Answer:
(a) Barton's investment
Date Account Titles and Explanation Debit Credit
Accounts receivables $44,900
($48,000 - $3,100)
Equipment $90,000
Allowances for uncollectible $1,300
Barton Capital $133,600
(To record Barton's contribution)
(b) Fallows' investment
Date Account Titles and Explanation Debit Credit
Cash $28,700
Merchandise Inventory $60,500
Fallow Capital $89,200
(To record Fallow's contribution)
What is database fraud?
Answer:
The National Fraud Database hold records of first and third party fraud risk, such as account takeover, identity fraud, false insurance claims, application fraud and more. It also holds data on individuals who have been, or are at risk of becoming, victims of fraud.
Ahmed knows the bakery must make at least 6 and at most 48 batches of the Chocolate Decadence. The bakery must also make between 3 and 42 batches of the Mint Breezes. The batches of Chocolate Decadence take 7 minutes in the oven, while batches of Mint Breezes require 8 minutes in the oven. The bakery only has 392 minutes in the oven available. If batches of Chocolate Decadence generate $2.56 in income, and batches of Mint Breezes generate $1.29, how many batches of the pies should Ahmed have the bakery make to get the most income
Answer:
Ahmed must bake 48 Chocolate Decadence pies and 7 Mint Breezes pies in order to get the maximum possible profit = $131.91
Explanation:
let x = chocolate decadence
let y = mint breezes
maximize revenue equation = 2.56x + 1.29y
the constraints are:
7x + 8y ≤ 392
x ≥ 6
x ≤ 48
y ≥ 3
y ≤ 42
using solver, profits are maximized when 48x + 7y = $131.91
7. What is not an example of a spending mistake?
A Paying only the minimum payments on your credit card each month.
B Spending more than you make.
C Paying all of your bills on time. W
D Paying your cable bill late.
Royal Company wants to raise $51.5MM to open a plant overseas. To achieve this goal, the company decides to do an underwritten IPO to raise the funds. It hires an investment bank, who estimates that legal, accounting, SEC, taxes and other direct costs will be $1,455,000. Royal anticipates that its indirect costs associated with the process will total $587,934. The investment bank also estimates that the IPO shares can be priced at $31 per share. Royal Company agrees to pay the investment bank a 9.5% spread. How much money does Royal Company actually receive from the IPO after direct expenses
Answer: $51.5MM
Explanation:
Royal Company wants to raise $51.5MM for the plant and this is the amount they will receive from the IPO after direct expenses.
As for the Direct expenses, Royal Company will raise an amount that will account for the amount of $51.5MM that they want to raise and still pay off any expenses (including direct expenses) that arise.
In other words, They will raise more than $51.5MM so that they may be able to get $51.5MM.
Kale, a California CPA, is a sole practitioner who prepared 500 tax returns in 20X6. At the end of 20X6 she took over a tax practice from a close friend who died suddenly and will now prepare nearly 900 returns during 20X7. Due to the increased work load and her inability to hire qualified help, Kale because so busy that she forgot to complete all of her required continuing professional education. When it became time to renew her license in May 20X7 she realized that she was 30 hours short of the total hours required, she had not taken enough accounting and auditing hours, and it was the renewal period in which she was required to take her California Regulatory Review course which she had not completed within the previous six years. Given the situation, what must Kale do
Answer:
Kale should apply to have her license put on inactive status while she completes her CPE requirements. During thatperiod of time she may not engage in the practice of public accounting
Explanation:
a store at the mall having a minimum age requirment for workers is an example of which catagory of employee rights
Answer:
wages and hours
Explanation:
A store at the mall having a minimum age requirement for workers is a wages and hours is the example of category of employee rights.
What is employee rights?Because of your race, color, religion, sexual orientation, gender identity, national origin, handicap, age, or genetic information, you won't encounter bullying or unfair treatment. For equivalent work, equal compensation is given.
Three rights for employees are established and made explicit by the Act: the "right to know" information about the risks related to their employment, the right to report workplace hazards to OSHA, and the right to be shielded from retribution for exercising OSHA-protected rights.
Elimination of all forms of forced or compulsory labor, effective outlawment of child labor, the elimination of employment and occupation-based discrimination, the right to associational freedom, and.
Thus, it is wages and hours.
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can someone help me with the picture above please. if your right i’ll give you the extra points
Which is not a principle advantage of strategic alliances over vertical integration or horizontal mergers/acquisitions
Question attached
Answer:
A. resource pooling and risk sharing, more adaptive response capabilities, and greater speed of deployment
Explanation:
Vertical or horizontal integration entails control or ownership of a company I'm the sense that one company acquired the other in order to reduce cost and increase efficiency as in vertical integration or reduce competition and increase profit as in horizontal integration. In vertical integration the company gains control of another company in a different level in the supply chain in order to reduce it's cost such as costs for raw materials. In horizontal integration, the company acquired another company in same supply chain level to gain more control of the market.
Vertical and horizontal integrations are different from strategic alliance where companies are involved in an agreement to support each other and benefit mutually and yet be independent organizations. Companies involved in this sort of arrangement pool resources and share the risk involved in the mutually beneficial project. Example of such agreement is the one between uber and spotify
E4-2 (Static) Assigning Costs to Activity Cost Pools, Identifying a Cost Driver [LO 4-2, 4-3] Name of Budgeted CostBudgeted Cost Plant insurance$86,100 Testing raw materials 45,000 Manufacturing equipment setup 7,200 Quality inspections 57,000 Property taxes 23,000 Electricity, plant 14,000 Electricity, manufacturing equipment 51,250 Depreciation, plant 18,800 Depreciation, manufacturing equipment 36,700 Maintenance worker (manufacturing equipment) 22,500 Indirect labor (manufacturing equipment setup) 8,300 Design engineering 220,000 Required: 1. Assign each of the budgeted costs above to one of the following activity cost pools: Engineering Equipment setup Quality control Factory facilities Manufacturing equipment 2. Compute the total cost of each pool. 3. Indicate whether the activities in each
Answer:
Find attached the answer and format.
Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions.May 11 Sydney accepts delivery of $31,500 of merchandise it purchases for resale from Troy: invoice dated May 11; terms 3/10, n/90; FOB shipping point. The goods cost Troy $21,105. Sydney pays $635 cash to Express Shipping for delivery charges on the merchandise.12 Sydney returns $1,500 of the $31,500 of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had cost Troy $1,005.20 Sydney pays Troy for the amount owed. Troy receives the cash immediately.(Both Sydney and Troy use a perpetual inventory system and the gross method.)1. Prepare journal entries that Sydney Retailing (buyer) records for these three transactions.2. Prepare journal entries that Troy Wholesalers (seller) records for these three transactions.
Answer and Explanation:
The Journal entries are prepared below:-
1. Merchandise inventory Dr, $31,500
To Accounts payable $31,500
(Being purchase of inventory on the account is recorded)
2. Merchandise inventory Dr, $635
To Cash $635
(Being cash paid is recorded)
3. Accounts payable Dr, $1,500
To Merchandise inventory $1,500
(Being return inventory is recorded)
4. Accounts payable Dr, $30,000
To Merchandise inventory $900 ($30,000 × 3%)
To Cash $29,100 ($30,000 × 97%)
(Being cash paid is recorded)
b. 1. Accounts receivable Dr, $31,500
To Sales $31,500
(Being sales is recorded)
2. Cost of goods sold Dr, $21,105
To Merchandise inventory $21,105
(Being cost of goods sold is recorded)
3. Sales return and allowances Dr, $1,500
To Accounts receivable $1,500
(Being returns is recorded)
4. Merchandise inventory Dr, $1,005
To cost of goods sold $1,005
(Being returned goods is recorded)
5. Cash Dr, $29,100
Sales discounts Dr, $900
To Accounts receivable $30,000
(Being cash received is recorded)
The following information is available for Trailblazer, a manufacturer of four-wheel all-terrain vehicles for its first two years of operation: 2020 2021 Vehicles produced 1,000 1,400 Vehicles sold 900 1,200 Selling price per unit $1,200 $1,200 Direct material per unit $350 $350 Direct labor per unit $220 $220 Variable manufacturing overhead per unit $40 $40 Fixed manufacturing overhead per year $112,000 $112,000 Variable selling and administrative expense per unit $20 $20 Fixed selling and administrative expense per year $35,000 $35,000 Calculate net income for 2021 using full costing. Net income $enter a net income in dollars 523000
Answer:
$537,000
Explanation:
The computation of net income for 2021 using full costing is shown below:-
Net income = Sales - Cost of goods sold - Selling and administrative expenses
= (1,200 × 1,200) - (((1,200 × (350 + 220 + 20)) + 112,000) - ((1,200 × 20) + 35,000)
= $1,440,000 - $844,000 - $59,000
= $537,000
So, for computing the net income we simply applied the above formula.
Average stock of raw material and raw material consumption per annum are Rs.1,24,000 and Rs.8,42,000 respectively. Consider 365days. Calculate raw material consumption period.
Answer: 54 days
Explanation:
Raw Material consumption period = Average stock of Raw Material / Average stock of Raw material Consumption per day
Average stock of Raw material Consumption per day = Raw Material consumption per Annum / 365
= 842,000/365
= Rs. 2,306.85
Raw material consumption period
= 124,000/2,306.85
= 53.75
= 54 days
QUESTION 8 of 10: You are counting your competitors in town. This number is a(n):
a) Irrational number
b) Integer
c)Imaginary number
d) None of the above
Answer:B; Integer
Explanation:Integer is like a whole number(1,2,3,4, etc) it cannot be decimals. Since there can’t be 2.5 people, the answer is B- Integers
While counting the competitors in town, integers will be used. This number is an integer because the counting of people can never be done in an irrational or integer form. Therefore, B is the correct option.
What is an integer?An integer is a whole number in itself. An integer can be zero, a negative digit, or a positive digit as well. The examples of integers are 1,2,3,4,5,0, -1,-2, -3, -4, -5 and so on.
The irrational numbers or integers cant be used for counting or measuring human beings whether the integers can be used to so. Integers are used in various ways in our daily life. Such as measuring temperatures and our money on debit cards and credit cards.
Integers will be utilized to count the local rivals. Since counting persons can never be done in an irrational or integer form, this quantity is an integer. B is therefore the best choice.
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Calculate GDP, NDP, NI, PI, and DI from the following information. All numbers are in billions of dollars. Wages $ 26,500 Consumption Expenditures $36,000 Government Expenditures $18,500 Imports $20,330 Exports $18,580 Property Taxes $16,000 Sales Taxes $9,715 Retained earnings $1,310 Personal Income Taxes $2,200 Private Domestic Investment Expenditures $15,650 Interest Income $1,940 Pay Roll taxes $1,300 Transfer Payments $880 Depreciation $1,300 Net Income Made Abroad by Americans $160 Indirect Business taxes $2,520 Corporate Income Taxes $320 2. Calculate a) labor force, b) labor force participation rate, and c) unemployment rate if the population of a country is 380 million people out which 92 million are under the age of 16, 58 million don't want to work and 20 million are looking for work. 3. Calculate the inflation rate from 2004-2005 if the index number in 2005 was 120 and the index number in 2004 was 135.
Answer:
GDP = Consumption expenditure + Private Investment Expenditure + Government expenditure + Export - Import
= $36,000 + $15,650 + $18,500 + $18,580 - $20,330
= $68,400
NDP = GDP - Depreciation
= $68,400 - $1,300
= $67,100
NI = NDP - Indirect business tax - Transfer payment + Net income Made abroad by Americans
= $67,100 - $2,520 - $880 + $160
= $63,860
PI = NI - Corporate income tax - Retained earnings + Transfer payments
= $63,860 - $320 - $1,310 + $880
= $63,119
DI = PI - Personal income Taxes
= $63,119 - $2,200
= $60,910
a. Labor force = Total Population - (People under age of 16 + People who don’t work)
Labor force = $380 million - ($92 million + $58 million)
Labor force = $230 million.
b. Labor force participation rate = Labor force/ Total population
Labor force participation rate = (60/100) * 100
Labor force participation rate = 60%
c. Unemployment rate = (Unemployed / Labor force) * 100
Unemployment rate = ($20 million / $230 million) * 100
Unemployment rate = 8.69%
Leo Consulting enters into a contract with Highgate University to restructure Highgate’s processes for purchasing goods from suppliers. The contract states that Leo will earn a fixed fee of $25,000 and earn an additional $10,000 if Highgate achieves $100,000 of cost savings. Leo estimates a 50% chance that Highgate will achieve $100,000 of cost savings. Assuming that Leo determines the transaction price as the expected value of expected consideration, what transaction price will Leo estimate for this contract?
Answer:
The transaction price would Leo estimated for this contract is $30,000
Explanation:
The computation of the transaction price is shown below:
= (Fixed fee + additional amount) × chance + fixed fee × chance
= $35,000 × 50% + $25,000 × 50%
= $17,500 + $12,500
= $30,000
hence, the transaction price would Leo estimated for this contract is $30,000
We simply applied the above formula so that the correct answer could come
On February 5, 2018, Cinch Rental Corporation's board of directors declared a dividend of $0.35, to be paid on March 18, 2018, to the shareholders of record as of the close of business on March 9, 2018. Cinch has 6,200,000 shares of $0.01 par-value common stock authorized with 900,000 shares issued and outstanding. The company has no preferred stock.
Required:
Record the declaration of the explanations from any journal entries) dividend and the payment of the dividend.
Answer:
Feb 5
Dr Cash dividend (900,000 shares*.35) 315,000
Cr Dividend payable 315,000
Mar 18
Dr Dividend payable 315,000
Cr Cash 315,000
Explanation:
Preparation of the Journal entry to Record the declaration of the payment of the dividend.
Based on the information given we were told that the on Feb 5 the board of directors declared dividend of the amount of $0.35, which is to be paid on March 18 including 900,000 shares that was issued and outstanding which means that the company Journal entries will be:
Feb 5
Dr Cash dividend (900,000 shares*.35) 315,000
Cr Dividend payable 315,000
Mar 18
Dr Dividend payable 315,000
Cr Cash 315,000
The following disclosures (excerpted) are from the September 2, 2018, annual report of Costco Wholesale Corporation.
The Company generally recognizes sales, net of returns, at the time the member takes possession of merchandise or receives services. When the Company collects payments from members prior to the transfer of ownership of merchandise or the performance of services, the amounts received are generally recorded as deferred sales, included in other current liabilities in the consolidated balance sheets, until the sale or service is completed. The Company reserves for estimated sales returns based on historical trends in merchandise returns and reduces sales and merchandise costs accordingly. The Company accounts for membership fee revenue, net of refunds, on a deferred basis, ratably over the one-year membership.
The Company’s Executive members qualify for a 2% reward on qualified purchases (up to a maximum reward of approximately $1,000 per year), which can be redeemed only at Costco warehouses. The Company accounts for this reward as a reduction in sales. The sales reduction and corresponding liability (classified as accrued member rewards in the consolidated balance sheets) are computed after giving effect to the estimated impact of non-redemptions, based on historical data. The net reduction in sales was $1,394, $1,281, and $1,172 in 2018, 2017, and 2016, respectively.
Revenue Sept. 2, 2018 Sept. 3, 2017 Aug. 28, 2016
($ millions)
Net Sales $138,434 $126,172 $116,073
Membership fees 3,142 2,853 2,646
Total revenue $141,576 $129,025 $118,719
Current Liabilities ($ millions) Sept. 2, 2018 Sept. 3, 2017
Accounts payable $11,237 $9,608
Accrued salaries and benefits 2,994 2,703
Accrued member rewards 1,057 961
Deferred membership fees 1,624 1,498
Other current liabilities 3,014 2,725
Total current liabilities $19,926 $17,495
Which of the following statements best explains in layman terms how Costco accounts for the cash received for its membership fees?
a. Because Costco does not know how many of its members will continue to the end of the year, cash received from members is recorded as a liability and recognized as revenue only at year-end.
b. When it receives cash, the company records it as a current liability. Then, it recognizes revenue evenly over the year.
c. The company records revenue when the cash is received.
d. Because Costco has a refund policy, the company records revenue when the cash is received, less an allowance for expected membership terminations.
Answer:
Which of the following statements best explains in layman terms how Costco accounts for the cash received for its membership fees?
b. When it receives cash, the company records it as a current liability. Then, it recognizes revenue evenly over the year.Explanation:
The first part of the question clearly states that Costco reports membership fees as unearned revenue. As time passes, and the fees are accrued, it recognizes them as earned revenue. Since the membership fees last for a year, Costco recognizes the revenue associated to them evenly throughout the whole year.
Membership fees are not static, as some fees expire, new ones are received. That is why the membership fees account does not vary significantly during the year, but instead it should follow a relatively stable path.
What is considered a liability in finance and why is it being used?
A liability is something a person or company owes, usually a sum of money. ... In the world of accounting, a financial liability is also an obligation but is more defined by previous business transactions, events, sales, exchange of assets or services, or anything that would provide economic benefit at a later date
Answer:
A liability is something a person or company owes, usually a sum of money. In the world of accounting, a financial liability is also an obligation but is more defined by previous business transactions, events, sales, exchange of assets or services, or anything that would provide economic benefit at a later date.
Explanation:
Selected transactions for the Sleezer Company are listed below.
1. Paid monthly utility bill.
2. Purchased new display case for cash.
3. Paid cash for repair work on security system.
4. Billed customers for services performed.
5. Received cash from customers billed in transaction 4.
6. Dividends paid to owners.
7. Incurred advertising expenses on account.
8. Paid monthly rent.
9. Received cash from customers when service was rendered.
Answer:
1. Paid monthly utility bill. - Decrease in assets and decrease in stockholders’ equity.
Cash (asset) will be used to pay the utility bill and this will reduce Net Income (stockholders equity).
2. Purchased new display case for cash. - Increase in assets and decrease in assets.
The new display will be a fixed asset so asset will increase but it will reduce the cash balance which is also an asset.
3. Paid cash for repair work on security system. - Decrease in assets and decrease in stockholders’ equity.
The repair work is an expense so it will reduce Net income(equity) and it will reduce cash as well.
4. Billed customers for services performed. - Increase in assets and increase in stockholders’ equity.
This will increase Accounts receivable (asset) and Net Income (equity).
5. Received cash from customers billed in transaction 4. - Increase in assets and decrease in assets.
This will reduce the Accounts receivable (asset) and increase Cash (asset). There will be no net effect.
6. Dividends paid to owners. - Decrease in assets and decrease in stockholders’ equity.
This will reduce Cash (asset) as it was used to pay the dividend. It will also reduce Retained earnings (equity).
7. Incurred advertising expenses on account. - Increase in liabilities and decrease in stockholders’ equity.
Accounts payable increases (liability) and Net income reduces (equity).
8. Paid monthly rent. - Decrease in assets and decrease in stockholders’ equity.
Cash (asset) will be used to pay the rent and this will reduce Net Income (stockholders equity).
9. Received cash from customers when service was rendered. - Increase in assets and increase in stockholders’ equity.
This will increase Cash (asset) and Net Income (equity).
An informal trade barrier is created by government actions.
Oa. True
Ob. False
During 2021, Erin Corporation had 9,000,000 shares of common stock and 500,000 shares of 6% preferred stock outstanding. The preferred stock does not have cumulative or convertible features. Erin declared and paid cash dividends of $3,000,000 and $1,500,000 to common and preferred shareholders, respectively, during 2021. On January 1, 2020, Erin issued $20,000,000 of convertible 5% bonds at face value. Each $1,000 bond is convertible into five common shares. Erin's net income for the year ended December 31, 2021, was $60 million. The income tax rate is 20%. 20. What is Erin's basic earnings per share for 2021, rounded to the nearest cent
Answer:
Erin's basic earnings per share for 2021 is $6.50 per share.
Explanation:
Basic earnings per share (EPS) refers to a measure that show investors the amount of the net income of a company that is allotted to one share of the common stock of the company.
In the calculation of the basic EPS, the dilutive effects of convertible securities are not to be considered.
Therefore, Erin's basic earnings per share for 2021 can be calculated using the following formula:
Earnings per share (EPS) = (Net income - Preferred dividend) / Number of shares of common stock ...................... (1)
Where;
Net income = $60,000,000
Preferred dividend = $1,500,000
Number of shares of common stock = 9,000,000
Substituting the values into equation (1), we have:
Earnings per share (EPS) = ($60,000,000 - $1,500,000) / 9,000,000 = $58,500,000 / 9,000,000 = $6.50 per share.
Therefore, Erin's basic earnings per share for 2021 is $6.50 per share.
Vivian Books buys books and magazines directly from publishers and distributes them to grocery stores. The wholesaler expects to purchase the following inventory. April May June Required purchases (on account) $ 106,000 $ 126,000 $ 138,000 Vivian Books’s accountant prepared the following schedule of cash payments for inventory purchases. Vivian Books’s suppliers require that 90 percent of purchases on account be paid in the month of purchase; the remaining 10 percent are paid in the month following the month of purchase. Required a. Complete the schedule of cash payments for inventory purchases by filling in the missing amounts. b. Determine the amount of accounts payable the company will report on its pro forma balance sheet at the end of the second quarter.
Answer:
A.
April $102,400
May $124,000
June $136,800
B. $13,800
Explanation:
a. Calculation to Complete the schedule of cash payments for inventory purchases
April May June
Payment for current accounts payable
$95,400 $113,400 $124,200
Payment for previous accounts payable
$7,000 $10,600 $12,600
Total Budgeted payments for inventory
$102,400 $124,000 $136,800
Workings:
Payment for current accounts payable
April 95,400
May 126,000*90% =113,400
June 138,000*90=124,200
Payment for previous accounts payable
April 7,000
May 106,000*10%=10,600
June 126,000*10%=12,600
b. Calculation to Determine the amount of accounts payable that the company will report on its pro forma balance sheet
Accounts payable amount=$ 138,000 June purchase amount x 10% to be paid in July
Account payable amount=$13,800
Therefore the amount of accounts payable the company will report on its pro forma balance sheet at the end of the second quarter will be $13,800
Cost data for D5-6b Company for the most recent year appears below: Direct labor ....................................... $138,000 Insurance on the factory building .................. $ 22,000 Indirect materials ................................. $ 53,000 Sales commissions .................................. $ 80,000 Factory supervisor's salary ........................ $ 64,000 Depreciation on copier in the sales office ......... $ 21,000 Property tax on the factory building ............... $ 13,000 Wages paid to factory janitors ..................... $ 40,000 Advertising ........................................ $ 46,000 CEO's Salary ....................................... $149,000 Utilities on the factory ........................... $ 37,000 D5-6b Company reported the following inventory balances during the most recent year: January 1 December 31 Direct materials $82,000 $68,000 Work in process $27,000 $44,000 Finished goods $91,000 $51,000 During the most recent year, D5-6b Company purchased direct materials totaling $148,000 and reported sales revenue of $500,000. Calculate D5-6b Company's cost of goods manufactured for the most recent year.
Answer:
cost of goods manufactured= $512,000
Explanation:
First, we need to calculate the direct materials used, direct labor, and manufacturing overhead:
Direct material= 82,000 + 148,000 - 68,000= $162,000
Direct labor= 138,000
Overhead= Insurance on the factory building + Indirect materials + Factory supervisor's salary + Property tax on the factory building + Wages paid to factory janitors + Utilities on the factory
Overhead= 22,000 + 53,000 + 64,000 + 13,000 + 40,000 + 37,000
Overhead= $229,000
Now, to calculate the cost of goods manufactured, we need to use the following formula:
cost of goods manufactured= beginning WIP + direct materials + direct labor + allocated manufacturing overhead - Ending WIP
cost of goods manufactured= 27,000 + 162,000 + 138,000 + 229,000 - 44,000
cost of goods manufactured= $512,000
What makes buying a foreclosed property risky?
Answer:
almost everything
Explanation:
According to a supply and demand model for apples, if the average household income decreases at the same time 10 apple orchards go out of business, one would expect the equilibrium Group of answer choices price of apples to be indeterminate and the equilibrium quantity of apples in the market to increase. quantity of apples in the market to be indeterminate and the equilibrium price of apples to increase. price of apples to increase and the equilibrium quantity of apples in the market to decrease. quantity of apples in the market to decrease and the equilibrium price of apples to stay the same. quantity of apples in the market to decrease and the equilibrium price of apples to be indeterminate.
Answer:
quantity of apples in the market to decrease and the equilibrium price of apples to be indeterminate.
Explanation:
The decrease in income would reduce the demand for apples because there would be less disposable income available to buy apples. The decrease in demand would lead to a fall in price and quantity
If 10 orchards go out of business. The supply of apples would reduce. This would reduce quantity and increase price.
Taking these two occurrence together, equilibrium quantity would fall and there would be an indeterminate change in equilibrium price
Check the attached image for a graph showing these changes
Garth was amazed to hear that his friend Lindsey always pays off her credit card balance each month. Garth just assumed that everyone used credit cards the same way - buy now, pay later - only in his case, months later. He buys almost everything he needs or wants, including clothes, food, and entertainment with his card. When Lindsey asked him about the balance calculation method, APR, grace period, or other fees and features of his card, Garth was clueless. He reasoned that his credit card was a safe and convenient way to shop and it allowed him to buy expensive items by paying minimum monthly payments. Overall, Garth thought of himself as a responsible credit user, despite the fact he had been late making a few monthly payments, and, once or twice, had gone over his credit limit. He also uses his card regularly to obtain cash advances. After hearing all of this, Lindsey is worried about her friend. She has come to you for help in answering the following questions. a. What type of credit user is Garth? Based on your answer, what is the number one factor that should influence Garth's choice of a credit card?
Answer:
Garth is a "REVOLVER "
Explanation:
Garth is a "Revolver" type of credit user, because he doesn't pay up the monthly payments on his card in full and on time, instead he carries debts over to the other months by paying in monthly installments
Based on the type of credit user Garth is, when picking up a credit card Garth should consider going for credit cards with low interest rate/APR charges and a longer grace period as well.
Who is better Mario or Sonic
Answer:
both but I think that sonics better but for old people they probably like mario
Select each concept with its best description by selecting its letter in the dropdowns.
Flexible product designs can be modified to accommodate customer choices.
Focuses on quality throughout the production process.
Reports on financial, social, and environmental performance.
Inventory is acquired or produced only as needed.
Every manager and employee constantly looks for ways to improve company operations.
Answer:
This question is incomplete, the concepts are missing. Those concepts are the following:
1) Just in time manufacturing
2) Continuous improvement
3) Customer orientation
4) Total quality management
5) Triple bottom line
And the matches are the following:
1 - D ; 2 - E ; 3 - A ; 4 - B ; 5 - C
Explanation:
Just in time manufacturing is a concept known in the business field that refers to the method used by the companies who believe that having every little detail in time would improve the production process of the company and that is to have great agreements with the suppliers as well. That is why that inventory is acquired or produced only as needed.
Continuous improvement is the concept that refers to the state where the managers and employees of the company are always looking for new ways to improve the operations of the company itself.
Costumer orientation is the concept known as the flexible product design that the company chooses to use in order to adjust their products in order to what the customers really need or want.
Total quality management is the concept that refers to the situation where all the company is completely focused in the quality throughout the production process.
Triple bottom line is refered to the corporation social responsibility and that is why that this method is related to the financial, social and environmental performance of the company as a whole to the society where it resides.
A local radio station gives away concert tickets at random times everyday to reward listeners. What schedule of reinforcement are they using?
a. fixed interval
b. variable interval
c. fixed ratio
d. variable ration
Answer:
b. variable interval
Explanation:
Schedules of reinforcement based on lapsed time are known as interval schedules. They are either fixed-interval or variable-interval schedules.
Variable-interval schedules provide reinforcement/reward after random time-interval. The interval of time is irregular but revolves around some average length of time. Reinforcement is therefore dispensed unevenly within a stated period.
The following is a partial trial balance for the Green Star Corporation as of December 31, 2021:
Account Title Debits Credits
Sales revenue 1,400,000
Interest revenue 35,000
Gain on sale of investments 55,000
Cost of goods sold 740,000
Selling expenses 185,000
General and administrative expenses 80,000
Interest expense 45,000
Income tax expense 135,000
There were 100,000 shares of common stock outstanding throughout 2021.
Required:
Prepare a single-step income statement for 2021, including EPS disclosures.
Prepare a multiple-step income statement for 2021, including EPS disclosures.
Answer and Explanation:
The presentation of the income statement is presented below:
Income statement
Revenues and gains:
Sales revenue 1,400,000
Add: Interest revenue 35,000
Add: Gain on sale of investment 55,000
Total revenues and gains 1,490,000
Less:
Expenses and losses:
Cost of goods sold 740,000
General and administrative expenses 80,000
Selling expenses 185,000
Interest expense 45,000
Total expenses and losses 1,050,000
Income before income tax 440,000
Income tax expense - 135,000
Net income 305,000
EPS = Net income ÷ Number of common shares
($305,000 ÷ 100,000) 3.05
2.
Income statement
Sales 1,400,000
Less: Cost of goods sold - $740,000
Gross profit 660,000
Less:
Operating expenses:
General and administrative expenses $80,000
Selling expenses $185,000
Total operating expenses -$265,000
Operating income $395,000
Other incomes and expenses
Interest revenue $35,000
Gain on sale of investment $55,000
Interest expense -$45,000
Total other income, net $45,000
Less: Income before income tax $440,000
Income tax expense -$135,000
Net income $305,000
EPS = Net income ÷ Number of common shares
(305,000 ÷ 100,000) 3.05
