Refer to the data below. Retained earnings, December 31, 2019 $ 341,200 Cost of buildings purchased during 2020 48,000 Net income for the year ended December 31, 2020 55,100 Dividends declared and paid in 2020 32,600 Increase in cash balance from January 1, 2020, to December 31, 2020 23,400 Increase in long-term debt in 2020 45,000 Required: From the above data, calculate the Retained Earnings balance as of December 31, 2020:

Answer:

$363,700

Explanation:

The retained earnings balance as of December 31, 2020 is computed as;

= Retained earnings as of December 31, 2019 + Net income - Dividend paid

Given that

Retained earnings as of December 31, 2019 = $341,200

Dividends = $32,600

Net income = $55,100

Retained earnings balance as of December 31, 2020

= $341,200 + $55,100 - 32,600

= $363,700

During Compute the number of equivalent units with respect to both materials and conversion respectively for March using the weighted-average method. Multiple Choice, the production department of a process operations system completed and transferred to finished goods 20,000 units that were in process at the beginning of March and 100,000 units that were started and completed in March. March's beginning inventory units were 100% complete with respect to materials and 54% complete with respect to conversion. At the end of March, 29,000 additional units were in process in the production department and were 100% complete with respect to materials and 29% complete with respect to conversion. Compute the number of equivalent units with respect to both materials and conversion respectively for March using the weighted-average method.

what the role of marketing

which of the following articles of the US Consitution created the executive branch

A company finds that there is a linear relationship between the amount of money that it spends on advertising and the number of units it sells. If it spends no money on advertising it sells 350 units. For each additional $3000 spent, an additional 15 units are sold.
A) If x is the amount of money that the company spends on advertising, find a formula for y, the number of units sold as a function of x.
B) How many units does the firm sell if it spends $25,000 on advertising?
C) How many units does the firm sell if it spends $50,000 on advertising?
D) How much advertising money must be spent to sell 700 units?
E) Which of the following statements correctly explains the meaning of the slope?
1. If the company spends an additional $1000 on advertising, it will increases the number of units it sells by 10.
2. In order to sell one more unit, the company would need to increase the amount it spends on advertising by $100.
3. If the company spends an additional $0.01 on advertising, it will sell one more additional unit.
4. If the company increases the amount of money it spends on advertising by $300, it will double the number of units it sells.
5. None of the above.

Income Statement Project
2018 2019 2020
Revenue:
Book Sales
Ticket Sales
Total Revenue:
Expenses:
Salary
Depreciation
Supplies
Rent Insurance
Total Expense:
Net Income/Loss:
Directions: Build an income statement using the steps provided below.
1) The book store received $50,000 in book sales for 2018, with a 20% increase in revenue each year.
2) Jack's book store received $15,000 each year in ticket sales to book signing events.
3) Find the Total Revenue each year for 2018-2020 using cell referencing.
4) Jack's book store paid $16,000 in employee salaries in 2018. Each year his employee salary cost increased by 25%.
*5) Jack purchased store furniture for $25,000 that is expected to be used over the next 5 years.
6) Jack bought $3,000 in supplies in 2018 and supplies costing $1,000 were used up each year.
'7) Jack signed a contract to pay $800/month for rent between 2018-2020.
8) Jack's book store pays $500 each month to cover insurance.
9) Find the Total Expense each year for 2018-2020 using the SUM function.
10) Find the Net Income/Loss using cell referencing.

During the harsh winter of 1972-73:__________
A. people in the northeast did not have enough oil to heat their homes, but people elsewhere in the U.S. had enough oil to heat their swimming pools.
B. oil was diverted away from low-value uses (like heating swimming pools) to high-value uses (like heating homes in the northeast).
C. there was not enough oil for heating homes in the northeast or for heating swimming pools elsewhere in the U.S.
D. there was enough oil for heating homes in the northeast and for heating swimming pools elsewhere in the U.S.

We have a graduated tax system, and the tax brackets are listed in Appendix A. If you are not familiar with the Fair Tax and Flat Tax ideas, do a little research. Share what you think would be best for our country.

Fort Corporation had the following transactions during its first month of operations
1. Purchased raw materials on account, $85,000. 2. Raw Materials of $30,000 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $6,000 was classified as indirect materials. 3. Factory labor costs incurred were $175,000 of which $145,000 pertained to factory wages payable and $30,000 pertained to employer payroll taxes payable. 4. Time tickets indicated that $145,000 was direct labor and $30,000 was indirect labor. 5. Overhead costs incurred on account were $198,000. 6. Manufacturing overhead was applied at the rate of 150% of direct labor cost. 7. Goods costing $115,000 are still incomplete at the end of the month; the other goods were completed and transferred to finished goods. 8. Finished goods costing $100,000 to manufacture were sold on account for $130,000.
Journalize the above transactions for Fort Corporation. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Debit Credit No. Account Titles and Explanation
1.
2.
3.
4.
5.
6.
7.
8.

At 8.5 percent interest, how long does it take to double your money? (do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) length of time 17 years at 8.5 percent interest, how long does it take to quadruple your money?

Suppose the town of Boone has a total population of 70,000 people. Of those, 65,000 people are employed. There are 1,000 full-time students who are not employed or actively seeking work. The rest of the people are out of work but have been actively seeking work within the past four weeks.
Instructions: In part a, round your answer to 1 decimal place. In part b, enter your answer as a whole number.
a. What is Boone’s unemployment rate?
percent
b. Suppose there are 1,000 people who are unemployed as a result of frictional unemployment and 2,000 people who are unemployed as a result of cyclical unemployment. How many people are unemployed as a result of structural unemployment?

Umatilla Bank and Trust is considering giving Splish Brothers Inc. a loan. Before doing so, it decides that further discussions with Splish Brothers Inc.’s accountant may be desirable. One area of particular concern is the Inventory account, which has a year-end balance of $247,680. Discussions with the accountant reveal the following.
1. Splish Brothers Inc. sold goods costing $50,590 to Hemlock Company FOB shipping point on December 28. The goods are not expected to reach Hemlock until January 12. The goods were not included in the physical inventory because they were not in the warehouse.
2. The physical count of the inventory did not include goods costing $100,920 that were shipped to Splish Brothers Inc. FOB destination on December 27 and were still in transit at year-end.
3. Splish Brothers Inc. received goods costing $25,880 on January 2. The goods were shipped FOB shipping point on December 26 by Yanice Co. The goods were not included in the physical count.
4. Splish Brothers Inc. sold goods costing $54,220 to Ehler of Canada FOB destination on December 30. The goods were received in Canada on January 8. They were not included in Splish Brothers Inc. physical inventory.
5. Splish Brothers Inc. received goods costing $43,380 on January 2 that were shipped FOB destination on December 29. The shipment was a rush order that was supposed to arrive December 31. This purchase was included in the ending inventory of $247,680.
Determine the correct inventory amount on December 31.

The following were selected from among the transactions completed by Babcock Company during November of the current year. Babcock uses the net method under a perpetual inventory system.
Nov. 3 Purchased merchandise on account from Moonlight Co., list price $89,000, trade discount 30%, terms FOB destination, 2/10, n/30.
4 Sold merchandise for cash, $38,210. The cost of the goods sold was $20,810.
5 Purchased merchandise on account from Papoose Creek Co., $51,550, terms FOB shipping point, 2/10, n/30, with prepaid freight of $730 added to the invoice.
6 Returned $14,000 ($20,000 list price less trade discount of 30%) of merchandise purchased on November 3 from Moonlight Co.
8 Sold merchandise on account to Quinn Co., $15,010 with terms n/15. The cost of the goods sold was $10,190.
13 Paid Moonlight Co. on account for purchase of November 3, less return of November 6.
14 Sold merchandise on VISA, $231,570. The cost of the goods sold was $142,060.
15 Paid Papoose Creek Co. on account for purchase of November 5.
23 Received cash on account from sale of November 8 to Quinn Co.
24 Sold merchandise on account to Rabel Co., $54,800, terms 1/10, n/30. The cost of the goods sold was $33,850.
28 Paid VISA service fee of $3,580.
30 Paid Quinn Co. a cash refund of $6,420 for returned merchandise from sale of November 8. The cost of the returned merchandise was $3,140.
Journalize the transactions. Refer to the Chart of Accounts for exact wording of account titles.
CHART OF ACCOUNTSBabcock CompanyGeneral Ledger
ASSETS
110 Cash
121 Accounts Receivable-Quinn Co.
122 Accounts Receivable-Rabel Co.
125 Notes Receivable
130 Inventory
131 Estimated Returns Inventory
140 Office Supplies
141 Store Supplies
142 Prepaid Insurance
180 Land
192 Store Equipment
193 Accumulated Depreciation-Store Equipment
194 Office Equipment
195 Accumulated Depreciation-Office Equipment
LIABILITIES
211 Accounts Payable-Moonlight Co.
212 Accounts Payable-Papoose Creek Co.
216 Salaries Payable
218 Sales Tax Payable
219 Customer Refunds Payable
221 Notes Payable
EQUITY
310 Common Stock
311 Retained Earnings
312 Dividends
REVENUE
410 Sales
610 Interest Revenue
EXPENSES
510 Cost of Goods Sold
521 Delivery Expense
522 Advertising Expense
524 Depreciation Expense-Store Equipment
525 Depreciation Expense-Office Equipment
526 Salaries Expense
531 Rent Expense
533 Insurance Expense
534 Store Supplies Expense
535 Office Supplies Expense
536 Credit Card Expense
539 Miscellaneous Expense
710 Interest Expense

Which of the statements is not true about a bank run? Bank runs are bad for the bank affected and usually good for the bank's competitors. Fears leading to bank runs can be self-fulfilling. Deposit insurance is designed to reduce the risk of bank runs for depository banks. There was a wave of bank runs during the Great Depression. Since the Great Depression the government has set up regulation that has eliminated most bank runs.

Riverbed Corporation has the following accounts included in its December 31, 2020, trial balance: Accounts Receivable $111,900, Inventory $295,000, Allowance for Doubtful Accounts $9,080, Patents $80,900, Prepaid Insurance $9,790, Accounts Payable $79,100, and Cash $32,000. Prepare the current assets section of the balance sheet. (List Current Assets in order of liquidity.)

Taylor Company began manufacturing operations on January 2, 20X1. During 20X1 Taylor reported pre-tax book income of $150,000 and had taxable income of $200,000. Taylor had a temporary difference relating to accrued product warranty costs which are expected to be paid as follows: 20X2$30,00020X3$15,00020X4$5,000 The enacted tax rates are 21% for 20X1 and 20X2; and 25% for 20X3 and 20X4. The deferred tax asset at the end of 20X1 is:

During April, the first production department of a process manufacturing system completed its work on 330,000 units of a product and transferred them to the next department. Of these transferred units, 66,000 were in process in the production department at the beginning of April and 264,000 were started and completed in April. April's beginning inventory units were 65% complete with respect to materials and 35% complete with respect to conversion. At the end of April, 88,000 additional units were in process in the production department and were 80% complete with respect to materials and 30% complete with respect to conversion.
Weighted average: Costs assigned to output and inventories LO C2
The production department had $918,775 of direct materials and $723,261 of conversion costs charged to it during April. Also, its beginning inventory of $185,284 consists of $142,285 of direct materials cost and $42,999 of conversion costs.
1&2. Using the weighted-average method, compute the direct materials cost and the conversion cost per equivalent unit and assign April's costs to the department’s output.

Stallion Corporation sold $190,000 par value, 10-year first mortgage bonds to Pony Corporation on January 1, 20X5. The bonds, which bear a nominal interest rate of 10 percent, pay interest semiannually on January 1 and July 1. The entry to record interest income by Pony Corporation on December 31, 20X7, was as follows:
Note: Assume using straight-line amortization of bond discount or premium.
General Journal Debit Credit
Interest Receivable 9,500
Interest Income 9,025
Investment in Stallion Corporation Bonds 475
Pony Corporation owns 65 percent of the voting stock of Stallion Corporation, and consolidated statements are prepared on December 31, 20X7.
Required:
A. What was the original purchase price of the bonds to Stallion Corporation?
B. What is the balance in Pony's bond investment account on December 31, 20X7?
C. Prepare the worksheet elimination entry or entries needed to remove the effects of the intercompany ownership of bonds in preparing consolidated financial statements for 20x7.
• Record the entry to eliminate the effects of the intercompany ownership in the bonds.
• Record the entry to eliminate the intercompany interest receivables/payables.

Kapoor Company uses job-order costing. During January, the following data were reported:
a. Materials purchased on account: direct materials, $98, 500: indirect materials, $14, 800.
b. Materials issued: direct materials, $82, 500: indirect materials, $8, 800.
c. Labor cost incurred: direct labor, $67, 000: indirect labor, $18, 750.
d. Other manufacturing costs incurred (all payables), $46, 200.
e. Overhead is applied on the basis of 110 percent of direct labor cost.
f. Work finished and transferred to Finished Goods Inventory cost $230, 000.
g. Finished goods costing $215, 000 were sold on account for 140 percent of cost.
h. Any over-or under applied overhead is closed to Cost of Goods Sold.
1. Prepare journal entries to record these transactions.
2. Prepare a T-account for Overhead Control. Post all relevant information to this account. What is the ending balance in this account?
3. Prepare a T-account for Work-in-Process Inventory. Assume a beginning balance of $10, 000, and post all relevant information to this account. Did you assign any actual overhead costs to Work-in-Process Inventory? Why or why not?

Clearsound uses Alpha Electronics and La Paz Company to buy two electronic components used in the manufacture of its cell phones: Component 125X and Component 30Y. Consider two activities: testing components and reordering components. After the two components are inserted, testing is done to ensure that the two components in the phones are working properly. Reordering occurs because one or both of the components have failed the test and it is necessary to replenish component inventories. Activity cost information and other data needed for supplier costing are as follows:
I. Activity Costs Caused by Suppliers (testing failures and reordering as a result)
Activity Costs
Testing components $1,200,000
Reordering components 300,000
II. Supplier Data
Alpha Electronics La Paz Company
125X 30Y 125X 30Y
Unit purchase price $10 $26 $12 $28
Units purchased 120,000 84,400 15,000 15,000
Failed tests 1,500 780 10 10
Number of reorders 60 40 0 0
Required:
Determine the cost of each supplier by using ABC. Round Test and Reorder rates to the nearest dollar, and final answers to the nearest cent.
Alpha Electronics La Paz Company
125X 30Y 125X 30Y
Unit cost: $ $ $ $

Peggy is an executive for the Tan Furniture Manufacturing Company. She purchased furniture from the company for $9,500, the price Tan ordinarily would charge a wholesaler for the same items. The retail price of the furniture was $12,500, and Tan's cost was $9,000. The company also paid for Peggy's parking space in a garage near the office. The parking fee was $600 for the year. All employees are allowed to buy furniture at a discounted price comparable to that charged to Peggy. However, the company does not pay other employees' parking fees. Peggy's gross income from the above is:

At the end of 2020, an italian subsidiary of a U.S. parent reports 1000000 euros in equipment purchased when the exchange rate was $.140, and 3000000 euros in equipment purchased when the exchange rate was $1.50. The avrage exchange rate for 2020 is $1.35, and the beginning and ending rates for 2020 are $1.42 and $1.31, respectively. If the Italian subsidiary's functional currency is the U.S. dollar, the equipment account, in U.S. dollars is

On January 1, 20X7, Poke Corporation acquired 25 percent of the outstanding shares of Shove Corporation for $100,000 cash. Shove Company reported net income of $75,000 and paid dividends of $30,000 for both 20X7 and 20X8. The fair value of shares held by Poke was $110,000 and $105,000 on December 31, 20X7 and 20X8 respectively. Based on the preceding information, what amount will be reported by Poke as income from its investment in Shove for 20X8, if it used the equity method of accounting

A consumer derives utility from goods A and B according to the following utility function: U(A, B) = A1/4B 3/4 . The price of good A is $12 per unit and the price of good B is $9 per unit. The consumer has a total budget of $180. What is the utility maximizing bundle for the consumer?

ABC Incorporated has operating income before interest and taxes in 2020 of $199.2 million. The firm is expected to generate this level of operating income indefinitely. The firm had depreciation expense of 10 million that same year. Capital spending totaled 20 million during 2020. At the end of 2019 and 2020, working capital totaled 70 and 80 million, respectively. The firm's combined marginal state, local, and federal tax rate was 30% and its debt outstanding had a market value of 1.2 billion. The 10 year Treasury bond rate is 2% and the borrowing rate for companies exhibiting levels of creditworthiness similar to ABC is 5%. The historical risk premium for stocks over the risk free rate of return is 5.5%. ABC's beta was estimated to be 1.0. The firm has 2,500,000 common shares outstanding at the end of 2020. ABC's target debt to total capital ratio is 30%.
1. The free cash flow to the firm in 2020 (in million).
2. The WACC is (in percentage).
3. The firm value is million.

The president of the Micro Brewing Corporation asks you, as the company economist, to forecast changes in consumer beer purchases associated with a proposed price change. You conduct a survey and find that if the price of a six-pack increases from $5.50 to $7.50, the quantity demanded will decrease from 2200 units to 1800 units a month. Should the Micro Brewing Corporation raise its price? Explain the economic basis for this recommendation to the president

Vet Meds is the pharmaceutical branch of a large medical research center for animals.Vet Meds often conducts surveys at veterinary hospitals and private vet clinics to identify potential areas for improvisation and growth.The company noted that many domestic pet owners reported finding it extremely difficult to give their dogs oral medication owing to the bitter taste of the medicines,which remained even when the medicines were mixed with food.In response to this finding,Vet Meds released oral medicines for dogs which came in various meat flavors.Which of the following segmentation approaches is used by Vet Meds to satisfy consumer needs?
A) Benefit segmentation
B) Psychographic segmentation
C) A priori segmentation
D) Social segmentation

Waterway Resort opened for business on June 1 with eight air-conditioned units. Its trial balance on August 31 is as follows. WATERWAY RESORT TRIAL BALANCE AUGUST 31, 2020 Debit Credit Cash $25,300 Prepaid Insurance 10,200 Supplies 8,300 Land 28,000 Buildings 128,000 Equipment 24,000 Accounts Payable $10,200 Unearned Rent Revenue 10,300 Mortgage Payable 68,000 Common Stock 104,700 Retained Earnings 9,000 Dividends 5,000 Rent Revenue 84,200 Salaries and Wages Expense 44,800 Utilities Expenses 9,200 Maintenance and Repairs Expense 3,600 $286,400 $286,400 Other data: 1. The balance in prepaid insurance is a one-year premium paid on June 1, 2020. 2. An inventory count on August 31 shows $445 of supplies on hand. 3. Annual depreciation rates are (a) buildings (4%) (b) equipment (10%). Salvage value is estimated to be 10% of cost. 4. Unearned Rent Revenue of $4,172 was earned prior to August 31. 5. Salaries of $365 were unpaid at August 31. 6. Rentals of $843 were due from tenants at August 31. (Use Accounts Receivable account.) 7. The mortgage interest rate is 8% per year.

Eclipse Solar Company operates two factories. The company applies factory overhead to jobs on the basis of machine hours in Factory 1 and on the basis of direct labor hours in Factory 2. Estimated factory overhead costs, direct labor hours, and machine hours are as follows: Factory 1 Factory 2 Estimated factory overhead cost for fiscal year beginning August 1 $1,516,700 $1,074,600 Estimated direct labor hours for year 29,850 Estimated machine hours for year 52,300 Actual factory overhead costs for August $124,880 $98,910 Actual direct labor hours for August 2,700 Actual machine hours for August 4,350 Required: a. Determine the factory overhead rate for Factory 1. b. Determine the factory overhead rate for Factory 2. c. Journalize the Aug. 31 entries to apply factory overhead to production in each factory. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for spaces or journal explanations. Every line on a journal page is used for debit or credit entries. Do not add explanations or skip a line between journal entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. d. Determine the balances of the factory overhead accounts for each factory as of August 31, and indicate whether the amounts represent

Which research information could best help a marketer decide whether to
discontinue a product line?

A. Results of an experiment showing the combination of price and
features that consumers most often select

B. Observation results showing the path consumers take through a
store

C. Survey results indicating that the product no longer meets a
customer need

D. Survey results showing that what consumers value most is
reliability

What conditions make a market perfectly​ competitive? A market is perfectly competitive if A. it has many buyers and one​ firm, which produces a product with no close​ substitutes, with barriers to new firms entering the market. B. it has many buyers and a few​ sellers, all of whom are selling differentiated ​products, with no barriers to new firms entering the market. C. it has many buyers and a few​ sellers, all of whom are selling identical ​products, with barriers to new firms entering the market. D. it has many buyers and many​ sellers, all of whom are selling identical​ products, with no barriers to new firms entering the market. E. it has many buyers and many​ sellers, all of whom are selling differentiated​ products, with no barriers to new firms entering the market.