Answers
Answer:
Being debt-free within 15 years is an example of a long-term goal.
Explanation:
One main characteristic of a long-term goal is that it involves a planning horizon that is more than 5 years during which some thoughts are paid to the goal, and the means of achieving it are marshalled out, and rigorously pursued. Long-terms goals are best broken into manageable, short-term, and medium-term goals to enable the decision-maker to accomplish her goal. The future is always uncertain, to achieve a long-term goal you must remain motivated.
Related Questions
A portfolio manager plans to use a Treasury bond futures contract to hedge a bond portfolio over the next three months. The portfolio is worth $100 million and will have a duration of 5.6 years in three months. The futures price is 112, and each futures contract is on $100,000 of bonds. The bond that is expected to be cheapest to deliver will have a duration of 9.0 years at the maturity of the futures contract. What position in futures contracts is required
Answers
Answer: 556
Explanation:
The position in futures contracts that is required will be calculated thus:
= (100,000,000 × 5.6) / (112,000 × 9)
= 560,000,000 / 1,008,000
= 555.5
= 556 approximately
Therefore, based on the calculation, the answer is 556.
During 2018, Jacobsen wrote off $18,000 in receivables and recovered $6,000 that had been written off in prior years. Jacobsen's December 31, 2017, allowance for doutbful accounts was $40,000. What is the appropriate year-end adjusting entry Jacobson must use to record bad debts expense and update the allowance for doubtful accounts on December 31, 2018
Answers
Answer: Debit: Bad debt expense $21400
Credit: Allowance for doubtful debt $21400
Explanation:
Based on the information given, the bad debt expense will be:
= 49400- (40000-18000+6000)]
= 49400 - 28000
= 21,400
The bad debt expenses of $21400 will be debited
The Allowance for doubtful Accounts of $21400 will be credited.
(To record bad debts expense)
business environment
Answers
Answer:
what?
Explanation:
Answer:
I'm sorry is this a question? If so, the only thing I can answer is.. the Market environment which is basicly a business environment is a marketing term and refers to factors and forces that affect a firm's ability to build and maintain successful customer relationships.
Explanation:
sorry if its not what you asked
Harrington Corporation produces three products, A, B, and C. Pertinent information on these products is as follows: ProductSelling Price per UnitVariable Cost per UnitFixed Costper UnitDL Hoursper UnitA (Anchor bolts)$4.00 $1.00 $2.00 2 B (Bearings)$3.50 $0.50 $2.00 2 C (Castings)$6.00 $2.00 $3.00 3 There are 150 direct labor hours available. Machine-hour capacity allows 100 anchor bolts, only; 50 bearings, only; 40 casters, only; or any combination of the three that does not exceed the capacity. The direct labor hour constraint for Harrington's linear programming model is: ___________
Answers
Answer:
Labour hours constraint : 2a + 2b + 3c ≤ 150
Explanation:
Linear programming is a mathematical model that is used to solve a problem when a firm wants to maximize profit in the midst of multiple resource constraints.
The following steps should be followed:
Step 1: Define the variables
a= the units of product Anchor
b= the units of product Bearing
c= the units of product Casting
Step 2: Define the constraints:
The constraints represent the limitations which could be resource; in this case machine hours and direct labour hours. Since the constraint in focus is labour hours , so we only consider it.
Subject
Constraints: Labour hours : 2a + 2b + 3c ≤ 150
Non-negativity constraints a, b , c ≥ 0
Since the total available labour hours is 150 hours then the total consumption hours can either be equal to or less than 150, but can never be higher than 150.
The labour hours constraint is represented by 2a + 2b + 3c ≤ 150
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.
Answers
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.
Stallman Company took a physical inventory on December 31 and determined that goods costing $200,000 were on hand. Not included in the physical count were $25,000 of goods purchased from Pelzer Corporation, FOB, shipping point, and $22,000 of goods sold to Alvarez Company for $30,000, FOB destination. Both the Pelzer purchase and the Alvarez sale were in transit at year-end.
What amount should Stallman report as its December 31 inventory?
In its first month of operations, Bethke Company made three purchases of merchandise in the following sequence: (1) 300 units at $6, (2) 400 units at $7, and (3) 200 units at $8. Assuming there are 360 units on hand, compute the cost of the ending inventory under the (a) FIFO method and (b) LIFO method. Bethke uses a periodic inventory system.
A) Cost of the ending inventory LIFO.
B) Cost of the ending inventory.
Answers
Answer:
1. $247,00
A. $2,720
B.$2,220
Explanation:
1. Calculation to determine What amount should Stallman report as its December 31 inventory
Using this formula
December 31 Ending inventory = Inventory count as per physical count + Inventory in transit FOB Shipping point + Inventory in transit FOB destination
Let plug in the formula
December 31 Ending inventory= $200,000 + $25,000+ $22,000
December 31 Ending inventory= $247,000
Therefore What amount should Stallman report as its December 31 inventory is $247,000
A) Calculation to determine the Cost of the ending inventory FIFO.
Cost of ending inventory = (200 units * $8) +(360 units- 200 units * $7)
Cost of ending inventory = (200 units * $8) + (160 units * $7)
Cost of ending inventory= $1,600 + $1,120
Cost of ending inventory= $2,720
Therefore The Cost of ending inventory is $2,720
(b) Calculation to determine The cost of ending inventory under the LIFO method
Cost of ending inventory = (300 units * $6) +(360 units -300 units* $ 7)
Cost of ending inventory = (300 units * $6) + (60 units * $ 7)
Cost of ending inventory = $1,800 + $420
Cost of ending inventory = $2,220
Therefore The cost of ending inventory under the LIFO method will be $2,220
Explain how art sellers use the 4 P's of marketing to promote expensive art to the desired patrons. Then, consider: Do you think it makes sense to view art as a product and promote it using the marketing mix? How is it similar to other products? On the other hand, what makes art different or "special" in comparison to the products we usually buy in a store?
Answers
Explanation:
Yes, the art market can benefit from the use of the marketing mix, since the 4p's of marketing, which are the product, price, place and promotion, will directly influence the positioning of a product in the market and consequently increase sales.
In the case of works of art, the marketing mix helps to align marketing strategies to reach the potential audience that consumes art. It can then be considered that the arts make up a specific type of market niche, which has consumers willing to pay certain prices according to the artist, the rarity of the artwork, the time, etc. Therefore, the marketing mix works as a strategic set that will help art sellers to position their product with their consumers and thus achieve the final goal of making sales.
In 3 sentences. Why are open-ended questions helpful when landing a sale? (this is for customer service)
Answers
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)
Sheen Co. manufacturers laser printers. It has outlined the following overhead cost drivers: Overhead Costs PoolCost DriverOverhead Cost Budgeted Level for Cost Driver Quality controlNumber of inspections$77,000 1,100 Machine operationMachine hours 153,000 1,500 Materials handlingNumber of batches 1,200 30 Miscellaneous overhead costDirect labor hours 57,000 5,700 Sheen Co. has an order for 1,000 laser printers that has the following production requirements: Number of inspections295 Machine hours240 Number of batches6 Direct labor hours770 Using activity-based costing, applied machine operation overhead for the 1,000 laser printers order is: Multiple Choice
Answers
Answer:
Total allocated costs= $53,070
Explanation:
First, we need to calculate the allocation rates using the following formula:
Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base
Quality control= 77,000 / 1,100 = $70 per inspection
Machine operation= 153,000 / 1,500 = $102 per machine hour
Materials handling= 1,200 / 30 = $40 per batch
Miscellaneous overhead cost= 57,000 / 5,700= $10 per labor hour
Now, we can allocate overhead:
Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base
Quality control= 70*295= 20,650
Machine operation= 102*240= 24,480
Materials handling= 40*6= 240
Miscellaneous overhead cost= 10*770= 7,700
Total allocated costs= $53,070
Clinicke Inc. sells merchandise of $800,000 in 2020 that includes a two-year limited warranty against manufacturing defects as part of the selling price. Warranty costs are estimated to be 1% of sales. If the company incurred $2,200 of actual costs in responding to warranty claims in 2020 (related to 2020 sales), how much should Clinicke record in warranty expense for 2020
Answers
Answer:
the amount recorded in the warranty expense is $8,000
Explanation:
The computation of the amount recorded in the warranty expense is shown below:
= Sale value of merchandise inventory × estimated percentage
= $800,000 × 1%
= $8,000
hence, the amount recorded in the warranty expense is $8,000
So the above formula should be applied
Do airlines practice price discrimination LOADING... ? Explain. Airlines A. engage in price discrimination by charging business travelers and leisure travelers different prices . B. do not engage in price discrimination because they charge lower prices to passengers who will stay at their destination over a Saturday night. C. engage in price discrimination by maintaining the same price on seats even if seats will not be sold . D. do not engage in price discrimination because the marginal cost of flying one additional passenger is low . E. do not engage in price discrimination because their passengers have similar demands.
Answers
Answer:
A. engage in price discrimination by charging business travelers and leisure travelers different prices.
Explanation:
Yes, airlines practice price discrimination. They engage in price discrimination by charging business travelers and leisure travelers different prices for the same distance travelled.
Price can be defined as the amount of money that is required to be paid by a buyer (customer) to a seller (producer) in order to acquire goods and services.
In sales and marketing, pricing of products is considered to be an essential element of a business firm's marketing mix because place, promotion and product largely depends on it.
Price discrimination refers to the situation in which a business firm sells an identical product to different consumers at different selling price based on reasons that are not in any way associated or related with its manufacturing cost.
LaMont works for a company in downtown Chicago. The company encourages employees to use public transportation (to save the environment) by providing them with transit passes at a cost of $290 per month. rev: 09_23_2020_QC_CS-230013a. If LaMont receives one pass (worth $290) each month, how much of this benefit must he include in his gross income each year
Answers
Answer:
The IRS sets the limit on transportation benefits provided by an employer, for 2021, this limit is $270 per month, or $3,240 per year.
The total benefit received by LaMont should = 12 x $290 = $3,480
This means that he must include $3,480 - $3,240 = $240 as part of his annual gross income.
Molo Oil Company produces gasoline, home heating oil, and jet fuel from crude oil in a joint processing operation. Joint processing costs up to the split-off point total $385,000 per month. For financial reporting purposes, the company allocates these costs to the joint products on the basis of their relative sales value at the split-off point. Unit selling prices and total output at the split-off point are as follows: Product Selling Price Monthly Output Gasoline $ 27.00 per gallon 14,400 gallons Heating Oil $ 21.00 per gallon 22,400 gallons Jet Fuel $ 33.00 per gallon 5,600 gallons Each product can be processed further after the split-off point. Additional processing requires no special facilities. The additional processing costs (per quarter) and unit selling prices after further processing are given below: Product Additional Processing Costs Selling Price Gasoline $ 89,220 $ 32.80 per gallon Heating Oil $ 129,170 $ 27.80 per gallon Jet Fuel $ 60,160 $ 41.80 per gallon Required: 1. What is the financial advantage (disadvantage) of further processing each of the three products beyond the split-off point
Answers
Answer:
Molo Oil Company
The financial advantage of further processing of each of the three products beyond the split-off point is:
= $182,430
(which is the additional profit gained from the further processing).
Explanation:
Joint processing costs = $385,000 per month
Product Selling Price Monthly Output Sales Value
Gasoline $ 27.00 per gallon 14,400 gallons $388,800 ($27*14,100)
Heating Oil $ 21.00 per gallon 22,400 gallons 470,400 ($21*22,400)
Jet Fuel $ 33.00 per gallon 5,600 gallons 184,800 ($33*5,600)
Total sales value = $1,044,000
Joint costs = 385,000
Profit = $659,000
Allocation of joint processing costs of $385,000
Gasoline = $143,379 ($388,800/$1,044,000 * $385,000)
Heating Oil 173,471 ($470,400/$1,044,000 * $385,000)
Jet Fuel 68,150 ($184,800/$1,044,000 * $385,000)
Total cost $385,000
Total costs:
Additional
Joint Cost Monthly Cost Total Costs
Gasoline $143,379 $29,740 $173,119
Heating Oil 173,471 43,057 216,528
Jet Fuel 68,150 20,053 88,203
Total costs $385,000 $92,850 $477,850
Product Additional Processing Selling Price
Costs (per quarter)
Gasoline $ 89,220 $ 32.80 per gallon
Heating Oil $ 129,170 $ 27.80 per gallon
Jet Fuel $ 60,160 $ 41.80 per gallon
Product Additional Processing Selling Price
Costs (per month)
Gasoline $ 29,740 $ 32.80 per gallon
Heating Oil $ 43,057 $ 27.80 per gallon
Jet Fuel $ 20,053 $ 41.80 per gallon
Determination of profit after further processing:
Product Selling Price Monthly Output Sales Value
Gasoline $ 32.80 per gallon 14,400 gallons $462,480 ($32.80*14,100)
Heating Oil $ 27.80 per gallon 22,400 gallons 622,720 $27.80*22,400)
Jet Fuel $ 41.80 per gallon 5,600 gallons 234,080 ($41.80*5,600)
Total sales revenue = $1,319,280
Total costs = 477,850
Profit = $841,430
Financial advantage
Profit after further processing = $841,430
Profit with Joint processing = 659,000
Financial advantage = $182,430
The Bradford Company issued 12% bonds, dated January 1, with a face amount of $87 million on January 1, 2021. The bonds mature on December 31, 2030 (10 years). For bonds of similar risk and maturity, the market yield is 14%. Interest is paid semiannually on June 30 and December 31. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) Required: 1. Determine the price of the bonds at January 1, 2021. 2. to 4. Prepare the journal entries to record their issuance by The Bradford Company on January 1, 2021, interest on June 30, 2021 and interest on December 31, 2021 (at the effective rate).
Answers
Answer:
1. $77,783,220
2. Jan-21
Dr Cash $ $77,783,220
Dr Discount On Bond $9,216,780
Cr Bond Payable $ $87,000,000
Explanation:
1. Calculation to Determine the price of the bonds at January 1, 2021.
First step is to calculate the Present Value Of Annual Interest
a Semi-annual Interest Amount $5,220,000
($87,000,000*12%/2)
b PV Annuity Factor for (20 Years,14%/2=7%) 10.5940
c Present Value Of Annual Interest (a*b) $ $55,300,680
($5,220,000*10.5940)
Second step is to calculate Present Value Of Redemption Amount
a Redemption Value $ $87,000,000
b PV Factor Of (20 Years,7%) 0.25842
c Present Value Of Redemption Amount (a*b) $ $22,482,540
($87,000,000*0.25842 )
Now let Determine the price of the bonds at January 1, 2021.
Intrinsic Value ( Price ) Of The Bond = ($55,300,680+$22,482,540)
Intrinsic Value ( Price ) Of The Bond =$77,783,220
Therefore the price of the bonds at January 1, 2021 is $77,783,220
2. Preparation of the journal entries to record their issuance by The Bradford Company on January 1, 2021,
Jan-21
Dr Cash $ $77,783,220
Dr Discount On Bond $9,216,780
($87,000,000-$77,783,220)
Cr Bond Payable $ $87,000,000
(Being to record issuance of bond)
3. Preparation of the journal entries to record their issuance by The Bradford Company on ion June 30, 2021
Jun-30
Dr Interest expenses $ 53,82,240
Discount On Bond payable $ 2,22,240
Cash $5,220,000
4.Preparation of the journal entries to record their issuance by The Bradford Company on
December 31, 2021
Dec-31 Interest expenses $ 53,97,797
Discount On Bond payable $ 2,37,797
Cash $5,220,000
( to record interest payment)
Smelly Perfume Company manufactures and distributes several different products. The company currently uses a plantwide allocation method for allocating overhead at a rate of $7 per direct labor hour. Cindy is the department manager of Department C which produces Products J and P. Department C has $16,200 in traceable overhead. Diane is the department manager of Department D which manufactures Product X. Department D has $11,100 in traceable overhead. The product costs (per case of 24 bottles) and other information are as follows:
J P X
Direct materials $100.00 $ 72.00 $48.00
Direct labor 42.00 31.50 12.00
Overhead 28.00 21.00 14.00
$170.00 $124.50 $74.00
Machine hours 4 2 3
Number of cases (per year) 300 500 600
1. If Smelly changes its allocation basis to machine hours, what is the total product cost per case for Product P?
a. $163.50
b. $144.00
c. $138.15
d. $117.15
2. If Smelly changes its overhead allocation to departmental rates, what is the product cost per case for Product P assuming Departments C and D use direct labor hours and machine hours as their respective allocation bases?
a. $117.15
b. $163.50
c. $131.50
d. $138.15
Answers
Answer:
Smelly Perfume Company
1. a. $117.15
2. $115.95
Explanation:
a) Data and Calculations:
J P X Total
Direct materials $100.00 $ 72.00 $48.00
Direct labor 42.00 31.50 12.00
Overhead 28.00 21.00 14.00
$170.00 $124.50 $74.00
Direct labor hours per unit 4 3 2
Total direct labor hours 1,200 1,500 1,200 3,900
Machine hours per unit 4 2 3
Total machine hours 1,200 1,000 1,800 4,000
Number of cases (per year) 300 500 600
Department C D Total
Traceable overheads $16,200 $11,100 $27,300
Product costs (machine hours):
Predetermined overhead rate based on machine hours = $6.825 ($27,200/4,000) per machine hour
J P X
Direct materials $100.00 $ 72.00 $48.00
Direct labor 42.00 31.50 12.00
Overhead (machine hour) 27.30 13.65 20.48
$169.30 $117.15 $80.48
Product costs (departmental overhead rates):
Departmental overhead rates per hour:
Department C $4.15 ($16,200/3,900) per labor hour
Department D $2.78 ($11,100/4,000) per machine hour
J P X
Direct materials $100.00 $ 72.00 $48.00
Direct labor 42.00 31.50 12.00
Overhead 16.60 12.45 8.34
$158.60 $115.95 $68.34
Neap, spring, high, and low are all types of ____________________.
Answers
On September 30, 2016, the Esquire Company sold some merchandise to Callxpress Company. In payment, Esquire agreed to accept a note maturing on June 30, 2017. The note is a $50,000, 9-month, 8% interest-bearing note requiring the payment of principal and interest on June 30, 2017. The 6% rate is appropriate in this situation. The adjusting entry that the Callxpress Company should prepare on December 31, 2016 includes a:
Answers
Answer:
Book value of note receivable = $50,000 (same as face value since the note earns interest)
Interest revenue = $50,000 face value x 8% per year x 3/12 months = $1,000
Adjusting entry:
December 31, 2016, interest receivable
Dr Interest receivable 1,000
Cr Interest revenue 1,000
Ann Jones uses a dry-cleaning machine in her business, and it was partially destroyed by firE. At the time of the fire, the adjusted basis was $20,000 and its fair market value was $18,000. The adjusted basis after the fire is $10,000 and the fair market value after the casualty is $10,000. How much is the casualty loss
Answers
Answer:
the casualty loss is $8,000
Explanation:
The computation of the casualty loss is given below:
Lower of
= Adjusted basis or decline in FMV
= $10,000 or ($18,000 - $10,000)
= $10,000 or $8,000
= $8,000
hence, the casualty loss is $8,000
The same would be considered and relevant
The other values would be ignored
Core Corporation reported current earnings and profits of $250,000. Core distributed a building with an adjusted basis of $170,000 and a fair market value of $230,000 to its sole shareholder. The building had a mortgage of $90,000, which the shareholder will assume. What is the amount of the dividend received by the shareholder?
A. $80,000.
B. $140,000.
C. $230,000.
D. $250,000.
Answers
Answer:
B. $140,000
Explanation:
The total cost of acquiring an asset, including the installation, commission, transportation and other relevant fees is known as adjusted basis. The fair market value is the value an asset would yield when sold. It is an amount that would be received in return when an asset is sold.
Therefore, the shareholders would receive dividend at the fair market value adjusted for the mortgage balance
= $230,000 - $90,000
= $140,000
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.
Answers
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.
Built-Tight is preparing its master budget for the quarter ended September 30. Budgeted sales and cash payments for product costs for the quarter follow.
July August September
Budgeted sales $58,500 $74,500 $53,500
Budgeted cash payments for Direct materials 16,060 13,340 13,660
Direct labor 3,940 3,260 3,340
Factory overhead 20,100 16,700 17,100
Sales are 25% cash and 75% on credit. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $15,000 in cash; $44,900 in accounts receivable; and a $4,900 balance in loans payable. A minimum cash balance of $15,000 is required. Loans are obtained at the end of any month when a cash shortage occurs. Interest is 1% per month based on the beginning-of-the-month loan balance and is paid at each month-end. If an excess balance of cash exists, loans are repaid at the end of the month. Operating expenses are paid in the month incurred and consist of sales commissions (10% of sales), office salaries ($3,900 per month), and rent ($6,400 per month).
Required:
Prepare a cash budget for each of the months of July, August, and September.
Answers
Answer:
Cash budgets are prepared to analyze the company real cash position. It only includes transaction in which real exchange of cash takes place.
Explanation:
Particulars July ; August ; September
Beginning Cash Balance 15,000 ; 15,000 ; 21,960
Cash receipts from customers 37,500 ; 51,400 ; 69,251
Total cash available 52,500 ; 66,400 ; 91,211
Cash Payments :
Direct Material 16,060 ; 13,340 ; 13,660
Direct labor 3,940 ; 3,260 ; 3,340
Overheads 20,100 ; 16,700 ; 17,100
Sales commission 5,850 ; 7,450 ; 5,350
Office Salaries 3,900 ; 3,900 ; 3,900
Rent 6,400 ; 6,400 ; 6,400
Interest on Bank loan 76 ; 0 , 0
Total Cash Payments 56,326 ; 51,050 ; 49,750
Ending Balance -3,826 ; 15,350 ; 41,461
Thermopolis, Inc. reported retained earnings of $490,953 on December 31, 2017. During the year, Thermopolis recorded net income of $135,075 and paid dividends of $57,762. The company had no other transactions that affected retained earnings. What must retained earnings have been on December 31, 2016
Answers
Answer:
the Opening retained earning balance is $413,640
Explanation:
The computation of the retained earnings have been on December 31, 2016 is shown below:
As we know that
Ending retained earning balance = Opening retained earning balance + net income - dividend paid
$490,953 = Opening retained earning balance + $135,075 - $57,762
$490,953 = Opening retained earning balance + $77,313
So, the Opening retained earning balance is $413,640
At the beginning of the current tax year, Amy's capital account has a balance of $300,000, and the LLC has debts of $200,000 payable to unrelated parties. The debts are recourse to the LLC, but neither of the LLC members has personally guaranteed them. Assume that all LLC debt is shared equally between the partners. The following information about AM's operations for the current year is obtained from the LLC's records.
Ordinary income $400,000
Interest income 4,000
Short-term capital loss 6,000
Long-term capital gain 12,000
Charitable contribution 4,000
Cash distribution to Amy 20,000
Year-end LLC debt payable to unrelated parties is $140,000. If all transactions are reflected in her beginning capital and basis in the same manner.
Required:
Prepare Amy's capital account rollforward from the beginning to the end of the tax year.
Answers
Answer:
$477,000
Explanation:
Preparation of Amy's capital account rollforward from the beginning to the end of the tax year.
Capital account balance, beginning of year $300,000
Add Amy's share of:
Taxable income $200,000
($400,000*50%)
Interest income $2,000
($4,000*50%)
Net short-term capital Loss ($3,000)
($12,000-$6,000*50%)
$499,000
Less:
Charitable contribution $2,000
($4,000*59%)
Cash distribution to Amy $20,000
($22,000)
Amy's capital account end of year $477,000
($499,000-$22,000)
Therefore Amy's capital account rollforward from the beginning to the end of the tax year will be $477,000
Craigmont uses the allowance method to account for uncollectible accounts. Its year-end unadjusted trial balance shows Accounts Receivable of $130,500, allowance for doubtful accounts of $925 (credit) and sales of $1,055,000. If uncollectible accounts are estimated to be 7% of accounts receivable, what is the amount of the bad debts expense adjusting entry
Answers
Answer:
the amount of bad debt expense for the adjusting entry is $8,210
Explanation:
The computation of the amount of bad debt expense for the adjusting entry is shown below:
= Unadjusted trial balance × estimated percentage - credit balance of allowance for doubtful accounts
= $130,500 × 7% - $925
= $9,135 - $925
= $8,210
Hence, the amount of bad debt expense for the adjusting entry is $8,210
Which of the following positions refers to a functional manager?
A. Chief executive officer
B. Purchasing manager
C. Manager, Office Equipment Division
O D. Vice President, Latin American Operations
Answers
The functional manager is the individual with management authority within a business unit or department . Hence Option B is correct .
What is Functional Manager ?who has direct supervision over one or more team members and/or direct accountability for the functions impacted by or affecting project or program deliverables. Hence option B is correct .
Many of the many functions are combined and managed by a manager when an information systems organization grows larger. These functional managers oversee the personnel particular to their role and answer to the CIO.
An organization's functional roles, such as those of a manager, director, or vice president, define a set of abilities and tasks that are normally carried out by a department inside the company. The organizational structure of an organization establishes functional responsibilities. These roles inside that department have resources assigned to them.
A practical A manager is in charge of a specific functional area within an organization, like a team or department. They are in charge of organizing, controlling, and supplying resources for initiatives.
Learn more about Functional manager here
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# SPJ 2
Direct material budget. Inglenook Co. produces wine. The company expects to produce 2,500,000 two-liter bottles of Chablis in 2015. Inglenook purchases empty glass bottles from an outside vendor. Its target ending inventory of such bottles is 80,000; its beginning inventory is 50,000. For simplicity, ignore breakage. Compute the number of bottles to be purchased in 2015.
Answers
Answer:
2,530,000 bottles
Explanation:
Regarding the above information, we will compute the number of bottles to be purchased in 2015 as seen below
Purchase in units = Usage + Desired ending material inventory units - Beginning inventory units
Purchase in units = 2,500,000 + 80,000 - 50,000
Purchase in units = 2,530,000
Therefore, the number of bottles to be purchases in 2015 is 2,530,000
Which of the following goods is directly counted in GDP? 2) A) the lettuce that Subway purchases for its sandwiches B) a 12-inch Subway sandwich purchased by a student C) the bread that Subway purchases for its sandwiches D) the plastic bags that Subway purchases to wrap its sandwiches 3) Value added equals the market price of the firm's product minus 3) A) depreciation on plant and equipment. B) the price of intermediate goods. C) wages and salaries. D) the price of all factors of production
Answers
Answer:
b
b
Explanation:
Gross domestic product is the total sum of final goods and services produced in an economy within a given period which is usually a year
GDP calculated using the expenditure approach = Consumption spending by households + Investment spending by businesses + Government spending + Net export
Net export = exports – imports
When exports exceed import there is a trade deficit and when import exceeds import, there is a trade surplus.
Items not included in the calculation off GDP includes:
1. services not rendered to oneself
2. Activities not reported to the government
3. illegal activities
4. sale or purchase of used products
5. sale or purchase of intermediate products
a 12-inch Subway sandwich purchased by a student is the only final good and thus it would be included in GDP as part of consumption spending on non durable goods
the lettuce, the bread and the plastic bags constitute intermediate goods. Including intermediate goods in the calculation of GDP would lead to double counting
Explain the theory behind the free cash flow valuation approach. Why are the free cash flows value relevant to common equity shareholders when they are not cash flows to those shareholders, but rather are cash flows into the firm?
Answers
Answer:
See explanation
Explanation:
The free cash flows value relevant to common equity shareholders because they consists of cash that can be distributed to shareholders as dividends. In other words this is Distributable Cash.
What is the main goal of career and technical student organizations (CTSOs)? How do they help students achieve their goals?
Answers
Answer:
This is a two part question and therefore has been answered in two separate headings below.
Explanation:
Main Goal of CTSOs
Career and technical student organizations (CTSOs) goal is to strengthen student learning by using methods such as real-life applications, text book instructions, personal and leadership development skills.
This means that their work forms as an essential part of the classroom syllabus and guide, which in return helps to build student's career skills and views through taking part in these sessions and applying them in real life scenarios and/or work experience through Career program.
Help Students to Achieve their Goals
Career and technical student organizations (CTSOs) helps students achieve their goals by providing them a career path, study program and opportunities in order to gain the knowledge, skills and abilities that are needed to be successful in their career by way of CTSOs programs, events and activities.
Furthermore, they create opportunities for the students to participate in leadership level positions at local, state and national level and to take part in conferences of leadership development in order to interact with other students as wells as professionals and experienced individuals.
Answer:
The guy above is correct
Explanation:
Have a nice day man, be safe.
Do It! Review 15-01 During the current month, Wacholz Company incurs the following manufacturing costs. (a) Purchased raw materials of $17,500 on account. (b) Incurred factory labor of $41,500. Of that amount, $32,400 relates to wages payable and $9,100 relates to payroll taxes payable. (c) Factory utilities of $3,400 are payable, prepaid factory property taxes of $2,640 have expired, and depreciation on the factory building is $8,400. Prepare journal entries for each type of manufacturing cost.
Answers
Answer:
Item (a)
Debit : Raw Materials Item $17,500
Credit : Accounts Payable $17,500
Item (b)
Debit : Work in Process - Factory Wages $41,500
Credit : Wages Payable $41,500
Item (c)
Debit : Factory Utilities $3,400
Credit : Accounts Payable $3,400
Item (d)
Debit : Work in Process - Property taxes $2,640
Credit : Prepaid Property taxes $2,640
Item (e)
Debit : Work in Process - Depreciation expense $8,400
Credit : Accumulated depreciation $8,400
Explanation:
When no immediate payment of cash is made for a cost incurred, we raise a Liability - Accounts Payable.