Answer:
A gaming software report from Gartner Group, a market research firm
Explanation:
Primary data collection is when data is collected through first hand research.
Primary data collection methods include
Surveys : this can take the form of questionnaires (including online questionnaires e.g. survey monkeyInterviews : this includes focus group interviews and interviewing customersAdvantages of primary data collection
Directly addresses the reason for data collection Provides unique insight that might be unavailable elsewhereDisadvantages of primary data collection
It can be expensiveit can be time consuming compared to other methodsSecondary data collection is collecting data that has already been collected in the past e.g. A gaming software report from Gartner Group, a market research firm
Morris is a software engineer for a manufacturer. He wrote a program for the accounting department. During the testing phase, he noticed that the software would occasionally return an erroneous result, but he decided not to make modifications to the program because there were concerns about the project going over budget. He decided that it was better for him to be seen as someone who could stay within budget, and rationalized that the error was minor, and would not affect financial performance.Which principle of the Software Engineering Code of Ethics has Morris violated
Answer:
The principle of the Software Engineering Code of Ethics that Morris has violated is:
the Product principle.
Explanation:
The Product principle requires that Morris' program (product and related modifications) should meet the highest professional standards. Staying within budget and rationalizing an error as minor are not requirements of the Software Engineering Code of Ethics that Morris subscribed to.
Other requirements of the code include acting in the best interest of the public, client, and employer; maintaining high product standards; integrity and independence in professional judgment; using an ethical approach; maintaining professional integrity and independence; being fair and supportive to colleagues; and ensuring participation in lifelong learning.
The principle of the Software Engineering Code of Ethics which Morris has violated is:
The Product principle.
Based on the given scenario, we can see that Morris who is a software engineer was running a program which he had written for the accounting department when he discovered that there was a bug.
However, he decided not to report this bug which was discovered and decided to keep the app, as he was already over budget and thought it would not be a huge hindrance.
This type of negligence goes against the principle of the product principle which entails that any given program must be of the highest standard available.
Therefore, the correct answer is product principle.
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g A decrease in Inventory is reported as: Group of answer choices Operating Activities, Positive cash flow adjustment to net income Operating Activities, Negative cash flow adjustment to net income Investing Activities, Positive cash flow Investing Activities, Negative cash flow Financing Activities, Positive cash flow Financing Activities, Negative cash flow
Answer:
Positive cash flow adjustment to net income Operating Activities
Explanation:
A decrease in inventory presents a saving on the Company side in Cash Flow terms in ordinary course of business (operations). Therefore, the correct option is : A decrease in Inventory is reported as a Positive cash flow adjustment to net income Operating Activities.
Stagflation is when there is a BLANK shock that causes high levels of both inflation and unemployment.
Fill in the BLANK:
employment
low
demand
supply
Answer:Supply
Explanation:
Stagflation is described as a situation in which an economy has both an increase in inflation and a stagnation in economic production. Stagflation was first recognized in the 1970s when an oil shock produced fast inflation and high unemployment in many developed economies.
So, Option D is correct as Due to a combination of rising prices and decreased output, a supply shock can generate stagflation.
The other options are incorrect as:
Option A is incorrect as employment shock is not what causes a high level of inflation and unemployment.
Option B is incorrect as a High level of inflation and unemployment is not caused by Low shock.
Option C is incorrect as A demand shock is a sudden, unanticipated incident that briefly raises or diminishes sales volume or service.
Thus Option D is the correct shock that causes high inflation and unemployment.
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Blossom Company borrowed $311,000 on January 1, 2020, by issuing a $311,000, 10% mortgage note payable. The terms call for annual installment payments of $52,000 on December 31. (a) Prepare the journal entries to record the mortgage loan and the first two installment payments. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
Answer:
Blossom Company
Journal Entries:
January 1, 2020:
Debit Cash $311,000
Credit Mortgage Note Payable $311,000
To record the borrowing of 10% mortgage note payable.
December 31, 2020:
Debit Mortgage Note Payable $52,000
Credit Cash $52,000
To record the first repayment of the mortgage note.
Debit Interest Expense $31,100
Credit Cash $31,100
To record the payment of interest on the note.
Explanation:
a) Data and Calculations:
Mortgage Note Payable = $311,000
Interest rate of mortgage = 10%
Annual installment payments = $52,000
Date of repayment = December 31
Interest expense = $31,100 ($311,000 * 10%)
A company purchased factory equipment on April 1, 2021 for $175000. It is estimated that the equipment will have a $25000 salvage value at the end of its 10-year useful life. Using the straight-line method of depreciation, the amount to be recorded as depreciation expense at December 31, 2021 is $17500. $11250. $13125. $15000.
Answer:
b. $11250
Explanation:
Capitalized Cost of Equipment = $175,000
Life of Assets = 10 years
Residual value = $25,000
Depreciable value = Cost - Salvage value
Depreciable value = $175,000 - $25,000
Depreciable value = $150,000
Depreciation per year = Depreciable value / Life of assets
Depreciation per year = $150,000/10 years
Depreciation per year = $15,000
Depreciation from April to December 2021 = $15,000*9/12
Depreciation from April to December 2021 = $11,250
A local jacket distributor expects to sell 9,000 black fleece jackets in a year. Assume that EOQ model assumptions are valid. Each jacket costs $50, ordering cost is $100 per order, and holding cost is 1 dollar per jacket per month. What is the annual inventory cost (excluding purchasing cost) if 500 jackets are ordered at a time
Answer: $4,800
Explanation:
First find the Annual holding cost:
= Average inventory * Cost of holding a unit
= 500/2 * 1 * 12 months
= $3,000
Then find the Annual ordering cost:
= Expected units to be sold/ Units ordered * Ordering cost
= 9,000/500 * 100
= $1,800
Annual Inventory cost = Annual holding cost + Annual ordering cost
= 3,000 + 1,800
= $4,800
Limited liability is an advantage of what form of business ownership?
Question 16 options:
A)
Sole proprietorship
B)
Franchise
C)
Partnership
D)
Corporation
Answer:
d
Explanation:
Answer:
Corporation
Explanation:
3. Assuming that a person going to community college can't afford to go to a 4-year college is an example of
O A. a generalization.
O B. discrimination.
O C. tolerance.
O D. a stereotype.
Answer:
A. a generalization is the correct answer.
The journal entry to transfer completed products from production to finished goods inventory includes which two of the following?
a. Debit to Finished Goods Inventory
b. Credit to Work in Process Inventory
c. Credit to Finished Goods Inventory
d. Debit to Work in Process Inventory
e. Debit to Raw Materials Inventory
f. Credit to Raw Materials Inventory
Answer:
c. Credit to Finished Goods Inventory
e. Debit to Raw Materials Inventory
Please remind me if one of them is correct or wrong or if both are wrong/correct
Explanation:
Bailey Corporation budgets on an annual basis for its fiscal year. Three pounds of raw material are needed to produce each unit of finished product. The following beginning and ending inventory levels (in units) are planned for next year. Beginning Inventory Ending Inventory Raw material 30,000 40,000 Finished goods 70,000 60,000 If Bailey Corporation plans to sell 510,000 units during next year, the number of units it would have to manufacture during the year would be:
Answer:
500,000 units
Explanation:
The Production Budget can be used to determine the number of units that needs to be manufactured in order to meet Sales and Inventory targets as follows :
Production Budget for Next Year
Sales 510,000
Add Closing Finished Goods Inventory 60,000
Total 570,000
Less Opening Finished Goods Inventory (70,000)
Budgeted Production 500,000
Therefore,
The number of units it would have to manufacture during the year would be 500,000
Instruction. Use insertion about to guido
discussion. Give
your
de a detailed description of the management conces and 17 entral
resources needed by the business to achieve its objectives
Answer:
Resources needed by a business to achieve it objectives include but are not limited to the following:
Human Resources: No matter how beautiful a business plan is, it is as worthless as the document on which it is written if it fails to attract the right set of human resources to help bring it to life.
Financial Resource: In business, there is a common cliche that is ever relevant and it says: Cash is King. Whether it is self-owned finance, equity financing, debt financing, grants, etc every business needs money to finance its operations.
Place of Operation
This can either be a physical space or cyber space or both. However, a business needs a space to operate from. In the wake of the recent pandemic, there has been a strong shift and preference towards a combination of domestic space and electronic space as places from where businesses run their operations. This of course is dependent on the nature of the business.
Machinery and Equipment
The type required by the business is directly related to the nature of the business. Whilst a Maize farmer will require land and tractors etc, an IT company will spend more in favor of electronic equipment, laptops, servers, etc.
Vehicle
The question here is whether it is owned or not. It is a matter of what the business requires in order to transport human resources, its input and output from one location to another with ease and at the lowest cost possible.
Some companies in-source their transportation needs. Others out-source them.
Supplies
These may include but are not limited to stationery, fuel, spare parts, refreshment etc.
Utility
Examples of these are:
Electric power supplyInternet connectivityCommunication services etcOther resources include:
Strong political affiliationPatentsCopyrightsLicenses and PermitsTrademarksJoint Venture RelationshipsPartnershipsetc
Cheers
Balance Sheet Below are items that may appear on the balance sheet. Required: Match each item with its appropriate classification.
Item
1. Buildings
2. Copyright
3. Supplies
4. Unearned service revenue
5. Prepaid insurance
6. Common stock
7. Rent payable
8. Accounts receivable
9. Allowance for doubtful accounts
10. Bonds payable
Classification
A. Current assets
B. Property, plant, and equipment
C. Intangible assets
D. Current liabilities
E. Long-term liabilities
F. Contributed capital
G. Retained earnings
Answer:
Item Classification
1. Buildings - Property, plant, and equipment
2. Copyright - Intangible assets
3. Supplies - Current assets
4. Unearned service revenue - Current liabilities
5. Prepaid insurance - Current assets
6. Common stock - Contributed capital
7. Rent payable - Current liabilities
8. Accounts receivable - Current assets
9. Allowance for doubtful accounts - Retained earnings
10. Bonds payable - Long-term liabilities
Explanation:
A. Current assets - Assets that exist for a period not exceeding 12 months such as supplies.
B. Property, plant, and equipment - Assets of a Physical Nature that are expected to be used for more than a year.
C. Intangible assets - Assets that do not have a physical nature and are expected to be used for more than a year.
D. Current liabilities - Short term obligation due within a period of 12 months.
E. Long-term liabilities - Long term obligations due within a period exceeding 12 months.
F. Contributed capital - Capital raised by owners of the company excluding reserves attributed to them.
G. Retained earnings - Amounts set aside out of profits that are distributable to the shareholders of the company. Therefore Incomes and expenses are found here.
For Year 1, Nnabue Company's year-end balance sheet lists $3,286,421 in ending Retained Earnings. During Year 1, Nnabue's net income exceeded its dividend declarations by $175,819. Nnabue's dividend declarations in Year 1 were $38,602. Nnabue also sold $32,000 of stock in Year 1. Dividend payments were $14,000. How much was Nnabue's beginning retained earnings
Answer:
See below
Explanation:
Statement showing the beginning retained earnings
Ending retained earnings balance
$3,286,421
Add:
Dividend declared
$38,602
Less;.
Income during the year
($175,819 + $38,602)
($214,421)
Beginning retained earnings
$3,110,602
Therefore, Nnabue's beginning retained earnings is $3,110,602
You are conducting a discounted cash flow analysis (DCF). You purchased an asset for $400,000 at time point zero. The asset was depreciating using straight line depreciation over a ten year schedule. When you initially placed the asset into service, you expected the asset to have a disposal / salvage value of $0. At the end of year seven the project is suddenly cancelled due to a change in technology and the asset is sold in the open market for $110,000. Prior to this transaction, the firm was forecasted to earn $1,000,000 profit after tax in year seven and the tax rate for the firm is 20%. What is the cash flow, in time period seven, as a result of this transaction
Answer: $112000
Explanation:
First, we calculate the book value in year 7 which will be:
= Depreciation × Balance life
= $400,000 × 3/10
= $120,000
Then, the cash flow as a result of the transaction will be:
= Asset sale - (Asset - Book value) × Tax rate
= 110000 - [(110000 - 120000) × 20%]
= 110000 - (-2000)
= 110000 + 2000
= 112000
Cash flow is the determination of inflow and outflow of cash due to business or non-business activities. The cash flow for a particular year is determined by preparing the cash flow statement. There are two methods for cash flow statements those are: direct and indirect methods.
The cash flow for the transaction is $112,000
Computation:
The cash flow in the time period of seven years is determined as follows:
[tex]\begin{aligned}\text{Cash Flow}&=\text{Sale Value of Asset}-[\left(\text{Asset-Book Value}\right)\times\text{Tax Rate}]\\&=\$110,000-[\left(\$110,000-\$120,000 \right )\times20\%]\\&=\$110,000-\left(-\$2,000 \right )\\&=\$112,000 \end{aligned}[/tex]
Working Note:
The calculation of the book value of the asset at the 7th year:
[tex]\begin{aligned}\text{Book Value}&=\text{Depreciation}\times\dfrac{\text{Remaining Life of Asset}}{\text{Estimate Useful Life of the Asset}}\\&=\$400,000\times\dfrac{3}{10}\\&=\$120,000\end{aligned}[/tex]
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Suppose that supply increases in the market for minor oral surgeries, where the surgery can be done in the dentist's office and price elasticity of demand is 4.5. Then suppose that supply increases in the market for major reconstructive oral surgeries that have to be performed by the dentist in a hospital or surgicenter with emergency life-saving equipment on hand, and the price elasticity of demand is 0.60.
In which of these markets will the quantity demanded change the fastest toward a new equilibrium?
Answer:
Quantity demanded would change the fastest in the market for minor surgeries
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.
The demand for minor surgeries is elastic while the demand for major surgeries is inelastic.
If supply increases in each of these market, it means that there are more doctors available to perform surgeries. This would lead to a rightward shift of the supply curve. As a result, price would reduce.
Because demand is elastic in the market for minor surgeries, the reduction in price would lead to a greater increase in demand for surgeries
While, in the market for major surgeries, there would be little or no change in the demand
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
Quantity demanded would change the fastest in the market for minor surgeries
Pet business examples
Hello mate... here's the answer.,...
Answer:
*There are many pet business examples but the few I know are these:- *pet sitting,pet walking , training the dog,pet bakery if u like my answer thank them....
Desert Company determined a piece of machinery to be impaired. They make the decision to discontinue use of the machine and hold it for sale. Desert reports the following information as of December 31st for the machine. What do they report for impairment loss on their year-end income statement? Historical Cost 236,716 Accumulated Depreciation 41,812 Fair Value 128,370 Estimated Selling Price 152,163 Estimated Costs to Sell 11,131
Answer:
$77,665
Explanation:
We can calculate the impairment loss by using following formula,
Impairment loss = Carrying amount - Recoverable amount
Where, carrying amount = $236,716 - $41,812
= $194,904
Recoverable Amount = $128,370 - $11,131
= $117,239
By putting the value in the formula, we get
Impairment loss = $194,904 - $117,239
= $77,665
For price discrimination via coupons to be successful, it must be TRUE that:
a. shoppers who use coupons have more elastic demand than shoppers who do not.
b. shoppers who use coupons have more inelastic demand than shoppers who do not.
c. there is a negative correlation between coupon use and the consumer's willingness to shop for price.
d. firms can directly identify which consumers are the most price sensitive before purchase of the good.
Answer:
B is your correct choice
Explanation:
Hope this helps
Finch Company began its operations on March 31 of the current year. Finch has the following projected costs: April May June Manufacturing costs* $156,400 $198,500 $201,200 Insurance expense** 1,190 1,190 1,190 Depreciation expense 2,010 2,010 2,010 Property tax expense*** 460 460 460 * Of the manufacturing costs, three-fourths are paid for in the month they are incurred; one-fourth is paid in the following month. **Insurance expense is $1,190 a month; however, the insurance is paid four times yearly in the first month of the quarter, (i.e., January, April, July, and October). ***Property tax is paid once a year in November. The cash payments expected for Finch Company in the month of April are
Answer:
$187,975
Explanation:
Calculation to determine The cash payments expected for Finch Company in the month of April
Cash Payment= 3/4 *$198,500 (May's manufacturing cost)+1/4 *$156,400 (April's manufacturing cost received in May)
Cash Payment=$148,875+$39,100
Cash Payment=$187,975
The The cash payments expected for Finch Company in the month of April are $187,975
The management at BuyRite grocery stores wishes to estimate the amount of time that customers are spending, on average, in its stores and in a checkout line. The most obvious approach for determining this information is to simply record when a customer enters and exits the store. However, it is difficult to track the entering and exiting times of specific customers. We will look at the problem using an alternative approach. Over the past two weeks, the following data have been collected at BuyRite’s newest store during busy hours (this BuyRite is rather large and typically has 7 open checkout lines). For simplicity, let us assume that the overall capacity at checkout lines is higher than the arrival rate of customers into the store.
Average rate of customers entering store = 305 customers/hour
Average number of customers in store = 146 customers
Percentage of customers who do not make a purchase = 5%
Average number of customers in the checkout lines = 24 customers
As their consultant, you have been asked by BuyRite’s management to address the following questions:
(a) How much time on average does a customer spend in the store?
(b) How much time on average does a customer spend waiting?
Answer and Explanation:
a. The computation of the time on an average that customer spend in the store is given below:
As we know that
Average number of Customers = Average rate of Customers Entered × Average time spend
So, Average time spend = Average number of Customers ÷ Average rate of Customers Entered
= 146 ÷ 305
= 0.478689 Hours
Now
= 0.478689 × 60
= 28.72 minutes
b. The computation of the time on an average the customer spend waiting is given below:
We know that
The Average number of Customers in waiting = Average rate of Customers Entered × Average time spend by customer for waiting in checkout lines
Average time spend by customer for waiting in checkout lines = Average number of Customers in waiting ÷ Average rate of Customers entered
= 24 ÷ 305
= 0.078689 hours
Now
= 0.078689 × 60
= 4.72 minutes
a. The computation of the time on an average that customer spend in the store is
we know that
Average number of Customers = Average rate of Customers Entered × Average time spend
So, Average time spend = Average number of Customers ÷ Average rate of Customers Entered
= 146 ÷ 305
= 0.478689 Hours
So,
= 0.478689 × 60
= 28.72 minutes
b. The calculation of the time on an average the customer spend waiting is
We know that
The Average number of Customers in waiting = Average rate of Customers Entered × Average time spend by customer for waiting in checkout lines
Average time spend by customer for waiting in checkout lines = Average number of Customers in waiting ÷ Average rate of Customers entered
= 24 ÷ 305
= 0.078689 hours
Now
= 0.078689 × 60
= 4.72 minutes
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how do i type i am serious
1
Place your fingers in the "home" position. That's the position in which your fingers will rest between keystrokes. No matter what part of the keyboard you're using, your fingers will always come back to rest in this position.[1]
Place your right index finger on the "J" key and let the other three fingers fall naturally onto the "K", "L" and ";" keys respectively. Place your left index finger on the "F" key and let the other three finger fall naturally onto the "D", "S", and "A" keys respectively. Both thumbs should rest on the space bar, but only the right thumb should key it.[2]
You should feel a raised bump on both the "F" and "J" keys. These will allow your fingers to find the home position without having to look at the keyboard.
2
Type each key from left to right. Type each letter covered by the fingers in the home position, going from left to right: a s d f j k l ;. You shouldn't have to move your fingers from their home positions. Just press the keys they are resting on.
3
Repeat, but this time capitalize. Repeat the step above, but this time in capital letters: A S D F J K L :. Use the shift key to capitalize rather than the caps lock. Push the shift key by moving only your nearest pinkie finger and pressing and holding it while pushing the desired letter with your other hand.
In other words, when the letter you would like capitalized is typed with your left hand, you press the right shift key with your right pinkie.
When the letter you would like capitalized is typed with your right hand, you press the left shift key with your left pinkie.
4
Become familiar with the rest of the alphabet. Learn where each letter is positioned on the keyboard, and use the nearest finger to contact each key. (The thumbs are never the nearest finger; they are used only on the space bar.)[3]
"q" "a" and "z" are typed with the left pinkie, and so are the tab, caps lock, and shift keys.
"w" "s" and "x" are typed with the left ring finger.
"e" "d" and "c" are typed with the left middle finger.
"r" "f" "v" "b" "g" and "t" are typed with the left index finger.
Your thumbs should never leave the space bar.
"u" "j" "n" "m" "h" and "y" are typed with your right index finger.
"i" "k" and the keys with "," and "<" are typed with the right middle finger.
"o" "l" and the keys with ">" and "." are typed with the right ring finger.
Your right pinkie finger is used for typing: "p", ";", ":", "'", """ (a quotation mark), "/", "?", "[", "{", "]", "}", "\", "|", and is used for pressing the shift, enter, and backspace keys.
5
Type your first sentence. Starting from the home position, type: "The quick brown fox jumps over the lazy dog". This sentence contains every letter in the alphabet, so it's a perfect sentence for practicing the correct finger positioning.
Type the sentence over and over, watching your fingers to make sure they go to the right keys and immediately return to home position.
Once you begin to feel comfortable with the way your fingers are moving, try to look at the screen while you type rather than looking at the keyboard. This is known as touch typing.
Which of the following reflect the balances of prepayment accounts prior to adjustment?
Answer:
The answer is Balance sheet accounts are overstated and income statement accounts are understated.
Explanation:
The amounts of voluntary costs and failure costs: A. Tend to move in opposite directions (as one increases the other decreases). B. Tend to move in the same direction (as one increases the other increases). C. Are equal by definition. D. None of these answers are correct.
Answer:
A. Tend to move in opposite directions (as one increases the other decreases)
Explanation:
Voluntary cost is the cost that classified as a prevention & appraisal cost on the other hand the failure cost is the cost that could be internal or external.
The cost i.e. incurred for prevention so there would be less chances so if there is increase in the voluntary cost so there would be reduction in the failure cost and so on
Hence, the option a is correct
Peyton sells an office building and the associated land on May 1 of the current year. Under the terms of the sales contract, Peyton is to receive $1,950,800 in cash. The purchaser is to assume Peyton's mortgage of $1,170,480 on the property. To enable the purchaser to obtain adequate financing, Peyton is to pay the $23,410 in points charged by the lender. The broker's commission on the sale is $78,032. What is Peyton's amount realized
Answer: $3,019,838
Explanation:
Peyton will gain the cash from this transaction.
Peyton will also gain the mortgage that is assumed by the buyer because they are being freed from debt.
They will however incur the expense of the broker's commission and the points they have to pay for.
Amount Peyton will recognize:
= Cash received from sale + Peyton mortgage assumed by Buyer - Points Peyton pays for - Broker's commission
= 1,950,800 + 1,170,480 - 23,410 - 78,032
= $3,019,838
Granite Company purchased a machine costing $137,000, terms 3/10, n/30. The machine was shipped FOB shipping point and freight charges were $3,700. The machine requires special mounting and wiring connections costing $11,700. When installing the machine, $3,200 in damages occurred. Compute the cost recorded for this machine assuming Granite paid within the discount period.
Answer:
s
Explanation:
Ulko produces tomato paste at five different plants. The tomato paste is then shipped to one of three warehouses, where it is stored until it is shipped to one of the company’s four customers. The shell gives the plant capacities, the cost per ton of producing tomato paste at each plant and shipping it to each warehouse, the cost of shipping a ton of paste from each warehouse to each customer, customer demand, and the annual fixed cost of operating each plant and warehouse. Ulko’s management must decide which plants and warehouses to open, how to route paste from plants to warehouses and from warehouses to customers. All customer demand must be met. A given customer’s demand can be met from more than one warehouse, and a given plant can ship to more than one warehouse. Warehouses are trans-shipment points, anything shipped into a warehouse must be shipped out. Formulate a linear model and find the minimum cost solution for meeting customer demand.
Explanation:
all customer demand must b
Concept manufactures small tables in its Processing Department. Direct materials are added at the initiation of the production cycle and must be bundled in single kits for each unit. Conversion costs are incurred evenly throughout the production cycle. Before inspection, some units are spoiled due to undetectable materials defects. Inspection occurs when units are completed. Spoiled units generally constitute 3% of the good units. Data for December 2017 are as follows: WIP, beginning inventory 12/1/2017 17,600 units Direct materials (100% complete) Conversion costs (20% complete) Started during December 60,900 units Completed and transferred out 12/31/2017 58,200 units WIP, ending inventory 12/31/2017 18,000 units Direct materials (100% complete) Conversion costs (80% complete) Costs for December: WIP, beginning Inventory: Direct materials $183,600 Conversion costs 92,500 Direct materials added 269,280 Conversion costs added 352,800 Abnormal spoilage totals ________.
Answer:
554 units
Explanation:
Calculation to determine the Abnormal spoilage totals
Abnormal spoilage totals=[(17,600+ 60,900) - ( 58,200+18,000)]-3% x 58,200
Abnormal spoilage totals=[(78,500-76,200)-1,746]
Abnormal spoilage totals=2,300-1,746
Abnormal spoilage totals= 554 units
Therefore the Abnormal spoilage totals is 554 units
Sophia purchased a variable annuity contract with a purchase payment of $70,000. Surrender charges begin with 9 percent in the first year and decline by 1 percent each year. In addition, Sophia can withdraw 12 percent of her contract value each year without paying surrender charges. In the first year, Sophia needed to withdraw $13,700. Assume that the contract value had not increased or decreased because of investment performance. What was the surrender charge Sophia had to pay
Answer:
$477
Explanation:
Calculation to determine the surrender charge Sophia had to pay
Using this formula
Surrender charge = [Withdraw all amount - (Free withdraw all % x Account value)] x Surrender charge
Let plug in the formula
Surrender charge= [$13,700 - (0.12 x $70,000)] x 0.09
Surrender charge= ($13,700-$8,400)×0.09
Surrender charge=$5,300×0.09
Surrender charge=$477
Therefore the surrender charge Sophia had to pay is $477
If, at the present output level, marginal revenue is $50 and marginal cost is $35, the purely competitive firm Group of answer choices should increase output to maximize its profit or minimize its loss. should reduce output to maximize its profit or minimize its loss. should increase its price to maximize its profit or minimize its loss. should stay at its current output to maximize its profit or minimize its loss.
Answer: should reduce output to maximize its profit or minimize its loss
Explanation:
Since we are given the information that at the present output level, the marginal revenue is $50 and the marginal cost is $35, this implies that the marginal revenue is more than the marginal cost, which simply means that there'll be a positive marginal profit.
In such scenario, therefore, the purely competitive firm should reduce output to maximize its profit or minimize its loss.
College Spirit sells sportswear with logos of major universities. At the end of 2019, the following balance sheet account balances were available.
Accounts payable $104,700 Income taxes payable $11,400
Accounts receivable 6,700 Inventory 481,400
Accumulated depreciation 23,700 Long-term investment 110,900
Bonds payable 180,000 Note payable, short-term 50,000
Cash 13,300 Prepaid rent (current) 54,000
Common shares 300,000 Retained earnings, 12/31/2019 84,500
Furniture 88,000
Required:
a. Prepare a classified balance sheet for College Spirit at December 31, 2019.
b. Compute College Spirit’s working capital and current ratio at December 31, 2019.
Answer:
Part a
College Spirit
Classified balance sheet as at December 31, 2019.
ASSETS
Non - Current Assets
Furniture $88,000
Long-term investment $110,900
Accumulated depreciation ($23,700)
Total Non - Current Assets $175,200
Current Assets
Inventory $481,400
Prepaid rent (current) $54,000
Accounts receivable $6,700
Cash $13,300
Total Current Assets $555,400
TOTAL ASSETS $730,600
EQUITY AND LIABILITIES
EQUITY
Common shares $300,000
Retained earnings $84,500
TOTAL EQUITY $384,500
LIABILITIES
Non-Current Liabilities
Bonds payable $180,000
Total Non Current Liabilities $180,000
Current Liabilities
Accounts payable $104,700
Income taxes payable $11,400
Note payable, short-term $50,000
Total Current Liabilities $166,100
TOTAL LIABILITIES $346,100
TOTAL EQUITY AND LIABILITIES $730,600
Part b
3.34
Explanation:
A classified balance sheet shows the Assets, Liabilities and Equity in their different categories.
College Spirit’s working capital and current ratio :
Current Ratio/ Working Capital ratio = Current Assets ÷ Current Liabilities
= $555,400 ÷ $166,100
= 3.34
