Answer:
A.
Act again
Explanation:
Makes sense when you think about it.
In the question, it's asking you what would be the next step after adjust when you track your progress.
When you're tracking progress, the most important thing to do is keep consistent with what you're doing until you hit the goal.
Answer: A). Act AgainThis answer would be the most reasonable in this context, due to the fact that you would need to repeat the act, possibly improve the act, when you're tracking your progress to see if anything changed.
If you stop "acting" on the progress you're trying to track, then the data that you would receive from tracking the progress would not be consistently increasing in a business stand point. In a business, if you observe and notice that something is not right, you would adjust whatever is wrong and would "repeat" the act, or act again, in order to see if progress has been made form the previous act.
I hope this helps you outGood luck on your academicsHave a great rest of your day!Which of the following statements relating to attest and assurance services is not correct?Multiple Choicea. Independence is an important attribute of assurance service providers. b. Financial statement auditing is a form of attest service but it is not an assurance service. c. Assurance services can be performed to improve the quality or context of information for decision makers. d. In performing an attest service, the CPA determines the correspondence of the subject matter (or an assertion about the subject matter) against criteria that are suitable and available to users.
Answer:
The following statement regarding attest and assurance is not correct:
B. Financial statement auditing is a form of attest service but not an assurance service.
Explanation:
Assurance service can be defined as a professional service provided by a chartered accountant or CA or certified public accountant or CPA. the goal of these services is to improve information or context of information, to facilitate decision makers in making better decisions. Audits is a type of assurance service. Assurance service provide independent and professional opinion in order to reduce the risk from incorrect information. So, option B is the correct answer.
Five years ago, repairs were made to the building which cost $80,000. The building has a current market value of $424,000 and a current book value of $399,000. The building is completely paid for and solely owned by the firm. If the company decides to assign this building to a new project, what value, if any, should be included in the initial cash flow of the project for this building?
Answer:
The initial cash flow of the project for this building should include the current market value of $424,000.
Explanation:
The $80,000 cost involved in the repairs made in the building can not be included in the new project. Because this cost was incurred five years ago, it should not be included in new project, since the financial statements is different for separate projects. So, the initial cash flow will include only the current market value which is $424,000.
Major E. has just opened a cooking school focusing on basic meals for new cooks. Each student pays $15 per class and receives all the ingredients necessary to prepare dinner using the recipes demonstrated in the class. Major’s cost to provide the ingredients is $6 per student for each class. Major employs two assistants and pays each of them $1,200 per month. Major’s monthly salary is $1,800. The depreciation on equipment is $1,000 per month and utilities and insurance are $240 per month. Next month, Major plans to earn net income of $1,760. How many students does Major plan to enroll next month?
Answer:
It will need to collect 800`s $15 class
Assuming 4 clases per month
200 student
Explanation:
[tex]Sales \: Revenue - Variable \: Cost = Contribution \: Margin[/tex]
15 - 6 = 9 Contribution Margin
Fixed Cost
2 employee 2,400
mayor salari 1,800
equipment dep 1,000
utilities 240
Total fixed 5,440
[tex]\frac{Fixed\:Cost + Target\: Profit}{Contribution \:Margin \:Ratio} = Sales\: to\: Profit{dollars}[/tex]
(5,440+1,760)/9 = 800
Final answer:
Major plans to enroll 800 students next month to achieve the desired net income of $1,760, after accounting for all costs including salaries, equipment depreciation, and the cost of ingredients.
Explanation:
The question asks how many students Major plans to enroll next month to earn a net income of $1,760. To solve this, we must first calculate Major's total monthly costs and then determine the revenue needed to achieve the desired net income. Major's monthly costs include the salary for two assistants ($1,200 each), Major’s salary ($1,800), depreciation on equipment ($1,000), and utilities and insurance ($240). The cost to provide ingredients is $6 per student per class. The total fixed costs sum up to $1,200 + $1,200 + $1,800 + $1,000 + $240 = $5,440. For Major to achieve a net income of $1,760, the total revenue minus the total cost (including the cost of ingredients per student) must equal $1,760. Thus, we calculate the necessary total revenue: Total Revenue = Total Costs + Desired Net Income => Total Revenue = $5,440 + $1,760 = $7,200. Major charges $15 per student. Thus, we calculate the number of students required to meet the revenue goal: $(15 - $6) x Number of Students = $7,200. Solving this, the Number of Students = $7,200 / $(15 - $6) = $7,200 / $9 = 800.
Purchase-Related Transactions Warwick’s Co., a women's clothing store, purchased $27,000 of merchandise from a supplier on account, terms FOB destination, 2/10, n/30. Warwick’s returned $4,100 of the merchandise, receiving a credit memo, and then paid the amount due within the discount period. a. Journalize Warwick’s Co.'s entry to record the purchase. b. Journalize Warwick’s Co.'s entry to record the merchandise return. c. Journalize Warwick’s Co.'s entry to record the payment.
Answer: Explanation:
inventory 27,000
account payable 27,000
to record purchase on account
account payable 4,100
inventory 4,100
to recordreturn of goods
account payable 22,900 (27,000 - 4,100)
discount received 458 (22,900 x 2%)
cash 22,442 (22,900 - 458)
to record payment within discount period
Large public water and sewer companies often become _________ monopolies because they benefit from ________. Although the company faces high start-up costs, the firm experiences ___________ average _________ production costs as it expands and adds more customers. Smaller competitors would experience _________ average costs and would be less _______.
Answer:
The answers are
1) Natural
2) Economies of Scale
3) Falling
4) Per Unit
5) Higher
6) Efficient
Explanation:
The above answers are put in the blanks given in the question as follows:
Large public water and sewer companies often become ____Natural_____ monopolies because they benefit from ___Economies of Scale____. Although the company faces high start-up costs, the firm experiences ____Falling____ average ____Per Unit_____ production costs as it expands and adds more customers. Smaller competitors would experience ____Higher_____ average costs and would be less ___Efficient____.
Large public utility companies become natural monopolies due to economies of scale, which leads to decreasing average total costs as customer base expands. These monopolies face high initial costs with low marginal costs for new customers, deterring smaller competitors due to higher average costs and less efficiency.
Explanation:Large public water and sewer companies often become natural monopolies because they benefit from economies of scale. Although the company faces high start-up costs, the firm experiences decreasing average total production costs as it expands and adds more customers. Smaller competitors would experience higher average costs and would be less efficient.
These natural monopolies arise in industries like water and electrical services, where the initial fixed costs are high, but the marginal cost of adding an additional customer is very low. Such industries have high barriers to entry due to their large initial investment requirements. As the monopolist's output increases, the fixed cost is spread over more units, reducing the average total cost. This creates a situation where one producer can serve the entire market more efficiently than numerous smaller producers who would need to make duplicate capital investments.
. ___________________________ are formal written policies describing employee behavior when using company computer and network systems. A. Mitigating controls B. Nondisclosure agreements C. Confidentiality agreements D. Acceptable use policies
Answer:
D - Acceptable use policies
Explanation:
Following are interest rates (annual percentage rates) for a 30-year-fixed-rate mortgage from a sample of lenders in a certain city. It is reasonable to assume that the population is approximately normal. 4.327, 4.461, 4.547, 4.662 , 4.365, 4.526 , 4.842 Find the upper bound of the 99% confidence interval for the mean rate.
Hey There!:
Sample Mean = 4.4823
SD = 0.1859
Sample Size (n) = 7
Standard Error (SE) = SD/root(n) = 0.0703
alpha (a) = 1-0.99 = 0.01
t(a/2, n-1 ) = 3.7074
Margin of Error (ME) = t(a/2,n-1)x SE = 0.2606
99% confidence interval is given by:
Sample Mean +/- (Margin of Error)
4.4823 +/- 0.2606 = (4.222 , 4.743)
Hope this helps!
The market basket used to calculate the CPI in Aquilonia is 4 loaves of bread, 6 gallons of milk, 2 shirts, and 2 pairs of pants. In 2005, bread cost $1.00 per loaf, milk cost $1.50 per gallon, shirts cost $6.00 each, and pants cost $10.00 per pair. In 2006, bread cost $1.50 per loaf, milk cost $2.00 per gallon, shirts cost $7.00 each, and pants cost $12.00 per pair. Using 2005 as the base year, what was Aquilonia’s inflation rate in 2006?
Final answer:
The inflation rate in Aquilonia for 2006, using 2005 as the base year, is calculated by comparing the total cost of a market basket of goods for each year. The inflation rate is found to be approximately 24.44%.
Explanation:
To calculate the inflation rate in Aquilonia for 2006 using 2005 as the base year, we first need to compute the total cost of the market basket for each year. The cost of the market basket in the base year (2005) is the sum of the products of the quantities and the respective prices of the goods:
4 loaves of bread at $1.00 each = $4.006 gallons of milk at $1.50 each = $9.002 shirts at $6.00 each = $12.002 pairs of pants at $10.00 each = $20.00The total cost of the market basket in 2005 is $4.00 + $9.00 + $12.00 + $20.00 = $45.00.
Next, we calculate the total cost of the market basket in 2006:
4 loaves of bread at $1.50 each = $6.006 gallons of milk at $2.00 each = $12.002 shirts at $7.00 each = $14.002 pairs of pants at $12.00 each = $24.00The total cost of the market basket in 2006 is $6.00 + $12.00 + $14.00 + $24.00 = $56.00.
The inflation rate can now be calculated using the formula:
Inflation rate = ((Cost in current year - Cost in base year) / Cost in base year) * 100%
Inflation rate = (($56.00 - $45.00) / $45.00) * 100% = (11 / 45) * 100% ≈ 24.44%
Therefore, the inflation rate in Aquilonia for 2006, using 2005 as the base year, is approximately 24.44%.
Leading economic indicators suggest that incomes will be going up next year. In response to these reports, companies are forecasting increased prices for future sales of their goods. As a result of these increases, the supply curve will: a. shift to the right, causing the equilibrium price to decrease. b. remain the same, but the equilibrium price will increase. c. remain the same, but the equilibrium price will decrease. d. shift to the right, causing the equilibrium price to increase. e. shift to the left, causing the equilibrium price to increase.
Answer: Option (e) is correct.
Explanation:
Since firms are expecting a higher price in the near future, so they will think to diminish their supply presently so as to sell products later on at the more expensive rate.
Hence, all the firms wants to increase their profit by shifting their supply curve leftwards in the current situation.
So, supply curve shifts towards the left and causing an increase in the equilibrium price.
A 37.0-$kg$ body is moving in the direction of the positive x axis with a speed of 342 $m/s$ when, owing to an internal explosion, it breaks into three pieces. One part, whose mass is 5.0 $kg$, moves away from the point of explosion with a speed of 311 $m/s$ along the positive y axis. A second fragment, whose mass is 4.0 $kg$, moves away from the point of explosion with a speed of 402 $m/s$ along the negative x axis. What is the speed of the third fragment? Ignore effects due to gravity.
Answer: [tex]v_{3}[/tex] = 512.3 m/s
Explanation:
Given:
M = 37 kg
v = 342 m/s
[tex]m_{1}[/tex] = 5 kg
[tex]v_{1}[/tex] = 311 m/s
[tex]m_{2}[/tex] = 4 kg
[tex]v_{2}[/tex] = 402 m/s
∴ [tex]m_{3}[/tex] = M - [tex]m_{1}[/tex] - [tex]m_{2}[/tex]
[tex]m_{3}[/tex] = 28 kg
Now, to compute the speed of third fragment we will apply conservation of momentum:
M[tex]\times[/tex]v = [tex]m_{1}\times v_{1}[/tex] + [tex]m_{2}\times v_{2}[/tex] +[tex]m_{3}\times v_{3}[/tex]
Putting values in the equation given above:
37[tex]\times[/tex](342)[tex]\hat{i}[/tex] = 5[tex]\times[/tex](311)[tex]\hat{j}[/tex] + 4[tex]\times[/tex](402)[tex]\hat{-i}[/tex] + 28[tex]\times v_{3}[/tex]
[tex]v_{3}[/tex] = 509.3 m/s [tex]\hat{i}[/tex] - 55.53 m/s [tex]\hat{j}[/tex]
Now, the magnitude of velocity of the third particle is;
[tex]v_{3}[/tex] = [tex]\sqrt{509.3^{2} + 55.53^{2} }[/tex]
[tex]v_{3}[/tex] = 512.3 m/s
The problem talks about the conservation of momentum, where the total momentum of an isolated system remains constant if no external forces act on it. It requires finding the velocity of the third piece after the explosion by setting up and solving an equation based on afore-mentioned principle.
Explanation:The subject matter of this question pertains to the physics principle known as conservation of momentum. In the question, when the body breaks into three pieces, the momentum before the explosion is equal to the momentum after the explosion. This is due to the fact that no external forces are acting upon the system, thus, the total momentum of the system is conserved.
Mathematically, we calculate it as follows:
Momentum before the explosion will be the mass of the body times its velocity, i.e., (37.0 kg)(342 m/s), on the positive x axis.
After explosion, momentum is the vector sum of the momenta of all the parts. The fragments moving on the y-axis have no effect on the total momentum on the x-axis. Therefore, the third fragment's velocity (v) can be calculated from the equation: (37.0 kg)(342 m/s) = (5.0 kg)(311 m/s) + (4.0 kg)(-402 m/s) + (28.0 kg)(v), where we got 28.0 kg as the mass of the third fragment by subtracting the known masses from the total mass. By solving this equation, we can find the velocity of the third fragment.
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On March 1, 2018, E Corp. issued $1,400,000 of 8% nonconvertible bonds at 103, due on February 28, 2028. Each $1,000 bond was issued with 30 detachable stock warrants, each of which entitled the holder to purchase, for $75, one share of Evan's $25 par common stock. On March 1, 2018, the market price of each warrant was $3. By what amount should the bond issue proceeds increase shareholders' equity?
Answer: $126,000
Explanation: Shareholders equity can be defined as the total amount of investment done by the shareholders in the company. This investment can be done through various kinds of securities like common stock, preference shares.
As per this problem shareholder equity would be
= (no. of shares to be collected by warrant holders)*(price of each warrant)
and,
no. of shares to be collected = (1400 bonds) * (30 shares)
= 42,000 shares
.
therefore, equity :-
(42,000 shares) ( $3 ) = $126,000
A baseball team plays in a stadium that holds 55,000 spectators. With ticket prices at $10, the average attendance had been 27,000. When ticket prices were lowered to $8, the average attendance rose to 33,000. (a) Find the demand function (price p as a function of attendance x), assuming it to be linear.
Final answer:
The demand function for the baseball team scenario is found using two provided points of price and attendance and the slope formula, and it is determined to be p = -1/3000 x + 10.9, which relates ticket price to attendance linearly.
Explanation:
To find the demand function for the given baseball team scenario, we want to find a linear relationship between ticket price p and attendance x. We have two points: (27000, 10) when the price is $10 and the attendance is 27,000, and (33000, 8) when the price drops to $8 and attendance increases to 33,000. Using these points, we can calculate the slope (m) of the demand function:
m = (p2 - p1) / (x2 - x1) = (8 - 10) / (33000 - 27000) = -2 / 6000 = -1/3000
Now, we can use point-slope form to create the linear equation, then rearrange to slope-intercept form (y = mx + b) to find the demand function.
p - p1 = m(x - x1)
p - 10 = -1/3000(x - 27000)
p = -1/3000 x + 9 + 27/3000
p = -1/3000 x + 109/10
The demand function, therefore, is p = -1/3000 x + 10.9. This function tells us the ticket price p for any given number of attendees x.
A baseball team plays in a stadium that holds 58,000 spectators. With ticket prices at $10, the average attendance had been 27,000. When ticket prices were lowered to $8, the average attendance rose to 33,000. (a) Find the demand function (price p as a function of attendance x), assuming it to be linear.
Answer:P(x) = -3000[tex]\times[/tex](x) + 57000
Explanation:
Let the demand function be given by p(x)
Let P(x) be the demand for the match at price x
P(x) = a[tex]\times[/tex](x) + b
27000 = a[tex]\times[/tex](10) + b
33000 = a[tex]\times[/tex](8) + b
Solving we get a = -3000 and b = 57000
Thus P(x) = -3000[tex]\times[/tex](x) + 57000
Answer: The demand function is:
[tex]P = 19 - \frac{1}{3000} Q[/tex]
Explanation:
The linear demand function is as follows:
P = a - bQ ⇒ (1)
Where,
p - price
Q - Quantity
a - intercept value
b - slope coefficient
From the given data, we have the following two equations:
10 = a - b(27,000) ⇒ (2)
8 = a - b(33,000) ⇒ (3)
By solving the equations (2) and (3), we get
a = 19 and b = [tex]\frac{1}{3000}[/tex]
So, the demand function is as follows:
putting the values of 'a' and 'b' in equation (1), we get
[tex]P = 19 - \frac{1}{3000} Q[/tex]
Girls between the ages of 8 and 15 are one of the growing markets for high-end shoe manufacturers, and podiatrists say the trend is leading to many stylish young girls with grown-up foot problems. To many parents and podiatrists, shoe manufacturers who develop and market adult-styled shoes to this group are not operating at a(n) _____ responsibility level.
Answer:
Shoe manufacturers are not operating at an corporate social responsibility level.
Explanation:
Corporate social responsibility is that kind of business model which is self regulating in the nature. This is also know as corporate citizenship , according to this model company's try to operate their business in such ways that do no harm to the environment or negatively affect the society but here the motto of the company's are to enhance the society, environment , and the customer satisfaction. Company's working on this approach try to be accountable for their actions towards the consumer and society . In this question shoe manufacturers are not operating at an corporate social responsibility level.
Answer: Ethical
Explanation: The shoe manufacturers who develop and market adult-styled shoes to this group are not operating at an ethical responsibility level of the pyramid of corporate social responsibility. The ethical aspect deals with going to great extents across legal requirements to meet the expectations of society. Social responsibility is the duty of business to do no harm to society. In other words, in their daily operations, the shoe makers were not concerned about the welfare of their customers and were not mindful of how their actions affected them later on. Therefore, they weren't operating at an ethical level.
Sam died with a gross estate equal to $3,000,000. In his will, Sam provided for the following outright transfers: $1,000,000 to his wife; $1,000,000 to his daughter; and $1,000,000 to charity. What is Sam's taxable estate for estate tax purposes?
Answer:
$0
Explanation:
In 2018, one individual could give up to $5.6 million in gifts before any estate or gift taxes were applied. This means that Sam would not have to pay a single penny to the government as long as his will does not exceed $5.6 million.
Prince Electronics, a manufacturer of consumer electronic goods, has five distribution centers in different regions of the country. For one of its products, a highspeed modem priced at $330 per unit, the average weekly demand at each distribution center is 70 units. Average shipment size to each distribution center is 350 units, and average lead time for delivery is 2 weeks. Each distribution center carries 2 weeks' supply as safety stock but holds no anticipation inventory. a. On average, how many dollars of pipeline inventory will be in transit to each distribution center? $ nothing. (Enter your response as an integer.) b. How much total inventory (cycle, safety, and pipeline) does Prince hold for all five distribution centers? nothing units. (Enter your response as an integer.)
The average pipeline inventory in transit to each distribution center of Prince Electronics is $231,000. The total inventory held by Prince for all five distribution centers comes to 5950 units.
Explanation:To determine the average amount in dollars of pipeline inventory in transit to each distribution center, we must first understand that pipeline inventory refers to the stock that is in transit between the manufacturer and the distribution center. The amount of pipeline inventory is determined by the multiplication of the shipment size, price per unit, and shipment lead time. This gives us:
Pipeline Inventory = Shipment size * Price per unit * Lead Time
For Prince Electronics, the calculation becomes 350 units * $330/unit * 2 weeks = $231,000.
To find the total inventory, we sum the `cycle inventory`, `safety stock`, and `pipeline inventory`. The cycle inventory is the shipment size (350 units), the safety stock is two weeks' average demand (70 units/week * 2 weeks = 140 units), and we've already calculated the pipeline inventory.
Total inventory = Cycle Inventory + Safety Stock + Pipeline Inventory
So for all five distribution centers, Prince's total inventory is: (350 units + 140 units + 700 units) * 5 = 5950 units.
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As the number of firms in an oligopoly ____, the oligopoly becomes more ____.A. decreases; competitive B. decreases; like a monopoly C. increases; like a monopoly D. increases; like perfect competition E. both b. and d.
Answer:
E. both b. and d.
Explanation:
As the number of firms in an oligopoly decreases and increases, the oligopoly becomes more like a monopoly and like perfect competition.
Rice Company has a unit selling price of $650, variable costs per unit of $450, and fixed costs of $319,700. Compute the break-even point in units using (a) the mathematical equation and (b) unit contribution margin. (Round answers to 0 decimal places, e.g. 1,225.) (a) Mathematical Equation (b) Unit contribution margin Break-even point units units
Answer:
a) Using mathematical equation 1599 units
b) Using contribution margin 1598 units
Explanation:
Break even point in units in mathematical terms = [tex]\frac{Fixed cost}{Selling price - Variable Cost}[/tex]
= [tex]\frac{319,700}{650 - 450}[/tex] = [tex]\frac{319,700}{200}[/tex] = 1599 units
b) Using contribution margin
Contribution = Selling Price - Variable Cost = $650 - $450 = $200
Contribution margin = ( $200/ $650 ) X 100 = 30.77%
BEP = $319,700 / 30.77% = $1,039,000.025
Number of units = $1,038,999.025/$650 = 1598 units
a) Using mathematical equation 1599 units
b) Using contribution margin 1598 units
For each item listed below, indicate in the space to the right whether the item would be considered a product cost or a period cost for a manufacturing company. 1. Factory supervisory salaries 2. Sales commissions 3. Income tax expense 4. Indirect materials used 5. Indirect labor 6. Office salaries expense 7. Property taxes on factory building 8. Sales manager's salary 9. Factory wages expense 10. Direct materials used
Answer:
1. Factory supervisory salaries Production Cost Factory Overhead
2. Sales commissions Period Cost Selling expense
3. Income tax expense Period Cost tax expense
4. Indirect materials used Production Cost Factory Overhead
5. Indirect labor Production Cost Factory Overhead
6. Office salaries expense Period Cost Administrative expense
7. Property taxes on factory building Production Cost Factory Overhead
8. Sales manager's salary Period Cost Selling expense
9. Factory wages expense Production Cost Direct Labor
10. Direct materials used Production Cost Direct Materials
Explanation:
A period cost is any cost that cannot be capitalized into prepaid expenses, inventory, or fixed assets
Period cost goes straight to expense account
While
Production Cost do capitalizes through Inventory and later recognize as cost of goods sold.
Clarifying the distinction between product costs and period costs for a manufacturing company.
Explanation:Product Costs:
Direct materials usedIndirect materials usedIndirect laborPeriod Costs:
Factory supervisory salariesSales commissionsIncome tax expenseOffice salaries expenseProperty taxes on factory buildingSales manager's salaryFactory wages expenseHow does a manager's mindset that sees employees as an expense to be controlled affect the ways that he or she sees their human resource strategy? How would this change if the manager's mindset saw staff as an appreciating asset to be invested in? Describe your experiences in an organization that saw either or both of these mindsets, and your perspective on working for that organization.
Answer: The first approach is short run oriented while the second approach is long run oriented.
Explanation: This can be explained as follows.
In the former approach where the manager consider employees to be as an expense the focus on HR is mainly on recruitment and selection and very low or no emphasis is put on training and development. Only qualified employees who can give desired results with limited resources provided can work under such management.
In the later approach the emphasis of management is on continuous training and development of employee for future benefit of the firm. Such managers considers employees as the most valuable asset of the organisation.
.
I worked in an organisation where management has the later approach, we were constantly motivated for providing results but at the same time mental comfort of employees was taken into consideration.
Amy was in charge of reading through the collected customer feedback in the company’s website feedback center and conveying the pertinent information she discovered to the rest of the marketing team. What components of marketing information was she using in this example?
Answer: the correct answer is marketing research and information systems .
Explanation: Marketing research is "the process or set of processes that links the producers, customers, and end users to the marketer through information used to identify and explain marketing opportunities and problems; generate, refine, and evaluate marketing actions; monitor marketing performance; and improve understanding of the market in general.
An information system is the information and communication technology (ICT) that a company or organization can use, and also the way in which people interact with this technology in support of business processes. Some authors make a clear distinction between information systems, computer systems, and business processes.
The following selected amounts are reported on the year-end unadjusted trial balance report for a company that uses the percent of sales method to determine its bad debts expense. Accounts receivable $ 435,000 Debit Allowance for Doubtful Accounts 1,250 Debit Net Sales 2,100,000 Credit All sales are made on credit. Based on past experience, the company estimates 1% of credit sales to be uncollectible. What adjusting entry should the company make at the end of the current year to record its estimated bad debts expense?
The company calculates the Bad Debts Expense as $21,000, which is 1% of the net sales of $2,100,000. The company makes an adjusting entry of debiting the Bad Debts Expense by $21,000 and crediting the Allowance for Doubtful Accounts by $21,000. This reflects an increase in the estimated uncollectible accounts receivable.
Explanation:The company should calculate the Bad Debts Expense as 1% of the net credit sales, based on its experience. The net sales are $2,100,000, so the Bad Debts Expense is $2,100,000 * 1% = $21,000.
The entry to record the estimated bad debts expense is:
This entry increases the Bad Debts Expense and the Allowance for Doubtful Accounts, the latter of which is a contra asset that reduces accounts receivable. It's an estimation of the accounts receivable the company expects to be uncollectible.
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Baltimore Company uses a job order cost system and applies overhead based on estimated rates. The overhead application rate is based on total estimated overhead costs of $280,000 and direct labor hours of 25,000. During the month of February 2019, Job 2-1 incurred direct labor of 450 hours. Use this information to prepare the end of the month application General Journal entry (without explanation) of factory overhead for Job 2-1 for the month. If no entry is required then write "No Entry Required."
Answer:
WIP 5,040
Factory Overhead 5,040
Explanation:
[tex]\frac{Cost\: Of \:Manufacturing \:Overhead}{Cost \:Driver}= Overhead \:Rate[/tex]
280,000/25,000 = 11.2 per labour hor
Job labour hors x rate = overhead applied
450 x 11.2 = 5,040
We will increase the work in process, because there is no information about the job being complete.
And we will use the factory overhead account to post the applied overhead
To create the General Journal entry for Job 2-1, we calculate the overhead rate per direct labor hour, and then apply that to the direct labor hours of Job 2-1 to find the overhead cost. The entry will then be 'Work In Process $5,040' and 'Overhead $5,040'.
Explanation:To prepare the General Journal entry for the factory overhead for job 2-1, we must first determine the overhead rate per direct labor hour using the formula overhead rate = total estimated overhead / total estimated direct labor hours. From the problem, it is specified that the total estimated overhead is $280,000 and the total estimated direct labor hours are 25,000.
Then we calculate: Overhead rate = $280,000 / 25,000 = $11.2 per labor hour.
Next, we find out the overhead cost for Job 2-1 which is overhead rate * direct labor hours of the job, where in this case it is $11.2 * 450 hours (direct labor hours for Job 2-1) = $5,040.
Therefore, the General Journal entry would look as below:
Work In Process........$5,040
Overhead..............$5,040.
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WJ Group Inc., a large multinational conglomerate, had begun to experience declining revenues over the years. The top management at the headquarters of the company decided that it was important for the company to avoid deviating from its core competencies. Thus, a few of the company's key businesses like energy, telecommunications, and automobiles were centralized, giving the top management more control over them. Also, relatively newer businesses like beverages and food processing were divested. In this scenario, WJ Group is involved in
Answer: WJ Group is involved is Restructuring.
Explanation:
Restructuring is a reorganization of a company with a view to attaining greater efficiency and profit, or to adapt to a changing market.
Geneva Company manufactures dolls that are sold to various customers. The company works at full capacity for half the year to meet peak demand, and operates at 80% capacity for the other half of the year. The following information is provided: Units produced and sold 600,000 units Selling price $ 35 / unit Variable manufacturing costs $ 20 / unit Fixed manufacturing costs $ 1,200,000 / yr. Variable selling and administrative costs $ 6 / unit Fixed selling and administrative costs $ 950,000 / yr. Geneva receives a purchase order to make 5,000 dolls as a one-time event. The good news is that this order is during a period when Geneva does have excess capacity. What is the lowest selling price Geneva should accept for this purchase order?
Answer: So, the minimum selling price will be $26.
Explanation:
The fixed cost are incurred regardless of the production volume, they're tangential to decision making.
Now,
Minimum selling price that should be accepted for the product is given as follow:
Variable manufacturing cost = $20
Variable selling and admin = $6
Total cost incurred = Variable manufacturing cost + Variable selling and admin = $26.
So, the minimum selling price will be $26.
Answer:
The answer is $26
Explanation:
Please see attachment.
At Bargain Electronics, it costs $30 per unit ($16 variable and $14 fixed) to make an MP3 player at full capacity that normally sells for $51. A foreign wholesaler offers to buy 3,580 units at $28 each. Bargain Electronics will incur special shipping costs of $3 per unit. Assuming that Bargain Electronics has excess operating capacity, indicate the net income (loss) Bargain Electronics would realize by accepting the special order. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Should the order be accepted or rejected?
Answer:
(17,900) net loss
Explanation:
51 - 16 = 35
Special order Contribution margin
28 sales price - 16 variable cost - 3 shipping cost = 9
Total contribution for the order
3,580 units x 9 CM= 32,220
3,580 x 14 fixed cost = (50,120)
(17,900) net loss
We should assume the fixed cost will increase because we are at full capacity.
Bargain Electronics would realize a loss of $17,300 by accepting the special order.
Explanation:To determine the net income (loss) from accepting the special order, we need to calculate the cost of producing the units, including both variable and fixed costs, and subtract it from the revenue generated from selling the units to the foreign wholesaler. The cost to produce each unit is $16 variable cost + $14 fixed cost + $3 shipping cost = $33. So, the total cost to produce 3,580 units is $33 × 3,580 = $117,540.
The revenue from selling the units to the wholesaler would be 3,580 × $28 = $100,240. The net income (loss) is calculated by subtracting the total cost from the revenue: $100,240 - $117,540 = ($17,300). Therefore, Bargain Electronics would realize a loss of $17,300 by accepting the special order.
The primary topic of this question is calculating net income (loss) for a business.
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In order for an economy to be successful, there must be some form of organization. Firms produce products that are marketed and sold. There must be people who desire to purchase and consume the products that are produced by the firms. This group of individuals that consumes the products that are produced in a market economy are known as households . Which of the following is true in a market economy? A. A household is often the primary production unit in a market economy. B. A household demands goods and services from the market and supplies factor inputs. C. All households except the very wealthy are constrained by limited incomes. D. A household is best represented by a married couple with two cats and a dog.
Explanation: For firm to produce commodity they require inputs which are thus provided by households.Labor is supplied by the household sector which is an important input for the production of goods and services. In return the households are provided with wages or salary. Further the households demands goods and service which they pay for using their wages or salary.
Answer: B. A household demands goods and services from the market and supplies factor inputs
Explanation: The economy entails effective management of a system, or especially its resources. As a system of production and distribution and consumption, it requires several level of organization between firms and households. While firms are engaged in marketing of goods and services, the household are engaged in placing demands for these products and services which they consume. They are also involved in the supply of factor inputs such as capital to fund production, human resources in form of labour, management etc. This interplay of roles is the driving force behind successful economies.
A large hospital has an annual demand for 70.000 booklets on healthy eating. It cost $.75 to store one booklet for a year, and it costs $80 to place an order for a new batch of booklets. Find the optimum number of copies per order.
Answer:
It will order 3,865 booklets
Explanation:
We need to use the formula for Economic Optimal Quantity
[tex]Q_{opt} = \sqrt{\frac{2DS}{H}}[/tex]
Where:
D = annual demand
S= supply cost = ordering cost
H= Holding Cost
[tex]Q_{opt} = \sqrt{\frac{2*70,000*80}{.75}}[/tex]
[tex]Q_{opt} =3,864.37[/tex]
It will order 3,865 booklets
How to Remember:
Demand per year and order cost goes in the dividend.
Holding cost goes in the divisor.
The optimum number of booklets the hospital should order per batch to minimize costs, given an annual demand for 70,000 booklets, an ordering cost of $80, and a holding cost of $0.75, is approximately 3,865 booklets. This is calculated using the Economic Order Quantity (EOQ) model.
Explanation:The subject of this question is in the area of business operations, specifically inventory management. It deals with how to ascertain the optimal number of booklets to order per batch so as to minimize cost.
To find this, we apply the Economic Order Quantity (EOQ) model formula: EOQ = √[(2DS) / H] where D is annual demand, S is ordering cost per order, and H is the annual holding cost per unit.
In this case, the annual demand D=70,000 booklets, the ordering cost S=$80 and the holding cost H=$0.75. Substituting these values into the EOQ formula we get EOQ = √[(2*70000*80) / 0.75] = √[11200000 / 0.75] = √[14933333.33] ≈ 3,865. So the optimum number of copies per order is approximately 3,865 booklets.
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An invoice dated July 23rd for $2,500 is subject to a chain trade discount of 40/15. Credit terms are 5/10, 2/30, N/45. The invoice is paid in full on August 15th. The item is priced with a 60% markup based on selling price. The item is later sold during a sale where the price was markdown by 20%. Determine the sale price.
Answer: Sale Price = 80% of Selling price = $2,500
Explanation:
First we'll compute the net price after the trade discounts have been deducted :
i.e. Net price after the trade discounts have been deducted =2500 x 60% x 85% = $1,275.
Now, using the net price after the trade discounts have been deducted we'll compute Amount submitted in payment of the invoice:
i.e. Amount submitted in payment of the invoice = 1,275 x 98% = $1,250.
Selling price =[tex]\frac{Amount submitted in payment of the invoice}{40}[/tex]= [tex]\frac{1,250}{40}[/tex] = $3,125.
Sale Price = 80% of Selling price = $2,500
High SchoolBusiness 5 points
The human resources department of french quarter seafood conducted a training workshop on setting and achieving organization goals. alex, the store manager of the new orleans location, has been working with his managers to set objectives that are clearly defined, focused on achieving specific results, and can be accomplished with a given amount of resources. Which aspect of smart goals is missing?
Answer: The aspect of the SMART goal that is missing is Deadlines or Target date.
Explanation:
Here SMART is abbreviated as Specific, Measurable, Attainable, Result oriented and Time bound. The aspect of the time bound has not been included in this respective scenario.