Answer:
a) Compounded Annually = $9671.41
b) Compounded Monthly = $9691.51
c) Compounded Weekly = $9692.93
d) Compounded Daily = $9693.30
e) Compounded Continuously = $9693.36
Explanation:
Solution:
This question is very simple. We just need to know the basic formula.
Data Given:
P = Principal Amount = $8000
i = interest rate = 2.4% annual
n = period or year = 8 years.
So, our basic formula is:
A = P [tex](1 + \frac{r}{100}) ^{n}[/tex]
a) Compounded Annually.
A = P [tex](1 + \frac{r}{100}) ^{n}[/tex]
A = 8000 [tex](1 + \frac{0.024}{100}) ^{8}[/tex]
A = $9671.41
b) Compounded Monthly:
1 year = 12 months.
A = P [tex](1 + \frac{r}{100*12}) ^{n*12}[/tex]
A = 8000 [tex](1 + \frac{0.024}{100*12}) ^{8*12}[/tex]
A = $9691.51
c) Compounded Weekly:
1 year = 52 weeks
A = P [tex](1 + \frac{r}{100*52}) ^{n*52}[/tex]
A = 8000 [tex](1 + \frac{0.024}{100*52}) ^{8*52}[/tex]
A = $9692.93
d) Compounded Daily:
1 year = 365 days
A = P [tex](1 + \frac{r}{100*365}) ^{n*365}[/tex]
A = 8000 [tex](1 + \frac{0.024}{100*365}) ^{8*365}[/tex]
A = $9693.30
e) Compounded Continuously:
For this we have following formula:
A = P[tex]e^{\frac{n*r}{100} }[/tex]
A = P[tex]e^{\frac{8*0.024}{100} }[/tex]
A = $9693.36
You would like to purchase a home and are interested to find out how much you can borrow. When your lender calculates your debt to income ratio, he determines that your maximum monthly payment can be no more than $3,200. You would like to have a 30 year fully- amortizing loan and the interest rate offered on such a loan is currently 5%. Given these constraints, what is the largest loan you can obtain?
Answer:
When Your Lender Calculates Your Debt To Income Ratio, He Determines That Your Maximum Monthly Payment Can Be No More Than $3,200.
A company upgraded production machinery to collect data about the fit tolerance for assembled parts of each unit produced along with environmental data such as machine temperature, parts temperature, ambient air temperature, humidity, and atmospheric pressure. Before the upgrade, only fit tolerance data was collected. The upgrade represents an increase in
Answer: Data variety
Explanation:
Based on the information provided in the question, the answer is Data Variety. Data variety has to do with the diversity of data with regards to its collection.
This can be seen from the question where we are told that only the data for fit tolerance was collected before the upgrade but the upgrade led to the collection of environmental data as well.
Therefore, the upgrade represents an increase in data variety
When the company collected only the fit tolerance data for the upgrade, the upgrade represents an increase in Data variety
The Data variety refers to the diversity of available data during data collection.
The variety of data may either be structured, unstructured and semistructured that are gathered from different sources.
Here, only the fit tolerance data was collected from the production machinery and used to decide an upgrade on the machine.
Therefore, the Data Variety is correct because its best relates to the increase in machine upgrade.
The missing options Includes "data variety, data velocity, data veracity, data validity"
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Which qualification is necessary for a Mental Health Counselor?
A.) Knowledge of psychology and related books and resources
B.) Understanding of a psychology and religious tradition
C.) Understanding of psychology, and mathematics
D.) Knowledge of psychology and history of psychology
Answer:
i think its C. Understanding of Psychology, and Mathematics. Sorry if im wrong
Explanation:
Understanding psychology and mathematics qualification are necessary for a Mental Health Counselor. The correct option is C.
What is the connection between psychology and mathematics?
The area of psychology known as mathematical psychology is concerned with using mathematical and computational models to analyze and forecast human behavior. Memory, attention, problem-solving, perception, decision-making, and motor control are typical areas of interest.
Psychologists can interpret data and gain a better understanding of the brain with math. Therefore, having these skills is essential if you want to be as productive as possible at work. Though they usually focus on a person's behavior and thought processes, therapists can benefit from having a basic understanding of math. Students who understand math will do better in their science classes because math is closely related to the subjects they study.
Thus, the ideal selection is option C.
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Help ASAP!!
1. Are you interested in being an entrepreneur?
2. Which habits do you do already?
3. Which habits would you like to adopt? Explain.
Answer: See explanation
Explanation:
An entrepreneur is someone who creates a business in order for the person to make profit. We should note that the person also bears the risk that are involved in the business.
1. Are you interested in being an entrepreneur?
I am interested in being an entrepreneur. Being an entrepreneur will aid the economic growth and development of the country and also enhance the standard of living of the people which works with me.
2. Which habits do you do already?
Some of the habits I already do from the picture include:
• Giving a head start to tomorrow today.
• Tracking my origress
• Continuing learning
• Tracking my progress.
• Refreshing my self with quality family time.
3. Which habits would you like to adopt?
Some of the habits that I'll like to adopt include:
• Keeping the morning for the toughest jobs.
• Workout and meditate
Universal Containers is rolling out a new customer service process. Customer service managers will need to edit cases for their subordinates, but not cases for other groups. Managers and users should be able to view all cases. What is the recommended solution to configure this
Answer:
I. Create standard role hierarchies.
II. Set organization-wide sharing defaults to public read/only.
Explanation:
Workflow management systems can be defined as a strategic software application or program designed to avail companies the infrastructure to setup, define, create and manage the performance or execution of series of sequential tasks, as well as respond to workflow participants. Some examples of workflow management systems used around the world; YAWL, Windows Workflow Foundation, Apache ODE, Collective Knowledge, Workflow Gen, PRPC, Salesforce.com, jBPM, Bonita BPM etc.
In this scenario, Universal Containers is rolling out a new customer service process. Customer service managers will need to edit cases for their subordinates, but not cases for other groups. Managers and users should be able to view all cases. Therefore, the recommended solution to configure this are;
I. Create standard role hierarchies: this is to represent the various end users such as managers and their subordinates.
II. Set organization-wide sharing defaults to public read/only: this settings or feature would make it impossible for any user outside of the group (owner) to edit the cases. They will only be able to view but not modify.
acquired: Firm A has a margin of 11%, sales of $610,000, and ROI of 17%. Calculate the firm's average total assets. Firm B has net income of $72,000, turnover of 1.40, and average total assets of $920,000. Calculate the firm's sales, margin, and ROI. Firm C has net income of $136,000, turnover of 2.01, and ROI of 23.40%. Calculate the firm's margin, sales, and average total assets.
Answer:
1. Firm's average total assets = Net Income/ROI = $610,000*0.11 / 0.17 = $394,705.88
2. Sales = Assets turnover ratio * Average total assets = 1.40*920,000 = $1,288,000
Margin = Net Income / Sales = $72,000/$1,288,000 = 0.06
ROI = Net Income / Average Total Assets = $72,000/920,000 = 0.078
3. Average Total Assets = Net Income / ROI = $136,000/23.40% = 136,000/0.2340 = $581,196.58
Sales = Assets turnover ratio * Average total assets= 2.01*$581,196.58 = $1,168,205.12
Margin = Net Income / Sales = $136,000/$1,168,205.12 = 0.1164
MECCS Inc. has net income of $3,492, interest expense of $172, sales of $7,290, addition to retained earnings of $1,596, selling and general expenses of $1,820, and depreciation of $990. What is the amount of dividends paid if the tax rate is 21 percent
Answer: $1,896
Explanation:
The amount of net income that is retained is determined by the amount of dividends paid in the formula:
= Net income - Retained earnings
= 3,492 - 1,596
= $1,896
Taxes and expenses would have already been catered for in the Net income.
MacKenzie Company sold $420 of merchandise to a customer who used a Regional Bank credit card. Regional Bank deducts a 5.0% service charge for sales on its credit cards. MacKenzie electronically remits the credit card sales receipts to the credit card company and receives payment immediately. The journal entry to record this sale transaction would be: Multiple Choice
Answer:
See below
Explanation:
Credit card expense = 5% of sales value $420 = $21
Before prorating the manufacturing overhead costs at the end of 2016, the Cost of Goods Sold and Finished Goods Inventory had applied overhead costs of $57,600 and $21,000 in them, respectively. There was no Work-in-Process at the beginning or end of 2016. During the year, manufacturing overhead costs of $75,000 were actually incurred. The balance in the Applied Manufacturing Overhead was $78,600 at the end of 2016. If the under- or overapplied overhead is prorated between Cost of Goods Sold and the inventory accounts, how much will be the Cost of Goods Sold after the proration
Answer: $60238
Explanation:
First and foremost, we need to calculate the over applied overhead which will be the difference between the actual overhead and the applied overhead. This will be:
= $78600 - $75000
= $3600
Then, the portion allocated to the cost of goods sold will be:
= $3600 × $57600 /($57600 + $21000)
= $3600 × $57600/$78600
= $3600 × 0.7328
= $2638
Therefore, the cost of Goods Sold after the proration will be:
= $57600 + $2638
= $60238
If you owned a business what would be the way to protect your personal assets from liablity?
Answer:
When you form an LLC, you establish a new business entity that's legally separate from its owners. This separation provides what is called limited liability protection. As a general rule, if the LLC can't pay its debts, the LLC's creditors can go after the LLC's bank account and other assets.Sep 4, 2020
All of the following pairs of goods are substitutes except A. we observe the price of automobiles decreases and the demand for public transit decreases. B. we observe the price of bacon increases and the demand for eggs decreases. C. we observe the price of coffee increases and the demand for tea increases. D. we observe the price of tennis racquets decreases and the demand for golf clubs decreases.
Answer:
Option B: We observe the price of bacon increases and the demand for eggs decreases.
Explanation:
Substitute goods are a defined as goods that has near or a close replacement for each another that is the increase in price leads to an increase in demand for the goods. In substitute goods, price of one good and the quantity demanded of a related goods move in different (opposite) directions. Thus the answer of bacon and egg are as two goods are not substitutes.
A Common example of Substitute Goods includes; margarine and butter, turkey and chicken e. t. c.
Which of the following activities is an example of using an intranet to gather
information?
A. A salesperson checks a customer's order status, posted by the
production department.
B. A marketing researcher reads the comments posted by
consumers on a social media website.
C. A marketing manager uses a news feed to get links to articles
about industry-related events each day.
D. A marketing manager looks up information about where a
retailer's stores are located on the retailer's website.
SUBMIT
Answer:
A. A salesperson checks a customer's order status, posted by the production department.
Explanation:
In the A answer it is an order status posted by the production department but does not state any external sources or websites. So you have to assume the action is done within the company network or "Intranet"
In the examples B through D there are references made to external sources like: social media website, news feed, and a retailer's website.
A salesperson checks a customer's order status, posted by the production department is an example of using an intranet to gather information.
What do you mean by salesperson?Simply said, a sales representative promotes a company's brand while selling their goods or services. From the initial lead outreach until the actual purchase, they manage client connections and function as the primary point of contact.
It is the perfect career if you want to be in control of your career because it is mostly performance-driven, meaning how well you sell directly effects how much money you earn.
One of the various careers you might apply for with a business degree is a sales representative position. Everything you need to know about this career path is outlined here.
All stages of the sales process involve a sales representative having direct consumer interactions. They are in charge of determining a customer's needs, making suitable product or service recommendations, and making sure they have a great experience from beginning to end.
Sales representatives occasionally make cold calls to leads they find in company directories or through customer recommendations.
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A project has been assigned a discount rate of 12 percent. If the project starts immediately, it will have an initial cost of $480 and cash inflows of $350 a year for three years. If the start is delayed one year, the initial cost will rise to $520 and the cash flows will increase to $385 a year for three years. What is the value of the option to wait
Answer: $0.70
Explanation:
The value of the option to wait would be calculated thus:
Year Cash flow PVF at 12% PV
0 $-480 1.000 $(480.00)
1 $350 0.893 $312.50
2 $350 0.797 $279.02
3 $350 0.712 $249.12
Then, the Net present value will be:
= 312.50 + 279.02 + 249.12 - 480.00
= $360.64
Year Cash flow PVF at 12%. PV
0 $-1.000 1.000. 0
1 $-520 0.893 $(464.29)
2 $385 0.797 $306.92
3 $385 0.712 $274.04
4 $385 0.636 $244.67
Net present value = $361.34
The value of the option to wait would then be calculated as:
= $361.34 - $360.64
= $0.70
Investment X offers to pay you $5,200 per year for eight years, whereas Investment Y offers to pay you $7,300 per year for five years. Calculate the present value for Investment X and Y if the discount rate is 5 percent. (Do not round intermediate calculations and round your final answers to 2 decimal places. (e.g., 32.16))
Present value Investment X $ Investment Y $ Calculate the present value for Investment X and Y if the discount rate is 15 percent. (Do not round intermediate calculations and round your final answers to 2 decimal places. (e.g., 32.16))
Answer:
Results are below.
Explanation:
Giving the following information:
Investment X:
Annual payment= $5,200 per year for eight years
Investment Y;
Annual payment= $7,300 per year for five years
Discount rate= 15%
To calculate the present value, first, we determine the future value. Then the present value.
FV= {A*[(1+i)^n-1]}/i
A= annual payment
PV= FV/(1+i)^n
Investment X:
FV= {5,200*[(1.15^8) - 1]} / 0.15
FV= $71,379.46
PV= 71,379.46/1.15^8
PV= $23,334.07
Investment Y:
FV= {7,300*[(1.15^5) - 1]} / 0.15
FV= $49,219.38
PV= 49,219.38/1.15^5
PV= $24,470.73
One problem with using market values to measure GDP is that A. some useful goods and services are not sold in markets. B. you cannot compare completely heterogeneous goods by using their dollar values. C. prices for some goods change every year. D. market values of exported goods are usually priced in foreign currencies.
Answer:
C. prices for some goods change every year.
Explanation:
The reason why the real GDP (GDP adjusted to inflation) is a much better economic index than nominal GDP is that prices change over time, even if the quantities produced do not. It is actually possible for nominal GDP to increase even if total production output decreases due solely to high inflation rates.
Wat is accounting in economics
Answer:
Accounting and economics both involve plenty of number-crunching. But accounting is a profession devoted to recording, analyzing, and reporting income and expenses, while economics is a branch of the social sciences that is concerned with the production, consumption, and transfer of resources.
I hope it's helpful!
Jane James owns an appliance store. She normally receives $50,000 worth of appliances per month. She does not like to owe people money and always pays her bills on the day she receives the invoice. Someone told her that if she delayed payment, she could actually increase her profit because the money would be earning interest in her account. She went through her bills and found that she actually had an additional ten days, on average to pay her invoices. She also found that she was earning 5 percent interest on the money she had in her money market savings account. If she delayed payment by ten days, how much additional interest would she earn for the year
Answer:
The correct answer is "$820".
Explanation:
Whenever she delays compensation by 10 days a month (even though she receives monthly invoices), she will indeed earn interest for something like a combined amount of 120 days (10 days x 12 months) again for full year of 365 days.
The interest earned will be:
⇒ [tex]50000\times 5 \ percent\times \frac{120}{365}[/tex]
⇒ [tex]50000\times 0.05\times 0.328[/tex]
⇒ [tex]820[/tex] ($)
Navistar Electric issued 1000 debenture bonds 2 years ago with a face value of $5,000 each and a bond interest rate of 15% per year payable semiannually. The bonds have a maturity date of 20 years from the date they were issued. If the interest rate in the market place is 10% per year compounded semiannually, determine the present worth today of one bond.
Answer:
$7,081.25
Explanation:
Face value = 5000
Coupon = 15% paid annually. Semi annual payment = 750/2 = 375
Time to maturity = 18 years
Interest rate = 10% compounded semi-annually
P = 375(P|A, 5%, 36) + 5000(P|F, 5%, 36)
P = 375(16.58131488) + 5000(0.17265193)
P = 6217.99308 + 863.25965
P = 7081.25273
P = $7,081.25
So, the present worth of one bond today is $7,081.25
Question 4 of 10
Which budget strategy will reduce a country's national debt the most?
A. Raising taxes while lowering spending
B. Lowering both taxes and spending
C. Lowering taxes while raising spending
D. Raising both taxes and spending
Answer: raising taxes while lowering spending
Explanation: I just got it right on A p e x
The following statements are financial transactions completed by Carver Industries. Identify which financial statement accounts are affected by the transactions.
1. Carver owes one of Its suppliers $120,000 on account for past purchases. Carver sent this supplier $50,000 to pay down the account.
2. Carver has $200,000 of long-term bonds outstanding that pay investors 8% annual interest at the end of the year. Carver has Just made this payment to bond investors.
3. Carver paid $1,500 to the utility company to cover this month's electric bill.
4. Carver issued new long-term bonds at their par value of $300,000 to fund a new Investment project.
5. Carver closed a large sale to a major customer for $200,000, though the Inventory was only valued at $140,000 on the company's balance sheet. The customer paid $70,000 upfront and has agreed to pay the rest of the bill in the next month.
Answer: See explanation
Explanation:
1. Carver owes one of Its suppliers $120,000 on account for past purchases. Carver sent this supplier $50,000 to pay down the account.
In this case, the account payable will have to be reduced by $50000.
Cash will also decrease by $50000.
2. Carver has $200,000 of long-term bonds outstanding that pay investors 8% annual interest at the end of the year. Carver has Just made this payment to bond investors.
In this case, the interest expnese will increase by := 8% × 200,000
= 0.2 × $200,000
= $16000
Also, the cash will as well decrease by $16000.
3. Carver paid $1,500 to the utility company to cover this month's electric bill.
The operating expenses will have to increase by $1500 while cash will decrease by $1500.
4. Carver issued new long-term bonds at their par value of $300,000 to fund a new Investment project.
There'll be an increase of $300,000 in the long term liabilities. Cash will also increase by $300,000
5. Carver closed a large sale to a major customer for $200,000, though the Inventory was only valued at $140,000 on the company's balance sheet. The customer paid $70,000 upfront and has agreed to pay the rest of the bill in the next month.
In this case, there'll be an increase in the sales revenue by $200000.
Increase in cash by $70000
Increase in the account receivable by $130000
Decrease in the inventory by $140000
Increase in the cost of goods that are sold by $140000.
g Tirri Corporation has provided the following information: Cost per Unit Cost per Period Direct materials $ 7.30 Direct labor $ 3.45 Variable manufacturing overhead $ 1.35 Fixed manufacturing overhead $ 24,000 Sales commissions $ 1.10 Variable administrative expense $ 0.65 Fixed selling and administrative expense $ 8,400 If the selling price is $27.70 per unit, the contribution margin per unit sold is closest to: Multiple Choice $13.85 $16.95 $10.40 $6.55
Answer:
$13.85
Explanation:
Calculation for what the contribution margin per unit sold is closest to:
Selling price $27.70 per unit,
Less Direct materials ($ 7.30)
Less Direct labor ($ 3.45)
Less Variable manufacturing overhead ($ 1.35 )
Less Sales commissions ($ 1.10)
Less Variable administrative expense ($ 0.65)
Contribution margin per unit sold $13.85
Therefore the contribution margin per unit sold is closest to: $13.85
fter 15 years of employment in the airline industry, John started his own consulting company to use physical and computer simulation in the analysis of commercial airport accidents on runways. He estimates his average cost of new capital at 8% per year for physical simulation projects, that is, where he physically reconstructs the accident using scale versions of planes, buildings, vehicles, etc. He has established 17% per year as the MARR. What net rate of return on capital investments for physical simulation does he expect
Answer:
The answer is "9%".
Explanation:
Please find the complete question in the attached file.
The formula for calculating the net return rate:
[tex]\to \text{Net return rate= MARR - Capital Cost}[/tex]
[tex]= 17\% - 8\% \\\\= 9\%[/tex]
Therefore, the net return rate is 9%.
During 2020, Mike's current FICA taxable is $2,700 and will not change for the remainder of the year. As of the 48th pay, he had earned $134,400 as FICA taxable income (he had a bonus earlier in the year). Determine the amount of FICA taxes to be withheld from the next three payroll periods.
Answer:
Social Security:
Week 49 = $167.4
Week 50 = $37.20
Week 51 = $0
Medicare Tax:
Week 49 = $39.15
Week 50 = $39.15
Week 51 = $39.15
Explanation:
Note: This question is not complete. But I have found similar question on the internet and in that question we are asked to assume the Tax Caps 2020. So, we will solving this question accordingly.
Solution:
According to 2020 slabs Social Security W/H, the upper limit is $137,700, after this amount employer will not withhold social security tax.
On the other hand, there is no limit for Medicare Tax.
According to the question, we know that, Mike's Pay period per amount = $2700.
And, until 48th pay, he has earned $134,400
So,
For week 49, the amount of 2700 will be added to the net amount.
$134,400 + $2700 = $ 137,100
Hence, it does not breach the upper limit so, it will be taxed to $2700 only.
%6.2 x 2700 = $167.4
For Week 50, now the net amount is $ 137,100, and further $2700 will definitely breach the upper limit by $600.
$ 137,700 - $137,100 = $600
So, the $600 will be taxed for 6.2%
6.2% x $600 = $37.20
For week 51, there is clear breach of the upper limit, so according to the 2020 slab for social security, there will be no social security tax over the limit of $137,700. Hence, it will be 0.
Now, for Medicare Tax:
There is no limit.
And 1.45% on the FICA.
FICA earned per period = $2700
Hence,
1.45% x $2700 = $39.15 for each week.
So,
Social Security:
Week 49 = $167.4
Week 50 = $37.20
Week 51 = $0
Medicare Tax:
Week 49 = $39.15
Week 50 = $39.15
Week 51 = $39.15
Whispering Corporation has retained earnings of $715,700 at January 1, 2020. Net income during 2020 was $1,567,700, and cash dividends declared and paid during 2020 totaled $83,500. Prepare a retained earnings statement for the year ended December 31, 2020. Assume an error was discovered: land costing $88,840 (net of tax) was charged to maintenance and repairs expense in 2019.
Answer:
$2,288,740
Explanation:
Preparation of a retained earnings statement for the year ended December 31, 2020
RETAINED EARNINGS STATEMENT
For the Year Ended December 31, 2020
Retained earnings, January 1, as reported $715,700
Correction for overstatement of expenses in
prior period (net of tax) $88,840
Retained earnings, January 1, as adjusted $804,540
($715,700+$88,840)
Add Net income $1,567,700
Less Cash dividends ($83,500)
Retained earnings, December 31 $2,288,740
($804,540+$1,567,700-$83,500)
Therefore retained earnings statement for the year ended December 31, 2020 will be $2,288,740
If XYZ invested $5,800 today in an account that is expected to earn 3.2 percent per year, and she expects to make another investment in the same account in 3 years from today, then how much money does XYZ expect to invest in 3 years if she expects to have $15,000 in her account in 4 years from today
Answer:
The answer is "$8,160.08".
Explanation:
[tex]A= \text{future value} = \$ 15,000 \\\\P= \text{present value}= \$ 5,800 \\\\r=\tex{rate} =3.2 \%\\\\n= \text{time in years} = 4[/tex]
Using formula:
[tex]A=P(1+ \frac{r}{100})^n + \text{Investment in 3 years} \times (1.032)\\\\15,000=5,800 (1+ \frac{3.2}{100})^4 + \text{Investment in 3 years} \times (1.032)\\\\15,000=5,800 (1+ 0.032)^4 + \text{Investment in 3 years} \times (1.032)\\\\15,000=5,800 (1.032)^4 + \text{Investment in 3 years} \times (1.032)\\\\[/tex]
[tex]15,000 = 5,800 \times 1.13427612 +\text{Investment in 3 years} \times (1.032)\\\\15,000=6,578.8015 + \text{Investment in 3 years} \times (1.032)\\\\\text{Investment in 3 years} = \frac{(15000-6578.8015)}{1.032}\\\\\text{Investment in 3 years} = \frac{8,421.1985}{1.032}\\\\\text{Investment in 3 years} = 8,160.07607\\\\ \text{Investment in 3 years} = 8,160. 08[/tex]
Please answer !!! For a lot of points
Answer:
thanks for points
Explanation:
The NPV and IRR method occasionally do not agree on accept/reject decisions when evaluating an investment proposal.
True or False?
The NPV and IRR method occasionally do not agree on accept/reject decisions when evaluating an investment proposal. The given statement is False.
Why positive NPV should be accepted?A project or venture has a positive NPV if the estimated earnings, discounted for their present value, are more than the anticipated costs, also expressed in today's currency. A positive NPV indicates an investment that is likely to be successful. Net loss will arise from an investment with a negative NPV.
The total of the investment's anticipated cash inflows and outflows, discounted back to their present value at a risk-adjusted rate, is known as the net present value. Project acceptance is granted if the NPV exceeds $0. The project is turned down in any other case.
Thus, the given statement is False.
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On June 30, Joanna Fabrics has the following data pertaining to the retail inventory method. Goods available for sale: at cost $38,000; at retail $50,000; net sales $40,000; and ending inventory at retail $10,000. Compute the estimated cost of the ending inventory using the retail inventory method. The estimated cost of the ending inventory
Answer: 7600
Explanation:
The estimated cost of the ending inventory would be calculated as thus'
First, we have to calculate the cost to retail percentage which will be:
= cost/retail price
= 38000/50000
= 0.76
The cost of sales would be:
= net sales × cost to retail percentage
= 40000 × 0.76
= 30400
Then, the ending inventory would then be:
= 38000-30400
= 7600
The estimated cost of the ending inventory is $7,600.
First step
Cost to retail percentage= Cost/Retail price
Cost to retail percentage = 38000/50000
Cost to retail percentage = 0.76
Second step
Cost of sales= Net sales × Cost to retail percentage
Cost of sales= 40000 × 0.76
Cost of sales= 30400
Third step
Estimated cost of ending inventory=38,000-30,400
Estimated cost of ending inventory= 7,600
Inconclusion the estimated cost of the ending inventory is $7,600.
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who was a main practitioner of virtue ethics?
Explanation:
Virtue ethics began with Socrates, and was subsequently developed further by Plato, Aristotle, and the Stoics. Virtue ethics refers to a collection of normative ethical philosophies that place an emphasis on being rather than doing.
Lanson Corporation Co.'s trial balance included the following account balances at December 31, 2021: Accounts payable $ 25,000 Bonds payable, due 2030 22,000 Salaries payable 16,000 Notes payable, due 2022 20,000 Notes payable, due 2026 40,000 What amount should be included in the current liabilities section of Lanson’s December 31, 2021, balance sheet?
Answer:
$61,000
Explanation:
Calculation for What amount should be included in the current liabilities section of Lanson’s December 31, 2021, balance sheet
Accounts payable $ 25,000
Add Salaries payable $16,000
Add Notes payable, due 2022 $20,000
December 31, 2021 Current liabilities section $61,000
($25,000+$16,000+$20,000)
Therefore the amount that should be included in the current liabilities section of Lanson’s December 31, 2021, balance sheet will be $61,000