To prepare the necessary adjusting and closing entries for the current fiscal year, we need to analyze each adjustment and its impact on the accounts.
a. Supplies available at the end of fiscal year 2019 had a cost of $4,000.
Debit Supplies Expense $4,000
Credit Supplies $4,000
b. The cost of expired insurance for the fiscal year is $3,100.
Debit Insurance Expense $3,100
Credit Prepaid Insurance $3,100
c. Annual depreciation on equipment is $30,600.
Debit Depreciation Expense $30,600
Credit Accumulated Depreciation $30,600
d. The June utilities expense of $800 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $800 amount owed needs to be recorded.
Debit Utilities Expense $800
Credit Accounts Payable $800
e. The company’s employees have earned $5,400 of accrued and unpaid wages at fiscal year-end.
Debit Wages Expense $5,400
Credit Wages Payable $5,400
f. The rent expense incurred and not yet paid or recorded at fiscal year-end is $2,400.
Debit Rent Expense $2,400
Credit Accounts Payable $2,400
g. Additional property taxes of $1,800 have been assessed for this fiscal year but have not been paid or recorded in the accounts.
Debit Property Tax Expense $1,800
Credit Property Taxes Payable $1,800
h. The $600 accrued interest for June on the long-term notes payable has not yet been paid or recorded.
Debit Interest Expense $600
Credit Interest Payable $600
Next, we need to prepare the necessary closing entries to transfer the temporary accounts (revenues, expenses, and dividends) to the permanent owner’s capital account.
i. Close Revenue Accounts:
Debit Revenues $XX
Credit Income Summary $XX
j. Close Expense Accounts:
Debit Income Summary $XX
Credit Expenses $XX
k. Close Dividends Account:
Debit Retained Earnings $XX
Credit Dividends $XX
Finally, we need to update the owner’s capital account with the ending balance for the fiscal year.
l. Update Owner's Capital Account:
Debit Owner's Capital $XX
Credit Retained Earnings $XX
Note: The exact amounts for the closing entries will depend on the balances in the accounts and are not provided in the question.
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An increase in government deficit spending can crowd out private investment by:.
An increase in government deficit spending can crowd out private investment by increasing the demand for loanable funds, thereby driving up interest rates.
When the government borrows more, it competes with private investors for the available funds in the credit market, causing the cost of borrowing to increase. As a result, some private investors will be discouraged from borrowing and investing in capital projects, which may reduce economic growth and job creation.
Higher interest rates also make borrowing more expensive for businesses, reducing their ability to invest in new projects and equipment.
This, in turn, can lead to lower productivity, employment, and income. In short, an increase in government deficit spending can lead to a reduction in private investment and slow down economic growth.
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Blossom inc. sells an irrigation system that cost $195,000 to mcgraw company for $375,000 on march 2, 2017. the sales price includes an installation fee. the standalone price of the installation fee is $69,000. the standalone price of the irrigation system is $342,000. the installation is considered a separate performance obligation and is expected to take 3 months to complete.
a) allocate blossom’s total selling price for the irrigation system and installation to the two performance obligations (delivery of the irrigation system and installation).
irrigation system: $______
installation: $_______
b) blossom delivered the irrigation system on march 14, 2017. the installation was completed on june 10, 2017. how much revenue should blossom recognize in the first quarter of 2017 related to its sale to mcgraw? how much revenue should blossom recognize in the second quarter?
first quarter second quarter
rev. $_________ $___________
Here is the answer for shared question:
a) To allocate Blossom's total selling price for the irrigation system and installation to the two performance obligations (delivery of the irrigation system and installation), we need to use the relative standalone selling price method. This involves determining the proportion of the total selling price that should be allocated to each performance obligation based on their standalone selling prices.
The standalone selling price of the irrigation system is $342,000 and the standalone selling price of the installation is $69,000. Therefore, the total standalone selling price is $411,000 ($342,000 + $69,000).
Using this information, we can calculate the allocation of the total selling price as follows:
Irrigation system: $342,000 / $411,000 x $375,000 = $312,195.12
Installation: $69,000 / $411,000 x $375,000 = $62,804.88
Therefore, the allocation of the total selling price for the irrigation system and installation is as follows:
Irrigation system: $312,195.12
Installation: $62,804.88
b) Blossom delivered the irrigation system on March 14, 2017. Since the installation is considered a separate performance obligation and was not completed until June 10, 2017, revenue should be recognized separately for the delivery of the irrigation system and the completion of the installation.
The revenue to be recognized in the first quarter of 2017 related to its sale to McGraw is the portion of the total selling price allocated to the irrigation system, which is $312,195.12.
The revenue to be recognized in the second quarter related to its sale to McGraw is the portion of the total selling price allocated to the installation, which is $62,804.88.
Therefore, the revenue to be recognized in the first quarter is $312,195.12, and the revenue to be recognized in the second quarter is $62,804.88.
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you are comparing two mutually exclusive projects. the crossover point is 12.3 percent. you have determined that you should accept project a if the required return is 13.1 percent. this implies you should:
If the company wants to minimize risk and maximize returns, it should select Project B over Project A.
The crossover point is the point at which the net present values (NPVs) of two mutually exclusive projects intersect. In other words, it is the discount rate at which the NPV of one project equals the NPV of the other project.
If the required return is less than the crossover point, then Project A is preferred, and if the required return is greater than the crossover point, then Project B is preferred.
In this scenario, the crossover point is 12.3 percent, which means that at a discount rate of 12.3 percent, the NPV of Project A equals the NPV of Project B. Since the required return for Project A is 13.1 percent, which is greater than the crossover point, it implies that Project B is preferred over Project A.
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in auditing long-term bonds payable, an auditor most likely would: compare interest expense with the bond payable amount for reasonableness. examine documentation of assets purchased with bond proceeds for liens. perform analytical procedures on the bond premium and discount accounts.
In auditing long-term bonds payable, an auditor most likely would perform various procedures to obtain reasonable assurance that the financial statements are free from material misstatements. One of the key procedures an auditor would perform is to compare the interest expense with the bond payable amount for reasonableness.
This is done to ensure that the interest expense recorded in the financial statements is in line with the bond payable amount.
Additionally, the auditor would examine the documentation of assets purchased with bond proceeds for liens. This is done to ensure that the assets purchased using the bond proceeds are free from any liens or encumbrances that could impact the value of the assets.
Furthermore, the auditor would perform analytical procedures on the bond premium and discount accounts. This is done to ensure that the premium and discount accounts are appropriately recorded in the financial statements and that any fluctuations in these accounts are reasonable and can be explained.
In summary, an auditor would perform various procedures when auditing long-term bonds payable, including comparing interest expense with the bond payable amount for reasonableness, examining documentation of assets purchased with bond proceeds for liens, and performing analytical procedures on the bond premium and discount accounts. These procedures are essential in ensuring that the financial statements are free from material misstatements and are reliable.
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the czech republic has a gdp of 2,000 billion koruny. the exchange rate is 20 koruny per u.s. dollar. the czech population is 20 million. calculate the per person gdp of the czech republic in u.s. dollars.
the per-person GDP of the Czech Republic in U.S. dollars would be 5,000 U.S. dollars.
To calculate the per-person GDP of the Czech Republic in U.S. dollars, we can follow these steps:
Step 1: Convert the GDP from korunas to U.S. dollars using the exchange rate.
GDP in korunas = 2,000 billion korunas
Exchange rate = 20 korunas per U.S. dollar
GDP in U.S. dollars = GDP in korunas / Exchange rate
GDP in U.S. dollars = 2,000 billion korunas / 20 korunas per U.S. dollar
GDP in U.S. dollars = 100 billion U.S. dollars
Step 2: Calculate the per-person GDP in U.S. dollars by dividing the GDP in U.S. dollars by the population.
Population = 20 million
Per-person GDP in U.S. dollars = GDP in U.S. dollars / Population
Per-person GDP in U.S. dollars = 100 billion U.S. dollars / 20 million
Per-person GDP in U.S. dollars = 5,000 U.S. dollars
So, the per-person GDP of the Czech Republic in U.S. dollars would be 5,000 U.S. dollars.
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Complete Question-
The Czech Republic has a GDP of 2,000 billion korunas. The exchange rate is 20 korunas per U.S. dollar. The Czech population is 20 million. Calculate the per-person GDP of the Czech Republic in U.S. dollars.
Why is presenting all costs of an organization as a function of a single independent variable, al-though useful in obtaining a general understanding of cost behavior, often not accurate enough to make specific decisions concerning products, services, or activities?
Presenting all costs of an organization as a function of a single independent variable, such as volume of output, can be useful in obtaining a general understanding of cost behavior, but it may not be accurate enough to make specific decisions concerning products, services, or activities for several reasons:
1. Assumptions of linearity: The assumption that costs behave linearly with changes in the independent variable (such as output volume) may not always hold. In reality, many costs are non-linear and may have step costs or non-linear relationships with the independent variable. Thus, using a single independent variable to represent cost behavior may not provide an accurate representation of the underlying costs.
2. Other factors affecting costs: Other factors such as changes in technology, labor rates, inflation, and changes in input prices may also affect costs, making it difficult to accurately predict cost behavior based on a single independent variable.
3. Different cost structures: Different products, services, and activities within an organization may have different cost structures, making it challenging to apply a single cost behavior assumption across the entire organization.
4. Different pricing strategies: Different products or services may have different pricing strategies, which can affect their cost behavior. For example, a company may price some products or services at a premium, which may change the cost behavior of those products compared to others.
Therefore, presenting all costs of an organization as a function of a single independent variable, while useful, may not be accurate enough to make specific decisions concerning products, services, or activities, and a more detailed analysis of the cost structure may be necessary to make informed decisions.
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multiple select question select all that apply which two of the following are used exclusively as trade-oriented sales promotions rather than for consumers? multiple select question. cooperative advertising loyalty programs product placement salesforce training
Two trade-oriented sales promotions that are exclusively used for business-to-business (B2B) marketing rather than for consumers are cooperative advertising and salesforce training. Option A & D are correct.
Cooperative advertising refers to a promotional strategy where two or more companies collaborate to create and fund an advertising campaign that promotes their products or services together.
This type of promotion is commonly used by manufacturers and wholesalers to help their retailers promote their products. In this case, the cost of the advertising campaign is shared between the manufacturer and the retailer.
Cooperative advertising can help increase sales and build brand awareness for both parties involved.Salesforce training is another B2B promotion that is designed to enhance the skills and knowledge of a company's salesforce.
The salesforce is a critical component of any business that sells products or services. Training can help sales reps develop the necessary skills to sell products more effectively, identify new sales opportunities, and close deals more efficiently. This type of promotion is typically exclusive to B2B companies because consumers do not interact with a salesforce directly.
In summary, cooperative advertising and salesforce training are two trade-oriented sales promotions that are exclusively used for B2B marketing rather than for consumers. These promotions can help increase sales, build brand awareness, and enhance the skills and knowledge of a company's salesforce. Option A & D are correct.
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the preferred stock of dolphin pools pays an annual dividend of $5.20 a share and sells for $48 a share. the tax rate is 21 percent. what is the firm's cost of preferred stock? group of answer choices 15.59% 10.94% 16.47% 9.67% 10.83%
The tax rate is 21 percent. The firm's cost of preferred stock is 10.83%.
The cost of preferred stock is the dividend paid on the preferred stock divided by the net proceeds from the sale of the preferred stock. The net proceeds are the sale price of the preferred stock less any flotation costs.
Annual dividend = $5.20 per share
Sale price = $48 per share
Tax rate = 21%
Flotation costs are not given in the problem, so it is assumed that there are no flotation costs. Therefore, the net proceeds from the sale of preferred stock will be equal to the sale price.
Rp = $5.20/$48 = .1083, or 10.83 percent
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Assume that Louisa carried an average balance of $1,000 from her credit card purchases over the past year. The A. P. R. On her credit card for the past year was 19. 9%. Approximately how much interest would Louisa have paid over the course of the year? (Hint: Interest = APR/100 * Balance)
Louisa would have paid approximately $199 in interest over the course of the year.
We can use the formula:
Interest = APR/100 * Balance.
1: Convert the APR (Annual Percentage Rate) to a decimal by dividing it by 100.
APR = 19.9% / 100 = 0.199
2: Multiply the decimal APR by the average balance.
Interest = 0.199 * $1,000
3: Calculate the interest.
Interest = $199
So, Louisa would have paid approximately $199 in interest over the course of the year on her credit card with an average balance of $1,000 and an APR of 19.9%.
Annual Percentage Rate (APR), it is a measure used to represent the annualized interest rate on a loan or financial product. The APR takes into account not only the nominal interest rate but also any additional fees or costs associated with the loan.
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You are given a dataset about number of products manufactured in two factories, a and b. you are asked to look into the data and choose which company outperforms the other one. the dataset contains the number of manufactured products per day in each factory. your data contains year of information. what approach will you select? you are given a dataset about number of products manufactured in two factories, a and b. you are asked to look into the data and choose which company outperforms the other one. the dataset contains the number of manufactured products per day in each factory. your data contains year of information. what approach will you select?
By following these steps, you can choose which factory outperforms the other based on the dataset provided.
1. Organize the dataset
2. Calculate the total products
3. Calculate the average daily production
4. Compare the performance
To determine which factory outperforms the other using a dataset containing the number of products manufactured per day in each factory over a year, follow these steps:
Step 1: Ensure that the dataset is properly structured, with columns for factory (A and B), date, and the number of products manufactured per day.
Step 2: Find the sum of the number of products manufactured by each factory over the year by adding the daily production numbers.
Step 3: Divide the total number of products manufactured by each factory by the total number of days in the dataset (e.g., 365 days).
Step 4: Compare the average daily production numbers for Factory A and Factory B.
The factory with the higher average daily production outperforms the other.
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Rent control keeps prices of housing below market rates. Which of these is an unintended consequence of rent control?.
Rent control may seem like an ideal solution to make housing more affordable, but it can have unintended consequences. One of these consequences is a decrease in the quality of housing available. Landlords may not have the financial incentive to invest in upkeep and repairs when they are unable to charge market rates for rent.
This could lead to deteriorating conditions in the units, which could potentially be hazardous to tenants' health and safety.Another unintended consequence is a decrease in the supply of available housing. With rent control, landlords may be more likely to convert rental units into condos or other forms of housing that are not subject to the rent control restrictions. This could make it more difficult for renters to find affordable housing options, especially in areas with high demand.
Overall, while rent control may seem like a solution to the housing affordability crisis, it can have unintended consequences that may ultimately harm renters. Policymakers need to consider these consequences when implementing such policies and should explore alternative solutions that address the root causes of the problem.
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the management of waiting line systems considers the tradeoff between the operating cost of adding capacity and the cost of making customers wait. group of answer choices true false
The given assertion " the management of waiting line systems considers the tradeoff between the operating cost of adding capacity and the cost of making customers wait." is true because waiting-for-line system management must strike a balance between these expenses and select a tactic that best suits their corporate objectives and clientele's requirements.
Frameworks for making holding up records are likewise alluded to as lining frameworks are made to adjust the expenses of offering support against the expenses of having clients pause.
Expanding the limit — for instance, by expanding the number of specialist co-ops or broadening the actual space — can abbreviate stand-by times and lift consumer loyalty. The working costs, like those for work, lease, and gear.
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bbb leasing purchased a machine for $250,000 and leased it to jack tupp auto repair on january 1, 2021. lease description: quarterly rental payments$16,315 at beginning of each period lease term5 years (20 quarters) no residual value; no bpo economic life of machine5 years implicit interest rate12% fair value of asset$250,000 what is the balance in the lease payable account after the april 1, 2021, lease payment?
The balance in the lease payable account after the April 1, 2021, lease payment is -$6,526 . This means that the lease liability is increased by $6,526.
To calculate the balance in the lease payable account after the April 1, 2021, lease payment, we need to first determine the total amount of lease payments due over the lease term.
Each quarterly rental payment is $16,315, and there are 20 quarters in the lease term, so the total lease payments due over the lease term are:
$16,315 x 20 = $326,300
Next, we need to calculate the amount of each lease payment that represents interest expense and the amount that represents reduction of the lease liability. We can use the effective interest method to do this.
Under the effective interest method, the interest expense for each period is calculated by multiplying the beginning balance of the lease liability by the implicit interest rate. The reduction of the lease liability is the difference between the lease payment and the interest expense.
For the first period, the beginning balance of the lease liability is the total amount of lease payments due over the lease term, which is $326,300.
The interest expense for the first period is:
$326,300 x 12% = $39,156
The reduction of the lease liability for the first period is:
$16,315 - $39,156 = -$22,841 (a negative number indicates an increase in the lease liability)
Therefore, the balance in the lease payable account after the April 1, 2021, lease payment is:
$16,315 - $22,841 = -$6,526 (a negative number indicates an increase in the lease liability)
This means that the lease liability has increased by $6,526 since the beginning of the lease term.
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Jerome, a new accounting graduate, was one of the candidates selected after his first interview to come back to the office to be given more details about the position: during the first three weeks, there would be extensive training about the company's accounting methods, as well as other company rules and regulations; the position provided room for growth and there were many young people for social activities; the company offered review seminars to prepare for the CPA exam, but he would not receive a substantial raise until he passed the exam; and there was also information provided concerning considerable overtime hours during tax season. The time Jerome spent in the office that day is called
The time Jerome spent in the office that day is considered part of the hiring process and is commonly referred to as the second interview or follow-up interview.
During this interview, the company provided more detailed information about the position and what would be expected of Jerome if he were to accept the job offer.
The purpose of the second interview is to provide the candidate with a better understanding of the position and to answer any questions they may have about the company or the job. This interview also gives the company an opportunity to evaluate the candidate's level of interest in the position and to assess their suitability for the role.
During the second interview, Jerome was provided with important information about the company's accounting methods, rules and regulations, and other relevant details. He was also informed about the potential for growth within the company, the social activities available, and the support offered for CPA exam preparation.
Additionally, Jerome was informed about the overtime hours required during tax season and the incentive for passing the CPA exam. This information allows Jerome to make an informed decision about whether he wants to accept the job offer or not, based on a more comprehensive understanding of what the job entails.
Overall, the second interview is an important step in the hiring process, as it provides both the candidate and the company with a clearer picture of what the job entails and what the expectations are.
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The town of cumberland levied property taxes in the amount of $1,600,000. the town estimates that 1 percent will be uncollectible. the journal entry to record the tax levy in the governmental activities general journal will include: the town of cumberland levied property taxes in the amount of $1,600,000. the town estimates that 1 percent will be uncollectible. the journal entry to record the tax levy in the governmental activities general journal will include: a debit to allowance for uncollectible current taxes for $16,000. a debit to estimated revenues for $1,600,000. a credit to revenues for $1,584,000. a debit to cash for $1,584,000.
The journal entry to record the tax levy in the governmental activities general journal will include a debit to estimated revenues for $1,600,000 and a credit to revenues for $1,584,000.
The journal entry to record the tax levy in the governmental activities general journal for the town of Cumberland would be as follows:
Debit: Estimated Revenues $1,600,000
Credit: Revenues $1,584,000
Debit: Allowance for Uncollectible Current Taxes $16,000
This entry reflects the $1,600,000 property tax levy, with an estimated 1% ($16,000) being uncollectible. The credit to Revenues reflects the amount expected to be collected, while the debit to Estimated Revenues represents the full amount levied.
Finally, the debit to Allowance for Uncollectible Current Taxes accounts for the estimated amount that will not be collected. No debit to Cash is necessary at this point, as the taxes have not yet been collected.
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in general, sensitivity analysis provides information about . in general, sensitivity analysis provides information about . a. all possible values the input parameters may take b. how to eliminate uncertainty from a decision c. how changes in input parameter values affect the outcome or optimal decision d. all of the above e. none of the above
In general, sensitivity analysis provides information about "how to eliminate uncertainty from a decision". The correct option is B.
The sensitivity analysis is the term which provides information about "how changes in input parameter values affect the outcome or optimal decision." Sensitivity analysis is a technique used to evaluate the effect of variations in input parameters or assumptions on the output of a model or decision.
The reason of using this analysis because it helps identify which inputs have the most significant impact on the outcome and how changes in those inputs may affect the decision or recommendation. Therefore, the correct option is "how changes in input parameter values affect the outcome or optimal decision."
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2. Once you have a grasp on the scope of the industry, complete a partial five forces analysis for the force I have assigned to you (see the company assignments post). You may use the appropriate template from the Dobbs's reading to organize your analysis, but this is not required. However, it is required that you cover all of the elements of your assigned force covered in the readings.
In order to complete a partial five forces analysis for the force assigned, it is important to first understand the scope of the industry. The five forces analysis is a framework developed by Michael Porter that helps to identify the forces that affect an industry's profitability.
It includes five forces that determine the competitive intensity and attractiveness of a market.The five forces include:Threat of new entrants Bargaining power of suppliers Bargaining power of buyers.Threat of substitute products or services .Rivalry among existing competitors Once you have a grasp on the scope of the industry, you can complete a partial five forces analysis for the assigned force. It is important to cover all of the elements of the assigned force covered in the readings.
One may use the appropriate template from the Dobbs's reading to organize their analysis, but this is not required.competitive rivalry, threat of new entrants, threat of substitute products or services, bargaining power of suppliers, or bargaining power of buyers. To conduct the analysis, you can use the appropriate template from Dobbs's reading, although this is not mandatory
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the graph shows the marginal social cost curve and supply curve for sasha's candy shop. when four units are sold, what is the relevant marginal cost for the community where sasha produces and sells her candy?
The relevant marginal cost for the community where Sasha produces and sells her candy is $5 per hour.
To determine the profit-maximizing level of output, the firm needs to consider the cost of labor and the revenue generated from selling the output. In this case, the firm can sell as many potatoes as it wants for $2 per pound and has to pay each worker $5 per hour.
To calculate the profits, we need to subtract the cost of labor from the revenue generated from selling the output. For instance, if the firm employs one worker and produces 3 pounds of Candy per hour, its revenue will be 3 x $2 = $6, and the cost of labor will be $5. Hence, the profit will be $1.
We can observe that the firm's profits are maximized when it employs three workers, as it generates the highest profit of $5 per hour. Hence, to maximize profits, the firm should employ three workers.
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Happy Giraffe has preferred stock that pays a dividend of $5. 00 per share and sells for $100 per share. It is considering issuing new shares of preferred stock. These new shares incur an underwriting (or flotation) cost of 2. 10%. How much will Happy Giraffe pay to the underwriter on a per-share basis
Happy Giraffe will pay $2.10 to the underwriter on a per-share basis for each new share of preferred stock that it issues. This is because the underwriting cost is 2.10% of the selling price of the new shares, which is $100 per share.
Preferred stock is a type of stock that pays a fixed dividend and has priority over common stock when it comes to receiving dividends and assets in the event of bankruptcy. In this case, Happy Giraffe's preferred stock pays a dividend of $5.00 per share.
An underwriter is a financial institution or individual that helps companies like Happy Giraffe issue new securities, such as preferred stock. The underwriter buys the new securities from the company and then resells them to investors.
A dividend is a payment made by a company to its shareholders, typically out of its profits. In the case of Happy Giraffe's preferred stock, it pays a fixed dividend of $5.00 per share to its shareholders.
In summary, Happy Giraffe will pay $2.10 to the underwriter on a per-share basis for each new share of preferred stock that it issues. This cost is incurred due to the underwriting (or flotation) cost, which is a fee charged by the underwriter for its services in helping the company issue new securities.
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A bot creator records a business process flow of a saas crm application using universal recorder. when a user tried to run the recorded flow, the bot gives an error at the last step of the workflow. what could be the potential reason for this and what should the user do to address the error?
Some changes made to the CRM system could be the potential reason for this and the user should review the error message carefully to address the error.
The bot's error message at the final stage of the workflow could be caused by a number of different factors. They should check to determine whether the CRM application has undergone any modifications since the bot's creation and, if so, update the recorded flow to reflect those changes.
If the error keeps occurring the user may need to perform troubleshooting by looking over the bot logs and the application logs to find any errors or problems that might be the root of the issue. In order to see if there are any problems or errors the user could also try running the workflow manually. If the issue cannot be fixed they might need to speak with technical support or the person who created the bot for additional help.
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Voltac corporation (a u.s.-based company) has the following import/export transactions denominated in mexican pesos in 2020:
march 1 bought inventory costing 100,000 pesos on credit.
may 1 sold 60 percent of the inventory for 80,000 pesos on credit.
august 1 collected 70,000 pesos from customers.
september 1 paid 60,000 pesos to suppliers.
currency exchange rates for 1 peso for 2020 are as follows:
march 1 $0.10
may 1 0.12
august 1 0.13
september 1 0.14
december 31 0.15
for each of the following accounts, what amount will voltac report on its 2020 financial statements?
a. inventory.
b. cost of goods sold.
c. sales.
d. accounts receivable.
e. accounts payable.
f. cash.
Amount will voltac report on its 2020 financial statements are, a. Inventory: $10,000, b. Cost of Goods Sold: $40,000, c. Sales: $96,000, d. Accounts Receivable: $8,400, e. Accounts Payable: $8,400, f. Cash: $7,000.
The cost of inventory purchased on March 1 is 100,000 pesos, which, using the exchange rate of $0.10 per peso on March 1, equals $10,000.
The cost of goods sold is calculated as the cost of the inventory sold. Voltac sold 60% of the inventory for 80,000 pesos on May 1. The cost of the inventory sold is 60% of the total cost of inventory, or 60% x 100,000 pesos = 60,000 pesos. Using the exchange rate of $0.12 per peso on May 1, the cost of goods sold is $7,200.
The amount of sales made on May 1 is 80,000 pesos. Using the exchange rate of $0.12 per peso on May 1, the sales are equal to $9,600.
The accounts receivable on August 1 is calculated as the amount of sales made on May 1 minus the amount collected by August 1. The amount of sales made on May 1 is 80,000 pesos, which, using the exchange rate of $0.12 per peso on May 1, equals $9,600. The amount collected on August 1 is 70,000 pesos, which, using the exchange rate of $0.13 per peso on August 1, equals $9,100. Therefore, the accounts receivable on August 1 is $500 ($9,600 - $9,100).
The accounts payable on September 1 is 60,000 pesos, which, using the exchange rate of $0.14 per peso on September 1, equals $8,400.
The cash balance on December 31 is calculated as the sum of the amount collected on August 1 and the amount collected after August 1 minus the amount paid on September 1. The amount collected on August 1 is 70,000 pesos, which, using the exchange rate of $0.13 per peso on August 1, equals $9,100. The amount collected after August 1 is the amount of sales made on May 1 minus the amount collected by August 1, which is $500 (calculated in part d). Therefore, the total cash balance is $9,600 ($9,100 + $500) minus the amount paid on September 1, which is $8,400 (calculated in part e), for a total of $1,200.
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f a firm was able to reduce its inventory level while keeping other things constant, we will see a change in which of the following accounting measures for liquidity? a decrease in quick ratio no change in any liquidity measure. a decrease in current ratio an increase in interval measure an increase in cash ratio
Option b is correct. A firm was able to reduce its inventory level while keeping other things constant, we will see a change in accounting an increase in interval measures for liquidity.
The fast ratio, commonly referred to as the acid-test ratio, gauges a company's capacity to settle its immediate liabilities using its most liquid assets. It is computed by dividing a company's current obligations by the total of its cash, accounts receivable, and short-term investments.
Because inventory is not regarded as a liquid asset, lowering inventory levels will cause the quick ratio to rise, signaling an increase in liquidity. Reducing inventory levels will result in a decline because inventory is a current asset.
The current ratio assesses a company's capacity to use its current assets to settle its short-term debts. A company's current ratio is determined by dividing its total current assets by its total current liabilities.
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Complete question
A firm was able to reduce its inventory level while keeping other things constant, we will see a change in which of the following accounting measures for liquidity?
a. a decrease in quick ratio
b. no change in any liquidity measure
c. a decrease in current ratio
d. an increase in interval measure
e. an increase in cash ratio
1.a capital investment is expected to achieve long-term benefits for the organization thatgenerally fall into three categories: financial benefits, nonfinancial returns and the ability toattract more funds in the future.true or false?
The given statement "A capital investment fall into three categories: financial benefits, nonfinancial returns, ability to attract more funds in the future." is true because all three categories are important considerations.
A capital investment is an expenditure made by a company to acquire or upgrade its assets, with the expectation of generating long-term benefits in the form of financial returns, nonfinancial benefits or intangible assets.
The financial benefits of a capital investment may include increased revenues, reduced costs, higher profits, or improved cash flow. Nonfinancial returns may include improved customer satisfaction, enhanced brand image, or increased market share.
Intangible assets may include patents, trademarks, copyrights or other intellectual property rights that can enhance a company's competitiveness and value.
Moreover, a successful capital investment can also increase the organization's credibility and attractiveness to investors and creditors, which in turn can help to secure additional funds in the future.
Therefore, all three categories of benefits (financial, nonfinancial, and the ability to attract more funds) are important considerations for a company when evaluating a capital investment.
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Reilly Company purchased a tractor at a cost of $90,000. The tractor has an estimated salvage value of $10,000 and an estimated life of 8 years, or 10,000 hours of operation. The tractor was purchased on January 1, 2013 and was used 2,400 hours in 2013 and 2,100 hours in 2014. On January 1, 2015, the company decided to sell the tractor for $35,000. Reilly uses the units-of-production method to account for the depreciation on the tractor. Based on this information, the entry to record the sale of the tractor will show:
The entry to record the sale of the tractor on January 1, 2015 will show:Cash -$35,000, Accumulated depreciation-$33,000, Loss on sale of tractor $22,000, Tractor- $90,000
The accumulated depreciation is calculated as follows:
Total estimated hours of operation = 8 years x 10,000 hours/year = 80,000 hours
Depreciation per hour = (Cost - Salvage value) / Total estimated hours of operation
Depreciation per hour = ($90,000 - $10,000) / 80,000 hours = $1.00 per hour
Total depreciation for 2,400 hours in 2013 = 2,400 hours x $1.00/hour = $2,400
Total depreciation for 2,100 hours in 2014 = 2,100 hours x $1.00/hour = $2,100
Accumulated depreciation as of January 1, 2015 = $2,400 + $2,100 = $4,500
The loss on the sale of the tractor is calculated as follows:
Sale price - Book value = $35,000 - ($90,000 - $4,500) = $22,000.
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for a $300,000 loan at a 12 percent annual interest rate with a 30-year amortization period, how many discount points would the lender have to charge to increase the lenders' yield to 13 percent? assume monthly payments and no prepayment of the mortgage by the borrower prior to maturity.
The total discount points the lender have to charge to increase the lenders' yield to 13 percent is equal to 3.23 discount points.
To solve this problem, we can use the formula for the present value of a loan:
PV = PMT * (1 - 1/(1+r)^n) / r
where PV is the present value of the loan, PMT is the monthly payment, r is the monthly interest rate, and n is the total number of payments.
First, we can calculate the monthly payment using the loan amount, interest rate, and amortization period:
PMT = P * r / (1 - (1+r)^(-n))
we get:
PMT = 300000 * 0.01 * (1 + 0.01)^360 / ((1 + 0.01)^360 - 1) = $2,962.48
Next, we need to calculate the present value of the loan at a 13 percent yield for the lender. We can use the same formula as before, but with a different interest rate:
PV = PMT * (1 - 1/(1+r)^n) / r
where r is the new monthly interest rate that corresponds to a 13 percent annual yield. We can solve for r using the following equation:
(1+r)^12 - 1 = 0.13 / 12
which gives us r = 0.010769.
Plugging in the new values, we get:
PV = 2962.48 * (1 - 1/(1+0.010769)^360) / 0.010769 = $309,695.35
To find the number of discount points the lender needs to charge,
Discount Points = (PV - P) / P * 100
where P is the original loan amount and PV is the present value of the loan at the 13 percent yield.
Plugging in the numbers, we get:
Discount Points = (309695.35 - 300000) / 300000 * 100 = 3.23 points
Therefore, the lender would have to charge 3.23 discount points to increase their yield from 12 percent to 13 percent.
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Identify each of the following reconciling items as:
a. An addition to the cash balance according to the bank statement
b. A deduction from the cash balance according to the bank statement
c. An addition to the cash balance according to the company's records
d. A deduction from the cash balance according to the company's records
Item Treatment
1. Bank service charges, $75.
2. Check of a customer returned by bank to company because of insufficient funds, $880.
3. Check for $275 incorrectly recorded by the company as $725.
4. Check for $100 incorrectly charged by bank as $1,000.
5. Deposit in transit, $5,550.
6. Outstanding checks, $10,350
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Why must the creditors list and creditors control balances be the same
The creditors list and creditors control balances must be the same because the creditors list is a detailed record of individual creditor accounts, while the creditors control account is a summary account that shows the total amount owed to all creditors.
If these two balances are not the same, it means that there are errors in either the individual creditor accounts or the summary account. This could result in overpayments or underpayments to individual creditors, leading to inaccurate financial reporting and potentially damaging the company's reputation with suppliers. Therefore, it is essential to ensure that the balances in both accounts match to ensure accurate record-keeping and financial reporting.
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Performance evaluation measures need to be:
a Relate to the behaviors under team members control b All of these answers are correct c Specific and clear d Identified in advance
Performance evaluation measures need to be specific and clear Answer is option C.
Performance evaluation is a technique that is used to evaluate and assess the performance of a staff member, employee, or team in a company or an organization. Performance evaluation helps in identifying and evaluating an employee’s performance over a period of time.
The primary objective of performance evaluation is to identify an employee's strengths and weaknesses, and to provide them with appropriate feedback and guidance to improve their performance.
It is also important to have a clear understanding of what performance evaluation measures are. Performance evaluation measures need to be specific and clear. Performance evaluation measures help managers to assess the performance of the employees and provide feedback on what is expected of them.
Thus, the correct option is C) Specific and clear.
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What is the failure rate of all new businesses? what is the failure rate of all new franchises? what inferences can you make from these numbers? explain your answer
The failure rate of all new businesses is difficult to determine as it can vary significantly depending on various factors such as industry, location, size, and management. However, studies suggest that the overall failure rate for new businesses is around 20% within the first year, and about 50% within the first five years.
The failure rate of all new franchises is also difficult to determine, but it is generally believed to be lower than the failure rate for independent businesses. Some studies suggest that the failure rate for new franchises may be as low as 10-20%, while others suggest that it may be slightly higher.
Based on these numbers, it can be inferred that the failure rate for new businesses is relatively high, and that starting a business is a risky proposition. However, the failure rate for new franchises may be lower, which suggests that buying a franchise may be a safer way to enter the business world. It is important to note that these are generalizations, and there are many factors that can influence the success or failure of a business or franchise.
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Gen-Tech sells merchandise on account for $4,000 to Acorn Company with credit terms of 2/10, n/30. Within the discount period, Acorn Company returns $500 of damaged merchandise and a check for ________ to settle the account. $3,430 $3,200 $3,420 $3,020
The check amount that Acorn Company would need to send to settle the account depends on whether they took the discount or not:
- If they took the discount, they would need to send a check for $3,352.40.
- If they didn't take the discount, they would need to send a check for $3,500.
First, let's break down the credit terms:
- 2/10 means that if the customer pays within 10 days of the invoice date, they can take a 2% discount off the total amount owed.
- n/30 means that the full amount is due within 30 days of the invoice date, with no discount offered after the first 10 days.
So, in this case, Gen-Tech sells $4,000 worth of merchandise on account to Acorn Company with these credit terms.
If Acorn Company decides to take advantage of the discount, they would pay $4,000 - (2% of $4,000) = $3,920 within 10 days of the invoice date. If they don't pay within 10 days, they owe the full $4,000 within 30 days.
Now, let's say that within the discount period, Acorn Company returns $500 worth of damaged merchandise. This means that they now only owe $3,500 (either $3,920 - $500 = $3,420 if they took the discount, or $4,000 - $500 = $3,500 if they didn't).
The question asks what check amount Acorn Company would need to send to settle the account. If they took the discount, they would owe $3,420 - 2% of $3,420 = $3,352.40. If they didn't take the discount, they would owe $3,500.
Therefore, the check amount that Acorn Company would need to send to settle the account depends on whether they took the discount or not:
- If they took the discount, they would need to send a check for $3,352.40.
- If they didn't take the discount, they would need to send a check for $3,500.
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