Answer and Explanation:
The Journal entries are prepared below:-
1. Merchandise inventory Dr, $31,500
To Accounts payable $31,500
(Being purchase of inventory on the account is recorded)
2. Merchandise inventory Dr, $635
To Cash $635
(Being cash paid is recorded)
3. Accounts payable Dr, $1,500
To Merchandise inventory $1,500
(Being return inventory is recorded)
4. Accounts payable Dr, $30,000
To Merchandise inventory $900 ($30,000 × 3%)
To Cash $29,100 ($30,000 × 97%)
(Being cash paid is recorded)
b. 1. Accounts receivable Dr, $31,500
To Sales $31,500
(Being sales is recorded)
2. Cost of goods sold Dr, $21,105
To Merchandise inventory $21,105
(Being cost of goods sold is recorded)
3. Sales return and allowances Dr, $1,500
To Accounts receivable $1,500
(Being returns is recorded)
4. Merchandise inventory Dr, $1,005
To cost of goods sold $1,005
(Being returned goods is recorded)
5. Cash Dr, $29,100
Sales discounts Dr, $900
To Accounts receivable $30,000
(Being cash received is recorded)
Explain the different sources of short-term and long-term finance available to a sole trader and
available to a limited company. Advise Chris on whether becoming a sole trader or becoming a
limited company.
Answer:
short term finance is the process by which finance goes for short period of time, while long term finance is the process by which the finance company go for a long period of time
Explanation:
I advise Chris to become a limited company
Deepa Dalal opened a free-standing radiology clinic. She had anticipated that the costs for the radiological tests would be primarily fixed, but she found that costs increased with the number of tests performed. Costs for this service over the past nine months are as follows:
Month Radiology Test Total Cost
January 2,800 $135,500
February 2,600 $135,060
March 3,100 $175,000
April 3,500 $170,600
May 3,400 $176,900
June 3,700 $186,600
July 3,840 $174,450
August 4,100 $195,510
September 3,450 $85,300
1) Compute the cost formula for radiology services using the high-low method.
2) Calculate the predicted cost of radiology services for October for 3,500 tests using the formula found in Requirement 1.
Answer:
Results are below.
Explanation:
To calculate the fixed and variable cost under the high-low method, we need to use the following formulas:
Variable cost per unit= (Highest activity cost - Lowest activity cost)/ (Highest activity units - Lowest activity units)
Variable cost per unit= (195,510 - 135,060) / (4,100 - 2,600)
Variable cost per unit= $40.3
Fixed costs= Highest activity cost - (Variable cost per unit * HAU)
Fixed costs= 195,510 - (40.3*4,100)
Fixed costs= $30,280
Fixed costs= LAC - (Variable cost per unit* LAU)
Fixed costs= 135,060 - (40.3*2,600)
Fixed costs= $30,280
Now, the total cost for 3,500 tests:
Total cost= 30,280 + 40.3*3,500
Total cost= $171,330
Corporation, a manufacturing company, is analyzing its cost structure in a project to achieve some cost savings. Which of the following statements is/are correct? I. The cost of the direct materials in 's products is considered a variable cost. II. The cost of the depreciation of 's plant machinery is considered a variable cost because uses an accelerated depreciation method for both book and income tax purposes. III. The cost of electricity for 's manufacturing facility is considered a fixed cost, even if the cost of the electricity has both variable and fixed components.
Answer:
The cost of the depreciation of plant's machinery is considered a variable cost because machinery uses an accelerated depreciation method for book and income tax purposes
Explanation:
A variable cost is an expense that is proportional to the production output. That is variable costs increase or decrease with respect to a company's production. This cost rise as production rises and falls as production falls. Costs of raw materials and packaging are examples of variable costs.
Here,
Corporation, a manufacturing company, is analyzing its cost structure in a project to achieve some cost savings.
The cost of the depreciation of plant's machinery is considered a variable cost because machinery uses an accelerated depreciation method for book and income tax purposes
If an investment of $40,000 is earning an interest rate of 12.00%, compounded annually, then it will take for this investment to reach a value of $56,197.12—assuming that no additional deposits or withdrawals are made during this time. Which of the following statements is true—assuming that no additional deposits or withdrawals are made? If you invest $5 today at 15% annual compound interest for 82.3753 years, you’ll end up with $100,000. If you invest $1 today at 15% annual compound interest for 82.3753 years, you’ll end up with $100,000.
Answer:
1) we can use the future value formula to solve this:
future value = present value x (1 + r)ⁿ
$56,197.12 = $40,000 x (1 + 12%)ⁿ
1.12ⁿ = $56,197.12 / $40,000 = 1.404928
n = log 1.404928 / log 1.12 = 3 years
2) Which of the following statements is true - assuming that no additional deposits or withdrawals are made?
If you invest $1 today at 15% annual compound interest for 82.3753 years, you’ll end up with $100,000.FV = $1 x 1.15⁸²°³⁷⁵³ = $100,000.65 ✓
What is a sales lead?
A. An employee on the customer service team who deals with existing customers
B. A sales person who works on a residual commission structure
C. An expert in Maslow's hierarchy of needs
D. A potential customer who has shown interest in the company's product
Please select the best answer from the choices provided
Answer:
D.
A potential customer who has shown interest in the company's product
Explanation:
edge. 2021
A potential customer who has shown interest in the company's product is a sales lead. Thus, option D is correct.
What is a sales lead?A possible sales relationship, person, or business that indicates interest in your services or products is known as a sales lead. Leads are often acquired through being referred by an existing client or by responding directly to press or promotion.
The phrase refers to a prospective buyer who now has taken part mostly in the company’s products. This indicates that if a purchaser is offered the right incentives and incentives, he may readily sign up as a client of the business.
Where the person has shown interest in buying the product therefore this person will be considered a prospective consumer. Therefore, option D is the correct option.
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Questions for the Opening Vignette Why is it important for IRS and for U.S. state governments to use data warehousing and business intelligence (BI) tools in managing state revenues? What were the challenges the state of Maryland was facing with regard to tax fraud? What was the solution they adopted? Do you agree with their approach? Why? What were the results that they obtained? Did the investment in BI and data warehousing pay off? What other problems and challenges do you think federal and state governments are having that can benefit from BI and data warehousing? What We Can Learn from
Answer:
I have typed each answer under it's corresponding question for easier understanding.
Explanation:
1. Why is it important for IRS and for U.S. state governments to use data warehousing and business intelligence (BI) tools in managing state revenues?
using Bi tools allows for better analysis and this woiuld make understanding and governance to be easier for the government. revenues can be very complex and difficut to understand but business intelligence tools can make it easier.
2. What were the challenges the state of Maryland was facing with regard to tax fraud?
the state of maryland was having issues with tax fraud due to fraudulent returns and they were having problems detecting and investigating this because of how time consuming the process was.
3. What was the solution they adopted?
As a solution the state used a data warehouse from teradata. this gave them the opportunity to be able to identify and trace data that showed patterns of fraudulent returns. priority was made to go after refund fraud.
4. Do you agree with their approach? Why?
yes i agree with their approach. the reason is because the use of this tools in tracing tax fraud was an efficient way of tracing the problem and through the results appropriateways on how to combat the problem would be adopted.
5. What were the results that they obtained? Did the investment in BI and data warehousing pay off?
through the use of these tools the state was able to recover about 7 million dollars. therefore the investment paid off.
6. What other problems and challenges do you think federal and state governments are having that can benefit from BI and data warehousing?
some other problems that the government is having which can benefit from these tools are
a. voter fraud
b. medical usage
c. other forms of tax issues.
Outdoor Expo provides guided fishing tours. The company charges $300 per person but offers a 20% discount to parties of four or more. Consider the following transactions during the month of May.
May 2 Charlene books a fishing tour with Outdoor Expo for herself and four friends at the group discount price ($1,200 = $240 × 5). The tour is scheduled for May 7.
May 7 The fishing tour occurs. Outdoor Expo asks that payment be made within 30 days of the tour and offers a 6% discount for payment within 15 days.
May 9 Charlene is upset that no one caught a single fish and asks management for a discount. Outdoor Expo has a strict policy of no discounts related to number of fish caught.
May 15 Upon deeper investigation, management of Outdoor Expo discovers that Charlene’s tour was led by a new guide who did not take the group to some of the better fishing spots. In concession, management offers a sales allowance of 30% of the amount due.
May 20 Charlene pays for the tour after deducting the sales allowance.
Required:
a. Record the necessary transaction(s) for Outdoor Expo on each date.
b. Calculate net revenues.
c. Show how Outdoor Expo would present net revenues in its income statement.
Answer:
May 2 No entry is required as the transaction is yet to happen
May 7 DR Accounts Receivable $1,200
CR Tour Revenue $1,200
May 9 DR No entry required
May 15 DR Sales Allowance (1,200 * 30%) $360
CR Accounts Receivable $360
May 20 DR Cash $789.60
DR Sales Discount $50.40
CR Accounts Receivable $840
Working
Accounts Receivable = 1,200 - 360 sales allowance = $840
Sales Discount = 840 * 6% discount = $50.40
Cash = 840 - 50.40 = $789.60
b. Net Revenues
= Revenue - Sales allowance - Sales discount
= 1,200 - 360 - 50.40
= $789,60
c. Partial Income Statement
Tour Revenues $1,200
Less:
Sales Allowance $360
Sales Discount $50.60
($410.60)
Net Tour Revenue $789.40
The net revenue for Outdoor Expo will be $789.60.
How to calculate net revenueThe necessary transactions for Outdoor Expo on each date will be:
May 2 No entry
May 7 Debit Account receivable $1200
Credit Tour revenue $1200
May 9 No entry
May 15.
Debit Sales revenue $360
Credit Sales revenue $360
May 20
Debit Cash $789.60
Credit Sales discount $50.40
Credit Account receivable $840
The net revenue will be calculated as:
= Revenue - Sales - Sales discount
= 1200 - 360 - 50.40
= $789.60
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Accounts payable 448 394 Accounts receivable 1,292 840 Accumulated depreciation 6,758 6,642 Cash & equivalents 236 138 Common stock 1,196 1,130 Cost of goods sold 1,500 n.a. Depreciation expense ? n.a. Common stock dividends paid ? n.a. Interest expense 140 n.a. Inventory 1,026 1,036 Addition to retained earnings 602 n.a. Long-term debt 824 746 Notes payable 230 380 Gross plant & equipment 10,260 10,000 Retained earnings 3,074 2,486 Sales 3,018 n.a. Other current liabilities 116 96 Tax rate 34 % n.a. Market price per share – year end $ 19.80 $ 17.50 Number of shares outstanding 500 million 500 million
Answer:
a. Year 2 ICR = 10.01
Year 1 ICR = 10.81
b. Year 2 ACP = 566 days
Year 1 ACP = 187 days
c.Year 2 current ratio = 4.53
Year 1 current ratio = 4.11
d. Year 2 Quick ratio = 2.71
Year 1 Quick ratio = 2.00
Explanation:
Note: This question is not complete and the data in it are merged together. The complete question is therefore provided before answering the question. Please, see the attached pdf file for the complete question and the sorted data.
Also note: See the attached pdf file for the explanation of the answer.
What are the major objectives of macroeconomics? Write a brief definition of each of these objectives. Explain carefully why each objective is important?
Answer:
Some of the major objectives of macroeconomics are:
Economic growth: more specifically, non-inflationary, sustainable economic growth, in order to raise the living standards of the people by increasing the production of goods and services.Low inflation: inflation is the general rise in the price level of goods and services of a economy within a period of time. High inflation has shown to be damaging to the economy, and this is why one of the most important macroeconomic goals is to keep inflation low.Low unemployment: unemployment is very damaging for both individuals and society. Unemployed people are likely to be unable to live by themselves. Maintaining unemployment low is one of the most important macroeconomic objectives and it often conflicts with the goal of keeping inflation low, at least in the short-term.Balanced Budget: macroeconomists try to advise governments to keep low levels of debt, and to not spend too much more than they earn from tax revenue, public entreprise profits, and other sources of public income.
What is number one player in chess
Answer:
Magnus Carlsen
Explanation:
B Corp. has an employee benefit plan for compensated absences that gives each employee 10 paid vacation days and 10 paid sick days. Both vacation and sick days can be carried over indefinitely. Employees can elect to receive payment in lieu of vacation days; however, no payment is given for sick days not taken. At December 31, 2021, B's unadjusted balance of liability for compensated absences was $34,000. B estimated that there were 320 total vacation days and 160 sick days available at December 31, 2021. B's employees earn an average of $192 per day. In its December 31, 2021, balance sheet, what amount of liability for compensated absences is B required to report
Answer: $61,440
Explanation:
Employees can receive payments only for Vacation days and not sick days.
The total number of Vacation days is 320.
Employees make an average of $192 per day so the liability for compensated absences will be;
= 192 * 320
= $61,440
John discovered his company's accountant was "skimming" money from the business. The accountant agreed to pay John a one-time payment of $25,000 not to report the skimming to company officials. The accountant promised she would pay the money back when she could. John accepted the money and never reported what he knew. A year later the accountant was fired when the accountant’s actions were discovered, she was also prosecuted for theft. The payment to John was never discovered. Which statement is correct?
Answer:
There are no options listed, but what I can tell you for sure is that John's actions were both unethical and illegal.
What John did is unethical because it is not moral and it goes against all the principles that guide professional conduct. John also did something illegal because he was an accomplice in committing fraud against the company. He knowingly benefited from the accountant's illegal actions, and that is basically the legal definition of an accomplice to a crime.
Below is the production possibilities frontier for the United States. It shows that the United States is able to produce either 100 barrels of oil or 25 bushels of corn using all of its available resources. Also suppose that the United States decides to produce at point A : 60 barrels of oil and 10 bushels of corn. If the United States engages in international trade and trades 20 barrels of oil for 20 bushels of corn with another country, it will be able to consume outside of its production possibilities frontier. How many bushels of corn will it have at the end of the exchange
Answer:
30 bushels of corn
Explanation:
opportunity cost of producing 1 barrel of oil = 25/100 = 0.25 bushels of corn
opportunity cost of producing 1 bushel of corn = 100/25 = 4 barrels of oil
current production:
60 barrels of oil
10 bushels of corn
if it trades 20 barrels of oil in exchange for 20 bushels of corn, it will be gaining 20 - (20 x 0.25) = 15 bushels of corn
after the exchange, the US will have 30 bushels of corn and 40 barrels of oil
this level is outside the PPF curve because if the US produced 40 barrels of oil, its maximum production of corn would have been 15 bushels (remember the 15 bushels of corn gained).
Company X classifies the total transportation costs paid to deliver goods to customers as a mixed cost with respect to the units sold. During the current year, the units sold have decreased unexpectedly, but are still within the relevant range. Which of the following statement is (are) correct about the transportation costs? Group of answer choices The per unit transportation costs increase as the units sold decrease. The total transportation costs increase proportionally to the decrease of units sold. The per unit variable component of transportation costs remains constant. The per unit transportation costs decrease proportionally to the decrease of units sold. The total transportation costs decrease proportionally to the decrease of units sold.
Answer:
The per unit transportation costs increase as the units sold decrease.
The per unit variable component of transportation costs remains constant.
Explanation:
mixed costs are costs that share both a fixed component and a variable one, e.g. transportation costs generally are mixed because depreciation, insurance and sometimes even maintenance costs are fixed, while gasoline and drivers' wages are variable.
If total units transported decrease, then the fixed part of transportation costs will increase on a per unit basis. Even if the variable part remains stable, total costs per unit will still increase.
We can plug in some numbers:
Fixed expenses = $1,000 per month
variable costs = $2 per package
total packages sent during month 1 = 500
total costs = $1,000 + ($2 x 500) = $2,000
costs per unit = $4
if suddenly the number of packages delivered drops to 300
total costs = $1,000 + ($2 x 300) = $1,600
costs per unit = $5.33
a 40% decrease in the number of packages delivered resulted in a 33.33% increase in costs per unit delivered.
At Bargain Electronics, it costs $32 per unit ($19 variable and $13 fixed) to make an MP3 player at full capacity that normally sells for $46. A foreign wholesaler offers to buy 3,180 units at $26 each. Bargain Electronics will incur special shipping costs of $4 per unit. Assuming that Bargain Electronics has excess operating capacity, indicate the net income (loss) Bargain Electronics would realize by accepting the special order.
Reject Accept Net Income
Order Order Increase (Decrease)
Revenues
Costs-Manufacturing
Shipping
Net income
Answer and Explanation:
The computation is shown below:
Particulares Reject accept increase
order order (decrease)
Revenues 0 $82,680 $82,680
(3,180 × $26)
Cost- manufacturing 0 -$60,420 -$60420
(3,180 × $26)
shipping 0 -$12,720 -$12,720
(3,180 × $4)
net income 0 $9,540 $9,540
Therefore the special order is accepted
A market has four individuals, each considering buying a grill. Assume that grills come in only one size and model. Martina considers herself a grill-master, and finds a grill a necessity, so she is willing to pay $400 for a grill. Javier is a meat-lover, honing his grilling skills, and is willing to pay $350 for a grill. Kamal wants to impress his friends with his vegetable grilling skills and is willing to pay $320 for a grill. Lina loves grilled shrimp and thinks it might be cheaper in the long run if she grills her own shrimp instead of eating out at a restaurant, so she is willing to pay $200 for a grill. If the market price of grills is $300, who will participate in the market?
Answer:
Martina
Javier :
Kama
Explanation:
The people that would participate in the market are those whose willingness to pay is higher than the market price for the grill.
The willingness to pay is the highest amount a person would be willing to pay for a good
Martina : $400 > $300 would participate
Javier : $350 > $300 would participate
Kama : $320 > $300 would participate
Lina : $200 < $300 would not participate
Why is ethics important in business give an example of how an unethical practice can affect a business
Answer:
being ethical ensures a trustworthy reputation in business, and will make sure your less likely to be sued for malpractice or involved in a major scandal. for an example, probably just make a unethical financial situation or involving social or environmental ethics
An apartment building in your neighborhood is for sale for $140,000. The building has four units, which are rented at $500 per month per unit. The tenants have long-term leases that expire in 5 years. Maintenance and other expenses for upkeep are $8000 annually. A new university is being built in the vicinity and it is expected that the building could be sold for $160,000 after 5 years. Part 1: What is the IRR for this investment? Part 2: Should the investment be accepted if you have a MARR of 12%?
Answer:
1) IRR = 13.61%
2) Since the NPV is positive ($8,464.72), the project should be accepted.
Explanation:
initial investment = -$140,000
NCF years 1 to 4 = ($500 x 4 x 12) - $8,000 = $16,000
NCF year 5 = $16,000 + $160,000 = $176,000
using a financial calculator, the IRR = 13.61%
if the discount rate is 12%, then the project's NPV is:
NPV = -$140,000 + $16,000/1.12 + $16,000/1.12² + $16,000/1.12³ + $16,000/1.12⁴ + $176,000/1.12⁵ = $8,464.72
Lovely Company offers a 2-year warranty on its product and as of 1/1/2018 Lovely’s warranty liability had an overall balance of $415. During 2018 Lovely sold 1,600 units of inventory at a selling price of $125 per unit and repaired 62 units under warranty at a total repair cost to Lovely of $740. When accounting for warranty cost, Lovely studies prior year customer claims as well as projected labor and material costs and for 2018, Lovely estimated that 4% of the units sold in 2018 would break over the 2-year warranty period at an estimated repair cost of $12.50 per unit. What amount should Lovely report at 12/31/2018 as warranty liability
Answer:
$475
Explanation:
the summary journal entry to record sales revenue and warranty expense during 2018:
Dr Cash 200,000
Cr Sales revenue 200,000
Dr Warranty expense 800
Cr Warranty liability 800
The journal entry to account for actual warranty costs:
Dr Warranty liability 740
Cr Cash (or wages payable or inventory) 740
the December 31, 2018 balance of warranty liability = initial balance + warranty liability associated to 2018 sales - incurred warranty costs = $415 + $800 - $740 = $475
Third Parties In General (not Just With Health Care) Are Inefficient Because
a) its not their money
b) it means a large bureaucracy
c) it aways involves insurance
d) all above
Answer:
Third Parties In General (not Just With Health Care) Are Inefficient Because
b) it means a large bureaucracy.
Explanation:
Ordinarily, in an efficient market, there are no third parties. The market participants remain buyers and sellers. They are aided in their business dealings and for the determination of prices during the exchange by the invisible hand. It is the invisible hand that ensures the existence of market equilibrium between demand and supply. If this invisible hand is removed and a third party comes in to regulate the market and the activities of the market participants, usually the government, it implies that bureaucracy will increase. It has been established that decisions made by the state are not always efficient because more costs are added to the decision-making process.
What is the difference between real and nominal gross domestic product (GDP)?
Answer:
the difference between real GDP and nominal GDP is that real GDP is a adjustment for inflation since nominal GDP is calculated using current prices
Explanation:
Beginning work in process inventory: Units in beginning work in process inventory500 Materials costs$ 7,800 Conversion costs$ 9,100 Percent complete with respect to materials85% Percent complete with respect to conversion55% Units started into production during the month7,000 Units transferred to the next department during the month6,100 Materials costs added during the month$ 102,700 Conversion costs added during the month$ 184,400 Ending work in process inventory: Units in ending work in process inventory1,400 Percent complete with respect to materials60% Percent complete with respect to conversion50% The cost per equivalent unit for materials for the month in the first processing department is closest to:
Answer:
$15.76
Explanation:
beginning WIP 500 units
materials 85% complete, so 15% added during the period (EUP during current month = 75 units)
conversion costs 55% complete, so 45% added during the period (EUP during current month = 225 units)
units started 7,000
units transferred out 6,100
units started and transferred out = 6,100 - 500 = 5,600 (EUP = 5,600 units)
ending WIP 1,400 units
materials 60% complete (EUP = 840 units)
conversion costs 50% complete (EUP = 700 units)
materials cost for the month = $102,700
total EUP for the month = 6,515 units
total cost per EUP for materials = $102,700 / 6,515 = $15.7636 ≈ $15.76
Raw Materials Inventory Begin. Inv. 12,400 Purchases 47,000 Avail. for use 59,400 DM used 50,000 End. Inv. 9,400 Work in Process Inventory Begin. Inv. 15,800 DM used 50,000 Direct labor 33,300 Overhead 69,000 Manuf. costs 168,100 Cost of goods manuf. 155,200 End. Inv. 12,900 Finished Goods Inventory Begin. Inv. 17,800 Cost of goods manuf. 155,200 Avail. for sale 173,000 Cost of Goods Sold 152,500 End. Inv. 20,500 Required: 1. Prepare the schedule of cost of goods manufactured for the year. 2. Compute cost of goods sold for the year.
Answer:
Results are below.
Explanation:
Giving the following information:
Direct Material used= 50,000
Work in Process Inventory Begin. Inv. 15,800
Direct labor 33,300
Overhead 69,000
WIP End. Inv. 12,900
To calculate the cost of goods manufactured, we need to use the following formula:
cost of goods manufactured= beginning WIP + direct materials + direct labor + allocated manufacturing overhead - Ending WIP
cost of goods manufactured= 15,800 + 50,000 + 33,300 + 69,000 - 12,900
cost of goods manufactured= $155,200
Finished Goods Inventory Begin. Inv. 17,800
Finished Goods Inventory End. Inv. 20,500
To calculate the cost of goods sold, we need to use the following formula:
COGS= beginning finished inventory + cost of goods manufactured - ending finished inventory
COGS= 17,800 + 155,200 - 20,500
COGS= $152,500
Assume that Minneapolis’ sales by major market are: Market Minneapolis Medical Dental Sales $ 390,000 100 % $ 260,000 100 % $ 130,000 100 % Variable expenses 234,000 60 % 169,000 65 % 65,000 50 % Contribution margin 156,000 40 % 91,000 35 % 65,000 50 % Traceable fixed expenses 46,800 12 % 13,000 5 % 33,800 26 % Market segment margin 109,200 28 % $ 78,000 30 % $ 31,200 24 % Common fixed expenses not traceable to markets 11,700 3 % Office segment margin $ 97,500 25 % The company would like to initiate an intensive advertising campaign in one of the two market segments during the next month. The campaign would cost $5,200. Marketing studies indicate that such a campaign would increase sales in the Medical market by $45,500 or increase sales in the Dental market by $39,000. Required: 1. How much would the company's profits increase (decrease) if it implemented the advertising campaign in the Medical Market? 2. How much would the company's profits increase (decrease) if it implemented the advertising campaign in the Dental Market? 3. In which of the markets would you recommend that the company focus its advertising campaign?
Answer:
1. Medical market $10,725
2. Dental market $14,300
3. Dental market
Explanation:
1. Calculation for How much would the company's profits increase (decrease) in the Medical Market
MEDICAL MARKET
Increase in sales $45,500
Contribution Magin ratio 35%
Increase in contribution margin $15,925
(Medical $45,500*35%=$15,925)
Less increase in Advertisement $5,200
Increase in company profit
$10,725
Based on the above calculation Medical Market profit will increase by $10,725
2. Calculation for How much would the company's profits increase (decrease) in the Dental Market
DENTAL MARKET
Increase in sales $39,000
Contribution Magin ratio 50%
Increase in contribution margin $19,500
(Dental $39,000*50%=$19,500)
Less increase in Advertisement $5,200
Increase in company profit
$14,300
Based on the above calculation Dental Market profit will increase by $14,300
3. Based on the above calculation I would recommend that the company should focus its advertising campaign on DENTAL MARKET because DENTAL MARKET has the highest profit of the amount of $14,300 than Medical market which has a profit of $10,725.
Fluffy Pet Groomingdeposits all cash receipts on the day when they are received and all cash payments are made by check. At the close of business on June 30, its Cash account shows a $14,811 debit balance. Fluffy Pet Grooming's June 30 bank statement shows $14,472 on deposit in the bank. Prepare a bank reconciliation for Fluffy Pet Grooming using the following information: a. Outstanding checks as of June 30 total $2,261. b. The June 30 bank statement included a $75 debit memorandum for bank services. c. Check No. 919, listed with the canceled checks, was correctly drawn for $789 in payment of a utility bill on June 15. Fluffy Pet Grooming mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $798. d. The June 30 cash receipts of $2,534 were placed in the bank's night depository after banking hours and were not recorded on the June 30 bank statement. What is the adjusted bank balance
Answer:
cash account reconciliation:
cash account balance $14,811
- bank fees ($75)
+ error in recording check No. 919 $9
reconciled bank account $14,745
bank account reconciliation:
bank account balance $14,472
- outstanding checks ($2,261)
+ deposits in transit $2,534
reconciled bank account $14,745
El Centro Company began the year with owner's equity of $30000. During the year, El Centro received additional owner
investments of $42000 recorded expenses of $120000, and had owner drawings of $8000. If El Centro's ending owner's equity was
$112000, what was the company's revenue for the year?
Answer:
$168,000
Explanation:
Equity = Assets - liabilities.
In the case of El Centro, the increase in equity will be a result of profits or losses realized in the year. Since equity increased to $112,000, then revenue for the period will be determined as follows.
$112,000 = (30,000 + 42,000)( equity) + revenue -( 120,000+ 8,000) expenses
$112,000 = $72,000 + revenue - $128,000
$112,000 = -56,000 + revenue
Revenue = 112,000 + 56,000
Revenue =$168,000
Which best describes the Hospitality and Tourism career cluster?
O A group of careers that focus on going from one place to another for business, pleasure, or other reasons.
O A group of careers that focus on the act of traveling, sightseeing, and enjoying activities that are specific to a
location
O A group of careers that focus on being welcoming to guests, such as guests who stay for a meal or who stay
overnight
O A group of careers that focus on providing people with food, a place to stay assistance to travelers, and fun
activities
Answer: the correct answer is D
Explanation:
Answer:
A group of careers that focus on providing people with food, a place to stay, assistance to travelers, and fun activities.
Explanation:
Mr. and Mrs. Lay’s taxable income is $679,000, which includes a $22,030 dividend on their investment in Rexford Mutual Fund. Mr. and Mrs. Lay’s marginal rate on ordinary income is 37 percent, and their entire Rexford dividend is subject to the Medicare contribution tax. Use Individual tax rate schedules and Tax rates for capital gains and qualified dividends. Required: Compute the Lays' total tax on this dividend if their Form 1099 from Rexford reported that the entire $22,030 was an ordinary dividend. Compute the Lays' total tax on this dividend if their Form 1099 from Rexford reported that $17,540 was an ordinary dividend and $4,490 was a capital gain distribution. Compute the Lays' total tax on this dividend if their Form 1099 from Rexford reported that $6,920 was an ordinary dividend, $10,620 was a qualified dividend distribution, and $4,490 was a capital gain distribution.
Answer:
a. Compute the Lays' total tax on this dividend if their Form 1099 from Rexford reported that the entire $22,030 was an ordinary dividend.
tax liability = $22,030 x 37% = $8,151.10
b. Compute the Lays' total tax on this dividend if their Form 1099 from Rexford reported that $17,540 was an ordinary dividend and $4,490 was a capital gain distribution.
tax liability:
$17,540 x 37% = $6,489.80
$4,490 x 20% = $898
total = $7,387.80
Capital gains tax rate is 20% if the married couple's income is $496,601 or higher.
c. Compute the Lays' total tax on this dividend if their Form 1099 from Rexford reported that $6,920 was an ordinary dividend, $10,620 was a qualified dividend distribution, and $4,490 was a capital gain distribution.
$6,920 x 37% = $2,560.40
$15,110 x 20% = $3,022
total = $5,582.40
Qualified dividends are taxed at the same rate as capital gains.
Project:
Develop a presentation to be used as an advertising brochure for both an "Imaginary
hotel/resort/lodging" and your selected state. This can be best done on either google docs or sides.
Pictures and Colors are required. Be sure to include different attractive features to include, but not
limited to:
Hotel
-Amenities
-Dining Options
-Tours Provided
State
- Tourism
-Attractions
-Food
You can earn up to 50 extra credit points if you prepare a food item popularized in your state and include
pictures and a critique from someone you cooked for.
TO DO:
Answer:
So should i create a power point for you and then include a link or just type it up with images and you can copy and paste into slide i will do the latter.
Explanation:
1. What is the ending balance in the accounts listed below given the following transactions: a. RWV borrows $1,100,000 in the form of a note payable. b. RWV purchases land for $250,000. c. RWV builds a building for $750,000. d. RWV orders $7,500 worth of food, which will be paid for later. e. RWV provides services worth $95,000, and will bill for the services later. f. RWV pays salaries to employees totaling $45,000. g. RWV pays $7,500 towards the food it previously ordered. h. RWV uses $5,000 worth of food. i. RWV pays $17,000 of G
Answer:
RWVEnding Account Balances:Account Details Debit Credit
Notes Payable $1,100,000
Cash $30,500
Land 250,000
Building 750,000
Supplies (Food) 2,500
Accounts Receivable 95,000
Service Revenue 95,000
Salaries Expense 45,000
Supplies (Food) Exp. 5,000
G 17,000
Totals $1,195,000 $1,195,000
Explanation:
a) Notes Payable
Account Details Debit Credit
Cash $1,100,000
a) Cash Account
Account Details Debit Credit
Notes Payable $1,100,000
Land (b) $250,000
Building (c) 750,000
Salaries (f) 45,000
Supplies (Food) (g) 7,500
G (i) 17,000
Balance c/d $30,500
b) Land
Account Details Debit Credit
Cash $250,000
c) Building
Account Details Debit Credit
Cash $750,000
d) Supplies (Food)
Account Details Debit Credit
Accounts Payable $7,500
Supplies (Food) Expense (h) $5,000
Balance c/d $2,500
Accounts Payable
Account Details Debit Credit
Supplies (d) $7,500
Cash (g) $7,500
e) Accounts Receivable
Account Details Debit Credit
Service Revenue $95,000
Service Revenue
Account Details Debit Credit
Accounts Receivable (e) $95,000
f) Salaries Expense
Account Details Debit Credit
Cash $45,000
h) Supplies (Food) Expense
Account Details Debit Credit
Supplies (Food) $5,000
i) G
Account Details Debit Credit
Cash $17,000
