Answer:
Luca Pacioli
Luca Pacioli, was a Franciscan friar born in Borgo San Sepolcro in what is now Northern Italy in 1446 or 1447.
For each of the following separate transactions: Sold a building costing $39,000, with $23,600 of accumulated depreciation, for $11,600 cash, resulting in a $3,800 loss. Acquired machinery worth $13,600 by issuing $13,600 in notes payable. Issued 1,360 shares of common stock at par for $2 per share. Note payables with a carrying value of $41,800 were retired for $50,600 cash, resulting in a $8,800 loss. (a) Prepare the reconstructed journal entry. (b) Identify the effect it has, if any, on the investing section or financing section of the statement of cash flows.
Answer:
Date General Journal Debit Credit
Cash $11,600
Accumulated dep - Building $23,600
Loss on sale of assets $3,800
Building $39,000
(To record sale of building)
Machinery $13,600
Note payable $13,600
(To record acquisition of machinery)
Cash $2,720
Common stock $2,720
(To record issuance of common stock)
Note payable $41,800
Loss on retiring of debt $8,800
Cash $50,600
(To record payment of cash to retire debt)
2. Cash flow from investing activities
Cash received from sale of building $11,600
Net cash provided by investing activities $11,600
Cash flow financing activities
Cash received from issuance of common stock $2,720
Cash paid to retire note $(50,600)
Net cash used by financing activities $(47,880)
Today, you borrowed $12,200 on your credit card to purchase some furniture. The interest rate is 16.8 percent, compounded monthly. How long will it take you to pay off this debt assuming that you do not charge anything else and make regular monthly payments of $190?
a. 13.7 years
b. 15.2 years
c. 14.5 years
d. 16.9 years
Answer:
13.7 years
Explanation:
Miguel has raised $150 for the local charity, but he has kept $10.00 for himself. He believes no one will notice the missing money. This situation is an example of a lack of moral development in the:__________
A. conventional level.
B. postconventional level.
C. situational level.
D. preconventional level.
Answer:
The conventional level
While raising $150 for the neighborhood charity, Miguel also pocketed $10.00 for himself. He thinks nobody will notice the money is missing. This circumstance serves as an illustration of a lack of moral development .
What is meant by Moral Developement?Moral Development focuses on the emergence, change and understanding of morality from infancy through adulthood. Morality develops across a lifetime and is influenced by an individual's experiences and behavior when faced with moral issues through different periods of physical and cognitive development.Miguel has donated $50 to a local charity in one hand, but he has also saved $10 for himself. He thinks nobody will notice the money is missing. This situation serves as an illustration of a lack of moral growth in the conventional level at the conventional conventional level. Conventional reasoning involves evaluating the morality of actions in light of societal expectations and beliefs. The third and fourth moral development stages make up the customary level.To learn more about Moral Developement refer to:
https://brainly.com/question/15288085
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Government-wide statements report on assets and liabilities that are denied recognition on funds statements. Entrepreneurs Consultants, a state agency, was estab- lished to provide consulting services to small businesses. It maintains only a single general fund and accounts for its activities on a modified accrual basis. During its first month of operations, the association engaged in, or was affected by, the following transactions and events:
1. It received an unassigned grant of $100,000.
2. It purchased five computers at $2,000 each.
3. It paid wages and salaries of $6,000.
4. Itborrowed$24,000fromabanktoenableittopurchase an automobile. It gave the bank a long-term note.
5. It purchased the automobile for $24,000.
6. It made its first payment on the note—interest of $200.
7. It destroyed one of its computers in an accident. The computer was not insured.
a. Prepare journal entries in the general fund to record each of the transactions or other events.
b. Prepare a balance sheet and a statement of revenues and expenditures for the general fund.
c. Prepareagovernment-widestatementofnetposition (balance sheet) and statement of activities. These should be on a full accrual basis. Assume that the capital assets have a useful life of five years and that no depreciation is to be charged on the computer that was destroyed.
Answer:
1. Cash (Dr.) $100,000
Unassigned grant (Cr.) $100,000
2. Computers (Dr.) $10,000
Cash (Cr.) $10,000
3. Salaries and Wages (Dr.) $6,000
Cash (Cr.) $6,000
4. Cash (Dr.) $24,000
Long term bank loan - Notes payable (Cr.) $24,000
5. Automobile (Dr.) $24,000
Cash (Cr.) $24,000
6. Interest Expense (Dr.) $200
Cash (Cr.) $200
7. no entry
Explanation:
Balance Sheet
Assets:
Cash $90,000
Computer $10,000
Automobile $24,000
Total Assets $124,000
Liabilities:
Notes Payable $24,000
Equity:
Grant Received $100,000
Total Equity and Liability $124,000
On January 1, Parson Freight Company issues 9.0%, 10-year bonds with a par value of $2,900,000. The bonds pay interest semiannually. The market rate of interest is 10.0% and the bond selling price was $2,702,942. The bond issuance should be recorded as:____________
a) Debit Cash $2,900,000; credit Bonds Payable $2,900,000.
b) Debit Cash $2,702,942; credit Bonds Payable $2,702,942.
c) Debit Cash $2,900,000; credit Bonds Payable $2,702,942; credit Discount on Bonds Payable $197,058.
d) Debit Cash $2,702,942; debit Discount on Bonds Payable $197,058; credit Bonds Payable $2,900,000.
e) Debit Cash $2,702,942; debit Interest Expense $197,058; credit Bonds Payable $2,900,000.
Answer:
d)
Dr Cash 2,702,942
Dr Discount on bonds payable 197,058
Cr Bonds payable 2,900,000
Explanation:
The bonds payable represents the face value of the bonds. On the other side, you have to register the cash that was received, and the difference is the discount on bonds payable. if the bonds are sold at a premium, then the amount of cash would be higher, and the difference between the cash and the bonds payable would equal premium on bonds.
Edison Corporation's variable manufacturing overhead rate is $5.00 per direct labor-hour. Total budgeted fixed overhead is $25,000 per month. The $25,000 per month includes $7,000 in depreciation expense. Total budgeted direct labor-hours for the month of July is 20,000. Budgeted cash disbursements for manufacturing overhead for July equals ______. Multiple choice question. $125,000 $132,000 $118,000 $100,000
Answer:
$118,000
Explanation:
Calculation for what the Budgeted cash disbursements for manufacturing overhead for July equals
Using this formula
Budgeted cash disbursement for manufacturing overhead for July=Variable overhead+Fixed overhead-Non-cash depreciation expenses
Let plug in the formula
Budgeted cash disbursement for manufacturing overhead for July=(20,000 x 5.00) + 25,000 – 7,000
Budgeted cash disbursement for manufacturing overhead for July=100,000+ 25,000 – 7,000
Budgeted cash disbursement for manufacturing overhead for July=$118,000
Therefore the Budgeted cash disbursements for manufacturing overhead for July equals $118,000
Ashley Foods, Inc. has determined that any one of five machines can be used in one phase of its chili canning operation. The costs of the machines are estimated below, and all machines are estimated to have a 4-year useful life. If the minimum attractive rate of return is 20% per year, determine which machine should be selected on the basis of a rate or return analysis.
Answer:
Machine 1 should be selected
Explanation:
Note: This question is not complete. The complete question is therefore presented before answering the question as follows:
Ashley Foods, Inc. has determined that any one of five machines can be used in one phase of its chili canning operation. The costs of the machines are estimated below, and all machines are estimated to have a 4-year useful life. If the minimum attractive rate of return is 20% per year, determine which machine should be selected on the basis of a rate or return analysis.
Machine First Cost ($) AOC ($)
1 -31000 -16000
2 -29000 -19300
3 -34500 -17000
4 -49000 -12200
5 -41000 -15500
Note: AOC means annual operating cost.
The explanation of the answer can now be given as follows:
The machine that should be selected can be determined by comparing the present worth (PW) of the 5 machines to one another which can be calculated using the following formula :
PW = Co + (A * ((1 - (1 / (1 + r))^n) / r)) …………………………………. (1)
Where;
PW = Present worth of each machine
A = Annual operating cost of each machine
r = minimum attractive rate of return = 20%, or 0.20
n = useful life = 4
Using equation (1) and substituting the relevant values, we have:
PW of Machine 1 = -31000 + (-16000 * ((1 - (1 / (1 + 0.20))^4) / 0.20)) = -31000 + (-16000 * 2.58873456790123) = -31000 - 41,419.75 = -$72,419.75
PW of Machine 2 = -29000 + (-19300 * ((1 - (1 / (1 + 0.20))^4) / 0.20)) = -29000 + (-19300 * 2.58873456790123) = -29000 - 49,962.58 = -$78,962.58
PW of Machine 3 = -34500 + (-17000 * ((1 - (1 / (1 + 0.20))^4) / 0.20)) = -34500 + (-17000 * 2.58873456790123) = -34,500 - 44,008.49 = -$78,508.49
PW of Machine 4 = -49000 + (-12200 * ((1 - (1 / (1 + 0.20))^4) / 0.20)) = -49000 + (-12200 * 2.58873456790123) = -49,000 - 31,582.56 = -$80,582.56
PW of Machine 5 = -41000 + (-15500 * ((1 - (1 / (1 + 0.20))^4) / 0.20)) = -41000 + (-15500 * 2.58873456790123) = -49,000 - 40,125.39 = -$81,125.39
Since the PW of Machine 1 of -$72,419.75 is the least negative from the above calculations, Machine 1 should therefore be selected.
Drag the tiles to the correct boxes to complete the pairs.
Match the correct economic terms to their descriptions.
Federal government's way to influence the economy through taxes
Federal reserve's tool to influence the money supply in the economy
A market where firms buy services related to production
A market where finished goods and services are traged
An alumnus of West Virginia University wishes to start an endowment that will provide scholarship money of $40,000 per year beginning in year 5 and continuing indefinitely. The donor plans to give money now and for each of the next 2 years. If the size of each donation is exactly the same, the amount that must be donated each year at i = 8% per year is closest to:___.
a) $190.820.
b) $122.280.
c) $127.460.
d) $132.040.
Answer:
A
Explanation:
Present value of a perpetuality = amount / interest rate
= $40,000 / 0.08 = $500,000
Let D denote denote denotions
[tex]D + \frac{D}{1 + 0.8} + \frac{D}{1.08^{2} } = $500,000[/tex]
D = $190.820.
A professional _____ is responsible for educating clients about at-home maintenance and styling options for their hair.
a. brand consultant
b. model designer
c. salon owner
d. hairstylist
An important corporate-level strategic decision is whether to pursue diversification, which involves moving into new lines of business. This activity is important because diversification is one of the key ways that companies grow revenues and/or reduce risks. The goal of this exercise is to challenge your knowledge of the different forms of diversification For each company example, select the type of diversification the statement best represents.
1. Luxury fashion brand Coach, Inc. acquired Kate Spade New York-another luxury fashion and lifestyle brand-in 2017. (Click to select)
2. Fast fashion retail giant, Zara is able to get designs from the catwalk to the retail store at incredible speeds. Zara can do this because it has acquired most of its supply chain, including designers, manufacturers, and distributors. Click to select)
3. Clorox Company, best known for bleach and cleaning products, purchased Burt's Bees, best known for its natural beauty and personal care products, in 2007 Click to select)
4. In 2018, Novartis, a Swiss multinational pharmaceutical company, acquired Avexis, a clinical stage gene therapy company (Click to select)
5. In the 1930s, Mars Incorporated (maker of Snickers and other popular candies) purchased Chappell Brothers canned dog food company. Much of Mars' business today comes from pet food brands such as Whiskas and Pedigree. In 2017, Mars acquired VCA, a company that owns hundreds of dog day care facilities and animal hospitals, to add to its Mars Petcare portfolio Click to select)
6. In 2018, Boeing aerospace company announced its plans to buy KLX, a company that distributes aerospace fasteners and consumables Click to select)
1. Luxury fashion brand Click to select Vertical integration Unrelated diversification Related diversification (Click to select)
3. Clorox Companv. best
Answer:
1. Related diversification
2. Vertical diversification
3. Unrelated diversification
4. Related diversification
5. Unrelated diversification
6. Vertical diversification
Explanation:
Types of Diversification:
Vertical diversification: involves the addition or integration of new complementary products and services. It looks like a forward and backward expansion.
Unrelated diversification: this involves entering into new related markets or adding unrelated products.
Related diversification: involves entering into a new business or market that is the same or related industry.
Home Remodeling Inc. recently obtained a short-term bank loan from City National Bank. The bank required that certain credit information and pro forma financial statements be maintained through the life of the loan. In order to prepare the pro forma statements, Home Remodeling must forecast total overhead cost. The actual machine hours and overhead cost are presented below for the past six months. Month Overhead Cost Machine Hours January $ 3,320 1,340 February 3,620 1,460 March 3,056 1,220 April 3,350 1,300 May 3,450 1,300 June 3,580 1,370 Using the high-low method, unit variable overhead cost is calculated to be:
Answer:
Home Remodeling Inc.
Using the high-low method, the unit variable overhead cost is calculated to be:
= $2.35 per machine hour.
Explanation:
a) Data and Calculations:
Month Overhead Cost Machine Hours
January $ 3,320 1,340
February 3,620 1,460
March 3,056 1,220
April 3,350 1,300
May 3,450 1,300
June 3,580 1,370
Highest = February $3,620 1,460
Lowest = March $3,056 1,220
Difference = $ 564 240
Variable cost = $564/240 = $2.35
Using the February data, the fixed cost:
Variable cost = $2.35 * 1,460 = $3,431
Fixed cost = $3,620 - $3,431 = $189
The glue is not a significant cost, so it is treated as indirect materials (factory overhead). a. Journalize the entry to record the purchase of materials in April. If an amount box does not require an entry, leave it blank. a. Materials fill in the blank 0405c7fed078fd8_2 fill in the blank 0405c7fed078fd8_3 Accounts Payable fill in the blank 0405c7fed078fd8_5 fill in the blank 0405c7fed078fd8_6 b. Journalize the entry to record the requisition of materials in April. If an amount box does not require an entry, leave it blank. b. fill in the blank 6c73b5f42041fa9_2
Answer:
Note: The missing question is attached as picture
a. Accounts title & Explanations Debit$ Credit$
Material inventory 641,200
($122,700+$170,600+$336,200+$11,700)
Accounts payable 641,200
(For material purchased on account)
Note: Both, Direct material and Indirect material is included in Materials
b. Accounts title & Explanations Debit$ Credit$
Work in process inventory 652,300
($233,700+$211,300+$136,200)
Manufacturing Overheads 6,100
Material inventory 658,400
(For material issued for production both as direct and indirect material)
Note: Requisition of direct materials are charged to WIP and requisition of indirect materials forms part of factory overhead.
XYZ Company completed the following selected transactions:
2018
Jul. 1 Sold merchandise inventory to Go-Mart, receiving a $43,000, nine-month, 16% note. Ignore Cost of Goods Sold.
Oct. 31 Recorded cash sales for the period of $23,000. Ignore Cost of Goods Sold.
Dec. 31 Made an adjusting entry to accrue interest on the Go- Mart note.
31 Made an adjusting entry to record bad debts expense based on an aging of accounts receivable. The aging schedule shows that $14,900 of accounts receivable will not be collected. Prior to this adjustment, the credit balance in Allowance for Bad Debts is $10,700.
2019
Apr. 1 Collected the maturity value of the Go-Mart note.
Jun. 23 Sold merchandise inventory to Allure, Corp., receiving a 60-day, 6% note for $7,000. Ignore Cost of Goods Sold.
Aug. 22 Allure, Corp. dishonored its note at maturity; the business converted the maturity value of the note to an account receivable.
Nov. 16 Loaned $20,000 cash to Tench, Inc., receiving a 90-day, 8% note.
Dec. 5 31 Collected in full on account from Allure, Corp. Accrued the interest on the Tench, Inc. note.
Record the transactions in the journal of XYZ. Explanations are not required. (Round to the nearest dollar.)
Provide all of the journal entries:
Answer:
2018
Date Account Tiles Debit$ Credit$
Jul.1 Notes receivable- Gp-Mart 43,000
Sales 43,000
Oct.31 Cash 23,000
Sales 23,000
Dec.31 Interest Receivable 3,440
Interest revenue 3,440
(43,000*16%*6/12)
Dec.31 Bad Debt Expense 4,200
Allowance for Bad Debt 4,200
(14,900 - 10,700)
2019
Date Account Tiles Debit$ Credit$
Apr.1 Cash 48,160
Notes receivable- Gp-Mart 43,000
Interest Revenue 1,720 (43,000*16%*3/12)
Interest Receivable 3,440
Jun.23 Note Receivable- Allure, Corp 7,000
Sales 7,000
Aug.22 Accounts receivable -Allure, Corp 7,070
Note Receivable- Allure, Corp 7,000
Interest revenue 70 (7,000*6%*60/360)
Nov.16 Note receivable - Tench . Inc 20,000
Cash 20,000
Dec.5 Cash 7,070
Accounts receivable -Allure, Corp 7,070
Dec.31 Interest Receivable 200
Interest revenue 200
(20,000*8%*45/360)
The Perfect Haircut: Consumers' Search Process
Two consumers are searching for new hair salons and have very different belief systems and needs that affect the way they search for information.
The second step in the consumer decision process, after a consumer recognizes a need, is to search for information about various options that exist to satisfy that need. The length and intensity of the search are based on the degree of perceived risk associated with purchasing the product or service.
Read each statement when it appears and place the activity in the correct box in the chart.
Effortless, Worth the Money, Expensive Service, Salon of Choice, Unimportant, Tight Budget, Could Damage Career, All the Same, Salon of Convenience, Personal Image
Joleen Jones Ginger Petri
Performance Risk
Financial Risk
Psychological Risk
Internat vs External Search for Information
Benefits vs Costs
Answer:
Explanation:
✓Performance Risk
1)Could Damage Career
2)All the same
✓Financial Risk ( risks that could be attributed to finance, i.e money)
1)Tight budget
2)Expensive Service
✓Psychological Risk
1)Unimportant
2)Personal Image
✓Internal vs External ( ways to get access to information)
1)Salon of Convenience
2)Salon of Choice
✓Benefits vs Costs
1)Worth the Money
2)Effortless
The following cost data relate to the manufacturing activities of Chang Company during the just-completed year:
Manufacturing overhead costs incurred: Indirect materials: $15,900
Indirect labor: 139,000
Property taxes, factory: 8,900
Utilities, factory: 79,000
Depreciation, factory: 150,300
Insurance, factory: 10,900
Total actual manufacturing overhead costs incurred: $404,000
Other costs incurred:
Purchases of raw materials (both direct and indirect): $409,000 Direct labor cost: $69,000
Inventories: Raw materials, beginning: $20,900
Raw materials, ending: $30,900
Work in process, beginning: $40,900
Work in process, ending: $70,900
The company uses a predetermined overhead rate to apply overhead cost to jobs. The rate for the year was $20 per machine-hour. A total of 20,600 machine-hours was recorded for the year. Compute the amount of under-applied or over-applied overhead cost for the year.
Answer:
Over-applied overhead cost $8,000
Explanation:
Computation of the amount of under-applied or over-applied overhead cost for the year
First step is to calculate the Manufacturing overhead cost applied to work in process
Manufacturing overhead cost applied to work in process= $20*20,600
Manufacturing overhead cost applied to work in process = $412,000
Now let calculate the amount of under-applied or over-applied overhead cost for the year using this formula
Over-applied overhead cost for the year=Manufacturing overhead cost applied to work in process -Actual manufacturing overhead cost incurred
Let plug in the formula
Over-applied overhead cost for the year=$412,000-$404,000
Over-applied overhead cost for the year=$8,000
Therefore the amount of over-applied overhead cost for the year will be $8,000
what is the main aims of forming a maize milling company
Answer:
to provide I
or produce mealie meal for the country and improve the country's production in food and farming.
How can emotions affect attitudes and behaviour at workplace
Emotions shape an individual's belief about the value of a job, a company, or a team. Emotions also affect behaviors at work. Research shows that individuals within your own inner circle are better able to recognize and understand your emotions.
In 2009, Khalid was in an automobile accident and suffered physical injuries. The accident was caused by Rashad's negligence. Khalid threatened to file a lawsuit against Amber Trucking Company, Rashad's employer, claiming $50,000 for pain and suffering, $25,000 for loss of income, and $100,000 in punitive damages. Amber's insurance company will not pay punitive damages; therefore, Amber has offered to settle the case for $120,000 for pain and suffering, $25,000 for loss of income, and nothing for punitive damages. Khalid is in the 35% marginal tax bracket. What is the after-tax difference to Khalid between Khalid's original claim and Amber's offer
Answer:
$5,000
Explanation:
Amber offer = 120,000 + 25,000 = $145,000
Original claim = ($50,000 + $25,000) + [$100,000 × (1 - 0.35) = $140,000
Difference = $145,000 - $140,000 = $5,000
So, the after-tax difference to Khalid between Khalid's original claim and Amber's offer is $5,000
On January 1, 2021, Avondale Lumber adopted the dollar-value LIFO inventory method. The inventory value for its one inventory pool on this date was $265,000. An internally generated cost index is used to convert ending inventory to base year. Year-end inventories at year-end costs and cost indexes for its one inventory pool were as follows:
Year Ended December 31 Inventory year end costs Cost index(relative to base year)
2021 $340,000 1.02
2022 350,000 1.06
2023 400,000 1.07
2024 430,000 1.10
Required:
Calculate inventory amounts at the end of each year.
Answer:
Avondale Lumber
Rebasing the Inventory at year-end using the dollar-value LIFO inventory method:
Year Ended Inventory year Cost index Inventory Amount
December 31 end costs (relative to base year) at year-end
2021 $340,000 1.02 $333,333
2022 350,000 1.06 $330,189
2023 400,000 1.07 $373,832
2024 430,000 1.10 $390,909
Explanation:
a) Data:
Year Ended Inventory year Cost index
December 31 end costs (relative to base year)
2021 $340,000 1.02
2022 350,000 1.06
2023 400,000 1.07
2024 430,000 1.10
b) The inventory at year-end costs is rebased using the cost index that is relative to the base year, by dividing the inventory costs by the cost index.
Flynn Industries has three activity cost pools and two products. It estimates production 2,000 units of Product BC113 and 1,000 of Product AD908. Having identified its activity cost pools and the cost drivers for each pool, Flynn accumulated the following data relative to those activity cost pools and cost drivers.
Estimated Use of
Annual Overhead Data Cost Drivers per Product
Estimated
Activity Cost Cost Estimated Estimated Use of Product Product
Pools Drivers Overhead Cost Drivers BC13 AD908
Per Activity
Machine setup Setups $21,500 43 22 21
Machining Machine hours 101,430 4,830 1,190 3,640
Packing Orders 34,020 540 110 430
Using the above data, do the following:
A) Prepare a schedule showing the computations of the activity-based overhead rates per cost driver.
B) Prepare a schedule assigning each activity's overhead cost to the two products.
C) Compute the overhead cost per unit for each product.
D) Comment on the comparative overhead cost per product.
Answer:
Flynn Industries
A) A) Schedule of Overhead cost rates per cost driver:
Setup $21,500 43 = $500 ($21,500/43) per setup
Machine hours 101,430 4,830 = $21 ($101,430/4,830) per m.hour
Orders 34,020 540 = $63 ($34,020/540) per order
B) Schedule assigning overhead costs to the two products:
Rates Product BC113 Product AD908
Setup $500 $11,000 ($500 * 22) $10,500 ($500 * 21)
Machine hours $21 24,990 ($21 * 1,190) 76,440 ($21 * 3,640)
Orders $63 6,930 ($63 * 110) 27,090 ($63 * 430)
Total overheads $42,920 $114,030
Estimated production 2,000 1,000
C) Overhead cost per unit $21.46 ($42,920/2,000) $114.03 ($114,030/1,000)
D) With activity-based costing, despite the fact that Product BC113 has 2,000 units, it has the least total overhead costs assigned to it, while AD908 with 1,000 units was allocated more overhead costs. This situation is caused by the different usage or consumption of activities by the two products.
Explanation:
a) Data and Calculations:
Product lines Product BC113 Product AD908
Estimated production (units) 2,000 1,000
Activity Pools Cost drivers Overhead Usage BC13 AD908
Machine setup Setups $21,500 43 22 21
Machining Machine hours 101,430 4,830 1,190 3,640
Packing Orders 34,020 540 110 430
Egrane, Inc.'s monthly bank statement showed the ending balance of cash of $19,200. The bank reconciliation for the period showed an adjustment for a deposit in transit of $1,850, outstanding checks of $2,700, a NSF check of $1,400, bank service charges of $65 and the EFT from a customer in payment of the customer's account of $2,200. What was the cash balance on the Egrane's books (before the adjustments for items on the bank reconciliation)
Answer:
the cash balance is $17,615
Explanation:
The computation of the cash balance before the adjustment is shown below:
= Ending cash balance + deposit in transit - oustanding checks + NSF + bank service charges - payment
= $19,200 + $1,850 - $2,700 + $1,400 + $65 - $2,200
= $17,615
hence, the cash balance is $17,615
What are the advantages and disadvantages of developing a new sales organization for the Western Region that would organize according to these customer types: (a) grocery chains and food coops; (b) distributors, including paper and plastic distributors, restaurant wholesalers, institutional food wholesalers, and janitorial wholesalers; and (c) end-users, including meat and poultry processors, laundries and dry cleaners, uniform rental companies, and garment manufacturers
Answer:
The advantages and disadvantages of developing a new sales organization for the Western Region that would organize according to these customer types is explained below in complete details.
Explanation:
The advantage of new sales business for the western country is I believe they have a related business and related business can create efficient and quicker money. The disadvantage of a new sales organization for the western countries is when customers require guidance or buy any product from other companies they require to call them to resolve the issue and I think this is more contrasted.
high-performing teams include members who typically hold which of the following values?
Answer:
a high need for achievement
Explanation:
A team can be defined as a group of people or set of individuals with various skill set, knowledge and experience coming together to work on a project or task in order to successfully achieve a set goal and objective.
This ultimately implies that, a team comprises of individuals, workers or employees having complementary skills, knowledge and experience needed to execute a project or task successfully. Therefore, workers working as a team usually interact with the other team members and as a result, this enhances performance and strengthen the level of relationship they share.
High-performing teams include members who typically hold a high need for achievement.
Hence, teams that perform exceptionally and excellently are usually made up of members that are keen on adding more feathers to their coat i.e they have a great urge or desire to reach greater heights and milestones.
Murphy Manufacturing estimated total manufacturing overhead for 2021 to be $100,000 and uses direct labor-hours as the allocation base. They estimated that 5,000 hours would be used. Actual overhead for 2021 was $120,000 and actual direct labor-hours were 7,500. The overhead applied to a job completed during 2021 that used 200 direct labor-hours was ______.
Answer:
$4,000
Explanation:
Calculation for what The overhead applied to a job completed during 2021 that used 200 direct labor-hours was
First step is to calculate The predetermined overhead rate
Predetermined overhead rate = $100,000/5,000 direct labor-hours
Predetermined overhead rate = 20 per direct labor-hour
Now let calculate The overhead applied to the job
Overhead applied to the job = $20 per direct labor-hours *200 direct labor-hours
Overhead applied to the job= $4,000
Therefore The overhead applied to a job completed during 2021 that used 200 direct labor-hours was $4,000
Compute gross profit earned by the company for each of the four costing methods. For specific identification, the March 9 sale consisted of 140 units from beginning inventory and 270 units from the March 5 purchase; the March 29 sale consisted of 120 units from the March 18 purchase and 160 units from the March 25 purchase. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.)
Answer:
FIFO $19,700
LIFO $18,160
Average Cost $19,061
Specific Identification $18,490
Explanation:
Sales Revenue is $52,246.
Cost of goods sold is different for all four methods:
FIFO $32,546
LIFO $34,086
Avg Cost $33,185
Special Identification $33,756
Data concerning Kardas Corporation's single product appear below: Per Unit Percent of Sales Selling price $ 140 100% Variable expenses 28 20% Contribution margin $ 112 80% The company is currently selling 8,000 units per month. Fixed expenses are $719,000 per month. The marketing manager believes that a $20,000 increase in the monthly advertising budget would result in a 180 unit increase in monthly sales. What should be the overall effect on the company's monthly net operating income of this change
Answer:
If the marketing increase by $20,000; the net income will increase by $160.
Explanation:
First, we need to calculate the current net income:
Net income= total contribution margin - fixed costs
Net income= 8,000*112 - 719,000
Net income= $177,000
Now, the net income with the changes incorporated:
New net income= 8,180*112 - (719,000 + 20,000)
New net income= $177,160
If the marketing increase by $20,000; the net income will increase by $160.
When giving feedback, you should get directly to the point.
True
or
False
Answer:
It is completely false
Explanation:
Because you should first tell the reason
Adjusting Entries On May 31, the following data were accumulated to assist the accountant in preparing the adjusting entries for Oceanside Realty: Fees accrued but unbilled at May 31 are $8,600. The supplies account balance on May 31 is $2,830. The supplies on hand at May 31 are $810. Wages accrued but not paid at May 31 are $1,080. The unearned rent account balance at May 31 is $8,430, representing the receipt of an advance payment on May 1 of three months' rent from tenants. Depreciation of office equipment is $1,440. Required: 1. Journalize the adjusting entries required at May 31. If an amount box does not require an entry, leave it blank.
Answer and Explanation:
The journal entries are shown below:
1. Accounts Receivable $8,600
To Fees Earned $8,600
(Being Accrued fees earned is recorded)
2. Supplies Expense ($2,830 - $810) $2,020
To Supplies $2,020
(Being supplies expense is recorded)
3. Wages Expense $1,080
To wages payable $1,080
(Being wages expense is recorded)
4. Unearned Rent ($8,430 ÷ 3) $2,810
To Rent Revenue $2,810
(Being unearned rent is recorded)
5. Depreciation Expense $1,440
To Accumulated Depreciation- Equipment $1,440
(Being Depreciation expense is recorded)
Consider a competitive market for a consumer product. Suppose this product goes out of fashion with consumers. How will this sudden drop in popularity affect the profit of an individual firm in this market in the long run?
A The profnt of an individual firm increases from a smaller positive value to a larger positive value in the long run.
B. The profht of an individual firm increases from zero to a positive value in the long run.
C. The profit of an individual firm decreases from zero, and the firm will incur a loss in the long run.
D. The profit of an individual firm stays at zero in the long run.
Answer:
The profit of an individual firm stays at zero in the long run.
If a product goes out of fashion in a competitive market, the result would be that D. The profit of an individual firm stays at zero in the long run.
A competitive market is characterized by:
No barriers to entry which means sellers can come in and leave at will Prices are the same for all sellersIf a product went out of fashion, companies would start making losses and less people would be buying the product. This would lead to some suppliers leaving the market till only a few are left.
This will lead to the price rising. If profits become more than zero, companies will come back into the market to make that profit. The increased supply would reduce the price again. The profit will then go to zero. This will keep happening thereby leaving the profit at zero in the long run.
We can therefore conclude that when a product goes out of fashion, profits will be zero for an individual firm in the long run.
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