Answer:
36%
Explanation:
Calculation for what Staley Co.'s margin of safety ratio (MOS%) if 500 units are sold would be
First step is to calculate the Break even point units using this formula
Break even point units =( Fixed cost / Contribution margin per unit)
Let plug in the formula
Break even point units= ($75,000 / $225)
Break even point units= 320 units
Second step is to calculate the Margin of safety sales in units using this formula
Margin of safety sales in units = Actual sales units - Break even sales units
Let plug in the formula
Margin of safety sales in units = 500 - 320
Margin of safety sales in units= 180
Now let calculate Margin of safety ratio using this formula
Margin of safety ratio = ( margin of safety units / Actual sales units) *100
Let plug in the formula
Margin of safety ratio= (180 / 500 ) *100
Margin of safety ratio= 36%
Therefore Staley Co.'s margin of safety ratio (MOS%) if 500 units are sold would be 36%
What is the present value of the following cash flow stream at a rate of 11.5% per year? Select the correct answer. a. $425.24 b. $419.54 c. $430.94 d. $442.34 e. $436.64
Answer:
the answer to the question would be E
Hillman Corporation reported a decrease in accounts receivable of $391,216. This is best defined as a _________ of cash on the _______________ segment on the statement of cash flows. source of cash; investing activities use of cash; operating activities use of cash investing activities source of cash; operating activities source of cash financing activities use of cash financing activities
Answer:
This is best defined as a SOURCE of cash on the OPERATING segment on the statement of cash flows.
Explanation:
The operating sector of the cash flow statement includes net income plus any adjustments that include depreciation expense, changes in accounts receivables, inventories, accounts payables, etc.
A decrease in accounts receivable increases operating cash flows.
difference between a public limited liability and private limited liability company
Answer: A private limited company is a company that is owned privately, while a public limited company has the right to sell shares of it's stock to the public
Explanation:
n
How can we avoid water pollution
Answer:
Pick up litter and throw it away in a garbage can.Blow or sweep fertilizer back onto the grass if it gets onto paved areas. ...Mulch or compost grass or yard waste. ...Wash your car or outdoor equipment where it can flow to a gravel or grassed area instead of a street.Don't pour your motor oil down the storm drain.hope it helps you
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Barrios Communications is a provider of satellite television services. It will install a satellite dish free of charge for any customer that agrees to a one-year service contract at a price of $50 per month. Installation costs Barrios $150. Customers typically remain with Barrios for much longer than the one year required, an average of 10 years (i.e., 9 years beyond their contractual obligation). Barrios enters into a contract under the terms described above on January 1, 20X1.
Required:
1. What amount of revenue should Barrios record related to the contract in 2019?
2. What amount of expense related to the contract should Barrios record related to the contract in 2019?
Answer:
1. $600
2. $15
Explanation:
1. Calculation for What amount of revenue should Barrios record related to the contract in 2019
Revenue= $50 * 12 months
Revenue= $600
Therefore What amount of revenue should Barrios record related to the contract in 2019 is $600
2. Calculation for What amount of expense related to the contract should Barrios record related to the contract in 2019
Expense= $150/10 years
Expense= $15
Therefore What amount of expense related to the contract should Barrios record related to the contract in 2019 is $15
Compute the (a) cost of products transferred from weaving to sewing, (b) cost of products transferred from sewing to finished goods, and (c) cost of goods sold. 2. Prepare journal entries dated June 30 to record (a) goods transferred from weaving to sewing, (b) goods transferred from sewing to finished goods, (c) sale of finished goods, and (d) cost of goods sold
Question Completion:
The following information applies to Pro-Weave manufactures stadium blankets by passing the products through a weaving department and a sewing department. The following information is available regarding its June inventories:
Beginning Ending
Inventory Inventory
Raw materials inventory $ 120,000 $ 185,000
Work in process inventory-Weaving 300,000 330,000
Work in process inventory-Sewing 570, 000 700,000
Finished goods inventory 1,266,000 1,206,000
The following additional information describes the company's manufacturing activities for June:
Raw materials purchases (on credit) $500,000
Factory wages cost (paid in cash) 3,060,000
Other factory overhead cost (other Accounts credited) 156, 000
Materials used:
Direct-Weaving $ 240, 000
Direct-Sewing 75,000
Indirect 120,000
Labor used:
Direct-Weaving $1,200, 000
Direct-Sewing 360,000
Indirect 1,500,000
Overhead rates as a percent of direct labor:
Weaving Sewing
80% 150%
Sales (on credit) $4,000,000
Answer:
Pro-Weave
1. Computation of:
a) Cost of products transferred from Weaving to Sewing = $2,370,000
b) Cost of products transferred from Sewing to Finished Goods = $3,215,000
c) Cost of Goods Sold = $3,275,000
2. Journal Entries on June 30 to record:
(a) goods transferred from weaving to sewing
Debit WIP: Sewing $2,370,000
Credit WIP: Weaving $2,370,000
To transfer goods from weaving to sewing.
(b) goods transferred from sewing to finished goods
Debit Finished Goods Inventory $3,215,000
Credit WIP: Sewing $3,215,000
To transferred goods from sewing to finished goods.
(c) sale of finished goods, and
Debit Accounts Receivable $4,000,000
Credit Sales Revenue $4,000,000
To record the sale of goods on credit.
(d) cost of goods sold
Debit Cost of Goods Sold $3,275,000
Credit Finished Goods Inventory $3,275,000
To record the cost of goods sold.
Explanation:
a) Data and Calculations:
Items Weaving Sewing Finished Goods
Beginning Inventory $ 300,000 $570,000 $1,266,000
Direct materials 240,000 75,000
Direct labor 1,200,000 360,000
Overhead applied:
(1,200,000 * 80%) 960,000
($360,000 * 150%) 540,000
Cost of Weaving $2,700,000
Less Ending Inventory 330,000
Transferred to Sewing ($2,370,000) 2,370,000
Total cost of Sewing $3,915,000
Less Ending Inventory 700,000
Transferred to Finished Goods ($3,215,000) 3,215,000
Goods available for sale $4,481,000
Less Ending Inventory 1,206,000
Cost of Goods Sold $3,275,000
Manufacturing overhead actually incurred:
Indirect materials 120,000
Indirect labor 1,500,000
Total incurred 1,620,000
Arif told Bano, his wife, that he would divorce her, if she does not transfer her
personal assets to him. She agreed to transfer her assets to him. Can Bano avoid
the contract?
For each additional room in the house, we estimate the appraised value to increase $74,800. For a house with 0 rooms, we estimate the appraised value to be $74,800. For each additional room in the house, we estimate the appraised value to increase $17,800. For each additional dollar of appraised value, we estimate the number of rooms in the house to increase by 17.80 rooms.
Answer:
Answer is explained in the explanation section below.
Explanation:
Note: This question is incomplete and lacks necessary data to solve. Because, it contains only the options of the real question and the real question itself is missing. However I have found that real question. And will be choosing the right option from the given choices. And for your reference, I have attached the real question in the attachment below.
Solution:
The correct option for this question is:
For each additional room in the house, we estimate the appraised value to increase $17,800.
As this is the regression equation question.
y = βo + β1x
The intercept of the line βo = 17.80
Because the intercept of the regression model with the sample of n = 74 is 17.80, so the appraised value to increase is $17800.
A distribution channel member that makes goods convenient for businesses
to buy is called a
A. wholesaler
B. warehouse
C. logistics manager
D. retailer
The wholesaler is the distribution channel member that makes goods convenient for businesses to buy.
Who is a wholesaler?In distribution channel, the wholesaler is the party that buys in bulk from the manufacturers.
Hence, the makes available goods convenient for businesses to buy because they sell in smaller quantities to the retailers (business)
Therefore, the Option A is correct.
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Answer:
wholesaler
Explanation:
Thoughts about how eren is acting in attack on titan? Is he the villain or the hero? Also if he touches hangi again I am gonna scream !!!!
Answer:
I would say he is the hero with a possible dark side i can't really say cause i haven't watched a lot but he definitely has a lot going on
Explanation:
Answer:
I have mixed feelings
ATTACK ON TITAN SPOILER WARNING
I dont really agree with what he is doing, he used to protect his friends at all costs and dint want Armin and Mikasa to join the scouts because he did not want them to get hurt or die. He tried his best to make sure his friends were safe in seasons 1-3, but now he puts them in harm's way just to succeed with his plan. Sasha has to pay the price of Eren's recklessness, and all of the scouts are starting to doubt Eren. I feel like Eren has lost himself in the process of trying to gain freedom. I still love Eren, but I don't compeletly agree with him. That man just needs a hug. He's tired of this war.
Use the following information to compute the cost of direct materials used for the current year. Assume the raw materials inventory account is used only for direct materials. (Assume no indirect materials.) January 1 December 31
January 1 December 31
Inventories
Raw materials inventory $6,000 7,500
Work in process inventory 12,000 9,000
Finished goods inventory 8,500 5,500
Activity during the current year
Materials purchased $123,500
Direct labor 94,000
Factory overhead 39,000
Answer:
the direct material used is $122,000
Explanation:
The computation of the direct material used is shown below:
= Opening raw material inventory + material purchased - ending raw material inventory
= $6,000 + $123,500 - $7,500
= $122,000
Hence, the direct material used is $122,000
Financial Statements of a Manufacturing Firm The following events took place for Sorensen Manufacturing Company during January, the first month of its operations as a producer of digital video monitors: Purchased $250,000 of materials. Used $180,000 of direct materials in production. Incurred $450,000 of direct labor wages. Incurred $180,000 of factory overhead. Transferred $760,000 of work in process to finished goods. Sold goods for $1,200,000. Sold goods with a cost of $675,000. Incurred $215,000 of selling expense. Incurred $125,000 of administrative expense. Using the information given, complete the following: a. Prepare the January income statement for Sorensen Manufacturing Company. Sorensen Manufacturing Company Income Statement For the Month Ended January 31 $fill in the blank b5f0e3f6afbdf9c_2 fill in the blank b5f0e3f6afbdf9c_4 $fill in the blank b5f0e3f6afbdf9c_6 Operating expenses: $fill in the blank b5f0e3f6afbdf9c_8 fill in the blank b5f0e3f6afbdf9c_10 Total operating expenses fill in the blank b5f0e3f6afbdf9c_11 $fill in the blank b5f0e3f6afbdf9c_13 b. Determine the inventory balances at the end of the first month of operations. Sorensen Manufacturing Company Inventory Balances For the Month Ended January 31 Inventory balances on January 31: Materials $fill in the blank d1d32afb2ff9fae_1 Work in process fill in the blank d1d32afb2ff9fae_2 Finished goods fill in the blank d1d32afb2ff9fae_3
Answer:
A. $185,000
B. Raw material $70,000
Work in process $50,000
Finished goods $85,000
Explanation:
A. Preparation of the January income statement for Sorensen Manufacturing Company
Sorensen Manufacturing Company
Income statement
Sales $1,200,000
Cost of goods sold $675,000
Gross profit $525,000
Operating expense
Selling expense $215,000
Administrative expense $125,000
Total operating expense $340,000
($215,000+$125,000)
Operating income $185,000
($525,000-$340,000)
B. Calculation to Determine the inventory balances at the end of the first month of operations.
Sorensen Manufacturing Company
Inventory Balances For the Month Ended January 31
Raw material =$250,000-$180,000
Raw material =$70,000
Work in process =$180,000+$450,000+$180,000-$760,000
Work in process =$50,000
Finished goods =$760,000-$675,000
Finished goods=$85,000
Why might Robert choose to attend a technical school rather than a four-year university?
Select one:
a. There are more options and greater earning potential at technical schools.
b. There are more opportunities for advancement in technical schools.
c. Some trades are in higher demand than certain university degrees.
d. The social aspect of technical schools is more appealing.
Answer:
b. There are more opportunities for advancement in technical schools.
Explanation:
Technical schools teach more specific courses and generally last one or two years. If a student needs to get some type of specific education that allows to work fast, e.g. becoming an electrician, a technical school is a better option. While college careers yield higher benefits in the long run, in the short run some people might need to get technical degrees.
Answer:
The answer is C. Some trades are higher in demand then certain university degrees.
Explanation:
I took the test :)
Making a financial transaction based on information not available to other
investors is known as
A. Sarbanes-Oxley
B. fair disclosure
C. insider trading
D. selling or buying short
SUBMIT
Answer:c.....
Explanation:a p e x
Making a financial transaction based on information not available to other investors is known as insider trading. Thus the correct option is C.
What is a financial transaction?A financial transaction is an arrangement for the exchange of commodities or services between a buyer and a seller. The financial account keeps systematic track of all financial transactions and summarises them.
Insider trading is the act of workers dealing in the stock or other securities of a publicly traded firm while in possession of substantial, non-public information on the company.
Insider trading is the act of buying or selling a financial instrument based on the knowledge that is not typically available to investors. Sales are transactions in which a buyer exchanges goods and services with a seller in return for cash or credit.
Therefore, option C is appropriate.
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The following
expenditures are
allowable deductions for
business purposes except
A advertisement in the print
media
B. cost of stationery
Closs on disposal of assets
D. provisional tax paid
Answer:
All of the basic expenses necessary to run a business are generally tax-deductible, including office rent, salaries, equipment and supplies, telephone and utility costs, legal and accounting services, professional dues, and subscriptions to business publications.
Explanation:
Option D is right my friend
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look at the screenshot
a,b, or c
Answer:
A
Explanation:
i don't know basta A ang napili ko
Identify which accounts should be closed on May 31.
Cash
Not Closed
Closed
Supplies
Closed
Not Closed
Prepaid Insurance
Not Closed
Closed
Land
Closed
Not Closed
Buildings
Not Closed
Closed
Equipment
Not Closed
Closed
Accounts Payable
Closed
Not Closed
Unearned Rent Revenue
Not Closed
Closed
Mortgage Payable
Closed
Not Closed
Common Stock
Not Closed
Closed
Rent Revenue
Not Closed
Closed
Salaries and Wages Expense
Closed
Not Closed
Utilities Expense
Not Closed
Closed
Advertising Expense
Not Closed
Closed
Interest Expense
Not Closed
Closed
Insurance Expense
Not Closed
Closed
Supplies Expense
Not Closed
Closed
Depreciation Expense
Closed
Not Closed
Answer:
Cash ___________________ Not Closed
Supplies _________________Not Closed
Prepaid Insurance _________ Not Closed
Land ___________________Not Closed
Buildings ________________Not Closed
Equipment _______________Not Closed
Accounts Payable _________ Not Closed
Unearned Rent Revenue ____Not Closed
Mortgage Payable _________Not Closed
Common Stock ___________Not Closed
Rent Revenue ____________Closed
Salaries and Wages Expense_Closed
Utilities Expense __________ Closed
Advertising Expense _______ Closed
Interest Expense __________ Closed
Insurance Expense _________Closed
Supplies Expense __________Closed
Depreciation Expense _______Closed
Explanation:
In accounting, there are two types of accounts
TemporaryPermanentTemporary
Temporary accounts are closed at the end of each accounting period and new balance are maintained for the new period.
Expense and Income accounts are temporary accounts and these accounts are closed in the retained earning account of the balance share.
In this question following accounts are temporary accounts and these are needed to be closed at the end of the period.
Rent Revenue
Salaries and Wages Expense
Utilities Expense
Advertising Expense
Interest Expense
Insurance Expense
Supplies Expense
Depreciation Expense
Permanent Accounts
Permanent accounts are not closed at the end of each accounting period and they carried their net and accumulated balance in the next period.
Assets, Equity, and Liabilities accounts are permanent accounts.
In this question following accounts are permanent accounts
Cash
Supplies
Prepaid Insurance
Land
Buildings
Equipment
Accounts Payable
Unearned Rent Revenue
Mortgage Payable
Common Stock
Cash ___________________ Not Closed
Supplies _________________Not Closed
Prepaid Insurance _________ Not Closed
Land ___________________Not Closed
Buildings ________________Not Closed
Equipment _______________Not Closed
Accounts Payable _________ Not Closed
Unearned Rent Revenue ____Not Closed
Mortgage Payable _________Not Closed
Common Stock ___________Not Closed
Rent Revenue ____________Closed
Salaries and Wages Expense_Closed
Utilities Expense __________ Closed
Advertising Expense _______ Closed
Interest Expense __________ Closed
Insurance Expense _________Closed
Supplies Expense __________Closed
Depreciation Expense _______Closed
Explanation:
In accounting, there are two types of accounts
Temporary
Permanent
Temporary
Temporary accounts are closed at the end of each accounting period and new balance are maintained for the new period.
Expense and Income accounts are temporary accounts and these accounts are closed in the retained earning account of the balance share.
In this question following accounts are temporary accounts and these are needed to be closed at the end of the period.
Rent Revenue
Salaries and Wages Expense
Utilities Expense
Advertising Expense
Interest Expense
Insurance Expense
Supplies Expense
Depreciation Expense
Permanent Accounts
Permanent accounts are not closed at the end of each accounting period and they carried their net and accumulated balance in the next period.
Assets, Equity, and Liabilities accounts are permanent accounts.
In this question following accounts are permanent accounts
Cash
Supplies
Prepaid Insurance
Land
Buildings
Equipment
Accounts Payable
Unearned Rent Revenue
Mortgage Payable
Common Stock
Stan and Dwight were playing in a golf tournament and came to a hole where there was a hill that required a blind shot to the green. Dwight asked Stan to drive ahead in the golf cart to see if they could hit their shots. Stan drove the cart over the hill, saw the green was clear, and started driving back to the tee box. Dwight never saw Stan heading back in the cart, became impatient and without warning hit his shot. The shot conked Stan on the head, knocking him out and resulting in a long term disability. Stan sued Dwight for negligence. What is the likely result? a) Dwight is liable for negligence because a tortfeasor is always liable for whatever damages their behavior causes. b) Dwight is liable for negligence because Stan did not knowingly assume the risk that Dwight would hit a shot in his direction. c) Dwight is not liable for negligence but is liable for assault and battery because he committed an intentional tort. d) Dwight is not liable for negligence because Stan knowingly assumed the risk that Dwight would hit a shot in his direction.
Answer:
b) Dwight is liable for negligence because Stan did not knowingly assume the risk that Dwight would hit a shot in his direction
Explanation:
In this scenario there was an agreement between Stan and Dwight where Dwight asked Stan to drive ahead in the golf cart to see if they could hit their shots.
However Stan drove the cart over the hill, saw the green was clear, and started driving back to the tee box.
Instead of waiting as agreed Dwight made a shot that hit Stan on the head injuring him.
Dwight is liable in this case because he was supposed to wait and get feedback from Stan before making a shot.
He knowingly made the shot knowing there was a blind spot.
This is negligence on Dwight's part.
Bedrock Company reported a December 31 ending inventory balance of $414,500. The following additional information is also available: The ending inventory balance of $414,500 included $72,500 of consigned inventory for which Bedrock was the consignor. The ending inventory balance of $414,500 included $23,000 of office supplies that were stored in the warehouse and were to be used by the company's supervisors and managers during the coming year. Based on this information, the correct balance for ending inventory on December 31 is:
Answer:
$391,500
Explanation:
Calculation for what the correct balance for ending inventory on December 31 is:
Using this formula
Ending inventory on December 31=Ending inventory balance-Office supplies
Let plug in the formula
Ending inventory on December 31=$414,500-$23,000
Ending inventory on December 31=$391,500
Therefore the correct balance for ending inventory on December 31 is:$391,500
Propose an expansion strategy. Which information, that based on the current costing system or that based on the ABC system, is more useful? Why? What other information do you want to know before making a definitive recommendation on an expansion strategy?
Answer:
There are various expansion strategies. See attached document
Explanation:
Quantitative Problem: Jenna is a single taxpayer. During 2018, she earned wages of $113,000. She doesn't itemize deductions, so she will take the standard deduction to calculate 2018 taxable income. In addition, during the year she sold common stock that she had owned for five years for a net profit of $5,200. How much does Jenna owe to the IRS for taxes
Solution :
Item Amount
Income $113,000
Personal exemption for one $ 4,050
Standard deduction $ 6,350
Taxable income $102,600
Therefore the taxable income is $102,600.
Now the tax payable on the taxable income is given by :
Marginal tax rate Amount brackets
10% $0 - $ 9,325
15% $ 9,326 - $ 37,950
25% $ 37,951 -$ 91,900
28% $ 91,901 - $ 191,650
Now according to the above taxable slab, the amount of tax on the wages earned by Jenna is :
Tax payable = [tex]$= (0.1 \times 9325)+(0.15 \times (37950 - 9325))+(0.25 \times (91900 - 37950))+(0.28 \times (102600-91900))$[/tex][tex]$= (0.1 \times 9325)+(0.15 \times 28625)+(0.25 \times 53950)+(0.28 \times 10700)$[/tex]
= 932.5 + 4293.75 + 13487.50 + 2996
= $ 21,709.75
There is also a long term capital gain of $ 5,200 that is earned by selling the common stock.
Now as per IRS, the capital gain of a long term tax percentage for an individual single filer is in 28% tax slab category is 15%.
Therefore the tax on the capital gain of $ 5,200 is = 0.15 x 5200
= $780
Thus the total tax payable by Jenna is = $ 21,709.75 + $ 780
= $ 22,489.75
For each of the following, compute the future value: (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) Present Value Years Interest Rate Future Value $ 1,800 10 14 % $ 7,852 8 8 67,355 15 13 174,796 6 5
Answer:
$6673
$14,533.50
$421,256.38
$234,243.36
Explanation:
The formula for determining future value is :
The formula for calculating future value:
FV = P (1 + r)^n
FV = Future value
P = Present value
R = interest rate
N = number of years
$1,800 x (1.14)^10 = $6673
$7,852 x (1.08)^8 = $14,533.50
$67,355 x (1.13)^15 = $421,256.38
$174,796 x (1.05)^6 = $234,243.36
Match each of the options above to the items below.
a. Revenues, expenses. and dividends,
b. List of permanent accounts and their balances.
c. Transfer of temporary balances to retained earnings.
d. List of permanent and temporary accounts and thejr balances.
e. Assets, liabilities, and stockholders' equity
1. Adjusted Trjal balance
2. Post-closing trial balance
3. Permanent accounts
4. Temporary accounts
5. Closing entries
Answer:
a. Revenues, expenses. and dividends - Temporary accounts
b. List of permanent accounts and their balances - Post-closing trial balance
c. Transfer of temporary balances to retained earnings - Closing entries
d. List of permanent and temporary accounts and their balances - Adjusted trial balance
e. Assets, liabilities, and stockholders' equity - Permanent accounts
As part of its hiring process, TE Electronics requires new employees to sign an agreement that requires arbitration in the event of any employment dispute. Jack applied and was hired by TE last summer. On his first day of employment, Jack signed the mandatory arbitration agreement. Jack is an Asian-American, and was recently passed over for promotion. Jack wants to file a charge of discrimination with the EEOC, but his supervisor says he cannot because of the arbitration agreement. Which of the following is true?
a. Jack can file a claim with the EEOC since the Title VII does not permit enforcement of the mandatory arbitration agreement
b. The EEOC can still investigate the matter and take action against TE Electronics it cannot obtain relief for Jack
c. The EEOC is not a party to the mandatory arbitration agreement so it can investigate the claim and can even pursue specific relief for jack including back pay, reinstatement and damages
d. With the mandatory arbitration agreement in place, the EEOC can not do any investigation of Jacks claim
Answer:
Option C: The EEOC is not a party to the mandatory arbitration agreement, so it can investigate the claim and can even pursue specific relief for Jack including back pay, reinstatement and damages
Explanation:
The Civil Rights Act of 1964 clearly state and prohibits: discrimination relating to employment, education, and public accommodations. In filling of a charge of discrimination with the EEOC, For the charging party's rights be secured, a written charge must be filed with the EEOC within 180 days of the alleged violation.
Equal Employment Opportunity Commission (EEOC) that handles the responsibility of enforcing federal laws that is it make it illegal to discriminate against a job applicant or employee due to race/color, equal, e. t. c.
The following accounts and account balances are available for Badger Auto Parts at December 31, 2019:
Accounts Payable $8,500 Income Taxes Payable $3,600
Accounts Receivable 40,800 Interest Expense 6,650
Accumulated Depreciation (Furniture) 47,300 Interest Payable 1,800
Advertising Expense 29,200 Inventory 60,500
Cash 3,200 Notes Payable (Long
-Term) 50,000
Common Stock 100,000 Prepaid Rent 15,250
Cost of Goods Sold 184,300 Retained Earnings,
12/31/2018 15,900
Depreciation Expense (Furniture) 10,400 Sales revenue 264,700
Furniture 128,000 Utilities expense 9,700
Income Taxes Expense 3,800
Required:
Prepare a trial balance. Assume that all accounts have normal balances.
Answer:
Answer is solved and explained in the explanation section below.
Explanation:
In this question, we are asked to prepare a trial balance assuming that all accounts have normal balances. And the purpose of making a trial balance is to make sure that the entries in the system are mathematically sound.
So,
Badger Auto Parts Debit Credit
Accounts payable $8,500
Accounts receivable $40,800
Accumulated depreciation (furniture) $47,300
Advertising expense $29,200
Cash $3,200
Common stock $100,000
Cost of goods sold $184,300
Depreciation expense (furniture) $10,400
Furniture $128,000
Income tax expense $3,800
Income tax payable $3,600
Interest expense $6,650
Interest payable $1,800
Inventory $60,500
Notes payable $50,000
Prepaid rent $15,250
Retained earnings $15,900
Sales revenue $264,700
Utilities expense $9,700
Totals $491,800 $491,800
Velocity, a consulting firm, enters into a contract to help Burger Boy, a fast-food restaurant, design a marketing strategy to compete with Burger King. The contract spans eight months. Burger Boy promises to pay $87,000 at the end of each month. At the end of the contract, Velocity either will give Burger Boy a refund of $29,000 or will be entitled to an additional $29,000 bonus, depending on whether sales at Burger Boy at year-end have increased to a target level. At the inception of the contract, Velocity estimates an 80% chance that it will earn the $29,000 bonus and calculates the contract price based on the expected value of future payments to be received. At the start of the fifth month, circumstances change, and Velocity revises to 60% its estimate of the probability that it will earn the bonus. At the end of the contract, Velocity receives the additional consideration of $29,000.
Required:
1) Prepare the journal entry to record revenue each month for the first four months of the contract.
2) Prepare the journal entry that the Velocity Company would record after four months to recognize the change in estimate associated with the reduced likelihood that the bonus will be received.
3) Prepare the journal entry to record the revenue each month for the second four months of the contract.
4) Prepare the journal entry after eight months to record receipt of the cash bonus.
Answer:
Accounts Receivable (Dr.) $87,000
Bonus receivable (Dr.) $29,000
Service Revenue (Cr.) $116,000
Explanation:
Expected Value at contract inception is :
($87,000 * 8 months + $29,000) * 80% = $580,000
($87,000 * 8 months - $29,000) * 20% = $133,400
Total = $713,400
$725,000 / 8 = $89,175
The service revenue is estimated to be 116,000 if there is no probability estimate. When the expected value is incorporated the service revenue will be $89,175.
A Herfindahl-Hirschman Index is calculated by
A. summing the advertising expenditures of the firms that want to merge by total industry advertising expenditures.
B. summing the amount of sales by the four largest firms and dividing by total industry sales.
C. dividing the number of firms wanting to merge by the total number in the industry.
D. summing the squares of the market shares of each firm in the industry.
Answer:
Option D: Summing the squares of the market shares of each firm in the industry.
Explanation:
The Herfindahl-Hirschman index (HHI) is a use worldwide as measure of market concentration. It's calculation is based on squaring the market share of each firm competing in a market, and thereafter the resulting numbers are summed up. It commonly range known is simply from zero to 10,000. It is used by U.S. Department of Justice uses for potential mergers issues evaluation. It is a measure of industry concentration by the sum of the squares of the market shares held by each of the firms in the industry.
The Herfindahl index shows a decrease in competition and an increase of market power, when there is an increase and decreases is the opposite.
Plastic Company purchased 100 percent of Spoon Company's voting common stock for $657,000 on January 1, 20X4. At that date, Spoon reported assets of $707,000 and liabilities of $249,000. The book values and fair values of Spoon's assets were equal except for land, which had a fair value $118,000 more than book value, and equipment, which had a fair value $81,000 more than book value. The remaining economic life of all depreciable assets at January 1
Answer:
$51,800
Explanation:
Missing word "January 1,20x4, was five years. Spoon reported net income of $68,000 and paid dividends of $34,000 in 20X4 Required Compute the amount of investment income to be reported by Plastic for 20X4"
Share in income from investment ($68,000*100%) $68,000
Adjustment:
Depreciation on equipment ($81,000/5) $16,200
Investment Income (Loss) $51,800
Note: Land is never depreciated.
Identify whether each of the following statements best illustrates the concept of consumer surplus, producer surplus, or neither.Statement Consumer Surplus Producer Surplus Neither
I sold a jersey sweater for $25, even though I was willing to go as low as $20 in order to sell it.
Even though I was willing to pay up to $32 for a used laptop and even though the seller was willing to go as low as $27 in order to sell it, we couldn't reach a deal because the government imposed a price ceiling of $17 on the sale of laptops.
Even though I was willing to pay up to $48 for a used textbook, I bought a used textbook for only $39.
Answer:
I sold a jersey sweater for $25, even though I was willing to go as low as $20 in order to sell it.
Supplier surplus. Supplier surplus = price of the good - lowest price a producer is willing to accept for the good = $25 - $20 = $5
Even though I was willing to pay up to $32 for a used laptop and even though the seller was willing to go as low as $27 in order to sell it, we couldn't reach a deal because the government imposed a price ceiling of $17 on the sale of laptops.
Neither, since no transaction was made.
Even though I was willing to pay up to $48 for a used textbook, I bought a used textbook for only $39.
Consumer surplus. Consumer surplus = maximum price a consumer is willing to pay for a good - actual price of the good = $48 - $39 = $9
probability
find the probability
Answer:
i think 7 jahahhhaa
