Answer:
Megasoft Corporation
1. The amount of accounts receivable that was written off during the year ended June 30, 2016 was:
= $72 million
2. Receivable Turnover Ratio in 2016
= 2016 Net Sales/Average receivables
= $68,000/$16,660 = 4.1
Explanation:
a) Data and Calculations:
June 30, 2016 June 30, 2015
Net Sales Revenue $68,000 $62,000
Accounts Receivable
(all amounts in millions) $17,260 $16,060
Allowance for
Doubtful Accounts of 310 360
Net Accounts receivable $ 16,950 $ 15,700
Bad Debts Expense = $22
Allowance for Doubtful Accounts
Date Account Titles Debit Credit
June 30, 2015 Beginning balance $310
2016 Bad Debts Expense 22
2016 Accounts receivable 72
June 30, 2016 Ending balance $360
Accounts Receivable
Date Account Titles Debit Credit
June 30, 2015 Beginning balance $16,060
2016 Net sales 68,000
2016 Allowance for Doubtful $72
2016 Cash 66,728
June 30, 2016 Ending balance $17,260
Average receivables = $16,660 ($16,060 + $17,260)/2
Receivable Turnover Ratio in 2016
= 2016 Net Sales/Average receivables
= $68,000/$16,660 = 4.1
what do the four functions of managment have in common
Amrik started a business on 1 January 2017 and purchased a machine costing $18 000. He decided to depreciate the machine at 20% per annum using the reducing (diminishing) balance method. No depreciation was to be charged in the year of disposal. The machine was up sold for \$13 30 300 on 1 July 2018. What was the profit or loss on the sale of the machine? A Loss $1100 B Loss $4700 C Profit $1780 D Profit $2500 ОА Ов Ос OD
Answer: A. Loss $1,100
Explanation:
Value at the end of the first year after depreciation:
= 18,000 * (1 - 20%)
= $14,400
No depreciation was charged in the year of sale which is 2018 so only a year of depreciation applies.
Profit (loss) = Sales price - Net book value
= 13,300 - 14,400
= -$1,100
The two main sources of stockholders' equity are Question 4 options: investments by stockholders and net income retained in the business investments by stockholders and dividends paid net income retained in the business and dividends paid investments by stockholders and purchases of assets
Answer:
investments by stockholders and net income retained in the business.
Explanation:
Retained earnings also known as accumulated earnings, can be defined as the total amount of net income held by a corporation for its future use after paying out dividends to its shareholders.
The retained earnings statement refers to a financial statement that enumerate changes in retained earnings for an organization over a specific period of time. The retained earnings statement is the statement of owner's equity that outlines details of changes in the amount of retained earnings (profits) over a specified period in an organization.
The main purpose of preparing a retained earnings statement is to boost investor's confidence and improve market value.
Generally, retained earnings are used to pay off debts, used for capital expenditures and working capitals.
Retained earnings represents the total stockholders' equity reinvested back into the company.
This ultimately implies that, Retained Earnings statement refers to the changes in the retained earnings account of an organization or business firm, which occurred during the accounting period and typically comprises of net income arising from the income statement.
Thus, the Retained Earnings statement is based upon;
Retained Earnings + Net Income – Dividends.
Retained Earnings statement can be defined as a financial statement that enumerate changes in retained earnings for an organization over a specific period of time. The retained earnings statement is the statement of owner's equity that outlines details of changes in the amount of retained earnings (profits) over a specified period in an organization.
Hence, the two main sources of stockholders' equity are investments by stockholders and net income retained in the business.
Data related to the expected sales of laptops and tablets for Tech Products Inc. for the current year, which is typical of recent years, are as follows: Products Unit Selling Price Unit Variable Cost Sales Mix Laptops $1,000 $500 40% Tablets 600 300 60% The estimated fixed costs for the current year are $3,192,000. Required: 1. Determine the estimated units of sales of the overall (total) product, E, necessary to reach the break-even point for the current year.
Answer:
Break-even point (units)= 8,400
Explanation:
Giving the following information:
Laptops $1,000 $500 40%
Tablets 600 300 60%
Fixed costs= $3,192,000
To calculate the break-even point for the whole company, we need to use the following formula:
Break-even point (units)= Total fixed costs / Weighted average contribution margin
Weighted average contribution margin= (weighted average selling price - weighted average unitary variable cost)
Weighted average contribution margin= (0.4*1.000 + 0.6*600) - (0.4*500 + 0.6*300)
Weighted average contribution margin= $380
Break-even point (units)= 3,192,000 / 380
Break-even point (units)= 8,400
Ralph buys a perpetuity due paying 500 annually. He deposits the payments into a savings account earning interest at an effective annual rate of 10%. Ten years later, before receiving the eleventh payment, Ralph sells the perpetuity based on an effective annual interest rate of 10%. Using the proceeds from the sale plus the money in the savings account, Ralph purchases an annuity due paying X per year for 20 years at an effective annual rate of 10%. Calculate X.
Answer:
X = 1523
Explanation
Perpetuity due = (C/r) + C. Where Annual payment C =500, Annual effective interest rate = 10%
Perpetuity due = (500/10%) + 500 = 5500
Value of perpetuity due will remain same after 10 years
Money in saving account can be calculated with FV of an Annuity due formula
FV = C*(1+r) *{(1+r) ^n−1} / r
Where n = 10 years
FV = 500*(1+10%) * {(1+10%)^10 - 1} / 10%
FV = 500*1.10 * [1.10^10 - 1 / 0.10}
FV = 550 * 1.5937424601/0.10
FV = 550 * 15.937424601
FV = 8765.58353055
FV = 8766
Total proceeds = 5500 + 8766 = 14266
Now this proceed is the present value for annual payment of X calculation . Formula of the present value (PV) of annuity due: PV = X * [1- (1+r) ^-n / r] * (1+r) : Where PV = 14266, Annuity payment X = ?, Interest rate r = 10%, Period of annuity = 20 years.
1.10^-20
PV = X * [1- (1+r)^-n / r] * (1+r)
14266 = X * (1 - (1+10%)^-20 / 10%) * (1+10%)
14266 = X * [1 - 0.14864362802/0.10]*1.10
14266 = X * [8.5135637198*1.10]
14266 = X * 9.3649
X = 14266 / 9.3649
X = 1523.347820051469
X = 1523
Perteet Corporation's relevant range of activity is 3,300 units to 7,500 units. When it produces and sells 5,400 units, its average costs per unit are as follows: Average Cost per Unit Direct materials $ 6.20 Direct labor $ 3.15 Variable manufacturing overhead $ 1.30 Fixed manufacturing overhead $ 3.10 Fixed selling expense $ 0.60 Fixed administrative expense $ 0.30 Sales commissions $ 0.40 Variable administrative expense $ 0.45 If 4,200 units are produced, the total amount of manufacturing overhead cost is closest to: Multiple Choice $18,480 $29,970 $22,200 $15,540
Answer: $22,200
Explanation:
The total amount of manufacturing overhead cost will be gotten by adding the fixed manufacturing overhead cost to the variable manufacturing overhead cost. This will be:
Fixed manufacturing overhead cost = 5400 × $3.10 = $16740
Variable manufacturing overhead cost will be: = (7500 - 3300) × $1.30 = $5460
Therefore, the total amount of manufacturing overhead cost will be:
= $16740 + $5460
= $22,200
The following information is available for Bonita Industries: Allowance for doubtful accounts at December 31, 2019 $23500 Credit sales during 2020 1280000 Accounts receivable deemed worthless and written off during 2020 28900 As a result of a review and aging of accounts receivable in early January 2021, it has been determined that an allowance for doubtful accounts of $16700 is needed at December 31, 2020. What amount should Bonita record as "bad debt expense" for the year ended December 31, 2020?
Answer:
$22,100
Explanation:
With regards to the above, the calculation for bad debt expense is is given as;
= Bad debt expense balance required + bad debt written off from accounts receivables - Existing bad debt allowance balance
= $16,700 + $28,900 - $23,500
= $22,100
Therefore, bad debt expense for the year ended December 31, 2020 is $22,100
In the business world, people are often measured by their:
Answer:
Technical Skills
Explanation:
Recession, inflation, and high interest rates are economic events that are best characterized as being Group of answer choices irrelevant except to governmental authorities like the Federal Reserve. risks that are beyond the control of investors and thus should not be considered by security analysts or portfolio managers. among the factors that are responsible for market risk. company-specific risk factors that can be diversified away. systematic risk factors that can be diversified away.
Answer:
among the factors that are responsible for market risk.
Explanation:
Systemic risk are risk that are inherent in the economy. They cannot be diversified away. They are also known as market risk. examples of this risk include recession, inflation, and high interest rates. Investors should seek compensation for systemic risk. Systemic risk is measured by beta. The higher beta is, the higher the systemic risk and the higher the compensation demanded for by investors
Non systemic risk are risks that can be diversified away. they are also called company specific risk. Examples of this type of risk is a manager engaging in fraudulent activities.
Rob, a college senior was given $10,000 by an aunt. Before she died, she told
Rob to put the money to work and leave it alone, so that some day he could
leave money to his heirs. Rob is pumped. He has two great ideas, both of which
he learned about on late-night TV. One is to buy foreclosure properties. The
other is to speculate in gold. The people on TV made a killing doing very little
work. Their DVD's will tell him all he needs to know. He asks you which sounds
better to you.
Answer:
Gold
Explanation:
Gold is an long term investment, and has been used for thousands of years
Capital stock was issued in exchange for $363,000 cash.Purchase $186,000 of equipment by making a $63,000 cash down payment and signing a note payable for the balance.Made a $36,500 cash payment on the note payable from the purchase of equipment.Sold a piece of equipment for cash of $21,000. The equipment was sold at cost, so there is no gain or loss on the sale.What is the balance in the Note Payable account at the end of March
Answer:
$86,500
Explanation:
Open a Note Payable Account. Only focus on the events that affect this Account only.
Note Payable Account
Beginning Balance $0
Issue of Note Payable $123,000
Repayment of Note Payable ($36,500)
Ending Balance $86,500
therefore,
the balance in the Note Payable account at the end of March is $86,500.
Which of the following statements is correct regarding compensation expense for employers in publicly traded corporations?
a. Companies are only allowed to pay compensation of $1 million each to the top four executives.
b. The tax deductible compensation is limited to $2 million for the CEO and $1 million for the next four most highly paid employees.
c. Most performance-based compensation contracts in effect on November 2, 2017 are excluded from the limit.
d. Deductible compensation expense must be considered reasonable under the facts and circumstances of the employment.
Answer:
d. Deductible compensation expense must be considered reasonable under the facts and circumstances of the employment.
Explanation:
Elon Musks collected billions of dollars due to the excellent performance of Tesla's stocks. The compensation awarded to the CEO, CFO and maximum three other executives must be reasonable. Performance based compensation is not limited in an amount, instead they are limited on the number of people that receive them.
Using a 21 percent rate:Compute the deferred tax asset or deferred tax liability (if any) from a transaction resulting in a $31,000 temporary excess of book income over taxable income.Compute the deferred tax asset or deferred tax liability (if any) from a transaction resulting in an $18,400 permanent excess of book income over taxable income.Compute the deferred tax asset or deferred tax liability (if any) from a transaction resulting in a $55,000 temporary excess of taxable income over book income.
Answer:
A) 21% of $31,000 excess of book income over taxable income = $6,510 deferred tax liability.
B) There is no deferred tax asset or liability from permanent book/tax difference.
C) Deferred tax asset or deferred tax liability from a transaction resulting in a $55,000 temporary excess of taxable income over book income: 21% of $55,000 excess of taxable income over book income = $11,550 deferred tax asset.
Fusion has already been demonstrated as an energy source, albeit on a limited scale. Engineers hope to transform the scale to provide energy at commercial levels. A loan for development of a niche application has been taken out by an engineering research firm, borrowing $900,000. The loan will be paid back over 5 years with uniform quarterly payments and an interest rate of 10 percent compounded quarterly.
What is the equal quarterly amount to be paid?
Answer:
$37,332.77
Explanation:
The computation of the equal quarterly amount that need to be paid is shown below:
= $900,000 × 2.5% ÷ (1 - 2.5%)^20
= $900,000 × 0.041480855
= $37,332.77
The rate of interest is
= 10% ÷ 4
= 2.5%
And, the time period is
= 5 × 4
= 20 years
As of December 31, 2021, Purdue Corporation reported the following: Cash dividends payable $ 29,000 Treasury stock 690,000 Paid-in capital—share repurchase 29,000 Common stock and other paid-in capital accounts 4,900,000 Retained earnings 3,900,000 During 2022, half of the treasury stock was resold for $258,000; net income was $690,000; cash dividends declared were $590,000; and small stock dividends declared and distributed were $418,000. What would shareholders' equity be as of December 31, 2022?
Answer:
$8,542,000
Explanation:
Stockholder's equity is computed as seen below;
Common stock and paid in capital
$4,900,000
Retained earnings
$3,900,000
Treasury stock
($258,000)
Total stockholder's equity
$8,542,000
Therefore the shareholder equity basis as of Dec 31 2022 is $8,542,000
Taylor owns a boutique and needed to compute her inventory of all the scarves and jackets. She had 35 scarves on the floor and five in the storeroom. She had 15 jackets on the floor and eight more in the storeroom. Sally purchased each scarf for $28 and each jacket for $95.The weighted average unit cost of scarves and jackets being sold is __________.
Answer: $52.46
Explanation:
Total scarves = 35 + 5 = 40
Total jacket = 15 + 8 = 23
Total units = 40 + 23 = 63
Purchase price of scarf = $28
Total scarves = 40
Cost of scarves = 40 × $28 = $1120
Purchase price of jacket = $95
Total jackets = 23
Cost of jackets = 23 × $95 = $2185
Total cost of scarves and jackets = $1120 + $2185 = $3305
Weighted average unit cost:
= Total cost of scarves and jackets / Total units
= $3305 / 63
= $52.46
Which employee in the Business, Management, and Administration career cluster would most likely work in a cubicle?
Receptionist
Mail Clerk
Sales Representative
Accountant
c sales representative
Frank says to Mary, "If you wash every window in my house today, I'll pay you $200.1
don't care if you do it, but there is $200 in it for you if you do." Mary washes 12 of the 20
windows in Frank's house by 2:00 p.m. At this point, which of the following is true?
Group of answer choices
Mary is obligated to finish washing the windows.
There is no contract yet in this situation.
Frank can revoke his offer to pay Mary the $200 for washing the windows.
Mary has formed a contract by beginning to wash the windows.
Answer:
There is no contract yet in this situation.
QUESTION 1 of 10: Your market share is defined as:
a) The area's demographics
b) The percentage of sales your restaurant will make out of all the sales possible in a particular market
c) The amount of marketing time you can buy on the radio
d) The percentage of restaurants targeting the same customer segment as your restaurant is targeting
Answer:
Market share is the percent of total sales in an industry generated by a particular company. Market share is calculated by taking the company's sales over the period and dividing it by the total sales of the industry over the same period.
B
On January 1, Smith Industries leased equipment to a customer for a four-year period, at which time possession of the leased asset will revert back to Smith. The equipment cost Smith $425,000 and has an expected useful life of six years. Its normal sales price is $425,000. The residual value after four years is $100,000. Lease payments are due on December 31 of each year, beginning with the first payment at the end of the first year. The interest rate is 8%. Calculate the amount of the annual lease payments. (Round your answer to the nearest whole dollar.)
Answer:
The amount of the annual lease payments is $98,124.
Explanation:
This can be calculated using the formula for calculating loan amortization as follows:
P = (A * (r * (1 + r)^n)) / (((1+r)^n) - 1) .................................... (1)
Where,
P = Annual lease payments = ?
A = Amount to be recovered through periodic lease payments = Equipment cost - Residual value = $425,000 - $100,000 = $325,000
r = interest rate = 8%, or 0.08
n = Number of years of lease term = 4
Substituting all the figures into equation (1), we have:
P = ($325,000 * (0.08 * (1 + 0.08)^4)) / (((1+0.08)^4) - 1)
P = $98,124.2614475627
Rounding to the nearest whole dollar as required, we have:
P = $98,124
Therefore, the amount of the annual lease payments is $98,124.
Cootributions of political institutions
Answer:
Contributions of political institutions are diverse, and very important for any society.
Explanation:
Institutions contribute to the law and order of a nation. They also help define and determine the government structure of a place. Institutions also promote economic development by incentivizing investment if certain specific institutions are in place, like property rights enforcement, and impartial laws. In fact, this last aspects has been explored at length by economists like Amartya Sen and Daron Acemoglu.
Shao Airlines is considering the purchase of two alternative planes. Plane A has an expected life of 5 years, will cost $100 million, and will produce net cash flows of $28 million per year. Plane B has a life of 10 years, will cost $132 million, and will produce net cash flows of $27 million per year. Shao plans to serve the route for only 10 years. Inflation in operating costs, airplane costs, and fares are expected to be zero, and the company's cost of capital is 9%. By how much would the value of the company increase if it accepted the better project (plane)
Answer:
41.28 million
Explanation:
the net present value of the two alternatives needs to be determined. The appropriate alternative would be the plane with the higher NPV
Net present value is the present value of after-tax cash flows from an investment less the amount invested.
NPV can be calculated using a financial calculator
Alternative 1
Cash flow in year 0 = $-100 million
Cash flow each year from year 1 to 5 = $28 million
I = 9%
NPV = $8.91 million
Alternative 2
Cash flow in year 0 = $-132 million
Cash flow each year from year 1 to 10 = $27 million
I = 9%
NPV = $41.28 million
The second alternative has the higher NPV and it would increase the value of the company by $41.28 million if accepted
To find the NPV using a financial calculator:
1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.
2. after inputting all the cash flows, press the NPV button, input the value for I, press enter and the arrow facing a downward direction.
3. Press compute
Julie was suffering from a viral infection that caused her to miss work for 90 days. During the first 30 days of her absence, she received her regular salary of $8,000 from her employer. For the next 60 days, she received $12,000 under an accident and health insurance policy purchased by her employer. The premiums on the health insurance policy were excluded from her gross income. During the last 30 days, Julie received $6,000 on an income replacement policy she had purchased. Of the $26,000 she received, Julie must include in gross income:______.
Answer:
$20,000
Explanation:
Calculation for what Julie must include in gross income:
Amount included in gross income= $26,000-$6,000
Amount included in gross income=$20,000
Therefore based on the information given Julie must include in gross income the amount of $20,000
A non-current asset was depreciated at the end of the first year of ownership using the straight-line method based on the following information. Cost $20 000 Working life 4 years Residual value $4000 It was then found that the reducing balance method at 30% per annum should have been used. What was the effect on the profit for the year of correcting this error?
A Decrease by $2000
B Increase by $2000
C Decrease by $6000
D Increase by $6000
Answer:
Correcting the error, the residual value of the product would increase by $802.
Explanation:
Since a non-current asset was depreciated at the end of the first year of ownership using the straight-line method based on the following information: Cost $ 20,000 Working life 4 years Residual value $ 4000; and it was then found that the reducing balance method at 30% per annum should have been used, to determine what was the effect on the profit for the year of correcting this error the following calculation should be performed:
100 - 30 = 70
Year 0: 20,000
Year 1: 20,000 x 0.7 = 14,000
Year 2: 14,000 x 0.7 = 9,800
Year 3: 9,800 x 0.7 = 6,860
Year 4: 6,860 x 0.7 = 4,802
Thus, correcting this error, the residual value of the product would increase by $ 802.
You have $B in your bank account. You are asked if you would like to participate in a bet in which, if you win, your bank account will become $W. However, if you lose, your bank account will contain only $L. You win the bet with probability pw. How large should pw be to accept the bet? (
Answer:
Pw = ( B - L ) / ( W-L )
Explanation:
pW + pL = 1 ------ ( 2 )
Expected value after placing bet = W*pW + L*pL ------ ( 2 )
pL = ( 1 - pW ) from equation 1
rewrite equation 2
W*pW + L*( 1 - pW ) ------ (3)
The condition to accept bet is ; W*pW + L*( 1 - pW ) > $B
= W*pW + L - LpW > $B ( factorize )
= ( W - L ) * pW + L > $B
hence the value of Pw = ( B - L ) / ( W-L )
The cost of direct materials transferred into the Filling Department of Lilac Skin Care Company is $20,250. The conversion cost for the period in the Filling Department is $6,372. The total equivalent units for direct materials and conversion are 45,000 ounces and 42,480 ounces, respectively. Determine the direct materials and conversion costs per equivalent unit.
Answer:
See below
Explanation:
Given the above Information,
1. Direct materials per equivalent unit
= Cost incurred / Equivalent unit
= $20,250 / 45,000
= $0.45 per unit
2. Conversion cost per equivalent unit
= Cost incurred / Equivalent unit
= $6,372 / 42,480
= $0.15 per unit
Which methods can be used to run a query? Check all that apply.
On the Create tab, in the Queries group, click Run.
In query Design view, on the Design tab, click Run.
Switch to Datasheet view before any other commands.
Close the Show Table dialog box in the Datasheet view.
On the Create tab, in the Queries group, click Create Query.
Answer:
Option B and C
Explanation:
A query can be run by selecting query option visible through deign view option. After selecting the appropriate option, the query must be run. This shall execute the function for the selected option.
Like wise in data sheet view, one can see the action query before running it.
Hence, option B and C are correct
Answer:
B) In query Design view, on the Design tab, click Run.
C) Switch to Datasheet view before any other commands.
Explanation:
a) Why is ethical relativism considered to be self-contradictory?
b) Explain conceptual muddles with an example.
Answer:
El relativismo no puede ser contradictorio porque no afirma ni niega nada. La expresión de una actitud moral consiste en valorar la diversidad.
Explanation:
El relativismo no puede ser contradictorio porque no afirma ni niega nada. La expresión de una actitud moral consiste en valorar la diversidad.
A + A =2,A + B =3,A + B × 2 =??..only for geniuses
Answer:
5
Explanation:
A+A = 2
means 1 + 1 = 2
A+B = 3
means 1 + 2 = 3
A + B x 2 = 5
as A = 1
B = 2
We will use bodmas
so first multiply than plus the answer
I hope this helps a little bit.
Exercise 6-31 (Algorithmic) (LO. 3) Stanford owns and operates two dry cleaning businesses. He travels to Boston to discuss acquiring a restaurant. Later in the month, he travels to New York to discuss acquiring a bakery. Stanford does not acquire the restaurant but does purchase the bakery on November 1, 2020. Stanford incurred the following expenses: Total investigation costs related to the restaurant $35,750 Total investigation costs related to the bakery 53,700 If required, round any division to two decimal places and use in subsequent computation. Round your final answer to the nearest dollar. What is the maximum amount Stanford can deduct in 2020 for investigation expenses
,Answer:
See below
Explanation:
With regards to the above, since the restaurant was not acquired, the cost that is related to acquisition of restaurant will be ignored. It means that the $35,750 will not qualify for deduction.
Also, the expenses for considering the bakery $53,700 will not be allowed all at once.
Now, for any amount exceeding $50,000 there will be a reduction of $5,000
Reduced = $53,700 - $50,000 = $3,700
Then,
$5,000 - $3,700 = $1,300 deductions
Now,
$53,700 - $1,300 = $52,400 which is the deduction allowed in 180 months
Deduction per month = $52,400 / 180 = $291.11. Per month
Deduction for 2 months will be = 2 × $291.11 = $582.22
Therefore, eligible deduction = $582.22 + $1,300 = $1,882.22