Answer: $2,685
Explanation:
For the balance of Sales, look at Jobs that were sold in the first quarter.
Jobs 356 and 357.
They were sold at $500 profit each.
Balance of sales = (450 + 500) + (1,235 + 500)
= $2,685
On December 31 of the current year, the unadjusted trial balance of a company using the percent of receivables method to estimate bad debt included the following: Accounts Receivable, debit balance of $98,900; Allowance for Doubtful Accounts, credit balance of $1,131. What amount should be debited to Bad Debts Expense, assuming 4% of outstanding accounts receivable at the end of the current year are estimated to be uncollectible
Answer:
the bad debt expense is $2,825
Explanation:
The computation of bad debt expense is shown below:
= Debit balance of account receivable × given percentage - credit balance of allowance for doubtful debts
= $98,900 × 4% - $1,131
= $3,956 - $1,131
= $2,825
Hence, the bad debt expense is $2,825
We simply applied the above formula so that the correct value could come
And, the same is to be considered
During her womanhood ceremony, Dasheena Cochise spends 4 days being tested and ultimately being renamed and remade as a member of her community. Which of the following is not true of this ceremony
A. it is a rite of passage
B. it reproduces a social order
C. it translates beliefs into action
D. it communicates values through symbols
E. it affirms sacred cycles (including life cycles)
F. it is essentially about the individual rather than the community
Answer:
The statement that is not true of this ceremony is:
F. it is essentially about the individual rather than the community
Explanation:
The focus of this communal rite of passage is not the individual but the community because during the rite, the sense of the individual is replaced by the sense of the community. It instils in the initiates a sense that they are no longer individuals but members of the community with some rights and privileges. Community values are communicated through a sophisticated system of beliefs and practices that affirm sacred cycles.
The Army receives proposals from eight different companies in response to a Request for Proposal (RFP). The Contracting Officer has identified the most highly rated proposals, determined the competitive range, and wants to get the offerors' best and final proposals. What type of information exchange would the Contracting Officer use to get the information needed to allow the offerors to revise their proposals
Answer: Negotiation
Explanation:
The contacting officer would use negotiating method to speak to the different companies. By the time he or she is able to communicate by negotiation, there would be results on what's needed for the final phase of the selection
The following note transactions occurred during the year for Towell Company: Nov. 25 Towell issued a 90-day, 10% note payable for $80,000 to Hyatt Company for merchandise. Dec. 7 Towell signed a 120-day, 9% note at the bank for $120,000. Dec. 22 Towell gave Barr, Inc., a 60-day, 9%, $120,000 note for payment of account. Prepare the general journal entries necessary to adjust the interest accounts at December 31. Use 360 days for calculations and round to the nearest dollar.
Answer:
Towell Company
Journal Entries:
Debit Interest Expense $1,790
Credit Interest Payable $1,790
To record the interest expense for the year.
Explanation:
a) Data and Calculations:
i) Nov. 25: Issue of 90-day, 10% Note Payable = $80,000
Interest on the note for the year = $80,000 * 10% * 36/360 = $800
ii) Dec. 7: Issue of 120-day, 9% Note Payable = $120,000
Interest on the note for the year = $120,000 * 9% * 24/360 = $720
iii) Dec. 22: Issue of 60-day, 9% Note Payable = $120,000
Interest on the note for the year = $120,000 * 9% * 9/360 = $270
Total interest payable for the year = $1,790
Knowledge Check 01 On January 1, Year 1, Burnham Company purchased a machine for $2,580,000; however, the cost of the machine was recorded as repairs expense. The machine's useful life was expected to be 12 years with no residual value. Burnham uses straight-line depreciation. What is the amount of the credit to retained earnings in the journal entry to correct the error if the error is discovered during year 4 (after 3 years)
Answer:
The amount of the credit to retained earnings is $1,935,000.
Explanation:
Cost of the machine = $2,580,000
Machine's useful life = 12
Annual depreciation expenses = Cost of the machine / Machine's useful life = $2,580,000 / 12 = $215,000
Since the error is discovered during year 4 (after 3 years), this implies that we have to calculate total depreciation expenses for 3 years first as follows:
Total depreciation expenses for 3 years = Annual depreciation expenses * 3 = $215,000 * 3 = $645,000
The amount of the credit to retained earnings can now be calculated as follows:
Amount of the credit to retained earnings = Cost of the machine - Total depreciation expenses for 3 years = $2,580,000 - $645,000 = $1,935,000
Therefore, the amount of the credit to retained earnings is $1,935,000.
Which case below best represents a case of price discrimination? A. A professional baseball team pays two players with different batting averages different salaries. B. A major airline sells tickets to senior citizens at lower prices than to other passengers. C. An insurance company offers discounts to safe drivers. D. A utility company charges less for electricity used during "off-peak" hours, when it does not have to operate its less-efficient generating plants.
Answer:
B. A major airline sells tickets to senior citizens at lower prices than to other passengers.
Explanation:
The pricing strategy refers to a strategy where the company charges the different prices for the similar products to the customers
In the case of the pure price discrimination, the seller would charge the price i.e. maximum he or she would have to pay also it is depend upon the specific characteristics and the amount charged to each and every group through a different price
Therefore the option B is correct
QS 23-14 Keep or replace LO P5 Rory Company has a machine with a book value of $79,000 and a remaining five-year useful life. A new machine is available at a cost of $118,500, and Rory can also receive $75,000 for trading in its old machine. The new machine will reduce variable manufacturing costs by $22,000 per year over its five-year useful life. Calculate the incremental income. (Any losses or outflows should be entered with a minus sign.)
Answer:
Incremental Income = $66,500
Explanation:
Incremental Income from Replacing Machine
Incremental Income from Replacing Machine $110,000
(5 * $22,000)
Add: Salvage value of old machine $75,000
Total Income $185,000
Less: Acquisition Cost of New Machine $118,500
Incremental Income $66,500
Consider the following financial statements about DANIEL Co. for the current year 2015
I/S for the year ended Dec. 31, 2015
Sales $16,000
CGS 10,000
Operating expenses 4,000
Profit from operations (EBIT) 2,000
Interest expense 200
EBT 1,800
Tax expense 600
NI $ 1,200
Additional information:
Operating expenses include $150 of depreciation expense and a $200 impairment loss on equipment.
A/R increased by $380
Inventory decreased by $100
Prepaid expenses related to operating expense increased by $80
A/P decreased by $360
Accrued liabilities related to operating expenses decreased by $180
Interest payable decreased by $20
Unearned revenue received from customers decreased by $34
Income tax payable increased by $40
Required:
Prepare CFO section of the cash flow statement under the (a) DIRECT (12 marks);
and (b) INDIRECT methods (8 marks)
Answer:
a. For the Year Ended December 31, 2015
Cash flows from operating activities:
Cash received from customers 15586
Cash paid to suppliers -10260
Cash paid for operating expenses -3910
Cash paid for interest -220
Cash paid for income taxes -560
Net cash flow from operating activities 636
Working:
Sales 16000
Less: Increase in accounts receivable -380
Less: Decrease in unearned revenue -34
Cash received from customers 15586
Cost of goods sold 10000
Add: Decrease in accounts payable 360
Less: Decrease in inventory -100
Cash paid to suppliers 10260
Operating expenses 4000
Less: Noncash expenses
Depreciation expense -150
Impairment loss -200
Cash operating expenses 3650
Add: Increase in prepaid expenses 80
Add: Decrease in accrued liabilities 180
Cash paid for operating expenses 3910
Interest expense 200
Add: Decrease in interest payable 20
Cash paid for interest 220
Income tax expense 600
Less: Increase in income tax payable -40
Cash paid for income taxes 560
(b) Partial Cash Flow Statement (Indirect Method)
For the Year Ended December 31, 2015
Cash flows from operating activities
Net income 1200
Adjustments to reconcile net
income to operating cash flows:
Depreciation expense 150
Impairment loss 200
Increase in accounts receivable -380
Decrease in inventory 100
Increase in prepaid expenses -80
Decrease in accounts payable -360
Decrease in accrued liabilities -180
Decrease in interest payable -20
Decrease in unearned revenue -34
Increase in income tax payable 40 -564
Net cash flow from operating activities 636
what is economic define in brief
Answer:
economics is the study of how society uses its limited resources. Economics is a social science that deals with the production, distribution, and consumption of goods and services.
Eaglet Corporation has the following target and costs associated with its capital structure. Based on these parameters what is Eaglet Corporations weighted average cost of capital?
Target common equity weight: 80 percent
Target debt weight: 20 percent
Cost of equity: 15 percent
Cost of debt: 5 percent
Tax rate: 35 percent
A) WACC = 12.65 percent
B) WACC = 8.45 percent
C) WACC = 13.00 percent
Answer: A) WACC = 12.65 percent
Explanation:
WACC = (Cost of equity * weight of equity) + (weight of debt * cost of debt * (1 - tax rate)
= (0.15 * 0.8) + (0.2 * 0.05 * (1 - 0.35))
= 0.12 + 0.0065
= 12.65%
Suppose the Digby company expands to other markets with good designs, high awareness and easy accessibility, what strategy would they be implementing?
A- Niche cost leader
B- Niche differentiation
C- Broad cost leader
D- Broad differentiation
Answer:
D- Broad differentiation
Explanation:
Differentiation strategies are useful if buyers needs and preferences are too diverse, one can be fully satisfied by standardizing product offering.
A broad differentiation strategy is simply the competitive approach used when buyers' needs and preferences are too different or large to be satisfied by a product that is importantly identical from one seller to the other seller.
is fulfilled if a big scope of buyers find the company's offering more enticing than that of rivals and worth a somewhat higher price. It makes profitability to increase if the higher price the product commands exceeds the added costs of achieving the differentiation.
Suppose the credit terms offered to your firm by its suppliers are 2/10, net 30 days. Your firm is not taking discounts, but is paying after 22 days instead of Day 30. You point out that the nominal cost of not taking the discount and paying on Day 30 is approximately 37%. But since your firm is neither taking discounts nor paying on the due date, what is the effective annual percentage cost (not the nominal cost) of its costly trade credit, using a 365-day year
Answer: 63.5%
Explanation:
Assuming 365 days, the effective annual percentage cost is;
= ( 1 + 2%/(100% - 2%) ) ^ ( 365 / (25 - 10 days) ) -1
= 1.634928727 - 1
= 0.6349
= 63.5%
Beckenworth had cost of goods sold of $11,121 million, ending inventory of $3,789 million, and average inventory of $2,135 million. Its days' sales in inventory equals:________. (Use 365 days a year.)
Answer:
124.4 days
Explanation:
Calculation for what Its days' sales in inventory equals:
Using this formula
Days' sales in inventory =Ending inventory/Cost of goods sold*365 days.
Let plug in the formula
Days' sales in inventory=$3,789 million / $11,121 million *365
Days' sales in inventory = 124.4 days
Therefore Its days' sales in inventory equals:124.4 days
The important point(s) to remember while estimating the cash flows of a project Group of answer choices is that only cash flow is relevant are cash flow is relevant and always estimate cash flows on an incremental basis are to always estimate cash flows on an incremental basis and to be consistent in the treatment of inflation. are cash flow is relevant, always estimate cash flows on an incremental basis, and be consistent in the treatment of inflation.
Answer:
Option D (are cash..........inflation) is the right alternative.
Explanation:
Even before forecasting or considering a project's investment returns, this same important thing to recognize or significant observation is capital investment. Quite often approximate cash flows as well as being consistent throughout the cure of economic growth around an integrated or incremental perspective.Some other alternatives given are not linked to the scenario in question. That is indeed the right choice, therefore.
in international trade the Monopoly tendency appearing in which form
Answer:A monopoly is a firm who is the sole seller of its product, and where there are no close substitutes. An unregulated monopoly has market power and can influence prices. Examples: Microsoft and Windows, DeBeers and diamonds, your local natural gas company.
Explanation:
In international trade monopoly appears in the form of a single seller or producer of a commodity which has no close substitute.
The monopolist is the one that is responsible for setting the price here. He has no competitors. What he sets is what the market buys at.
In such a market only one company renders its service or goods to the entire market. The company usually enjoys abnormal profit due to the reasons that I have stated above.
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How is environmental pollution market failure
Answer:
In the real world, pollution is served as an example of market failure. ... According to the diagram, in this case pollution, negative externalities occurs. At the output Qe , equilibrium output is achieved by the firm, at which the marginal private cost equals the price of the firm's output.
Which business is exempt from using the accrual basis for accounting? A clothing manufacturer that has average gross annual receipts of $35 million over the last three years. An online retailer that has average gross annual receipts of $45 million over the last three years. A construction contractor who does not have any outstanding accounts receivable at the end of the tax year. A home improvement store that just began business last year and had $2.7 million in gross receipts.
Answer:
A home improvement store that just began business last year and had $2.7 million in gross receipts.
Explanation:
The IRS allows only a limited number of businesses to use cash basis accounting and in order to do so, the business must be:
Partnership or C corporation with less than $5 million in total sales revenue per yearSole proprietorship or S corporation with less than $1 million in total sales revenueCannot be a publicly traded corporationPersonal service businesses with more than 95% of revenue specifically related to services. Family owned farms with total annual sales revenue less than $25 million.the first step in successfully creating and using a budget is
Answer:
Determine your income. Start with how much money you make after tax each month
Explanation:
i hope this help
The process for applying for a work permit at the Manchester department of labor is as follows. First, the administrator fills out an application (5 minutes) and takes a picture (1 minute). Then, a clerk enters the information and processes the permit (5 minutes). There are two administrators and three clerks. If the number of licenses per hour for the administrators is 16 and the number of licenses per hour for the clerks is 20.57, what is the hourly service rate for administrators
Answer:
the hourly service rate is 10
Explanation:
The computation of the hourly service rate for the administrator is shown below:
= total minutes for filling out the application by an administrator × number of administrator
= 5 minutes × 2 administrator
= 10
Hence, the hourly service rate is 10
We simply applied the above formula so that the correct value could come
And, the same is to be considered
A suggested project requires initial fixed assets of $227,000, has a life of 4 years, and has no salvage value. Assume depreciation is straight-line to zero over the life of the project. Sales are projected at 51,000 units per year, the price per unit is $47, variable cost per unit is $23, and fixed costs are $842,900 per year. The tax rate is 23 percent and the required return is 11.5 percent. Ignore taxes. What is the DOL at the base-case output level of 51,000 units
Answer:
The answer is "11.4".
Explanation:
Please find the complete question in the attached file.
The point of breakthrough financial:
[tex]\to \frac{ ( \frac{(227000 \times 11.5 \%}{( \frac{1-1}{1.115^4})}-\frac{227000}{4})}{\frac{(1-23 \%)+842900+ \frac{227000}{4})}{(47-23)}}\\\\\\\to \frac{ ( \frac{(26,105}{( \frac{0}{1.5456084})}-56,750)}{\frac{(0.77)+842900+56,750)}{(24)}}[/tex]
[tex]\to 38416.19\\\\\to DOL= \frac{38416.19 \times (47-23)}{(38416.19 \times (47-23)-842900)} \\\\[/tex]
[tex]=11.4[/tex]
Baskin-Robbins is one of the world’s largest specialty ice cream shops. The company offers dozens of different flavors, from Very Berry Strawberry to lowfat Espresso ’n Cream. Assume that a local Baskin-Robbins in Raleigh, North Carolina, has the following amounts for the month of July 2021.Salaries expense $13,700 Sales revenue $69,800Inventory (July 1, 2021) 2,300 Interest income 3,300Sales returns 1,100 Cost of goods sold 28,700Utilities expense 3,600 Rent expense 6,700Income tax expense 6,000 Interest expense 400 Inventory (July 31, 2021) 1,100Required:1. Prepare a multiple-step income statement for the month ended July 31, 2021.2. Calculate the inventory turnover ratio for the month of July. Would you expect this ratio to be higher or lower in December 2021? Explain.3. Calculate the gross profit ratio for the month of July.
Answer:
Baskin-Robbins
Raleigh, North Carolina
1. Multi-step Income Statement for the month ended July 31, 2021:
Net Sales Revenue $68,700
Cost of goods sold 28,700
Gross profit $40,000
Expenses:
Salaries $13,700
Rent expense 6,700 20,400
Operating income $19,600
Interest Income $3,300
Interest expense ($400)
Income before tax $22,500
Income tax expense 6,000
Net income $16,500
2. Inventory turnover ratio = Cost of goods sold/Average Inventory
= $28,700/$1,700 = 16.88 times
3. I expect the inventory turnover ratio for Baskin-Robbin's shops at Raleigh to be higher in December 2021. There will be more sales of the different flavors of ice cream in December because of the Christmas holidays. As a result, the cost of goods sold will be higher than July's, and the ending inventory will be lower still than July's.
4. Gross profit ratio = Gross profit/Net Sales * 100
= $40,000/$68,700 * 100
= 58%
Explanation:
a) Data and Calculations:
Expenses:
Salaries $13,700
Rent expense $6,700
Interest expense $400
Interest Income $3,300
Sales Revenue $69,800
Sales returns 1,100
Net Sales Revenue $68,700
Income tax expense 6,000
Cost of goods sold = $28,700
Inventory, July 1, 2021 $2,300
Inventory, July 31, 2021 $1,100
Total inventory $3,400
Average inventory $1,700 ($3,400/2)
Firm C’s demand for a product is 60 units per month. Its supplier charges an ordering cost of $40 per order and $35 per unit with a 20% discount for orders of 100 units or more. Firm C incurs a 20% annual holding cost. Calculate the economic order quantity without the discount. Then calculate the economic order quantity with the discounted price. What will be the change in Firm C’s annual total cost (purchasing, holding, and ordering) if it decides to take advantage of the quantity discount?
Answer:
$5,107.04
Explanation:
The computation of the change in the annual total cost is shown below;
Without a discount, the annual total cost is
The computation of the economic order quantity is shown below:
[tex]= \sqrt{\frac{2\times \text{Annual demand}\times \text{Ordering cost}}{\text{Carrying cost}}}[/tex]
[tex]= \sqrt{\frac{2\times \text{720}\times \text{\$40}}{\text{\$7}}}[/tex]
= 91 units
The annual demand is
= 60 × 12 months
= 720
And, the carrying cost is
= $35 × 20%
= $7
Now The computation of the total cost is shown below:
= Purchase cost + ordering cost + carrying cost
where,
Purchase cost = Annual consumption × Cost per unit
= 720 × $35
= $25,200
Ordering cost = (Annual demand ÷ EOQ) × Cost to place one order
= (720 ÷ 91) × $40
= $316.48
Carrying cost = (EOQ ÷ 2) × carrying cost percentage × Cost per unit
= (91 ÷ 2) × 7
= $318.50
Now put these values to the above formula
So, the value would equal to
= $25,200 + $316.48 + $318.50
= $25,834.98
Now if we take the economic order be 101
So, the total cost would be
= Purchase cost + ordering cost + carrying cost
where,
Purchase cost = Annual consumption × Cost per unit
= 720 × $35 × (1 - 0.20)
= $20,160
Ordering cost = (Annual demand ÷ EOQ) × Cost to place one order
= (720 ÷ 101) × $40
= $285.14
Carrying cost = (EOQ ÷ 2) × carrying cost percentage × Cost per unit
= (101 ÷ 2) × 7 × (1 - 0.20)
= $282.80
Now put these values to the above formula
So, the value would equal to
= $20,160 + $285.14 + $282.80
= $20,727.94
Now the change in the annual total cost is
= $25,834.98 - $20,727.94
= $5,107.04
A debt is an amount of money that is owed to a bank, a credit card company, a store, or another individual.
O True
O False
true <3
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The answer is True .
It is true because the definition of debt is the state of owing money .
Why should a notary signing agent learn all about the closing documents in a loan package if they are not allowed to provide advice or counsel?
Answer:In American law, a signing agent or courtesy signer is an agent whose function is to obtain a formal signature of an appearer to a document. In common parlance, most jurisdictions require the appearer to sign before a notary public. From this, the practice of a notary public designating themselves as a signing agent has arisen. There are notaries public who specialize in the notarization of real estate transfer and loan document signings. Signing agents often have certification and training through private organizations, but is not a requirement in law, although it may be a requirement of the lender in the oversight of real estate transaction document signatures.
Explanation:
A notary signing agent learns all about the closing documents in a loan package if they are not allowed to provide advice or counsel :
A marking specialist or kindness endorser is an specialist whose work is to get a formal signature of an showed up to an archive. In common speech, most wards require the showed up to sign some time recently a public accountant public. They will be able to let the borrower know where to put his signature and other beginning lines the borrowers ought to fill. Also, to know when to coordinate the borrower to the credit officer or other designated agents when necessary. It is concluded that the Public accountant Marking Operator isn't permitted to guide the borrowers, but as it were to guarantee they sign the papers appropriately.Learn more :
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A company expects a shortage of raw materials required for production. What kind of factor is influencing its buying decision?
A.
individual
B.
interpersonal
C.
environmental
D.
organizational
Answer:
C.) Enviromental
Explanation:
Got this right on plato
Answer:
C
Explanation: I got it right on edmentum
How does a subsidy provided for a good affect consumers?
A
It protects consumers from an unsafe good.
B
It lowers prices for the good but may reduce choice.
C
It decreases supply of the good, so consumers pay more for it.
D
It increases consumers’ incomes and encourages consumers to buy the good.
Answer: D. It increases consumers’ incomes and encourages consumers to buy the good
Explanation:
A subsidy is an amount of money that is given by the government to producers or farmers so as to increase the production of a particular good and also to reduce the price of the good.
Subsidies affect consumers as it increases consumers’ incomes and encourages consumers to buy the good. This is because the subsidized goods will be sold at a cheaper price which means that the income of the consumer is increased and also encourages more purchases of the good.
A delivery company is considering adding another vehicle to its delivery fleet; each vehicle is rented for $250 per day. Assume that the additional vehicle would be capable of delivering 1,750 packages per day and that each package that is delivered brings in $0.25 in revenue. Also assume that adding the delivery vehicle would not affect any other costs. Instructions: Round your answers to 1 decimal place. a. What are the MRP and MRC
Answer: See explanation
Explanation:
Based on the information that has been given in the question, the MRP will be calculated as the multiplication of the total packages that was delivered by the revenue that was gotten from one package. This will be:
MRP = 1750 × 0.25
= $437.5
The MRC based on the question = $250
Based on the above, a profit of $187.5 ($437.5 - $250) will be earned.
Shale Remodeling uses time and materials pricing. It is setting prices for next year using the following information: Labor rate, including fringe benefits $ 86 per hour Annual labor hours 3,100 hours Annual materials purchase $ 1,316,250 Materials purchasing, handling, and storage $ 315,900 Overhead for depreciation, taxes, insurance, etc. $ 780,000 Target profit margin for both labor and materials 25 % What should Shale set as the materials markup per dollar of materials used
Answer:
49%
Explanation:
Material mark up per dollar of material used = Target profit + Percentage of material purchasing , handling and storage
Material mark up per dollar of material used = 25% + (315,900/1,316,250 *100)
Material mark up per dollar of material used = 25% + 24%
Material mark up per dollar of material used = 49%
Use the information below to answer the following question. The following lots of a particular commodity were available for sale during the year: Beginning inventory 10 units at $60 First purchase 25 units at $65 Second purchase 30 units at $68 Third purchase 15 units at $75 The firm uses the periodic system, and there are 25 units of the commodity on hand at the end of the year. What is the amount of inventory at the end of the year using the FIFO method
Answer:
Ending inventory value= $1,805
Explanation:
Giving the following information:
Beginning inventory 10 units at $60
First purchase 25 units at $65
Second purchase 30 units at $68
Third purchase 15 units at $75
Ending inventory in units= 25
To calculate the inventory value using the FIFO (first-in, first-out), we need to use the cost of the last units incorporated into inventory:
Ending inventory value= 15*75 + 10*68
Ending inventory value= $1,805
Financial well-being refers to a person that (check all that apply) *