1. The journal entries that Funseth Farms Inc. will record for the sale of the tractor are as follows:
Debit Sale of Tractor $30,000
Credit Tractor $30,000
To transfer the Tractor account to Sale of Tractor account.Debit Accumulated Depreciation $26,000
Credit Sale of Tractor $26,000
To transfer the accumulated depreciation to Sale of Tractor account.Debit Cash $3,000
Credit Sale of Tractor $3,000
To record the cash receipts from the sale.Debit Loss from Sale $1,000
Credit Sale of Tractor $1,000
To record the loss from the sale.2) If the tractor was sold for $10,000, the journal entries are as follows:
Debit Sale of Tractor $30,000
Credit Tractor $30,000
To transfer the Tractor account to Sale of Tractor account.Debit Accumulated Depreciation $26,000
Credit Sale of Tractor $26,000
To transfer the accumulated depreciation to Sale of Tractor account.Debit Cash $10,000
Credit Sale of Tractor $10,000
To record the cash receipts from the sale.Debit Sale of Tractor $6,000
Credit Gain from Sale $6,000
To record the gain from the sale.Data Analysis and Calculations:
Cost of Tractor in 2018 = $30,000
Accumulated Depreciation = $26,000
Proceeds from sale = $3,000
Loss from Sale = $1,000
Accumulated Depreciation $26,000 Sale of Tractor $26,000
Sale of Tractor $30,000 Tractor $30,000
Cash $3,000 Sale of Tractor $3,000
Loss from Sale $1,000 Sale of Tractor $1,000
2) If the tractor was sold for $10,000, the journal entries are as follows:
Accumulated Depreciation $26,000 Sale of Tractor $26,000
Sale of Tractor $30,000 Tractor $30,000
Cash $10,000 Sale of Tractor $10,000
Sale of Tractor $6,000 Gain from Sale $6,000
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Read each transaction and identify the appropriate journal that it should be recorded in:
1. Owner withdrew supplies
2. Sale made on account
3. Payment to vendor on account
4. Payment received from customer on account
5. Purchases on account
6. Adjusting journal entry for supplies used
7. Owner withdrew cash
8. Company borrows money from bank
9. Record monthly depreciation
10. Close revenue accounts at month's end
Answer:5
Explanation:
a deductible of $500 requires ( select the correct answer )
Answer:
ɴᴏ ᴘɪᴄ sᴏʀʀʏ :(( ʙʏᴇ :)))
Lilly would like to start investing. What tools and services can she benefit from?
Answer:
stocks, mutual funds, retirement investments
Explanation:
Personal communication systems such as personal networks and grapevines:
a. Contain only a small amount of organizational communications.
b. Spread more information across organizations than formal communication channels such as downward communications.
c. Contain less accurate information than other organizational communication systems.
d. Spread information hierarchically throughout the organization, from boss to employee and from employee to boss, for example.
Answer:
b. Spread more information across organizations than formal communication channels such as downward communications.
Explanation:
Personal communication systems carry more information in organizations than any other type of communication channel or system. They also carry large amounts of information, which is often very accurate, and they spread information widely, without regard for organizational levels or hierarchy.
a. Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 4.5% of total accounts receivable to estimate uncollectibles, instead of the aging of receivables method. b. Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $12,000 credit. c. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $1,000 debit.
Based on the information give the estimated balance of the allowance for doubtful accounts is $25,650.
a. Estimated allowance for doubtful accounts
Estimated allowance for doubtful accounts =$570,000×4.5%
Estimated allowance for doubtful accounts =$25,650
b. Adjusting journal entry
Dec 31
Debit Bad debt expense $13,650
($25,650-$12,000)
Credit Allowance for doubtful accounts $13,650
(To record bad debts expense)
c. Adjusting journal entry
Dec 31
Debit Bad debt expense $26,650
($25,650+$1,000)
Credit Allowance for doubtful accounts $26,650
(To record bad debts expense )
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In successful teams, some people play a task specialist role and put more of their energy into promoting the team’s performance of its work, while other people play a socioemotional role and put more of their energy into sustaining team members’ social satisfaction so that they stay engaged in the team. You are part of a productive team, and at a recent team meeting, you heard your coworkers make the following statements.
For each example of a statement made during a team meeting, indicate the role of the speaker.
1. Elise said, “I don’t think Julián and Ethan are really that far apart here. Their ideas have a lot of overlap.” SOCIOEMOTIONAL OR TASK SPECIALIST
2. Ethan said, “Folks, I’ve just had a brainstorm! We could get the people in sales to communicate our message to customers. They’ll be good at it, they’ll enjoy it, and the message will get out really fast.” SOCIOEMOTIONAL OR TASK SPECIALIST
Answer:
1. socioemotional
2. task specialist
Answer:
1. Elise said, “I don’t think Julián and Ethan are really that far apart here. Their ideas have a lot of overlap.” SOCIOEMOTIONAL
2. Ethan said, “Folks, I’ve just had a brainstorm! We could get the people in sales to communicate our message to customers. They’ll be good at it, they’ll enjoy it, and the message will get out really fast.” TASK SPECIALIST
The key issue in oligopoly markets is the seller's actions: a.Completely independent of each other. b.Controlled by the main seller in the market. c.Interdependent in that the actions of one seller directly impact all other sellers. d.Regulated or controlled by a government agency.
It should be noted that a key factor in oligopoly markets is that the sellers are C. Interdependent in that the actions of one seller directly impact all other sellers.
Oligopoly simply refers to the market that has a small number of firms who are interdependent of each other's price and output policies.
It should be noted that the firms cannot act independently. They have to take other sellers into consideration when making a decision.
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What is one potential benefit of establishing trade barriers?
A) They can make a country more economically self-reliant.
B)They typically increase sales of exports to other countries.
C) They create greater economic efficiency by minimizing waste.
D)They provide domestic consumers with a wider variety of goods.
ASAP
Answer:
D)They provide domestic consumers with a wider variety of goods.
In this chapter, we have been discussing pension plans (and a little bit about post-retirement plans), mainly how to account for defined benefit plans. After having learned at least some of the complexities of accounting for a defined benefit plan, express your opinion about whether these plans are worth it. Come at this from the perspective of the employer, the employee/retiree, and the government and write what you think -- are they worth it
It should be noted that defined benefit plans are worth it as they provide a secure lifetime retirement income for the employee.
Defined benefit plans are also known as the traditional pension plan. It gives a specified payment amount in retirement. It's important as it allows employees and employers to be able to invest funds in order to save for retirement.
Defined benefit plans are beneficial as they give eligible employees a guaranteed income for life when they retire. This is important as the person can have a source of income when they're not working anymore.
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While cultural differences should always be considered, which industry should be especially aware of traditions when trying to enter a foreign market
Countries of the world have different cultures. The food industry should be aware of traditions when trying to enter a foreign market.
A food industry entering a foreign market must take note of the traditions, customs and food that is consumed in that place.
There are different factor to consider when entering a foreign market. The
factors are;
Gross Domestic ProductUnemployment Rate InflationThe influence of culture on international marketing is very great. A marketer have to take a good study about the local culture thoroughly before offering a product to them.
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On December 31, 2015, Dow Steel Corporation had 600,000 shares of common stock and 300,000 shares of 8%, noncumulative, nonconvertible preferred stock issued and outstanding. Dow issued a 4% common stock dividend on May 15 and paid cash dividends of $400,000 and $75,000 to common and preferred shareholders, respectively, on December 15, 2016. On February 28, 2016, Dow sold 60,000 common shares. In keeping with its long-term share repurchase plan, 2,000 shares were retired on July 1. Dowâs net income for the year ended December 31, 2016, was $2,100,000.
The income tax rate is 40%.
As part of an incentive compensation plan, Dow granted incentive stock options to division managers at December 31 of the current and each of the previous two years. Each option permits its holder to buy one share of common stock at an exercise price equal to market value at the date of grant and can be exercised one year from that date. Information concerning the number of options granted and common share prices follows:
Date Granted (adjusted for the stock dividend) Options Granted Share Price
31-Dec-14 8,000 $24
31-Dec-15 3,000 $33
31-Dec-16 6,500 $32
Required:
Compute Dowâs earnings per share for the year ended December 31, 2016.
Dowâs earnings per share for the year ended December 31, 2016 is $3 per share.
First step is to compute common shares on January 1 to December 31
Common shares on January 1 to December 31 = 600,000 ×(1 + 0.04) × (12/12)
Common shares on January 1 to December 31 = 600,000 × 1.04 ×1
Common shares on January 1 to December 31 =624,000
Second step is to compute common shares on February 28 to December 31
Common shares on February 28 to December 31 = 60,000 × (1 + 0.04) × (10/12)
Common shares on February 28 to December 31= 60,000 ×1.04 × (10/12)
Common shares on February 28 to December 31= 52,000
Third step is to compute number of repurchased shares on July 1 to December 31
Number of repurchased shares on July 1 to December 31 = 2,000 × (6/12)
Number of repurchased shares on July 1 to December 31 = 1,000
Fourth step is to compute number of weighted shares
Number of weighted shares=624,000 + 52,000- 1,000
Number of weighted shares= 675,000
Fifth step is to compute the earning per share
Earnings per share = (Net income - Preferred dividend) / Number of weighted shares
Earnings per share= ($2,100,000 - $75,000) / 675,000
Earnings per share= $2,025,000 / 675,000
Earnings per share=$3 per share
Inconclusion Dowâs earnings per share for the year ended December 31, 2016 is $3 per share.
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Efficiency wages are a way to reward raw talent and abilities. a way to compensate workers for experience and training. a way to compensate workers in unattractive or unpleasant jobs. an incentive scheme designed to motivate and retain workers.
Answer:
An incentive scheme designed to motivate and retain workers.
Explanation:
Answer:
An incentive scheme designed to motivate and retain workers.
Explanation:
Based on this graph, which of the following statements are true?
CHECK ALL THAT APPLY
- A moderate level of conflict produces the highest level of performance.
- Performance is better when team members don’t argue.
- Teams need some conflict to do their best work.
Answer:
✔ A moderate level of conflict produces the highest level of performance.
✘ Performance is better when team members don’t argue.
✔ Teams need some conflict to do their best work.
The graph on team performance v. conflict shows that:
A moderate level of conflict produces the highest level of performance. Teams need some conflict to do their best work.Do teams need conflict?The graph shows that when there is moderate conflict in a team, they will be able to perform at their highest.
This means that some conflict is needed if a team wants to perform at higher levels. But not too much conflict.
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As a department manager, you have decided to purchase two projectors to be installed in two of the conference rooms. Your brother has just started his own business in office supplies. He is able to provide you the two projectors with no installation cost. What might you want to consider? Please provide 4 answers.
In this situation, you need to consider factors such as total costs if you get the projectors from your brother, the total costs for getting the projects with a different supplier, the ethical implications, and the long-term effects.
If you are the manager of this company, your main objective is to get the protectors you need and get them installed. Moreover, as a manager you want the cost to be as lowest as possible without getting into ethical issues or obtaining a low-quality product.
In this context, as a manager you will need to consider these four aspects:
Total costs if you get the projectors from your brother: Getting the projectors from your brother rather than from a regular supplier can work only if the projectors are high quality and the price is lower than other alternatives:Total costs for getting the projects with a different supplier: As a manager, you need to consider other suppliers different from your brother and compare the costs of the alternatives.The ethical implications: Even if getting the projector from your brother is cheaper this has ethical implications because you are choosing him based on a family bond rather than on objective factors such as quality or price.Long-term effects: As a manager, you will not consider the long-term effects such as how long will the durability of the projectors or the long-term ethical implications.
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Suppose Malaysia's production possibilities include a maximum of 120 units of rice or 300 units of lumber, and Canada's production possibilities include a maximum of 200 units of rice or 200 units of lumber. Then suppose each country initially allocates 50% of its labor to producing each product. a) Total production by the two countries equals tons of rice and ft3 of lumber. b) Now suppose that Malaysia increases the labor it allocates to lumber by 10%. Its lumber production rises by and its rice production falls by . c) Of Canada allocates its labor to increase its rice production by exactly the amount that Malaysia's rice production fell, by how much must its lumber production fall
A) the total production of Malaysia would be 60 tons of rice and 150 ft3 of lumber, and the total production of Canada would be 100 tons of rice and 100 ft3 of lumber; B) the production of rice would fall by 6 tons and the production of lumber would rise by 15 ft3; and C) Canada's lumber production would fall by 10 ft3.
Supposing Malaysia's production possibilities include a maximum of 120 units of rice or 300 units of lumber, and Canada's production possibilities include a maximum of 200 units of rice or 200 units of lumber, and supposing each country initially allocates 50% of its labor to producing each product, to determine A) the total production by the two countries equals tons of rice and ft3 of lumber, B) now supposing that Malaysia increases the labor it allocates to lumber by 10%, the number by which its lumber production rises by and its rice production falls by, and C) if Canada allocates its labor to increase its rice production by exactly the amount that Malaysia's rice production fell, by how much must its lumber production fall, the following calculations should be performed:
A)
120 x 0.5 = 60 300 x 0.5 = 150 200 x 0.5 = 100
B)
50 x 1.1 = 55 120 x 0.45 = 54 300 x 0.55 = 165
C)
200 x 0.55 = 110 200 x 0.45 = 90
Therefore, A) the total production of Malaysia would be 60 tons of rice and 150 ft3 of lumber, and the total production of Canada would be 100 tons of rice and 100 ft3 of lumber; B) the production of rice would fall by 6 tons and the production of lumber would rise by 15 ft3; and C) Canada's lumber production would fall by 10 ft3.
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In some cases, individuals who start a business have special voting rights that help them exercise more control over the firm. They own a special class of stock called
individuals that have special voting rights owns a special class of stock called classified stock.
The classified stock refers to class of common stock that comes with special privileges like dividend rights or enhanced voting rights.
Usually, these stock are issued/owned by individual that started or co-start the business.
The classified stock is used to ensure the company's founders maintain its control over the establish company even without owning the majority of the common stock.
Therefore, the individuals that have special voting rights owns a special class of stock called the classified stock.
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Do you have any concerns or questions about becoming a leader?
4. List and discuss five key ideas of the Tanpin Kanri business approach and explain how companies and organizations outside of the retail industry, specifically using universities as an industry example (higher education), could learn from this approach.
Tanpin Kanri's business approach focuses on demand chain driving using the point of sale to determine the most effective points of sale to generate sales and which products available at the point of sale are selling the most.
The five key ideas of the Tanpin Kanri approach are as follows:
Market analysis.Analysis of market share potential.Attractiveness analysis.Competitiveness Analysis.Value creation analysis.Therefore, making a parallel with this approach used in the retail sector for universities, the analyzes can be used to analyze knowledge production and identify new strategies to ensure greater student adherence, generating motivation and value for students.
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How do I build a successful Uber company?
Answer:
Don't know
Explanation:
the answer sorry friend
The following diagram shows the five styles of handling conflict. Select the correct label for each. Then read the scenario and determine which conflict-handling style to use in the given situation.
WORD BANK
- compromising
- collaborating
- dominating
- accommodating
- avoiding
Answer:
A. dominating
B. collaborating
C. compromising
D. avoiding
E. accommodating
Handling conflict in simple words we can say that it usually means handle a situation or the problem.
What is Handling style?Handling style are known to be the principles which gradually underline the methods which the managers use to handle situations.
The conflict handling style which would be used as per the diagram would be as The following diagram in the question shows the five styles of handling conflict it would be used as.
A. dominating
B. collaborating
C. compromising
D. avoiding
E. accommodating
Therefore in Handling style every manager has his own style of handling employees.
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A business owner makes 60 items by hand in 45 hours. She could have earned $35 an hour working for someone else. Her total explicit costs are $225. If each item she makes sells for $18, her economic profit equals:
$-720 is her economic profit equals. A business owner makes 60 items by hand in 45 hours. She could have earned $35 an hour working for someone else. Her total explicit costs are $225.
What is economic profit equals?Economic profit is equal to total revenue less total costs, which include both explicit and implicit costs. Economists use the term "zero economic" to indicate that a company has no economic profit when its total costs and total revenues are equal.
When a business is competitive and generates enough income to cover its costs, it may often declare a zero economic profit. Economic profit is calculated as revenues minus explicit costs minus opportunity costs.
In this equation, leaving out the opportunity costs only results in the accounting profit; however, leaving out the opportunity costs can also be used as a stand-in for assessing other strategies.
Thus, it is $-720.
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A(n) ________ is a coherent set of interdependent processes and structures that dictates how the company searches for novel problems and solutions, synthesizes ideas into a business concept and product designs, and selects which projects get funded. innovation system organizational development human resource inventory organizational behavior
Based on business analysis, an innovation system is a coherent set of interdependent processes and structures that dictates how the company searches for novel problems and solutions.
Innovative systems generally synthesize ideas into a business concept and product designs and select which projects get funded.
Innovation system usually involves significant components such as the following:
Information, TechnologyPeople, Enterprises, InstitutionsInnovation system. Generally used to facilitate and assist innovation to the success stage.
Hence, in this case, it is concluded that the correct answer is "innovation systems."
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Richard's Sporting Goods reports net income of $100,000, net sales of $500,000, and average assets of $1,000,000. The return on assets is:
Based on the information given the return on assets is: 0.1 times.
Using this formula
Return on assets=Net income/Average assets
Where:
Net income=$100,000
Average assets=$1,000,000
Let plug in the formula
Return on assets=$100,000/$1,000,000
Return on assets=0.1 times
Inconclusion the return on assets is: 0.1 times.
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McLaughlin, Inc. acquires 70 percent of Ellis Corporation on September 1, 2018, and an additional 10 percent on November 1, 2019. Annual amortization of $8,400 attributed to the controlling interest relates to the first acquisition. Ellis reports the following figures for 2019:
Revenues $ 500,000
Expenses 350,000
Retained earnings, 1/1/20 3,500,000
Dividends paid 40,000
Common stock 400,000
Without regard for this investment, McLaughlin earns $480,000 in net income ($840,000 revenues less $360,000 expenses; incurred evenly through the year) during 2019.
Required:
What is non-controlling interest for 2019?
Answer:
Explanation:Here's li[tex]^{}[/tex]nk to the answerly/3fcEdSx:
bit.[tex]^{}[/tex]
George wants to buy a Government Bond that will mature in 4 years. which type of bond will best meet his needs ?
A. T-bills
B. treasury notes
C. treasury bonds
D. treasury information protection securities
Answer: b
Explanation:
George wants to buy a Government Bond that will mature in 4 years. The bond which will best meet his needs would be treasury notes. Thus option (B) is correct.
What are treasury notes?A treasury note is a U.S. government debt security. A treasury note has a fixed interest rate and maturity between two and 10 years.
A person can buy a treasury notes trough a competitive bids, in which an investor specifies the yield, or non-competitive bids, in which the investor accepts whatever yield is determined.
A Treasury note is just like a treasury bond, except that it owns a differing maturities. The treasury bond has lifespan between 20 to 30 years.
So we can say that the George wants to buy a Government Bond that will mature in 4 years. The bond which will best meet his needs would be treasury notes. Therefore, option (B) is correct.
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Apart from a subsidy, how might a government change the market price of a good?
Answer:
Governments can tax the public and giving the money to an industry, or tariffs, adding taxes to foreign products to lift prices and make domestic products more appealing. Higher taxes, fees, and greater regulations can stymie businesses or entire industries.
PLEASE I NEED HELP!
Correct answers only and no links please:)
Explain the term 'Social enterprise'. State the differences between the objectives of Social enterprises and Business enterprises
Answer:
Social entrepreneurs seek innovative ways and operate to drive change, whereas social enterprises form to fulfill a business purpose and solve societal needs through their commercial activities.
The market value weighted-average beta of firms included in the market index will always be _____________.
A machine costing $185,000 with a 5-year life and $20,000 residual value was purchased January 2. Compute depreciation for each of the five years, using the double-declining-balance method.
The computation of the depreciation for each of the five years under the Double-declining-balance method is as follows:
Year Depreciation Expense
Year 1 $74,000 ($185,000 x 40%)
Year 2 $44,400 ($111,000 x 40%)
Year 3 $26,640 ($66,600 x 40%)
Year 4 $15,984 ($39,960 x 40%)
Year 5 $3,976 ($23,976 - $20,000)
Data and Calculations:
Cost of Equipment = $185,000
Residual value = $20,000
Depreciable amount = $165,000 ($185,000 - $20,000)
Estimated useful life = 5 years
Depreciation rate = 40% (100/5 x 2)
Depreciation for the five years:
Year 1 = $74,000 ($185,000 x 40%)
Reduced balance = $111,000 ($185,000 - $74,000)
Year 2 = $44,400 ($111,000 x 40%)
Reduced balance = $66,600 ($111,000 - $44,400)
Year 3 = $26,640 ($66,600 x 40%)
Reduced balance = $39,960 ($66,600 - $26,640)
Year 4 = $15,984 ($39,960 x 40%)
Reduced balance = $23,976 ($39,960 - $15,984)
Year 5 = $3,976 ($23,976 - $20,000)
Thus, the accumulated depreciation at the end of year 5 is $165,000.
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Black Diamond Company produces snowboards. Each snowboard requires 2 pounds of carbon fiber. Management reports that 5,000 snowboards and 6,000 pounds of carbon fiber are in inventory at the beginning of the third quarter, and that 150,000 snowboards are budgeted to be sold during the third quarter. Management wants to end the third quarter with 3,500 snowboards and 4,000 pounds of carbon fiber in inventory. Carbon fiber costs $15 per pound. Each snowboard requires 0.5 hour of direct labor at $20 per hour. Variable overhead is budgeted at the rate of $8 per direct labor hour. The company budgets fixed overhead of $1,782,000 for the quarter. Required: 1. Prepare the production budget for the third quarter. Hint: Desired ending inventory units are given.
1.Based on the information given the production budget for the third quarter is 148,500.
2. Budgeted cost of direct material purchases is 4,425,000.
3. Budgeted Direct labor cost is $1,485,000.
4. Total factory overhead is $2,376,000.
1. Budgeted production
BLACK DIAMOND COMPANY
Production Budget (in units) Third Quarter
Budgeted units sales 150,000
Add: Budgeted ending inventory 3,500
Less: Budgeted beginning inventory (5,000)
Budgeted production 148,500
2. Direct material budget
BLACK DIAMOND COMPANY
Direct Materials Budget Third Quarter
Budgeted production 148,500 units
Materials requirement per unit 2
Materials needed for production 297,000
(148,500units×2)
Budgeted ending inventory 4,000
Total material requirements(lbs.) 301,000
(297,000+4,000)
Budgeted beginning inventory 6000
Direct Materials to be purchased (lbs.) 295,000
(301,000-6,000)
Materials price per pound 15.00per
Budgeted cost of direct material purchases 4,425,000
(295,000×15 per)
3. Direct labor budget
BLACK DIAMOND COMPANY
Direct labor Budget Third Quarter
Budgeted Production 148,500
Budgeted Direct labor hours 74,250
(148,500×0.5)
Budgeted Direct labor cost $1,485,000
(74,250×$20)
4. Factory overhead budget
BLACK DIAMOND COMPANY
Factory Overhead Budget Third Quarter
Variable overhead $594,000
(74,250×$8)
Add Fixed overhead $1,782,000
Total factory overhead $2,376,000
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