Answer:
B are examples of stores of value, but not units of account nor medium of exchange.
Explanation:
(Stocks and bonds are store of value as they store the wealth of an individual but they are not units of account or medium of exchange and goods are not valued in terms of stock or bond and thus stock or bond can be used to purchase something.)
Lakisha is a professor of economics. She is currently earning $100,000 a year as a professor. She decides to quit her job as a professor and opens a consulting firm. In order to do this, she cashes out her retirement fund of $200,000. Her retirement fund has been earning 10% interest each year. At the end of her first year as an economic consultant, she earns $120,000 in accounting profit. What was her economic profit for the year?
Answer:
The correct answer is $0.
Explanation:
According to the scenario, computation of the given data are as follows:
Accounting Profit = $120,000
Current earning = $100,000
retirement fund = $200,000
Interest from retirement fund = 10% × $200,000 = $20,000
So, we can calculate the economic profit by using following formula:
Economic profit = Accounting profit - Current earning - Interest from retirement fund
By putting the value, we get
= $120,000 - $100,000 - $20,000
= $20,000 - $20,000
= $0
Lkisha economic profit for the year equal $0
Economic profit is the profit derived after deduction of costs of inputs and opportunity cost from revenue made from sale of output.
The Formula to use to calculate Lkisha economic profit is {Accounting profit - Salary given up - Interest from retirement fund given up}Given Information
Accounting Profit = $120,000
Current earning = $100,000
Retirement fund = $200,000
Economic Profit = $120,000 + $100,000 - (200,000 * 10%)
Economic Profit = $120,000 + $100,000 - $20,000
Economic Profit = $0
Therefore, Lkisha economic profit for the year equal $0.
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Imagine that you are a management coach and one of your clients, a new manager, says, "I’ve heard that about two thirds of managers fail within 18 months. I don’t want to be part of that statistic! I’ve heard that asking questions and really listening to people’s responses is key to success. But as a manager, shouldn’t I have the answers? Why should I be asking questions?"
a. How do you respond? Check all that apply.
O asking employees how to solve problems empowers them to arrive at solutions to which they're committed.
O asking employees questions enhances their sense that the manager is the only person they should be in dialogue with, so they start talking less to each other.
O asking employees questions develop their critical thinking skills.
O asking employees questions boosts their morale by them feel like experts, even though they're not.
Answer:
I think 1 and 3
Explanation:
Management is the activity or the tasks that take place within the group of people holding some of the roles, responsibilities, and accountability to perform the tasks efficiently and effectively.
The correct answer is
Asking employees how to solve problems empowers them to arrive at solutions to which they're committed.Asking employees questions develop their critical thinking skills.These options are correct because these can be the question that the manager asks to evaluate the performance of the employees and by this, he can also get to the answer to the question about which he is in question.
Options:
Asking employees questions enhances their sense that the manager is the only person they should be in dialogue with, so they start talking less to each other.Asking employees questions boost their morale by them feel like experts, even though they're not.These are the wrong options because they do not specify the correct answer to the context and also do not provide the answer to the questions of the manager in the management process.
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A small business that makes household products buys new injection molding equipment for a cost of $500,000. This will allow the manufacturer to make more clothespins in the same amount of time with an estimated increase in sales of 20%. If the manufacturer currently makes 75 tons of clothespins per year, which sell at $18,000 per ton, what will be the increase in revenue next year from the new equipment
Answer:
$270,000
Explanation:
Estimated increase in sales of 20%
Clothespins per year 75 tons
Sales of Clothespins 18,000 per ton
Hence
0.20 × 75 × 18,000 = $270,000
Therefore what will be the increase in revenue next year from the new equipment will be $270,000
Sandusky Company borrowed $28,000 from the Lakeside Bank by issuing a 10% three-year installment note. Sandusky agreed to repay the principal and interest by making annual payments in the amount of $11,259.21. Based on this information, the amount of the interest expense associated with the second payment would be: (round your answer to the nearest dollar)
Answer:
the amount of the interest expense associated with the second payment would be $1,954
Explanation:
According to the given data we have the following:
Amount borrowed= $28,000.00
10% interest=$28,000×0.10=$2,800
Therefore, Total outstanding at end of year 1=$28,000+$2,800
Total outstanding at end of year 1=$30,800
Sandusky agreed to repay the principal and interest by making annual payments in the amount of $11,259.21, therefore
Net balance at end of year 1= $30,800-$11,259.21
Net balance at end of year 1=$19,540.79
Hence, To calculate the amount of the interest expense associated with the second payment we would have to make the following calculation:
amount of the interest expense associated with the second payment= $19,540.79×10%=$1,954
Libre, Inc. has experienced bad debt losses of 5% of credit sales in prior periods. At the end of the year, the balance of Accounts Receivable is $125,000 and the Allowance for Doubtful Accounts has an unadjusted credit balance of $1,750. Net credit sales during the year were $200,000. Using the percentage of credit sales method, what is the estimated Bad Debt Expense for the year?
Answer:
Bad Debt Expense = $10,000
Explanation:
Using the percentage of credit sales method, estimated Bad Debt Expense for the year is
Bad Debt Expense = Net credit sales × Percentage of credit sales uncollectible
Given,
Net credit sales = $200,000
Percentage of credit sales = 5%
Putting the values into the formula, we can get
Bad Debt Expense = Net credit sales × Percentage of credit sales uncollectible
Bad Debt Expense = $200,000 × 5%
Bad Debt Expense = $10,000
As the company is using the Percentage of credit sales method, they do not need to adjust Allowance for Doubtful Accounts.
In 2017, Ozzie purchased a 2014 Ford Escort from his neighbor for his son, purchased a 2013 "one owner" Camry from Larchmont Toyota for his wife, bought a 2017 new Ford for himself, and sold his 2006 Dodge Caravan to his teenage nephew. Which, if any, of these transactions will be included in GDP in 2017?
Answer:
Ozzie's purchase of the 2017 new Ford would be included in GDP
Explanation:
Gross domestic product is the sum of all final goods and services produced in an economy within a given period which is usually a year.
Only goods produced in a given year would be included in the calculation of GDP.
Its only the 2017 new Ford that produced in 2017 that would be counted as part of 2017's GDP
I hope my answer helps you
The purchase of new goods, such as a 2017 new Ford, will be included in the GDP of 2017, but used goods transactions, like a 2014 Ford Escort and a 2013 Camry, will not be included.
Explanation:Transactions involving the purchase of new goods, such as the 2017 new Ford, will be included in the GDP of 2017. However, transactions involving the purchase of used goods, like the 2014 Ford Escort and the 2013 Camry, will not be included in the GDP as they are not considered new production.
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A company that uses the perpetual inventory system sold goods to a customer on account for $ 2,100. The cost of the goods sold was $ 1,050. Which of the following journal entries correctly records this transaction? A) Cost of Goods Sold $2,100 Sales Revenue $2,100B) Merchandise Inventory $2,100 Sales Revenue $2,100C) Accounts Receivable $2,100 Cash $2,100D) Cash $2,100 Sales Revenue $2,100 Cost of Goods Sold $1,050 Merchandise Inventory $1,050
Answer:
Journal Entry
Explanation:
The Journal entry is shown below:-
1. Accounts receivable Dr, $2,100
To Sales $2,100
(Being sales made on account is recorded)
2. Cost of Goods Sold Dr, $ 1,050
To Merchandise Inventory $1,050
(Being cost of goods sold is recorded)
Therefore option is not available.
The Holmes Company's currently outstanding bonds have a 10% coupon and a 14% yield to maturity. Holmes believes it could issue new bonds at par that would provide a similar yield to maturity. If its marginal tax rate is 40%, what is Holmes' after-tax cost of debt
Answer:
The correct answer is 6.84%.
Explanation:
According to the scenario, the given data are as follows:
Coupon = 10%
yield to maturity = 14%
Marginal Tax rate = 40%
Here, Issue new bond at par show that YTM = Coupon rate
So, we can calculate the after tax cost of debt by using following formula:
After tax cost of debt = YTM × ( 1 - marginal tax rate )
By putting the value, we get
After tax cost of debt = 0.14 × ( 1 - 0.40)
= 0.14 × 0.60
= 0.684
= 6.84%
Billy Ray owns several parcels of rental real estate, and he actively participates in managing the properties. His total loss from these activities in 2019 is $30,000 and his AGI for 2019 is $110,000. How much of the disallowed loss from rental real estate activities may be carried over to future years?
Answer:
your answer is
$160,00
Explain why a contractor will typically do almost anything in his power to prevent having the owner notify the bonding company that the contractor has failed to fulfill some of the provisions guaranteed by a bond.
Answer:
Default by Contractor
Explanation:
A contractor will typically prevent having the owner notify the bonding company all because the bonding company, upon notification by the obligee, is then required to make remedy to the owner in accord with the provisions of the bond instrument, up to a maximum of the face amount of the bond.
Answer:
Explanation:
Note that The contractor is said to be in default when he fails to fulfil one or more provisions that was guaranteed in a bond. (He didn't keep his own part of the bargain in the bond)
He will do everything within his power to ensure that the owner doesn't know this because Once the owner knows the bonding company of a default, the bonding company will fulfil the obligations as set forth in the bond instrument. The company will vigorously seek the principal which the bonding paid in fulfilling the provisions of the bond, and the contractor must pay out of his own pocket.
Universal Electronics, Inc. (UEI), which started operations one year ago, has two divisions: Consumer and Commercial. Both divisions invest heavily in R&D, which is assumed to benefit five years. R&D spending is made uniformly throughout the year. UEI has a cost of capital of 11 percent. Selected financial information for the two divisions (in thousands of dollars) for the year just completed follows. Consumer Commercial Sales revenue $ 22,000 $ 37,000 Divisional income 3,850 3,885 Divisional investment 27,500 27,750 Current liabilities 1,000 800 R&D 1,000 1,000 Required: Evaluate the performance of the two divisions assuming UEI uses return on investment (ROI).
Answer:
Investments in both divisions are performing equally well at the ROI of 14% each.
Explanation:
The financial data in the question are merged together and they are first sorted before the question is answered as follows:
Consumer ($) Commercial ($)
Sales revenue 22,000 37,000
Divisional income 3,850 3,885
Divisional investment 27,500 27,750
Current liabilities 1,000 800
R&D 1,000 1,000
The answers are now as follows:
Divisional ROI = Divisional income / Divisional investment
Consumer division ROI = $3,850 / $27,500 = 0.1400, or 14%
Commercial division ROI = $3,885 / $27,750 = 0.1400, or 14%
This shows that investments in both divisions are performing equally well at the ROI of 14% each.
The builder of a new arena is sued after a section of the roof collapses during a football game, injuring hundreds of people and causing extensive damage to the arena. This is an example of what kind of exposure
Answer:
The correct answer is letter "D": completed operations liability exposure.
Explanation:
Completed Operations Liability exposure refers to the risk contractors are subject to by which a third party can sue them alleging bodily and property injuries as a result of finished work. Under these circumstances, all the parties responsible in the operations of the work (contractors and subcontractors) are cited until it is determined who could be liable for the harm.
Contractors are obligated to keep a completed operations liability insurance to face such scenarios, Failure to count on insurance for these cases could be considered a breach of the contract with the general contractor of the work.
Think about the statement, “Business people are moral people”. Briefly write your
reaction to the statement...what does this mean?
On December 18, Intel receives $259,000 from a customer toward a cash sale of $2.59 million for computer chips to be completed on January 23. The computer chips had a total production cost of $1.59 million. What journal entries should Intel record on December 18 and January 23
Answer:
Date General Journal Debit Credit
Dec. 18 Cash $259,000
Unearned revenue $259,000
(To record advance receipt of cash)
Jan. 23 Cash (2590000 - 259000) $2,331,000
Unearned revenue $259,000
Sales revenue $2,590,000
(To record cash sale)
Jan. 23 Cost of goods sold $1,590,000
Inventory $1,590,000
(To record cost of goods sold)
Ayayai Corp. had the following inventory transactions occur during 2022: Units Cost/unit Feb. 1, 2022 Purchase 102 $42 Mar. 14, 2022 Purchase 175 $44 May 1, 2022 Purchase 124 $46 The company sold 288 units at $59 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, and operating expenses of $1692, what is the company’s after-tax income using LIFO?
Answer:
Income after tax = $1666
Explanation:
LIFO (Last-In-First-Out) is a method of inventory valuation where the goods that are received last are used first. In other words, the latest stock is used first. This is common for bulky inventory, stacked one on top of another.
In order to obtain the after-tax income, both the gross profit and income before tax are required. To obtain gross profit, we require the cost of goods sold information. The inventory information is as follows:
Feb 1 : Purchases : 102 units x $42 = $4284
Mar 14 : Purchases : 175 units x $44 = $7700
May 1 : Purchases : 124 units x $46 = $5704
288 units were sold
The COGS would be:
124 x $46 = $5704
164 x $44 = $7216
Thus COGS : $5704 + $7216 = $12920
Gross profit : Sales - COGS
Sales : $59 x 288 = $16992
Gross Profit = $16992 - $12920 = $4072
Income before tax : Gross Profit - Expenses
Operating expenses : $1692
Income before tax = $4072 - $1692 = $2380
Income after tax : Income before tax - (tax rate x income before tax)
Tax rate : 30%
Income after tax = $2380 - ($2380 x 30%) = $1666
Colter Company prepares monthly cash budgets. Relevant data fromoperating budgets for 2017 are as follows:
January February
Sales 360,000 $400,000
Direct materials purchases 120,000 125,000
Direct labor 90,000 100,000
Manufacturing overhead 70,000 75,000
Selling and administrative expenses 79,000 85,000
All sales are on account. Collections are expected to be 50% inthe month of sale, 30% in the first month following the sale, and20% in the second month following the sale. Sixty percent (60%) ofdirect materials purchases are paid in cash in the month ofpurchase, and the balance due is paid in the month following thepurchase. All other items above are paid in the month incurredexcept for selling and administrative expenses that include $1,000of depreciation per month.
Other data:
1. Credit sales: November 2016, $250,000; December 2016,$320,000.
2. Purchases of direct materials: December 2016, $100,000.
3. Other receipts: January Collection of December 31, 2016,notes receivable $15,000; FebruaryâProceeds from sale of securities $6,000.
4. Other disbursements: February Payment of $6,000 cashdividend.
The companys cash balance on January 1, 2017, is expected to be $60,000. The company wants to maintain a minimum cash balance of $50,000.
Prepare schedules for (1) expected collections from customersand (2) expected payments for direct materials purchases forJanuary and February.
Prepare a cash budget for January and February in columnarform.
Answer:
1. Expected Collections from Customers for January is $326,000 and February $372,000
2. Expected Payments for Direct Materials for January is $112,000 and February $123,000
3. Ending Amount required (to make ending balance =$50,000) for January is 0 and February is $9.000. Cash Budget prepared in explanation below.
Explanation:
Schedule for Expected Collections & Payments and Cash Budget prepared below. Moreover, please note that all totaling amounts have been marked in Bold Letters.
1. Schedule of expected customer collections for January and February.
Particulars January February
50% of current month sales 180,000 200,000
30% in of previous month' s sales (i.e., 30% of December's sales, 30% of January's sales) 96,000 108,000
20% of before previous month's sale (20%
of November's sale, 20%of December's sales) 50,000 64,000
Total cash collections from customers 326,000 372,000
2. Expected payments for direct material purchases:
Particulars January February
60 % of current month's purchases 72,000 75,000
40% of previous months purchases (i.e 40%
of December's purchase, 40% of January's purchase) 40,000 48,000
Total payments for purchases 112,000 123,000
3.Cash budget for the months January and February:
Particulars January February
Cash Receipts:
Collections from customers (from 1 above) 326,000 372,000
Collection of notes receivable 15,000 0
Sale of securities 0 6000
Total cash receipts 341,000 378,000
Add: opening balance $60,000 51,000
Total cash receipts and opening balance $401,000 429,000
Cash payments:
Expected payments for purchases (from 2 above) 112,000 123,000
DIrect labour 90,000 100,000
manufacturing overhead 70,000 75,000
Selling and administration expenses (less $1,000) 78,000 84,000
Cash dividends 0 6,000
Total cash payments 350,000 388,000
Ending cash balance (receipts +
opening balance -payments) $51,000 $41,000
Amount to be borrowed (to make
ending balance =$50,000) 0 $9,000
Final ending balance of cash $51,000 $50,000
An excise tax levied on a product will impose a smaller relative burden on consumers (and a larger relative burden on sellers) when: Group of answer choices the supply of the product is relatively inelastic. the supply of the product is relatively elastic. the demand for the product is relatively elastic. either a or c is true.
Answer: the demand for the product is relatively elastic
Explanation:
When a product is said to be Elastic, it means that for every 1% change in price, there is a more than 1% change in the Quantity Demanded of that product. For example, if the price of a good rises by 2% and the Quantity Demanded drops by 2.5% that good is considered Elastic.
Now, if an excise tax is intruduced on a good that is Elastic that means that the price would rise and the demand would drop. This will impose a larger burden on suppliers because in an attempt to keep the price relatively stable, they will absorb most of the tax thus reducing their profitability in order to avoid a more than proportional decrease in Quantity Demanded.
An excise tax impacts consumers and sellers differently based on the elasticity of demand and supply. When demand is more elastic than supply, consumers bear less tax burden; when supply is more elastic than demand, consumers bear a larger burden. The tax incidence falls on the group with the most inelastic price-quantity curve.
An excise tax introduces a wedge between the price paid by consumers (Pc) and the price received by producers (Pp). When the demand is more elastic than supply, the tax incidence on consumers is lower, but when the supply is more elastic than demand, the tax incidence on consumers is larger.
The tax burden falls on the group with the most inelastic price-quantity curve. If demand is inelastic relative to supply, buyers bear most of the tax burden; if demand is elastic relative to supply, sellers bear most of it.
The more elastic the demand and supply curves, the lower the tax revenue generated. In cases of relatively elastic supply and relatively inelastic demand, the tax burden falls more on consumers than on sellers.
Entries to Write Off Accounts Receivable Creative Solutions Company, a computer consulting firm, has decided to write off the $13,780 balance of an account owed by a customer, Wil Treadwell. a. Journalize the entry to record the write-off, assuming that the direct write-off method is used. If an amount box does not require an entry, leave it blank. b. Journalize the entry to record the write-off, assuming that the allowance method is used. If an amount box does not require an entry, leave it blank.
Answer:
A. Debit Bad Debt Expense 13780
Credit Accounts Receivable Wil Treadwell 13780
B. Debit Allowance for Doubtful Accounts 13780
Credit Accounts Receivable Wil Treadwell 13780
Explanation:
When a debtor defaults on a payment, the creditor is forced to write off that amount of money as a bad debt.
What is Bad Debt ?Bad debts are documented as charge-offs when they become uncollectible and are present on a creditor's books.
An account receivable that has been specifically determined to be uncollectible and, as a result, is written off is referred to as a bad debt.
When a borrower or debtor defaults—that is, fails to pay back a loan or other obligation—bad debt results. These accounts are eliminated from the receivables list.
For the stated transaction Journal Entry will be
Transaction Dr ($) Cr ($)
Bad Debt Expense 13780
To Accounts Receivable
(Wil Treadwell) 13780
B. Allowance for Doubtful Accounts 13780
To Accounts Receivable Wil Treadwell 13780
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Mayfield Inc. will pay a dividend of $3.14 per share next year. The company pledges to increase its dividend by 3.7 percent per year indefinitely. If you require a return of 10 percent on your investment, how much will you pay for the company's stock today
Answer:
The price that will be paid for the stock today is $49.84
Explanation:
The company is expected to grow the dividends at a constant rate, thus the constant growth model of DDM will be used to calculate the price of the stock today. The formula for the price of the stock is:
P0 = D1 / r - g
Where,
D1 is the dividend expected for the next periodr is the required rate of returng is the growth rate in dividendsP0 = 3.14 / (0.1 - 0.037)
P0 = $49.84
Using the Gordon Growth Model, an investor who requires a 10% return on their investment should pay $49.84 for Mayfield Inc.'s stock today, given a future dividend of $3.14 with a perpetual annual increase of 3.7%.
The student is asking how much they should pay for a company's stock today given that Mayfield Inc. will pay a dividend of $3.14 next year, and the dividends are expected to increase by 3.7% each year indefinitely. This question involves determining the present value of an infinite series of dividends growing at a constant rate, which is a Dividend Discount Model (DDM) application, a concept found within finance and investment analysis.
To calculate the price of the stock today, we will use the Gordon Growth Model (a version of the DDM for perpetuity with growth):
P = D / (r - g)
where P is the price of the stock today, D is the next year's dividend, r is the required rate of return, and g is the growth rate in dividends.
Plugging in the numbers, we get:
P = 3.14 / (0.10 - 0.037)P = 3.14 / 0.063P = $49.84
So, if an investor requires a 10% return on their investment, they should be willing to pay $49.84 for Mayfield Inc.'s stock today.
Six months ago, you purchased 2,300 shares of ABC stock for $28.08 a share. You have received dividend payments equal to $.80 a share. Today, you sold all of your shares for $30.07 a share. What is your total dollar return on this investment?
Answer:
Dollar Return $2.79
$6417 as per investment in shares
Explanation:
The return from an investment is the difference between value of stock when is was purchased to when it is sold plus any income received during the period
Dollar return will be divided into two
Capital gain which is the difference between purchasing price and selling price
Capital Gain = 30.07-28.08= 1.99
Income which is any income distributions made
Income = dividend Income = $0.80
Return = 1.99+0.8=$2.79
As per investment =2300*2.79 = $6417
A&B Enterprises may add customer appraisals as a component of employee performance appraisals. All of the following are most likely reasons for A&B to use customer appraisals EXCEPT ________. fostering change evaluating development programs holding employees accountable demonstrating customer commitment
Answer: Evaluating Development Programs
Explanation:
Customer Appraisal is very and should be very important to companies because it is a critical source of information that guides a company on knowing Consumer Behavior.
Knowledge of Consumer Behavior can make or break a company as it enables them to know if they are satisfying their customer's needs.
Fostering Change, Holding Employees Accountable and Demonstrating a commitment to Customers are main reasons for Customer Appraisals. Evaluating Development Programs is not likely to be a reason so is the correct answer here.
On July 31, 2022, Blossom Company had a cash balance per books of $6,295.00. The statement from Dakota State Bank on that date showed a balance of $7,845.80. A comparison of the bank statement with the Cash account revealed the following facts.
1. The bank service charge for July was $24.00.
2. The bank collected $1,675.00 from a customer for Blossom Company through electronic funds transfer.
3. The July 31 receipts of $1,349.30 were not included in the bank deposits for July. These receipts were deposited by the company in a night deposit vault on July 31.
4. Company check No. 2480 issued to L. Taylor, a creditor, for $354.00 that cleared the bank in July was incorrectly entered in the cash payments journal on July 10 for $345.00.
5. Checks outstanding on July 31 totaled $1,988.10.
6. On July 31, the bank statement showed an NSF charge of $730.00 for a check received by the company from W. Krueger, a customer, on account.
Required:
a. Prepare the bank reconciliation as of July 31.
Answer:
Adjusted book/Bank balance = $7,207
Explanation:
Blossom Company
Bank Reconciliation Statement
For the year ended July 31, 2022
Bank balance as per July 31 $7,845.80
Add: Deposit in Transit $1,349.30
Less: Outstanding check $(1,988.10)
Adjusted bank balance $7,207
Cash balance as per July 31 $6,295.00
Add: Collection from EFT $ 1,675.00
Less: Bank service charge $(24.00)
NSF check $(730.00)
Error in bank $(9.00)
Total deduction $(763.00)
Adjusted book balance $7,207
Therefore, the bank balance and book balance have been adjusted through bank reconciliation statement.
Which of the following is not a function of public relations?
a. Building excitement for new product launches.
b. Getting the firm’s message to mass audiences very quickly.
c. Introducing new products with limited associated advertising.
d. Defending or improving the firm’s image.
e. Providing value-added customer services.
The Introduction of new products with limited associated advertising is is not a function of public relations.
A public relations is a department that helps to maintain the favorable public image of a company.
A public relations helps building excitement for a new product launches.
The department ensures that the firm’s message gets to the mass audiences very quickly.The department also defending, improving the firm’s image as well as providing value-added customer services.
In conclusion, the Option C is correct because Introduction of new products with limited associated advertising is is not a function of public relations.
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Jill plants flowers in her yard to supply a local florist. Her neighbor enjoys the flowers. Therefore:a. Jill should stop planting flowers because her neighbor does not pay for the benefit he gets.b. Jill should not plant flowers because their economic value is low and opportunity cost is high.c. Jill should plant fewer flowers because the external cost is greater than the external benefit.d. Jill is creating an external benefit for her neighbor.
Answer:
D.Jill is creating an external benefit for her neighbor.
Explanation:
An external benefit is also called positive externality. This is a benefit that a transaction or activity provides to someone who is not part of the transaction or activity.
In this scenario Jill is the one who engaged in the activity of planting flowers. But her neighbor who is not a part of the activity is the one enjoying/benefitting from the flowers.
Brown Company purchased equipment in 2011 for $150,000 and estimated a $10,000 salvage value at the end of the equipment's 10-year useful life. At December 31, 2017, there was $98,000 in the Accumulated Depreciation account for this equipment using the straight-line method of depreciation. On March 31, 2018, the equipment was sold for $40,000.
Answer:
The journal entry for disposal of equipment will be as follows;
Explanation:
Accumulated Depreciation Dr.$98,000
Cash Dr.$40,000
Loss on disposal (150-98-40) Dr.$12,000
Equipment Cr.$150,000
Answer:
Dr Depreciation Expense 3,500
Cr Accumulated Depreciation—Equipment 3,500
Dr Cash 40,000
Dr Loss on Disposal of Plant Assets 8,500
Dr Accumulated Depreciation—Equipment 101,500
Cr Equipment 150,000
Explanation:
Brown Company Journal entry
(a)
Dr Depreciation Expense 3,500
Cr Accumulated Depreciation—Equipment 3,500
( $14,000 × 1/4 = $3,500)
Dr Cash 40,000
Dr Loss on Disposal of Plant Assets 8,500
Dr Accumulated Depreciation—Equipment ($98,000 + $3,500) 101,500
Cr Equipment 150,000
Which one of the following is a way to improve the S/Q rating of branded pairs produced at a particular production facility? Avoiding use of green/environmentally-friendly materials (which are of lower quality than superior materials) Avoiding the use of overtime Increasing the number of models/styles produced Increasing worker base pay by more than 2% annually Increasing expenditures for best practices training for workers
Answer: Avoiding use of green/environmentally-friendly materials (which are of lower quality than superior materials)
Explanation:
The International Footwear Federation is a consumer group that issues s/q ratings for footware makers around the world.
The S/Q ratings range from 0 - 10 stars and measure everything between the quality and appearance of the footware apparel.
Footware with high quality materials that are durable rank high in the S/Q matrix and as such it is imperative that companies aiming to move higher up the S/Q scale, use high quality materials.
Avoiding the use of green/environmentally-friendly materials (which are of lower quality than superior materials) and instead using Superior materials, whilst not entirely good for the Environment, will make a shoe stronger which would increase the S/Q rating.
Focusing a supply chain on ________________ is a modern way of ensuring high-quality inputs and extending an organization’s continuous improvement efforts. Multiple Choice ISO 14000 customers lowest cost per unit sourced suppliers that emphasize continuous-flow production close, collaborative ties with suppliers partners pursuing similar strategies
Answer:
The correct answer is letter "D": close, collaborative ties with suppliers.
Explanation:
A Supply Chain is a network of organizations that work in the production and distribution of a good. The network is managed by the manufacturer from gathering the raw materials until a final good is provided to end-consumers. The relationships between suppliers, producers, distributors, retailers, and customers are vital for the sustainability of the firm.
To ensure the high-quality of the production, most companies aim to establish strong bonds with their suppliers by promoting mutual efforts in an attempt to maximize each others' profits.
Consider the race for governor of a small state. The population of the state is evenly divided between three cities—Summertown, Tarrytown, and Auburn. The governor's race is between Ralph Rubin (the mayor of Summertown) and Travis Turner (the mayor of Tarrytown). Assume that no matter what is said during the campaign, Rubin can count on the support of 100% of the Summertown population, and Turner can count on the support of 100% of the Tarrytown population. Assume 100% voter participation.
a. According to the result of majority-rule voting, the next governor will be the one preferred by the majority of the residents of ___________.
Options:
a. Summertown
b. Tarrytown
c. Auburn
Answer:
C
Explanation:
The first point here is that the State is evenly distributed among the three cities that made up the state. That means if the state population is 300 , each city population is 100 .
Now , if Ralph Rubin get a 10% support from Summerton (100 people) and Turner got the 100% support of Tarrytown (100 people) assuming 1005 participation. The decider of the election will be the people of Auburn.
The preferred candidate by the majority ((more tha 50%)people of auburn will be the winner
According to the result of majority-rule voting, the next governor will be the one preferred by the majority of the residents of Auburn.
In a race for governor between two candidates with city-specific support, the winner will be the one preferred by the majority of the residents of Auburn due to the even division of the state's population among three cities.
In this scenario, even though each candidate has the complete support of their city's population, the winner will be chosen based on the majority of votes from all three cities combined.Since the population is evenly divided among the three cities, the majority will be determined by the combined total of votes from Auburn, making it crucial for a candidate to secure the majority support there.At December 31, 2020, Sager Co. had 1,200,000 shares of common stock outstanding. In addition, Sager had 450,000 shares of preferred stock which were convertible into 750,000 shares of common stock. During 2021, Sager paid$1,200,000 cash dividends on the common stock and $800,000 cash dividends on the preferred stock. Net income for 2021 was $6,800,000 and the income tax rate was 40%.
The diluted earnings per share for 2021 is (rounded to the nearest penny) _______.
Answer:
$3.48
Explanation:
Net income ÷Shares of common stock outstanding + Preferred stock convertible shares of common stock.
Net income 6,800,000
Shares of common stock outstanding 1,200,000
Preferred stock convertible 750,000
Hence:
$6,800,000/ ($1,200,000 + $750,000)
=$6,800,000/$1,950,000
=$3.48
Therefore the diluted earnings per share for 2021 is $3.48
40. Using simple math, the Water Utility Fund of Eugene, Oregon has the following subtotals on its December 31, 2019 Statement of Net Position: Total Current and Accrued Assets, $2,000; Total Restricted Assets, $1,050; Net Utility Plant, $10,500; Other Assets, $60; Total Current Liabilities, $800; Liabilities payable from restricted assets, $250; and Long-term Liabilities, $7,900. How much would be the net position—Unrestricted? A. $1,200. B. $1,260. C. $950. D. $2,000.
Answer:
B. $1,260
Explanation:
The computation of the net position unrestricted is shown below
Unrestricted Net Position is
= Total Current and accrued Assets + Other assets - current liabilities
= $2,000 + $60 - $800
= $1,260
We simply added the other assets and deduct the current liabilities to the total current and accrued assets so that the amount could come in a correct way
Therefore all other information that is not considered is irrelevant. Hence, ignored it