Answer:
The correct answer is option a.
Explanation:
The bureau of labor statistics calculates the data regarding the unemployment rate in the US economy. It calculates the unemployment rate as the ratio of total unemployed to the total labor force.
Those people who are having a job or business and are working for profit or those who are currently unemployed and looking for jobs are included in the labor force. Students, retirees, and discouraged workers are not included in the labor force.
Here, Christopher is neither working for profit nor looking for work so he will not be considered unemployed or in labor force.
Final answer:
Christopher is classified as neither in the labor force nor unemployed by the Bureau of Labor Statistics because he is not looking for a paid job and is not currently available to work. Hence, the correct option is A.
Explanation:
The question concerns how the Bureau of Labor Statistics (BLS) classifies individuals in the labor force. According to the BLS, someone who does not have a job, is not currently available to work, and has not actively looked for work in the last four weeks is not in the labor force. In the given scenario, Christopher is an unpaid, stay-at-home father who is not looking for a paid job. Hence, he is neither employed for pay nor actively seeking employment. Therefore, Christopher would be classified as neither in the labor force nor unemployed, which corresponds to option (a).
Julio Company purchased a $200,000 machine that has a four-year life and no salvage value. The company uses straight-line depreciation on all asset acquisitions and is subject to a 30% tax rate. The proper cash flow to show in a discounted-cash-flow analysis as occurring at time 0 would be:
(A) $15,000.
(B) $50,000.
(C) $140,000.
(D) $35,000.
(E) $200,000.
Answer: The correct answer is "(E) $200,000.".
The proper cash flow to show in a discounted-cash-flow analysis as occurring at time 0 would be: "(E) $200,000.".
Explanation: At time 0, the course of time does not occur therefore there is no discount.
Problem Page Watson Company's employees earn $290 per day and are paid on Friday for a five-day work week. This year, December 31 is a Thursday. If the appropriate adjusting entry is not made at the end of the year, what will be the effect on: (a) Income statement accounts (overstated, understated, or no effect)? (b) Net income (overstated, understated, or no effect)? (c) Balance sheet accounts (overstated, understated, or no effect)?
Answer:
inocme statment:
wages expense: understate
net income overstate
blanace sheet
wages payable: understate
Retained Earnings: overstate
Explanation:
If the adjusting entry is not made, then the expenses will be lower than it should.
Thereofre the net income will be overstate as there are more expenses but weren't recorded.
the balance sheet will not represent accurate the liabilities as there is wages payable which are not recorded.
also, in the blaance sheet the Retained Earnings account will be overstate as it include the net income which is overstate.
Exercise 21-11 Atlanta Company is preparing its manufacturing overhead budget for 2017. Relevant data consist of the following. Units to be produced (by quarters): 10,400, 12,400, 14,200, 16,600. Direct labor: Time is 1.7 hours per unit. Variable overhead costs per direct labor hour: indirect materials $0.80; indirect labor $1.30; and maintenance $0.70. Fixed overhead costs per quarter: supervisory salaries $36,580; depreciation $17,620; and maintenance $13,700. Prepare the manufacturing overhead budget for the year, showing quarterly data. (Round overhead rate to 2 decimal places, e.g. 1.25. List variable expenses before fixed expense.)
Answer:
Instructions are listed below
Explanation:
Giving the following information:
Units to be produced (by quarters): 10,400, 12,400, 14,200, 16,600. Direct labor: Time is 1.7 hours per unit.
Variable overhead costs per direct labor hour:
indirect materials $0.80;
indirect labor $1.30;
maintenance $0.70.
Fixed overhead costs per quarter: supervisory salaries $36,580; depreciation $17,620; and maintenance $13,700.
Manufacturing overhead budget:
First-quarter: (10400 units)
Indirect materials= (0.80*1.7)*10400= $14144
Indirect labor=(1.3*1.7)*10400= 22984
Maintenance= (0.70*1.7)*10400= 12376
Total variable cost= 49504
Fixed costs:
supervisory salaries= $36,580
depreciation= $17,620
maintenance= $13,700.
Total fixed cost= $67900
Total first quarter= $117,404
Second-quarter: (12400 units)
Indirect materials= (0.80*1.7)*12400 = $16864
Indirect labor=(1.3*1.7)*12400 = 27404
Maintenance= (0.70*1.7)*12400 = 14756
Total variable cost= 59024
Fixed costs:
Total fixed cost= $67900
Total cost second quarter= 126,924
Third-quarter: (14200 units)
Indirect materials= (0.80*1.7)*14200 = $19312
Indirect labor=(1.3*1.7)*14200 = 31382
Maintenance= (0.70*1.7)*14200 = 16898
Total variable cost= 67592
Fixed costs:
Total fixed cost= $67900
Total cost third quarter= 135492
Fourth quarter: (16600 units)
Indirect materials= (0.80*1.7)*16600 = $22576
Indirect labor=(1.3*1.7)*16600 = 36686
Maintenance= (0.70*1.7)*16600 = 19754
Total variable cost= 79016
Fixed costs:
Total fixed cost= $67900
Total cost fourth quarter= 146916
Total cost of the year= 117,404 + 126,924 + 135,492 + 146,916= $526,736
The manufacturing overhead budget for Atlanta Company is created by calculating the variable costs based on direct labor hours and then adding the fixed costs for each quarter to derive total costs.
Explanation:The preparation of the manufacturing overhead budget for Atlanta Company involves calculating both variable and fixed overhead costs for each quarter and summing them up to get the total costs. Variable costs are those that change with the level of production, such as indirect materials, indirect labor, and maintenance costs, and are calculated on a per direct labor hour basis. Fixed costs, such as supervisory salaries, depreciation, and maintenance, remain constant irrespective of the production levels.
For each quarter, the total variable overhead costs are calculated by multiplying the variable costs per direct labor hour by the total direct labor hours needed for production (units to be produced multiplied by the direct labor time per unit). Then, the fixed overhead costs are added to the total variable overhead costs to yield the total manufacturing overhead costs for the quarter.
Your job pays you only once a year for all the work you did over the previous 12 months. Today, December 31, you received your salary of $52,000 and you plan to spend all of it. However, you want to start saving for retirement beginning next year. You have decided that one year from today you will begin depositing 10 percent of your annual salary in an account that will earn 9.2 percent per year. Your salary will increase at 3 percent per year throughout your career. How much money will you have on the date of your retirement 40 years from today? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
Answer:
FV = 2,621,048.23
Explanation:
we will calcualte the future value of an annuity with an geometric progression:
[tex]\frac{(1+r)^{n} -(1+q)^{n}}{r - q} = FV[/tex]
g 0.03
r 0.092
C 5,356 ( we will save next year (52,000 x 1.03) the 10% )
n 39 (we start saving next year)
[tex]\frac{(1+0.092)^{39} -(1+0.03)^{39}}{0.092 - 0.03} = FV[/tex]
FV = 2,400,227.319
As we deposit at the first day of the year this will be an annuity-due so we will multiply by (1 +r)
FV = 2,621,048.23
Answer:
the answer is $2 830 830. 09
Explanation:
The first thing to calculate is the growth of salary o fwhich it grows by 3%
$52000*1.03=53560
The for the first year of saving we calculate the portion to be saved
53560*0.1= 5356
in order to find the future value of savings we will use the pv of perpetuity to find the value of the deposit today
PV = C{(1/(r-g)) - (1/(r-g)*(1+g)/(1+r)^t}
=5356*{(1/0.092-0.03) - (1/(0.092-0.03)*(1.03)/(1.092)^40}
=83754.52289
Then from the PV we can calculate the future value as
FV = 83754.52289 *(1.092)^40
=2 830 830 .09
In a free market, if the price of a good is above the equilibrium price, then;
A. suppliers, dissatisfied with growing inventories, will raise the price.
B. demanders, wanting to ensure they acquire the good, will bid the price lower.
C. government needs to set a lower price.
D. suppliers, dissatisfied with growing inventories, will lower the price.
Answer: (B) demanders, wanting to ensure they acquire the good, will bid the price lower.
Explanation:
In the free market, if the product price are above the equilibrium price then, the demand of the product rise and the demanders ensure that they acquire good quality products in the low price. Then, the quality and quantity both demand increases until the equilibrium are reached.
On the other hand, if the quantity of the product demand is less as compared to the quantity supply then it create shortage of the product.
Therefore, Option (B) is correct.
In a free market, if a good's price is above the equilibrium, suppliers will lower the price due to dissatisfaction with increasing inventories. This occurs because there's a surplus in the market, and the decline in price aims to clear that surplus.
Explanation:In a free market, if the price of a good is above the equilibrium price, then suppliers, dissatisfied with growing inventories, will lower the price. This is because suppliers recognize there's a surplus of goods, with more supply available than demand from consumers. Consequently, they will reduce the price with the aim of selling the surplus and clearing the inventories. It's also important to understand that in a free market, consumers aren't willing to pay more than the equilibrium price, and the market forces tend to restore the balance, hence the decrease in the price to meet the equilibrium stage again.
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You want to buy a house within 3 years, and you are currently saving for the down payment. You plan to save $10,000 at the end of the first year, and you anticipate that your annual savings will increase by 5% annually thereafter. Your expected annual return is 9%. How much will you have for a down payment at the end of Year 3? Do not round intermediate calculations. Round your answer to the nearest cent.
Answer:
It will have 34,351 available for a down payment at the end of Year 3
Explanation:
savings:
first year: 10,000
second year 10,000 + 5% = 10,000 x 1.05 = 10,500
third years (10,000 + 5%) + 5% = 10,500 x 1.05 = 11,025
return on Invetment
The first saving will capitalize for two years at 9%
[tex]Principal \: (1+ r)^{time} = Amount[/tex]
First year: 10,000.00
time 2.00
rate 0.09
[tex]10000 \: (1+ 0.09)^{2} = Amount[/tex]
Amount 11,881.00
The second savings will capitalize for one yeat at 9%
Second year: 10,500.00
time 1.00
rate 0.09
[tex]10500 \: (1+ 0.09)^{1} = Amount[/tex]
Amount 11,445.00
Total amount:
11,881 + 11,445 + 11,025 = 34,351
In 2014, Hobbs Corp. acquired 12,000 shares of its own $1 par value common stock at $18 per share. In 2015, Hobbs issued 8,000 of these shares at $25 per share. Hobbs uses the cost method to account for its treasury stock transactions. What accounts and what amounts should Hobbs credit in 2015 to record the issuance of the 8,000 shares?
Answer:
It will credit:
Treasury Stock for 144,000
Additional Paid-in TS for 56,000
Explanation:
for the purchase Hobbs did:
treasury stock 216,000
cash 216,000
the entry for the issuance of 8,000 shares will be:
cash proceeds debit: 8,000 x 25 = 200,000
treasury stock at cost: 8,000 18 = 144,000 credit
additional paid-in treasury stock for the difference 200,000 - 144,000 = 56,000
the entry will be:
cash 200,000 debit
Treasury Stock 144,000 credit
Sdditional Paid-in TS 56,000 credit
In the AD partnership, Allen's capital is $140,000 and Daniel's is $40,000 and they share income in a 3:1 ratio, respectively. They decide to admit David to the partnership. Each of the following questions is independent of the others.
Refer to the information provided above. David invests $40,000 for a one-fifth interest in the total capital of $220,000. What are the capital balances of Allen and Daniel after David is admitted into the partnership?
Allen Daniel
A) 160000 60000
B) 136000 36000
C) 140000 40000
D) 137000 39000
A. Option A
B. Option B
C. Option C
D. Option D
Answer:
D) 137000 39000
Explanation:
Allen 140,000
Daniel 40,000
Capital before admission 180,000
share ratio 3:1
Capital after admission:
180,000 + 40,000 = 220,000
David participation: 20%
220,000 x 20% = 44,000
David investment 40,000
goodwill: 4,000
There is a difference in goodwill which will be supported for the old partner as their current share ratio
Allen 4,000 x 3/4 = 3,000
Daniel 4,000 x 1/4 = 1,000
Capital after David admission:
140,000 - 3,000 = 137,000
40,000 - 1,000 = 39,000
At January 1, 2018, Transit Developments owed First City Bank Group $600,000, under an 11% note with three years remaining to maturity. Due to financial difficulties, Transit was unable to pay the previous year’s interest. First City Bank Group agreed to settle Transit’s debt in exchange for land having a fair value of $450,000. Transit purchased the land in 2014 for $325,000. Required: Prepare the journal entry(s) to record the restructuring of the debt by Transit Developments. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Answer:
interest payable 66,000
note payable 384,000
Land 325,000
Gain on disposal 125,000
Explanation:
600,000 x 11% = 66,000 interest payable
the land is being used to settle the note along with the accrued interest at the time:
the accounting of Transit developments record the land at cost: 325,000
as the market valuye is 450,000 so a gain for 125,000 will be recognize.
450,000 market value - 66,000 interest payable: 384,000 payment on the note principal
the entry will write-off the interest payable, decrease the note by that amount and recognize the land gain on disposal
There is a 20 percent probability the economy will boom, 70 percent probability it will be normal, and a 10 percent probability of a recession. Stock A will return 18 percent in a boom, 11 percent in a normal economy, and lose 10 percent in a recession. Stock B will return 9 percent in boom, 7 percent in a normal economy, and 4 percent in a recession. Stock C will return 6 percent in a boom, 9 percent in a normal economy, and 13 percent in a recession. What is the expected return on a portfolio which is invested 20 percent in Stock A, 50 percent in Stock B, and 30 percent in Stock C
Answer:
8.65%
Explanation:
this question is solved taking two steps, lets first calculate the individual expected return per stock based on the probabilities of growing economy:
[tex]E(r)=P_{boom}*R_{boom}+P_{normal}*R_{normal}+P_{recession}*R_{recession}[/tex]
here E(r) represents the expected return of any stock based on the probability of boom, normal and recession in economy, and the return for each one of those states, so applying to this data we have:
Stock A
[tex]E(r)=20\%*18\%+70\%*11\%+10\%*10\%[/tex]
[tex]E(r)=12.3\%[/tex]
Stock B
[tex]E(r)=20\%*9\%+70\%*7\%+10\%*4\%[/tex]
[tex]E(r)=7.1\%[/tex]
Stock C
[tex]E(r)=20\%*6\%+70\%*9\%+10\%*13\%[/tex]
[tex]E(r)=8.3\%[/tex]
now we have to agregate for total portfolio the return, and this can be done using the next formula:
[tex]E(r)_{p}= E(r)_{A}*w_{A}+E(r)_{B}*w_{B} +E(r)_{C}*w_{C}[/tex]
where E(r) (A) for example represents the expected return of A stock and w(A) is the weight of A stock in total portafolio, so we have:
[tex]E(r)_{p}= 12.3\%*20\%+7.1\%*50\%+8.8\%*30\%[/tex]
[tex]E(r)_{p}= 8.65\%[/tex]
On January 1, 2018, G Corporation agreed to grant all its employees two weeks paid vacation each year, with the stipulation that vacations earned each year can be taken the following year. For the year ended December 31, 2018, G's employees each earned an average of $700 per week. A total of 460 vacation weeks earned in 2018 were not taken during 2018. Wage rates for employees rose by an average of 8 percent by the time vacations actually were taken in 2019. What is the amount of G's 2019 wages expense related to 2018 vacation time?
Answer: $25,760
Explanation:
Given that,
Average earning of each employee = $700 per week
vacation weeks earned in 2018 were not taken in 2018 = 460
Wage rates for employees rose by an average of 8 percent.
Total earnings = $700 per week × 460
= $322,000
Amount of G's 2019 wages expense = Total earnings × Wage rate
= $322,000 × 8%
= $25,760
At the very least, Joe Average and Bill Gates are both identically limited by:
A. their wealth.
B. the 24 hours that comprise a day.
C. their knowledge.
D. their influence.
Answer:
The correct answer is option 'B': The 24 hours that comprise a day
Explanation:
For comparison between 2 random variables only those values can be said to be identical that have the same values.
From the given options if we compare Joe and Bill Gates we conclude
1) The 2 person's are not identically limited by wealth as the wealth difference can be large.
2) Similarly they can have a vast difference in their knowledge.
3) Person that has larger wealth and knowledge will naturally have larger influence.
Now since the length of a day is 24 hours and this is a universal truth no matter what the circumstances we conclude that they both are limited by this parameter no matter whatever be the difference between the 2.
Which of the following statements is correct? rev: 05_15_2018 Multiple Choice Both perfectly competitive and monopolistic firms are price takers. A perfectly competitive firm is a price taker, while a pure monopoly is a price maker. Both perfectly competitive and monopolistic firms are price makers. A perfectly competitive firm is a price maker, while a pure monopoly is a price taker.
Answer:
The correct answer is the second statement.
Explanation:
Perfect competition is the market structure where there is a large number of buyers and sellers. These firms produce homogenous products. This type of market has no restriction on entry and exit of firms in the market. There are so many buyers and sellers that any single buyer or seller is not able to influence the price or output. So, the firms are price takers.
Monopoly is a market structure where there is only a single seller. There is a restriction on entry and exit of new firms in the market. Because of being the only producer in the market, a pure monopoly firm is able to fix price on its own. So, it faces a downward-sloping demand curve. The price and output are determined at the point where marginal revenue is equal to marginal cost.
You are saving for the college education of your two children. They are two years apart in age; one will begin college 15 years from today and the other will begin 17 years from today. You estimate your children’s college expenses to be $40,000 per year per child, payable at the beginning of each school year. The appropriate interest rate is 7 percent. Your deposits begin one year from today. You will make your last deposit when your oldest child enters college. Assume four years of college for each child. How much money must you deposit in an account each year to fund your children’s education?
Answer:
It will deposit $ 10,082.68 per yearto fund their children tuiton
Explanation:
We calculate the present value of the tuiton:
We must notice payment are made atthe beginning of the year. So this will be an annuity-due
[tex]C \times \frac{1-(1+r)^{-time} }{rate}(1+r) = PV\\[/tex]
C 40,000 per year
time 4 year
rate 7% = 7/100 = 0.07
[tex]40000 \times \frac{1-(1+0.07)^{-4} }{0.07} (1+0.07) = PV\\[/tex]
PV $144,972.6418
we round to 144,972.64
Then, we have two children and we stop the payment when the oldest children goes into college.
so one tuiton must be carryied two years into the future:
[tex]Principal \: (1+ r)^{time} = Amount[/tex]
Principal $144,972.64
time 2 years
rate 0.07000
[tex]144972.64 \: (1+ 0.07)^{2} = Amount[/tex]
Amount 165,979.18
We add both to get the total value of our fund:
144,972.64 + 165,979.18 = 310,951.82 = 310,952
Finally we calculate the couta of this annuity for 17 years
[tex]PV \div \frac{1-(1+r)^{-time} }{rate} = C\\[/tex]
PV $310,952.00
time 17 years
rate 7% = 0.07
[tex]310952 \times \frac{1-(1+0.07)^{-17} }{0.07} = C\\[/tex]
C $ 10,082.68
Based o the fact that there are two children involved and the annual savings have to be uniform, the annual amount to fund your children's education will be $10,808.
How much should you deposit yearly?The amount needed for both children is:
= 2 students x ( College expenses x Present value factor for Annuity due, 7%, 4 years)
= 2 x (40,000 x 3.6243)
= $271,597
This is the total amount to be saved so the amount to be saved yearly is:
271,597 = Amount x ( ( 1 + 7%)¹⁵ - 1) / 7%
Amount = 271,597 / 25.1290
= $10,808
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Salt Corporation's contribution margin ratio is 75% and its fixed monthly expenses are $55,000. Assume that the company's sales for May are expected to be $114,000. Required: Estimate the company's net operating income for May, assuming that the fixed monthly expenses do not change.
Answer:
The company's net operating income for May is $30,500
Explanation:
For computing the net operating income, first, we have to compute the contribution by applying the contribution margin formula. The formula is shown below:
Contribution margin = (Contribution ÷ Sales)
75% = (Contribution ÷ $114,000)
So contribution would be equal to
= $114,000 × 75%
= $85,500
And the fixed expenses are $55,000
So, the net operating income equal to
= Contribution - fixed expenses
= $85,500 - $55,000
= $30,500
To estimate Salt Corporation's net operating income for May, the contribution margin ratio of 75% can be used to calculate the variable expenses. By subtracting the variable and fixed expenses from the sales, the net operating income is determined to be $30,500.
Explanation:To estimate Salt Corporation's net operating income for May, we can use the formula:
Net Operating Income = Sales - (Variable Expenses + Fixed Expenses)
The contribution margin ratio is 75%, so the variable expenses can be calculated as (Sales * 0.25). Given that the fixed expenses are $55,000, and the expected sales for May are $114,000, we can substitute the values into the formula:
Net Operating Income = $114,000 - (($114,000 * 0.25) + $55,000)
Simplifying the equation gives:
Net Operating Income = $114,000 - ($28,500 + $55,000)
Net Operating Income = $114,000 - $83,500
Net Operating Income = $30,500
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Lucas Co. has a job-order cost system. For the month of April, the following debits (credits) appeared in the general ledger account, work-in-process: April 1 Balance $ 24,000 30 Direct materials 80,000 30 Direct labor 60,000 30 Factory overhead 54,000 30 To finished goods (200,000) Lucas applies overhead to production at a predetermined rate of 90% based on direct labor cost. Job No. 100, the only job still in process at the end of April, has been charged with factory overhead of $4,500. The amount of direct materials charged to Job No. 100 was
To find the amount of direct materials charged to Job No. 100, you need to calculate the total direct materials used in April and allocate it proportionally to the jobs. Based on the provided information, the amount of direct materials charged to Job No. 100 is $56,000.
Explanation:In a job-order cost system, direct materials are charged to each specific job. To find the amount of direct materials charged to Job No. 100, we need to calculate the total direct materials used in the month of April and allocate it proportionally to the jobs.
Based on the information provided:
Total direct materials used in April = Direct materials debited in general ledger - Initial balance = $80,000 - $24,000 = $56,000Total direct labor cost in April = $60,000Factory overhead applied to Job No. 100 = $4,500To find the amount of direct materials charged to Job No. 100, we can use the predetermined overhead rate:
Direct materials charged to Job No. 100 = Total direct materials used in April × (Direct labor cost of Job No. 100 / Total direct labor cost in April)
Direct materials charged to Job No. 100 = $56,000 × ($60,000 / $60,000) = $56,000
Final answer:
To calculate the amount of direct materials charged to Job No. 100, we would typically subtract direct labor and factory overhead from the ending work-in-process inventory and to finished goods costs. However, not all necessary figures are provided in the question.
Explanation:
The student is asking how to calculate the amount of direct materials charged to Job No. 100 given factory overhead and a predetermined overhead rate based on direct labor cost. Lucas Co. applies overhead to production at a predetermined rate of 90% of direct labor cost. Since Job No. 100 was charged with $4,500 in factory overhead, we find the direct labor cost by dividing the factory overhead by the predetermined rate:
$4,500 ÷ 0.90 = $5,000 (direct labor cost for Job No. 100)
To find the direct materials cost, we use the information on the job-order cost system and the fact that the ending balance of work-in-process inventory will consist of the direct materials, direct labor, and applied overhead for Job no. 100. Given that Job No. 100 is the only job still in process, we need to use the following equation:
Ending Work-in-Process Inventory = Beginning Balance + Direct Materials + Direct Labor + Factory Overhead - To Finished Goods
Since we're solving for Direct Materials in this case and we have all other values, we can rearrange the equation:
Direct Materials charged to Job No. 100 = Ending Work-in-Process Inventory + To Finished Goods - Beginning Balance - Direct Labor (already found) - Factory Overhead (already found)
However, the question does not provide all of the necessary figures to find the ending balance of work-in-process or the total charges to finished goods for the period; additional information is needed to answer this calculation.
Logan Corporation issues 40,000 shares of $50 par value preferred stock for cash at $60 per share. In the stockholders' equity section, the effects of the transaction above will be reporteda. entirely within the capital stock section.b. entirely within the additional paid-in capital section.c. under both the capital stock and additional paid-in capital sections.d. entirely under the retained earnings section.
Answer:
c. under both the capital stock and additional paid-in capital sections
Explanation:
In the given question, the corporation issued 40,000 shares for $50 par value and for cash $60 per share
So, it affects the two accounts, one is preferred stock and the second is additional paid-in capital.
The preference stock should be increased by $2,000,000 (40,000 shares × $50)
Whereas the difference of $400,000 (40,000 shares × $10) would be transferred to additional paid in the capital account
And, the preferred stock has come under a capital stock account that's why we considered both the things
What must audit firms do to perform financial statement audits for public companies? a. Register with the Public Company Accounting Oversight Board. b. Register with the Institute of Internal Auditors c. Register with the American Institute of Certified Public Accountants d. Register with the U.S. General Accounting Office
Answer:
a. Register with the Public Company Accounting Oversight Board.
Explanation:
As per the standards of Auditing an auditor has to be registered as an public accounting firm, and then only it can perform audit for public companies.
For this, it has to be registered with PCAOB United States.
where, PCAOB stands for Public Company Accounting Oversight Board.
Therefore, correct option is a.
Audit firms must register with the Public Company Accounting Oversight Board (PCAOB) to perform financial statement audits for public companies. Being registered with other accounting agencies, like the Institute of Internal Auditors, the American Institute of Certified Public Accountants, or the U.S. General Accounting Office, can add credibility but is not necessary.
Explanation:For audit firms to perform financial statement audits for public companies, they must register with the Public Company Accounting Oversight Board (PCAOB). The PCAOB is a nonprofit corporation established by Congress to oversee the audits of public companies in order to protect the interests of investors and further the public interest in the preparation of informative, accurate, and independent audit reports. It is not mandatory to register with the Institute of Internal Auditors (IIA), the American Institute of Certified Public Accountants (AICPA), or the U.S. General Accounting Office (GAO) to conduct audits of public companies. However, membership with these bodies can add credibility and follow best auditing practices. Ultimately, the primary requirement for auditing public companies is PCAOB registration.
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Slotnick Chemical received $230,000 from customers as deposits on returnable containers during 2018. Ten percent of the containers were not returned. The deposits are based on the container cost marked up 10%. How much profit did Slotnick realize on the forfeited deposits?
Answer:
$20,909.09
Explanation:
We have been given that Slotnick Chemical received $230,000 from customers as deposits on returnable containers during 2018. 10% of the containers were not returned. The deposits are based on the container cost marked up 10%.
The price after mark-up would be [tex]100\%+10\%=110\%[/tex]
To find the profit on the forfeited deposits, we will divide $230,000 times 10% by 110% as:
[tex]\text{Profit on the forfeited deposits}=\frac{\$230,000\times 10\%}{110\%}[/tex]
[tex]\text{Profit on the forfeited deposits}=\frac{\$230,000}{11}[/tex]
[tex]\text{Profit on the forfeited deposits}=\$20,909.0909[/tex]
[tex]\text{Profit on the forfeited deposits}\approx \$20,909.09[/tex]
Therefore, Slotnick realize a profit of $20,909.09 on the forfeited deposits.
In order to achieve trust in supply chain relationships, there must be a perception of fairness and justice from all supply chain members.
a. True
b. False
Answer: True
Explanation:
Yes, the given statement is true as, to achieve trust in the relationship of the supply chain then, it must be perception of justice and fairness from all the members of the supply chain.
It basically help to improve in the development and productivity of the organization by fair trade. The supply chain always monitor the labelled product and ensure its integrity towards their particular work.
4. Your son has been in college and has a large balance on his credit card that was used for school supplies, books, and tuition. You want to help him out since he has done very well in school. You write a letter to the credit card company stating that you will be paying the bill in the future. The credit card company agrees. Is this a valid contract? Yes or No? If Yes, identify the offer, acceptance and consideration.
Answer: you have to go to the people in person and tell them give him a credit card now boi.
Explanation:
Yield to Call and Realized Rates of Return Six years ago, Goodwynn & Wolf Incorporated (G&W) sold a 17-year bond issue with a 12% annual coupon rate and a 7% call premium. Today, G&W called the bonds. The bonds originally were sold at their face value of $1,000. Compute the realized rate of return for investors who purchased the bonds when they were issued and who surrender them today in exchange for the call price. Round your answer to two decimal places.
Answer:
YTC = IRR = 12.844% (exact using excle of financial calculator)
using approximation formula: 12.72%
Explanation:
The call premium means it were called at 107 of the face value
1,000 x 107/100 = 1,070
The investment was for 1,000
The bond yield a six years annuity of 120
and then called at 1,070
We need to know teh YTC:
[tex]YTC = \frac{C + \frac{P-F}{n }}{\frac{P+F}{2}}[/tex]
Coupon payment =1,000 x 12% = 120
Call Price: 1070
Face Value: 1000
n: 6 years
[tex]YTC = \frac{120 + \frac{1,070-1,000}{6}}{\frac{1,070+1,000}{2}}[/tex]
YTC = 12.7214171%
This method is an aproximation to the YTC
To solve for the YTC we can use excel IRR funtion
we write
-1,000 (investment)
120
120
120
120
120
+1,070+120 = 1,190 (total cashflow at year 6 call price and coupon)
and we calculate IRR selecting this values:
which give us 12.844%
Which is close to our approximation.
which of the following scenarios most accuratley reflects the concept of scarcity?
(A) john decides not to purchase a new bike.
(B) anna decides to spend her evening babysitting rather than spending time with friends
(C) ned pays his personal income taxes before the april deadline.
(D) morgan earns an a on her economics erxam
Answer: "(B) anna decides to spend her evening babysitting rather than spending time with friends" reflects the concept of scarcity.".
Explanation: Scarcity is the lack or insufficiency of resources needed to meet a need. This example demonstrates the scarcity of the labor resource.
You paid $713 last year for a zero-coupon bond that promised to pay you $1,000 at the end of 5 years. Rather than hold it for the remaining four years, you have decided to sell it today. The prevailing effective annual interest rate is 9%. To the nearest dollar, what price do you expect to get for your bond?
Answer:
The bond today will be valued at 708.4252
Explanation:
The price for the bond will be the present value of 1,000 at the current market rate of 9%
We will use the present value of a lump sum to calculate this:
[tex]\frac{Maturity}{(1 + rate)^{time} } = PV[/tex]
Maturity 1,000 dollars
time 4 years
rate 9% = 9/100 = 0.09
[tex]\frac{1000}{(1 + 0.09)^{4} } = PV[/tex]
PV $708.4252
This will be the expected market value for the bond.
Within economics, the theory of scarcity says that there are unlimited wants and a finite amount of resources. However, history has demonstrated the power of productivity to overcome the theory of scarcity. What is the economic practice responsible for overcoming scarcity?
Answer:
According to the economists, the resources are scarce and human wants are unlimited. So, it is difficult to satisfy each and every want of people. But according to the theory of abundance, we can overcome from this problem by division and specialization of labor. If there is a proper division of labor according to their specialization then this will increase the productivity and one can produce more goods with the same level of resources.
From this economic practice, we can overcome from the problem of scarce resources.
Current information for the Stellar Corporation follows:
Beginning work in process inventory $ 34,900
Ending work in process inventory 36,300
Direct materials 164,000
Direct labor 102,000
Total factory overhead 80,100
Stellar Corporation's Cost of Goods Manufactured for the year is:
(A) $346,100
(B) $347,500
(C) $381,000
(D) $309,800
Final answer:
To find the Cost of Goods Manufactured, we add Direct Materials, Direct Labor, Total Factory Overhead, and the beginning work in process inventory, then subtract the ending work in process inventory. The calculation yields $344,700, which does not match any of the provided answers. It is possible there is a typo in the options or an error in the question's calculations.
Explanation:
To calculate Stellar Corporation's Cost of Goods Manufactured (COGM), we will add up all manufacturing costs and then adjust for the change in work in process inventory:
Begin with the total of Direct Materials, Direct Labor, and Total Factory Overhead.
Add the beginning work in process inventory.
Subtract the ending work in process inventory to find the COGM.
Thus, the calculation is:
Direct Materials ($164,000) + Direct Labor ($102,000) + Total Factory Overhead ($80,100) + Beginning work in process inventory ($34,900) - Ending work in process inventory ($36,300) = COGM
$164,000 + $102,000 + $80,100 + $34,900 - $36,300 = $344,700
Therefore, none of the options provided (A) $346,100, (B) $347,500, (C) $381,000, (D) $309,800 precisely match the calculated COGM of $344,700. There might be a typo in the options or a mistake in the calculations within the question. It is important to double-check the calculations and the given answer choices.
Project X has an internal rate of return of 20 percent. Project Y has an internal rate of return of 15 percent. Both projects have a positive net present value. Which of the following statements is most correct? Select one: a. Project X must have a higher net present value than Project Y. b. If the two projects have the same WACC, Project X must have a higher net present value. c. Project X must have a shorter payback than Project Y. d. Both answers b and c are correct. e. None of the above answers is correct.
On June 1, 20x1, ABC Corp. invested $250,000 into a certificate of deposit for 9-months, earning 9% APR. Principal and interest will be received at maturity on March 1, 20x2. ABC's year end is December 31st. At year end, the appropriate adjusting journal entry was recorded to accrue interest. To record the appropriate journal entry at maturity on March 1, 20x2 for receipt of principal plus interest at maturity, ABC would:
Answer:
note payable 250,000
interest payable 13,125
interest expense 3,750
cash 266,875
to record payment of note at maturirty
Explanation:
June 20X1
250,000 at 9% annual rate
At december 31th the company accrued the interest from June 1st to December 31th
That is 7 months.
250,000 x 9% x 7/12 = 13,125 accrued interest for the year ended X1
Then, on March 1st The company accrued the remaining two months.
250,000 x 0.09 x 2/12 = 3,750
The company will record on March 1st:
The write-off of the principal
The payment of the accrued interest for the previous year
The accrued interest for the period
the cash disbursement to settle all these obligation:
note payable 250,000
interest payable 13,125
interest expense 3,750
cash 266,875
to record payment of note at maturirty
On December 12, 2018, Pace Electronics received $43,200 from a customer toward a cash sale of $432,000 of diodes to be completed on January 16, 2019. What journal entries should Pace record on December 12 and January 16? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Answer:
cash 43,200
unearned services 43,200
to reord payment in advance
account receivables 388,800
unearned services 43,200
service revenue 432,000
to record completion of diodes request of December 12th
Explanation:
the accounting will match revenues with the time at they occur.
Also it will follow conservatism principles and do not recognize revenue until is secure.
Because, the customer may cancel the request it will not recognize any revenue until the goods are delviered andaccepted from the customer.
That occurs on January 16th so hthe revenue will be in that entry.
For Deceber 12th the reception of cash will be against unearned revenue as on that date, the company takes the obligation to do the job.
Madison Finance has a total of $20 million earmarked for homeowner loans and auto loans, where x is homeowner loans in millions of dollars and y is auto loans in millions of dollars. On the average, homeowner loans have a 9% annual rate of return, whereas auto loans yield a 14% annual rate of return. Management has also stipulated that the total amount of homeowner loans should be greater than or equal to 4 times the total amount of automobile loans. Determine the total amount of loans of each type Madison should extend to each category to maximize its returns P in millions of dollars.
Answer:
Ans. Car loans must be $4,000,000 and Home loans $16,000,000 in order to use all the conditions in the problem. Return= $2,000,000
Explanation:
Hi, well, you need to make sure to get as many car loans as the conditions of the problem allows you, since it returns 14%.
I used MS Excel solver to find this result, please download the excel spreadsheet attached to this answer.
Best of luck.
Final answer:
To maximize returns P, determine the total amount of homeowner and auto loans Madison Finance should extend by solving an optimization problem with given constraints.
Explanation:
Madison Finance has $20 million for homeowner and auto loans. Let x be homeowner loans and y be auto loans. Homeowner loans have 9% return, auto loans have 14% return. The constraint is x >= 4y. To maximize returns P, solve the optimization problem.
Define the variables: Let x = amount in million dollars for homeowner loans, y = amount in million dollars for auto loans.
Write objective function: P = 0.09x + 0.14y (representing returns)
Write constraint: x >= 4y (homeowner loans should be >= 4 times auto loans)
Solve the optimization problem: Maximize P = 0.09x + 0.14y subject to x >= 4y and x + y = 20 (total amount constraint)