Answer:
Smart Touch Learning
Closing Journal Entries:
Debit Service Revenue $50,000
Credit Income Summary $50,000
To close service revenue to income summary.
Debit Income Summary $12,400
Credit Depreciation Expense $6,500
Credit Interest Expense $300
Credit Rent Expense $4,600
Credit Salaries Expense $1,000
To close expenses to the income summary.
Debit Income Summary $37,600
Credit Retained Earnings $37,600
To close income summary to retained earnings.
Debit Retained Earnings $37,600
Credit Dividends $33,700
To close dividends to retained earnings.
Explanation:
a) Data and Analysis:
SMART TOUCH LEARNING
Adjusted Trial Balance
December 31, 2016
Accounts and Explanation Debit Credit
Account Title Balance Debit Credit
Cash 19,800
Accounts Receivable 10,900
Office Supplies 200
Prepaid Rent 13,200
Furniture 23,100
Accumulated Depreciation 7,900
Accounts Payable 2,600
Salaries Payable 600
Interest Payable 200
Unearned Revenue 5,000
Notes Payable 12,000
Common stock 35,000
Dividends 33,700
Service Revenue 50,000
Depreciation Expense 6,500
Interest Expense 300
Rent Expense 4,600
Salaries Expense 1,000
Total 113,300 113,300
Analysis of Closing Entries:
Service Revenue $50,000 Income Summary $50,000
Income Summary $6,500 Depreciation Expense $6,500
Income Summary $300 Interest Expense $300
Income Summary $4,600 Rent Expense $4,600
Income Summary $1,000 Salaries Expense $1,000
Income Summary $37,600 Retained Earnings $37,600
Retained Earnings $37,600 Dividends $33,700
The following data for a production department relate to two accounting periods:
Activity(machine-hours)....... 17,000 18,500
Department costs................... $246,500 $251,750
The best estimate of fixed department cost is closest to:________.
Answer:
Fixed costs= $187,000
Explanation:
Giving the following information:
Activity(machine-hours): 17,000 18,500
Department costs: $246,500 $251,750
To calculate the fixed and variable cost, we need to use the high-low method:
Variable cost per unit= (Highest activity cost - Lowest activity cost)/ (Highest activity units - Lowest activity units)
Variable cost per unit= (251,750 - 246,500) / (18,500 - 17,000)
Variable cost per unit= $3.5
Fixed costs= Highest activity cost - (Variable cost per unit * HAU)
Fixed costs= 251,750 - (3.5*18,500)
Fixed costs= $187,000
Fixed costs= LAC - (Variable cost per unit* LAU)
Fixed costs= 246,500 - (3.5*17,000)
Fixed costs= $187,000
The petty cash fund of the Brooks Agency is established at $150. At the end of the current period, the fund contained $28 and had the following receipts: entertainment, $70; postage, $30; and printing, $22. Prepare journal entries to record (a) establishment of the fund and (b) reimbursement of the fund at the end of the current period.
Identify the two events from the following that cause a Petty Cash account to be credited in a journal entry.
______________ a. Fund amount is being reduced.
_____________ b. Fund amount is being increased.
_______________ c. Fund is being eliminated.
_______________ d. Fund is being established.
Answer:
(a) Debit Petty cash account for $150; and Credit Bank for $150.
(b) Debit Petty cash account for $122; and Credit Bank for $122.
The correct options are:
a. Fund amount is being reduced.
c. Fund is being eliminated.
Explanation:
(a) Prepare journal entries to record establishment of the fund.
The journal entry will look as follows:
Details Debit ($) Credit ($)
Petty cash account 150
Bank 150
(To record petty cash fund establishment.)
(b) Prepare journal entries to record reimbursement of the fund at the end of the current period.
Since the fund contained $28 at the end of the current period, we have:
Amount to reimburse = entertainment + postage + printing = $70 + $30 + $22 = $122
The journal entry will now look as follows:
Details Debit ($) Credit ($)
Petty cash account 122
Bank 122
(To record petty cash fund reimbursement.)
c. Identify the two events from the following that cause a Petty Cash account to be credited in a journal entry.
The correct options are:
a. Fund amount is being reduced.
c. Fund is being eliminated.
This is because they both in indicate outflows from the petty cash fund.
Below is financial information for two sporting goods retailers. Extreme Sports Company operates a retail business and franchising business. At the end 2011, Extreme Sports had 263 Company-owned and 120 franchise-operated retail stores. Extreme's stores are located in suburban, strip mall and regional mall locations, the company operates in 32 states. All Sports Corporation sells sporting goods and related products at over 2,500 Company-operated retail stores.
Selected Data for All Sports and Extreme Sports (amounts in millions):
All Sports Extreme Sports
Sales $5,320 $1,344
Cost of Goods Sold 3,897 887
Interest Expense 138 43
Net Income 212 33
Average Accounts Receivable 114 18
Average Inventory 998 286
Average Fixed Assets 1,163 130
Average Total Assets 2,472 662
Average Tax Rate 40% 40%
Calculate the following ratios for All Sports and Extreme Sports: If required, round your answers to two decimal places.
Find the following for each: All Sports / Extreme Sports
a. Return on assets
b. Profit Margin for ROA
c. Assets turnover
d. Accounts receivable turnover
e. Inventory turnover
f. Fixed asset turnover
Answer:
All Sports Company and Extreme Sports Company
All Sports Extreme Sports
a. Return on assets (ROA) = Profit margin * Assets turnover
= 3.98%*2.15 2.46%*2.03
= 8.56% 4.99%
b. Profit Margin for ROA = Net income/Sales
= ($212/5,320 * 100) ($33/1,344 * 100)
= 3.98% 2.46%
c. Assets turnover = Sales/Total assets
= $5,320/$2,472 $1,344/$662
= 2.15 2.03
d. Accounts receivable turnover = Credit Sales/Average receivable
= $5,320/$114 $1,344/$18
= 46.67x 74.67x
e. Inventory turnover = Cost of goods sold/Average Inventory
= $3,897/$998 $887/$286
= 3.9x 3.10x
f. Fixed asset turnover = Sales/Fixed assets
= $5,320/$1,163 $1,344/$130
= 4.57x 1.03x
Explanation:
a) Data and Calculations:
All Sports Extreme Sports
Sales $5,320 $1,344
Cost of Goods Sold 3,897 887
Interest Expense 138 43
Net Income 212 33
Average Accounts Receivable 114 18
Average Inventory 998 286
Average Fixed Assets 1,163 130
Average Total Assets 2,472 662
Average Tax Rate 40% 40%
You own a stock portfolio invested 30 percent in Stock Q, 14 percent in Stock R, 40 percent in Stock S, and 16 percent in Stock T. The betas for these four stocks are .99, 1.05, 1.45, and 1.90, respectively. What is the portfolio beta
Answer:
the portfolio beta is 1.33
Explanation:
The computation of the portfolio beta is shown below:
= respective percentage × respective betas
= 0.30 × 0.99 + 0.14 × 1.05 + 0.40 × 1.45 + 0.16 × 1.90
= 0.297 + 0.147 + 0.58 + 0.304
= 1.328
= 1.33
Hence, the portfolio beta is 1.33
The same should be considered and relevant too
During a team meeting, a team member asks about the measurements that will be used on the project to assess performance. The team member feels that some of the measures related to the activities assigned to him are not valid measurements. The project is BEST considered to be in what part of the project management process?
Answer:
The answer is "Executing".
Explanation:
In this inquiry, it is stated that certain of the measurements used to evaluate a team member's efforts are deemed invalid. As a result, he'll have to work during the project's executing phase, when project deliverables are created and project participants execute the majority of the labor. During this team meeting, one of the members inquires about the project's performance measurements, that's why Executing is the correct choice.
Explain how each of these terms is reflected in some way during the period of the American Revolution.
Answer:
The American Revolution was a revolution in the second half of the 18th century, during which the 13 original colonies that today form an area along the American east coast seceded from Britain and established the United States of America as a federal republic.
The American Revolution brought about a number of major intellectual and social changes in young American society, particularly the interest in a Republican government. The American patriots were strongly influenced by the ideas of the Enlightenment; they were against autocracy and did not see the French form of government as a viable solution. In some colonies there were heated debates over the role of democracy in the organization of the state. The change of public opinion towards a republican government and a gradually expanding democracy brought about great changes in the structure of society and laid the foundation for the central ideas by which the United States is still governed.
Using the probability approach to determine an inventory safety stock and wanting to be 95 percent sure of covering inventory demand, which of the following is the number of standard deviations necessary to have the 95 percent service probability assured?A) 1.28B) 1.64C) 1.96D) 2.00E) 2.18
Answer:
B) 1.64
Explanation:
Given that there is 95% service probability i.e. assured
So here the company applied the approach in normally that sets the probability for not stocking out the 95 percent
So it would have the approx 1.64 standard deviation with respect to the safety stock
Therefore the option c is correct
The phase of the business cycle with the highest level of GDP and the lowest unemployment rate is called an?
Answer:
Expansion phase
Explanation:
Expansion is an economic cycle phase in which real gross domestic product rises for two or more months in a succession, going from a trough to a high. Expansion is often known as an improving economy since it is usually followed by an decrease in unemployment, consumer sentiment, and commodity prices.
Answer:
peak
Explanation:
The lifetime of a particular brand of A batteries follows a normal distribution. The mean lifetime of particular brand of A batteries is 1000 hours, with a standard deviation of 100 hours.
1. What percentage of batteries last more than 1100 hours?
a. 2.5%.
b. 5%.
c. 16%.
d. 32%.
2. What is the probability that a randomly selected battery lasts more than 875 hours?
a. 0.3749.
b. 0.8944.
c. 0.8716.
d. 0.1056.
3. What is the probability that a randomly selected battery lasts between 1150 and 1250 hours?
a. 0.2417.
b. 0.4332.
c. 0.9915.
d. 0.3085.
Answer:
1. d. 32%
2. a. 0.3749
3. c. 0.9915
Explanation:
Percentage of battery is calculated by;
mean - sample / standard deviation
1100 hours - 875 / 100 = 225 / 875 = 0.3749
z-score calculated based on the probability of battery is 0.6549
[ 1250 - 1150 ] / 1250 = 0.9915
Gabby works for an online birthday-celebration company. The company’s key business is to receive orders to send birthday cakes, cards, and flowers to people who have their birthdays on particular days. Therefore, the company obviously maintains a huge database of customers and most of their personal details. Gabby’s colleague Marcos uses some of this information to date a few female single customers. Is the behavior of Marcos appropriate per any standards? A. Yes, he was only innocuously dating the female customers. B. Yes, he is not making any business out of the information. C. No, because per the FTC regulations, all personal details of customers should be protected. D. No, because using personal information of the same gender is permissible, but not of the opposite gender.
C. No, because as per the FTC regulations, all personal details of customers should be protected.
During the year, Gary, the sole shareholder of a calendar year S corporation, received a distribution of $16,000. At the end of last year, his stock basis was $4,000. The corporation earned $11,000 ordinary income during the year. It has no accumulated E & P. Which statement is correct?a. Gary recognizes a $1,000 LTCG.b. Gary’s stock basis is $2,000.c. Gary’s ordinary income is $15,000.d. Gary’s tax-free return of capital is $11,000.
Answer: a. Gary recognizes a $1,000 LTCG
Explanation:
Long Term Capital Gain is calculated by the formula:
= Distribution from company - Basis in stock - Ordinary income earned during the year
= 16,000 - 4,000 - 11,000
= $1,000
First statement is therefore correct that Gary would recognize an LTCG of $1,000.
What is the similarity between high-technology firms and service-based firms that makes them risky as restructuring candidates
Answer:
Thet are both human-resource dependent.
Explanation:
Human resources refers to the group of people who make up a firm's workforce or personnel and are considered a valuable asset in terms of skills and talents.
Restructuring is the phrase used in corporate management to describe the process of rearranging a firm's legal, ownership, operational, or other structures in order to make it more lucrative or better organized for its current needs.
Because the firm's personnel are human, they have the capacity to resist any restructuring they believe will negatively affect them. This makes high-tech and service-based firms which are human-resource dependent to be particularly risky restructuring candidates.
On March 1, 2018, Lewis Services issued a 5% long-term notes payable for $25,000. It is payable over a 5-year term in $5,000 principal installments on March 1 of each year, beginning March 1, 2019. Which of the following entries needs to be made on March 1, 2018?
A. Long - Term Notes Payable 25,000
Accounts Payable 25,000
B. Long - Term Notes Payable 5,000
Cash 5,000
C. Cash 25,000
Long - Term Notes Payable 25,000
D. Current Portion of Long - Term Notes Payable 25,000
Long - Term Notes Payable 25,000
Answer:
C. Cash 25,000
Long - Term Notes Payable 25,000
Explanation:
Based on the information given we were told that on MARCH 1, 2018, the company issued a 5% long-term notes payable for the amount of $25,000 which therefore means that the appropriate journal entries that is needed to be made on March 1, 2018 will be:
March 1, 2018
Dr Cash $25,000
Cr Long term notes payable $25,000
MC Qu. 94 A company uses a process... A company uses a process costing system. Its Assembly Department's beginning inventory consisted of 57,200 units, 75% complete with respect to direct labor and overhead. The direct labor beginning inventory costs were $10,700. The department completed and transferred out 109,500 units this period. The ending inventory consists of 47,200 units that are 25% complete with respect to direct labor and overhead. All direct materials are added at the beginning of the process. The department incurred direct labor costs of $42,000 and overhead costs of $50,000 for the period. Assuming the weighted average method, the direct labor cost per equivalent unit (rounded to the nearest cent) is:
Answer:
$0.43
Explanation:
Equivalent Units
Labor
% Completion Units
Units Completed and Transferred out 100% 109,500
Ending Work in Process 25% 11,800
Total Equivalent units 121,300
Particulars Amount
Beginning work in Process 10,700
Cost Added during May 42,000
Total cost added during the year $52,700
Cost per Equivalent unit = Total cost added during the year / Total Equivalent units
Cost per Equivalent unit = $52,700 / 121,300 units
Cost per Equivalent unit = 0.43446002
Cost per Equivalent unit = $0.43
Employees are quitting at an alarming rate from a classy multi-star hotel. What can the HR team there do to find out the reason for quitting and retain good employees?
The Human resources team can interact with some of the staffs to know the problem.
Who is an employee?An employee is someone who is working for an organization or an individual to gets paid at the end of the job either as wages or salary.
In case of any problem, Human resources team can interact with some of the staffs to know the problem.
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Answer: I believe the answer is C
Explanation:
Best-Built Construction is run in a very traditional way, with experienced top managers making all the decisions and passing them down to lower levels for implementation. Best-Built can be described as a(n) _____ organization.
Answer: centralized
Explanation:
Centralized organization can be referred to as a hierarchical decision-making structure whereby decision making are done by at the executive level. Unlike the decentralized organization which has many members in the organization making decisions, the centralized organization typically relies on very few individuals at the top level to make decisions.
Since Best-Built Construction follows the scenario explained above, then it can be referred to as a centralized organization.
You buy a 12-year 10% annual coupon bond at par value, $1,000. You sell the bond 3 years later for $1,100. What is your total rate of return over this 3-year period?
Answer:
40%
Explanation:
Coupon per year = Face Value * Coupon Rate
Coupon per year = $1,000 * 10%
Coupon per year = $1,000 * 0.10
Coupon per year = $100
Total Coupon in 3 years = Coupon per year * 3 years
Total Coupon in 3 years = $100 * 3 years
Total Coupon in 3 years = $300
Rate of return = [(Selling Price - Face Value) + Coupon Received] / Face Value*100
Rate of return = [[($1,100 - $1,000) + $300] / 1000] *100
Rate of return = [[$100 + $300] / $1000] * 100
Rate of return = $400 / $1000 * 100
Rate of return = 0.40
Rate of return = 40%
At the start of the year, your firm's capital stock equaled $10 million, and at the end of the year it equaled $15 million. The average depreciation rate on your capital stock is 20%. Net investment during the year equaled:________
a. $7 million
b. $4 million
c. $5 million
d. $3 million
Answer:
c. $5million
Explanation:
Net investment = Gross investment - Depreciation
Also, Net investment equals investment at the beginning of the year minus investment at the end of the year
Net investment = $15million - $10million
Net investment = $5million
Therefore, net investment during the year equals $5million
A company purchased $1,800 of merchandise on July 5 with terms 2/10, n/30. On July 7, it returned $200 worth of merchandise. On July 28, it paid the full amount due. Assuming the company uses a perpetual inventory system, and records purchases using the gross method, the correct journal entry to record the payment on July 28 is:
Answer:
Debit : Account Payable $1,600
Credit : Discount Received $32
Credit : Cash $1,568
Explanation:
The correct journal entry to record the payment on July 28 includes a Debit to Accounts Payable and Credit to Discount and Cash. Cash should be after returns and discount received.
In a Chapter 11 bankruptcy, a class of creditors is considered to have accepted the bankruptcy plan when: Group of answer choices two-thirds of the class in dollar amount agree. at least 51 percent of the class in number agree. at least 90 percent of the members of the class agree. at least 51 percent of the class in dollar amount and two-thirds of the class in number agree. one-half of the class in number and two-thirds of the class in dollar amount agree.
Answer:
In a Chapter 11 bankruptcy, a class of creditors is considered to have accepted the bankruptcy plan when:
one-half of the class in number and two-thirds of the class in dollar amount agree.
Explanation:
In a Chapter 7 bankruptcy, the business assets are liquidated to pay the creditors. In a Chapter 11 bankruptcy, the business assets are not liquidated. Instead, the business is refinanced as the assets and debts are reorganized, making it possible for the continued existence of the business. This is the reason the agreement of the creditors are usually paramount in the decision to undergo a Chapter 11 bankruptcy, unlike a Chapter 7 bankruptcy.
Each of the following factors affects the weighted average cost of capital (WACC) equation. Which are factors that a firm can control?
A. Interest rates in the economy
B. Tax rates
C. The firm's dividend payout ratio
D. The general level of stock prices
Answer:
C. The firm's dividend payout ratio
Explanation:
Interest rates are set by the Bank, Tax rates by the Government, Stock Prices by demand from customers. The only factor that the company can control is its dividend payout ratio.
Mohave Corp. makes several varieties of beach umbrellas and accessories. It has been approached by a company called Lost Mine Industries about producing a special order for a custom umbrella called the Ultimate Shade (US). The special-order umbrellas with the Lost Mine Company logo would be distributed to participants at an upcoming convention sponsored by Lost Mine.
Lost Mine has offered to buy 1,500 of the US umbrellas at a price of $11 each. Mohave currently has the excess capacity necessary to accept the offer. The following information is related to the production of the US umbrella:
Direct materials $5.00
Direct labor 2.00
Variable manufacturing overhead 3.50
Fixed manufacturing overhead 2.50
Total cost $13.00
Regular sales price $19.00
Required:
1. Compute the incremental profit (or loss) from accepting the special order.
2. Should Mohave accept the special order?
3. Suppose that the special order had been to purchase 2,000 umbrellas for $9.00 each. Recompute the incremental profit (or loss) from accepting the special order under this scenario.
4. Assume that Mohave is operating at full capacity. Calculate the special-order price per unit at which Mohave would be indifferent between accepting or rejecting the special order.
Answer:
Mohave Corp.
1. The incremental profit from accepting the special order is:
= $750.
2. Mohave should accept the special order.
Explanation:
a) Data and Calculations:
Special order quantity = 1,500
Special order price = $11 per unit
Direct materials $5.00
Direct labor 2.00
Variable manufacturing overhead 3.50 $10.50
Fixed manufacturing overhead 2.50
Total cost $13.00
Regular sales price $19.00
Relevant costs:
Direct materials $5.00
Direct labor 2.00
Variable manufacturing overhead 3.50 $10.50
Incremental Analysis:
Special order price = $11.00
Variable cost per unit = $10.50
Incremental profit per unit $0.50
Total incremental profit = $750 ( $0.50 * 1,500)
Lighting design personnel must: A. Understand environmental, cost, and associated benefits of energy-efficient lighting B. Recognize when specialized knowledge is necessary C. Estimate energy cost savings D. All of the above
Answer: All of the above
Explanation:
The Lighting Design Personnel is in charge of the designing, the installation, and the operation of lighting and every other special electrical effects.
Such person must understand environmental, cost, and associated benefits of energy-efficient lighting. Also, he or she must be bake to recognize when specialized knowledge is necessary and also estimate energy cost savings
Therefore, the correct option is all of the above.
According to the results, if a CEO in the Financial industry and a CEO in the Health Care industry both have 88 years of experience, what is the estimated difference in annual salary between the two CEOs
Answer: $19,032.79
Explanation:
There is some data missing that I was unable to find so I will answer a similar question and can use your data to answer this using mine as a reference.
Because the healthcare industry is the base industry, the estimated difference in the annual salary is:
= 0 - Coefficient of Financial industry
= 0 - (-19,032.787112)
= 0 + 19,032.787112
= $19,032.79
1. Sharon, a newly engaged woman, saw an advertisement in a bridal magazine for a beautiful pearl necklace priced at $69.99 from Precious Jewelry. She thought the necklace would be a wonderful present for her bridesmaids, so she ordered 5 necklaces from Precious Jewelry. After a few weeks, Sharon received a letter, along with her returned check from Precious Jewelry. The letter stated that the jeweler was sorry they could not fill her order because they had been overwhelmed with so many requests that their supply of necklaces ran out very quickly
Question Completion:
a. List the 3 elements of an offer and describe each (in your own words).
b. Did Precious Jewelry make an offer when they placed the ad in the magazine? Did Sharon make an offer when she placed the order? Why or why not?
c. What will be the likely outcome if Sharon sues Precious Jewelry to force them to fill her order? Explain your answer.
Answer:
a. The three elements of a valid offer are Communication, Commitment, and Definite Terms. Communication of an offer should be between the offeror and the offeree and not with the general public. Commitment in an offer requires that the two parties are identified and are committed to the exchange of offer and acceptance. Definite terms means that the terms of the offer must be clear and well-understood by the involved parties.
b. Precious Jewelry did not make an offer when it placed the ad in the magazine. The ad was an invitation to offer. Sharon was the party that made the offer when she ordered for the jewelries. It was then left for Precious Jewelry to accept or reject the offer.
c. If Sharon sues Precious Jewelry to force them to fill her order, she does not have the locus standi because there is no basis for the existence of a contract between Sharon and Precious Jewelry since Sharon's offer was not accepted by Precious Jewelry and there was no consideration.
Explanation:
For a valid contract to exist between Sharon and Precious Jewelry, the five elements of a contract must be present. They include valid offer, acceptance, mutual consent (or assent), consideration, and legality (including capacity).
You invested 50% of the wealth in stock A and the remaining 50% in stock B. The expected rates of returns on A and B are given below: Year Expected return on A Expected return on B 2000 14% 16% 2001 15% 17% 2002 16% 18%2003 17% 19%Find the standard deviation of the portfolio. A. 0.955%.B. 1.291%.C. 1.697%.D. 2.124%.E. 2.890%.
Answer:
B. 1.291%
Explanation:
The computation of the standard deviation is shown below;
= 2000 + 2001 + 2002 + 2003
= 0.5 × 14% + 0.5 × 16% + 0.5 × 15% + 0.5 × 17% + 0.5 × 16% + 0.5 × 18% + 0.5 × 17% + 0.5 × 19%
= 15% + 16% + 17% + 18%
= stdev( 15% + 16% + 17% + 18%)
= 1.291%
Hence, the correct option is b.
E6-9 Littleton Books has the following transactions during May May 2 Purchases books on account from Readers Wholesale for $3,300, terms 1/10, n/30. May 3 Pays cash for freight costs of $200 on books purchased from Readers. May 5 Returns books with a cost of $400 to Readers because part of the order is incorrect. May 10 Pays the full amount due to Readers. May 30 Sells all books purchased on May 2 (less those returned on May 5) for $4,000 on account. Required 1. Record the transactions of Littleton Books, assuming the company uses a perpetual inventory system. 2. Assume that payment to Readers is made on May 24 instead of May 10. Record this payment.
Answer:
Littleton Books
Journal Entries:
May 2 Debit Inventory $3,300
Credit Accounts Payable (Readers Wholesale) $3,300
To record the purchase of books on account, terms 1/10, n/30.
May 3 Debit Freight-in $200
Credit Cash $200
To record the freight paid for the books of May 2.
May 5 Debit Accounts Payable (Readers Wholesale) $400
Credit Inventory $400
To record the return of some books.
May 10 Debit Accounts Payable (Readers Wholesale) $2,900
Credit Cash $2,871
Credit Cash Discounts $29
To record the full settlement on account, including discounts.
May 30 Debit Accounts Receivable $4,000
Credit Sales Revenue $4,000
To record the sale of books on account.
Debit Cost of goods sold $2,900
Credit Inventory $2,900
To record the cost of books sold.
May 24 Debit Accounts Payable (Readers Wholesale) $2,900
Credit Cash $2,900
To record the full settlement on account.
Explanation:
a) Data and Analysis:
May 2 Inventory $3,300 Accounts Payable (Readers Wholesale) $3,300
terms 1/10, n/30.
May 3 Freight-in $200 Cash $200
May 5 Accounts Payable (Readers Wholesale) $400 Inventory $400
May 10 Accounts Payable (Readers Wholesale) $2,900 Cash $2,871 Cash Discounts $29
May 30 Accounts Receivable $4,000 Sales Revenue $4,000
Cost of goods sold $2,900 Inventory $2,900
May 24 Accounts Payable (Readers Wholesale) $2,900 Cash $2,900
Oliver's long-term care policy covers only services in a nursing facility and pays nothing for services provided at home or in the community. What kind of LTC policy does Oliver own?
Question options:
a. facility-challenged
b. substandard
c. tier 1
d. noncomprehensive
Answer:
d. noncomprehensive
Explanation:
Oliver has a noncomprehensive long term care(LTC). A non comprehensive long term care is policy that restricts services to the ones provided at a nursing facility, and so Oliver pays for the benefits of only the services of a nursing facility . It is different from a comprehensive long term care where services cover and can be provided at an adult day care, home, assisted living facilities, or at nursing facilities.
Oliver's policy which does not cover nursing facilities provided at home or in the community is known as a Non-comprehensive health insurance policy. So, the correct option is D.
A non-comprehensive policy is a type of policy that covers only expenses related to the health of the customer that are provided in the hospital in-house premises only.
It is to be noted that there are no nursing facility expenses reimbursed or paid to the policy holder in case of health issues faced, if any. There are several other types of policies which reimburse such expenses.In a non-comprehensive policy, the policy holder is entitled to receive health benefits of only core hospitalization and any other expenses like bedding, medications, out-house nursing facilities, etc.The premium to be paid on the non-comprehensive policy is less compared to a comprehensive policy as the benefits to be availed are also less and so the drill.Hence, the correct option is D that the non-comprehensive policy does not cover nursing facilities taken in-house or at the community.
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A health club has 3 employees who work on lead generation. Each employee contacts leads 20 hours a week and is paid $24 per hour. Each employee contacts an average of 210 leads a week. Approximately 8% of the leads become members and pay a onetime fee of $100. Material costs are $180 per week, and overhead costs are $1,000 per week. a. Calculate the multifactor productivity for this operation in fees generated per dollar of input
Answer:
0.64 fees generated per dollar of input
Explanation:
Fees generated per week = Average number of leads * Leads % conversion to members * One time fee per lead
Fees generated per week = 210 * 8% * $100
Fees generated per week = $1,680
Overhead cost = $1,000 per week
Material cost = $180 per week
Labor cost = Number of employees * Hours per week * Wage per hour = 3 * 20 * $24 = $1,440
Multifactor productivity = Fees generated per week/(Overhead cost + Material cost + Labor cost)
Multifactor productivity = $1,680 / ($1,000 + $180 + $1,440)
Multifactor productivity = $1,680 / $2,620
Multifactor productivity = 0.6412214
Multifactor productivity = 0.64 fees generated per dollar of input
Health Scan, Inc. paid $50,000 for X-ray equipment four years ago. The equipment was expected to have a useful life of 10 years from the date of acquisition with annual operating costs of $35,000. Technological advances have made the machine purchased four years ago obsolete with a zero salvage value. An improved X-ray device incorporating the new technology is available at an initial cost of $43,000 and annual operating costs of $23,000. The new machine is expected to last only six years before it, too, is obsolete. Asked to analyze the financial aspects of replacing the obsolete but still functional machine, Health Scan's accountant prepared the following analysis. After looking over these numbers, the Center's manager rejected the proposal.
Six-year savings [($35,000 − $23,000) × 6] $72,000
Cost of new machine (43,000)
Undepreciated cost of old machine (30,000)
Advantage (disadvantage) of replacement $(1,000)
Calculate the net benefit (cost) of purchasing the new machine.
