Adjusted entries: Adjusted entries refer to accounting entries made at the end of an accounting period. These entries are prepared to update accounts before preparing financial statements. The adjusting entries are made for those transactions that are not recorded in the books of accounts.
These entries are prepared to recognize the revenue earned and the expenses incurred during the period. Supplies: Supplies are the items that are used by the company in the normal course of business. These items are recorded as assets in the company’s books of accounts. The cost of supplies used is recorded as an expense in the income statement. Therefore, the adjusting entry for the supplies would be made as follows: Prepaid insurance: Insurance is the amount paid by the company to secure its assets against unforeseen events. Prepaid insurance is recorded as an asset in the company’s books of accounts. The cost of insurance is recorded as an expense in the income statement. Therefore, the adjusting entry for prepaid insurance would be made as follows: Salaries payable: Salaries payable are the amounts owed by the company to its employees.
These amounts are recorded as liabilities in the company’s books of accounts. Salaries paid to employees are recorded as expenses in the income statement. Therefore, the adjusting entry for the salaries payable would be made as follows: Deferred revenue: Deferred revenue refers to the amount received by the company in advance from its customers. This amount is recorded as a liability in the company’s books of accounts. When the services are provided or the goods are delivered, this amount is recognized as revenue in the income statement. Therefore, the adjusting entry for deferred revenue would be made as follows: Conclusion: Thus, the journal entries for supplies, prepaid insurance, salaries payable, and deferred revenue would be as follows: Supplies, Expenses, Dr 900Supplies, Current Assets, Cr 900 Prepaid Insurance, Expenses, Dr 1450Prepaid Insurance, Current Assets, Cr 1450Salaries Expenses, Dr 24000Salaries Payable, Current Liabilities, Cr 24000Deferred Revenue, Current Liabilities, Dr 2850Revenue, Cr 2850
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The successful International Marketer in the 21st century will have global awareness and a frame of reference that goes beyond a region or even a country and encompasses the world. Discuss the traits of internationally aware Marketer. (20 Marks)
An internationally aware marketer in the 21st century possesses a combination of cultural sensitivity, global market knowledge, adaptability, communication skills, and a global mindset.
1. Cultural Sensitivity: An internationally aware marketer understands and appreciates cultural differences across countries and regions. They are sensitive to diverse cultural norms, values, beliefs, and customs, which helps them tailor marketing strategies and messaging to specific target markets.
2. Language Proficiency: Being proficient in multiple languages is an advantage for an internationally aware marketer. It allows them to communicate effectively with consumers, understand local nuances, and build relationships based on trust and respect.
3. Global Market Knowledge: A successful international marketer keeps up-to-date with global market trends, emerging economies, and geopolitical factors that impact the business environment. They possess a deep understanding of different markets, including consumer behavior, market dynamics, and regulatory frameworks.
4. Adaptability: International markets are dynamic and constantly evolving. An internationally aware marketer is adaptable and flexible in their approach, capable of adjusting strategies to accommodate changing market conditions, consumer preferences, and emerging opportunities.
5. Cross-cultural Communication Skills: Effective communication across cultures is crucial for an internationally aware marketer. They have excellent interpersonal and cross-cultural communication skills, allowing them to build relationships, negotiate deals, and resolve conflicts in a culturally sensitive manner.
6. Global Networking: Building a strong network of international contacts is essential for an internationally aware marketer. They actively engage in networking events, industry conferences, and professional associations to establish connections and gain insights from experts in various markets.
7. Strategic Thinking: An internationally aware marketer possesses strong strategic thinking skills. They can analyze global market trends, identify opportunities, and develop innovative marketing strategies that align with overall business objectives and target market needs.
8. Digital Savviness: In today's globalized world, digital marketing plays a crucial role. An internationally aware marketer understands digital channels, social media platforms, and e-commerce trends. They leverage technology to reach global audiences, create engaging content, and measure marketing effectiveness.
9. Ethical Awareness: Operating in diverse markets requires an internationally aware marketer to be ethically conscious. They understand and respect local ethical standards, legal frameworks, and corporate social responsibility practices.
10. Global Mindset: Ultimately, an internationally aware marketer possesses a global mindset. They have a broad perspective, open-mindedness, and a willingness to learn from different cultures and markets. They embrace diversity and are inclusive in their approach, which fosters creativity and innovation.
By embracing these traits, they can effectively navigate the complexities of the global marketplace and succeed in driving business growth on an international scale.
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Selected transactions for M. Sheridan, an interior decorator, in her first month of business, are as follows.
Jan. 2 Invested $14,200 cash in business.
Jan. 3 Purchased used car for $4,260 cash for use in business.
Jan. 9 Purchased supplies on account for $710.
Jan. 11 Billed customers $3,408 for services performed.
Jan. 16 Paid $497 cash for advertising.
Jan. 20 Received $994 cash from customers billed on January 11.
Jan. 23 Paid creditor $426 cash on balance owed.
Jan. 28 Withdrew $1,420 cash for personal use by owner.
Journalize the transactions.
These journal entries capture the various transactions of M. Sheridan in her first month of business, representing the impact on different accounts based on the nature of each transaction.
The journal entries for the given transactions would be as follows:
Jan. 2:
Cash 14,200
Owner's Equity 14,200
(To record investment of cash in business)
Jan. 3:
Car (Asset) 4,260
Cash 4,260
(To record the purchase of a used car for cash)
Jan. 9:
Supplies (Asset) 710
Accounts Payable 710
(To record the purchase of supplies on account)
Jan. 11:
Accounts Receivable 3,408
Service Revenue 3,408
(To record services performed and billed to customers)
Jan. 16:
Advertising Expense 497
Cash 497
(To record payment of cash for advertising)
Jan. 20:
Cash 994
Accounts Receivable 994
(To record cash received from customers for services billed)
Jan. 23:
Accounts Payable 426
Cash 426
(To record cash payment to creditor on balance owed)
Jan. 28:
Owner's Drawings 1,420
Cash 1,420
(To record the withdrawal of cash for the owner's personal use)
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Malcolm Baldrige national quality award is for (MBNQA) 1. International Standard Organization 2. Total Quality Management 3. Total Productive Maintenance 4. Total Quality Control Previous question
Malcolm Baldrige National Quality Award (MBNQA) is for Total Quality Management (TQM). It is a US national award established by the US Congress in 1987. The award is named after Malcolm Baldrige Jr. who served as the US Secretary of Commerce from 1981 until his death in a rodeo accident in 1987.
MBNQA aims to recognize the US companies that have exceptional quality management programs. It aims to encourage these companies to improve their quality management processes and achieve operational excellence. The award is given to companies that have demonstrated significant improvements in their quality management systems over time. The award criteria include leadership, strategic planning, customer focus, measurement, analysis, and knowledge management, workforce focus, and process management.
The award has seven categories, namely manufacturing, service, small business, education, healthcare, non-profit, and government. The criteria for each category vary slightly to reflect the unique challenges and opportunities in each sector.
MBNQA is one of the most prestigious quality awards in the world, and winning it is a significant achievement for any company. MBNQA is not related to International Standard Organization (ISO), Total Productive Maintenance (TPM), or Total Quality Control (TQC). Although these initiatives share some common goals with Total Quality Management (TQM), they are distinct and independent initiatives.
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When a company receives customers' checks by mail: A. the treasurer prepares the journal entries. B. the mailroom sends all customers' checks to the treasurer, who has the cashier deposit the checks in the bank. C. the treasury department's cashier prepares the journal entries. D. the mailroom employee prepares the journal entries.
When a company receives customer's checks by mail, the mailroom sends all customers' checks to the treasurer who has the cashier deposit the checks in the bank. The treasurer is the person responsible for managing a company's finances.
Once the checks are deposited, the treasury department's cashier prepares the journal entries for the accounting department. the mailroom sends all customers' checks to the treasurer, who has the cashier deposit the checks in the bank. Depositing the customer's checks in a bank account is the first step towards tracking customer accounts' payable balance.
This journal entry creates a liability to the customer account, which is considered accounts payable.The treasurer is responsible for recording the transaction in the company's financial records to accurately track the company's accounts payable balance.
The journal entry includes the debit and credit sides of the account that reflect the deposit. the treasurer is responsible for preparing the company's financial statements, but they do not prepare the journal entries. Instead, the treasury department's cashier prepares the journal entries based on the transactions recorded by the treasurer.
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You have completed the project of building the cardiac medical centre and preparing for shutdown. Discuss your actions in this process (10) You write a report on the project. Discuss the contents of the five sections of this report.
In the process of completing the project of building the cardiac medical center and preparing for shutdown, several actions were taken. These actions can be summarized as follows:
Project Completion: Finalizing all construction activities, ensuring that the medical center is fully equipped with state-of-the-art cardiac facilities, and conducting thorough inspections to meet all regulatory and safety requirements. Staff Training: Providing comprehensive training programs for medical and administrative staff to ensure they are well-versed in the operation of the cardiac medical center, including handling emergencies, using specialized equipment, and maintaining patient safety.
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For
this discussion, we are going to explore State Court Websites and evaluate the information on those sites. As a reminder, the courts are part of the Judicial Branch of government. Suggested search terms to locate the websites are "Connecticut State Courts" or "Connecticut Judicial Branch."
Examine 2 different State Court websites (you can choose which states) and describe one subject addressed on both sites (For example: "Do it Yourself Divorce." Or "Access to Justice Commission.") Describe in your own words the information available on this topic on each State Court site. Tell us which of the two-state court websites you think was the most user friendly and informative on the subject, and explain why.
The two different state court websites are Massachusetts Court System website and Texas Courts website. The subject addressed on both sites is self-help. The Massachusetts court system provides assistance in forms of law libraries, online court forms, and online self-help centers that help individuals who are representing themselves in court.
Additionally, this website provides a Legal Resource Finder which helps find legal aid organizations, courthouses, and other related legal assistance centers.The Texas Courts website also provides resources for individuals who are representing themselves in court. The website provides information for legal aid organizations, and even has a separate tab titled "self-help" where individuals can find assistance with common issues that arise in court. This section provides information for divorce, child custody, child support, family law, and small claims court. It also provides downloadable forms that are used in Texas courts, along with an interactive interview that helps users fill out the form appropriately.While both sites were helpful and informative, the Texas Court website was more user friendly. It had a separate tab titled "self-help," which allowed the users to easily navigate the website. This tab contains all the necessary information on a single page. Additionally, the interactive interview section helps the users fill out the necessary forms easily, which is a great feature that is not available on the Massachusetts Court System website. Thus, the Texas Court website is more user-friendly and informative on the subject.For such more question on informative
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Your utility function is U= /sqrt(C), where C is the amount of consumption that you have in any given period. Your income is $40,000 per year and there is a 2% chance that you will be involved in a catastrophic accident that will cost you $30,000 next year.
a. What is your expected utility?
b. Calculate an actuarially fair insurance premium. What would your expected utility be were you to purchase the actuarially fair insurance premium?
c. What is the most that you would be willing to pay for insurance, given your utility function?
(a) Expected utility is 76.35.Part (b) Actuarially fair insurance premium is $600. The expected utility, if actuarially fair insurance premium is purchased is 530.76 and Part (c) Maximum willingness to pay for insurance is $9.09 per year.
a. Calculation of expected utility: The utility function is U= √(C) given. Let’s consider the consumption of an individual in any given period as C. The income per year for an individual is $40,000. The chance of an individual being involved in a catastrophic accident is 2% and that will cost $30,000 in the next year.
The expected utility for an individual is calculated below;
E (U) = P (C1) √(C1) + P (C2) √(C2) + P (C3) √(C3) ………. + P (CN) √(CN)
Where,C1 = Income - Cost of Accident = $40,000 - $30,000 = $10,000 and P (C1) = 0.98C2
= Income - Cost of No Accident = $40,000 - $0 = $40,000 and P (C2) = 0.02
Therefore, E (U) = √$10,000 x 0.98 + √$40,000 x 0.02 = 31.63 + 44.72 = 76.35
The expected utility for an individual is 76.35.b. Calculation of the actuarially fair insurance premium:
An actuarially fair insurance premium is one that covers the cost of the expected loss. It is calculated as follows;
Actuarially Fair Insurance Premium = Cost of Expected Losses / Probability of Loss
Therefore, Actuarially Fair Insurance Premium = $30,000 x 0.02 = $600
Therefore, the actuarially fair insurance premium for the individual is $600.
The expected utility for the individual, if they purchase the actuarially fair insurance premium, is calculated as follows;
E (U) = P (C1) √(C1) + P (C2) √(C2) + P (C3) √(C3) ………. + P (CN) √(CN
)Where,C1 = Income - Actuarially Fair Insurance Premium - Cost of Accident
= $40,000 - $600 - $0 = $39,400 and P (C1) = 0.02C2
= Income - Actuarially Fair Insurance Premium - Cost of No Accident
= $40,000 - $600 - $0 = $39,400 and P (C2) = 0.98
E (U) = √$39,400 x 0.02 + √$39,400 x 0.98 = 31.49 + 499.27 = 530.76
c. Calculation of the maximum willingness to pay for insurance: The willingness to pay for insurance is the maximum amount of money that an individual is willing to pay to avoid risk. It is calculated as the difference in expected utility between purchasing and not purchasing insurance multiplied by the probability of loss.
It is calculated as follows; Willingness to Pay = P (Loss) (E (U) Insurance - E (U) No Insurance)
Therefore, Willingness to Pay = 0.02 (530.76 - 76.35) = $9.09 per year.
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Sophia is a valued employee in your department. She is positive and dependable but lacks ambition and has stagnated in her position this year. She also is consistently late on deadlines, although the work she turns in is usually flawless. Choose one (1) of the performance evaluation methods discussed in the course and use it to evaluate the two (2) most popular sets of criteria for Sophia. Explain why your evaluation method is strong or weak and how it could be improved.
One of the performance evaluation methods that can be used to evaluate Sophia's performance is the method. In this method, the evaluator will write describing the employee's performance, accomplishments, and areas for improvement.
The two most popular sets of criteria for Sophia's evaluation could be:
1. Meeting Deadlines
2. Ambition
The two most popular sets of criteria for Sophia's evaluation could be:
1. Meeting Deadlines
Sophia constantly misses deadlines, which is not acceptable in a professional setting. However, the work she turns in is usually flawless. Therefore, the evaluator could write something like this:"Sophia has consistently missed deadlines this year, causing delays in project completion. However, her work is usually of high quality, and she pays attention to detail."
2. Ambition
Sophia lacks ambition and has stagnated in her position this year. The evaluator could write something like this:"Sophia is a dependable and positive employee, but she has not shown any ambition in her work this year. She has not taken on any new challenges or shown a desire to improve her skills."The method is a strong evaluation method because it forces the evaluator to be concise and to the point. It is also easy to understand and can be used to evaluate different aspects of an employee's performance.
However, this method could be improved by providing more detailed feedback. For example, the evaluator could provide specific examples of where Sophia has missed deadlines and how this has affected the team's performance. The evaluator could also suggest ways that Sophia can improve her performance, such as attending training sessions or seeking out new challenges.
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QUESTION 16 5 points Save Answer An equipment manufacturer currently produces 40,000 units a year. It buys a part for the equipment from a outside supplier at a price of $1.35 a unit. The company is t
It is not cost-effective for the equipment manufacturer to produce the part internally. The current price of purchasing the part from the supplier is lower than the total cost of producing it internally.
An equipment manufacturer currently produces 40,000 units a year. It buys a part for the equipment from an outside supplier at a price of $1.35 per unit.
The company is thinking about producing the part internally instead of purchasing it from the supplier. To make an informed decision, the manufacturer needs to evaluate the cost implications of producing the part internally.
To calculate the cost of producing the part internally, we need to consider the following costs:
Direct Material Cost: This includes the cost of raw materials required to produce one unit of the part. Let's assume this cost is $0.70 per unit.
Direct Labor Cost: This includes the cost of labor required to produce one unit of the part. Let's assume this cost is $0.50 per unit.
Overhead Cost: This includes additional costs associated with production, such as factory rent, utilities, and maintenance. Let's assume this cost is $0.20 per unit.
To calculate the total cost of producing the part internally, we sum up the direct material, direct labor, and overhead costs per unit:
Total Cost per Unit = Direct Material Cost + Direct Labor Cost + Overhead Cost
Total Cost per Unit = $0.70 + $0.50 + $0.20
Total Cost per Unit = $1.40
Since the current price of purchasing the part from the supplier is $1.35 per unit and the total cost of producing it internally is $1.40 per unit, it would be more expensive for the manufacturer to produce the part internally.
Based on the calculations, it is not cost-effective for the equipment manufacturer to produce the part internally. The current price of purchasing the part from the supplier is lower than the total cost of producing it internally.
Therefore, it is recommended for the manufacturer to continue buying the part from the outside supplier at $1.35 per unit.
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In evaluating the 2021 budget performance of Emerson, Inc. (a healthcare IT firm specialized in surgical robots and equipment), and in deliberating on the succeeding fiscal year (2022) budget, the Board of Directors ordered an expense variance analysis of all Emerson production departments. Expense variance revealed the following: Department 1: 20,000 Department 2: -27,800 Department 3: -4.800 Department 4: 32,800 Department 5: 3.700 Department 6: -19.000 Question: Which of these six line departments at Emerson, Inc. reported unfavorable (or "poor") expense variance in fiscal year 2021? a. Departments 2 and 6 b. Departments 2. 3. and 6 c. Departments 1.2.4 and 6 w d. Departments 1 and 4 e. Departments 14 and 5
a: departments 2 and 6..
departments 2 and 6 reported unfavorable expense variances in fiscal year 2021.
an expense variance analysis was conducted for all emerson production departments, revealing the following variances:
department 1: 20,000 (unknown if favorable or unfavorable)department 2: -27,800 (unfavorable)
department 3: -4,800 (unknown if favorable or unfavorable)department 4: 32,800 (unknown if favorable or unfavorable)
department 5: 3,700 (unknown if favorable or unfavorable)department 6: -19,000 (unfavorable)
from the provided information, we can determine that departments 2 and 6 had unfavorable expense variances in fiscal year 2021.
other departments either had unknown variances or were not mentioned in the given data.
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If the change only happens in process, but not in what people are experiencing every day in their work life, the change will not stick. It is important to change the ways of working to match the aspiration, embed artifacts that serve to celebrate and recognize, and invite co-creation from a global workforce. We did some of these things well, although much still needs to be done. Discuss ways of how Coca Cola is indicative of a learning organisation through its innovative thrusts and leadership [25] Discuss Coca-Cola 's Refreshed Purpose and Talent Strategy as part of purposeful and vision leadership through journey of becoming a learning organisation.
Organizational change is a long process that requires continuous effort to succeed. However, if the change only happens in the process but not in what people are experiencing daily in their work-life, the change will not stick.
It is crucial to change the ways of working to match the aspiration, embed artifacts that serve to celebrate and recognize, and invite co-creation from a global workforce. Coca-Cola is an example of a learning organization through its innovative thrusts and leadership. The company is continuously changing to fit the current trends and tastes of its consumers.
Coca-Cola Refreshed Purpose is a significant way of becoming a learning organization. The company's Refreshed Purpose is to become a "Total Beverage Company" that offers a wide range of drinks, including healthier options. This strategy has enabled Coca-Cola to expand its product range to include low-calorie drinks, teas, and sports drinks, and move away from sugary drinks.
Coca-Cola has also implemented an effective Talent Strategy that has contributed to the company's success. The company's Talent Strategy focuses on fostering a culture of learning and innovation. This strategy is achieved through employee training programs, mentorship, and career development opportunities. Coca-Cola's Talent Strategy aims to provide employees with the tools they need to develop their skills and achieve their career goals.
In conclusion, Coca-Cola's Refreshed Purpose and Talent Strategy have helped the company become a learning organization. Coca-Cola has been successful in changing its ways of working to match the aspirations of its customers. The company's leadership has also fostered a culture of learning and innovation, which has resulted in the company's continued success. However, much still needs to be done, and Coca-Cola must continue to embrace change and innovation to remain a leader in the beverage industry.
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a multinational firm may need to delegate marketing functions to national subsidiaries to
"A multinational firm may need to delegate marketing functions to national subsidiaries" is that multinational firms may delegate marketing functions to national subsidiaries due to cultural, legal, and other differences between markets.
Multinational companies may have to delegate their marketing operations to their national subsidiaries for a variety of reasons, including cultural, legal, and other differences between markets. This is done in order to tailor their marketing strategies to the particular demands of each market.
National subsidiaries have a better understanding of the local market and are better positioned to identify the needs and desires of local customers. It enables firms to better reach and understand their target markets, increase sales, and develop new products and services that better match the needs of their customers.
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On January 1, Year 1, Mary Company (lessee) leased equipment, signing a five-year lease that requires annual lease payments of $20,000 at the end of each year, beginning on December 31, Year 1. The lease qualifies as a finance lease. In addition, Mary guarantees that the residual value will be $8,000 at the end of the lease term. The relevant interest rate is 12%.
The present value factors for five periods at 12% are as follows:
Present value of $1 0.567427
Present value of ordinary annuity of $1 3.604776
If the Mary Company uses the straight-line method of amortization for its assets, what is the amount of amortization expense for the leased equipment for the year ending December 31, Year 1?
A.$15,554.
B.$13,727.
C.$12,419.
D.$14,419.
The correct answer is option C: $12,419.
Explanation: To determine the annual payment for a lease, you have to use the following formula: Periodic payment = Present value of the annuity factor * lease payment In this case, the lease payment is $20,000 a year, the Present value of the annuity factor for 5 years at 12% is 3.604776.
Hence, the periodic payment = $20,000 * 3.604776 = $72,095.52. Now, to calculate the amount of amortization expense for the leased equipment for the year ending December 31, Year 1, we need to determine the interest portion and the principal portion of the periodic payment for the first year.
To do this, we will use the present value factor of $1 for one period at 12% which is 0.89384. Interest portion = Lease liability at the beginning of the year * interest rate Lease liability at the beginning of the year = Lease payment - Principal payment (for the first year) = $72,095.52 - ($72,095.52 - $8,000) / 5 = $14,419.10Principal payment (for the first year) = $72,095.52 - $14,419.10 = $57,676.42 Interest portion = $14,419.10 * 0.12 * 1 = $1,730.29Amortization expense = Principal portion + Interest portion = $57,676.42 + $1,730.29 = $12,419.71≈ $12,419
Therefore, the amount of amortization expense for the leased equipment for the year ending December 31, Year 1 is $12,419.
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.Which of the following represents the transaction created when an NSF cheque is recorded?
A. Decrease Accounts Receivable, Decrease Bank Chequing
B. Increase Accounts Receivable, Decrease Bank Chequing
C. Increase Accounts Receivable, Increase Bank Chequing
D. Decrease Accounts Receivable, Increase Bank Chequing
Decrease Accounts Receivable, Increase Bank Chequing when recording an NSF (Non-Sufficient Funds) cheque transaction. Therefore, the correct option is (D).
The correct transaction created when recording an NSF (Non-Sufficient Funds) cheque is Decrease Accounts Receivable, Increase Bank Chequing. When a customer writes a cheque that bounces due to insufficient funds in their bank account, it means that the amount owed to the business (Accounts Receivable) should be reduced since the payment was not successful. Therefore, there is a decrease in the Accounts Receivable balance. At the same time, the bank account of the business (Bank Chequing) needs to be adjusted to reflect the returned cheque and the amount that was not received. This requires an increase in the Bank Chequing balance to accurately reflect the loss of funds.This transaction ensures that the accounting records reflect the non-payment and the impact on both the accounts receivable and bank balances, providing an accurate representation of the NSF cheque.Therefore, the correct option is (D).
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Beryl is a purchasing agent for Cable & Wire Corporation. Doyle, a Cable & Wire corporate officer, gives Beryl written authority to buy for the firm as much copper as necessary. The next day, Doyle calls Beryl and tells her to buy only a certain quantity of copper and no more. Beryl shows the written authority to Earth Resources Inc., and enters into a contract to buy more than the quantity specified by Doyle. Earth Resources ships the order to Cable & Wire. Is Cable & Wire liable to Earth Resources under the contract? Is Beryl liable? In each case, if so, why? If not, why not?
The authority to purchase given by a corporate officer to a purchasing agent provides that the purchasing agent has implied authority to purchase goods that are within the regular scope of the corporation's business. Thus, if the agent exceeds her authority and purchases goods outside the scope of the corporation's regular business, she may be personally liable for the purchase.
The written authority given to Beryl by Doyle is known as express authority. Beryl was authorized to purchase as much copper as necessary on behalf of the company under the terms of the written authorization. According to the doctrine of implied authority, Beryl has the right to purchase copper, but only within the usual course of business.Cable & Wire will be liable to Earth Resources for the contract because Doyle gave Beryl the written authority to purchase as much copper as necessary, which Earth Resources relied on when they entered into the contract with Beryl.
When Beryl entered into a contract with Earth Resources to buy copper beyond the quantity specified by Doyle, it was within the scope of her express authority. Therefore, Cable & Wire will be held liable for the purchase because Beryl was authorized to make the purchase.As a result of the excess copper purchase, Beryl may be personally liable for the breach of her duty to Cable & Wire if Cable & Wire decides to sue her. Beryl would be liable because she exceeded her express authority by purchasing an excessive quantity of copper beyond what Doyle instructed. Therefore, in this situation, Cable & Wire will be liable, but Beryl may also be held personally responsible for the purchase.
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10 Part 10 of 15 01:52:18 Required information [The following information applies to the questions displayed below] Cardinal Company is considering a five-year project that would require a $2,812,000 investment in equipment with a useful life of five years and no salvage value. The company's discount rate is 16%. The project would provide net operating income in each of five years as follows: Sales Variable expenses $ 2,055,000 1,010,000 1,045,000 Contribution margin Fixed expenses: Advertising, salaries, and other fixed out-of-pocket costs $ 798,000 Depreciation 562,400 Total fixed expenses 1,160,400 $ 404.600 Net operating incone Click here to view Exhibit 128-1 and Exhibit 128-2, to determine the appropriate discount factor(s) using table. 10. If the equipment had a salvage value of $300,000 at the end of five years, would you expect the project's payback period to be higher, lower, or the same? O Higher O Lower O Same
The answer to this question is 'lower.'Payback period refers to the amount of time it takes for an investment to recover its initial cost. It is the time it takes for a company to recoup its investment. It's an easy way to assess the feasibility of a project. It is found by dividing the cost of the investment by the annual cash inflows.
A shorter payback period is considered preferable since it reduces the risk associated with the project and helps to recoup the investment quickly. If the equipment has a salvage value of $300,000 at the end of five years, we can assume that the project's payback period will decrease. This is due to the fact that the salvage value of $300,000 is a cash inflow for the company, which reduces the cost of the investment. As a result, the project would take less time to recover its initial cost.
A shorter payback period is considered preferable since it reduces the risk associated with the project and helps to recoup the investment quickly. If the equipment has a salvage'Payback period refers to the amount of time it takes for an investment to recover its initial cost. It is the time it takes for a company to recoup its investment. It's an easy way to assess the feasibility of a project. It is found by dividing the cost of the investment by the annual cash inflows.
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During the Covid-19 lockdown, Jade saw a significant decline in her café business, which operates in Parramatta CBD. The situation is improving; however, since offices are increasingly allowing employees to work from home, Jade is concerned about the viability of her business in the long run. She knows you are an accountant and can advise her with the critical business decision: o to continue operating in loss, o shut down the business, and wait until things improve, o exit the café business, and invest the amount in a flourishing online business According to Jade, during the month ending 30th April 2022, the café recorded a total revenue of $6,000. Further, the cafe incurred a fixed cost of $3,000 and a variable cost of $4,000. Consider the relevant factors that influence the critical business decision of operating, shutting down, or exiting the market. Use the given financial information to prepare a report of approximately 500 words, advising Jade on the critical business decision (10 Marks)
The COVID-19 pandemic has had a significant impact on businesses worldwide, including the café industry. Jade's café in Parramatta CBD has experienced a decline in revenue due to the lockdown and the increasing trend of remote work.
This report aims to analyze the financial situation of Jade's café, considering revenue, fixed costs, and variable costs. Based on this analysis, we will provide recommendations on whether to continue operating in loss, shut down temporarily, or exit the café business and invest in a flourishing online venture.
Financial Analysis:
During the month ending 30th April 2022, Jade's café recorded a total revenue of $6,000. This amount provides the basis for our analysis. The café also incurred fixed costs of $3,000 and variable costs of $4,000 during the same period.
1. Contribution Margin:
To determine the café's profitability, we calculate the contribution margin, which is the difference between revenue and variable costs. The contribution margin can help us assess the café's ability to cover fixed costs and generate a profit. In this case, the contribution margin is calculated as follows:
Contribution Margin = Revenue - Variable Costs
Contribution Margin = $6,000 - $4,000
Contribution Margin = $2,000
2. Breakeven Analysis:
Next, we perform a breakeven analysis to determine the level of sales required to cover all costs and reach the breakeven point. The breakeven point is the level of sales where total revenue equals total costs (fixed and variable). The formula for breakeven point is as follows:
Breakeven Point (in units) = Fixed Costs / Contribution Margin
In this case, the breakeven point is calculated as follows:
Breakeven Point (in units) = $3,000 / $2,000
Breakeven Point (in units) = 1.5 units
Based on this calculation, Jade's café needs to sell at least 1.5 units (rounded up to 2) to cover all costs and reach the breakeven point.
Recommendation:
Considering the financial analysis and the current market conditions, we can provide the following recommendations to Jade:
1. Continuation with Modifications:
While the café is currently operating at a loss, it's essential to assess potential strategies for adapting to the changing market. Jade could consider implementing measures to reduce costs, such as negotiating better deals with suppliers or optimizing staffing levels based on demand. Additionally, she could explore new revenue streams, such as offering takeout and delivery services or introducing online ordering systems.
2. Temporary Shutdown and Adaptation:
If the decline in revenue continues and the café is struggling to cover fixed costs, Jade could consider temporarily shutting down the business. This period could be used to assess the situation, analyze competitors, and plan for the future. Jade could take this opportunity to reevaluate the café's concept, menu, and marketing strategies to better align with customer preferences and the evolving market landscape.
3. Business Exit and Online Investment:
If Jade believes that the café industry's long-term prospects are unfavorable, she may choose to exit the café business and invest the capital in a flourishing online venture. Before making this decision, it is crucial to thoroughly research and evaluate potential online business opportunities to ensure their viability and alignment with Jade's skills, interests, and financial goals.
Conclusion:
The decision to continue operating, shut down temporarily, or exit the café business and invest in an online venture requires careful consideration of various factors. Financial analysis, including the breakeven point and contribution margin, provides insights into the café's current situation. Based on these insights, Jade should weigh the risks, market conditions, and her own aspirations to make an informed decision.
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you contract to buy painting. But the day before you pick up the painting the seller tells you he changed mind. What remedy you want court to order
If a seller changes their mind about selling a painting that was contracted to be sold, the buyer can seek a remedy from the court. The remedy the buyer would likely want the court to order is specific performance.
Specific performance:
Specific performance is a legal remedy that requires one party to fulfill its obligations under a contract. In the case of a contracted sale of a painting, specific performance would require the seller to complete the sale and deliver the painting to the buyer. This remedy is often sought when the subject matter of the contract is unique or rare and cannot easily be replaced or substituted. It is also often sought when monetary damages are insufficient to compensate the buyer for their losses.
The rationale behind specific performance is that each party to a contract is entitled to the benefit of their bargain. This means that if one party fails to fulfill their obligations under the contract, the other party should be entitled to the performance promised by the contract. Specific performance is an equitable remedy that is often used in cases where monetary damages are insufficient to make the injured party whole.
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Compare, Contrast and Describe the difference between a peer reviewed journal article and a newspaper article. What type of information is included in each and what is the review process for publication?
Peer-reviewed journal articles and newspaper articles differ in terms of their purpose, content, and review process. Journal articles are scholarly, research-based publications that undergo a rigorous peer-review process, while newspaper articles are typically shorter, written for a general audience, and undergo editorial review.
Journal articles provide detailed research methodology, data analysis, and conclusions, while newspaper articles offer current news, opinions, and summaries of events.
Peer-reviewed journal articles are academic publications that contain original research conducted by scholars in a specific field. They undergo a rigorous review process where experts in the field evaluate the article's quality, methodology, and validity before it can be published.
These articles provide in-depth information about the research topic, including detailed methodology, data analysis, results, and conclusions. They often include references to other scholarly works and are written in a formal, technical style.
On the other hand, newspaper articles are shorter, more accessible pieces of writing intended for a general audience. They are published in newspapers or online platforms and provide current news, analysis, opinions, and summaries of events.
Newspaper articles undergo an editorial review process where editors assess the article's readability, relevance, and adherence to journalistic standards. They may include quotes from experts or individuals involved in the news story and often feature eye-catching headlines and images to attract readers.
The information included in peer-reviewed journal articles is focused on presenting original research findings, discussing methodologies, and contributing to the existing body of knowledge in a specific academic discipline.
On the other hand, newspaper articles aim to inform the general public about current events, trends, or issues, and may include interviews, anecdotes, and real-life examples to engage readers.
In summary, peer-reviewed journal articles and newspaper articles differ in terms of purpose, content, and review process. Journal articles undergo rigorous peer review and provide detailed research findings, while newspaper articles are shorter, written for a general audience, and focus on current news and analysis. Journal articles contribute to academic knowledge, while newspaper articles inform the public about current events.
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which of the following is not part of the records employers keep in employee files?
Employers maintain employee records to facilitate employment-related decisions, monitor employment activities, meet statutory and regulatory requirements, and protect employers from potential lawsuits.
Employment records, when appropriately maintained, provide employers with the ability to ensure employment decisions are based on accurate information.
Employee records are maintained in the HR department. The following are some of the records that employers typically keep in employee files:Contact Information - This includes the employee's name, address, telephone number, email address, and emergency contact information.Personal Information - This includes the employee's date of birth, Social Security number, and tax identification number.
Employment Information - This includes the employee's start and termination date, job title, job description, pay rate, salary, pay grade, and benefits.Training and Development - This includes the employee's training and development activities, such as attending courses, seminars, workshops, or other types of learning opportunities.
Performance Evaluations - This includes the employee's job performance ratings and related documents such as disciplinary action taken, attendance records, and grievance documents.Time and Attendance Records - This includes it's safe to say that the employee's educational background is not a part of the records that employers keep in employee files.
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fissuming that Alicia uses the aging approach to estimate
uncollectible accounts,
what is the amount of bad debt expense for 2012?
a.
b.
C.
ò
e.
$6.000
$7.000
$8,000
$9,000
$12,000
Option d: The correct answer is option (D) $9,000 based on the information provided about bad debt expense.
Given Data:
Uncollectible accounts receivable at December 31, 2011 = $27,000
Uncollectible accounts receivable at December 31, 2012 = $18,000
Credit Sales during 2012 = $720,000
Using the Aging approach to estimate uncollectible accounts, Alicia's first step would be to calculate the "estimated" balance of Allowance for Doubtful Accounts at the end of 2012.
Step 1: Calculate Estimated Balance of Allowance for Doubtful Accounts at the end of 2012Age Analysis of Accounts Receivable: Age Group Account Balance Percent Estimated Uncollectible Amount Current $300,000 0.5% $1,5001–30days 150,000 2% 3,00031–60days 90,000 5% 4,50061–90days 45,000 20% 9,000Over 90days 45,000 50% 22,500
Totals $630,000 and $40,500
Aging schedule of accounts receivable shows that $40,500 is the estimated uncollectible amount for the ending balance of the Allowance for Doubtful Accounts.
Step 2: Calculate the amount of Bad Debt Expense for 2012:
Bad Debt Expense = Ending Balance in Allowance for Doubtful Accounts – Beginning Balance in Allowance for Doubtful Accounts + write-offs
$40,500 – $27,000 + $6,000 = $19,500
Bad Debt Expense for 2012 = $19,500Therefore, option (E) $12,000 is incorrect. The correct answer is option (D) $9,000.
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Under US GAAP, in which section(s) of the cash flow statement do interest paid and dividends paid appear, respectively? Multiple Choice: A) Financing and Investing, respectively. B)Investing and Investing, respectively C)Operating and Financing, respectively D)Financing and Operating, respectively E)Financing and Financing, respectively.
Under US GAAP, interest paid appears in the "Financing" section of the cash flow statement, while dividends paid appear in the "Operating" section. Therefore the correct option is D) Financing and Operating.
Operating activities in the cash flow statement involve the primary activities of a company, such as sales, purchases of inventory, and salaries. On the other hand, financing activities deal with raising and paying back loans, issuing and buying back stock, and paying dividends, among other things.
Interest paid to lenders, which is a cost of financing the company's operations, is included in the Financing section of the cash flow statement. This is because it represents the cash outflow associated with borrowing and is directly related to the financing activities of the company.
Dividends paid, on the other hand, are recorded in the Operating section of the cash flow statement. Dividends represent a distribution of profits to shareholders and do not directly impact the company's operating activities. Therefore, dividends paid are considered an outflow of cash from operating activities.
Under US GAAP, interest paid is recorded in the Financing section of the cash flow statement, reflecting the cost of financing, while dividends paid are recorded in the Operating section as they represent a distribution of profits to shareholders. It is important for financial statement users to correctly identify and categorize these cash flows in order to understand the sources and uses of cash within a company.
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Which of the following is not a project process?
a) Planning and Initiation
b) Implementation and Progress
c) Monitoring and Control
d) Quality Control
Quality control is not a project process. It is a project management process and is focused on ensuring that the deliverables produced by the project meet the requirements and standards set out in the project plan.
A project is a temporary endeavor that is designed to produce a unique outcome, service, or result. It is temporary because it has a defined beginning and end, and it is unique because it is not part of an organisation ongoing operations. A project process is a set of activities that are designed to achieve a specific goal. Project processes are the building blocks of a project, and they are used to manage the project from start to finish. Generally, project processes are divided into five groups, including: Initiation Planning. Execution Monitoring and Control Closure. Therefore, quality control is not a project process because it falls under the monitoring and control process of the project. It is a management process that is designed to ensure that the deliverables produced by the project meet the requirements set out in the project plan.
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Suppose you are the governor of the Central Bank, and you carry out an inflation targeting policy. If the inflation rate seems to be above your announced target, What kind of monetary policy you should follow to achieve the target? Show on an appropriate diagram. What would be the effects of this policy on the economy in the short-run? Show on an appropriate diagram.
Answer:
the inflation rate is above the announced target in an inflation targeting policy, the governor of the Central Bank should implement a contractionary monetary policy.
Explanation:
This policy aims to reduce inflationary pressures and bring the inflation rate back to the target level.
The key tool for implementing a contractionary monetary policy is increasing the interest rates. By raising interest rates, the Central Bank makes borrowing more expensive, which in turn reduces the spending and investment activities in the economy. This decrease in spending helps to curb inflationary pressures and bring down the overall price level.
On an appropriate diagram, the effect of a contractionary monetary policy can be illustrated as follows:
In the short run, the increase in interest rates leads to a decrease in aggregate demand (AD). This is shown by a leftward shift of the aggregate demand curve (AD1 to AD2).
As aggregate demand decreases, the output level decreases, resulting in lower real GDP (Y) and employment (L). This is represented by a movement from the initial equilibrium point (E1) to the new equilibrium point (E2) with lower output and employment levels.
Additionally, the decrease in aggregate demand also puts downward pressure on prices, contributing to a decrease in the inflation rate.
Overall, in the short run, a contractionary monetary policy aimed at reducing inflation can lead to lower output, employment, and inflation rates. However, it is important to note that the long-term effects may differ as the economy adjusts to the changes in interest rates and other factors.
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Dominique’s total allowable medical expenses in 2020 were
$3,200. Her net income was $50,000 and the cut-off for the medical
expense amount in 2020 was 3% of net income, or $2,397, whichever
is less
In 2020, Dominique's total allowable medical expenses were $3,200. To determine the maximum allowable medical expense amount, we need to consider two factors: Dominique's net income and the cutoff percentage.
Dominique's net income for the year was $50,000. According to the guidelines, the medical expense cutoff is 3% of the net income or $2,397, whichever is less. Let's calculate both scenarios:
3% of net income: 3% of $50,000 is $1,500. Since this amount is less than $2,397, it is not the limiting factor.Therefore, Dominique's maximum allowable medical expense amount for 2020 would be $2,397.
It's important to note that this information is based on the specific guidelines and regulations in place for 2020. Different years may have different cutoff percentages or maximum allowable amounts.
It's always advisable to consult the latest tax regulations or a qualified tax professional for accurate and up-to-date information regarding medical expense deductions.
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Ayrton's utility of wealth function is given by the following quadratic function.: U (w) = −0.5(w — 5)², for w ≤ 5. Ayrton has to invest his wealth w in two independent risky assets, 1 and 2. Asset 1 has an expected value of μ₁ = 2 and a variance o² = 1; Asset 2 has an expected value of μ₂ = 3 and a variance o2 = 3. Ayrton wants to maximize his expected utility. = a (6) What is Ayrton's expected utility if he invests only in Asset 1? What if he only invests in Asset 2? b (9) Which fraction a of his wealth should Ayrton optimally invest in Asset 1 (and which fraction 1 - a hence in Asset 2)? What is his expected utility in this case?
Ayrton's expected utility if he invests only in Asset 1Ayrton's expected utility if he invests only in Asset 1 is 0. The formula to calculate expected utility is: μ − 0.5σ² where μ is the expected value and σ² is the variance.So, if Ayrton invests only in Asset 1, his expected utility will be:μ = 2σ² = 1U(w) = μ − 0.5σ²= 2 − 0.5(1)= 1b).
Fraction a of his wealth should Ayrton optimally invest in Asset 1, and which fraction 1-a hence in Asset 2Let us consider that Ayrton invests a fraction, a, of his wealth in Asset 1, and a fraction (1 − a) in Asset 2.So, the expected return on the portfolio will be: μp = aμ1 + (1 − a)μ2The variance of the portfolio will be: σ²p = a²σ²1 + (1 − a)²σ²2The standard deviation of the portfolio will be: σp = √[a²σ²1 + (1 − a)²σ²2].
The utility function for the portfolio is given by U(w) = μp − 0.5σ²pSo, his expected utility function will be:U(w) = [aμ1 + (1 − a)μ2] − 0.5[a²σ²1 + (1 − a)²σ²2]The first derivative of this function with respect to a is:U'(a) = μ1 − μ2 + (aσ²1 − (1 − a)σ²2)= 2 − 3aBy setting U'(a) = 0, we can obtain the optimal value for a as:2 − 3a = 0a = 2/3Thus, Ayrton should invest 2/3 of his wealth in Asset 1 and 1/3 in Asset 2.Ayrton's expected utility in this case will be:U(w) = [2/3 * 2 + 1/3 * 3] − 0.5[2/3]² * 1 + [1/3]² * 3U(w) = 1.83
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You are working as a researcher in an economic Institute, you want to study the relation between the Unit sales as a Dependent variable and the following independent variables (selling expenditure, advertising, competitive price) As shown in the following model Unit Sales,= b0+b1 Expt + b2 Advt.b3 compt.Ut After collecting your data, and estimating your linear regression over the data, you got the following regression equation Unit Sales,= -10.5-0.51 Exp,+ (2.45) (-1.5) 0.09 Adv. 3.05 b3 compt (4.2) (2.94) t-value R² = 0.24 F- Value 0.33 " 1- What is the economic meaning of the coefficient b0 (-10.5) 2- Describe the meaning of R2 and its value, F - Value 3- What do you think about the Model as a whole, with F, R2 values....is it significant or not....explain your answer
1. The economic meaning of the coefficient b0 (-10.5) is the expected value of Unit Sales when all independent variables (selling expenditure, advertising, and competitive price) are equal to zero. In other words, the intercept (-10.5) indicates that even if there is no selling expenditure, advertising, or competitive price, there will still be some unit sales.
2. R2 is the coefficient of determination and is a measure of the goodness of fit of the regression model. It indicates the proportion of the variation in the dependent variable (Unit Sales) that is explained by the independent variables (selling expenditure, advertising, and competitive price). In this case, R2 is 0.24, which means that 24% of the variation in Unit Sales can be explained by the independent variables. F-value is the test statistic for the overall significance of the regression model. In this case, F-value is 0.33, which is less than 1 and indicates that the regression model is not significant.
3. The model as a whole is not significant as indicated by the low F-value. This means that the independent variables (selling expenditure, advertising, and competitive price) are not jointly significant in explaining the variation in Unit Sales. The R2 value of 0.24 indicates that only 24% of the variation in Unit Sales is explained by the independent variables, which is relatively low. This suggests that there may be other factors that are influencing Unit Sales that are not captured by the independent variables in the model.
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Price and costs (dollars per unit) a 19 8 2 O 2 4 MR 6 MC 8 ATC D 10 12 The graph above describes a profit-maximizing monopolist. If the monopolist charges a price of $6, how many units will the monopolist sell? 06 0 0 02 4 O O 00
The graph shown describes a profit-maximizing monopolist. If this monopolist charges a price of $6, the monopolist will sell 4 units of the commodity. What is a Monopolist?
A monopolist is a person who operates in a market that is monopolized. It implies that the firm has control over the commodity supply that is in the market. A monopoly situation in an industry arises due to several factors. They are: Barriers to Entry: These may include capital costs, economies of scale, access to distribution networks, and governmental policies.
Proprietary knowledge: A monopolist can possess proprietary knowledge that other players in the market do not have. For example, this could be a new method of production, a patent, or unique ingredients. The firm in the question is a monopolist because it's a single supplier in the industry and can set the prices.
The monopolist seeks to maximize profits by choosing an output level and price level that will enable them to make the most money. This is called profit maximization. A monopolist achieves this goal by looking for the output level where the marginal cost (MC) equals the marginal revenue (MR). How to find the units sold at a specific price?
we can calculate the number of units that the firm will sell at the given price. The price level is represented on the Y-axis and the quantity supplied on the X-axis. ATC is the Average Total Cost curve, while MC represents the Marginal Cost curve. MR is the Marginal Revenue curve. The monopolist has to decide at what level of output it will sell its commodity. The firm wants to make as much profit as possible and, therefore, chooses the output level that will provide the greatest difference between MR and MC.
At a price of $6, the monopolist will sell 4 units of the commodity. Therefore, the correct option is 4.
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Tally, Inc., sold $200,000 in inventory to Merna Company during 2015 for $250,000. Merna resold $175,000 of this merchandise in 2015 with the remainder to be disposed of during 2016. Assuming that Tally owns 40 percent of Merna and applies the equity method, what journal entry is recorded at the end of 2015 to defer the unrealized gross profit?
Journal entry at the end of 2015 to defer unrealized gross profit:
Debit: Deferred Gross Profit - Merna Company (40% x $75,000)
Credit: Unrealized Gross Profit - Merna Company (40% x $75,000)
Tally, Inc. sold inventory worth $200,000 to Merna Company for $250,000, resulting in an unrealized gross profit of $50,000 ($250,000 - $200,000). As Tally owns 40% of Merna, they need to defer 40% of the unrealized gross profit. The journal entry debits the Deferred Gross Profit - Merna Company account for 40% of $50,000 ($20,000) and credits the Unrealized Gross Profit - Merna Company account for the same amount. This entry recognizes that Tally has not realized its portion of the profit until Merna resells the remaining inventory in 2016. It defers the recognition of profit until it is actually earned in subsequent periods.
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GE Marine System is planning to supply a Japanese shipbuilder with aero – derivative gas turbines to power 11 DD – class destroyers for the Japanese Self – Defense Force. This buyer can pay the total contract price of $1,700,000 now or an equivalent amount 1 year from now (when the turbines will be needed). At an interest rate of 18% per year, what is the equivalent future amount?
To determine the equivalent future amount of $1,700,000 one year from now, we need to calculate the future value of the contract price at an interest rate of 18% per year.
Using the future value formula:
Future Value = Present Value * (1 + Interest Rate)^Time
Where:
Present Value = $1,700,000
Interest Rate = 18% = 0.18
Time = 1 year
Plugging in the values, we have:
Future Value = $1,700,000 * (1 + 0.18)^1
Future Value = $1,700,000 * (1.18)
Future Value = $2,006,000
Therefore, the equivalent future amount of $1,700,000 one year from now, at an interest rate of 18% per year, is $2,006,000.
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