5 years) 28,000 Accounts receivable 12,000 Cash 32,000 Common stock 18,000 Required: Prepare a classified balance sheet. (Amounts to be deducted should be indicated by a minus sign.)
Answer:
Adams Co.
Balance Sheet as of December 31.
Assets
Current Assets
Cash $32,000
Accounts Receivable $12,000
Merchandise Inventory $15,600
Office Supplies $3,600
Prepaid Rent $7,800
Prepaid Insurance $4,600
Total Current Assets $ 75,600
Property, Plant and Equipment
Land $38,000
Building $67,800
Accumulated Depreciation $(6,600) $61,200
(Buildings)
Total Assets $ 174,800
Liabilities
Current Liabilities
Accounts Payables $18,000
Salaries Payable $6,800
Total Current Liabilities $24,800
Long term Liabilities
Notes Payable $46,000
Mortgage Payable $28,000
Total Long term Liabilities $74,000
Total Liabilities $98,800
Stockholder's Equity
Common Stock $18,000
Retained Earnings $58,000
Total Stockholder's Equity $76,000
Total Liabilities & Stockholder's Equity $174,800
Paul and Karen Kent are married, and both are employed (Paul earned $44,000 and Karen earned $9,000 this year). Paul and Karen have two dependent children, Samuel and Joy, both under the age of 13. Paul and Karen pay $3,800 ($1,900 for each child) to Sunnyside D Care Center (422 Sycamore Road, Ft. Worth, TX 76028; Employer Identification Number 11-2345678), to care for their children
Assuming that Paul and Karen file a joint return, their tax credit for child and dependent care expenses for the year is ________.
Answer:
$760
Explanation:
The tax credit for child and dependent care expenses allows working taxpayers to discount up to 35% of care expenses. The exact percentage that you are allowed to deduct depends on your income:
if you earn up to $15,000, you can discount 35% of dependent care expenses of up to $3,000 per child. the percentage decreases for every $2,000 of income (1% decrease per every $2,000), until your income reaches $43,000 where it remains at 20%.The Kent's earned $53,000 during the year, so they can claim up to 20% of their children's care expenses = $3,800 x 20% = $760
What types of supply chain strategies are required for food and rose supply chains?
Answer:
supply chain is a system of organizations, people, activities, information,
Explanation:
hope that works
There are two plant nurseries in a small town. They are called Tumbleweed and Native Roots. If neither advertises, Tumbleweed makes $80,000 a month in profits and Native Roots makes $95,000. Advertising would cost each firm $20,000 a month. If only one firm advertises, that firm increases sales by $50,000 a month whereas the nonadvertising firm loses out. If Tumbleweed doesn't advertise but Native Roots does, Tumbleweed loses $30.000 a month. If Native Roots doesn't advertise but Tumbleweed does, it loses $35,000 a month. If both advertise, they increase revenue by $15,000 each. Insofar as they grow their products from the ground, they don't have any increased costs when they have increased sales (that is, their marginal cost of production is $0).
Part 1 What is the amount of profit Tumbleweed makes when both advertise?
How much profit does Native Roots make when both advertise?
Part 2 What outcome is predicted (that is, the Nash equilibrium) for these two firms, given the figures above?
Choose one: •
A. Both firms advertise.
B. Tumbleweed advertises, but Native Roots doesn't.
C. Native Roots advertises, but Tumbleweed doesn't.
D. Neither firm advertises.
Answer:
1. a. $75,000
b. $90,000
c. A. Both firms advertise.
Explanation:
1. a. Tumbleweed profits when both advertise.
When both advertise they get an increased revenue of $15,000 however they will pay $20,000 for adverts which means they will have a net gain from advertising of -$5,000.
Tumbleweed profits = Amount when non advertises + Gain from advertising
= 80,000 + ( - 5,000)
= $75,000
b. Native Roots profit if both advertise;
= Amount when non advertises + Gain from advertising
= 95,000 + ( 15,000 - 20,000)
= $90,000
2. A. Both firms advertise.
The Nash Equilibrium is the strategy that either of the two plant nurseries will take and not have to worry about the actions of the other nursery because this strategy provides the highest payoff regardless of their competitors actions.
Both firms advertising will be that strategy because if neither advertise, one will then advertise and the other would make losses so will then advertise as well.
1. The amount of profit Tumbleweed makes when both advertise should be $75,000
b The profit does Native Roots make when both advertise $90,000
c. A. Both firms advertise.
Calculation of the profit:1.
Here the following formula should be used
Tumbleweed profits = Amount when non advertises + Gain from advertising
= 80,000 + ( - 5,000)
= $75,000
b.
= Amount when non advertises + Gain from advertising
= 95,000 + ( 15,000 - 20,000)
= $90,000
2. A. Both firms advertise.
In the Nash Equilibrium either of any two plant nurseries should be considered also at the same time they dont need to worry related to the other nursery actions since in this, it gives the highest payoff.
Learn more about profit here: https://brainly.com/question/24597352
The following transactions were completed by the company.
a. The company completed consulting work for a client and immediately collected $6,200 cash earned.
b. The company completed commission work for a client and sent a bill for $4,700 to be received within 30 days.
c. The company paid an assistant $1,750 cash as wages for the period.
d. The company collected $2,350 cash as a partial payment for the amount owed by the client in transaction b.
e. The company paid $840 cash for this period's cleaning services.
Question Completion:
The impact on accounting equation:
Answer:
Assets = Liabilities + Equity
a. Cash +$6,200 = Liabilities + Retained Earnings + $6,200
b. Accounts Receivable +$4,700 = Liabilities + Retained Earnings + $4,700
c. Cash -$1,750 = Liabilities + Retained Earnings -$1,750
d. Cash + $2,350; Accounts Receivable -$2,350 = Liabilities + Equity
e. Cash - $840 = Liabilities + Retained Earnings -$840
Explanation:
The accounting equation states that Assets = Liabilities + Equity. This equation means that every business transaction has effect on either side or both sides of the equation. For every transaction, the Assets are increased or decreased and Liabilities + Equity are increased or decreased. And sometimes, only one side is affected by a transaction. This means that the affected side is increased and decreased by one transaction. Case "d" is typical example.
Find three examples of each tool in the promotional mix. Answer these questions: 1.What is the purpose of the promotional tool? Is it to inform, remind, or persuade? Provide reasons for your answer. 2.Does the tool address a mass audience or a customized audience? 3.Consider the product’s complexity. How well does the promotional tool address the needs of consumers and convince them to buy the product? 4.What is the target audience of the promotional tool? Explain what clues about the promotional tool helped you answer this question. 5.In your opinion, where is the product/service in the product life cycle? Explain your belief.
Answer:
Three products advertised on radio are washing detergent, an energy drink, and cold cream.
The purpose of the promotional tool is to inform and persuade customers to buy the products. It addresses a mass audience. These products are simple. They address the needs of consumers and convince them to purchase the product. The target audience for these products is the general public. These products are in the growth stage.
Three products advertised in print media are a TV set, houses for sale, and branded footwear.
The purpose of the promotional tool is to remind the customers to buy the products. It addresses a mass audience. These products have medium level of complexity. They address the needs of consumers and convince them to purchase the product. The target audience for these products is the general public. These products are in the maturity stage.
Three PR initiatives are buying children’s diapers and contributing a certain portion of the price toward child education, supermarkets being promoted by the sheer name of a conglomerate brand, and a parent company’s name used to launch new cell phones.
The purpose of the promotional tool is to inform and persuade customers to buy the products. It addresses a mass audience. These products have medium level of complexity. They address the needs of consumers and convince them to purchase the product. The target audience for these products is the general public. These products are in the introductory stage.
Three personal selling programs include selling insurance policies, copiers, and mutual fund plans.
The purpose of the promotional tool is to inform and persuade customers to buy the products. It addresses a customized set of audience. These products are complex. They address the needs of consumers and convince them to purchase the product. Working individuals are the target audience for these products. These products are in the introductory stage.
Three sales promotion programs include selling footwear, clothes, and ice cream.
The purpose of the promotional tool is to remind and persuade customers to buy the products. It addresses a mass audience. These products are simple. They address the need of consumers and convince them to purchase the product. The target audience for these products is the general public. These products are in the maturity stage.
Three direct marketing programs include selling insurance policies, mutual fund plans, and automobiles.
The purpose of the promotional tool is to inform and persuade customers to buy the products. It addresses a customized set of audience. These products are complex. They address the needs of consumers and convince them to purchase the product. Working individuals are the target audience for these products. These products are in the growth stage.
Explanation:
Items owned that could be sold for cash
On December 31 of the current year, Plunkett Company reported an ending inventory balance of $219,000. The following additional information is also available: Plunkett sold and shipped goods costing $38,800 to Savannah Enterprises on December 28 with shipping terms of FOB shipping point. The goods were not included in the ending inventory amount of $219,000. Plunkett purchased goods costing $44,800 on December 29. The goods were shipped FOB destination and were received by Plunkett on January 2 of the following year. The shipment was a rush order that was supposed to arrive by December 31. These goods were included in the ending inventory balance of $219,000. Plunkett's ending inventory balance of $219,000 included $15,800 of goods being held on consignment from Carole Company. (Plunkett Company is the consignee.) Plunkett's ending inventory balance of $219,000 did not include goods costing $95,800 that were shipped to Plunkett on December 27 with shipping terms of FOB destination and were still in transit at year-end. Based on the above information, the amount that Plunkett should report in ending inventory on December 31 is:
Answer:
The ending inventory balance is $158,400
Explanation:
The computation of the amount that Plunkett should report in ending inventory is shown below:
= Ending balance - goods purchased under FOB destination - goods held on consignment
= $219,000 - $44,800 - $15,800
= $158,400
hence, the ending inventory balance is $158,400
we simply applied the above formula so that the correct value could come
Suppose Sally Smith plans to invest $1,000. She can earn an effective annual rate of 5% on Security A, while Security B has an effective annual rate of 12%. After 11 years, the compounded value of Security B should be more than twice the compounded value of Security A. (Ignore risk, and assume that compounding occurs annually.) (2.5pts) Question 39 - Suppose Sally Smith plans to invest $1,000. She can earn an effective annual rate of 5% on Security A, while Security B has an effective annual rate of 12%. After 11 years, the compounded value of Security B should be more than twice the compounded value of Security A. (Ignore risk, and assume that compounding occurs annually.) True False
Answer:
True
Explanation:
The following transactions occurred during the month of June 2021 for the Stridewell Corporation. The company owns and operates a retail shoe store. Issued 125,000 shares of common stock in exchange for $625,000 cash. Purchased office equipment at a cost of $102,500. $41,000 was paid in cash and a note payable was signed for the balance owed. Purchased inventory on account at a cost of $250,000. The company uses the perpetual inventory system. Credit sales for the month totaled $425,000. The cost of the goods sold was $212,500. Paid $5,500 in rent on the store building for the month of June. Paid $2,880 to an insurance company for fire and liability insurance for a one-year period beginning June 1, 2021. Paid $180,625 on account for the merchandise purchased in 3. Collected $85,000 from customers on account. Paid shareholders a cash dividend of $6,250. Recorded depreciation expense of $2,050 for the month on the office equipment. Recorded the amount of prepaid insurance that expired for the month.
Required:
Prepare journal entries to record each of the transactions and events listed above. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Answer:
Stridewell Corporation
Journal Entries:
Debit Cash Account $625,000
Credit Common Stock $625,000
To record the issue of 125,000 shares for cash.
Debit Office Equipment $102,500
Credit Cash Account $41,000
Credit Note Payable $61,500
To record the purchase of office equipment.
Debit Inventory $250,000
Credit Accounts Payable $250,000
To record the purchase of inventory.
Debit Accounts Receivable $425,000
Credit Sales Revenue $425,000
To record the sale of goods on account.
Debit Cost of Goods Sold $212,500
Credit Inventory $212,500
To record the cost of goods sold.
Debit Rent Expense $5,500
Credit Cash Account $5,500
To record the payment of rent for the month.
Debit Prepaid Insurance $2,880
Credit Cash Account $2,880
To record the payment for insurance for a year.
Debit Accounts Payable $180,625
Credit Cash Account $180,625
To record the payment to suppliers on account.
Debit Cash Account $85,000
Credit Accounts Receivable $85,000
To record the receipt of cash from customers.
Debit Dividend $6,250
Credit Cash Account $6,250
To record the payment of cash dividend.
Debit Depreciation Expense - Office Equipment $2,050
Credit Accumulated Depreciation - Office Equipment $2,050
To record depreciation expense for the month.
Debit Insurance Expense $240
Credit Prepaid Insurance $240
To record insurance expense for the month.
Explanation:
Stridewell's insurance expense that expired for the month is obtained by dividing the Prepaid Insurance by 12 since it is for one year. Thus, Stridewell obtains $240 ($2,880/12) as the expense for the month. The balance remaining in the Prepaid Insurance is a current asset which is carried into the next month.
Journal entries help us to identify the accounts involved in each Stridewell's transaction and the account it should debit and the one it should credit. They are the initial record made by Stridewell in its accounting books for each business transaction.
Pro-Weave manufactures stadium blankets by passing the products through a weaving department and a sewing department. The following information is available regarding its June inventories:
Beginning Inventory Ending Inventory
Raw materials inventory $124,000 $225,000
Work in process inventory-weaving 475,000 415,000
Work in process inventory-Sewing 645,000 725,000
Finished goods inventory 1,276,000 1,416,00
The following additional information describes the company's manufacturing activities for June.
Raw materials purchases (on credit) $505,000
Factory wages cost (paid in cash) 3,220,000
Other factory overhead cost (Other Accounts credited) 186,000
Materials used
Direct-Weaving $304,000
Direct-Sewing 84,000
Indirect 164,000
Lbor used
Direct-Weaving $1,275,000
Direct-Sewing 485,000
Indirect 1,525,000
Overhead rates as a percent of direct labor
Weaving 85%
Sewing 155%
Sales (on credited) $5,350,000
Required:
Prepare journal entries dated June 30 to record:
a. raw materials purchases
b. direct materials usage
c. indirect materials usage
d. direct labor usage
e . indirect labor usage
f. other overhead costs
g. overhead applied
h. payment of total wages costs.
Answer:
a. raw materials purchases
raw materials 505,000 debit
account payable 505,000 credit
b. direct materials usage
Weaving WIP 304,000 debit
Sewing WIP 84,000 debit
Raw Materials 388,000 credit
c. indirect materials usage
Factory overhead 164,000 debit
Raw Materials 164,000 credit
d. direct labor usage
Weaving WIP 1,275,000 debit
Sewing WIP 485,000 debit
Wages Payables 1,760,000 credit
e . indirect labor usage
Factory overhead 1,525,000 debit
Wages Payables 1,525,000 credit
f. other overhead costs
Factory Overhead 186,000 debit
Other Account Payable 186,000 credit
g. overhead applied
Weaving WIP 1,083,750 debit
Sewing WIP 751,750 debit
factory Overhead 1,760,000 credit
h. payment of total wages costs.
Wages Payable 3,285,000 debit
Cash 3,285,000 credit
Explanation:
the direct cost is assigned to each department while the indirect cost into factory overhead
g) overhead calculations:
Weaving $1,275,000 labor x 85% = 1,083,750
Sewing $ 485,000 labor x 155% = 751,750
Total applied overehead: 1,835,500
h) total wages cost:
Wages payable T-account
DEBIT CREDIT
--------------------------------------
d) 1,760,000
e) 1,525,000
Balance 3,285,000
Sweet Co. sells $497,000 of 8% bonds on March 1, 2020. The bonds pay interest on September 1 and March 1. The due date of the bonds is September 1, 2023. The bonds yield 12%. Give entries through December 31, 2021.
Prepare a bond amortization schedule using the effective-interest method for discount and premium amortization. Amortize premium or discount on interest dates and at year-end. (Round answers to 0 decimal places, e.g. 38,548.)
Prepare all of the relevant journal entries from the time of sale until December 31, 2021. (Assume that no reversing entries were made.)
Answer:
1) I used an excel spreadsheet to prepare a bond amortization schedule
2) the issue price of the bonds was:
PV = $1,000 / (1 + 6%)⁷ = $665.06
PV of coupon payments = $40 x 5.5824 (PV annuity factor, 7 periods, 6%) = $223.30
market price = $888.36
March 1, 2020, bonds issued at a discount
Dr Cash 441,514.92
Dr Discount on bonds payable 55,485.08
Cr Bonds payable 497,000
September 1, 2020, first coupon payment
Dr Interest expense 26,490.90
Cr Cash 19,880
Cr Discount on bonds payable 6,610.90
amortization of discount = (441,514.92 x 0.06) - 19,880 = 6,610.90
December 31, 2020, accrued interests on bonds payable
Dr Interest expense 17,925.03
Cr Interest payable 13,253.33
Cr Discount on bonds payable 4,671.70
amortization of discount = (448,125.82 x 0.06 x 2/3) - 13,253.33 = 4,671.70
March 1 , 2021, second coupon payment
Dr Interest expense 9,055.95
Dr Interest payable 13,253.33
Cr Cash 19,880
Cr Discount on bonds payable 2,429.28
amortization of discount = (452,797.52 x 0.06 x 1/3) - 6,626.67 = 2,429.28
September 1 , 2021, third coupon payment
Dr Interest expense 27,313.61
Cr Cash 19,880
Cr Discount on bonds payable 7,433.61
amortization of discount = (455,226.80 x 0.06) - 19,880 = 7,433.61
December 31, 2021, accrued interests on bonds payable
Dr Interest expense 18,506.42
Cr Interest payable 13,253.33
Cr Discount on bonds payable 5,253.09
amortization of discount = (462,660.41 x 0.06 x 2/3) - 13,253.33 = 5,253.09
March 1 , 2022, fourth coupon payment
Dr Interest expense 9,358.27
Dr Interest payable 13,253.33
Cr Cash 19,880
Cr Discount on bonds payable 2,731.60
amortization of discount = (467,913.50 x 0.06 x 1/3) - 6,626.67 = 2,731.60
September 1 , 2022, fifth coupon payment
Dr Interest expense 28,238.71
Cr Cash 19,880
Cr Discount on bonds payable 8,358.71
amortization of discount = (470,645.10 x 0.06) - 19,880 = 8,358.71
December 31 , 2022, accrued interests on bonds payable
Dr Interest expense 19,160.15
Cr Interest payable 13,253.33
Cr Discount on bonds payable 5,906.82
amortization of discount = (479,003.81 x 0.06 x 2/3) - 13,253.33 = 5,906.82
March 1 , 2023, sixth coupon payment
Dr Interest expense 9,698.21
Dr Interest payable 13,253.33
Cr Cash 19,880
Cr Discount on bonds payable 3,071.54
amortization of discount = (484,910.63 x 0.06 x 1/3) - 6,626.67 = 3,071.54
September 1 , 2023, seventh coupon payment
Dr Interest expense 28,897.83
Cr Cash 19,880
Cr Discount on bonds payable 9,017.83
Here is some price information on Fincorp stock. Suppose first that Fincorp trades in a dealer market.
Bid Asked
55.25 55.50
a. Suppose you have submitted an order to your broker to buy at market. At what price will your trade be executed?
b. Suppose you have submitted an order to sell at market. At what price will your trade be executed?
c. Suppose you have submitted a limit order to sell at $55.62. What will happen?
d. Suppose you have submitted a limit order to buy at $55.37. What will happen?
Answer:
The following are the solution to this question:
Explanation:
In option a, The trading shall take place at $55.50 because it's the best possible market value.
In option b, The trading being taken out at $55,25 since it is the best price available on the market.
In option c, The deal doesn't occur as $55.62 (minimum bid price) is moreover $55.25.
In option d, The transaction would not be taken out and it is under $55.37 (ask price).
Your bank offers you a $40,000 line of credit with an interest rate of 1.75 percent per quarter. The loan agreement also requires that 2 percent of the unused portion of the credit line be deposited in a non-interest-bearing account as a compensating balance. Your short-term investments are paying .15 percent per month. What is your effective annual interest rate on this arrangement if you do not borrow any money on this credit line during the year? Assume any funds borrowed or invested use compound interest.
How do you get 1.81?
A.
7.19 percent
B.
1.81 percent
C.
3.18 percent
D.
.87 percent
E.
.60 percen
Answer:
1.81 percent
Explanation:
Your bank offers to pay a 40,000 line of credit with an interest of 1.75%
Your short term investments are paying 0.15% per month
Therefore the effective annual interest rate can be calculated as follows
= (short term investments/100 + 1)^12 - 1
= (0.15/100 + 1 )^12 -1
= (0.0015+ 1)^12 - 1
= 1.0015^12 - 1
= 1.0181 - 1
= 0.00181 × 100
= 1.81%
Hence the effective annual interest rate is 1.81 percent
Freelife, New Hampshire has a labor force of 78,567 persons and employment of 74,382. The unemployment rate for the city is
Answer:
5.3%
Explanation:
The unemployment rate expresses the number of unemployed people in the labor force as a percentage of the total labor force.
Unemployed people refer to the jobless individuals that are seeking work.
In free life, the unemployment rate will be
=unemployed / labor force x 100
unemployed people =labor force - employed people
unemployed people = 78,567 - 74,382
unemployed people =4185
the unemployment rate = 4185/ 78,567 x 100
=0.053266 x 100
=5.3%
There are currently
people in the U.S. who work for the minimum wage.
Answer:
ye minimum wage is 9.75 an hour
Explanation:
score skateboard company is a small firm that designs and manufactures skateboards for high school and collage students who want effective fast transpiration around campus. score has two employees who receive $1,100 gross pay semimonthly pay period and four employees who receive $150 gross pay per semimonthly pay period. the company owner and manager, Christie needs to determine how much to include in her budget for each employees. starting in January score will be contributing $75 per pay period to each employees retirement fund.
a. calculate the cost to score for an employee with $1,100 gross pay in the first pay period in January.
b. calculate the cost to score for an employee with $850 gross pay in the first pay period in January.
c. Calculate the total gross pay semimonthly pay for all six employees.
Answer:
a. $1553
b. $1,303
c. $5,618
Explanation:
SUTA is 5.4% for employees if the total salary is below $7,000
In the provided scenario the salary is less than that as $7,000/6 employees = $1,167 each employee. The maximum salary is $1,100 in the scenario.
a.
SUTA = $7,000 * 5.4%
SUTA = $378
Retirement Fund = $75
Gross Salary = $1,100
$378 + $75 + $1,100 = $1553
b.
SUTA = $7,000 * 5.4%
SUTA = $378
Retirement Fund = $75
Gross Salary = $850
$378 + $75 + $850 = $1,303
c.
SUTA = $7,000 * 5.4%
SUTA = $378 * 6 employees
SUTA = $2,268
Retirement Fund = $75 * 6 employees
Retirement Fund = $450
Gross Salary = $150 * 4 employees
Gross Salary = $600
Gross Salary = $1,150 * 2 employees
Gross Salary = $2,300
Total Gross Salary = $2,900
Total Gross Pay = $2,268 + $450 + $2,900
Total Gross Pay = $5,618
Prompt What is an economy?
Answer/Explanation:
Am economy encompasses all activities that relates to the allocation of scarce resources for optimal production, processing, and distribution and trade of goods and services for the benefits and consumption of the populace dwelling in a geographical area. It entails all inter-related activities that pertains to the efficient use of scarce resources to ensure human needs are met for their survival.
Bank dealers in conversations among themselves use a shorthand notation to quote bid and ask forward prices in terms of forward points. This is convenient because A) forward points may change faster than spot and forward quotes. B) forward points may remain constant for long periods of time, even if the spot rates change frequently. C) in swap transactions where the trader is attempting to minimize currency exposure, the actual spot and outright forward rates are often of no consequence. D) Both B and C
Answer:
C) in swap transactions where the trader is attempting to minimize currency exposure, the actual spot and outright forward rates are often of no consequence.
Explanation:
Swap transactions occur with negotiations based on the profitability of two goods, in relation to the profitability related to the value of a currency of a given location. As the currency value of these two goods can vary significantly, the traders involved in this process always seek to minimize currency exposure, as well as real cash rates. This gives space for bank brokers to use shortened laces notation, where future price predictions are considered.
When you introduce your product to a focus group or a small geographical location, which activity does it signify?
A.
market testing
B.
developing prototypes
C.
commercialization
D.
ideation techniques
E.
business analysis
Answer:
A
Explanation:
plato
During the course of your examination of the financial statements of the Hales Corporation for the year ended December 31, 2021, you discover the following: An insurance policy covering three years was purchased on January 1, 2021, for $4,200. The entire amount was debited to insurance expense and no adjusting entry was recorded for this item. During 2021, the company received a $675 cash advance from a customer for merchandise to be manufactured and shipped in 2022. The $675 was credited to sales revenue. No entry was recorded for the cost of merchandise. There were no supplies listed in the balance sheet under assets. However, you discover that supplies costing $645 were on hand at December 31. Hales borrowed $17,000 from a local bank on October 1, 2021. Principal and interest at 12% will be paid on September 30, 2022. No accrual was recorded for interest. Net income reported in the 2021 income statement is $33,000 before reflecting any of the above items.
Required:
Determine the proper amount of net income for 2021. (Amounts to be deducted should be indicated by a minus sign.)
Unadjusted Net income:
Adjustments:
a.
b
c.
d.
Adjusted net income:
Answer:
$35,260
Explanation:
Calculation to Determine the proper amount of net income for 2021
Unadjusted net income $33,000
Adjustments:
a. Insurance expense overstated $2,800
[4,200-(4,200/3)]
b. Sales revenue overstated $(675)
c. Supplies expense overstated $645
d. Interest expense understated $(510)
(12%*17,000*3/12)
Adjusted net income $35,260
Therefore the proper amount of net income for 2021 will be $35,260
Which of the following statements is true?
A. The maximum cardinality is used to indicate whether the relationship between two entities is optional or mandatory.
B. The minimum cardinality is used to indicate whether an entity can be linked to only one or more than one instance of another entity.
C. The maximum cardinality can be either zero or one.
D. None of these are correct
E. The minimum cardinality can be either one or many.
Answer:
D. None of these are correct
Explanation:
Cardinality refers to the entity instances for which it is eligible to participate in a relationship instance. There are two types of cardinality, maximum and minimum.
Where maximum cardinality is further of 3 types, one to one (1:1), one to many (1:N), and many to many (N:M).
Minimum cardinality refers to the minimum number of instances an entity shall participate, it is usually either 0 or 1..
The participation where is 0 then the it is considered optional, if it is 1 then it is mandatory, it is part of minimum cardinality.
Thus, all the stated statements are false.
If Devin is purchasing a $1,500 stereo system making monthly payments for a
year and is given a "same as cash" financing promotion, what will his monthly
payment be?
A. $125
B. $150
C. $75
D. $120
Answer: Answer is A
Explanation:
If Devin is purchasing a $1,500 stereo system making monthly payments for a year and is given a "same as cash" financing promotion, There will his monthly payment be $125. Thus, option (a) is correct.
What is promotion?
Promoting products and services in the marketplace is referred to as "promotion." A paid and unpaid payment is the promotion. In order to promote itself, the business releases a new product. Public purchasing is influenced by the promotion of the goods and services. Public relations, advertising, sales promotion, and direct marketing are the four different methods of promotion.
Determine the promotion of the monthly payment to be:
Given the amount are:
Devin is purchasing a $1,500 stereo system.
Monthly payment given to the cash is 12 months.
The promotion of the monthly payment = ?
The promotion of the monthly payment = 1500 ÷ 12
The promotion of the monthly payment = $125
As a result, the promotion of the monthly payment will be $125. Therefore, option (a) is correct.
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White Company has two departments, Cutting and Finishing. The company uses a job-order costing system and computes a predetermined overhead rate in each department. The Cutting Department bases its rate on machine-hours, and the Finishing Department bases its rate on direct labor-hours. At the beginning of the year, the company made the following estimates:
Department Cutting Finishing
Direct labor-hours 6,000 67,000
Machine-hours 56,600 3,400
Total fixed manufacturing overhead cost $ 380,000 $ 404,000
Variable manufacturing overhead per machine-hour $ 3.00
Variable manufacturing overhead per direct labor-hour $ 2.75
Required:
1. Compute the predetermined overhead rate for each department.
2. The job cost sheet for Job 203, which was started and completed during the year, showed the following:
Department
Cutting Finishing
Direct labor-hours 3 13
Machine-hours 43 4
Direct materials 745 370
Direct labor costs 43 210
Answer:
Instructions are below.
Explanation:
First, we need to calculate the predetermined overhead rate for each department:
Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base
Cutting= (380,000/56,600) + 3= $9.71 per machine hour
Finishing= (404,000/67,000) + 2.75= $8.78 per direct labor hour
Now, we can calculate the total cost of Job 203:
Cutting Finishing
Direct labor-hours 3 13
Machine-hours 43 4
Direct materials 745 370
Direct labor costs 43 210
Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base
Cutting= 9.71*43= $417.53
Finishing= 8.78*13= $114.14
Total cost= (745 + 370) + (43 + 210) + (417.53 + 114.14)
Total cost= $1,899.67
Pandora Corporation operates several factories in the Midwest that manufacture consumer electronics. The December 31, 2021, year-end trial balance contained the following income statement items:________.
Account Title Debits Credits
Sales revenue $ 14,200,000
Interest revenue 67,000
Loss on sale of investments $ 117,000
Cost of goods sold 6,370,000
Selling expenses 637,000
General and administrative expenses 1,690,000
Interest expense 57,000
Research and development expense 1,370,000
Income tax expense 917,000
Required:Calculate the company's operating income for the year.
Answer:
Pandora Corporation
Income Statement for the year ended December 31, 2021
Sales revenue $ 14,200,000
Less Cost of goods sold ($6,370,000)
Gross Profit $7,830,000
Less Operating Expenses :
Selling expenses ($637,000 )
General and administrative expenses ($1,690,000 )
Research and development expense ($1,370,000)
Operating Net Income/(loss) $4,133,000
Explanation:
Operating Income is the profit that a firm derives from its Primary operating activities.
This excludes incomes and losses generated from other Secondary sources.
For this question the Secondary sources excluded are : Interest revenue, Loss on sale of investments, Interest expense and Income tax expense.
Corio Corporation reports that at an activity level of 3,100 units, its total variable cost is $155,620 and its total fixed cost is $68,000.
Required:
For the activity level of 3,200 units, compute:_____.
(a) the total variable cost; (b) the total fixed cost; (c) the total cost; (d) the average variable cost per unit; (e) the average fixed cost per unit; and (f) the average total cost per unit. Assume that this activity level is within the relevant range. (Round your "Average cost" to 2 decimal places and other answers to the nearest dollar amount.)
(a) Total variable cost $
(b) Total fixed cost $
(c) Total cost $
(d) Average variable cost $ per unit
(e) Average fixed cost $ per unit
(f) Average total cost $ per unit
Answer and Explanation:
The computation is shown below:-
a. Total variable cost
= Number of units × (Variable cost ÷ Number of units)
= 3,200 × ($155,620 ÷ 3,100)
= $160,640
b. Total fixed cost
= $68,000
c. Total cost
= Total variable cost + Total fixed cost
= $160,640 + $68,000
= $228,640
d. Average variable cost per unit
= Variable cost ÷ Number of units
= $155,620 ÷ 3,100
= $50.20
e. Average fixed per unit
= Fixed cost ÷ Number of units
= $68,000 ÷ 3,100
= $21.93
f. Average total cost per unit
= Average variable cost per unit + Average fixed per unit
= $50.20 + $21.93
= $72.13
Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay tuition directly to the school. WTI also offers training to groups in off-site locations. WTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Its unadjusted trial balance as of December 31 follows along with descriptions of items a through h that require adjusting entries on December 31. Additional Information Items An analysis of WTI's insurance policies shows that $2,542 of coverage has expired. An inventory count shows that teaching supplies costing $2,204 are available at year-end. Annual depreciation on the equipment is $10,170. Annual depreciation on the professional library is $5,085. On September 1, WTI agreed to do five courses for a client for $2,400 each. Two courses will start immediately and finish before the end of the year. Three courses will not begin until next year. The client paid $12,000 cash in advance for all five courses on September 1, and WTI credited Unearned Training Fees. On October 15, WTI agreed to teach a four-month class (beginning immediately) for an executive with payment due at the end of the class. At December 31, $6,498 of the tuition has been earned by WTI. WTI's two employees are paid weekly. As of the end of the year, two days' salaries have accrued at the rate of $100 per day for each employee. The balance in the Prepaid Rent account represents rent for December.
Answer:
Given below
Explanation:
Wells Technical Institute (WTI)
General Journal
31st December Journal Entries
Insurance Expense $2,542 Dr
Prepaid Insurance $2,542 Cr
Insurance expired on Dec 31stInventory Account $2,204 Dr
Prepaid Supplies Account $2,204 Cr
The prepaid supplies is closed to inventory account and inventory account is closed to Income summary account.
Income Summary Account $2,204 Dr
Inventory Account $2,204 Cr
But if only adjusting entry is required not closing inventory then
Prepaid Supplies Account $2,204 Dr
Inventory Account $2,204 Cr
Inventory account is adjusted with the Prepaid Supplies .
An inventory count shows that teaching supplies costing $2,204 are available at year-end.Depreciation Expense Equipment $10,170Dr
Accumulated Depreciation Equipment $10,170 Cr.
Depreciation Expense Library $5,085 Dr
Accumulated Depreciation Library $5,085 Cr.
Annual depreciation on the equipment is $10,170. Annual depreciation on the professional library is $5,085.Unearned Training Fees $ 4800 Dr
Training Fees Earned $ 4800 Cr
Fees for two course ( 2400*2= 4800) Earned.Accounts Receivable Training Fees $6,498 Dr
Training Fees Earned $ $6,498 Cr
On October 15, WTI agreed to teach a four-month class (beginning immediately) for an executive with payment due at the end of the class. At December 31, $6,498 of the tuition has been earned by WTI.Salaries Expense $ 400 Dr.
Salaries Payable $ 400 Cr.
Salaries for two employees ( 2* 2* 100= 400) for 2 days.
WTI's two employees are paid weekly. As of the end of the year, two days' salaries have accrued at the rate of $100 per day for each employee. The balance in the Prepaid Rent account represents rent for December.Oak Creek Furniture Factory (OCFF), a custom furniture manufacturer, uses job order costing to track the cost of each customer order. On March 1, OCFF had two jobs in process with the following costs:
Work in Process Balance on 3/1
Job 33 $4,800
Job 34 3,800
$8,600
Source documents revealed the following during March:
Materials Requisitions Forms Labor Time Tickets Status of Job at Month-End
Job 33 $2,700 $5,500 Completed and sold
Job 34 3,800 4,700 Completed, but not sold
Job 35 3,900 2,100 In process
Indirect 900 1,800
$11,300 $14,100
The company applies overhead to products at a rate of 50 percent of direct labor cost.
Required:
a. Prepare journal entries to record the materials requisitions, labor costs, and applied overhead.
b. Record the issuance of raw materials to production.
c. Record Oak Creek Furniture Factory’s payroll costs. Assume the direct labor is owed but not paid.
d. Record the application of manufacturing overhead to production.
Answer and Explanation:
The a part covers all the other parts itself
The Journal entries are shown below:-
b. Work in progress Dr, $10,500
Manufacturing overhead Dr, $800
To Raw material inventory $11,300
(Being issuance of raw material is recorded)
c. Work in progress Dr, $12,300
Manufacturing overhead Dr, $1,800
To Wages payable $14,100
(Being accrual of payroll costs is recorded)
d. Work in progress inventory Dr, $6,150 ($12,300 × 50%)
To Manufacturing overhead $6,150
(Being manufacturing overhead is recorded)
Suppose that Par, Inc., management encounters the following situations:
a.The accounting department revises its estimate of the profit contribution for the deluxe bag to $18 per bag.
b. A new low-cost material is available for the standard bag, and the profit contribution per standard bag can be increased to $20 per bag. (Assume that the profit contribution of the deluxe bag is the original $9 value.)
c. New sewing equipment is available that would increase the sewing operation capacity to 750 hours. (Assume that 10A + 9B is the appropriate objective function.)
Required:
If each of these situations is encountered separately, what is the optimal solution and the total profit contribution?
Answer:
[a]. 10560, [b]. 14160, [c]. 7668.
Explanation:
[a]. In order to be able to solve this particular question we have to consider what is known as LINEAR PROGRAMMING.
We have the assumption that the function to be equals to 10A + 9B. The first step that we need to take here is to find the constraint for the linear programming relaxation which is;
1/2A + 5/6B [tex]\leq[/tex] 600.
1/10A + 1/4B [tex]\leq[/tex] 135. Thus, A [tex]\geq[/tex]0 and B
With the help of excel solver and graphs, that we have the profit at $18 we are going have the value of A =300 and B =420. Therefore, the optimal solution = [300,420].
Thus, we have the objective function value to be = 10,560. [that is 10 * 300 + 420 * 18}.
[b]. For option b, where the profit increases to $20, the optimal solution lies on A =708 and B =0. Hence, objective function value = 14,160[ that is 20 * 708 + 0].
[c]. Here, there is increase in the sewing operation capacity to 750 hours. Therefore, we will have the value of A = 540 and B = 252.
Thus, the objective function value = 7668.
