Answer and Explanation:
The Preparation of income statement is prepared below:-
Rushmore Biking Inc.
Income statement
For the month ended February 28
Particulars Amount
Revenues $7,30,300
Less: Cost of goods sold $4,41,400
Gross profit $2,88,900
Selling and administrative expenses:
Selling expenses $1,48,500
Administrative expenses $72,200
Less: Total Selling and administrative
expenses $2,20,700
Income from operations $68,200
Wendy is calculating her tax deductions. She finds that she can deduct $5,522 from medical expenses, $7,240 from
charitable donations, and $2,126 from property taxes. What is Wendy's total deduction?
a $5,700
b. $15,104
C. $18,284
d. $14,888
Answer:
d. $14,888
Explanation:
Wendy's total deductions will be the sum of $5,522, $7,240, and $2,126.
Total deductions will be $5,522 + $7,240 + $2,126 =$14,888
The total deduction on Wendy's tax will be $14,888.
What is tax deduction?The tax deduction refers to the amount that will be exempted from total tax payable.
Given deductible amount
Medical expenses = $5,522
Charitable donations = $7,240
Property taxes =$2,126
Wendy's total deduction = $5,522 + $7,240 + $2,126
Wendy's total deduction = $14,888
Hence, the total deduction on Wendy's tax will be $14,888.
Therefore, the Option D is correct.
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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
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.
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.
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.
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.
can someone help me with the picture above please. if your right i’ll give you the extra points
Sweet Catering completed the following selected transactions during May 2016:May 1: Prepaid rent for three months, $2,400May 5: Received and paid electricity bill, $90May 9: Received cash for meals served to customers, $3,510May 14: Paid cash for kitchen equipment, $3,730May 23: Served a banquet on account, $1,520May 31: Made the adjusting entry for rent (from May 1).May 31: Accrued salary expense, $2,630May 31: Recorded depreciation for May on kitchen equipment, $560If Sweet Catering had recorded transactions using the Accrual method, how much net income (loss) would they have recorded for the month of May? If there is a loss, enter it with parentheses or a negative sign.
Answer:
See explanation below
Explanation:
• Computation of Net income/loss recorded for the month of May, using accrual method
Received cash for meals served to customers $3,510
+ Served a banquet on account $1,520
Total revenue $5,030
Less: expenses
(-) rent expense for May ($2,400/3) ($800)
(-) received and paid electricity bill ($90)
(-) accrued salary expense ($2,630)
(-) depreciation expense for May on kitchen equipment ($560)
Net income (revenue - expenses) $950
• Computation of Net income/loss recorded for the month of May, using cash method
Received cash for meals served to customers $3,510
(-) prepaid rent for three months ($2,400)
(-) received and paid electricity bill ($90)
(-) paid cash for kitchen equipment ($3,730)
Net loss ($2,710)
An informal trade barrier is created by government actions.
Oa. True
Ob. False
On January 1, 2020, Pearl Company makes the two following acquisitions.
1. Purchases land having a fair value of $360,000 by issuing a 5-year, zero-interest-bearing promissory note in the face amount of $606,621.
2. Purchases equipment by issuing a 7%, 8-year promissory note having a maturity value of $560,000 (interest payable annually). The company has to pay 11% interest for funds from its bank.
(a) Record the two journal entries that should be recorded by Pearl Company for the two purchases on January 1, 2020.
(b) Record the interest at the end of the first year on both notes using the effective-interest method.
Answer:
a) journal entry to record land purchase
January 1, 2020
Dr Land 360,000
Dr Discount on notes payable 246,621
Cr Notes payable 606,621
journal entry to record purchase of equipment
January 1, 2020
Dr Equipment 444,725.96
Dr Discount on notes payable 115,274.04
Cr Notes payable 560,000
present value of $560,000 using bank interest rate = $560,000 / 1.11⁸ = $242,998.84
annual interest payment = $560,000 x 7% = $39,200
PV of annuity = $39,200 x 5.1461 (PV annuity factor, 11%, 8 periods) = $201,727.12
total present value of notes payable = $242,998.84 + $201,727.12 = $444,725.96
discount on notes payable = $560,000 - $444,725.96 = $115,274.04
b) interest expense for the first notes payable (used to purchase land) = $360,000 x 11% = $39,600
December 31, 2021, accrued interest expense on notes payable 1
Dr Interest expense 39,600
Cr Discount on notes payable 39,600
interest expense for the second note
interest expense = $444,725.96 x 11% = $48,919.86
cash paid = $560,000 x 7% = $39,200
discount on notes payable = $48,919.86 - $39,200 = $9,719.86
December 31, 2021, accrued interest expense on notes payable 2
Dr Interest expense 48,919.86
Cr Cash (or interest payable) 39,200
Cr Discount on notes payable 9,719.86
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.
Appendix 1: Gross and net methods for sales discounts
The following were selected from among the transactions completed by Strong Retail Group during August of the current year:
Aug. 5. Sold merchandise on account to M. Quinn, $7,500, terms 2/10, n/30. The
cost of the merchandise sold was $4,200.
9. Sold merchandise on account to R. Busch., $4,000, terms 1/10, n/30. The
cost of the merchandise sold was $2,100.
15. Received payment on account for the sale of August 5 less the discount.
20. Sold merchandise on account to S. Mooney, $6,000, terms n/eom. The
cost of the merchandise sold was $3,300.
25. Received payment on account for the sale of August 9. 31.Received
payment on account for the sale of August 20.
A. Journalize the August transactions using the gross method of recording sales discounts.
Aug. 5 Accounts Receivable-M. Quinn 7,500
Sales 7,500
Cost of Goods Sold 4,200
Inventory 4,200
Accounts Receivable-R. Busch 4,000
Sales 4,000
Cost of Goods Sold 2,100
B. Journalize the August transactions using the net method of recording sales discounts.
Answer:
A. Journal Entries under Gross Method
Date Account Titles and Explanation Debit Credit
Aug. 5 Accounts Receivable M. Quinn $7,500
Sales Revenue $7,500
(To record the sales made on account)
Cost of Goods Sold $4,200
Inventory $4,200
(To record the cost of goods sold)
Aug. 9 Accounts Receivable R. Busch $4,000
Sales Revenue $4,000
(To record the sales made on account)
Cost of Goods Sold $2,100
Inventory $2,100
(To record the cost of goods sold)
Aug. 15 Cash $7,350
($7,500 - $150)
Sales Discounts $150
($7,500*2/100)
Accounts Receivable M. Quinn $7,500
(To record the payment received for credit sales with discount)
Aug. 20 Accounts Receivable S. Mooney $6,000
Sales Revenue $6,000
(To record the sales made on account)
Cost of Goods Sold $3,300
Inventory $3,300
(To record the cost of goods sold)
Aug. 25 Cash $4,000
Accounts Receivable R. Busch $4,000
(To record the payment received for credit sales without discount)
Aug. 31 Cash $6,000
Accounts Receivable S. Mooney $6,000
(To record the payment received for credit sales with no discount)
B. Journal Entries under Net Method
Date Account Titles and Explanation Debit Credit
Aug. 5 Accounts Receivable M. Quinn $7,350
($7,500 - [$7,500*2/100])
Sales Revenue $7,350
(To record the sales made on account)
Cost of Goods Sold $4,200
Inventory $4,200
(To record the cost of goods sold)
Aug. 9 Accounts Receivable R. Busch $3,960
($4,000 - [$4,000*1/100])
Sales Revenue $3,960
(To record the sales made on account)
Cost of Goods Sold $2,100
Inventory $2,100
(To record the cost of goods sold)
Aug. 15 Cash $7,350
Accounts Receivable M. Quinn $7,350
(To record the payment received for credit sales with discount)
Aug. 20 Accounts Receivable S. Mooney $6,000
Sales Revenue $6,000
(To record the sales made on account)
Cost of Goods Sold $3,300
Inventory $3,300
(To record the cost of goods sold)
Aug. 25 Cash $4,000
($3,960 + $40)
Accounts Receivable R. Busch $3,960
Sales Discount Forfeited $40
($4,000*1/100)
(To record the payment received for credit sales without discount)
Aug. 31 Cash $6,000
Accounts Receivable S. Mooney $6,000
(To record the payment received for credit sales with no discount)
2. An electronics manufacturing firm is currently manufacturing resistors that have a variable cost of $0.50 per unit and a selling price of $1.00 per unit. Fixed costs are $100,000. Current volume is 300,000 units. The firm can substantially improve the product quality by adding a new piece of equipment at an additional fixed cost of $60,000. Variable cost would increase to $0.60, but volume should jump to 500,000 units due to the higher-quality product. a. Should the firm buy the new equipment? b. What is the minimum price the company would have to charge in order for the new equipment to be worth purchasing (assuming the higher or lower price doesn’t affect the 500,000 unit volume)?
Answer:
a. Should the firm buy the new equipment?
no, because operating profit will decreaseb. What is the minimum price the company would have to charge in order for the new equipment to be worth purchasing (assuming the higher or lower price doesn’t affect the 500,000 unit volume)?
$1.02 per unitExplanation:
contribution margin per unit = $0.50
total units sold = 300,000
fixed costs = $100,000
operating income = (300,000 x $0.50) - $100,000 = $50,000
if the firm improves the quality of their products:
contribution margin per unit = $0.40
total units sold = 500,000
fixed costs = $160,000
operating income = (500,000 x $0.40) - $160,000 = $40,000
if you want to keep operating income at $50,000 then minimum sales price should be:
500,000 = $210,000 / contribution margin
contribution margin = $210,000 / 500,000 = $0.42
sales price = contribution margin + variable costs = $0.42 + $0.60 = $1.02 per unit
Who is better Mario or Sonic
Answer:
both but I think that sonics better but for old people they probably like mario
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%
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
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).
On May 1, 2021, Meta Computer, Inc., enters into a contract to sell 4,000 units of Comfort Office Keyboard to one of its clients, Bionics, Inc., at a fixed price of $68,000, to be settled by a cash payment on May 1. Delivery is scheduled for June 1, 2021. As part of the contract, the seller offers a 25% discount coupon to Bionics for any purchases in the next six months. The seller will continue to offer a 5% discount on all sales during the same time period, which will be available to all customers. Based on experience, Meta Computer estimates a 50% probability that Bionics will redeem the 25% discount voucher, and that the coupon will be applied to $40,000 of purchases. The stand-alone selling price for the Comfort Office Keyboard is $19.00 per unit. Required: 1. How many performance obligations are in this contract
Answer:
this contract includes 2 performance obligations
Explanation:
the performance obligations are as follows:
performance obligation 1 refers to providing 4,000 keyboards to Bionicsperformance obligation 2 refers to the special discount options which could be redeemed by the client resulting in a material right. If the client had not made this purchase, then it wouldn't be entitled to the special discount.A performance obligation is created whenever a business promises a customer that it will deliver or provide a good or service.
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
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
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.
Tracy Company, a manufacturer of air conditioners, sold 200 units to Thomas Company on November 17, 2021. The units have a list price of $550 each, but Thomas was given a 30% trade discount. The terms of the sale were 3/10, n/30. Exercise 7-5 (Algo) Part - 1 Required: 1. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26, 2021, assuming that the gross method of accounting for cash discounts is used. 2. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on December 15, 2021, assuming that the gross method of accounting for cash discounts is used.
Answer:
1. November 17
Accounts receivable 77,000
Sales revenue 77,000
November 26
Dr Cash 74,690
Dr Sales Discounts 2,310
Cr Accounts receivable 77,000
2. November 17
Dr Accounts receivable 77,000
Cr Sales revenue 77,000
December 15
Dr Cash 77,000
Cr Accounts receivable 77,000
Explanation:
1. Preparation of the journal entries to record the sale on November 17 and collection on November 26, 2021
November 17
Accounts receivable 77,000
Sales revenue 77,000
[Price = 200 units * $550 *(100%-30%) = 77,000]
November 26
Dr Cash 74,690
(77,000-2,310)
Dr Sales Discounts 2,310
(77,000*3%)
Cr Accounts receivable 77,000
2.Preparation of the journal entries to record the sale on November 17 and collection on December 15, 2021,
November 17
Dr Accounts receivable 77,000
Cr Sales revenue 77,000
[Price = 200 units * $550 *(100%-30%) = 77,000]
December 15
Dr Cash 77,000
Cr Accounts receivable 77,000
The Accounts receivable is 77,0001. A journal is a thorough account that documents all of a company's financial activities. It is used for account reconciliation in the future and for the transfer of data to other formal accounting records, including the general ledger.
The journal entries are provided below:
November 17
Accounts receivable 77,000
Sales revenue 77,000
November 26
Dr. Cash 74,690
Dr. Sales Discounts 2,310
Cr Accounts receivable 77,000
2. November 17
Dr. Accounts receivable 77,000
Cr Sales revenue 77,000
December 15
Dr. Cash 77,000
Cr Accounts receivable 77,000
1. Preparation of the journal entries to record the sale on November 17 and collection on November 26, 2021
November 17
Accounts receivable 77,000
Sales revenue 77,000
[Price = 200 units * $550 *(100%-30%) = 77,000]
November 26
Dr. Cash 74,690
(77,000-2,310)
Dr. Sales Discounts 2,310
(77,000*3%)
Cr Accounts receivable 77,000
2. Preparation of the journal entries to record the sale on November 17 and collection on December 15, 2021,
November 17
Dr. Accounts receivable 77,000
Cr Sales revenue 77,000
[Price = 200 units * $550 *(100%-30%) = 77,000]
December 15
Dr. Cash 77,000
Cr Accounts receivable 77,000.
A journal often uses the double-entry accounting approach and includes the date of a transaction, the accounts that were impacted, and the sums.
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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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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 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.
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:
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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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
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.
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
