Answer:
No
Explanation:
This does not violate the expenditure = output identity because this idenity says that goods-in-stock /unsold goods produced and ready for sale but not yet sold (inventory) are also a part of output, which if sold in the next accounting period, would still be calculated as sale in the current period, since it is the sale of output produced in the current year.
The scenario does not violate the expenditure = output identity because the value of spoiled goods is included in the output but not in the expenditures.
In national accounting, the total value of final goods produced (output) includes both sold and unsold goods. Thus, the firm produces $10 million worth of goods, of which $9 million is sold, and $1 million spoils. The spoiled goods are part of the output but are not reflected in the expenditure, maintaining the identity.
Output includes all produced final goods, sold or not.Expenditure accounts for the actual sales.Spoiled goods are counted in output but not in expenditure.This ensures that the accounting identity holds true as output still equals the sum of expenditures and unsold (including spoiled) goods.
A mini-calculator company saw its sales decrease over the last year and decided to launch a new marketing mix strategy to boost awareness and sales. One of the company’s implemented tactics was to sell its mini-calculators through Amazon. It spent $5,000 to add new colors to their product offerings and $5,000 launching a video ad campaign. After tracking its online sales metrics, it saw a leap in sales of $20,000 in three months. What is this company's ROI on their marketing efforts?
Answer:
The ROI is 2
Explanation:
For computing the ROI we have to apply the formula which is shown below:
= Return in terms of benefit ÷ investment
where,
Return is in terms of sales which equals to $20,000
And, the investment equals to
= New color cost + video launching cost
= $5,000 + $5,000
= $10,000
Now put these values to the above formula
So, the answer would be equal to
= $20,000 ÷ $10,000
= 2
Final answer:
The Company's invested $10,000 in its marketing strategy. With a $20,000 increase in sales, this leads to a net profit of $10,000 and an ROI of 100%.
Explanation:
To calculate the Return on Investment (ROI) for the mini-calculator company’s marketing efforts, one must look at the net profit from the marketing strategy and compare it to the cost of that strategy. The company spent a total of $10,000 on adding new colors and launching a video ad campaign. It saw an increase in sales of $20,000 over three months as a direct result of these marketing efforts. To calculate ROI, we subtract the total marketing costs from the increased sales to find the net profit, which is then divided by the total marketing costs and multiplied by 100 to get a percentage.
First, we find the net profit from the marketing strategy: $20,000 (increase in sales) - $10,000 (total marketing costs) = $10,000 net profit. Now, we calculate the ROI: ($10,000 net profit / $10,000 total marketing costs) x 100 = 100% ROI.
Ruff, Inc. makes dog food out of chicken and grain. Chicken has 10 grams of protein and 5 grams of fat per ounce, and grain has 2 grams of protein and 2 grams of fat per ounce. A bag of dog food must contain at least 226 grams of protein and at least 166 grams of fat. If chicken costs 11¢ per ounce and grain costs 1¢ per ounce, how many ounces of each should Ruff use in each bag of dog food to minimize cost? HINT [See Example 4.] (If an answer does not exist, enter DNE.)
Answer: Ruff, Inc., should use 0 oz of chicken and 113 oz grain.
Explanation:
Given that,
Chicken:
10 grams of protein
5 grams of fat per ounce
Grain:
2 grams of protein
2 grams of fat per ounce
Chicken costs = 11¢ per ounce
Grain costs = 1¢ per ounce
Let x be chicken and y be grain
Objective is to minimize 11x +y
subject to
10x +2y ≥ 226
5x + 2y ≥ 166
Solving these two equations, we get,
point (1)- (12, 53) and two corner solution
(2)- (0,113)
(3)- (33.2,0)
Price of 1) = 12 × 11 + 53 × 1 = 185
Price of 2) = 0 ×11 + 113 × 1 = 113
Price of 3) = 33.2 × 11 + 0 × 1 = 365.2
Therefore, Ruff, Inc., should use 0 oz of chicken and 113 oz grain.
To minimize cost, we need to set up a system of equations based on the requirements for protein and fat in the dog food and use a graphing calculator to find the point with the lowest cost.
Explanation:To minimize cost, we need to set up a system of equations based on the requirements for protein and fat in dog food. Let's use x to represent the number of ounces of chicken and y to represent the number of ounces of grain used in each bag of dog food.
The total protein in the dog food can be calculated as 10x + 2y, and the total fat can be calculated as 5x + 2y. We can set up inequalities based on the minimum protein and fat requirements: 10x + 2y ≥ 226 and 5x + 2y ≥ 166.
We also need to consider the cost. The cost of chicken is 11 cents per ounce and the cost of grain is 1 cent per ounce. The total cost can be calculated as 11x + y. To minimize cost, we can use a graphing calculator to find the feasible region and locate the point with the lowest cost.
Learn more about Minimizing cost in dog food production here:https://brainly.com/question/38764277
#SPJ11
Larcker Manufacturing's cost accountant has provided you with the following information for January operations. Direct materials $ 34 per unit Fixed manufacturing overhead costs $ 230,000 Sales price $ 190 per unit Variable manufacturing overhead $ 18 per unit Direct labor $ 30 per unit Fixed marketing and administrative costs $ 205,000 Units produced and sold $ 6,000 Variable marketing and administrative costs $ 8 per unit Required: a. Prepare a gross margin income statement. b. Prepare a contribution margin income statement.
Answer:
Please see details below
Explanation:
Gross Margin income statement
Sales $ 1.140.000
Direct Labor -$ 180.000
Direct Materials -$ 204.000
Variable Manuf. Overhead -$ 204.000
Gross Profit $ 552.000
Manufacturing Overhead -$ 230.000
Fixed Mktg Costs -$ 205.000
Operating Expenses -$ 35.000
Variable Mktg Cost -$ 48.000
Net Income $ 34.000
Contribution Margin Inc. statement.
Sales $ 1.140.000
Direct Labor -$ 180.000
Direct Materials -$ 204.000
Variable Manuf. Overhead -$ 204.000
Gross Contribution Margin $ 552.000
Variable Mktg Cost -$ 48.000
Fixed Mktg Costs -$ 205.000
Operating Expenses -$ 35.000
Contribution Margin $ 264.000
Manufacturing Overhead -$ 230.000
Net Income $ 34.000
Financial data for Joel de Paris, Inc., for last year follow:
Joel de Paris, Inc.
Balance Sheet
Beginning
Balance Ending
Balance
Assets
Cash $ 129,000 $ 132,000
Accounts receivable 344,000 471,000
Inventory 568,000 471,000
Plant and equipment, net 819,000 826,000
Investment in Buisson, S.A. 392,000 434,000
Land (undeveloped) 253,000 251,000
Total assets $ 2,505,000 $ 2,585,000
Liabilities and Stockholders' Equity
Accounts payable $ 386,000 $ 349,000
Long-term debt 1,027,000 1,027,000
Stockholders' equity 1,092,000 1,209,000
Total liabilities and stockholders' equity $ 2,505,000 $ 2,585,000
Joel de Paris, Inc.
Income Statement
Sales $ 4,700,000
Operating expenses 4,042,000
Net operating income 658,000
Interest and taxes:
Interest expense $ 121,000
Tax expense 204,000 325,000
Net income $ 333,000
The company paid dividends of $216,000 last year. The "Investment in Buisson, S.A.," on the balance sheet represents an investment in the stock of another company.
Required:
1.
Compute the company’s margin, turnover, and return on investment (ROI) for last year. (Round your answers to 2 decimal places.)
2.
The board of directors of Joel de Paris, Inc., has set a minimum required rate of return of 21%. What was the company’s residual income last year?
Final answer:
1. Margin: 7.1%, Turnover: 714%, ROI: 12.8%. 2. Residual income: $138,180
Explanation:
1. Compute the company’s margin, turnover, and return on investment (ROI) for last year:
Margin: Margin is calculated by dividing net income by sales. In this case, the net income is $333,000 and the sales are $4,700,000. Therefore, the margin is 0.071 or 7.1%.Turnover: Turnover is calculated by dividing the cost of goods sold by the average inventory. The cost of goods sold can be calculated by subtracting the gross profit from the operating expenses. In this case, the cost of goods sold is $3,711,000 and the average inventory is ($568,000 + $471,000)/2 = $519,500. Therefore, the turnover is 7.14 or 714%.Return on Investment (ROI): ROI is calculated by dividing the net income by the total assets. In this case, the net income is $333,000 and the total assets are $2,585,000. Therefore, the ROI is 0.128 or 12.8%.2. The company’s residual income last year:
Residual income is calculated by subtracting the minimum required rate of return from the net operating income. In this case, the net operating income is $658,000 and the minimum required rate of return is 21%. Therefore, the residual income is $138,180 ([$658,000 - (0.21 * $2,505,000)].
In the context of marketing mix, localization can be adopted by:
a. selling the same product worldwide.
b. selling entirely new and customized products to the local markets.
c. selling a product that is successful in the home country.
d. selling products that appear to be locally adapted.
Answer:
d. selling products that appear to be locally adapted.
Explanation:
Localization:It refers to products which is locally adapted by the end-users. It is that thing which is easily adapted by the peoples and along with it, it can meet the needs of the people.
It overall impacts the customer buying behavior which includes their taste and preference, bargaining power, affordability, reasonable price, etc
By going throughout the options, the most correct option is D. So, other options are incorrect.
In the context of market segmentation, unlike global citizens, global dreamers:
a. may not be able to afford, but nevertheless admire, global brands.
b. are skeptical about whether global brands deliver higher-quality goods.
c. are most likely to lead anti-globalization demonstrations.
d. believe that not all global brands are acceptable in the market.
Answer:
a. May not be able to afford, but nevertheless admire, global brands.
Explanation:
Let's analize all the statements for separate.
A.Global dreamers favour the global brands. Unlike global citizens can't afford them, but still admire them.
B. Refers to Antiglobals
C. Refers to global agnostics
D. Is against some global brands, can be seen as soft global agnostic.
Allison will graduate from high school next June. She has ranked her three possible post-graduation plans in the following order: (1) work for two years at a consulting job in her hometown paying $20,000 per year, (2) attend a local community college for two years, spending $5,000 per year on tuition and expenses, and (3) travel around the world tutoring a rock star’s child for pay of $5,000 per year. What is the opportunity cost of her choice?
Answer:
tutoring opportunity cost: 20,000 consulting job
consulting job opportunity cost: 5,000 + travel from tutoring
collegue: 20,000 consulting job
Explanation:
opportunity cost: cost of the best rejected project, proposal or income
income from work as a consulting job: 20,000
income from tutoring: 5,000 ( externality of travel around the world)
collegue cost of 5,000
The tutorng has an externality of travel around the world. We can measure how much Allison values that chances but it is something she will consider when picking her plan.
The opportunity cost of Allison's choice is $30,000.
Explanation:The opportunity cost of Allison's choice is the value of the next best alternative that she is giving up. In this case, her opportunity cost is the income she could have earned if she chose to work for two years at the consulting job instead of pursuing her other options.
Here's how we can calculate the opportunity cost:
Option 1: Work for two years at a consulting job = $20,000/year x 2 years = $40,000
Option 2: Attend a local community college for two years = $0 (no income)
Option 3: Travel around the world tutoring a rock star's child for two years = $5,000/year x 2 years = $10,000
Therefore, the opportunity cost of Allison's choice is $40,000 - $10,000 = $30,000.
A friend of yours is considering two cell phone service providers. Provider A charges $120 per month for the service regardless of the number of phone calls made. Provider B does not have a fixed service fee but instead charges $1 per minute for calls. Your friend's monthly demand for minutes of calling is given by the equation QD=150−50P, where P is the price of a minute. Your friend would obtain _________ in consumer surplus with Provider A and _______ in consumer surplus with provider B. Given this information, which provider would you recommend that your friend choose?
Answer:
for provider B the surplus is 100
for provider A te surplus is 125
If my friend is a rational consumer it will pick the Provider A
Explanation:
if P = 1 then:
150 - 50(1) = 100
To know the surplus we calculate the area of the demand above the market price:
(P0 -Pm)Qm/2
(3-1) x (100) / 2 = 2 x 100 / 2 = 100
For provider A then P will be zero so
150 - 50(0) = 150 minutes
the surplus will be the area of the demand curve less the fixed cost
3*150/2 - 100 = 225 - 100 = 125
The consumer surplus with Provider A is $0 because the cost they are willing to pay and what they actually pay is the same. For Provider B, the consumer surplus is $25 because Provider B charges for each individual minute used. Therefore, if the only thing considered is consumer surplus, Provider B is the better option.
Explanation:To analyze the consumer surplus for each provider, we need to understand the demand equation QD=150-50P and apply it to the cost structures of each provider. For provider A, the price is always $120 a month, regardless of the minutes used. As a result, the consumer surplus for provider A is the difference between the maximum the customer is willing to pay and the actual cost they pay, which ends up being $0 as these amounts are the same.
For provider B, the cost of each minute is $1. Insert this value into the demand equation to find QD=150-50(1) = 100 minutes. The consumer surplus with provider B would be 0.5 * (150 - 100) * (1 - 0) = $25.
In conclusion, if consumer surplus is the only factor considered, your friend should choose provider B which provides a >$25< consumer surplus compared to $0 of provider A.
Learn more about Consumer Surplus here:https://brainly.com/question/34926592
#SPJ12
Suppose that a country increased its saving rate. In the long run it would have
a. higher productivity, and another unit of capital would increase output by more than before.
b. higher productivity, but another unit of capital would increase output by less than before.
c. lower productivity, and another unit of capital would increase output by more than before.
d. lower productivity, but another unit of capital would increase output by less than before.
Answer:
a. higher productivity, and another unit of capital would increase output by more than before.
Explanation:
The productivity will be higher as more saving will increase investment.
Therefore, the economy will be more productive as there is more capital per worker.
Is important to comment that due to diminished return theory each additional unit of capital would increase this productivity by a fewer amount. But, this applies on the short run, when the other factors don't change.
Therefore, option a is the correct as the capital increase is not faced agains a bottleneck of the other factor (labor, business and land)
Increasing a country's saving rate leads to higher productivity due to increase in capital stock. However, due to the law of diminishing returns, each additional unit of capital increases output less than the previous unit.
Explanation:In economic terms, if a country increases its saving rate, it suggests that more of the citizens' income is being put in savings rather than being spent on consumption. In the long run, this increased saving will lead to a rise in the capital stock, as resources that might have been used for consumption can now be invested in physical capital or human capital. This results in higher productivity as the increase in capital stock improves the ability to produce goods and services.
However, as the country accumulates more capital, it experiences what's known as the law of diminishing returns. In other words, each additional unit of capital results in less and less additional output. This is because as capital increases while keeping other factors same (like labor), it becomes more difficult to efficiently utilize the additional pieces of capitals. So, the correct answer should be: b. higher productivity, but another unit of capital would increase output by less than before.
https://brainly.com/question/32478230
#SPJ3
Selected financial information for Allen, Inc. for the month is provided below. Beginning work in process inventory $3,800 Direct materials used 16,300 Direct labor 19,100 Manufacturing overhead Total manufacturing costs 65,800 Total cost of work in process Ending work in process 9,100 Cost of goods manufactured Beginning finished goods Cost of goods available for sale 78,400 Ending finished goods Cost of goods sold 75,200 Compute the total cost of work in process. $69,600 $12,900 $5,300 $65,800
Answer:
$69,600
Explanation:
For computing the total cost of work in process, we need to apply the formula which is shown below:
= Ending work in process inventory + Total manufacturing costs
= $3,800 + 65,800
= $69,600
The other costs which are given in the question are not considered in the computation part. Hence, we ignored that cost.
MaltHanks Inc., a leading American firm, starts its operations in China. It incurs a lot of additional costs in comparison to the local firms. These costs originate in limited local knowledge and local stakeholders' discriminatory attitudes. Which of the following best describes the problem faced by MaltHanks?
a. Foreign premium
b. Liability of foreignness
c. Liability of localization
d. International premium
Answer: Liability of foreignness
Explanation: In simple words, the extra cost incurred by a company operating in a foreign country as compared to the local companies over there is called the liability of foreignness.
In the given case, the American company incurred extra cost in china due to their lack of local knowledge and discrimination from the locals.
Thus, from the above we can conclude that Malt hanks faced liability of foreignness.
Billy’s Exterminators, Inc., has sales of $592,000, costs of $284,000, depreciation expense of $36,000, interest expense of $28,000, a tax rate of 35 percent, and paid out $40,000 in cash dividends. The firm has 80,000 shares of common stock outstanding. What are the earnings per share?
Answer:
EPS = $1.9825
Explanation:
EPS (earnings per share) = Net Income / shares of common stock outstanding
Income before taxes = $592,000 - $284,000 - $36,000 - $28,000 = $244,000
Tax = $244,000 x 35% = $85,400
Net Income = $244,000 - $85,400 = $158,600
EPS = $158,600 / 80,000 = $1.9825
Hope this helps!
At night, use _____ on your rearview mirror. A. the hands-free setting B. cleaning solution C. windshield wiper fluid D. night view
Answer:
The correct answer is option D. night view
Explanation:
The first option, the hands-free setting, is a feature of the car which allows you to speak over the phone without using your hands and allowing you to maintain full control of the steering wheel and the gear shift lever, and it does not have anything to do with the rearview mirror.
Option B, cleaning solution, while it may be useful in order to clean your rearview mirror, that is a thing that shouldn't be done at night, because you are not able to clearly see at night if you wiped it down for good, and you might leave some residue that possibly could bother you when looking at the mirror.
Windshield wiper fluid isn't for cleaning your rearview mirror, but for helping removing residue/bugs stuck on your windshield.
Finally, option D, night view, is the correct option. Night view is a setting of rearview mirrors that is quite useful at night, because it reduces the amount of light reflected to the driver, avoiding the glare of high-beam headlights of cars behind to be directly reflected to the driver's eye that would make quite hard to focus in the dark ahead. It works by tilting the mirror out of line with the driver's view. In day mode, the reflection seen by the driver comes from the reflective surface, while in night view, the reflection comes from the glass, which only reflects a fraction of the light that the reflective surface does.
At night, use A. the hands-free setting on your rearview mirror.
At night, it is important to minimize distractions and ensure clear visibility while driving. Using the hands-free setting on your rearview mirror, if available, can help reduce glare from the headlights of trailing vehicles. This setting typically adjusts the angle of the mirror to reflect less light directly into the driver's eyes, which can be particularly helpful during nighttime driving.
Consider the following events: A petty cash fund of $200 was established on April 1, Year 1. Employees were reimbursed when they presented petty cash vouchers to the petty cash custodian. On April 30, Year 1, the petty cash fund contained vouchers totaling $196.50 plus $2.20 of currency. Required Answer the following questions: a. How did the establishment of the petty cash fund affect (increase, decrease, or have no effect on) total assets? Increase Decrease No effect
Establishing a petty cash fund results in an increase in a company's total assets. It's considered an asset because it's used to cover minor business expenses. However, it does not provide an overall increase in total assets, as it is a re-allocation from existing assets (e.g. bank account).
Explanation:When the petty cash fund was established, it increased total assets. The establishment of a petty cash fund is a financial transaction involving cash - an asset. When the fund was set up with $200, that amount was taken from another asset account (potentially a bank account) and transferred into the petty cash fund, essentially relocating these assets instead of creating or losing them. However, total assets remain the same because one asset (bank account balance) was reduced while another asset (petty cash) was increased.
The scenario provided about Singleton Bank and Hank's Auto Supply shows that deposits and loans are both assets, deposits for the depositor and loans for the bank. The bank expects to earn interest from the loan, hence, it is an asset. Similarly, the petty cash fund in a company is considered an asset because the company can use it to pay for small business expenses.
Learn more about Petty Cash Fund here:https://brainly.com/question/29574983
#SPJ3
est Co. recorded the following inventory information during the month of February: Units Unit cost Total cost Units on Hand Balance on 2/1 800 $2 $1,600 800 Purchased on 2/8 1,000 $3 $3,000 1,800 Sold on 2/14 1,500 300 Purchased on 2/17 2,000 $1 $2,000 2,300 Sold on 2/23 1,600 700 Purchased on 2/28 800 $4 $3,200 1,500 West uses the LIFO method to cost inventory. What amount should West report as inventory at the end of February under each of the following methods of recording inventory
Answer:
period: 3,700
perpetual: 4,200
Explanation:
periodic system:
available goods:
800 + 1000 + 2000 + 800 = 4,600
sales: 1,500 + 1,600 = 3,100
ending inventory 1,500 units
under LIFO we sale the newest units first so the ending inventory is compose of the beginning inventory + oldest purchase:
ending inventory 1,500
beginning inventory (800)
from purchase 700
Ending inventory valuation:
800 x 2 + 700 x 3 = 1,600 + 2,100 = $3,700
Perpetual System:
We evaluate after each sale so:
inventory available at first sale:
beginning 800
2/8 purchase 1,000
sale for (1,500)
ending inventory 300 units of beginning inventory
inventory available at second sale:
beginning 300 units
2/17 purchase 2,000
Sales for (1,600) units
ending inventory:
beginning 300 units x 2 = 600
2/17 purchase 400 units x 1 = 400
+ 2/28 purchase 800 units x 4 = 3,200
total valuation 4,200
If the interest rate is 3% and a total of $4,370.91 will be paid to you at the end of 3 years, what is the present value of the sum
Answer:
vp= $1,989.49
Explanation:
To calculate the present value we use the following formula;
[tex]vp = \frac{vf}{1+i^{n} }[/tex]
[tex]vp = \frac{4,370.91}{(1+0.3)^{3} } = 1,989.49[/tex]
You work as an assistant coach on the university basketball team and earn $11 per hour. One day, you decide to skip the hour-long practice and go to the local carnival instead, which has an admission fee of $8. The total cost (valued in dollars) of skipping practice and going to the carnival (including the opportunity cost of time) is
Answer:
$19 plus additional $11 per hour if you decide to stay longer in the carnival.
Explanation:
The initial cost of this decision would be the 8 dollars that the entrance to the carnival costs. But because an opportunity cost was incurred (failing to receive the income generated as a coach in the basketball team) so the opportunity cost is 11 dollars, this added to the cost of entry gives us a Total cost of $ 19 for the decision made.
564/5000
The initial cost of this decision would be the 8 dollars that the entrance to the carnival costs. But because an opportunity cost was incurred (failing to receive the income generated as a coach in the basketball team) so the opportunity cost is 11 dollars, this added to the cost of entry gives us a total cost of $ 19 for the decision made
Note: This only if you are in the carnival for an hour, if you are longer, the opportunity cost will increase $11 for each hour of income not perceived as a basketball coach
The super prize in a contest is $10 million. This prize will be paid out in equal yearly payments over the next 20 years. If the prize money is guaranteed by AAA bonds yielding 4% and is placed into an escrow account when the contest is announced 1 year before the first payment, how much do the contest sponsors have to deposit in the escrow account? (Round your answer to the nearest cent.)
Answer:
contest sponsors have to deposit $6795163.17 in the escrow account
Explanation:
given data
amount = $10 million
time = 20 year
rate = 4 %
to find out
how much do the contest sponsors have to deposit in the escrow account
solution
we know Cash flow per period = 10000000/20 = $500000
we will apply here future value formula to find amount
future value = cash flow × [tex]\frac{1-(1+r)^{-t}}{r}[/tex]
here r is rate and t is time
put here value
future value = 500000 × [tex]\frac{1-(1+0.04)^{-20}}{0.04}[/tex]
future value = 6795163.1724
so contest sponsors have to deposit $6795163.17 in the escrow account
The contest sponsors have to deposit $13,589,000 in the escrow account.
Explanation:To calculate how much the contest sponsors have to deposit in the escrow account, we need to find the present value of the $10 million prize that will be paid out over 20 years. Since the prize is guaranteed by AAA bonds yielding 4%, we can use the present value formula for an annuity:
PV = PMT * [(1 - (1 + r)^-n) / r]
PV = $10,000,000 * [(1 - (1 + 0.04)^-20) / 0.04] = $10,000,000 * [(1 - 0.4564) / 0.04] = $10,000,000 * [0.5436 / 0.04] = $13,589,000
Therefore, the contest sponsors have to deposit $13,589,000 in the escrow account.
Learn more about Present value of annuity here:https://brainly.com/question/17112302
#SPJ3
Fernwood Company is preparing the company's statement of cash flows for the fiscal year just ended. The following information is available: Retained earnings balance at the beginning of the year $ 308,000 Cash dividends declared for the year 68,750 Proceeds from the sale of equipment 118,000 Gain on the sale of equipment 6,750 Cash dividends payable at the beginning of the year 30,250 Cash dividends payable at the end of the year 37,500 Net income for the year 151,250 The ending balance in retained earnings is:
Answer:
Ending balance in retained earnings = $397,250.
Explanation:
The opening balance in the Retained Earnings account is 308,000. which will be on the Credit side.
The following items will be credited to the account:
Gain on the sale of equipment - 6,750Net income for the year - 151,250The following item will be debited to the account:
Cash dividend declared for the year - 68,750Total sum of the Credit side will be 466,000. Less the sum of items on the Debit side[68,750] will result to a closing balance of 397,250.
A more visual representation is detailed in the attachment.
On May 19, Integrity Repair Service extended an offer of $335,000 for land that had
been priced for sale at $363,000. On June 4, Integrity Repair Service accepted the seller's
counteroffer of $345,000. On October 10, the land was assessed at a value of $290,000
for property tax purposes. On February 5 of the next year, Integrity Repair Service was
offered $380,000 for the land by a national retail chain. At what value should the land
be recorded in Integrity Repair Service's records?
Answer:
$345,000
Explanation:
Counter offer: The counter-offer is the changes made in the existing offer terms and conditions. It is usually made for negotiations, in which both the party can agree at the final price.
According to the accounting principles, the land value should be recorded at the historical cost but in the given case, it is recorded at the counter offer value because, in this offer, both the parties are ready to buy and sell the fixed assets i.e land.
It records only purchase cost of the land ,not any land improvement costs. So, only $345,000 should be recorded in Integrity Repair Service's records
A company makes greeting cards and their research shows that that price and demand are related linearly: p = m x + b . They know that for every additional card they wish to sell they need to drop the price by $0.10. They also know that in order to sell 260 cards they need to set the price at $7. Find the linear equation relating price to demand.
Answer: p = (-0.10)x + 33
Explanation:
Given that,
p = m x + b .......(1)
Price and demand are related linearly.
m = -0.10, x = 260 and p = 7
Substituting all these in equation (1) for calculating the value of b,
7 = -0.10 × 260 + b
b = 7 + 26
b = 33
Therefore, linear equation relating price to demand is as follows:
p = (-0.10)x + 33
Final answer:
The linear equation relating price to demand for the company's greeting cards, given the decrease in price per additional card and a specific price-quantity example, is p = -0.10x + 33.
Explanation:
The question asks for the linear equation relating price to demand for a company that makes greeting cards. Given that for every additional card sold the price must decrease by $0.10, and to sell 260 cards the price is set at $7, we can use the linear equation p = mx + b. Here, m (slope) represents the change in price per card, which is -$0.10, and x represents the quantity of cards. Knowing one point on the line allows us to solve for b, the y-intercept. Substituting the values, we have 7 = -0.10(260) + b. Solving this equation for b gives us b = $33. Therefore, the linear equation relating price to demand is p = -0.10x + 33.
In order to understand how the price of a good is determined in the free market, one must account for the desires of:
A. purchasers exclusively.
B. sellers exclusively.
C. governmental agencies exclusively.
D. purchasers and seller
Answer: Purchasers and sellers
Explanation: Free market refers to a market structure in which the goods and services are priced on the basis of market forces of demand and supply. The intervention of Government in such markets for the purpose of price controlling is very minimal.
The demand force depends on the purchasers and the supply force depends on the sellers.
Thus, from the above we can conclude that the correct option is A.
Assume that Best Buy made a December 31 adjusting entry to debit Salaries Expense and credit Salaries Payable for $4,200 for one of its departments. On January 2, Best Buy paid the weekly payroll of $7,000. Prepare Best Buy's (a) January 1 reversing entry; (b) January 2 entry (assuming the reversing entry was prepared); and (c) January 2 entry (assuming the reversing entry was not prepared).
Answer:
salaries payable 4,200 debit
salaries expense 4,200 credit
----- reversing entry -----
salaries expense 7,000 debit
cash 7,000 credit
----payment of wages7wtih reserving entry----
salaries payable 4,200 debit
salaries expense 2,800 debit
cash 7,000 credit
---- payment without reversingentry ----
Explanation:
(A) the reversal entry will be like the adjusting entry done backwards.
(B) when the journal entry is made, then we recognize expense for the full amount. leaving a balance for the expense for the current period:
wages expense
debit credit
4,200
7,000
2,800 debit balance
(C) if no reversing entry was made, then we use the payable and recognize expense for the period
7,000 - 4,200 = 2,800 expense
Inventory 12/31/17 $59,030 Cost of Goods Sold $224,679 Common Stock 76,110 Selling Expenses 16,230 Retained Earnings 45,580 Administrative Expenses 38,719 Dividends 18,337 Income Tax Expense 30,480 Sales Returns and Allowances 11,914 Sales Discounts 15,020 Sales Revenue 417,650 Prepare closing entries for Wildhorse Co. on December 31, 2017.
Answer:
Prepare closing entries for Wildhorse Co. on December 31, 2017
Explanation:
Sales revenue 417.650
Sales discount 15.020
Cost of goods 224.679
Selling expense 16.320
Administrative expense 38.719
Income tax expense 30.480
sales return and allowance 11.914
retained earnings 104.346
An assembly line can produce 90 units per hour. The line’s hourly cost (total salaries of workers) is $4,283 an hour (the first 8 hours). Workers are guaranteed a minimum of 6 hours (i.e., they will be paid for 6 hours per day, even if they work less than 6 hours). There is a 50% premium for overtime (i.e., salary is increased 50% during overtime hours), however, productivity for overtime drops by 7% (i.e., the number of units produced per hour drops 7%). What is the total costs if 966 units needs to be produced?
To produce 966 units, the total cost would be $56,133.825. This includes regular hours and overtime hours.
Explanation:To calculate the total cost of producing 966 units, we need to consider the regular hours and the overtime hours.
Regular hours: The assembly line can produce 90 units per hour, so it will take 966/90 = 10.73 hours to produce 966 units. Since workers are guaranteed a minimum of 6 hours, we can assume 6 hours of regular hours.
Overtime hours: The remaining 4.73 hours will be considered as overtime. Overtime salary is increased by 50%, so the hourly cost will be $4,283 * 1.5 = $6,424.5. However, productivity drops by 7%, so the assembly line will produce 90 * 0.93 = 83.7 units per hour of overtime.
Total cost: The total cost of regular hours is $4,283 * 6 = $25,698. The total cost of overtime hours is $6,424.5 * 4.73 = $30,435.825. The total cost of producing 966 units is $25,698 + $30,435.825 = $56,133.825.
Betty, a project manager, sent out agendas before an upcoming meeting to everyone involved. During the meeting, she got a team member to take minutes. After the meeting, Betty followed up with team members to check on their prog- ress. Evaluate Betty’s actions using the PDCA model. What, if anything, could she have done better?
Answer:
Check: Review the test, analyze the results, and identify what you’ve learned.
Explanation:
The four phases are:
Plan: identify and analyze the problem or opportunity, develop hypotheses about what the issues may be, and decide which one to test.
Do: test the potential solution, ideally on a small scale, and measure the results.
Check/Study: study the result, measure effectiveness, and decide whether the hypothesis is supported or not.
Act: if the solution was successful, implement it
Final answer:
Evaluate Betty's actions using the PDCA model and suggest improvements for her meeting management.
Explanation:
Betty's actions can be evaluated using the PDCA model:
Plan: Sending out agendas before the meeting.
Do: Conducting the meeting and assigning a team member to take minutes.
Check: Following up with team members to check progress.
Act: Making improvements based on the meeting outcomes for future meetings.
Improvements Betty could make: Clarifying team member roles, ensuring clear notes and action items, managing group dynamics for participation, and ending meetings on time.
SEO Keywords: PDCA model, team dynamics, meeting management
Heather deposited $1,700 at her local credit union in a savings account at the rate of 9.8% paid as simple interest. She will earn interest once a year for the next 13 years. If she were to make no additional deposits or withdrawals, how much money would the credit union owe Heather in 13 years?
Answer: $3865.8
Explanation:
The formula to find the simple interest is given by :-
[tex]I=Prt[/tex], where P is the initial amount deposited , r is the rate of interest in decimal and t is the time period in years.
Given : P= $1700 ; r= 9.8%=0.098 ; t=13 years
Then , the simple interest earned in 13 years will be :-
[tex]I=1700\times0.098\times13=2165.8[/tex]
Now, the combined amount = P+I =$1700+$2165.8= $3865.8
Hence, the credit union would owe Heather $3865.8 in 13 years.
Answer:= $3,865.80
Explanation:
alculate the future value (FV) of the investment in 13 years as follows:
I = Interest Earned in One Year x Number of Years
= (9.8% x $1,700.00) per year x 13 years
= $2,165.80
FV n = Initial Investment (PV 0 ) + Total Interest Earned (I)
FV 13 = $1,700.00 + $2,165.80
= $3,865.80
Inventory records for Dunbar Incorporated revealed the following:
Date Transaction Number of Units Unit Cost
Apr. 1 Beginning inventory 410 $2.33
Apr. 20 Purchase 380 2.74
Dunbar sold 640 units of inventory during the month. Ending inventory assuming FIFO would be (Do not round your intermediate calculations. Round your answer to the nearest dollar amount):
A. $349.
B. $955.
C. $411.
D. $1,123.
Answer: The correct answer is "C. $411.".
Explanation: The inventory before the sale is:
Date Transaction Number of Units Unit Cost Total Cost
Apr.1 Beginning Inv. 410 $2,33 $955,30
Apr.20 Purchase 380 $2,74 $1041,20
The sale according to the FIFO (First in - First out) system would be:
Transaction Number of Units Unit Cost Total Cost
Sales 410 $2,33 $955,30
230 $2,74 $630,20
Total: $1585,50
Ending inventory is:
Number of Units Unit Cost Total Cost
150 (380-230) $2,74 $411
To calculate the ending inventory by FIFO, first deduct the no. of sold units from the beginning inventory and then remaining from the purchase inventory. Multiply the remaining units with their purchase unit cost.
Explanation:To determine the ending inventory assuming FIFO (First-In-First-Out), we need to assume the items that Dunbar Incorporated sold first were the ones they acquired first. Given the units sold are 640, these will be 410 units from the beginning inventory plus 230 out of the 380 units purchased on April 20th. To calculate the cost for this, the cost corresponding to these transactions is calculated as follows:
(410 units * $2.33) + (230 units * $2.74).
For the ending inventory, we consider the remaining inventory which is (380 purchase units - 230 sold units) * $2.74 (unit cost). This gives us the value of the ending inventory in the FIFO method.
Learn more about FIFO here:https://brainly.com/question/17236535
#SPJ3
You are the manager of a medium-sized farm with 100 acres of workable land. You can farm the land yourself, rent the land to another farmer for $2,000 per acre, or sell the land to a developed for $40,000 per acre. You have an investment opportunity that pays a return of 6 percent a year. If you decide to farm the land yourself, your opportunity cost for a year will be
Answer:
The opportunity cost for a year will be $240,000.
Explanation:
The opportunity cost of any decision is the second-best alternative that is given up or sacrificed.
Here, the manager has a farm of 100 acres of land.
If he sells it to a developer for $40,000 per acre, he will get $4,000,000 for the whole land.
He can invest this amount and get an interest of 6% per year.
The opportunity cost of keeping the farm to the manager himself will be
= 6% of $4,000,000
= [tex]\frac{6}{100}\ \times\ \$ 4,000,000[/tex]
= $240,000
Answer:
other person is right
Explanation:
240,000 is the right answer
At what amount will accounts receivable be reported on the balance sheet if the gross receivable balance is $35,000 and the allowance for uncollectible accounts is estimated at 18% of gross receivables? (Do not include a comma or dollar sign in your answer.)
Answer:
Accounts Recevable will be reported with same gross value 35000
Explanation:
The accounts receivable keep the same balance, the difference is that you have to add an assets current account named allowance for uncollectible accounts with a credit balance for the amount indicated 6300, and the net value of accounts receivable it's 28700.