Answer:politics
Explanation:
Politics is the insurance related issues are currently being prioritized in Tennessee.
What is insurance issue?Political conspiracies can occasionally have an impact on the premiums that must be paid, the results of risk analyses, and the required payments for damages and compensation. These are some of the biggest issues that insurance companies face. Among them are incompetence in management, unstable economy, a lack of mutual trust, and rivalry.
In an insurance agreement, the insurer is responsible for covering a party's losses due to specific calamities or risks. It protects the insured person's or their family's finances from loss. There are several different types of insurance coverage. Life, health, homeowners, and vehicle insurance are the most common varieties.
Next, we take a closer look at the three most important insurance subcategories: life, liability, and property.
Thus, it is Politics.
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Asset management ratios are used to measure how effectively a firm manages its assets, by relating the amount a firm has invested in a particular type of asset (or group of assets) to the amount of revenues the asset is generating. Examples of asset management ratios include the average collection period (also called the days sales outstanding ratio), the inventory turnover ratio, the fixed asset turnover ratio, and the total asset turnover ratio Consider the following case: Crawford Construction has a quick ratio of 2.00x, $36,225 in cash, $20,125 in accounts receivable, some inventory, total current assets of $80,500, and total current liabilities of $28,175. The company reported annual sales of $100,000 in the most recent annual report. Over the past year, how often did Crawford Construction sell and replace its inventory? O 4.14 x 4.55 x 2.86x 8.01 x The inventory turnover ratio across companies in the construction industry is 4.55x. Based on this information, which of the following statements is true for Crawford Construction? O Crawford Construction is holding less inventory per dollar of sales compared to the industry average O Crawford Construction is holding more inventory per dollar of sales compared to the industry average You are analyzing two companies that manufacture electronic toys-Like Games Inc. and Our Play Inc. Like Games was launched eight years ago, whereas Our Play is a relatively new company that has been in operation for only the past two years. However, both companies have an equal market share with sales of $100,000 each. You've collected company data to compare Like Games and Our Play. Last year, the average sales for all industry competitors was $255,000. As an analyst, you want to make comments on the expected performance of these two companies in the coming year. You've collected data from the companies' financial statements. This information is listed as follows: Data Collected (in dollars) Accounts receivable Net fixed assets Total assets Like Games 2,700 55,000 95,000 Our Play 3,900 80,000 125,000 Industry Average 3,850 216,750 234,600 Using this information, complete the following statements to include in your analysis days of sales tied up in receivables, which is much than the industry average. It takes Our Play 1. Our Play has time to collect cash from its customers than it takes Like Games. more than that of Our Play. This is because Like Games was formed eight years ago, so the 2. Like Games's fixed assets turnover ratio is acquisition cost of its fixed assets is recorded at historic values when the company bought its assets and has been depreciated since then Assuming that fixed assets prices (not book values) rose over the past six years due to inflation, Our Play paid a assets. amount for its fixed 3. The average total assets turnover in the electronic toys industry is 1.09x, which means that $1.09 of sales is being generated with every dollar of investment in assets. A are total assets turnover ratio indicates greater efficiency. Both companies' total assets turnover ratios than the industry average
Answer:
1. 4.14X
for the other parts of this question, i had to solve for the solution and fill it into the blank parts of the question.
Explanation:
part 1 solution:
annual sales - cash + account receivable
= 80500 - (36225 + 20125)
= 80500 - 56350
inventories = 24150
inventory turnover ratio = 100000/24150
= 4.14X
what is true for crawford is that crawford construction is holding more inventories per dollar compared to the industry average. we compared 4.14x with 4.55x to arrive at this conclusion.
part 2 solution:
Days sales outstanding = account receivable / average sales per day
like games = 2700/(100000/365)
= 9.855
our play = 3900/(100000/365)
= 14.235
industry average = 3850/(255000/365)
= 5.5
these values would be used to fill in this part of the question
our play has 14.235 days of sales which is much more than industry average. it is obvious that 14.235 is much greater than 5.5. It takes our play more time to time to collect colect cash from its customers than like games. this is as our play has 14.235 days and like games has 9.855 days.
fixed asset turn over ratio = sales/ net fixed assets
like games = 100000/55000
= 1.81X
our play = 100000/80000
= 1.25X
like games has fixed asset that is higher than that of our play. from the calculation above, 1.81X is greater than 1.25X. This is as like games was created 8 years ago.
Our Play paid a higher amount for its fixed assets.
part 3 solution;
total assets turn over ratio = sales / total assets
for industry average = 225000/234600 = 1.09X
for like games = 100000/95000 = 1.05X
For our play = 100000/125000 = 0.8X
A higher turn over ratio shows greater efficiency. Both companies have lower total turnover than the industry average. we can see obviously that 1.09X is greater than 1.05X and 0.8X.
thank you!
Scholars have noted each of the following elements that explain the importance of conferences EXCEPT:
a. The conference is the crucial unit in shaping and regulating intercollegiate athletics because it can have more impact on shaping athletic policies than the NCAA does.
b. Conferences demand that schools and their leaders pay more attention to conference issues than to those of national governing bodies like the NCAA.
c. The conference is the locus where a small group of institutions in voluntary association agree to work together, to compete while showing some sign of mutual respect and comparable academic standards.
d. Conferences allow schools with similar concerns to form leagues with rules that operationalize their common philosophy and put their athletes and coaches in social circumstances where they will be dealing with people and similar expectations and constraints.
Answer:
b.
Explanation:
Conferences demand that schools and their leaders pay more attention to conference issues than to those of national governing bodies like the NCAA. Issues need to be chosen by its importance to the vast majority. If the issue that is affecting the vast majority of the population revolves around external factors such as those of a national governing body then those are the issues that the conference should revolve around. The conference needs to adapt to what is most important always.
The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system.
April 30 May 31
Inventories Raw materials $43,000 $54,000
Work in process 9,100 18,600
Finished goods 54,000 33,200
Activities and information
for May Raw materials purchases
(paid with cash) 193,000
Factory payroll (paid with cash) 150,000
Factory overhead Indirect materials 16,000
Indirect labor 34,500
Other overhead costs 93,000
Sales (received in cash) 1,700,000
Predetermined overhead rate based on direct labor cost 55 % Compute the following amounts for the month of May using T-accounts.
a. Cost of direct materials used.
b. Cost of direct labor used.
c. Cost of goods manufactured.
d. Cost of goods sold.
Answer:
Lock-Tite Company
a Cost of direct materials used:
= $182,000
b. Cost of direct labor used:
= $150,000
c. Cost of goods manufactured:
= $466,000
d. Cost of goods sold:
= $520,000
Explanation:
a) Data and Calculations:
April 30 May 31
Inventories:
Raw materials $43,000 $54,000
Work in process 9,100 18,600
Finished goods 54,000 33,200
Activities and information for May Raw materials purchases
(paid with cash) 193,000
Factory payroll (paid with cash) 150,000
Factory overhead Indirect materials 16,000
Indirect labor 34,500
Other overhead costs 93,000
Total overhead costs = $143,500
Sales (received in cash) 1,700,000
Cost of goods sold 520,000
Gross profit 1,180,000
Raw materials
Account Titles Debit Credit
Beginning balance $43,000
Cash 193,000
WIP 182,000
Ending balance $54,000
Work in process
Account Titles Debit Credit
Beginning balance $9,100
Raw materials 182,000
Factor payroll 150,000
Factory overhead 143,500
Finished Goods 466,000
Ending balance $18,600
Finished goods
Account Titles Debit Credit
Beginning balance $54,000
Work-in-Process 466,000
Cost of Goods Sold 520,000
Ending balance $33,200
On January 1, 2020, Bridgeport Corporation issued $3,740,000 of 10-year, 8% convertible debentures at 102. Interest is to be paid semiannually on June 30 and December 31. Each $1,000 debenture can be converted into 8 shares of Bridgeport Corporation $100 par value common stock after December 31, 2021. On January 1, 2022, $374,000 of debentures are converted into common stock, which is then selling at $111. An additional $374,000 of debentures are converted on March 31, 2022. The market price of the common stock is then $116. Accrued interest at March 31 will be paid on the next interest date. Bond premium is amortized on a straight-line basis. Make the necessary journal entries for: (a) December 31, 2021. (c) March 31, 2022. (b) January 1, 2022. (d) June 30, 2022.
Answer:
Bridgeport Corporation
Journal Entries:
(a) December 31, 2021.
Debit Interest on Debentures $149,600
Credit Cash $149,600
To record the interest expense and payment for the six months.
Debit Debentures Premium $3,740
Credit Interest on Debentures $3,740
To record the amortization of the debentures premium.
(b) January 1, 2022.
Debit Debenture $374,000
Credit Common Stock $299,200
Credit APIC $74,800
To record the conversion of debentures to shares.
(c) March 31, 2022.
Debit Debenture $374,000
Credit Common Stock $299,200
Credit APIC $74,800
To record the conversion of debentures to shares.
Debit Interest on Debentures $67,320
Credit Interest Payable $67,320
To accrue interest for the quarter.
Debit Debentures Premium $1,870
Credit Interest on Debentures $1,870
To record the amortization of the debentures premium for the quarter.
(d) June 30, 2022.
Debit Interest on Debentures $59,840
Credit Interest payable $59,840
To accrue interest for the quarter.
Debit Debentures Premium $1,870
Credit Interest on Debentures $1,870
To record the amortization of the debentures premium for the quarter.
Debit Interest Payable $127,160
Credit Cash $127,160
To record payment of interest for the six months.
Explanation:
a) Data and Calculations:
Issue of 10-year 8% Convertible Debentures at 102 = $3,814,800 (Cash)
Debenture premium $74,800
Half-yearly premium amortization = $74,800/20 = $3,740
Face value = $3,740,000
b) Interest on Debenture = $3,740,000 * 8% * 1/2 = $149,600
c) $374,000 debentures converted into 8 shares for every $1,000.
= $374,000/1,000 * 8 = 2,992 shares at $100 par value
d) Interest on Debentures ($3,740,000 - $374,000) * 8% * 1/4
= $3,366,000 * 8% * 1/4 = $67,320
Plus
$3,366,000 - $374,000 * 8% * 1/4 = $59,840
Total interest = $127,160
Swifty Company showed the following balances at the end of its first year: Cash $3930 Prepaid insurance 6910 Accounts receivable 4990 Accounts payable 3960 Notes payable 5930 Owner’s Capital 2090 Owner’s Drawings 960 Revenues 32100 Expenses 24800 What did Swifty Company show as total credits on its trial balance? a. $44080 b. $49070 c. $45040 d. $9390
Answer:
$44,080
Explanation:
The total credit for swifty company can be calculated as follows
Account payable + notes payable + common stock + revenue
= 3960 + 5930 + 2090 + 32100
= 44,080
Hence the total credits is $44,080
service that provide when the customer is still in the store
As noted in the case, HP considered approaching chain stores that sell store-brand cartridges compatible with its printers and offering them incentives if they end the practice. Considering the various types of allowances and discounts to channel members discussed within the chapter, what type of discount or allowance could the approach that HP is contemplating be most clearly identified as
Answer: a trade discount
Explanation:
Based on the information that was provided, the type of discount or allowance could the approach that HP is contemplating be most clearly identified as a trade discount.
A trade discount simply refers to the scenario when a manufacturer reduces the retail price it sells its good to the wholesaler or the retailer. Since HP approached chain stores, then a trade discount is considered here.
Santana Rey, owner of Business Solutions, decides to diversify her business by also manufacturing computer workstation furniture. Required: 1. Classify the following manufacturing costs of Business Solutions as (a) variable or fixed and (b) direct or indirect. 2. Prepare a schedule of cost of goods manufactured for Business Solutions for the month ended January 31, 2020. Assume the following manufacturing costs: Direct materials: $2,600 Factory overhead: $520 Direct labor: $1,200 Beginning work in process: none (December 31, 2019) Ending work in process: $590 (January 31, 2020) Beginning finished goods inventory: none (December 31, 2019) Ending finished goods inventory: $370 (January 31, 2020) 3. Prepare the cost of goods sold section of a partial income statement for Business Solutions for the month ended January 31, 2020. Pre
Answer:
Results are below.
Explanation:
First, we need to calculate the following costs as variable-fixed, and direct-indirect:
Direct materials: $2,600 (variable - direct)
Factory overhead: $520 (mixed - indirect)
Direct labor: $1,200 (variable - direct)
Now, we can calculate the cost of goods manufactured using the following formula:
cost of goods manufactured= beginning WIP + direct materials + direct labor + allocated manufacturing overhead - Ending WIP
cost of goods manufactured= 0 + 2,600 + 1,200 + 520 - 590
cost of goods manufactured= 3,730
Finally, the cost of goods sold:
beginning finished inventory= 0
cost of goods manufactured= 3,730
ending finished inventory= (370)
COGS= $3,360
At a local family bakery in Hyde Park, a neighbourhood of Chicago, Illinois, the marginal products of the first, second, and third sales clerks are 20, 17, and 11 customers served, respectively. The total product of the first two sales clerks is'\
Answer: 37
Explanation:
Marginal product is simply referred to as the additional output that's generated based on the additional input added to the production.
In this case, the total product of the first two sales clerks will be gotten by adding the marginal product of the first two sales clerk which will be:
= 20 + 17
= 37
Mike Greenberg opened Cheyenne Window Washing Inc. on July 1, 2022. During July, the following transactions were completed.
July 1 Issued 9,800 shares of common stock for $9,800 cash.
1 Purchased used truck for $6,560, paying $1,640 cash and the balance on account.
3 Purchased cleaning supplies for $740 on account.
5 Paid $1,440 cash on a 1-year insurance policy effective July 1.
12 Billed customers $3,030 for cleaning services performed.
18 Paid $820 cash on amount owed on truck and $410 on amount owed on cleaning supplies.
20 Paid $1,640 cash for employee salaries.
21 Collected $1,310 cash from customers billed on July 12.
25 Billed customers $2,050 for cleaning services performed.
31 Paid $240 for maintenance of the truck during month.
31 Declared and paid $490 cash dividend.
Journalize the July transactions.
Post to the ledger accounts.
Prepare a trial balance at July 31.
Journalize the following adjustments. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
(1) Services performed but unbilled and uncollected at July 31 were $1,750.
(2) Depreciation on equipment for the month was $202.
(3) One-twelfth of the insurance expired.
(4) An inventory count shows $320 of cleaning supplies on hand at July 31.
(5) Accrued but unpaid employee salaries were $415.
Answer:
Cash (Dr.) $9.800
Common Stock (Cr.) $9,800
Truck (Dr.) $6,560
Cash (Cr.) $1,640
Accounts Payable -Truck (Cr.) $4,920
Cleaning Supplies (Dr.) $740
Accounts Payable (Cr.) $740
Prepaid Insurance (Dr.) $1,440
Cash (Cr.) $1,440
Accounts Receivable (Dr.) $3,030
Service Revenue (Dr.) $3,030
Accounts Payable - Truck (Dr.) $820
Accounts Payable - Supplies (Dr.) $410
Cash (Cr.) $1,230
Cash (Dr.) $1,310
Accounts Receivable (Cr.) $1,310
Maintenance Expense Truck (Dr.) $240
Cash (Cr.) $240
Dividend paid (Dr.) $490
Cash (Cr.) $490
Explanation:
1) Accounts Receivable (Dr.) $1,750
Service Revenue (Cr.) $1,750
2) Depreciation expense (Dr.) $202
Accumulated Depreciation (Cr.) $202
3) Insurance Expense (Dr.) $120
Prepaid Insurance (Cr.) $120
4) Ending Inventory (Dr.) $320
Cleaning Supplies (Cr.) $320
5) Salaries Expense (Dr.) $415
Salaries Payable (Cr.) $415
If a product's demand rises as income rises, ceteris paribus, the product is
a) an inferior good
b) not enough information
c) a notmal good
d) outside of the market equilibrium
Generally, when a product's demand rises as income rises, ceteris paribus, the product is outside of the market equilibrium
Market equilibrium occurs when a market price of quantity demanded is equal to the quantity supplied
Hence, when a product's demand rises as income rises, ceteris paribus, the product is outside of the market equilibrium
In conclusion, the Option D is correct.
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USAco, a domestic corporation, manufactures widgets for sale worldwide. In year 2020, USAco had $10 million of net income related to sales of products it manufactures in the US, of which 3 million relates to sales to customers outside the US. USACO also owns a factory, which it uses to produce the above income, and which has an average adjusted U.S. tax basis of $40 million (taking into account the straight-line depreciation method). As a result of these activities, USACo will be allowed a Foreign Derived Intangible Income ("FDII") deduction of _______________
Answer:
USAco
As a result of these activities, USACo will be allowed a Foreign Derived Intangible Income ("FDII") deduction of _______________
$236,250.
Explanation:
a) Data and Calculations
Net income = $10 million
Export sales income = $3 million
Normal tax on $3 million at 21% = $630,000
FDII 13.125% tax on $3 million = $393,750
Difference = $236,250
b) A foreign derived intangible income (FDII) arises from the ownership, sale, or exchange of intangible property, patents, copyrights, trademarks, trade names, or other products tied to intangible assets by USACo, which entitles it to make a tax deduction of the calculated amount or to be taxed at a reduced tax rate of 13.125% instead of the normal 21% corporate tax rate. The FDII is aimed at encouraging US-based corporations to export more goods and services while locating more intangible assets in the US.
Stys Company's payroll for the year is $1,210,930. Of this amount, $510,710 is for wages paid in excess of $7,000 to each individual employee. The SUTA tax rate for the company is 3.2% on the first $7,000 of each employee's earnings.
Answer:
A. $4,201.32
B. $22,407.04
Explanation:
a. Calculation for The amount of FUTA tax for the year
FUTA tax= ($1,210,930-$510,710) *0.006
FUTA tax = $700,220 * 0.006
FUTA tax= $4,201.32
Therefore The amount of FUTA tax for the year is $4,201.32
b. Calculation for The amount of SUTA tax for the year
SUTA tax=($1,210,930-$510,710) *0.032
SUTA tax = $700,220 * 0.032
SUTA tax= $22,407.04
Therefore The amount of SUTA tax for the year is $22,407.04
Consider a chemical factory that is situated next to a farm. Airborne emissions from the chemical factory damage crops on the farm. The marginal benefits of emissions to the factory and the marginal costs of damage to the farmer are as follows: Quantity of emissions (Q) 100 200 300 400 500 600 700 800 900 MB to factory 320 280 240 200 160 120 80 40 0 MC to farmer 110 130 150 170 190 210 230 250 270 Calculate the total net benefit to the farmer and factory at the economically and socially efficient quantity of emissions. A. $63000 B. $62000 C. $60750 D. $61000
Answer:
Marginal Benefits of Emissions
Total net benefit to the farmer and factory at the economically and socially efficient quantity of emissions is $30,000 when the quantity of emission is 200 tons.
Explanation:
a) Data and Calculations:
Quantity of Marginal Marginal Total Net Benefit
emissions (Q) Benefits Cost or Cost
100 320 110 21,000
200 280 130 30,000
300 240 150 27,000
400 200 170 12,000
500 160 190 -15,000
600 120 210 -54,000
700 80 230 -105,000
800 40 250 -168,000
900 0 270 -243,000
A bachelors degree in which of the following areas is a good choice for an arts an communication manager?
A. business
B. art history
C. theater
Tullius Corporation has received a request for a special order of 8,600 units of product C64 for $45.50 each. The normal selling price of this product is $50.60 each, but the units would need to be modified slightly for the customer. The normal unit product cost of product C64 is computed as follows:
Direct materials $ 16.30
Direct labor 5.60
Variable manufacturing overhead 2.80
Fixed manufacturing overhead 5.70
Unit product cost $ 30.40
Direct labor is a variable cost. The special order would have no effect on the company's total fixed manufacturing overhead costs. The customer would like some modifications made to product C64 that would increase the variable costs by $5.20 per unit and that would require a one-time investment of $45,000 in special molds that would have no salvage value. This special order would have no effect on the company's other sales. The company has ample spare capacity for producing the special order.
Required: Determine the effect on the company's total net operating income of accepting the special order.
Answer:
Increase in Netcome$89,160
Explanation:
Calculation to Determine the effect on the company's total net operating income of accepting the special order.
Effect on the company's total net operating income of accepting the special order=(8,600units*$45.50)-[8,600units*($ 16.30+5.60+2.80+$5.20)]-$45,000
Effect on the company's total net operating income of accepting the special order=$391,300-$257,140-$45,000
Effect on the company's total net operating income of accepting the special order=$89,160 Increase
Therefore the effect on the company's total net operating income of accepting the special order will be increase in net income of the amount of $89,160
Hakara Company has been using direct labor costs as the basis for assigning overhead to its many products. Under this allocation system, product A has been assigned overhead of $10.80 per unit, while product B has been assigned $3.60 per unit. Management feels that an ABC system will provide a more accurate allocation of the overhead costs and has collected the following cost pool and cost driver information:
Cost Pools Activity Costs Cost Drivers Driver Consumption
Machine setup $360,000 Setup hours 4,000
Materials handling 100,000 Pounds of materials 20,000
Electric power 40,000 Kilowatt-hours 40,000
The following cost information pertains to the production of A and B, just two of Hakara's many products:
A B
Number of units produced 4,000 20,000
Direct materials cost $42,000 $54,000
Direct labor cost $24,000 $40,000
Number of setup hours 400 200
Pounds of materials used 1,000 3,000
Kilowatt-hours 2,000 4,000
Required:
Use activity-based costing to determine a unit cost for each product.
Answer:
Results are below.
Explanation:
First, we need to calculate the activities rates of allocation:
Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base
Machine setup= 360,000/4,000= $90 per set up hour
Materials handling= 100,000/20,000= $5 per pound of material
Electric power= 40,000/40,000= $1 per kilowwat hour
Now, we can allocate costs to each product:
Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base
A:
Allocated MOH= 90*400 + 5*1,000 + 1*2,000
Allocated MOH= $43,000
B:
Allocated MOH= 90*200 + 5*3,000 + 1*4,000
Allocated MOH= $37,000
Finally, the total and unitary cost:
A:
Total cost= 42,000 + 24,000 + 43,000
Total cost= $109,000
Unitary cost= 109,000/4,000
Unitary cost= $2.73
B:
Total cost= 54,000 + 40,000 + 37,000
Total cost= $131,000
Unitary cost= 131,000/20,000
Unitary cost= $6.55
The Activity-based costing (ABC) costing system is based on activities, overseen by any event, task unit, or targeted activity
What do you mean by Acitivity based costing?
Activity-based costing (ABC) is a way of providing assigning overhead and indirect costs such as salaries and services — to products and services.
Predetermined manufacturing overhead rate is equal to total estimated overhead costs for the period/ total amount of allocation base
[tex]\rm\,Machine \;setup= \dfrac{360,000}{4,000}= \$90 \; per \;set \;up \;hour\\\\Materials \;handling= \dfrac{100,000}{20,000}= \$5 \;per \;pound \;of \;material\\\\Electric \; power= \dfrac{40,000}{40,000}= \$1 \;per \; kilowatt \;hour[/tex]
We can allocate costs to each product:
Allocated manufacturing overhead is equal to Estimated manufacturing overhead rate multiplied by Actual amount of allocation base.
[tex]\rm\,A: Allocated MOH= 90 \times 400 + 5\times 1,000 + 1\times2,000\\\\Allocated MOH= \$43,000\\\\B: Allocated MOH= 90 \times200 + 5\times3,000 + 1\times4,000\\\\Allocated MOH= \$37,000[/tex]
The total and unitary cost:
[tex]\rm\, A. Total\; cost = 42,000 + 24,000 + 43,000\\\\Total \;cost= \$109,000\\\\Unitary \;cost= \dfrac{109,000}{4,000}\\\\Unitary \;cost= \$2.73\\\\B: Total \;cost= 54,000 + 40,000 + 37,000\\\\Total\; cost= \$131,000\\\\Unitary\; cost= \dfrac{131,000}{20,000}\\\\Unitary\; cost= \$6.55\\\\[/tex]
Thus, Activity based costing (ABC) is used to determine a unit cost for each product A and B.
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Taxable income terminology Taxable Income Terminology Match the terms relating to the basic terminology and concepts of personal finance on the left with the descriptions of the terms on the right. Read each description carefully and type the letter of the description in the Answer column next to the correct term These are not necessarily complete definitions, but there is only one possible answer for each term
Term Answer Description
A. To qualify for exclusion during this transaction, you must have owned and Gross income ▼ occupied for two of the five prior years
B. This term essentially includes all income subject to federal tax Active income Portfolio income
C. Using taxable income, it is based on tax tables or tax rate schedules Passive income
D. This term includes expenses that can only offset portfolio income.
E. This is used to offset passive income Investment expenses
F. This term includes income from self-employment Real estate or limited partnership expenses Capital gains
G. This item is taxed at different rates depending on the holding period Sale of a home A TH,
H. This is used to determine tax liability Taxable income
I. This term includes income gained from real estate and limited partnerships ▼ Tax liability C
J. This term refers to earnings and capital gains generated from investment holdings
Answer:
A. To qualify for exclusion during this transaction, you must have owned and occupied for two of the five prior years ⇒ Sale of a home.
B. This term essentially includes all income subject to federal tax ⇒ Gross Income.
C. Using taxable income, it is based on tax tables or tax rate schedules ⇒ Tax liability.
D. This term includes expenses that can only offset portfolio income. ⇒ Investment expenses.
E. This is used to offset passive income Investment expenses. ⇒ Real estate or limited partnership expenses.
F. This term includes income from self-employment ⇒ Active Income.
G. This item is taxed at different rates depending on the holding period ⇒ Capital gains.
H. This is used to determine tax liability ⇒ Taxable income.
I. This term includes income gained from real estate and limited partnerships. ⇒ Passive income.
J. This term refers to earnings and capital gains generated from investment holdings. ⇒ Portfolio income.
For the current year, Power Cords Corp. expected to sell 42,100 industrial power cords. Fixed costs were expected to total $1,650,500; unit sales price was expected to be $3,800; and unit variable costs were budgeted at $2,300.
Power Cord Corp.'s margin of safety (MOS) in sales dollars is: (Do not round intermediate calculations.)
A. $155,798,733.
B. $189,973,732.
C. $161,718,730.
D. $173,523,730.
E. $145,348,733.
Answer:
A. $155,798,733.
Explanation:
The first task to determine the break-even point in sales dollars as shown below:
break-even point in sales dollars=fixed costs/contribution margin ratio
fixed costs=$1,650,500
contribution margin ratio=unit contribution margin/sales price
unit contribution margin=unit sales price- unit variable costs
unit contribution margin=$3,800-$2,300
unit contribution margin=$1,500
contribution margin ratio=$1500/$3,800
contribution margin ratio=39.47%
break-even point in sales dollars=$1,650,500/39.47%
break-even point in sales dollars=$4,181,657
margin of safety (MOS) in sales dollars=current sales- break-even point in sales dollars
current sales=42,100*$3,800=$159,980,000
margin of safety (MOS) in sales dollars=$159,980,000-$4,181,657=$155,798,343(closest to $155,798,733)
What is another term for the buying and selling of stocks?
A.) Entrepreneurial ability.
B.) Trading.
C.) Shares.
D.) Lack of scarcity.
The partnership of Keenan and Kludlow paid the following wages during this year:
M. Keenan (partner) $85,000
S. Kludlow (partner) 75,000
N. Perry (supervisor) 53,000
T. Lee (factory worker) 34,600
R. Rolf (factory worker) 29,800
D. Broch (factory worker) 6,900 S.
Ruiz (bookkeeper) 25,400
C. Rudolph (maintenance) 5,100
In addition, the partnership owed $200 to Rudolph for work he performed during December. However, payment for this work will not be made until January of the following year. The state unemployment tax rate for the company is 2.95% on the first $9,000 of each employee's earnings. Compute the following:
a. Net FUTA tax for the partnership for this year.
b. SUTA tax for this year.
Answer:
a. The Net FUTA tax for the partnership for this year is $1,680.
b. The SUTA tax for this year is $1,062.
Explanation:
a) Data and Calculations:
M. Keenan (partner) $85,000
S. Kludlow (partner) 75,000
N. Perry (supervisor) 53,000
T. Lee (factory worker) 34,600
R. Rolf (factory worker) 29,800
D. Broch (factory worker) 6,900
Ruiz (bookkeeper) 25,400
C. Rudolph (maintenance) 5,100
Gross payroll = $314,800
FUTA rate is 6% for the first $7,000
Gross Pay FUTA SUTA
(first $7,000) (first $9,000)
N. Perry (supervisor) 53,000 $420 $265.50
T. Lee (factory worker) 34,600 420 265.50
R. Rolf (factory worker) 29,800 420 265.50
D. Broch (factory worker) 6,900 0 0
Ruiz (bookkeeper) 25,400 420 265.50
C. Rudolph (maintenance) 5,100 0 0
Payroll for employees = $154,800 $1,680 $1,062
b) The FUTA tax rate is 6.0%. The tax applies to the first $7,000 that Keenan and Kludlow paid to each employee as wages during the year. This first $7,000 is often referred to as the federal or FUTA wage base. The state's SUTA tax rate depends on each state where SUTA is collected. Note that the additional $200 owed to Rudolph does not alter his base wages which fall below $7,000.
The quantity of a good demanded rises from 90 units to 110 units when the price falls from $1.20 to $.80 per unit. The price elasticity of demand for this product approximates
Answer:
PED = -0.67 or |0.67| in absolute terms, price inelastic
Explanation:
price elasticity of demand = percentage change in quantity demanded / percentage change in price
percentage change in quantity demanded = (110 - 90) / 90 = 22.22%
percentage change in price = ($0.80 - $1.20) / $1.20 = -33.33%
PED = 22.22% / -33.33% = -0.67 or |0.67| in absolute terms, price inelastic
Selected financial data regarding current assets and current liabilities for ACME Corporation and Wayne Enterprises, are as follows: ACME Wayne ($ in millions)Corporation Enterprises Current assets:Cash and cash equivalents $499 $285 Current investments 7 530 Net receivables 751 206 Inventory 10,586 8,609 Other current assets 1,344 255 Total current assets $13,187 $9,885 Current liabilities:Current debt $8,621 $4,451 Accounts payable 1,807 1,061 Other current liabilities 1,179 2,381 Total current liabilities $11,607 $7,893 Required:1-a. Calculate the current ratio for ACME Corporation and Wayne Enterprises. (Enter your answers in millions. For example, $5,500,000 should be entered as 5.5.)
Answer: See explanation
Explanation:
We should note that the current ratio is calculated as:
= Current assets / Current liabilities
Therefore, the current ratio for ACME Corporation will be:
= Current assets / Current liabilities
= $13,187 / $11,607
= 1.136
The current ratio for Wayne Enterprises will be:
= Current assets / Current liabilities
= $9,885 / $7,893
= 1.25
Carla Vista Company has the following information available for September 2020.
Unit selling price of video game consoles $410
Unit variable costs $328
Total fixed costs $36,900
Units sold 600
Compute the unit contribution margin.
Unit contribution margin enter the unit contribution margin
Prepare a CVP income statement that shows both total and per unit amounts.
Compute Carla Vista’ break-even point in units.
Break-even point in units enter Break-even point in units units
Prepare a CVP income statement for the break-even point that shows both total and per unit amounts.
Answer:
Carla Vista Company has the following information available for September 2020.
Unit selling price of video game consoles $410
Unit variable costs $328
Total fixed costs $36,900
Units sold 600
Compute the unit contribution margin.
Unit contribution margin enter the unit contribution margin
Prepare a CVP income statement that shows both total and per unit amounts.
Compute Carla Vista’ break-even point in units.
Break-even point in units enter Break-even point in units units
Prepare a CVP income statement for the break-even point that shows both total and per unit amounts.
Suman said that, "she didn't understand the
direct and indirect speech
Explanation:
Indirect speech, also known as reported speech or indirect discourse (US), is a means of expressing the content of statements, questions or other utterances, without quoting them explicitly as is done in direct speech. For example, He said "I'm coming" is direct speech, whereas He said (that) he was coming is indirect speech. Indirect speech should not be confused with indirect speech acts.
Match each of the options above to the items below.
a. Revenues, expenses. and dividends,
b. List of permanent accounts and their balances.
c. Transfer of temporary balances to retained earnings.
d. List of permanent and temporary accounts and thejr balances.
e. Assets, liabilities, and stockholders' equity
1. Adjusted Trjal balance
2. Post-closing trial balance
3. Permanent accounts
4. Temporary accounts
5. Closing entries
Answer:
a. Revenues, expenses. and dividends - Temporary accounts
b. List of permanent accounts and their balances - Post-closing trial balance
c. Transfer of temporary balances to retained earnings - Closing entries
d. List of permanent and temporary accounts and their balances - Adjusted trial balance
e. Assets, liabilities, and stockholders' equity - Permanent accounts
Vinny and Sandra have just had their first baby, and need to make a decision about how to handle work and child‑care responsibilities. Vinny earns $1000 per week working full time, and Sandra's full‑time salary is $1200 per week. They each can work part time and earn half their full‑time wage. Calculate the change in GDP for each situation, relative to when they both worked full time and had no child‑care responsibilities. If GDP falls, include a negative sign in your answer. a. Both Vinny and Sandra return to work full time and pay a child‑care provider $600 per week to care for their child. $ b. Both Vinny and Sandra will return to work full time, while Sandra’s mother takes care of their child without financial compensation. $ c. Both Vinny and Sandra will return to work full time, while Vinny's brother takes care of their baby. They'll pay him $600 a week to care for their child, but neither they nor Vinny’s brother will report those payments to the IRS, or on any government surveys. $ d. Vinny and Sandra will each return to work part time, and split child‑care responsibilities. $ e. Vinny will stay home to care for the baby, while Sandra returns to work full time. $
Answer:
A. 600
B. 0
C. 0
D. -1100
E. -1000
Explanation:
For part A you are asked to find the change in GDP with the addition of paying a babysitter $600. The GDP beforehand was the total income from both Vinny and Sandra which is $1200 + $1000 = $2200. For these questions, you are being asked to find a change in GDP which would simply be the addition of $600. Similiary, for part B there is no change in GDP because they do not pay Sandra's mother, so the change in GDP is 0. For part C, since the payments are not reported, there is no change in GDP. Part C can be thought of as a reference to the shadow market and GDP from the shadow market is not recorded. Part D has a negative 1100 because they each go back to work part-time, Vinnie earning $500 per week and Sandra earning $600. The change in GDP would be negative because they are losing 1100 in order to care for a new child. For part E, Vinnie gives up all his income which would normally amount to $1000 per week. The change in GDP is therefore negative.
The change in GDP for each situation will be:
(a) 600(b) 0(c) 0(d) -1100(e) -1000According to the question,
Whenever both work full time and had no child care then the b will be:
= [tex]1000+1200[/tex]
= [tex]2200[/tex]
(a)
New GDP,
= [tex]1000+1200+600[/tex]
= [tex]2800[/tex]
Change will be:
= [tex]2800-2200[/tex]
= [tex]600[/tex]
(b)
→ When mother doing child care isn't part of GDP then,
New GDP,
= [tex]1000+1200[/tex]
= [tex]2200[/tex]
Change will be:
= [tex]2200-2200[/tex]
= [tex]0[/tex]
(c)
→ Private non-reported transaction isn't a part of GDP then
New GDP,
= [tex]1000+1200[/tex]
= [tex]2200[/tex]
Change will be:
= [tex]2200-2200[/tex]
= [tex]0[/tex]
(d)
→ Working part time so will earn half of wages then,
New GDP,
= [tex]500+600[/tex]
= [tex]1100[/tex]
Change in GDP,
= [tex]1100-2200[/tex]
= [tex]-1100[/tex]
(e)
Only Sandra works then,
New GDP,
= [tex]1200[/tex]
Change in GDP,
= [tex]1200-2200[/tex]
= [tex]-1000[/tex]
Thus the above answers are correct.
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what is the meaning of gpp in poultry industry
Answer:
five year ghana poultry program
Explanation:
When Mary Potts arrived at her store on the morning of January 29, she found empty shelves and display racks; thieves had broken in during the night and stolen the entire inventory. Accounting records showed that Potts had inventory costing $50,000 on January 1. From January 1 to January 28, Potts had made net sales of $70,000 and net purchases of $80,000. The gross profit during the past several years had consistently averaged 42 percent of net sales. Potts plans to file an insurance claim for the theft loss.
Required:
a. Using the gross profit method, estimate the cost of inventory at the time of the theft.
b. Doe Potts use the periodic inventory method or does she account for inventory using the perpetual method?
Answer:
a. The cost of inventory at the time of the theft is $89,400.
b. Potts uses the periodic inventory method.
Explanation:
a. Using the gross profit method, estimate the cost of inventory at the time of the theft.
The cost of inventory at the time of the theft can be estimated using gross profit method as follows:
Inventory cost on January 1 = $50,000
Net sales = $70,000
Net purchases = $80,000
Gross profit = Net sales * 42% = $70,000 * 42% = $29,400
Cost of goods sold = Net sales - Gross profit = $70,000 - $29,400 = $40,600
Inventory cost on January 28 = Inventory cost on January 1 + Net purchases - Cost of goods sold = $50,000 + $80,000 - $40,600 = $89,400
Inventory cost on January 28 is the same as the cost of inventory at the time of the theft; therefore, the cost of inventory at the time of the theft is $89,400.
b. Doe Potts use the periodic inventory method or does she account for inventory using the perpetual method?
Periodic inventory method refers to an accounting stock valuation practice in which updates to inventory are made at specified intervals such as weekly, monthly, or annually.
Perpetual inventory method refers to an accounting stock valuation practice in which updates to inventory are made continuously and automatically as inventory is received or sold.
From the question, the fact that the only available accounting records showed that Potts had inventory costing $50,000 on January 1 without any other record January 28, this implies that Potts uses the periodic inventory method which could be monthly or annually.
a. Based on the gross profit method, the estimated cost of inventory at the time of the theft in Mary Potts' store is $89,400.
b. Mary Potts uses the periodic inventory method, which records inventory movements at the end of the period. The perpetual inventory method records inventory movements as each transaction occurs.
Data and Calculations:
Beginning inventory on January 1 = $50,000
Net Purchases in January = $80,000
Goods available for sale = $130,000 ($50,000 + $80,000)
Net Sales = $70,000
Gross profit margin = 42%
Gross profit = $29,400 ($70,000 x 42%)
Cost of goods sold = Net Sales - Gross profit
= $40,600 ($70,000 - $29,400)
Ending inventory on January 28 = Goods available for sale - Cost of goods sold
= $89,400 ($130,000 - $40,600)
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Sunland Design was founded by Thomas Grant in January 2011. Presented below is the adjusted trial balance as of December 31, 2020.
SUNLAND DESIGN
ADJUSTED TRIAL BALANCE
DECEMBER 31, 2020
Debit Credit
Cash $11,760
Accounts Receivable 22,260
Supplies 5,760
Prepaid Insurance 3,260
Equipment 60,760
Accumulated Depreciation-Equipment $35,760
Accounts Payable 5,760
Interest Payable 228
Notes Payable 7,600
Unearned Service Revenue 6,360
Salaries and Wages Payable 1,496
Common Stock 10,760
Retained Earnings 4,260
Service Revenue 62,260
Salaries and Wages Expense 12,060
Insurance Expense 1,046
Interest Expense 578
Depreciation Expense 9,600
Supplies Expenses 3,400
Rent Expense 4,000
$134,484 $134,00
Instructions
Prepare an income statement and a retained earnings statement for the year ending December 31, 2020, and an unclassified balance sheet at December 31.
Answer:
Part a
Income Statement $ $
Service Revenue 62,260
Less Expenses
Salaries and Wages Expense 12,060
Insurance Expense 1,046
Interest Expense 578
Depreciation Expense 9,600
Supplies Expenses 3,400
Rent Expense 4,000 (30,684)
Net Income 31,576
Part b
Retained Income Statement $
Beginning Retained Earnings (27,316)
Add Profit for the year 31,576
Ending Retained Earnings 4,260
Part c
Unclassified Balance Sheet $
ASSETS
Equipment 60,760
Accumulated Depreciation-Equipment (35,760) 25,000
Accounts Receivable 22,260
Supplies 5,760
Prepaid Insurance 3,260
Cash 11,760
TOTAL ASSETS 68,040
EQUITY AND LIABILITIES
EQUITY
Common Stock 10,760
Retained Earnings 4,260
TOTAL EQUITY 15,020
LIABILITIES
Accounts Payable 5,760
Interest Payable 228
Notes Payable 7,600
Unearned Service Revenue 6,360
Salaries and Wages Payable 1,496
TOTAL LIABILITIES 21,440
TOTAL EQUITY AND LIABILITIES 36,460
Explanation:
The Income Statement shows the Profit earned during the year. Profit = Sales - Expenses
The Retained Earnings Statement Shows the Retained Earnings Balance at end of the year. Retained Earnings Balance = Opening Balance + Profit - Dividends.
The Balance Sheet shows the Asset, Liabilities and Equity balances as at the reporting date.