Answer:
Requirement: Prepare journal entries to: (a) Accrue the salaries payable on December 31, b) Close the Salaries Expense account on December 31 (the account has a year-end balance of $250,000 after adjustments), (c) Record the salary payment on January 7
Date Accounts title and Explanation Debit Credit
31-Dec Salaries expense $1,880
Salaries Payable $1,880
(To record accrued salaries )
31-Dec Retained Earnings $250,000
Salaries Expense $250000
(To close salaries expense account)
07-Jan Salaries Payable $1,880
Salaries expense $2,920
Cash $4,800
(To record payment of salary)
Abigail has just signed a 5-year lease for her new business. The full annual lease amount is due at the beginning of every year and such cash flows have been agreed to be 20,156 dollars now and the subsequent payments to increase by 5% per year until maturity. Given that the prevailing average market interest rate is 8% per year compounded monthly, compute the present value of this financial asset. (note: round your answer to the nearest cent and do not include spaces, currency signs, or commas)
Answer: $93,088
Explanation:
Rate is compounded monthly which makes it:
= 8% / 12
= 0.6667%
= 0.006667
The payment of $20,156 is to increase yearly at a rate of 5%. Payments are at the beginning of the period so the first payment does not have to be discounted.
[tex]= 20,156 + \frac{20,156 * 1.04}{(1 + 0.006667)^{12} } + \frac{20,156 * 1.04^{2} }{(1 + 0.006667)^{24} } + \frac{20,156 * 1.04^{3} }{(1 + 0.006667)^{36} } + \frac{20,156 * 1.04^{4} }{(1 + 0.006667)^{48} }\\\\= 20,156 + 19,355.65 + 18,587.08 + 17,849.02 + 17,140.27\\\\= 93,088.02[/tex]
= $93,088
Makers Corp. had additions to retained earnings for the year just ended of $194,000. The firm paid out $184,000 in cash dividends, and it has ending total equity of $4.89 million. The company currently has 120,000 shares of common stock outstanding. a. What are earnings per share
Answer:
Makers Corp.
The Earnings Per Share are:
= $3.15.
Explanation:
a) Data and Calculations:
Additions to retained earnings for the year = $194,000
Cash dividends paid out = 184,000
Net income = $378,000
Total equity = $4.89 million
Outstanding shares = 120,000
Earnings per share = Net Income/Outstanding shares
= $378,000/120,000
= $3.15
b) The earnings per share (EPS) is a financial metric that is widely used to corporate value. It indicates the amount of money that a company makes for its stockholders per share. It is computed by dividing the net income by the number of outstanding shares.
If the mean of three observations x + 2, x + 4, and x + 6 is 15, then x is equal to
a) 12
(b) 13
(c) 15
(d) 11
Answer:
x+2+x+4+x+6/3=15
3x+12=15x3
3x+12=45
3x=45-12
3x=33
x=33/3
x=11
hope it helps u
Answer:
D
Explanation
3x+12 divided by 3 multiple by 15
Lee Financial Services pays employees monthly. Payroll information is listed below for January 2018, the first month of Lee's fiscal year. Assume that none of the employees exceeded any relevant wage base.
Salaries $470,000
Federal income taxes to be withheld 94,000
Federal unemployment tax rate 0.60%
State unemployment tax rate (after
FUTA deduction) 5.40%
Social security tax rate 6.20%
Medicare tax rate 1.45%
Required:
1. Calculate the income and payroll taxes for the January 2018 pay period.
2. Prepare the appropriate journal entries to record salaries and wages expense (not paid) and payroll tax expense for the January 2018 pay period.
Answer and Explanation:
1. The computation is shown below:
As we know that employee taxes involved the social security tax, medicare tax and the income tax
Social security tax
= Gross pay × 6.2%
= $470,000 × 6.2%
= $29,140
Medicare tax
= Gross pay × 1.45%
= $470,000 × 1.45%
= $6,815
And,
Income tax withheld = $94,000
Now payroll taxes involved social security tax, Medicare tax, Federal unemployment tax, and state unemployment tax.
Social security tax
= Gross pay × 6.2%
= $470,000 × 6.2%
= $29,140
Medicare tax
= Gross pay × 1.45%
= $470,000 × 1.45%
= $6,815
Federal unemployment tax is
= Gross pay × 0.6%
= $470,000 × 0.6%
= $2,820
State unemployment tax
= Gross pay × 5.40%
= $470,000 × 5.40%
= $25,380
2. Now the journal entries are
On January, 2018
Salaries wages expense $470,000
To Withholding income tax payable $94,000
To Social security tax payable $29,140
To Medicare tax payable $6,815
to Salaries and wages payable $340,045
(being salaries and wages expense is recorded)
On Jan 2018
Payroll tax expense $64,155
To Social security tax payable $29,140
To Medicare tax payable $6,815
To Federal unemployment tax payable $2,820
To State unemployment tax payable $25,380
(being tax liabilities is recorded)
Which of the following is NOT true of the African Continental Free Trade Area (AfCFTA)?
The oldest trade agreement still in use today
Combined GDP $3.4 trillion
The Largest free trade agreement per number of member countries
1.3 billion people across 55 countries
Answer:
no te entiendo porque estas hablando en ingles y yoben español jajajaja ok te lo suplico ok
When you retire 35 years from now, you want to have $1.25 million. You think you can earn an average of 13.5 percent on your investments. To meet your goal, you are trying to decide whether to deposit a lump sum today, or to wait and deposit a lump sum 2 years from today. How much more will you have to deposit as a lump sum if you wait for 2 years before making the deposit
Answer:
$19,144.61
Explanation:
The first step would be to determine the present value of $1.25 million. After, the future value of that amount in 2 years has to be calculated
The formula for calculating future value:
P = FV / (1 + r)^n
FV = Future value
P = Present value
R = interest rate
N = number of years
$1.25 million / (1.135)^35 = $14,861.23
Now we find the future value using this formula :
FV = P (1 + r)^n
$14,861.23 x (1.135)^2 = $19,144.61
Three categories of activities (operating, investing, and financing) generate or use the cash flow in a company. In the following table, identify which type of activity is described below.
a. Fitzi Chemical Co. earns revenue from its cash receipts from royalties.
b. The Yum chain of restaurants conducts an initial public offering to raise funds for expansion.
c. A company records a decrease in its total raw materials inventory from the previous year.
d. A pharmaceutical company buys marketing rights to sell a drug exclusively in East Asian markets.
Answer and Explanation:
The classifications are as follows:
a. Operating activities: As there is a cash receipts from royalities so the same come under this activity
b. Financing activities: As the funds are raised so the same would be come under this activity.
c. Operating activities: As there is a decrease in raw material inventory as compared to the last year so the same is come under this activity
d. Investing activities: As the marketing rights are purchased so the same would be come under this activity
Desert, Inc. has year-end account balances as of December 31, 2020 of Sales Revenue $907,000; Interest Revenue $24,000; Cost of Goods Sold $593,000; Administrative Expenses $188,000; Income Tax Expense $31,000; Dividends $18,000, Unrealized Pension Liability Adjustments of $21,500 (dr) and a correction of an error in recording Depreciation Expense for 2018 of $12,000 (dr).
To prepare the year-end closing entry required to close the Income Summary account, Desert would record a:_________
a. Debit to Net Income for $107.000.
b. Debit to Income Summary for $119,000
c. Debit to Retained Earnings for $89,000
d. Debit to Income Summary for $67,500
Answer:
Dr to income summary for $119,000
Explanation:
The year end closing entry to required to close the income entry would be ;
Sales revenue. Dr $907,000
Interest revenue Dr $24,000
Income summary Cr $931,000
Income summary Dr $812,000
Cost of goods sold Cr $593,000
Administrative expenses Cr $188,000
Income tax expense Cr $31,000
*Income summary Dr. $119,000
Retained earnings Cr $119,000
Retained earnings. Dr $18,000
Dividend Cr $18,000
Filer Manufacturing has 9 million shares of common stock outstanding. The current share price is $88, and the book value per share is $7. The company also has two bond issues outstanding. The first bond issue has a face value $80 million, a coupon of 5 percent, and sells for 98 percent of par. The second issue has a face value of $55 million, a coupon of 6 percent, and sells for 106 percent of par. The first issue matures in 20 years, the second in 8 years.
a. What are the company's capital structure weights on a book value basis? (Do not round intermediate calculations and round your answers to 4 decimal places, e.g., 32.1616.) Equity / Value Debt / Value
b. What are the company's capital structure weights on a market value basis? (Do not round intermediate calculations and round your answers to 4 decimal places, e.g., 32.1616.) Equity / Value Debt / Value
c. Which are more relevant? Market value weights or Book value weights
Answer:
a. Book Value of Common Stock = [9,000,000 shares * $7.00 per share] = $63,000,000
Book Value of Debt = [$80,000,000 + $55,000,000] = $135,000,000
Total Book Value = $63,000,000 + $135,000,000 = $198,000,000
Capital structure weights of Common Stock = [$63,000,000 / $198,000,000] = 0.3182
Capital structure weights of Debt = [$135,000,000 / $198,000,000] = 0.6818
b. Market Value of Common Stock = [9,000,000 shares x $88 per share] = $792,000,000
Market Value of Debt = [($80,000,000 x 98%) + ($55,000,000 x 106%)] = $136,700,000
Total Market Value = $792,000,000 + $136,700,000 = $928,700,000
Capital structure weights of Common Stock = [$792,000,000 / $928,700,000] = 0.8528
Capital structure weights of Debt = [$136,700,000 / $928,700,000] = 0.1472
c. Market values/weigh are always preferred because they reflect the current scenario.
Question
Felicia Rashad Corporation has pretax financial income (or loss) equal to taxable income (or loss) from 2006 through 2014 as follows.
Income (Loss) Tax Rate
2006 $29,000 30 %
2007 40,000 30 %
2008 17,000 35 %
2009 48,000 50 %
2010 (150,000 ) 40 %
2011 90,000 40 %
2012 30,000 40 %
2013 105,000 40 %
2014 (60,000) 45 %
Pretax financial income (loss) and taxable income (loss) were the same for all years since Rashad has been in business. Assume the carryback provision is employed for net operating losses. In recording the benefits of a loss carryforward, assume that it is more likely than not that the related benefits will be realized.
a) What entries for income taxes should be recorded for 2010? .
b) Indicate what the income tax expense portion of the income statement for 2010 should look like. Assume all income (loss) relates to continuing operations.
c)What entry for income taxes should be recorded in 2011?
d) How should the income tax expense section of the income statement for 2011 appear?
e) what entry for income taxes should be recorded in 2014
f) how should the income tax expense section of the statement for 2104 appear to be ?
?
Answer:
A. Dr Deferred Tax Asset 60,000.00
Cr Deferred Tax 60,000.00
B. Income Statement (Partial)
Current Tax -
Deferred Tax (60,000.00)
Total Tax (60,000.00)
C.Dr Deferred Tax Asset 36,000
Cr Deferred Tax 36,000
D. Income Statement (Partial)
Current Tax -
Deferred Tax 36,000
Total Tax 36,000
E. Dr Deferred Tax Asset 27,000
Cr Deferred Tax 27,000
F. Income Statement (Partial)
Current Tax -
Deferred Tax 27,000
Total Tax 27,000
Explanation:
A. Calculation for what the entries for income taxes should be recorded for 2010
Entries for Income tax for 2010
Dr Deferred Tax Asset 60,000.00
Cr Deferred Tax 60,000.00
2010 (150,000 *40 %)
(To record timing difference of carry forward losses)
b) Indication for what the income tax expense portion of the income statement for 2010 should look like. :
Felicia Rashad Corporation
Income Statement (Partial)
Current Tax -
Deferred Tax (60,000.00)
Total Tax (60,000.00)
c) Calculation for what the entries for income taxes should be recorded for 2011
Dr Deferred Tax Asset 36,000
Cr Deferred Tax 36,000
2011 (90,000* 40 %)
(To record deferred tax asset utilization)
d) Income tax expense section of the income statement for 2011 appear
Felicia Rashad Corporation
Income Statement (Partial)
Current Tax -
Deferred Tax 36,000
Total Tax 36,000
e) Calculation for what the entries for income taxes should be recorded for 2014
Dr Deferred Tax Asset 27,000
Cr Deferred Tax 27,000
2014 (60,000*45 %)
(To record deferred tax asset utilization)
f) Income tax expense section of the income statement for 2014 appear
Felicia Rashad Corporation
Income Statement (Partial)
Current Tax -
Deferred Tax 27,000
Total Tax 27,000
The legal system affects corporate America in which of the following ways?
A. It operates on the periphery and does not affect the core activities of doing business.
B. Its involvement is generally limited to forming corporations or partnerships, providing for investment capital, and drafting contracts with CEOs.
C. The legal system does not necessarily facilitate or stabilize commercial practice.
D. The legal system has moved closer to the core activities of conducting business and succeeding in a competitive environment.
Answer:
C. The legal system does not necessarily facilitate or stabilize commercial practice.
Explanation:
The government of the United States is a federal system in nature. It has a written system and a common law legal system. The "legal system" of American is based on the system of federalism or the decentralization system.
The legal system for America on the other hand is for interpreting and enforcing the law. Advance development in the political and legal system may increase the risk of the country. Thus the legal system of America does not facilitate or the stabilize any commercial practice in america.
Jose purchased a delivery van for his business through an online auction. His winning bid for the van was $25,250. In addition, Jose incurred the following expenses before using the van: shipping costs of $1,270; paint to match the other fleet vehicles at a cost of $1,440; registration costs of $2,970, which included $2,750 of sales tax and an annual registration fee of $220; wash and detailing for $121; and an engine tune-up for $327.
Required:
What is Joseâs cost basis for the delivery van?
Answer:
$30,710
Explanation:
Calculation for Jose cost basis for the delivery van
Van Winning bid $25,250
Add Shipping costs of $1,270
Add Paint to match the other fleet vehicles $1,440
Add Sales tax $2,750
Basis for the delivery van $30,710
($25,250 + $1,270 + $1,440 + $2,750 )
Therefore Jose cost basis for the delivery van was $30,710
The ledger of Marigold Corp. on July 31, 2017, includes the selected accounts below before adjusting entries have been prepared.
Debit Credit
Investment in Note Receivable $22,000
Supplies 24,000
Prepaid Rent 3,600
Buildings 270,000
Accumulated Depreciation-Buildings $140,000
Unearned Service Revenue 12,000
An analysis of the company’s accounts shows the following.
1. Supplies on hand at the end of the month totaled $14,880.
2. The balance in Prepaid Rent represents 4 months of rent costs.
3. Employees were owed $2,480 related to unpaid and unrecorded salaries and wages.
4. Depreciation on buildings is $4,800 per year.
5. During the month, the company satisfied obligations worth $3,760 related to the Unearned Service Revenue account.
6. Unpaid and unrecorded maintenance and repairs costs were $1,840.
Prepare the adjusting entries at July 31 assuming that adjusting entries are made monthly.
Answer:
1. July 31
Dr Supplies expense $9,120
Cr Supplies $9,120
2. July 31
Dr Rent expense $900
Cr Prepaid rent $900
3. July 31
Dr Salaries and wages expense $2480
Cr Salaries and wages payable $2480
4. July 31
Dr Depreciation expense $400
Cr Accumulated depreciation - Building $400
5. July 31
Dr Unearned service revenue $3,760
Cr Service revenue $3,760
6. July 31
Dr Miscellaneous expense $1,840
Cr Miscellaneous expense payable $1,840
Explanation:
Preparation of the adjusting entries at July 31 assuming that adjusting entries are made monthly.
1. July 31
Dr Supplies expense $9,120
Cr Supplies $9,120
($24,000-$14,880)
(Being To record supplies expense)
2. July 31
Dr Rent expense $900
Cr Prepaid rent $900
(3,600*1/4)
(Being To record rent expense)
3. July 31
Dr Salaries and wages expense $2480
Cr Salaries and wages payable $2480
(Being To record salaries and wages expense)
4. July 31
Dr Depreciation expense $400
Cr Accumulated depreciation - Building $400
($4,800*1/12)
(BeingTo record depreciation expense)
5. July 31
Dr Unearned service revenue $3,760
Cr Service revenue $3,760
(Being To record unearned service revenue)
6. July 31
Dr Miscellaneous expense $1,840
Cr Miscellaneous expense payable $1,840
(Being To record maintenance and repairs expense)
On January 1, 2021, Tiny Tim Industries had outstanding $1,000,000 of 12% bonds with a book value of $967,000. The indenture specified a call price of $983,500. The bonds were issued previously at a price to yield 14% and interest payable semi-annually on July 1 and January 1. Tiny Tim called the bonds (retired them) on July 1, 2021. What is the amount of the loss on early extinguishment
Answer:
$8,810
Explanation:
Calculation for What is the amount of the loss on early extinguishment
First step is to calculate the Call price of bond
Call price of bond=$967,000 + ($967,000*(14%/2)) - ($1,000,000*(12%/2))
Call price of bond= $967,000 + ($967,000*7%) - ($1,000,000*6%)
Call price of bond=$967,000+$67,690+$60,000
Call price of bond= $974,690
Now let calculate the Amount of loss on early extinguishment
Amount of loss on early extinguishment = $983,500 - $974,690
Amount of loss on early extinguishment = $8,810
Therefore Amount of loss on early extinguishment will be $8,810
what is the most important law after starting a business
Sagon Corporation has provided data concerning the Corporation's Manufacturing Overhead account for the month of September. Prior to the closing of the overapplied or underapplied balance to Cost of Goods Sold, the total of the debits to the Manufacturing Overhead account was $97,000 and the total of the credits to the account was $67,000. Which of the following statements is true?
A. Manufacturing overhead transferred from Finished Goods to Cost of Goods Sold during the month was $75,000.
B. Actual manufacturing overhead incurred during the month was $56,000.
C. Manufacturing overhead applied to Work in Process for the month was $75,000.
D. Manufacturing overhead for the month was underapplied by $19,000.
Answer:
Manufacturing overhead for the month was underapplied by $30,000.
Explanation:
Since it is given that
The debit to the manufacturing overhead is $97,000
And, the total credit is $67,000
So, the remaining amount would be
= $97,000 - $67,000
= $30,000
This $30,000 represent the underapplied overhead
This is the correct answer but the same is not provided in the given options
old Nest Company of Guandong, China, is a family-owned enterprise that makes birdcages for the South China market. The company sells its birdcages through an extensive network of street vendors who receive commissions on their sales.
The company uses a job-order costing system in which overhead is applied to jobs on the basis of direct labor cost. Its predetermined overhead rate is based on a cost formula that estimated $330,000 of manufacturing overhead for an estimated activity level of $200,000 direct labor dollars. At the beginning of the year, the inventory balances were as follows:
Raw materials $ 25,000
Work in process $ 10,000
Finished goods $ 40,000
During the year, the following transactions were completed:
Raw materials purchased on account, $275,000.
Raw materials used in production, $280,000 (materials costing $220,000 were charged directly to jobs; the remaining materials were indirect).
Costs for employee services were incurred as follows:
Direct labor $ 180,000
Indirect labor $ 72,000
Sales commissions $ 63,000
Administrative salaries $ 90,000
Rent for the year was $18,000 ($13,000 of this amount related to factory operations, and the remainder related to selling and administrative activities).
Utility costs incurred in the factory, $57,000.
Advertising costs incurred, $140,000.
Depreciation recorded on equipment, $100,000. ($88,000 of this amount related to equipment used in factory operations; the remaining $12,000 related to equipment used in selling and administrative activities.)
Manufacturing overhead cost was applied to jobs, $ ? .
Goods that had cost $675,000 to manufacture according to their job cost sheets were completed.
Sales for the year (all paid in cash) totaled $1,250,000. The total cost to manufacture these goods according to their job cost sheets was $700,000.
Required:
1. Prepare journal entries to record the transactions for the year.
2. Prepare T-accounts for each inventory account, Manufacturing Overhead, and Cost of Goods Sold. Post relevant data from your journal entries to these T-accounts (don’t forget to enter the beginning balances in your inventory accounts).
3A. Is Manufacturing Overhead underapplied or overapplied for the year?
3B. Prepare a journal entry to close any balance in the Manufacturing Overhead account to Cost of Goods Sold.
4. Prepare an income statement for the year. (All of the information needed for the income statement is available in the journal entries and T-accounts you have prepared.)
Answer:
Req 1:
No Transaction General Journal Debit Credit
1 a. Raw materials 275,000
Accounts payable 275,000
2 b. Work in process 220,000
Manufacturing overhead 60,000
Raw materials 280,000
3 c. Work in process 180,000
Manufacturing overhead 72,000
Sales commisions expense 63,000
Admin salaries expense 90,000
Salaries and wages payable 405,000
4 d. Manufacturing overhead 13,000
Rent expense 5,000
Accounts payable 18,000
5 e. Manufacturing overhead 57,000
Accounts payable 57,000
6 f. Advertising expense 140,000
Accounts payable 140,000
7 g. Manufacturing overhead 88,000
Depreciation expense 12,000
Accumulated depreciation 100,000
8 h. Work in process 297,000
Manufacturing overhead 297,000
9 i. Finished goods 675,000
Work in process 675,000
10 j(1). Cash 1,250,000
Sales 1,250,000
11 j(2). Cost of goods sold 700,000
Finished goods 700,000
Req 2: Screenshot Attached
Req 3A:
Manufacturing Overhead is Overapplied
Req 3B:
Manufacturing Overhead 7,000
Cost of Goods Sold 7,000
Req 4: Screenshot Attached
It's & called
2. When one organism benefits while the other is not affected. It is
known as
On January 1, 2020, Bridgeport Corporation issued $3,740,000 of 10-year, 8% convertible debentures at 102. Interest is to be paid semiannually on June 30 and December 31. Each $1,000 debenture can be converted into 8 shares of Bridgeport Corporation $100 par value common stock after December 31, 2021. On January 1, 2022, $374,000 of debentures are converted into common stock, which is then selling at $111. An additional $374,000 of debentures are converted on March 31, 2022. The market price of the common stock is then $116. Accrued interest at March 31 will be paid on the next interest date. Bond premium is amortized on a straight-line basis. Make the necessary journal entries for: (a) December 31, 2021. (c) March 31, 2022. (b) January 1, 2022. (d) June 30, 2022.
Answer:
Bridgeport Corporation
Journal Entries:
(a) December 31, 2021.
Debit Interest on Debentures $149,600
Credit Cash $149,600
To record the interest expense and payment for the six months.
Debit Debentures Premium $3,740
Credit Interest on Debentures $3,740
To record the amortization of the debentures premium.
(b) January 1, 2022.
Debit Debenture $374,000
Credit Common Stock $299,200
Credit APIC $74,800
To record the conversion of debentures to shares.
(c) March 31, 2022.
Debit Debenture $374,000
Credit Common Stock $299,200
Credit APIC $74,800
To record the conversion of debentures to shares.
Debit Interest on Debentures $67,320
Credit Interest Payable $67,320
To accrue interest for the quarter.
Debit Debentures Premium $1,870
Credit Interest on Debentures $1,870
To record the amortization of the debentures premium for the quarter.
(d) June 30, 2022.
Debit Interest on Debentures $59,840
Credit Interest payable $59,840
To accrue interest for the quarter.
Debit Debentures Premium $1,870
Credit Interest on Debentures $1,870
To record the amortization of the debentures premium for the quarter.
Debit Interest Payable $127,160
Credit Cash $127,160
To record payment of interest for the six months.
Explanation:
a) Data and Calculations:
Issue of 10-year 8% Convertible Debentures at 102 = $3,814,800 (Cash)
Debenture premium $74,800
Half-yearly premium amortization = $74,800/20 = $3,740
Face value = $3,740,000
b) Interest on Debenture = $3,740,000 * 8% * 1/2 = $149,600
c) $374,000 debentures converted into 8 shares for every $1,000.
= $374,000/1,000 * 8 = 2,992 shares at $100 par value
d) Interest on Debentures ($3,740,000 - $374,000) * 8% * 1/4
= $3,366,000 * 8% * 1/4 = $67,320
Plus
$3,366,000 - $374,000 * 8% * 1/4 = $59,840
Total interest = $127,160
A point of beginning refers to
In the Excel, or spreadsheet, approach to recording financial transactions, if manufacturing overhead is underapplied by X dollars, the Manufacturing Overhead account is closed out by deducting X dollars in the Manufacturing Overhead column and deducting X dollars in the Retained Earnings column.
a. True
b. False
Answer:
False.
Explanation:
To close the underapplied Manufacturing Overhead account requires that the Cost of Goods Sold is debited, say with $100 while the Manufacturing Overhead account is credited with the same amount. Underapplied Manufacturing Overhead account means that a debit balance is left after applying the overhead to production. To close this debit, therefore, a credit entry is required to the manufacturing overhead account. The corresponding debit entry goes to the Cost of Goods Sold, or this may be apportioned among Cost of Goods Sold, Finished Goods Inventory, and Work-in-Process, as may be the case.
Answer:
True.
Explanation:
According to the Bureau of Labor Statistics, there are about 3 million temp employees in the U.S. out of 150 million employees overall. What percentage of workers are temporary workers?
Answer:2%
Explanation:
Answer:2%
Explanation:
explain the governance of internet
Answer:
Internet governance is defined as 'the development and application by governments, the private sector, and civil society, in their respective roles, of shared principles, norms, rules, decision-making procedures, and programs that shape the evolution and use of the Internet'
Hope it helps! ^-^
Explanation:
The growth or development and programmes by government at a public sector and all the institutions in their respective roles of mutual guiding beliefs,norms,rules,desicision making operation and broadcast programming that forms the intection or evolutionary term and use the internet can be defined as governance of internet.
Trak Corporation incurred the following costs while manufacturing its bicycles. Bicycle components $100,000 Advertising expense $45,000 Depreciation on plant 60,000 Property taxes on plant 14,000 Property taxes on store 7,500 Delivery expense 21,000 Labor costs of assembly-line workers 110,000 Sales commissions 35,000 Factory supplies used 13,000 Salaries paid to sales clerks 50,000
Identify each of the above costs as direct materials, direct labor, manufacturing overhead, or period costs. Bicycle components select a classification Depreciation on plant select a classification Property taxes on store select a classification Labor costs of assembly-line workers select a classification Factory supplies used select a classification Advertising expense select a classification Property taxes on plant select a classification Delivery expense select a classification Sales commissions select a classification Salaries paid to sales clerks
Answer:
Bicycle components $100,000
Identification: Direct material
Advertising expense $45,000
Identification: Period cost
Depreciation on plant 60,000
Identification: Manufacturing overhead
Property taxes on plant 14,000
Identification: Manufacturing overhead
Property taxes on store 7,500
Identification: Period cost
Delivery expense 21,000
Identification: Period cost
Labor costs of assembly-line workers 110,000
Identification: Direct labor
Sales commissions 35,000
Identification: Period cost
Factory supplies used 13,000
Identification: Manufacturing overhead
Salaries paid to sales clerks 50,000
Identification: Period cost
Revise the following sentences to eliminate flabby expressions.
a. Despite the fact that we lost the contract, we must at this point in time move forward.
b. In the event that interest rates increase, we will begin investing in the very near future.
Answer:
. Despite the fact that we lost the contract, we must at this point in time move forward.
Explanation:
Which of the following is a simple sentence?
a. Because we will be reducing employee health insurance benefits, some employees may be unhappy; however, we must make sure that they understand the reason for the change.
b. HMO and PPO insurance plans offer additional cost savings.
c. Having healthy employees decreases the cost of monthly premiums; therefore, we will be implementing a wellness program.
d. If health insurance costs continue to rise, employee copays may increase.
The simple sentence is:b. HMO and PPO insurance plans offer additional cost savings.
A simple sentence is a sentence with one independent clause (also called a main clause). It can have a compound subject or predicate. There is only one independent clause in a simple sentence and it expresses a single thought. Among the given sentences, the simple sentence is:b. HMO and PPO insurance plans offer additional cost savings.
Explanation:The sentence "HMO and PPO insurance plans offer additional cost savings" is a simple sentence because it contains only one subject-verb pair, “HMO and PPO insurance plans” (subject), “offer” (verb).
The sentence is clear and straightforward. It contains no dependent clauses or conjunctions that join two independent clauses. Hence, this sentence is a simple sentence.
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A consulting engineer has been engaged to advise a town how best to proceed with the construction of a 200,000 water supply reservoir. Since only 120,000 of storage will be required for the next 25 years, an alternative to building the full capacity now is to build the reservoir in two stages. Initially, the reservoir could be built with 120,000 of capacity and then, 25 years hence, the additional 80,000 of capacity could be added by increasing the height of the reservoir. Estimated costs are as follows construction cost, and annual maintenance cost, build in 2 stages first stage 120,000 reservoir $14'200,000 $75,000; second stage add 80,000 of capacity $120600,000 and $25,000 additional construction cost build in full capacity now 200,000 reservoir $22'400,000 and $100,000 if the interest is computed at 4%, which construction plan is preferred?
Answer:
Single stage construction
PW of Cost = $22,400,000 + 100,000(P/A, 4%, 25)
PW of Cost = $22,400,000 + 100,000(15.622)
PW of Cost = $22,400,000 + $1,562,200
PW of Cost = $23,962,200
Tow stage construction
PW of cots = $14,200,000 + $75,000(P/A, 4%, 25) + $12,600,000(P/F, 4%, 25)
PW of cost = $14,200,000 + $75,000(15.622) + $12,600,000(0.3751)
PW of cost = $14,200,000 + $1,171,650 + $4,726,260
PW of cost = $20,097,910
Conclusion: We should choose two stage construction as it has lesser Present worth of cost.
Here we preferred two stage construction as it has lesser Present worth of cost.
Calculation of the selection of the construction plan:For Single stage construction
PW of Cost = $22,400,000 + 100,000(P/A, 4%, 25)
= $22,400,000 + 100,000(15.622)
= $22,400,000 + $1,562,200
= $23,962,200
Now
For Tow stage construction
PW of cots = $14,200,000 + $75,000(P/A, 4%, 25) + $12,600,000(P/F, 4%, 25)
= $14,200,000 + $75,000(15.622) + $12,600,000(0.3751)
= $14,200,000 + $1,171,650 + $4,726,260
= $20,097,910
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Suppose that the total revenue received by a company selling basketballs is $600 when the price is set at $60 per basketball and $600 when the price is set at $40 per basketball. Without using the midpoint formula, identify whether demand is elastic, inelastic, or unit-elastic over this price range.
Answer:
Unit elastic
Explanation:
Price elasticity of demand measures the responsiveness of quantity demanded to changes in price of the good.
Price elasticity of demand = percentage change in quantity demanded / percentage change in price
If the absolute value of price elasticity is greater than one, it means demand is elastic. Elastic demand means that quantity demanded is sensitive to price changes.
Demand is inelastic if a small change in price has little or no effect on quantity demanded. The absolute value of elasticity would be less than one
Demand is unit elastic if a small change in price has an equal and proportionate effect on quantity demanded. Demand is unit elastic if total revenue remains the same over different prices
The following trial balance was taken from the books of Sheridan Corporation on December 31, 2020.
Account Debit Credit
Cash $8,500
Accounts Receivable 40,700
Notes Receivable 11,200
Allowance for Doubtful Accounts $1,870
Inventory 35,300
Prepaid Insurance 4,720
Equipment 122,600
Accumulated Depreciation--Equip. 14,100
Accounts Payable 10,100
Common Stock 49,100
Retained Earnings 64,550
Sales Revenue 268,000
Cost of Goods Sold 123,900
Salaries and Wages Expense 48,600
Rent Expense 12,200
Totals $407,720 $407,720
At year end, the following items have not yet been recorded.
a. Insurance expired during the year, $2,000.
b. Estimated bad debts, 1% of gross sales.
c. Depreciation on furniture and equipment, 10% per year.
d. Interest at 6% is receivable on the note for one full year.
e. Rent paid in advance at December 31, $5,400 (originally charged to expense).
f. Accrued salaries at December 31, $5,800.
Required:
a. Prepare the necessary adjusting entries.
b. Prepare the necessary closing entries.
Answer:
Sheridan Corporation
a. Adjusting Journal Entries on December 31, 2020:
a. Debit Insurance Expense $2,000
Credit Prepaid Insurance $2,000
To record the insurance expense for the year.
b. Debit Bad Debts Expense $2,680
Credit Accounts Receivable $2,680
To record bad debts written off.
c. Debit Depreciation Expense - Equipment $12,260
Credit Accumulated Depreciation - Equipment $12,260
To record the depreciation expense for the year.
d. Debit Interest Receivable $672
Credit Interest Revenue $672
To record interest revenue receivable on the note.
e. Debit Rent Prepaid $5,400
Credit Rent Expense $5,400
To record rent prepaid, previously recorded as an expense.
f. Debit Salaries and Wages Expense $5,800
Credit Salaries Payable $5,800
To record accrued salaries.
b. Closing Journal Entries on December 31, 2020:
Debit Sales Revenue $268,000
Interest Revenue $672
Credit Income Summary $268,672
To close the revenue accounts to the income summary.
Debit Income Summary $202,040
Credit:
Cost of Goods Sold 123,900
Salaries and Wages Expense 54,400
Rent Expense 6,800
Bad debts Expense 2,680
Insurance Expense 2,000
Depreciation Expense 12,260
To close the expense accounts to the income summary.
Explanation:
a) Data and Calculations:
Sheridan Corporation
Unadjusted Trial Balance as of December 31, 2020:
Account Titles Debit Credit
Cash $8,500
Accounts Receivable 40,700
Notes Receivable 11,200
Allowance for Doubtful Accounts $1,870
Inventory 35,300
Prepaid Insurance 4,720
Equipment 122,600
Accumulated Depreciation--Equip. 14,100
Accounts Payable 10,100
Common Stock 49,100
Retained Earnings 64,550
Sales Revenue 268,000
Cost of Goods Sold 123,900
Salaries and Wages Expense 48,600
Rent Expense 12,200
Totals $407,720 $407,720
Adjustments:
a. Insurance Expense $2,000 Prepaid Insurance $2,000
b. Bad Debts Expense $2,680 Accounts Receivable $2,680 (1% of $268,000)
c. Depreciation Expense - Equipment $12,260 Accumulated Depreciation - Equipment $12,260 (10% of $122,600)
d. Interest Receivable $672 Interest Revenue $672 (6% of $11,200)
e. Rent Prepaid $5,400 Rent Expense $5,400
f. Salaries and Wages Expense $5,800 Salaries Payable $5,800
Sheridan Corporation
Adjusted Trial Balance as of December 31, 2020:
Account Titles Debit Credit
Cash $8,500
Accounts Receivable 38,020
Notes Receivable 11,200
Interest Receivable 672
Allowance for Doubtful Accounts $1,870
Inventory 35,300
Prepaid Insurance 2,720
Prepaid Rent 5,400
Equipment 122,600
Accumulated Depreciation--Equip. 26,360
Accounts Payable 10,100
Salaries Payable 5,800
Common Stock 49,100
Retained Earnings 64,550
Sales Revenue 268,000
Interest Revenue 672
Cost of Goods Sold 123,900
Salaries and Wages Expense 54,400
Rent Expense 6,800
Bad debts Expense 2,680
Insurance Expense 2,000
Depreciation Expense 12,260
Totals $426,452 $426,452
Lucas Industries uses departmental overhead rates to allocate its manufacturing overhead to jobs. The company has two departments: Assembly and Sanding. The Assembly Department uses a departmental overhead rate of $50 per machine hour, while the Sanding Department uses a departmental overhead rate of $15 per direct labor hour. Job 603 used the following direct labor hours and machine hours in the two departments: Assembly Actual results Direct labor hours used Machine hours used The cost for direct labor is $30 per direct labor hour and the cost of the direct materials used by Job 603 is $1,400. How much manufacturing ovehead would be allocated to Job 603 using the departmental overhead rates?
A. $610
B. $330
C. $580
D. $740
Answer:
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Explanation:
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