Answer:
total units completed = 330,000
beginning WIP = 66,000
ending WIP = 88,000
total EUP conversion costs = 330,000 + (88,000 x 30%) = 356,400
total EUP materials = 330,000 + (88,000 x 80%) = 400,400
total conversion costs = $723,261 + $42,999 = $766,260
total materials costs = $918,775 + $142,285 = $1,061,060
conversion cost per EUP = $766,260 / 356,400 = $2.15
materials cost per EUP = $1,061,060 / 400,400 = $2.65
Blue Spruce Camera Shop Inc. uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available at December 31. Units Cost per Unit Net Realizable Value per Unit Cameras Minolta 5 $176 $168 Canon 6 149 152 Light Meters Vivitar 11 125 124 Kodak 10 129 132 What amount should be reported on Blue Spruce Camera Shop’s financial statements, assuming the lower-of-cost-or-net realizable value rule is applied? Total $Enter a dollar amount that should be reported on Unresolved’s financial statements
Answer:
Total amount $4,388
Explanation:
The computation of the amount that should be reported is shown below:
Products Units Cost per unit NRV Lower cost or NRV TOtal
Minolta 5 $176 $168 $168 $840
Canon 6 $149 $152 $149 $894
Light meters 11 $125 $124 $124 $1,364
Kodak 10 $129 $132 $129 $1,290
Total amount $4,388
A homeowner in a sunny climate has the opportunity to install a solar water heater in his home for a cost of $3,979. After installation the solar water heater will produce a small amount of hot water every day, forever, and will require no maintenance. How much must the homeowner save on water heating costs every year if this is to be a sound investment
Answer:
$198.95
Explanation:
Calculation for How much must the homeowner save on water heating costs every year if this is to be a sound investment
Using this formula
Saving =Cost *Interest rate
Let plug in the formula
Savings=3,979*5%
Savings=$198.95
Therefore How much must the homeowner save on water heating costs every year if this is to be a sound investment is $198.95
Classify the following as fixed or variable costs:
1. Advertising expenditure
2. Fuel
3. Interest on company-issued bonds
4. Shipping charges
5. Payments for raw materials
6. Real estate taxes
7. Executive salaries
8. Insurance premiums
9. Wage payments
10. Depreciation and obsolescence charges
11. Sales taxes
12. Rental payments on leased office machinery
a. variable cost
b. fixed cost
Answer and Explanation:
The classification is as follows:
1. Advertising expenditure - Variable cost
2. Fuel - Variable cost
3. Interest on company-issued bonds - fixed cost
4. Shipping charges - variable cost
5. Payments for raw materials - variable cost
6. Real estate taxes - fixed cost
7. Executive salaries - fixed cost
8. Insurance premiums - fixed cost
9. Wage payments - variable cost
10. Depreciation and obsolescence charges - fixed cost
11. Sales taxes - variable cost
12. Rental payments on leased office machinery - fixed cost
In accounting, fixed costs are outlays that don't change over time, regardless of the volume of outputs. Costs that fluctuate in direct proportion to changes in the volume or level of company activity are referred to as variable costs. Fixed costs must be paid even if there is no output.
Both variable and fixed expenses are incurred by businesses during the production process.
The amount of product generated determines the fluctuation in variable costs.Raw materials, labor, and commissions are examples of variable expenses.Regardless of the level of production, fixed expenses stay constant.The fixed or variable costs are classified as follows:
1. Advertising expenditure - Variable cost
2. Fuel - Variable cost
3. Interest on company-issued bonds - fixed cost
4. Shipping charges - variable cost
5. Payments for raw materials - variable cost
6. Real estate taxes - fixed cost
7. Executive salaries - fixed cost
8. Insurance premiums - fixed cost
9. Wage payments - variable cost
10. Depreciation and obsolescence charges - fixed cost
11. Sales taxes - variable cost
12. Rental payments on leased office machinery - fixed cost
Therefore, Both variable and fixed expenses are incurred by businesses during the production process.
Learn more about fixed or variable costs here,
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Denver Systems has total assets of $1,000,000; common equity of $400,000; a gross profit of $800,000; total operating expenses of $620,000; interest expense of $20,000; income taxes of $74,000; and preferred dividends of $30,000. What is Denver Systems' return on equity
Answer:
See
Explanation:
define investment bank.
Answer:
Investment banks are middlemen between those with money and those with ideas who need funding. They give money a productive purpose by channelling into projects.. it's a financial service of company or corporate division that engages in advisory-based financial transactions on behalf of individuals, corporations and governments
The staff training center at a large regional hospital provides training sessions in CPR to all employees. Assume that the capacity of this training system was designed to be 1200 employees per year. Since the training center was first put into use, the program has become more complex, so that 950 now represents the most employees that can be trained per year. In the past year, 850 employees were trained. The efficiency of this system is approximately ________________ and its utilization is approximately _____________________.
Answer:
Efficiency of the system = Actual output/ Effective capacity*100
Efficiency of the system = 850/950*100
Efficiency of the system = 0.894737*100
Efficiency of the system = 89.47%
Utilization of the system = Actual output/Design capacity*100
Utilization of the system = 850/1200*100
Utilization of the system = 0.708333*100
Utilization of the system = 70.83%
Prepare journal entries to record the following transactions and events that occurred in Marilyn County during calendar year 2019:
1. The legislature adopted the following budget:
Estimated revenues and other sources:
Property taxes $1,740,000
Sales taxes 1,000,000
Use of fund balance 10,000
Total $2,750,000
Appropriations:
General government—
Salaries $ 420,000
General government—supplies 30,000
Parks department—salaries 2,000,000
Parks department—plants and supplies 300,000
Total $2,750,000
2. The Parks department placed PO 2019-1 for shrubbery in the amount of $52,000 and PO 2019-2 for gardening supplies in the amount of $11,000. The orders were charged to the appropriation for Parks department—plants and supplies.
3. The supplier delivered the shrubbery ordered on PO 2019-1; however, the supplier said he could not deliver some of the shrubs because he no longer carried them. The invoice for $49,000 was approved and forwarded to the comptroller’s office for payment; the rest of the order ($3,000) was cancelled.
4. The supplier delivered the gardening supplies ordered on PO 2019-2. She sent an invoice for $11,200 because some of the items were of a higher quality than ordered. The Parks department accepted the entire delivery and forwarded the invoice for payment.
5. Based on a mid-year review of economy, the finance director concluded that sales tax revenues would be less than the original estimate. As a result, the legislature amended the budget, reducing the sales tax estimate by $50,000 and the Parks department—plants and supplies appropriation by $35,000
Answer:
Shrubbery Expense (Dr.) $52,000
Gardening Supplies (Dr.) $11,000
Accounts Payable (Cr.) 63,000
Accounts Payable (Dr.) $3,000
Cancelled Order for Shrubbery (Cr.) $3,000
Gardening Supplies (Dr.) $200
Accounts Payable (Cr.) $200
Explanation:
Marilyn County has estimated the expense and raised PO for the park development. The park supplies and shrubbery expense are recorded on the estimated amount. The invoice received is for differential amount and the expense is recorded for the revised amount.
Following are the journal entries to the given points:
For reverse entanglements for order PO 2019-1, reverse the entry in section two (i.e., debit the budgetary fund balance and credit the encumbrances-park department plants and equipment account with the original order amount of $52,000).The order PO 2019-1 expense of $49,000 will be documented by debiting the Expenditures-Parks department plants and supplies account and crediting the vouchers payable account.For reverse impediments on order PO 2019-2, reverse the entry in section 2 (i.e., debit the budgetary cash position & credit the encumbrances-park department plants and supplies account with the initial invoice value of $11,000).An order PO 2019-2 expense of $11,200 will just be recorded by debiting the Expenditures-Parks department plants or supplies account and crediting the vouchers payable account.Sale tax money is reduced by $50,000 in the revised budget, as are funds for parks department plants and supplies by $35,000 in the revised budget. The budgetary fund balance will indeed be reduced by $15,000. (In other words, $50,000–$35,000).Please find the journal entries in the attachment file.Learn more:
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Indirect: Computing cash from operations LO P2
MOSS COMPANY Selected Balance Sheet Information December 31, 2019 and 2018 2019 2018 Current assets Cash $ 89,650 $ 31,800 Accounts receivable 30,000 42,000 Inventory 65,000 55,100 Current liabilities Accounts payable 40,400 30,700 Income taxes payable 2,550 3,200 MOSS COMPANY Income Statement For Year Ended December 31, 2019 Sales $ 534,000 Cost of goods sold 351,600 Gross profit 182,400 Operating expenses Depreciation expense $ 46,000 Other expenses 127,000 173,000 Income before taxes 9,400 Income taxes expense 5,900 Net income $ 3,500 Use the information above to calculate cash flows from operating activities using the indirect method. (Amounts to be deducted should be indicated by a minus sign.)
Answer: $60,650
Explanation:
Operating cashflows by indirect method:
Net Income $3,500
Add:
Depreciation $46,000
Decrease in Accounts Receivable $12,000
Increase in Accounts Payable $ 9,700 $67,700
Less:
Increase in inventory ($9,900)
Decrease in Tax payable ($650) ($10,550)
Total $60,650
Decrease in accounts receivable = 42,000 - 30,000 = $12,000
Increase in Acc. Payable = 40,400 - 30,700 = $9,700
Increase in inventory = 65,000 - 55,100 = $9,900
Decrease in Tax payable = 3,200 - 2,550 = $650
Among the ethical and social challenges facing operations managers are a. honoring community commitments b. maintaining a clean environment c. developing safe quality products d. providing a safe workplace e. all of the above
Answer:
e. all of the above
Explanation:
There are several ethical and social challenges that managers need to face today. As organizations are perceived as institutions that promote economic and social well-being and there is a greater demand for measures to protect the environment and society, organizations need to adapt their processes and make the work environment increasingly better, using management practices that promote continuous improvement and reduce productive impacts on the environment. There is a need for security in products, processes, the workplace, transparency in government actions and support for the local community. So it is correct to say that all the alternatives are correct.
Answer 5 questions from any subject in 48 hours to collect 50
Answer:
im so confused
Explanation:
Answer:
aaaaaaaaaaaaaaaaaaaaaaaaahi bye
Explanation:
Assuming beginning work in process is zero, the equivalent units of production computed using fifo versus weighted average will have the following relationship:
1. FIFO equivalent units will be greater than weighted-average equivalent units.
2. FIFO equivalent units will be less than weighted-average equivalent units.
3. Weighted-average equivalent units are always greater than fifo equivalent units.
4. Weighted-average equivalent units will be equal to fifo equivalent units.
Answer:
4. Weighted-average equivalent units will be equal to FIFO equivalent units.
Explanation:
Equivalent units of production is been applied to the work-in-process inventory when an accounting period comes to an end. It can be regarded as expression that gives amount of work done which was recorded by a manufacturer over a units of output which was partially completed after an accounting period. For instance, if there are 100 units that are in process, then 40% of processing cost is expended , then we can say there are 40 equivalent units of production. It should be noted that the if beginning work in process is zero, the equivalent units of production computed using fifo versus weighted average will have a relationship in such a way that Weighted-average equivalent units will be equal to FIFO equivalent units.
.
The following partial information is taken from the comparative balance sheet of Levi Corporation: Shareholders’ equity 12/31/2021 12/31/2020 Common stock, $5 par; 27 million shares authorized; 22 million shares issued and 19 million shares outstanding at 12/31/2021; and ____million shares issued and ____shares outstanding at 12/31/2020. $ 110 million $ 95 million Additional paid-in capital on common stock 527 million 394 million Retained earnings 204 million 164 million Treasury common stock, at cost, 3 million shares at 12/31/2021 and 1 million shares at 12/31/2020 (79 million) (57 million) Total shareholders’ equity $ 762 million $ 596 million What was the average price (rounded to the nearest dollar) of the additional shares issued by Levi in 2021?
Answer:
$29.6 million per share
Explanation:
Additional share issued = (Issued and shares outstanding 2021 + Additional paid-in capital on common stock 2021) - (Issued and shares outstanding 2020 + Additional paid-in capital on common stock 2020)
Additional share issued = (110 million + 527 million) - (95 million + 394 million)
Additional share issued = 637 million - 489 million
Additional share issued = $148 million
Average price paid = Additional share issued / $5
Average price paid = $29.6 million per share
he treasurer of Riley Coal Co. is asked to compute the cost of fixed income securities for her corporation. Even before making the calculations, she assumes the aftertax cost of debt is at least 2 percent less than that for preferred stock. Debt can be issued at a yield of 11.4 percent, and the corporate tax rate is 30 percent. Preferred stock will be priced at $63 and pay a dividend of $5.50. The flotation cost on the preferred stock is $8. a. Compute the aftertax cost of debt.
Answer:
7.98 %
Explanation:
Debt is any source that requires repayment of a fixed amount as interest to the holder of the source of finance.
Since we are given the Yield, we can safely use that to calculate the After tax cost of debt as follows
After-tax cost of debt = Interest x ( 1 - tax rate)
= 11.40 % x ( 1 - 0.30)
= 7.98 %
The total of the accounts receivable subsidiary ledger must equal?
Slepoy Company opened a new flower store and completed the following transactions during September:1. Shareholders invested $80,000 cash in exchange for common stock.2. Purchased a delivery truck for $14,000 by making a $2,000 down payment, and signed a note payable for the balance.3.Purchased $3,400 of flowers on account. Paid $3,200 of the balance during the month. 4. Paid $1,200 for rent and wages.5. Paid $2,400 for advertisements to be placed in the local newspaper for the month of October.How much will Flowers Co. report on its balance sheet as Total Assets on September 30
Answer:
$200
Explanation:
Flowers Co. report on its balance sheet Total Assets of $200 on September 30.
Suppose this information is available for PepsiCo, Inc. for 2020, 2021, and 2022. (in millions) 2020 2021 2022 Beginning inventory $1,900 $2,200 $2,400 Ending inventory 2,200 2,400 2,500 Cost of goods sold 18,040 20,010 19,600 Sales revenue 41,000 42,300 42,240 (a) Calculate the inventory turnover for 2020, 2021, and 2022. (Round inventory turnover to 1 decimal place, e.g. 5.1.) 2020 2021 2022 Inventory turnover enter an inventory turnoverenter an inventory turnover times
Answer:
oki
Explanation:
A trial balance consists of:Multiple ChoiceA two-column financial statement intended for distribution to interested parties outside the business.A two-column schedule showing the totals of all debits and of all credits made in journal entries.A two-column schedule listing names and balances of all ledger accounts.A two-column schedule of all debit and credit entries posted to ledger accounts.
Answer:
A two-column schedule listing names and balances of all ledger accounts.
Explanation:
Financial statements can be defined as a document used for the formal communication or disclosure of financial information and statements to present and potential users such as investors and creditors.
Generally, financial statements are the formally written records of the business and financial activities of a business entity or organization.
There are four (4) main types of financial statements and these are;
1. Balance sheet: it contains financial information about assets, liability, and equity.
2. Cash flow statement: it contains financial information about operating, financial and investing activities.
3. Income statement: it contains financial information about the income and expenses of an organization.
4. Statement of changes in equity: it contains financial information about profits or loss, dividends, etc.
A trial balance consists of a two-column schedule listing names and balances of all ledger accounts.
Exotic Engine Shop uses a job order cost system to determine the cost of performing engine repair work. Estimated costs and expenses for the coming period are as follows: Engine parts $380,000 Shop direct labor 1,872,000 Shop and repair equipment depreciation 62,500 Shop supervisor salaries 240,000 Shop property taxes 36,940 Shop supplies 10,000 Advertising expense 28,000 Administrative office salaries 150,000 Administrative office depreciation expense 8,000 Total costs and expenses $2,787,440 The average shop direct labor rate is $37.50 per hour. Determine the predetermined shop overhead rate per direct labor hour. $fill in the blank 1 per direct labor hour
Answer:
$7 per direct labor hour
Explanation:
Given the above information ,
Overhead cost = Shop and repair equipment and depreciation + Shop supervisor salaries + shop property taxes + shop supplies
Overhead cost = $62,500 + $240,000 + $36,940 + $10,000 = $349,440
Number of direct labor hours = 1,872,000/$37.5 = 49,920
Predetermined overhead rate = Overhead cost/Direct labor hours
Predetermined overhead rate
= $349,440/49,920
= $7 per direct labor hour
At December 31, 2020, Concord Corporation had a projected benefit obligation of $551,500, plan assets of $313,400, and prior service cost of $134,800 in accumulated other comprehensive income. Determine the pension asset/liability at December 31, 2020. (Enter liability using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Pension asset/liability at December 31, 2020
Answer:
$238,100
Explanation:
Calculation to Determine the pension asset/liability at December 31, 2020
Using this formula
Pension asset/liability at December 31, 2020= Projected benefit obligation -Plan assets
Let plug in the formula
Pension asset/liability at December 31, 2020=$551,500 - $313,400
Pension asset/liability at December 31, 2020= $238,100
Therefore Pension asset/liability at December 31, 2020 is $238,100
The balance sheet provides a snapshot of the financial condition of a company. Investors and analysts use the information given on the balance sheet and other financial statements to make several interpretations regarding the company’s financial condition and performance.
Cold Goose Metal Works Inc. is a hypothetical company. Suppose it has the following balance sheet items reported at the end of its first year of operation. For the second year, some parts are still incomplete. Use the information given to complete the balance sheet.
Cold Goose Metal Works Inc. Balance Sheet for Year Ending December 31 (Millions of Dollars)
Year 2 Year 1 Year 2 Year 1
Assets Liabilities and equity
Current assets: Current liabilities:
Cash and equivalents $4,612 Accounts payable $0 $0
Accounts receivable 2,109 1,688 Accruals 293 0
Inventories 6,187 4,950 Notes payable 1,660 1,562
Total current assets $14,062 $11,250 Total current liabilities $1,562
Net fixed assets: Long-term debt 5,859 4,688
Net plant and equipment $13,750 Total debt $7,812 $6,250
Common equity:
Common stock 15,235 12,188
Retained earnings 6,562
Total common equity $23,438 $18,750
Total assets $31,250 $25,000
Total liabilities and equity $31,250 $25,000
Given the information in the preceding balance sheet—and assuming that Cold Goose Metal Works Inc. has 50 million shares of common stock outstanding—read each of the following statements, then identify the selection that best interprets the information conveyed by the balance sheet.
Statement #1: Cold Goose’s pool of relatively liquid assets, which are available to support the company’s current and future sales, decreased from Year 1 to Year 2.
This statement is , because:
Cold Goose’s total current liabilities balance decreased by $2,812 million between Year 1 and Year 2
Cold Goose’s total current asset balance actually increased from $11,250 million to $14,062 million between Year 1 and Year 2
Cold Goose’s total current liabilities balance increased from $1,688 million to $2,109 million between Year 1 and Year 2
Statement #2: In Year 2, Cold Goose Metal Works Inc. was profitable.
This statement is , because:
The cash and equivalents account increased between Years 1 and 2
Cold Goose’s retained earnings account increased between the end of Years 1 and 2
Cold Goose’s total assets increased between Years 1 and 2
Answer:
A. Total assets $31,250 $25,000
Total abilities and equity $31,250 $25,000
B. Statement 1 is FALSE
Statement 2 is TRUE
Explanation:
A . Using the information given to complete the balance sheet
Cold Goose Metal Works Inc Balance Sheet For Year Ending December 31 (Millions of Dollars)
Year 1 Year 2
ASSETS
Current assets:
Cash and equivalents
$5,766 $4,612
(14,062 – 6,187-2,109 = $5766)
Accounts receivable
2,109 1,688
Inventories
6,187 4,950
Total current assets
$14,062 $11,250
Net fixed assets:
Net plant and equipment
$17,188 $13750
( 31,250-14,062 = $17,188)
Total assets $31,250 $25,000
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable
$0 $0
Accruals
293 0
Notes payable
1,660 1,562
Total current abilities
$1,953 $1,562
(0+293+1,660 = $1,953)
Long-term debt
5,859 4,688
Total debt
$7,812 $6,250
Common equity
Common stock
15,235 12,188
Retained earnings
$8,203 6,562
(23,438-15,235 = $8,203)
Total abilities and equity $31,250 $25,000
Net Plant and Equipment= 31250-14062
Net Plant and Equipment = $17188
Cash and Equivalents = 14062 – 6187-2109
Cash and Equivalents= $5766
Total Current liabilities = 0+293+1660
Total Current liabilities = $1953
Retained earnings = 23438-15235
Retained earnings= $8203
B. To identify the selection that best interprets the information conveyed by the balance sheet.
Based on the information given STATEMENT 1 is FALSE reason been that Cold Goose’s total current asset balance increased from the amount of $11,250 million to the amount of $14,062 million between Year 1 and Year 2.
Based on the information given STATEMENT 2 is TRUE reason been that their was increased in retained earnings account between the end of Years 1 and year 2.
our community has a total of approximately 100,000 households. What percentage of households would be potential customers for The Shoe Hut? What percentage of households would be potential customers for Star's Coffee and Teas?
Answer:
Your community has a total of approximately 100,000 households. ... What percentage of households would be potential customers for Star's Coffee and Teas? approximately ... The Shoe Hut Star's Coffee and Teas has a lower barrier to entry
Explanation:
You own your own business and you need to interview 2 person to have a specific job.(BE CREATIVE)
Write 10 question for your interview...
The main reason the usefulness of Pareto optimal policies is limited as a policy guide is that: Question 2 options: it is too subjective. it is only objective, and good policy also requires a subjective element. real-world changes in which no one is harmed are rare or nonexistent. real-world changes in which more people are helped than are harmed are rare.
Answer:
real-world changes in which no one is harmed are rare or nonexistent.
Explanation:
Pareto optimality, also known as Pareto efficiency was named after Vilfredo Pareto and it refers to an economic system in which no additional changes can make a person better off without making at least one person worse off.
This ultimately implies that, when there's a maximum level of efficiency in the allocation of goods and resources in an economy and no further changes can be made without making at least one person worse off. Thus, it can only exist in theory but not in reality.
The main reason the usefulness of Pareto optimal policies is limited as a policy guide is that real-world changes in which no one is harmed are rare or nonexistent because the goods and resources cannot be reallocated.
A pump has failed in a facility that will be completely replaced in 3 years. A brass pump costing $6000 installed will last 3 years. However, a used stainless steel pump that should last 3 more years has been sitting in the maintenance shop for a year. The pump cost $13,000 new. The accountants say the pump is worth $7000 now. The maintenance supervisor says that it will cost an extra $500 to reconfigure the pump for the new use and that he could sell it used (as is) for $4000.
(a) What is the book cost of the stainless steel pump?
(b) What is the opportunity cost of the stainless steel pump?
(c) How much cheaper or more expensive would it be to use the stainless steel pump rather than a new brass pump?
a. $1500 cheaper
b. $1500 more expensive
c. $7500 cheaper
d. $7500 more expensive
Answer:
A. $7,000
B. $4,000
Explanation:
(a) Based on the information given the book cost of the stainless steel pump will be $7,000 reason been that we were told that the pump is worth the amount of $7,000 now.
(B) Based on the information given the opportunity cost of the stainless steel pump will be $4,000 reason been that we were told that the pump future Salvage worth in which the pump could likely be sold is $4,000
(c) Calculation for How much cheaper or more expensive would it be to use the stainless steel pump rather than a new brass pump
Based on the information given to make use of a new brass pump will cost the amount of $6,000 and in a situation where the stainless steel pump is been use the total value will be the pump present value of the amount of $7,000 in addition with the value to reconfigure the pump of the amount of $500 which indicate that the stainless steel pump is more expensive Calculated as:
More expensive=($7,000+$500)-$6,000
More expensive=$7,500-$6,000
More expensive=$1,500
Therefore the stainless steel pump is MORE EXPENSIVE with the amount of $ 1500 more expensive than the new brass pump.
All of the following are assumptions of the perfectly competitive model except: Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a consumers have perfect information regarding product price, quality, and availability. b the output of one firm in the market is a perfect substitute for the output of other firms in the market. c the market consists of a large number of firms, and each firm is small relative to the entire market. d entry into the market in the long run is barred.
Answer:
d
Explanation:
A perfect competition is characterized by many buyers and sellers of homogenous goods and services. Market prices are set by the forces of demand and supply. There are no barriers to entry or exit of firms into the industry.
In the long run, firms earn zero economic profit. If in the short run firms are earning economic profit, in the long run firms would enter into the industry. This would drive economic profit to zero.
Also, if in the short run, firms are earning economic loss, in the long run, firms would exit the industry until economic profit falls to zero.
Perfectly competitive market consists of a large number of firms, and each firm is small relative to the entire market. This makes firms unable to set the prices for their goods.
It is the monopoly and oligopoly market structure that is characterised by high entry and exit into the market
Read the description of following adjustments that are required at the end of the accounting period for AAA Appliance Repair Services. Record the necessary journal entries required at the end of January. Prepaid rent for the year on January 1, 2019. Rent expired during the month of January 2019, $2,000. Purchased supplies for $7,600 on January 1, 2019. Inventory of supplies was $1,600 on January 31, 2019. Depreciation is computed using the straight-line method. Equipment purchased on January 1, 2019, for $15,000 has an estimated useful life of 5 years with no salvage value. Signed a 3-month contract for $600 of prepaid advertising on January 1, 2019.
Answer:
AAA Appliance Repair Services
January Ending Adjusting Entries:
1. Debit Rent Expense $2,000
Credit Prepaid Rent $2,000
To record the rent expense for the month of January 2019.
2. Debit Supplies Expense $6,000
Credit Supplies $6,000
To record the supplies expense for the month of January 2019.
3. Debit Depreciation Expense $250
Credit Accumulated Depreciation $250
To record the depreciation expense for the month of January 2019.
4. Debit Advertising Expense $200
Credit Prepaid Advertising $200
To record the advertising expense for the month of January 2019.
Explanation:
a) Data and Transaction Analysis:
1. Rent Expense $2,000 Prepaid Rent $2,000
2. Supplies Expense $6,000 Supplies $6,000 ($7,600 - $1,600)
3. Depreciation Expense $250 Accumulated Depreciation $250 ($15,000/5 * 1/12)
4. Advertising Expense $200 Prepaid Advertising $200 ($600/3)
With regard to the types of interviews: A. Reference-based interviews are best at predicting sales success. B. Situation-based interviews pose questions about past situations to predict how the candidate might respond in the future. C. Behavior and situation based interviews are highly unstructured. D. Performance based interviews are interviews conducted by senior salespeople in the field. E. None of these is correct.
Answer:
can you put a picture might be easier to read it
The statement that asserts a true claim regarding kinds of interviews would be:
E). None of these is correct.
What is an Interview?
"Interview" is described as the conversation that is taken personally and a set of questions have been asked for a publication or channel.
The given statements assert incorrect claims regarding the various types of interviews.
The reference-based interviews are taken when a person is referred by another to get a better understanding of the caliber and capability of his/her.
While Situation-based interviews pose a hypothetical situation and behavior interviews observe particular behavioral patterns.
Thus, option E is the correct answer.
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Grever is the East Coast manager of Hamilton Software Technolgy. Other managers are in charge of the West Coast, South, and Central divisions. His brother, Elijah is working at a different IT company. Their employees are grouped according to their functional expertise as well as the different vital product lines that they are working on.
(a) Grever most likely works in a company with a ______ structure, while (b) Elijah most likely works in a company with a _____ structure.
Answer:
geographical
functional
Explanation:
Lyman Company has the opportunity to increase annual credit sales $100,000 by selling to a new, riskier group of customers. The expenses of collecting credit sales are expected to be 15 percent of credit sales. The company's manufacturing and selling expenses are projected at 70% of sales, and its effective tax rate is 40%. If Lyman accepts this opportunity, its after-tax profits would increase by an estimated:_____.
a. $10,200.
b. $10,000.
c. $9,000.
d. $14,400.
Answer:
Option c ($9,000) is the correct answer.
Explanation:
The given values are:
Annual increase in sales,
= $100,000
Now,
The collection expenses will be:
= [tex]100,000\times 15 \ percent[/tex]
= [tex]15,000[/tex]
Selling as well as manufacturing expenses will be:
= [tex]100,000\times 70 \ percent[/tex]
= [tex]70,000[/tex]
Tax expense will be:
= [tex]15,000\times 40 \ percent[/tex]
= [tex]6,000[/tex]
After-tax profits increase will be:
= [tex]15,000-6,000[/tex]
= [tex]9,000[/tex] ($)
On January 1, 2016, Rapid Airlines issued $200 million of its 8% bonds for $184 million. The bonds were priced to yield 10%. Interest is payable semiannually on June 30 and December 31. Rapid Airlines records interest at the effective rate and elected the option to report these bonds at their fair value. On December 31, 2016, the fair value of the bonds was $188 million as determined by their market value in the over-the-counter market. Rapid determined that $1,000,000 of the increase in fair value was due to a decline in general interest rates.
Required:
1. Prepare the journal entry to record interest on June 30, 2016 (the first interest payment).
2. Prepare the journal entry to record interest on December 31, 2016 (the second interest payment).
3. Prepare the journal entry to adjust the bonds to their fair value for presentation in the December 31, 2016, balance sheet.
Answer:
1. June 30, 2016
Dr Interest expense $9.2 million
Cr Discount on bonds payable $1.2million
Cr Cash $8 million
2. December 31, 2016
Dr Interest payment $9.26 million
Cr Discount on bonds payable $1.26million
Cr Cash $8 million
3. December 31, 2016
Dr Unrealized holding loss NI $1,000,000
Dr Unrealized holding loss OCI $5.46
Cr Fair value adjustment $6.46 million
Explanation:
1. Preparation of the journal entry to record interest on June 30, 2016
June 30, 2016
Dr Interest expense $9.2 million
( $184 million*10%2)
Cr Discount on bonds payable $1.2million
($9.2 million-$8 million)
Cr Cash $8 million
($200 million *8% /2)
(Being to record first interest payment)
2. Preparation of the journal entry to record interest on December 31, 2016
December 31, 2016
Dr Interest payment $9.26 million
( $184 million+$1.2million*10%2)
Cr Discount on bonds payable $1.26million
($9.26 million-$8 million)
Cr Cash $8 million
($200 million *8% /2)
(Being to record second interest payment)
3. Preparation of the journal entry to adjust the bonds to their fair value for presentation in the December 31, 2016, balance sheet.
Dr Unrealized holding loss NI $1,000,000
Dr Unrealized holding loss OCI $5.46
($6.46 million-$1,000,000)
Cr Fair value adjustment $6.46 million
($188 million-$184 million+$1.2million+$1.26million)
(Being tl adjust the bonds to fair value)