Answer:
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Bantam company calculated its net income to be $77,600 based on the unadjusted trial balance. The following adjusting entries were then made for: Salaries and wages owed but not yet paid of $795. Interest earned but not received from investments of $755. Prepaid insurance premiums amounting to $555 have expired. Deferred revenue in the amount of $755 has now been earned. Required: Determine the amount of net income (loss) that will be reported after the adjustments are recorded.
Answer:
$77,760
Explanation:
After adjustment items of expenses will be deducted from the Net income, and items of income will be added to the net income.
Item of expenses = unpaid salary + Prepaid insurance (Expired)
Item of income = Interest earned + revenue
Net income after deduction = 77,600 - 795 - 555 + 755 + 755
Net income after deduction = $77,760
Computer user support Is another narme for:
A. Customer service
B. Technical support
C. Network support
D. Information security
Answer: Technical support
Explanation: Computer user support, knows also as technical support, is responsible for providing help and support to individuals and organizations using computers and various equipment. They respond through phone calls and also through emails, in order to provide a service so that it is available in different ways for its users. In various situations, it is necessary for the support technician to make a visit as there are situations that cannot be done through calls or emails.
Why do you think
Relationship skills are
important when you own a
business?
The trial balance of Sheffield Corp. at the end of its fiscal year, August 31, 2022, includes these accounts: Beginning Inventory $18,870; Purchases $224,790; Sales Revenue $204,200; Freight-In $9,780; Sales Returns and Allowances $4,720; Freight-Out $2,740; and Purchase Returns and Allowances $5,430. The ending inventory is $20,100.Prepare a cost of goods sold section (periodic system) for the year ending August 31, 2022.
Answer:
Particulars Amount
Beginning inventory, September 1, 2013 $18,870
Purchase $ 224,790
Less: Purchase return and allowance $ 5,430
Net purchase $ 219,360
Add: Freight in $9,780
Cost of goods purchased $229,140
Cost of goods available for sale $248,010
Less: Inventory August 31,2014 $20,100
Cost of goods sold $227,910
Proponents of rational expectations argued that the sacrifice ratio:______.a. could be high because people might adjust their expectations quickly if they found anti-inflation policy credible. b. could be low because people might adjust their expectations quickly if they found anti-inflation policy credible. c. could be low because it was rational for people not to immediately change their expectations. d. could be high because it was rational for people not to immediately change their expectations.
Answer:
b. could be low because people might adjust their expectations quickly if they found anti-inflation policy credible
Explanation:
In the given situation, it is mentioned that the rational expectations proponets said that the sacrified ratio would be lesser as the people wants to adjust their expectations in a fastest way in the case when they found that the anti-inflation policy is credible
Therefore as per the given situation, the option b is correct
Match the characteristic described with the market or markets it applies to. Each characteristic can have multiple answers and each market type can be used multiple times. can earn economic profit in the long run produces at lowest possible average cost in the long run the pricing choices of one firm have a dramatic effect onother firms in the market faces a downward sloping demand curve usually faces entry from new firms is typically protected by barriers to market entry
Answer:
1. Can earn economic profit in the long run - MONOPOLY AND OLIGOPOLY
Monopolies and Oligopolies both have less competition in their market types which means that they can make economic profit in the long run.
2. Produces at lowest possible average cost in the long run - PERFECT COMPETITON
With so many firms involved in the market in the long run, firms come up with cost cutting strategies to enable them stay in business.
3. The pricing choices of one firm have a dramatic effect on other firms in the market - OLIGOPOLY
As there are few firms in such a market, the prices that one firm has can influence the choices of other firms. If one firm increases prices, the others could reduce prices to capture market share or collude and increase their own prices as well.
4. Faces a downward sloping demand curve - MONOPOLY, OLIGOPOLY, MONOPOLISTIC COMPETITION
All three of these markets face a downward sloping demand curve because they have to decrease their prices to sell more goods.
5. Usually faces entry from new firms - PERFECT COMPETITON and MONOPOLISTIC COMPETITION
Both these markets se firms entering and exiting because there are no barriers to entry.
6. Is typically protected by barriers to market entry - MONOPOLY and OLIGOPOLY
These two have barriers to entry that restrict the number of firms in the market.
Haas Enterprise Inc. has outstanding 30,000 shares of $50 par value, 6% preferred stock and 70,000 shares of $1 par value common stock. During its first three years in business, it declared and paid no cash dividends in the first year, $310,000 in the second year, and $90,000 in the third year. (a) If the preferred stock is cumulative, determine the total amount of cash dividends paid to each class of stock in each of the three years.
Answer:
Year 1
Preferred stock $0
Common stock $0
Year 2:
preferred stock $180,000
common stock $130,000
Year 3:
Preferred stock $90,0000
Common stock nil
Explanation:
The fact that preferred stock is cumulative means that dividends left unpaid in years when no dividends were declared would be paid in subsequent years.
annual preferred stock dividends=30,000*$50*6%=$90,000
No dividends were declared in year 1, hence no dividends were paid
In year 2 $310,000 of dividends were declared
Dividends paid to preferred stock in year 2=$90,000+$90,000=$180,000(for both first year and second year)
common stock dividends in year 2=$310,000-$180,000=$130,000
In year 3 the dividends of $90,000 declared would be paid to preferred stock
Compute the PV of the interest tax shields generated by the following three debt issues. In each case the debt is risk free while the corporate tax rate is 35%. a) A $1,000 one-year loan at the risk-free rate of 8%. b) A five-year loan of $1,000 at the risk-free rate of 8%. Assume interest is paid annually while the principal is paid back at maturity. c) A $1,000 debt perpetuity at the risk-free rate of 7%.
Answer:
a. Present value of tax shield = $25.93
b. Present value of tax shield = $111.80
c. Tax shield = $350
Explanation:
a. Tax shield = Loan * rate * tax rate
Tax shield = 1,000 * 8% * 35%
Tax shield = $28
Present value of tax shield = 28 / (1+8%)
Present value of tax shield = 28 / 1.08
Present value of tax shield = 25.92592593
Present value of tax shield = $25.93
b. Tax shield each year = 28
Present value of tax shield = 28 / (1+8%)^1 + 28 / (1+8%)^2 + 28 / (1+8%)^3 + 28 / (1+8%)^4 + 28 / (1+8%)^5
Present value of tax shield = 28/1.08 + 28/1.1664 + 28/1.25971 + 28/1.36049 + 28/1.46933
Present value of tax shield = 111.795875652
Present value of tax shield = $111.80
c. Tax shield = Perpetuity * tax rate
Tax shield = 1000 * 35%
Tax shield = $350
Corporation conducts get-rich-quickly workshops and uses two measures of activity, classes and students in the cost formulas in its internal financial and operating reports The cost formula for workshops is $540 per month plus $103 per class plus $34 per student Dev.774 expected its activity in January to be 11 classes and 120 students, but the actual activity was 6 classes and 125 students
The actual cost for workshops in January was $5,230.
What was Pexura774's spending variance for workshops in January?
a. $178 F
b. $523 F
c. $178 U
d. $523 U
Answer:
a. $178(F)
Explanation:
Overhead spending variance = (Actual hours worked * Actual overhead rate) - (Actual hours worked × Standard overhead rate)
Overhead spending variance = Actual Cost- Standard Cost for Actual Output
Overhead spending variance = 5230 - 5408
Overhead spending variance = 178 (Favorable).
Assuming a company has no other funding sources other than debt and common equity, what is the difference between enterprise value and equity value?
Answer:
eat potato bitc 1234567890
Cutting down on costs by earning an Associate’s degree first and then transferring to a four-year college or university can be done by going to what type of higher education institution?
A local community college.
A trade school.
A specialized training program.
Both b and c are correct.
Answer:
[tex]\boxed {\boxed {\sf A. \ Local \ community \ college}}[/tex]
Explanation:
Local community colleges are a great option because they provide a foundation of education. They offer courses that are equivalent to a four-year college/university's, but at much lower costs. This type of education allows you to earn a 2 year Associate's degree.
You can decide your path after, but many people choose to transfer to another four-year college/university. When they transfer, the 2 years at the community college counts as 2 years at the chosen institution, so they enter as a junior.
Trade schools and training programs offer valuable education, but typically not Associate's degrees.
So, the best answer is choice A. Local community college
Answer:
A local community college.
Explanation:
Cost standards for one unit of product no. C77: Direct material 3 pounds at $2.50 per pound $ 7.50 Direct labor 5 hours at $7.50 per hour 37.50 Actual results: Units produced 7,800 units Direct material purchased 26,000 pounds at $2.70 $ 70,200 Direct material used 23,100 pounds at $2.70 62,370 Direct labor 40,100 hours at $7.30 292,730 Use the information to compute the following variances. The standard hours allowed for the work performed are:
Answer:
Standard hours allowed= 39,000
Explanation:
Giving the following information:
Standard direct labor hours per unit= 5 hours
Actual results:
Units produced 7,800 units
To calculate the standard hours allowed, we need to multiply the number of units produced for the unitary standard direct labor hours:
Standard hours allowed= 7,800*5
Standard hours allowed= 39,000
With current technology, suppose a firm is producing 800 loaves of banana bread daily. Also assume that the least-cost combination of resources in producing those loaves is 5 units of labor, 5 units of land, 4 units of capital, and 1 unit of entrepreneurial ability, selling at prices of $40, $60, $60, and $20 per unit, respectively.
a. If the firm can sell these 800 units at $1 per unit, will it continue to produce banana bread?
b. What is the firm's total revenue?
c. What is the firm's total cost?
d. What is the firm's profit or loss?
Answer:
a. Since a profit of $40 is being made as obtained in part d, the firm will continue to produce banana bread.
b. Firm's total revenue is $800.
c. Firm's total cost is $760.
d. Firm's profit is $40.
Explanation:
a. If the firm can sell these 800 units at $1 per unit, will it continue to produce banana bread?
The decision criteria is to continue to produce if profit is being made or stop to produce if loss is being incured.
Since a profit of $40 is being made as obtained in part d, the firm will continue to produce banana bread.
b. What is the firm's total revenue?
Total revenue = Selling price per unit * Sales unit = $1 * 800 = $800
c. What is the firm's total cost?
This can be calculated as follows:
Cost of labor = Unit of labor * Unit labor cost = 5 * $40 = $200
Cost of land = Unit of land * Unit land cost = 5 * $60 = $300
Cost of capital = Unit of capital * Unit capital cost = 4 * $60 = $240
Cost of entrepreneurial ability = Unit of entrepreneurial ability * Unit entrepreneurial ability cost = 1 * $20 = $20
Total cost = Cost of labor + Cost of land + Cost of capital + Cost of entrepreneurial ability = $200 + $300 + $240 + $20 = $760
d. What is the firm's profit or loss?
Profit (loss) = Total revenue - Total cost = $800 - $760 = $40
Which of the following things can help you get a lower interest rate when you receive a loan? A. A low credit score B. A history of defaulting C. Using all of your available credit D. Collateral
Answer:
Collateral
Explanation:
The thing that can help to get a lower interest rate when you receive a loan is Collateral. Thus, option D is correct.
What is Collateral?A collateral is a valuable asset that is committed to obtaining a loan. Lenders' risk is reduced by collateral. If a borrower fails on a loan, the lender can seize and sell the collateral to recuperate its losses. Mortgages and automobile loans are two examples of collateralized lending.
A customer that provides collateral is considered a low-risk customer. The lender keeps the asset until the debt is fully repaid. If the borrower fails to repay, the lender may sell the collateral to recoup his funds. Collateral decreases the lender's risk of losing money.
The loan value is always more than the collateral value. Because the transaction is low-risk, the lender may afford to provide low-interest rates. Collateral is anything that can assist you to acquire a cheaper interest rate on a loan. As a result, option D is correct.
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Assume that the accounts receivable (in millions) were $1,308 at the beginning of
1. Compute the accounts receivable turnover for Year 2 and Year 1. Round to two decima
Best Buy, Media Play,
Buy reported the following (in millions):
Sales
Accounts receivable at end of year
fiscal Year 1.
Year 2
$39,528
1,162
Year 1
$40,339
1,280
places.
2. Compute the days' sales in receivables at the end of Year 2 and Year 1. Use 365 dans
and round to one decimal place.
3.
What conclusions can be drawn from (1) and (2) regarding Best Buys
efficiency in collecting receivables?
4.
What assumption did we make about sales for the Best Buy ratio computa-
tions that might distort the ratios and therefore cause the ratios not to be comparable
for Year 2 and Year 1?
Answer:
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The following data has been provided for Hisjum631 Corporation for the period below:_______.
Return on investment 22 %
Average operating assets $ 40,000
Minimum required rate of return 16 %
What is the residual income for Hisjum631 for the period (closest to)?
Answer:
$2,400
Explanation:
Calculation for the residual income for Hisjum631 for the period
First step is to calculate the ROI Using this formula
ROI = Net operating income ÷ Average operating assets
Let plug in the formula
0.22 = Net operating income ÷ $40,000
Net operating income = 0.22× $40,000
Net operating income = $8,800
Now let calculate the Residual income using this formula
Residual income = Net operating income − (Average operating assets × Minimum required rate of return)
Let plug in the formula
Residual income= $8,800 − ($40,000 × 0.16)
Residual income= $8,800 − $6,400
Residual income= $2,400
Therefore the residual income for Hisjum631 for the period (closest to) $2,400
Smart Industries leases equipment on January 1, 2016. The finance lease has an 11-year term, and an implicit rate of 5%. The equipment has a list price of $300,000 and the lease agreement requires a $20,000 down payment when the lease is signed plus 10 annual payments of $36,261.28 on December 31 of each year of the lease. After Smart Industries makes its payment on December 31, 2018, what is its remaining lease obligation (carrying value) for the equipment
Answer:
$234,364.37
Explanation:
Lease obligation = Present value of remaining Lease payment
Present Value Of An Annuity = C*[1-(1+i)^-n]/i]
Present Value of Annuity = $36261.28 * [1-(1+0.05)^-8 /0.05]
Present Value of Annuity = $36261.28 * [1-(1.05)^-8 /0.05]
Present Value of Annuity = $36261.28 * [(0.3232)] /0.05
Present Value of Annuity = $234,364.37
Hence, its remaining lease obligation (carrying value) for the equipment is $234,364.37
1. Depreciation expense was $17,500. 2. Dividends declared and paid were $20,000. 3. During the year equipment was sold for $8,500 cash. This equipment cost $18,000 originally and had accumulated depreciation of $9,500 at the time of sale. Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
Answer:
the question is incomplete since the net income is missing, so I looked for a similar question and found the attached images.
Statement of Cash flows
For the Year ended December 31, 2017
Cash flow from operating activities
Net income $32,000
Adjustments to net income:
Depreciation expense $17,500Increase in accounts payable $4,000Increase in accounts receivable ($6,000)Increase in inventory ($8,000)Decrease in taxes payable ($1,000) $6,500Cash flow from operating activities $38,500
Cash flow from investing activities
Sale of equipment $8,500
Cash flow from financing activities
Issuance of common stocks $4,000
Dividends paid ($20,000)
Decrease in bonds payable ($16,000)
Cash flow from financing activities ($32,000)
Net increase in cash position $15,000
Beginning cash balance $20,000
Ending cash balance $35,000
U.S. firms, their foreign subsidiaries, or foreign firms that are licensees of U.S. technology cannot sell a product to a country in which the sale is considered by the U.S. government to affect the Group of answer choices overall balance of payments of the United States. competitive balance of free competition inside the U.S. national security of the United States. competitive balance of world trade. relationship of the U.S. with the world community.
Answer:
national security of the United States
Explanation:
In the case when the U.S firms, their foreign subsidiaries that have taken the license of United states to not sell the products to a country in which the considered thing is sale due to which it impact the united stated national security as these trade could be prevented because of the concern related to the national security
hence, the above is the correct option
Thus, the same is to be considered
Jamie is single. In 2020, she reported $108,000 of taxable income, including a long-term capital gain of $5,800. What is her gross tax liability? (Round your answer to the nearest whole dollar amount.) (Use the tax rate schedules, long-term capital gains tax brackets.)
a. $19.478
b. $20143
c. $18,728
d. 516 200
Answer:
$19,478
Explanation:
Computation of tax liability
i. Total income excluding LTC gain = 108,000 - 5,800 = 102,200
ii. Tax on 102,200 as per single tax schedule = 14605.5+((102200-85525)*24%) = 18607.50
iii. Tax on LTC gain at 15% = 5800 * 15% = 870
So, Gross Tax liability = $18607.50 + $870 = $19477.50 = $19,478
Note: As per Long term capital gain schedule
In the month of March, Ivanhoe Salon services 550 clients at an average price of $150. During the month, fixed costs were $26,880 and variable costs were 60% of sales. (a) Determine the total contribution margin in dollars, the per unit contribution margin, and the contribution margin ratio. Contribution margin in dollars $enter the contribution margin amount in dollars Contribution margin per unit $enter the contribution margin per unit amount in dollars Contribution margin ratio
Answer and Explanation:
The computation is shown below:
a. Total sales is
= 550 clients × $150
= $82,500
Variable costs is
= 60% of sales
= 60% × $82,500
= $49,500
Now
Contribution margin is
= total sales - variable costs
= $82,500 - $49,500
= $33,000
and, Contribution margin per unit is
= contribution margin ÷ total units
= $33,000 ÷ 550
= $60
And,
Contribution margin ratio is
= contribution margin ÷ total sales
= $33,000 ÷ $82,500
= 40%
A granary allocates the cost of unprocessed wheat to the production of feed, flour, and starch. For the current period, unprocessed wheat was purchased for $320,000, and the following quantities of product and sales revenues were produced. Product Pounds Price per pound Feed 100,000 $ 1.60 Flour 72,000 2.50 Starch 40,000 1.50 How much of the $320,000 cost should be allocated to flour if the value basis is used
Answer:
the cost that should be allocated to flour is $144,000
Explanation:
The computation is shown below:
Particulars Total value
Feed (100,000 × $1.60) = $160,000
Flour (72,000 × $2.50) = $180,000
Starch (40,000 × $1.50) = $60,000
Total $400,000
Now the allocation made to flour is
= $180,000 ÷ $400,000 × $320,000
= $144,000
Hence, the cost that should be allocated to flour is $144,000
What are examples of professional organizations? Check all that apply.
Answer:
AABB (formerly American Association of Blood Banks)
Academy of International Business (AIB)
Academy of Management (AOM)
American Institute of Certified Public Accountants (AICPA)
Association for the Advancement of Cost Engineering (AACE International)
Association for Computing Machinery (ACM)
Which statement about the role of white papers in business solutions is true? Multiple Choice They directly address a customer's needs by minimizing click-away. They help a customer solve a problem without promoting a particular company's products. They are regularly updated websites, written in an informal and conversational style. They have the promotional objectives of brand positioning. They are very effective in building customers' trust when a subjective tone is used.
Answer: They help a customer solve a problem without promoting a particular company's products
Explanation:
White paper is simply refered to as an authoritative report that is used in order to addresses certain issues that are deemed to be vital and also provide solution to such issues.
White papers gives awareness regarding particular products and it helps customer solve a problem without promoting a particular company's products.
BlueInk Corporation's accumulated depreciation increased by $14,000, while parents decreased by $3,875 between consecutive balance sheet dates. There were no purchases or sales of depreciable or intangible assets during the year. In addition, the income statement showed a loss on sale of land of $1,950. Accounts receivable increased $6,320, inventory decreased $3,125, prepaid expenses decreased $720, and account payable increased $2,760. Reconcile a net income of $55,000 to net cash flow from operating activities.
Answer:
$69,285
Explanation:
Reconcilation of the net income of net cash flow from operating activities.
Cash flow from operating activities
Net income $55,000
Adjustments made to reconcile:
Add: Depreciation expense $14,000
Less Increase in account receivable ($6,320)
Add Decrease in inventory $3,125
Add Decrease in prepaid expense $720
Add Increase in account payable $2,760
Net cash flow from operating activities $69,285
Therefore the net income of net cash flow from operating activities will be $69,285
In the Month of March, Baldwin Corporation received orders of 147 units at a price of $15.00 for their product Bill. Baldwin uses the accrual method of accounting and offers 30 day credit terms. Baldwin delivers 98 units in March and the balance of 49 units in April. They received payment for 49 units in March, 49 units in April, and 49 units in May. How much revenue is recognized on the March income statement from this order
Answer: $1,470
Explanation:
The Accrual method of Accounting means that revenue is to be recognized in the period the product was delivered to the customers.
In March, Baldwin delivered 98 units so the revenue recognized in March is;
= 98 * 15
= $1,470
what are the three basic types of issues that arise in business finance?
Answer:
Capital Budgeting, Capital Structure Decisions, and working Capital Management.
Which of the following is not a characteristic of an organizational objective?
specific
attainable
Long-term
Answer: Long-term
Explanation: If you look at your smart goal longterm is not in there
The characteristics of organizational objective includes that the organizational objective is specific and attainable. Option C is correct.
What is Organizational objective?Organizational objectives are defined as the short-term and medium-term scores that a company wants to achieve.
The improvement of organizational logical argument and the distribution of organizational resources will be heavily influenced by the goals of the company.
The organizational objectives are attainable and specific, and it works only with the short term time period.
Therefore, option C is correct.
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A retail store has three departments, S, T, and U, and does general advertising that benefits all departments. Advertising expense totaled $47,000 for the year, and departmental sales were as follows. Allocate advertising expense to Department T based on departmental sales.
Department S $109,000
Department T 218,850
Department U 142,150
Total 470,000
a) $47,000.
b) $21,885.
c) $10,900.
d) $16,567.
e) $13,900.
Answer:
Allocated advertising = $21,885
Explanation:
Giving the following information:
Advertising expense= $47,000
Sales:
Department S $109,000
Department T 218,850
Department U 142,150
Total 470,000
First, we need to calculate the proportion of sales of Department T:
Sales proportion Department T= 218,850 / 470,000= 0.4656
Now, we can allocate advertising costs:
Allocated advertising = 47,000*0.4656
Allocated advertising = $21,884
OKRs were naturally integrated into the management of MyFitnessPal. A successful innovation to the OKR system made by Mike Lee was to match objectives to people rather than match people to objectives.
A. True
B. False
Answer:
A. True
Explanation:
Since in the question it is mentioned that QkR is naturally integrated into the MyFitnessPal management. Also the innovation would become the successful when the objectives are matches according to the people instead matching the people to objectives as in this the people are aligned and understand what the firm wants that they work like this
Therefore the given statement is true