Underwater, Inc. had a flood in its plant that destroyed most of its inventory. After the flood, Underwater's accounting records showed the following: Beginning inventory $20,000 Purchases, year to date 250,000 Sales, year to date 300,000 Salvage value of some of the damaged inventory 7,500 Gross profit percentage on sales 35% The insurance company will reimburse Underwater for 75% of its loss. What amount should Underwater report as the net loss from the flood

Answer:

$16,875

Explanation:

Calculation for What amount should Underwater report as the net loss from the flood

Net loss from the flood=[( $250,000+$20,000)-(($300,000-($300,000* 35%))-$7,500]-($75,000-$7,500*75%)

Net loss from the flood=[$270,000-($300,000-$105,000)-$7,500]-($75,000-$7,500*75%)

Net loss from the flood=[($270,000- $195,000)-$7,500]-($75,000-$7,500*75%)

Net loss from the flood=($75,000-$7,500)-($75,000-$7,500*75%)

Net loss from the flood=$67,500-$50,625

Net loss from the flood= $16,875

Therefore the amount that Underwater should report as the net loss from the flood is $16,875

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Suppose the current price of a good is $167. At this price, the quantity supplied is 170 units, and the quantity demanded is 120 units. For every $1 decrease in price, the quantity supplied decreases by 10 units and the quantity demanded increases by 15 units. At the current price, the quantity demanded is than the quantity supplied. This means that the market is currently experiencing a . In order to adjust, the market price will until the quantity demanded and quantity supplied are equal. The result is an equilibrium quantity of and an equilibrium price of $ .

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Rules are formally expressed as
O a code of conduct.
consequences.
O a code of ethics.
O a conflict of interest.

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Given the following historical demand and forecast, calculate the Mean Absolute Percentage Error: Week 1 Demand: 50 Forecast: 49 Week 2 Demand: 54 Forecast: 50 Week 3 Demand: 58 Forecast: 63
FE = D-F n FE RSFE RSFE = 27=1 FE; MFE = n n (FE;) 21-1|FEil MSE = MAD = n n FE; 2i=1 =FE TS = RSFE MAPE n MAD MAD about 6.0%
A. about 2.0%
B. about 18.0%
C. about 4.3%
D. about 1.00%

An example of two way communication

Suppose a young chef who recently graduated from culinary school in Cuba looks for work at local restaurants but is unable to find a job. After months of searching, she gives up on securing a traditional job and instead decides to offer cooking classes in her apartment, teaching American tourists how to prepare traditional Cuban dishes. She is unable to secure a license for her business, so she operates on a cash-only basis, not reporting her income to the government.
a. While searching for a job in a local restaurant, the chef
b. Two months after giving up her job scarch, thc chef
c. A year after starting her cooking class, the chef

arrange the scrambled letters to a correct word. utsbtiust.​

2) Ralph Wood, the Vice President for Marketing, is planning to fly in his eight area sales managers for a yearly planning session. Sarah Sayre, the Vice President for Finance, complains that the company is in a weak, cash position and looks to Bill for a technological alternative to the planning session planned by Ralph. What are other companies doing about this

Suppose the college administrators estimate that the beautification initiative will cost $3,600. To decide whether the initiative should be undertaken, administrators conduct a survey of the college's 170 students, asking each of them their willingness to pay for the beautification project. The average willingness to pay, as revealed by the survey, is $18.

A good leader should have a positive outlook. Please select the best answer from the choices provided OT F​

Bauerly Co. owned 70% of the voting common stock of Devin Co. During 2017, Devin made frequent sales of inventory to Bauerly. There was deferred intra-entity gross profit of $40,000 in the beginning inventory and $25,000 of intra-entity gross profit at the end of the year. Devin reported net income of $137,000 for 2017. Bauerly decided to use the equity method to account for the investment. Assuming there are no excess amortizations associated with the consolidation, and no other intra-entity asset transfers, what is the net income attributable to the noncontrolling interest for 2017

Porter Plumbing's stock had a required return of 10.50% last year, when the risk-free rate was 5.50% and the market risk premium was 4.75%. Then an increase in investor risk aversion caused the market risk premium to rise by 2%. The risk-free rate and the firm's beta remain unchanged. What is the company's new required rate of return? (Hint: First calculate the beta, then find the required return.) Select the correct answer. a. 12.61% b. 11.71% c. 12.01% d. 12.31% e. 12.91%

Predetermined Overhead Rate, Application of Overhead to Jobs, Job Cost
On April 1, Sangvikar Company had the following balances in its inventory accounts:
Materials Inventory $12,750
Work-in-Process Inventory 21,060
Finished Goods Inventory 8,500
Work-in-process inventory is made up of three jobs with the following costs:
Job 114 Job 115 Job 116
Direct materials $2,384 $2,603 $3,085
Direct labor 1,800 1,420 4,420
Applied overhead 1,260 994 3,094
During April, Sangvikar experienced the transactions listed below.
Materials purchased on account, $28,920.
Materials requisitioned: Job 114, $16,800; Job 115, $12,460; and Job 116, $5,410.
Job tickets were collected and summarized: Job 114, 170 hours at $11 per hour; Job 115, 200 hours at $14 per hour; and Job 116, 100 hours at $19 per hour.
Overhead is applied on the basis of direct labor cost.
Actual overhead was $4,535.
Job 115 was completed and transferred to the finished goods warehouse.
Job 115 was shipped, and the customer was billed for 125 percent of the cost.
Required:
1. Calculate the predetermined overhead rate based on direct labor cost.
% of direct labor cost
2. Calculate the ending balance for each job as of April 30. When required, round your answers to the nearest dollar. Use your rounded answers in subsequent computations, if necessary.
Ending Balance
Job 114 $
Job 115 $
Job 116 $
3. Calculate the ending balance of Work in Process as of April 30. When required, round your answer to the nearest dollar.
$
4. Calculate the cost of goods sold for April. When required, round your answer to the nearest dollar.
$
5. Assuming that Sangvikar prices its jobs at cost plus -25 percent, calculate the price of the one job that was sold during April. Round to the nearest dollar.
$

The US Government is forecasting that the nominal risk-free rate of return on Treasury Notes maturing in 7 years is 2.5% and is expected to be constant for the foreseeable future. Apple Computer's Treasury department is considering issuing a 7 year corporate bond and they know that Apple's corporate bonds generally yield investors 100 basis points or 1% over the nominal risk free rate at the time of issuance. The bonds will be issued at par value. What is the coupon percentage and total yield expected on these new 7 year bonds?
a. 3.5%
b. 10%
c. 2.5
d. Cannot determine

An employee receives an hourly rate of $18, with time and a half for all hours worked in excess of 40 during the week. Payroll data for the current week are as follows: hours worked, 46; federal income tax withheld, $120; cumulative earnings for the year prior to this week, $5,500; Social security tax rate, 7% on maximum of $100,000; and Medicare tax rate, 1.5% on all earnings; state unemployment compensation tax, 4% on the first $7,000; federal unemployment compensation tax, 1% on the first $7,000. Prepare the journal entries to record the salaries expense and the employer payroll tax expense

a. The August 31 balance shown on the bank statement is $9,799.
b. There is a deposit in transit of $1,247 at August 31.
c. Outstanding checks at August 31 totaled $1,870.
d. Interest credited to the account during August but not recorded on the company's books amounted to $115.
e. A bank charge of $37 for checks was made to the account during August. Although the company was expecting a charge, the amount was not known until the bank statement arrived.
f. In the process of reviewing the canceled checks, it was determined that a check issued to a supplier in payment of accounts payable of $625 had been recorded as a disbursement of $367.
g. The August 31 balance in the general ledger Cash account, before reconciliation, is $9,356.

Required:
Prepare the adjusting journal entry that should be prepared to reflect the reconciling items.

Six Sigma programs: Group of answer choices suggest that all activities can be controlled, employee empowerment is the best control tool, and 100 percent control is possible. consist of a disciplined, statistics-based system aimed at producing not more than 2.5 defects per million iterations for a manufacturing or assembly process. All of these. are based on three principles: (1) all work is a statistically controllable process; (2) no well-controlled process allows variability; and (3) defect-free work requires tight statistical controls. utilize advanced statistical methods to improve quality by reducing defects and variability in the performance of business processes.

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Cypress Oil Company's December 31, 2021, balance sheet listed $855,000 of notes receivable and $22,500 of interest receivable included in current assets. The following notes make up the notes receivable balance: Note 1 Dated 8/31/2021, principal of $400,000 and interest at 12% due on 2/28/2022. Note 2 Dated 6/30/2021, principal of $260,000 and interest due 3/31/2022. Note 3 $200,000 face value noninterest-bearing note dated 9/30/2021, due 3/31/2022. Note was issued in exchange for merchandise.
The company records adjusting entries only at year-end. There were no other notes receivable outstanding during 2021.
Required:
1. Determine the rate used to discount the noninterest-bearing note.
2. Determine the explicit interest rate on Note 2. (Round your intermediate calculations to the nearest whole dollar amount.)
3. What is the amount of interest revenue that appears in the company’s 2021 income statement related to these notes?
Discount rate
Interest rate
Interest revenue

Lucas Corporation uses the weighted-average method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Beginning work in process inventory: Units in beginning work in process inventory 900 Materials costs $ 9,600 Conversion costs $ 7,700 Percent complete with respect to materials 60 % Percent complete with respect to conversion 45 % Units started into production during the month 8,100 Units transferred to the next department during the month 6,900 Materials costs added during the month $ 115,800 Conversion costs added during the month $ 120,500 Ending work in process inventory: Units in ending work in process inventory 2,100 Percent complete with respect to materials 75 % Percent complete with respect to conversion 20 % The cost per equivalent unit for conversion costs for the first department for the month is closest to:

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there might be times your boss allows you to work from home.having the permission to work from home,you just took some office supplies anyway you are using it for work from home​

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Solomon has a balance of $4,000 on his credit card account, which has a minimum payment requirement of 4 percent. What is the minimum payment on his accoun

Martinez Corporation engaged in the following cash transactions during 2017
Sale of land and building $191,000
Purchase of treasury stock 40,000
Purchase of land 37,000
Payment of cash dividend 95,000
Purchase of equipment 53,000
Issuance of common stock 147,000
Retirement of bonds 100,000
Compute the net cash provided (used) by investing activities

Pierce Company issued 11% bonds, dated January 1, with a face amount of $800,000 on January 1, 2021. The bonds sold for $739,816 and mature in 2040 (20 years). For bonds of similar risk and maturity the market yield was 12%. Interest is paid semiannually on June 30 and December 31. Pierce determines interest at the effective rate and elected the option to report these bonds at their fair value. On December 31, 2021, the fair value of the bonds was $730,000. The entire change in fair value was due to a change in the general (risk-free) rate of interest. Pierce's net income for the year will include:

On January 1, a company issues bonds dated January 1 with a par value of $230,000. The bonds mature in 5 years. The contract rate is 7%, and interest is paid semiannually on June 30 and December 31. The market rate is 6% and the bonds are sold for $239,811. The journal entry to record the issuance of the bond is: