Answer:
you can buy and get stuff in physical form.
Explanation:
Answer:
You get to see what your buying
Explanation:
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ABC's beginning inventory is $2,000 and its ending inventory is $1,000. The inventory turnover is 6 times. Cost of goods sold for the year must equal:
Answer:
$9000
Explanation:
Inventory turnover is an example of an activity ratio
Activity ratios calculate the efficiency of performing daily task of a firm
Inventory turnover = cost of goods sold / average inventory
Average inventory = (beginning inventory + ending inventory) / 2
($2000 + $1000) / 2 = $1500
6 = cost of goods sold / 1500
To determine cost of goods sold, multiply both sides of the equation by 1500
1500 x 6 = $9000 = cost of goods sold
Exercise 8-3 (Algo) Lump-sum purchase of plant assets LO C1 Rodriguez Company pays $389,610 for real estate with land, land improvements, and a building. Land is appraised at $247,500; land improvements are appraised at $55,000; and the building is appraised at $247,500. 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase.
Answer:
1. Land $175,324.50
Land improvements $38,961
Building $175,324.50
2. Dr Land $175,324.50
Cr Cash $175,324.50
Being entries to recognize cost incurred in the purchase of Land
Dr Land improvements $38,961
Cr Cash $38,961
Being entries to recognize cost incurred in the purchase of Land improvements
Dr Building $175,324.50
Cr Cash $175,324.50
Being entries to recognize cost incurred in the purchase of Building
Explanation:
Using the appraisal method to apportion the cost of an asset to the components of the asset involves the consideration of the appraised cost of each individual item as a portion of the total cost of the asset.
Thus, given that Rodriguez Company pays $389,610 for real estate with land, land improvements, and a building
Appraised cost of
Land = $247,500
Land improvements = $55,000
Building = $247,500
Total appraised cost of the asset = $247,500 +$55,000 + $247,500
= $550,000
Allocated cost of;
Land = $247,500/$550,000 * $389,610
= $175,324.50
Land improvements = $55,000/$550,000 * $389,610
= $38,961.00
Building = $247,500/$550,000 * $389,610
= $175,324.50
Journal entries
Dr Land $175,324.50
Cr Cash $175,324.50
Being entries to recognize cost incurred in the purchase of Land
For journal entries, we debit each of the individual assets account and credit cash to recognize the cost incurred in the purchase of the asset.
An asset falling under the MACRS five-year class was purchased three years ago for $200,000 (its original depreciation basis). Calculate the cash flows if the asset is sold now at a) $60,000 and b) $80,000. Assume the applicable tax rate is 40 percent.
Answer:
(a) The cash flows is $59,040.
(b) The cash flows is $71,040.
Explanation:
From the Modified Accelerated Cost Recovery System (MACRS) Tables, the depreciation rates for the first 3 years for an asset falling under the MACRS five-year class are 20%, 32% and 19.2%. Therefore, we have:
Accumulated depreciation rate = 20% + 32% + 19.2% = 71.20%
Accumulated depreciation = Cost of the asset * Accumulated depreciation rate = $200,000 * 71.20% = $142,400
Net book value of the asset = Cost of the asset - Accumulated depreciation = $200,000 - $142,400 = $57,600
We can now proceed as follows:
(a) Calculate the cash flows if the asset is sold now at $60,000
Capital gains = Sales proceeds - Net book value = $60,000 - $57,600 = $2,400
Capital gains tax = Capital gains * Tax rate = $2,400 * 40% = $960
Net sales proceeds = Sales proceeds - Capital gains tax = $60,000 - $960 = $59,040
Therefore, the cash flows is $59,040 net sales proceeds.
(b) Calculate the cash flows if the asset is sold now at $80,000
Capital gains = Sales proceeds - Net book value = $80,000 - $57,600 = $22,400
Capital gains tax = Capital gains * Tax rate = $22,400 * 40% = $8,960
Net sales proceeds = Sales proceeds - Capital gains tax = $80,000 - $8,960 = $71,040
Therefore, the cash flows is $71,040 net sales proceeds.
The cash flows is $59,040 and $71,040 when asset are sold at $60,000 and $80,000.
What is MACRS depreciation?MACRS stands for modified accelerated cost recovery system is the depreciation system in the U.S. where the cost of the asset is recovered in a specific period through deduction.
Given:
Asset=$200,000
The depreciation rate for 5 year asset are:20%, 32%, 19.2%, 11.52%, 11.52% and 5.76%
Accumulated depreciation for 3 years=20% + 32% + 19.2% = 71.20%
=asset cost X depreciation rate for 3 years
=$200,000 X 71.20% = $142,400
Net Book value=Asset Cost - Accumulated depreciation
=$200,000 - $142,400
= $57,600
(a)Cash flows if assets sold at $60,000
Capital gains = Sales - Net book value
=$60,000 - $57,600
= $2,400
Capital gains tax = Capital gains X Tax rate
= $2,400 * 40% = $960
Net sales proceeds = Sales proceeds - Capital gains tax
= $60,000 - $960 = $59,040
(b)Cash flows if assets sold at $80,000
Capital gains = Sales - Net book value
= $80,000 - $57,600
= $22,400
Capital gains tax = Capital gains X Tax rate
= $22,400 * 40% = $8,960
Net sales proceeds = Sales proceeds - Capital gains tax
= $80,000 - $8,960 = $71,040
Therefore the above calculation aptly gives the solution.
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Renata Corporation purchased equipment in 2018 for $244,800 and has taken $110,160 of regular MACRS depreciation. Renata Corporation sells the equipment in 2020 for $146,880. What is the amount and character of Renata's gain or loss? Renata Corporation has a gain of $fill in the blank 1 of which $fill in the blank 2 is treated as ordinary income due to § 1245 recapture
Answer and Explanation:
The computation of the amount and the character of the renata gain or loss is shown below;
purchased equipment in 2018 $244,800
regular MACRS depreciation taken -$110,160
WDV as per MACRS method $134,640
Less: Sell the equipment -$146,880
loss on sale of equipment -$12,240
There is a loss and that would be short term capital loss
g You are looking for a dividend security to provide yourself with additional steady income. You have found a company with an expected dividend next year of $1.20. You have done an analysis on the company's past dividends and the dividend amount has increased at a constant rate of 3.4 percent for the last eight years and you have no expectation of a change in growth rate. If you require a 9 percent rate of return on your investments, what should you be willing to pay today for the stock
Answer: See explanation
Explanation:
The following information can be gotten from the question:
Expected dividend, D1 = $1.20
Required rate of return, r = 9%
Growth rate = 3.4%
Then, the formula to get the price will be:
= D1/(r-g)
= 1.2/(9%-3.4%)
= 1.2/5.6%
= $21.4
The amount to pay due the stock is less than $24.00
8. The interactions between those who ____
and those
who______
drive the market in a capitalist economy.
Answer:
The interactions between those who sell and those who buy drive the market in a capitalist economy.
Explanation:
Use the information provided to answer the questions. Actual price paid per pound of material $14.50 Total standard pounds for units produced this period 12,400 Pounds of material used 13,350 Direct materials price variance favorable $3,337.50 All material purchased was used in production. Enter all amounts as positive numbers. A. What is the standard price for materials
Answer:
$14.75= standard price
Explanation:
Giving the following information:
Actual price paid per pound of material $14.50
Total standard pounds for units produced this period 12,400
Pounds of material used 13,350
Direct materials price variance favorable $3,337.50
To calculate the standard cost for materials, we need to use the following formula:
Direct material price variance= (standard price - actual price)*actual quantity
3,337.5 = (standard price - 14.5)*13,350
3,337.5 = 13,350standard price - 193,575
196,912.5 = 13,350standard price
$14.75= standard price
The graph below shows how the price of wheat varies with the demand quantity.
Suppose that lower production costs increases the supply of wheat, such that more wheat is supplied at each price level. The new equilibrium price (after the increase in supply) is _____.
$3
$4
Answer:
3
Explanation:
its because of rightward shift on the graph
What would you expect to happen to the mix between internal financing (where companies use their own funds such as retained earnings) and external financing (where companies obtain funds through financial markets) for new investment projects in a country that experiences a large increase in financial market uncertainty
Answer:
With the large increase in financial market uncertainty, the mix between internal financing and external financing for new investment projects will tether towards internal sources of funding.
Explanation:
This means that the larger proportion of finance for new investment projects must come from internal sources rather than external sources. The companies will, therefore, experience much more pressure to generate and retain sufficient profits than it would have experienced otherwise. While this looks like the best way to go, the possibility of success depends on the chunk of the internally-generated funds that the companies already have.
Problem 15-04A a-c (Video) Oriole Company uses a job order cost system in each of its three manufacturing departments. Manufacturing overhead is applied to jobs on the basis of direct labor cost in Department D, direct labor hours in Department E, and machine hours in Department K. In establishing the predetermined overhead rates for 2020, the following estimates were made for the year. Department D E K Manufacturing overhead $1,260,000 $1,625,000 $960,000 Direct labor costs $1,800,000 $1,375,000 $495,000 Direct labor hours 110,000 125,000 44,000 Machine hours 440,000 550,000 120,000 During January, the job cost sheets showed the following costs and production data. Department D E K Direct materials used $154,000 $138,600 $85,800 Direct labor costs $132,000 $121,000 $41,250 Manufacturing overhead incurred $108,900 $136,400 $86,900 Direct labor hours 8,800 12,100 3,850 Machine hours 37,400 49,500 10,390 Compute the predetermined overhead rate for each department
Answer and Explanation:
The computation of the predetermined overhead rate for each department is given below:
For department D
= Estimated manufacturing overhead ÷ direct labor cost
= $1,260,000 ÷ $1,800,000
= 70% of direct labor cost
For department E
= Estimated manufacturing overhead ÷ direct labor hours
= $1,625,000 ÷ 125,000
= $13 per direct labor hours
For department K
= Estimated manufacturing overhead ÷ machine hours
= $960,000 ÷ 120,000
= $8 per machine hours
Paul, a calendar year single taxpayer, has the following information for 2019 (not 2020): AGI State income taxes State sales tax Real estate taxes Gambling losses (gambling gains were $ 12,000) $ 175,000 13,500 3,000 18,900 6,800 Paul's allowable itemized deductions for 2019 are: a. $ 10,000 b. $ 16,800 C. $ 39,200 d. $ 42,200 e. None of these.
Answer:
C. $ 39,200
Explanation:
Calculation to determine what Paul's allowable itemized deductions for 2019 are
Using this formula
Itemized deduction = State income taxes + Real state taxes + Gambling losses
Let plug in the formula
Itemized deduction = $13,500 + $18,900+ $6,800
Itemized deduction =$39,200
Therefore Paul's allowable itemized deductions for 2019 are $39,200
Why is it necessary to track the progress of a plan?
O A. To create a progress chart for employees to help them calculate
their pay
O B. To ensure the plan is based on faulty assumptions
O C. To identify potential problems that could impact the schedule
O D. To provide information for manager's reports
Answer:
to identify potential problems that could impact the schedule
Explanation:
a p e x
It is important for an organization to track the process of a plan in order to identify potential problems that could impact the schedule. Hence, option C holds true.
What is planning?Planning is the most basic function of management of a business organization. It is a continuous process. Planning involves setting up the goals and objectives and the actions needed to achieve them.
Furthermore, because planning is a continuous process, it helps in identification of difficulties that may create obstacles in achievement of organizational goals.
Hence, option C holds true regarding planning.
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In 3 sentences. Why are open-ended questions helpful when landing a sale? (this is for customer service)
Answer:
By using open-ended questions, participants are able to express and articulate opinions that may be extreme, unusual, or simply ones that the researcher did not think about when creating the survey. This often provides researchers rich, relevant data for their studies
Explanation:
(hope this helps)
Suppose a firm has 35 million shares of common stock outstanding at a price of $15 per share. The firm also has 200,000 bonds outstanding with a current price of $905.4. The outstanding bonds have yield to maturity 9.4%. The firm's common stock beta is 1.5 and the corporate tax rate is 39%. The expected market return is 14% and the T-bill rate is 3%. What is the WACC for this firm
Answer:
16%
Explanation:
The computation of the WACC is given below:
But before that following calculation should be done
Cost of equity
= Risk free rate of return + beta × (market return - risk free rate)
= 3% + 1.5 × (14% - 3%)
= 19.5%
Market value of equity = 35 million shares ×$15 = $525 million
And, the market value of debt = 200,000 × $905.4 = $181.08 million
Now the WACC is
= cost of equity × weight of equity + cost of debt × (1 - tax rate) × weight of debt
= 19.5% × ($525 ÷ 525 + 181.08) + 9.4% × (1 - 0.39) × ($181.08 ÷ 525 + 181.08)
= 19.5% ×0.744 + 5.734% × 0.256
= 15.975%
= 16%
The Low-Price auto insurance company offers a bottom-dollar deal that meets minimum car insurance policy requirements. It creates a marketing message that gives customers information on how expensive other insurances are in comparison. It invites consumers to shop around and compare prices. Low-Price focuses solely on price point and mentions very little about what is covered for that policy. Which type of psychological pricing communication does Low-Price use
Answer:
Inviting Price Comparison.
Explanation:
In this type of comparison, the company develop two scenarios in which the first situation, the people compare the product price with the existing product and in the other situation where the company inform the customer to compare the product price with the existing product
Hence, the given situation represent the inviting price comparsion
Stanley-Morgan Industries adopted a defined benefit pension plan on April 12, 2021. The provisions of the plan were not made retroactive to prior years. A local bank, engaged as trustee for the plan assets, expects plan assets to earn a 10% rate of return. The actual return was also 10% in 2021 and 2022\.\* A consulting firm, engaged as actuary, recommends 6% as the appropriate discount rate. The service cost is $250,000 for 2021 and $380,000 for 2022. Year-end funding is $260,000 for 2021 and $270,000 for 2022. No assumptions or estimates were revised during 2021. * We assume the estimated return was based on the actual return on similar investments at the inception of the plan and that, since the estimate didn't change, that also was the actual rate in 2022. Required: Calculate each of the following amounts as of both December 31, 2021, and December 31, 2022: (Enter your answers in thousands (i.e., 200,000 should be entered as 200).)
Answer:
Details Dec. 31, 2021 Dec. 31, 2022
1. Projected benefit obligation $250 $645
2. Plan assets $260 $556
3. Pension expense $250 $369
4. Net pension asset or net pension liability $10* $89**
Where:
* implies asset
*** implies liability
Note: The figure above are in thousands buy entered as required in the question (Enter your answers in thousands (i.e., 200,000 should be entered as 200).)
Explanation:
Note: See the attached excel file for the calculations Projected benefit obligation, Plan assets, Pension expense, and Net pension asset or net pension liability for December 31, 2021 and December 31, 2022 respectively.
Nicole’s Getaway Spa (NGS) purchased a hydrotherapy tub system to add to the wellness programs at NGS. The machine was purchased at the beginning of the year at a cost of $16,000. The estimated useful life was five years and the residual value was $1,000. Assume that the estimated productive life of the machine is 10,000 hours. Expected annual production was year 1, 2,400 hours; year 2, 2,300 hours; year 3, 2,200 hours; year 4, 2,100 hours; and year 5, 1,000 hours.
Required:
1. Complete a depreciation schedule for each of the alternative methods.
A. Straight-line.
B. Units-of-production.
C. Double-declining-balance.
2. Assume NGS sold the hydrotherapy tub system for $3,000 at the end of year 3. Prepare the journal entry to account for the disposal of this asset under the three different methods.
1) Record the disposal of the hydrotherapy tub system for $3,000 in year 3 assuming depreciation was calculated using the straight line method.
2) Record the disposal of the hydrotherapy tub system for $3,000 in year 3 assuming depreciation was calculated using the units-of-production method.
3) Record the disposal of hydrotherapy tub system for $3,000 in year 3 assuming depreciation was calculated using the double-declining method.
Answer:
Nicole's Getaway Spa (NGS)
1. Depreciation Schedules:
A. Straight-line method:
Year Depreciation Book Value Accumulated Net Book Value
Expense of asset Depreciation
Year 1 $3,000 $16,000 $3,000 $13,000
Year 2 3,000 16,000 6,000 10,000
Year 3 3,000 16,000 9,000 7,000
Year 4 3,000 16,000 12,000 4,000
Year 5 3,000 16,000 15,000 1,000
B. Units-of-production method:
Year Depreciation Book Value Accumulated Net Book Value
Expense of asset Depreciation
Year 1 $3,600 $16,000 $3,600 $12,400
Year 2 3,450 16,000 7,050 8,950
Year 3 3,300 16,000 10,350 5,650
Year 4 3,150 16,000 13,500 2,500
Year 5 1,500 16,000 15,000 1,000
C. Double-declining-balance method:
Year Depreciation Book Value Accumulated Net Book Value
Expense of asset Depreciation
Year 1 $6,400 $16,000 $6,400 $9,600
Year 2 3,840 16,000 10,240 5,760
Year 3 2,304 16,000 12,544 3,456
Year 4 1,382 16,000 13,926 2,074
Year 5 1,074 16,000 15,000 1,000
2. Sale of machine for $3,000 at the end of year 3:
Journal Entry of disposal:
1) Straight-line method:
Debit Cash $3,000
Credit Sale of Equipment $3,000
To record the disposal of the equipment.
Debit Sale of Equipment $16,000
Credit Equipment $16,000
To transfer equipment to sale of equipment.
Debit Accumulated Depreciation $9,000
Credit Sale of Equipment $9,000
To close accumulated depreciation.
Debit Income Summary $4,000
Credit Sale of Equipment $4,000
To record the loss from sale of equipment.
2) Units-of-production method:
Debit Cash $3,000
Credit Sale of Equipment $3,000
To record the disposal of the equipment.
Debit Sale of Equipment $16,000
Credit Equipment $16,000
To transfer equipment to sale of equipment.
Debit Accumulated Depreciation $10,350
Credit Sale of Equipment $10,350
To close accumulated depreciation.
Debit Income Summary $2,650
Credit Sale of Equipment $2,650
To record the loss from sale of equipment.
3) Double-declining method:
Debit Cash $3,000
Credit Sale of Equipment $3,000
To record the disposal of the equipment.
Debit Sale of Equipment $16,000
Credit Equipment $16,000
To transfer equipment to sale of equipment.
Debit Accumulated Depreciation $12,544
Credit Sale of Equipment $12,544
To close accumulated depreciation.
Debit Income Summary $456
Credit Sale of Equipment $456
To record the loss from sale of equipment.
Explanation:
a) Data and Calculations:
Cost of machine = $16,000
Residual value = 1,000
Depreciable amount $15,000
Estimated useful life = 5 years
Annual depreciation expense/rate:
A. Straight-line method = $3,000 ($15,000/5)
B. Unit of production method = $1.50 per unit ($15,000/10,000)
Year 1 = $3,600 (2,400 * $1.50)
Year 2 = $3,450 (2,300 * $1.50)
Year 3 = $3,300 (2,200 * $1.50)
Year 4 = $3,150 (2,100 * $1.50)
Year 5 = $1,500 (1,000 * $1.50)
C. Double-declining balance method:
Straight-line method rate = 20% (100/5)
Double-declining rate = 40% (20% * 2)
Year 1 = $6,400 ($16,000 * 40%) Balance $9,600
Year 2 = $3,840 ($9,600 * 40%) Balance $5,760
Year 3 = $2,304 ($5,760 * 40%) Balance $3,456
Year 4 = $1,382 ($3,456 * 40%) Balance $2,074
Year 5 = $1,074 ($2,078 - $1,000) Balance $1,000
Bach Instruments Inc. makes three musical instruments: flutes, clarinets, and oboes. The budgeted factory overhead cost is $2,948,125. Overhead is allocated to the three products on the basis of direct labor hours. The products have the following budgeted production volume and direct labor hours per unit:
Budgeted Production Volume Direct Labor Hours Per Unit
Flutes 2,000 units 2.0
Clarinets 1,500 3.0
Oboes 1,750 1.5
a. Determine the single plantwide overhead rate.
$ per direct labor hour
b. Use the overhead rate in (a) to determine the amount of total and per-unit overhead allocated to each of the three products, rounded to the nearest dollar.
Total Per Unit
Factory Overhead Cost Factory Overhead Cost
Flutes $ $
Clarinets
Oboes
Total $
Answer:
Results are below.
Explanation:
Giving the following information:
Flutes= 2,000*2 = 4,000 hours
Clarinets= 1,500*3 = 4,500 hours
Oboes= 1,750*1.5 = 2,625 hours
Total direct labor hours = 11,125
To calculate the predetermined manufacturing overhead rate we need to use the following formula:
Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base
Predetermined manufacturing overhead rate= 2,948,125 / 11,125
Predetermined manufacturing overhead rate= $265 per direct labor hour
Now, we can allocate to each product:
Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base
Flutes= 4,000* 265= 1,060,000
Clarinets= 4,500*265= 1,192,500
Oboes= 2,625*265= 695,625
Unitary:
Flutes= 265*2= 530
Clarinets= 265*3= 795
Oboes= 265*1.5= 397.5
Mountain High Ice Cream Company transferred $79,000 of accounts receivable to the Prudential Bank. The transfer was made without recourse. Prudential remits 90% of the factored amount to Mountain High and retains 10%. When the bank collects the receivables, it will remit to Mountain High the retained amount (which Mountain estimates has a fair value of $6,900) less a 3% fee (3% of the total factored amount).
Required:
Prepare the journal entry to record the transfer on the books of Mountain High assuming that the sale criteria are met.
Answer:
Debit Cash for $68,730; Debit Receivable from factor for $6,900; Debit Loss on sale of receivables for $3,370; and Credit Accounts receivable $79,000.
Explanation:
Factored amount = $79,000
Cash = Factored amount * (100% - Percentage of he factored amount retained - Rate of fee = $79,000 * (100% - 10% - 3%) = $68,730
Receivable from factor = $6,900
Loss on sale of receivables = Factored amount - Cash - Receivable from factor = $79,000 - $68,730 - $6,900 = $3,370
The journal entry will therefore look as follows:
Details Debit ($) Credit ($)
Cash 68,730
Receivable from factor 6,900
Loss on sale of receivables 3,370
Accounts receivable 79,000
(To record factoring of accounts receivable.)
Whispering Winds Corp. had the following transactions. 1. Sold land (cost $7,200) for $9,000. 2. Issued common stock at par for $22,900. 3. Recorded depreciation on buildings for $16,600. 4. Paid salaries of $7,000. 5. Issued 1,100 shares of $1 par value common stock for equipment worth $9,200. 6. Sold equipment (cost $14,400, accumulated depreciation $10,080) for $1,728. (a) For each transaction above, prepare the journal entry.
Answer and Explanation:
The journal entries are shown below:
1 Cash $9,000
To Land $7,200
To Gain on Disposal $1,800
(Being the land is sold is recorded)
2 Cash $22,900
To Common Stock $22,900
(being the issuance of the common stock is recorded)
3 Depreciation Expense $16,600
To Accumulated Depreciation - Buildings $16,600
(being depreciation expense is recorded)
4 Salaries and Wages Expense $7,000
To Cash $7,000
(being salary paid is recorded)
5 Equipment $9,200
To Common Stock $1,100
To Paid in capital in excess of par-Common stock $8,100
(Being the common stock issued for the equipment)
6 Cash $1,728
Accumulated Depreciation-Equipment $10,080
Loss on Disposal $2,592
To Equipment $14,400
(being equipment sold is recorded)
Jazz Corporation receives management consulting services from its 90 percent owned subsidiary, Laker Inc. During 20X7, Jazz paid Laker $70,000 for its services. Laker's labor cost and other associated costs for the employees providing services to Jazz totaled $30,000 in 20X7. Jazz reported $330,000 of income from its own separate operations for 20X7, and Laker reported net income of $85,000. Based on the preceding information, what amount of income should be reported as consolidated income on the 20X7 Consolidated Financial Statements
Answer:
the amount of income that should be reported is $415,000
Explanation:
The computation of the amount of income that should be reported is shown below:
= Jazz separate operations income + laker net income
= $330,000 + $85,000
= $415,000
hence, the amount of income that should be reported is $415,000
Simply used the above formula to determine the consolidated income
What form do some schools, especially private schools, use in addition to the FAFSA to determine how to award aid? A) FAFSA II B) Core Residency Form C) CSS/Financial Aid PROFILE D) College Access Loan (CAL) Form
Answer:
C.) CSS/ Financial aid profile
Explanation:
I took the USA Test Prep quiz.
Early deadlines are imposed by many schools and universities that use the FAFSA to calculate financial aid. To decide how to distribute their own funds, certain institutions—mostly private colleges—use an additional form called the College Scholarship Service Profile, or CSS Profile. Therefore, choice (C) is the best one.
What is CSS Profile?College students can apply for non-federal financial aid through the CSS Profile, also known as the College Scholarship Service Profile, an online application developed and administered by the College Board, a company based in the United States.
Its main purpose is to provide College Board member institutions with a thorough assessment of students and their families financially and family circumstances for use in determining their eligibility for organizational financial aid. Compared to the Free Application for Federal Student Aid, or FAFSA, it is more comprehensive.
Hence, option (C) is the most accurate.
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Fraud is encouraged when a notary does what?
Answer:
Overcharging for notary public services. Notarizing a document without the signer being in the notary's presence. Notarizing the notary's own signature. Issuing identification cards.
Explanation:
Excessive fees for notarial services, signing a document without the signer being present and notarizing it. the notary's signature is notarized. making identity cards available.
What is notary fraud?If a Notary Public violates the law while carrying out their responsibilities, they are held personally accountable. A Notary Public must post a bond in order to protect the injured party's right to recover up to $10,000. Despite this, the Notary Public is still personally responsible for any damages they may have caused, and they risk criminal prosecution as well as the revocation or suspension of their notary public commission.
A few examples of notary fraud include:
ignoring your documents' acknowledgmentcounterfeit stampsletting a signer sign a document without the presence of a notary publicA Notary Public who has been paid off to falsely recognize a document is the starting point of many fraud cases, particularly those involving real estate fraud. Due to the fact that practically all papers submitted in the county records require a notary stamp, this scenario occasionally occurs.
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Q 10.1: Sukui Electronics decided to expand their product line to include GPS trackers. They estimate that over the next 3 years this project will increase their net income by $1.7 million. To do this, they decided not to add a product line of deep sea diving watches. They estimate that over the next 3 years this project would have increased their net income by $800,000. This is an example of
Answer: opportunity cost of capital
Explanation:
The example in the question above is an opportunity cost of capital. Opportunity cost of capital simply refers to the potential loss that an individual makes because of making a choice at the expense of another one.
Here, the opportunity cost of capital is the $800000 that could have been made if they decided to add a product line of deep sea diving watches.
Chez Fred Bakery estimates the allowance for uncollectible accounts at 1% of the ending balance of accounts receivable. During 2021, Chez Fred's credit sales and collections were $108,000 and $142,000, respectively. What was the balance of accounts receivable on January 1, 2021, if $130 in accounts receivable were written off during 2021 and if the allowance account had a balance of $930 on December 31, 2021?
Answer:
See below
Explanation:
Per the above information,
Ending account receivable balance = Beginning account receivable + Credit sales - Collections - Written off amount
$93,000 = Beginning account receivable + $108,000 - $142,000 - $130
$93,000 = Beginning accounts receivable - $34,130
Beginning accounts receivable = $93,000 + $34,130 = $127,130
So, the beginning account receivable would be;
The ending accounts receivable is computed as;
= $930 ÷ 1%
= $93,000
If Argentina imposes a 20 percent tax on natural gas exports to be paid by suppliers. Other things equal, this causes the:
Select one:
a. supply of natural gas exports to shift to the right.
b. quantity of natural gas exports produced to increase.
c. demand for natural gas exports to shift to the right.
d. supply of natural gas exports to shift to the left.
Answer:
supply of natural gas exports to shift to the left.
M Company uses the percentage of sales method to account for its uncollectible accounts. On December 31, 2018, M has $1,800,000 in sales and 60% of these sales were in cash. M has a $2,000 credit balance in its allowance for doubtful account. Past experience suggested that 0.5% of credit sales are uncollectible. Requirements [You must show your work/steps of how you arrive at your answers] Question 1: What is the amount that M should report as its estimated bad debt expenses for year 2018
Answer:
See below
Explanation:
Estimated uncollectible based on past experience
= [($1,800,000 × 60%) × 0.5%]
= $1,080,000 × 0.5%
= $5,400
Credit balance in allowance for doubtful account = $2,000
Therefore, the total amount M should report as its estimated bad debts expense for the year 2018
= $5,400 - $2,000
= $3,400
For each of the following examples, identify whether a positive or negative externality is present and whether there will be too little or too much of the activity relative to the socially optimal outcome.
A. Jerome has a beautifully landscaped front lawn with lots of colorful flowers. Landscaped lawns produce a externality. landscaped lawns exist relative to the socially efficient quantity.
B. Dave takes advantage of the low price of gas to purchase a sports utility vehicle. Sports utility vehicles generate a externality. sports utility vehicles are produced relative to the socially efficient quantity.
C. Susan decides to walk to work instead of driving. Walking to work creates a externality. walks to work exist relative to the socially efficient quantity.
D. Anita decides to smoke a cigarette while she is waiting at a busy bus stop. Cigarettes create a externality. cigarettes are produced relative to the socially efficient quantity.
Answer:
A. Landscape lawns produce positive externality.
B. Sports vehicle generates a positive externality
C. Walk to work creates positive externality.
D. Cigarettes create a negative externality.
Explanation:
Positive externality occurs when society gets benefit from a persons act. Susan has created lawns near her house and there are beautiful flowers in the lawn. This will be relaxing for those who pass near by the lawns. There will be fresh air coming from the lawn and society will look pleasant.
Negative externality is one in which society is harmed by the act of a person. This happens when Anita smokes at a bus stop. There are other travelers who will be present at the bus stop might be harmed from the smoke which arises from the cigarette.
Stoltenberg Co. had the following information for the month of June: Work in process beginning inventory, June 12,300units Units transferred in16,900units Work in process ending inventory, June 304,300units Beginning work-in-process inventory is 30 percent complete as to conversion. Ending work-in-process inventory is 50 percent complete as to conversion. Materials are added at the end of the process. How many units were started and completed in June
Answer:
the number of units started and completed in June is 24,900 units
Explanation:
The computation of the number of units started and completed in June is shown below;
= Opening work in process inventory + transferred units - ending work in process units
= 12,300 units + 16,900 units - 4,300 units
= 24,900 units
hence, the number of units started and completed in June is 24,900 units
Prepare journal entries to record the following four separate issuances of stock.
1. A corporation issued 4,000 shares of $30 par value common stock for $144,000 cash.
2. A corporation issued 2,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $39,000. The stock has a $2 per share stated value.
3. A corporation issued 2,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $39,000. The stock has no stated value.
4. A corporation issued 1,000 shares of $50 par value preferred stock for $89,000 cash.
Answer:
Item 1
Debit : Cash $144,000
Credit : Common Stock $120,000
Credit : Common Stock Paid in Excess of Par $24,000
Item 2
Debit : Cash $39,000
Credit : Common Stock $39,000
Item 3
Debit : Cash $39,000
Credit : Common Stock $39,000
Item 4
Debit : Cash $89,000
Credit : Preferred Stock $50,000
Credit : Preferred Stock paid in excess of par $39,000
Explanation:
Take a careful note on Par value Stocks and No Par Value Stocks. A reserve is created whenever Stocks are issued above their Par Value.