Answer:
False
Explanation:
South Sea Baubles has the following (incomplete) balance sheet and income statement. BALANCE SHEET AT END OF YEAR (Figures in $ millions) Assets 2015 2016 Liabilities and Shareholders' Equity 2015 2016 Current assets $ 105 $ 215 Current liabilities $ 80 $ 105 Net fixed assets 950 1,050 Long-term debt 675 900 INCOME STATEMENT, 2016 (Figures in $ millions) Revenue $ 2,025 Cost of goods sold 1,105 Depreciation 425 Interest expense 255 a&b. What is shareholders’ equity in 2015 and 2016? (Enter your answers in millions.) c&d. What is net working capital in 2015 and 2016? (Enter your answers in millions.) e. What are taxes paid in 2016? Assume the firm pays taxes equal to 35% of taxable income. (Do not round intermediate calculations. Enter your answer in millions rounded to 2 decimal places.) f. What is cash provided by operations during 2016? (Do not round intermediate calculations. Enter your answer in millions rounded to 2 decimal places.) g. Net fixed assets increased from $950 million to $1,050 million during 2016. What must have been South Sea’s gross investment in fixed assets during 2016? (Enter your answer in millions.)
Answer:
South Sea Baubles
1. Shareholders' equity in 2015 and 2016 = $300 and $260 respectively.
2. Net working capital in 2015 and 2016 = $25 and $110 respectively.
3. Taxes paid in 2016 = $84.
4. Cash provided by operations during 2016 = $666.
5. South Sea's gross investment in fixed assets = $100 ($105 - $95).
Explanation:
a) Data and Calculations:
BALANCE SHEET AT END OF YEAR (Figures in $ millions)
Assets 2015 2016
Current assets $ 105 $ 215
Net fixed assets 950 1,050
Total assets $1,055 $1,265
Current liabilities $ 80 $ 105
Long-term debt 675 900
Total liabilities $755 $1,005
Shareholders' equity $300 $260
Liabilities and Shareholders' Equity $1,055 $1,265
INCOME STATEMENT, 2016 (Figures in $ millions)
Revenue $ 2,025
Cost of goods sold 1,105
Gross profit $ 920
Depreciation 425
EBIT $495
Interest expense 255
Profit before taxes $240
Income taxes (35%) 84
Net Income $ 156
Cash provided by operations:
Net income = $156
Depreciation 425
Working capital:
Current assets 110
Current liabilities (25)
Net cash $666
8. A pension fund manager is considering three mutual funds, a stock fund with expected return of 15% and standard deviation of 32%, a bond fund with expected return of 9% and standard deviation of 23%, and a money market fund with a sure rate of 5.5%. The correlation between the stock and bond funds is 0.15. Tabulate and draw the investment opportunity set of the two risky funds, using investment proportions for the stock fund from 0% to 100% in increments of 20%. What is the lowest-risk combination of the stock and bond funds
Answer:
The lowest risk combination is at : expected return = 12%
standard deviation = 17.44%
Explanation:
Three mutual funds
stock fund : 15% expected return, 23% standard deviation
Bond fund : 9% expected return , 23% standard deviation
money market : sure rate of 5.5%
correlation between stock and bond fund = 0.15
variance for stock fund = 0.5 ( solved using excel )
variance for bond fund = 1 - variance for stock = 1 - 0.5 = 0.500
attached below is the table and
Lyle Company maintains a petty cash fund for small expenditures. These transactions occurred during the month of August.
Aug. 1 Established the petty cash fund by writing a check on Westown Bank for $226. 15 Replenished the petty cash fund by writing a check for $188. On this date, the fund consisted of $38 in cash and these petty cash receipts: freight-out $61.40, entertainment expense $23.00, postage expense $20.70 and miscellaneous expense $80.11. 16 Increased the amount of the petty cash fund to $426 by writing a check for $200. 31 Replenished the petty cash fund by writing a check for $296. On this date, the fund consisted of $130 in cash and these petty cash receipts: postage expense $132.00, entertainment expense $129.40, and freight-out $33.40.
1.) Journalize the petty cash transactions.
2.) Post to the Petty Cash account
Answer:
Aug. 1 Established the petty cash fund by writing a check on Westown Bank for $226.
Dr Petty cash fund 226
Cr Cash 226
15 Replenished the petty cash fund by writing a check for $188. On this date, the fund consisted of $38 in cash and these petty cash receipts: freight-out $61.40, entertainment expense $23.00, postage expense $20.70 and miscellaneous expense $80.11.
Dr Freight out expense 61.40
Dr Entertainment expense 23
Dr Postage expenses 20.70
Dr Miscellaneous expenses 80.11
Dr Cash short and over 2.79
Cr Petty cash fund 188
Dr Petty cash fund 188
Cr Cash 188
16 Increased the amount of the petty cash fund to $426 by writing a check for $200.
Dr Petty cash fund 200
Cr Cash 200
31 Replenished the petty cash fund by writing a check for $296. On this date, the fund consisted of $130 in cash and these petty cash receipts: postage expense $132.00, entertainment expense $129.40, and freight-out $33.40.
Dr Freight out expense 33.40
Dr Entertainment expense 129.40
Dr Postage expenses 132
Dr Cash short and over 1.20
Cr Petty cash fund 296
Dr Petty cash fund 296
Cr Cash 296
Flint Enterprises had the following cost and production information for April: Units Produced 20,000 Unit Sales Price $ 170 Manufacturing Cost Per Unit Direct Material $ 30 Direct Labor $ 15 Variable Manufacturing Overhead $ 13 Fixed Manufacturing Overhead ($500,000/20,000) = $ 25 Full Manufacturing Cost Per Unit $ 83 Nonmanufacturing Costs Variable Selling Expenses $ 77,000 Fixed General and Administrative Costs $ 100,000 Inventory increased by 3,000 units during April. What is Flint Enterprise's income under variable costing?
Answer:
Net operating income= $1,563,000
Explanation:
The variable costing method incorporates all variable production costs (direct material, direct labor, and variable overhead).
First, we need to calculate the total variable cost:
Total variable cost= (30 + 15 + 13)*20,000 + 77,000= 1,237,000
Now, we can determine the net operating income:
Sales= 20,000*170= 3,400,000
Total variable cost= (1,237,000)
Contribution margin= 2,163,000
Fixed overhead= (500,000)
Fixed General and Administrative Costs= (100,000)
Net operating income= 1,563,000
Suppose Intel stock has a beta of , whereas Boeing stock has a beta of . If the risk-free interest rate is and the expected return of the market portfolio is , according to the CAPM, a. What is the expected return of Intel stock? b. What is the expected return of Boeing stock? c. What is the beta of a portfolio that consists of Intel stock and Boeing stock? d. What is the expected return of a portfolio that consists of Intel stock and Boeing stock? (There are two ways to solve this.
Answer:
a. Expected return of Intel stock
= Risk free rate + Beta * ( Market return - risk free rate)
= 5.6% + 1.69(12.2% - 5.6%)
= 16.75%
b. Expected return of Boeing stock
= Risk free rate + Beta * ( Market return - risk free rate)
= 5.6% + 0.88(12.2% - 5.6%)
= 11.40%
c. Beta of a Portfolio with 60% Intel stock and 40% Boeing stock.
= Weighted average of betas
= (0.6 * 1.69) + ( 0.4 * 0.88)
= 1.37
d. First method - Weighted average of both returns
= (0.6 * 16.75%) + (0.4 * 11.40%)
= 14.6%
Second method - Use the Portfolio beta and CAPM
= Risk free rate + Beta * ( Market return - risk free rate)
= 5.6% + 1.37(12.2% - 5.6%)
= 14.6%
what do pet owners have to do when they want to go on vacation?
Answer:
Explanation:
Whether you're gone a week or six months there are three main options for your pet when you're on vacation. ...
Hire a Professional Pet Sitter.
Check sitters available on Trusted Housesitters here.
Ask a Neighbor, Friend or Family Member.
Check prices and info on Amazon for the PETKIT pet water fountain.
Find a House Sitter.
Answer:
Either they could bring the pet along with them or find someone to watch the pet. Whether it be a family member, a neighbor, or someone you hire.
Explanation:
Houston repeatedly promised his daughter, Allyson, that he would pay one-half of the costs for Allyson to attend a private, historically African-American college or university. Relying on this promise, Allyson applied to and was accepted into Clark Atlanta University. Houston reiterated this promise after Allyson’s acceptance and specifically agreed to pay one-half of the costs of her tuition, room, board, books, and other expenses at Clark (less certain scholarship, work study, and grant monies). Allyson relied on this reiterated promise and, forgoing opportunities to apply to and enroll in other colleges or universities of significantly less cost, enrolled in Clark. Houston nevertheless refused to honor his commitment. Allyson sued her father alleging promissory estoppel. Did she have a good promissory estoppels claim?
Yes, Allyson has a good promissory estoppel claim against her father, Houston. Promissory estoppel is a legal doctrine that allows a party to enforce a promise, even if there is no valid contract, if certain elements are met. Considering these elements, Allyson has a strong promissory estoppel claim against her father, Houston, as she fulfilled the requirements necessary to invoke this legal doctrine.
These elements are:
1. A clear and definite promise: In this case, Houston repeatedly promised Allyson that he would pay one-half of the costs for her education at a private, historically African-American college or university. Houston even reiterated this promise after Allyson's acceptance into Clark Atlanta University, specifically agreeing to pay one-half of her tuition, room, board, books, and other expenses.
2. Reasonable and justifiable reliance: Allyson relied on her father's promise by applying to and enrolling in Clark Atlanta University, forgoing opportunities to apply to and enroll in other colleges or universities of significantly less cost. Her reliance on her father's promise was reasonable and justifiable given the specific agreement they had regarding the financial support for her education.
3. Detrimental reliance: Allyson suffered a detriment by forgoing other opportunities and enrolling in Clark Atlanta University based on her father's promise. This detriment is evidenced by the fact that she incurred the costs of tuition, room, board, books, and other expenses at Clark, which she would not have incurred if she had chosen a less expensive option.
4. Injustice without enforcement: It would be unjust for Houston to refuse to honor his commitment after Allyson reasonably relied on his promise and suffered a detriment. Promissory estoppel exists to prevent such injustices and to hold parties accountable for their promises, even in the absence of a formal contract.
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Having a great credit score will make it easier for you to
get into a better educational institution.
TRUE
FALSE
Answer: t for true
Explanation:
Having a great credit score will make it easier for you to get into a better educational institution. Hence, the above statement is true.
What is the Credit Score?An expression in numbers called a credit score is used to rate a person's creditworthiness. It is based on a meticulous review of their credit reports. A credit report, which also is typically collected from credit agencies, is the primary factor in a credit score.
The creditworthiness of a consumer is indicated by a number between 300 and 850 called a credit score. A person's credit score takes into account their debt amount, duration of credit history, loan types, and payback history.
Depending on the scoring methodology, there are several ranges, but generally speaking, credit scores between 580 and 669 are regarded as fair, 670 and 739 as good, 740 and 799 as very good, and 800 as well as higher as exceptional.
Even though ranges differ depending on the scoring model, generally speaking, credit scores between 580 and 669 are regarded as fair, 670 to 739 as good, 740 to 799 as very good, and 800 and up as exceptional.
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The following information applies to the questions displayed below) Serendipity Sound, Inc., manufactures and sells compact discs. Price and cost data are as follows: Selling price per unit (package of two CDs) 25.00Variable costs per unit: Direct material 10.50 Direct labor 5.00Manufacturing overhead 3.00 Selling expenses 1.30Total variable costs per unit 19.80 Annual fixed costs: Manufacturing overhead 192000 Selling and administrative 276000Total fixed costs 468000Forecasted annual sales volume (120,000 units) 3000000 In the following requirements. Ignore income taxes.
1. If the company's direct-labor costs do increase by 8 percent, what selling price per unit of product must it charge to maintain the same contribution-margin ratio?2. What is Serendipity sounds break even point in units?3. How many units would be Serendipity sound have to sell in order to earn 260000?
Answer:
$25.5090,000 units140,000 unitsExplanation:
1. Current contribution margin ratio
= (Selling price - Variable cost)/ Selling price
= (25 - 19.8) / 25
= 0.208
New Direct labor = 5.0 * ( 1 + 8%)
= $5.40
New variable cost = 19.8 + 0.4 = $20.20
To maintain 0.208
0.208 = (Selling price - 20.20) / Selling price
0.208 * Price = Price - 20.20
0.208Price - Price = -20.20
-0.792Price = -20.20
Price = -20.20/-0.792
Price = $25.50
2. Breakeven = Fixed Cost / Contribution Margin
Contribution Margin = Selling price - Variable cost
= 25 - 19.8
= $5.20
= 468,000/5.2
= 90,000 units
3. To earn $260,000;
= (Fixed Cost + 260,000) / Contribution margin
= (468,000 + 260,000) /5.2
= 140,000 units
Orie and Jane, husband and wife, operate a sole proprietorship. They expect their taxable income next year to be $450,000, of which $250,000 is attributed to the sole proprietorship. Orie and Jane are contemplating incorporating their sole proprietorship. (Use the tax rate schedule.) a. Using the married-joint tax brackets and the corporate tax rate, find out how much current tax this strategy could save Orie and Jane. (Round your intermediate calculations and final answer to nearest whole dollar amount.)
Answer:
Total savings = $361,341 - $342,910 = $18,431, but $197,500 must be left in the corporation.
Explanation:
using the 2020 tax schedule, their current tax liability is:
$94,735 + [35% x ($450,000 - $414,700)] = $107,090
after tax income = $450,000 - $107,090 = $342,910
if we consider the business a corporation:
$250,000 x 21% = $52,500
after tax income = $197,500
plus the $200,000 in ordinary income:
$29,211 + [24% x ($200,000 - $171,050)] = $36,159
after tax income = $163,841
total after tax income = $197,500 + $163,841 = $361,341
Total savings = $361,341 - $342,910 = $18,431, but $197,500 must be left in the corporation.
Toot! TiX Total Users 16,700 23,100 39,800 Revenues $ 2,100,000 $ 1,880,000 $ 3,980,000 Engineering hours 13,600 9,600 23,200 Engineering cost $ 330,000 $ 450,000 $ 780,000 Administrative costs $ 1,671,600 Required: a. Compute the predetermined overhead rate used to apply administrative costs to the two services assuming SMI uses the revenue to allocate administrative costs. b. Based on the rates computed in requirement (a), what is the profit for each service?
Answer:
Instructions are below.
Explanation:
First, we need to calculate the revenue proportion:
Toot!= 2,100,000/3,980,000= 0.53
TiX= 1,880,000/3,980,000= 0.47
Now, we can allocate administrative costs:
Toot!= 0.53*1,671,600= $885,948
TiX= 0.47*1,671,600= $785,652
Finally, the total, and unitary profit per product:
Toot!:
Revenues= 2,100,000
Engineering cost= (330,000)
Administrative costs= (885,948)
Total profit= $884,052
Unitary profit= 884,052/16,700= $52.937
TiX:
Revenues= 1,880,000
Engineering cost= (450,000)
Administrative costs= (785,652)
Total profit= $644,348
Unitary profit= 644,348/23,100= $27.894
f consumer purchases of a good are not very sensitive to the price of the good, this is illustrated by a a. supply curve that is relatively steep (more vertical). b. demand curve that is relatively steep (more vertical). c. supply curve that is relatively flat (more horizontal). d. demand curve that is relatively flat (more horizontal).
Answer:
b. demand curve that is relatively steep (more vertical).
Explanation:
The demand curve is a curve that shows the relationship between price and quantity demanded by consumers.
If consumers are not sensitive to changes in price of the good, it means that the quantity demanded would change little or not at all when there is a change in price
Please find attached an image of a vertical demand curve
Paul is the HR manager at FloGlow Inc., which is preparing for the launch of a new product line. The company needs to know how many new customer service representatives to add to help customers with questions and concerns about the existing and new products. To guide the company, Paul needs information about the number of employees currently providing customer service, the number likely to be in those jobs next year, and the number expected to move to other positions in the organization. The information will be easier to organize and interpret if Paul uses a(n)
Answer:
transitional matrix.
Explanation:
transitional matrix allows to have
probabilities with more than one states moving from one to another. With transitional matrix, prediction can be made as well as the followed trend of events.it can be regarded as stochastic matrix.
In the case whereby Paul, needs information about the number of employees currently providing customer service, the number likely to be in those jobs next year, and the number expected to move to other positions in the organization, it will be easier to organize and interpret all these information if Paul uses transitional matrix because there are different states of information here, and he needs to move from one to the other.
Think of a business idea that offers opportunity for customer credit. Assuming that you want to adopt this idea, what criteria would you consider to offer a consumer credit?
Answer:
an example for a company that offers back customers credit is Jimmy Johns, they have online rewards that you can sign up with you or phone number or online to earn points for your meals. When you sign up they promote you to go buy a sandwich for your first free sandwich, after that every time you come back and buy something you will be racking up points for free things like sandwiches, chips, cookies, pickles, and drinks.They also have special offers like on your birthday you get a free sub (and after you sign up). If I wanted to do something similar with my business I make would make a rewards systems where you earn points for discounts.
Explanation:
Identify a business idea with which you can proceed. For example, you start a business that designs and creates landscaping for customers (front garden space, back patio, and so on).
This type of business provides opportunity for consumer credit, as most people would not want to pay a huge amount upfront in cash or even through credit cards.
Since the only other way is to offer credit facility, you will have to make a list of questions. You will then have to research the customer’s credit worthiness.
Check for the customer’s credit rating with the credit- and information-management companies, such as TransUnion or Equifax.
Check for the customers’ current financial positions. You can do so by finding out whether they have a secure job or a well-performing business, number of earning members in the family, and so on.
Depending on the information you acquire, you may decide either to offer complete credit, with a relatively shorter credit period, or only offer a certain percentage of credit spread across a wider credit period.
Exercise 6-8 Petty cash fund with a shortage LO P2 Waupaca Company establishes a $330 petty cash fund on September 9. On September 30, the fund shows $46 in cash along with receipts for the following expenditures: transportation-in, $52; postage expenses, $71; and miscellaneous expenses, $147. The petty cashier could not account for a $14 shortage in the fund. The company uses the perpetual system in accounting for merchandise inventory. Prepare (1) the September 9 entry to establish the fund, (2) the September 30 entry to reimburse the fund, and (3) an October 1 entry to increase the fund to $385.
Answer:
September 29, 202x, petty cash fund established
Dr Petty cash fund 330
Cr Cash 330
September 30, 202x, petty cash fund's expenses
Dr Transportation expenses 52
Dr Postage expenses 71
Dr Miscellaneous expenses 147
Dr Cash short and over 14
Cr Petty cash fund 284
September 30, 202x, petty cash fund replenished
Dr Petty cash fund 284
Cr Cash 284
October 1, 202x, petty cash fund is increased
Dr Petty cash fund 55
Cr Cash 55
Andrew is the chief financial officer for Glowlight Industries. Glowlight has been involved in a number of negotiations for acquisitions in the last few years, and Andrew feels the CEO is overly focused on making an acquisition. Andrew thinks the board of directors should
Answer: A) establish a system of checks and balances to challenge the CEO regarding proposed acquisitions.
Explanation:
If Andrew feels like the CEO is overly focused on making an acquisition with no business basis to it, it would be best to find out if there are basis to what the CEO is trying to do.
One way of doing so is to get the Board of Directors to establish a system of checks and balances that will challenge the CEO when it comes to acquisitions. They will check to see why the CEO wants those acquisitions as well as limit the CEO's power to seek acquisitions haphazardly.
Question 5
The Elements of Supply Chain are:
Answer:
The elements of a supply chain include all the functions that start with receiving an order to meeting the customer's request. These functions include product development, marketing, operations, distribution networks, finance, and customer service. (I hope this helped!!! Have a great day!!)
Which of the following statements is true of the social responsibilities of a business? Multiple Choice Legal responsibilities are often subsumed under the idea of corporate citizenship, reflecting the notion of voluntarily giving back to society. A firm’s ethical responsibilities go beyond its legal responsibilities. Shareholders mandatorily require a firm to perform its ethical and philanthropic responsibilities. Ethical responsibilities are the foundational building block of a firm’s social responsibility.
Answer:
A firm’s ethical responsibilities go beyond its legal responsibilities.
Explanation:
The Swatch Group and Cultural Uniqueness
Summary
This case explores the Swatch Group and the influence of Swatch on culture. Founded in 1983 by Nicolas Hayek, Swatch is now the world’s biggest watch maker. The company not only produces finished watches, it also produces jewelry, watch movements, and watch components. Indeed, Swatch Group supplies nearly everything used in the production of its 18 individual brands that includes icons like Omega and Harry Winston as well as more mainstream options like Tissot and Longines.
In addition to its own line of products, Swatch Group sells watch components to third-party watchmakers and produces parts used for sport event timing. Swatch employs about 37,000 people across 37 global subsidiaries. With some 40 percent of the company still under the control of the Hayek family, Swatch focuses on diversity and culture.
The Swatch Revolution combines Swiss excellence in watchmaking with quirky affordable plastic components. Swatch promotes its watches as a means of speaking without words. Wearers of Swatch watches are telling more than just time, they are telling the world something about themselves. Swatch even suggests that wearers share their individuality and preferences on Instagram by tagging #MySwatch.
Discussion Questions
1. With the Hayek family controlling nearly 40 percent of The Swatch Group, how do you think the family’s influence impacts the corporate culture in the company? What about the company’s international culture being impacted by the Hayek family?
2. Many of the Swatch brands have become cultural icons among a strong core following of customers in the global marketplace. Some even talk about the "Swatch Revolution" that began when Nicolas Hayek founded the company. Why do you think Swatch has such a strong cultural following?
3. As mentioned, Swatch wants you to create your own unique way of accessorizing through its Swatch watch. Is a watch a way to show who a person is culturally? Does a watch get embedded into a person’s culture? Can a watch create a cultural image?
Answer:
The question definition is outlined underneath in the overview section.
Explanation:
(1)
Including respect to something like the Hayek family, which also owns approximately or more nearly 40 percent of the Swatch Community, I conclude that by acknowledging their construction companies as family members, the relatives seem to have an impact on the concept of the corporate community. The workers should operate collectively, independently of their employment, as a team. For the Swatch Group, this creates a powerful organizational environment which put suitable implemented in a variety of fields.Family beliefs that influence this entire corporation will affect the international culture of the firm. The unlikelihood's in national culture, however, affect the lack of common ideals and significance. Inside the digital economy, this limits communication, trust, and knowledgeable contributors.(2)
The major cultural monitoring can be explained by the mixture of technology as well as creativity that has rooted the Swatch Culture through its product. And perhaps even developments in branding and ads, the Swatch concept relies on reference implementation, automation, and assembly technology. It began with a high-tech as well as inexpensive watch that those of us who could accommodate.Access to affordable was indeed the primary factor for the market success of the Swatch Company. However, the Swatch Organization is actively innovating and marketing the commodity to technical data scientists. In every consumer segment, the Swatch Community has evolved from inexpensive to pricey watches.(3)
In symbolizing to person, a monitor plays an important part. It displays different things, such as from an amount of available data, a sign of money, a fashion accessory, or maybe even a clear indication of upcoming appointments. When individuals see that they are late, the concept of time can mean the commercial term "time is money," which does not matter where they would be close to the election. I don't understand why, however according to oneself, I'm open to the culture of a world when certain individuals sports smart watches. A community is a composite of a single group's principles, behaviors, vocabulary, and beliefs. All forms, such as political ideologies, traditions, language as well as standards, may represent representations of culture.As something of a national signifier for many conservative communities, Hamza seems to be the hand of the creator. A cultural icon shouldn't be seen as an icon and should therefore be scattered away from physically artificial norms. It has now become a symbol of money, strength, elevated status as well as fashionable that, however, according to me, it's not like every trait should have an essential cultural image.The answers are provided from the information given in the summary. Kindly follow the given answers below.
(1)
By identifying their construction companies as family members, the relatives appear to have an impact on the concept of the corporate community, especially when it comes to the Hayek family, which owns about or almost 40% of the Swatch Community. Workers should work together as a team, regardless of their employment status. This generates a robust organizational framework for the Swatch Group, which may be used in a variety of disciplines.
The worldwide culture of the company will be influenced by family ideas that influence the entire enterprise. National culture's improbabilities, on the other hand, have an impact on the lack of common ideals and significance. This hinders communication, trust, and informed contributors inside the digital economy.
(2)
The combination of technology and creativity that has planted the Swatch Culture through its product explains the major cultural monitoring.
The Swatch concept is based on reference implementation, automation, and assembly technologies, as well as possible improvements in branding and advertising. It all started with a high-tech but low-cost watch that those of us who could afford it could afford.
The Swatch Company's commercial success was largely due to its ability to provide cheap watches. The Swatch Group, on the other hand, is constantly inventing and marketing the commodity to technical data scientists. The Swatch Community has evolved from low-cost to high-end watches in every market group.
(3)
A monitor plays an important role in symbolizing a person. It can show a variety of things, like the amount of data accessible, a symbol of money, a fashion accessory, or even a clear signal of forthcoming meetings. When people realize they are late, the concept of time might mean the commercial phrase "time is money," regardless of where they are in relation to the election.
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The city of Morehead leased equipment. The life of the noncancellable lease is 10 years. Using an 8 percent interest rate, the present value of the lease payments is $905,861. The first payment of $125,000 is due when the lease begins, January 10, 2017. An additional payment is due on January 10th for each of the next 9 years. Prepare journal entries to record: 1. The long-term lease in the General Fund. 2. The first lease payment on January 10, 2017. 3. The second lease payment on January 10, 2018. Round answers to the nearest whole number.
Answer:
1. Dr Equipment $ 905,861
Cr Lease Payable $ 905,861
2). Dr Lease Payable $ 125,000
Cr Cash $ 125,000
3) Dr Lease payable $ 115,000
Dr Interest Expense $ 10,000
Cr Cash $ 125,000
Explanation:
1. Preparation of the journal entry for the long-term lease in the General Fund..
Dr Equipment $ 905,861
Cr Lease Payable $ 905,861
2) Preparation of the first lease payment Journal entry on January 10,
Dr Lease Payable $ 125,000
Cr Cash $ 125,000
3) Preparation of the journal entry to second lease payment on January 10, 2018
Dr Lease payable $ 115,000
Dr Interest Expense (125000 x 8%) $ 10,000.00
Cr Cash $ 125,000
Fuzzy Button Clothing Company reported sales of $820,000 at the end of last year; but this year, sales are expected to grow by 10%. Fuzzy Button expects to maintain its current profit margin of 23% and dividend payout ratio of 10%. The firm’s total assets equaled $500,000 and were operated at full capacity. Fuzzy Button’s balance sheet shows the following current liabilities: accounts payable of $65,000, notes payable of $25,000, and accrued liabilities of $60,000. Based on the AFN (Additional Funds Needed) equation, what is the firm’s AFN for the coming year? -$149,214 -$164,135 -$186,518 -$134,293
Answer:
-$149,214
Explanation:
EFN = (A/S) x (Δ Sales) - (L/S) x (Δ Sales) - (PM x FS x (1-d))
A/S = assets / sales = 500,000 / 820,000 = 0.60976
ΔSales = $820,00 x 10% = $82,000
L/S = liabilities / sales = 125,000 / 820,000 = 0.15244
PM = profit margin = 23%
FS = forecasted sales = $902,000
1 - d = 1 - 10% = 0.9
EFN = (0.60976 x $82,000) - (0.15244 x $82,000) - ($902,000 x 0.23 x 0.9) = $ 50,000 - $12,500 - $186,714 = -$149,214
Temperature and Chemicals are used in which process?
Answer:
Cooking
Explanation:
because cooking use heat. heat is a temperature and chemicals is gas.
Exercise 4-15A Calculate net cash flows (LO4-7) Below are several transactions for Meyers Corporation for 2021. Issue common stock for cash, $60,000. Purchase building and land with cash, $45,000. Provide services to customers on account, $8,000. Pay utilities on building, $1,500. Collect $6,000 on account from customers. Pay employee salaries, $10,000. Pay dividends to stockholders, $5,000. Required: For each transaction, determine the amount of cash flows. If cash is involved in the transaction, select whether Meyers should classify it as operating, investing, or financing in a statement of cash flows. (Enter N/A if the question is not applicable to the statement. List cash outflows as negative amounts.)
Answer:
Meyers Corporation
Determining the amount of cash flows:
a. $60,000
b. -$45,000
c. -$1,500
d. $6,000
e. -$10,000
f. -$5,000
Classification as operating, investing, or financing activities:
a. Financing
b. Investing
c. Operating
d. Operating
e. Operating
f. Financing
Explanation:
Meyers Corporation prepares the statement of cash flows which classifies its financial activities into three main sections: operating activities, investing activities, and financing activities sections in order to present the statement in clear and understandable formats. This statement is one of the main financial statements that report the corporation's financial position and performance at the end of an accounting period.
Journalize the following business transactions in general journal form. Identify each transaction by number. You may omit explanations of the transaction. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
1.Stockholders invest $40,000 in cash in starting a real estate office operating as a corporation.
2.Purchased $500 of supplies on credit.
3.Purchased equipment for $25,000, paying $3,500 in cash and signed a 30-day, $21,500, note payable.
4.Real estate commissions billed to clients amount to $4,000.
5.Paid $700 in cash for the current month's rent.
6.Paid $250 cash on account for office supplies purchased in transaction 2.
7.Received a bill for $800 for advertising for the current month.
8.Paid $2,500 cash for office salaries.
9.Paid $1,200 cash dividends to stockholders.
10.Received a check for $2,000 from a client in payment on account for commissions billed in transaction 4.
Answer:
Date Account titles and explanation Debit Credit
1. Cash $40,000
Common stock $40,000
(To record cash invested)
2. Supplies $500
Accounts payable $500
(To record supplies purchased on credit)
3. Equipment $25,000
Cash $3,500
Notes payable $21,500
(To record equipment purchased)
4. Accounts receivable $4,000
Service revenue $4,000
(To record real estate commissions billed to clients)
5. Rent expense $700
Cash $700
(To record rent expense)
6. Accounts payable $250
Cash $250
(To record cash paid for office supplies purchased)
7. Advertising expense $800
Cash $800
(To record advertising expense paid)
8. Salaries expense $2,500
Cash $2,500
(To record office salaries paid)
9. Cash dividends $1,200
Cash $1,200
(To record cash dividends paid)
10. Cash $2,000
Accounts receivable $2,000
(To record check received from a client)
Raw materials were purchased on account, $510,000. Raw materials used in production, $480,000. All of of the raw materials were used as direct materials. The following costs were accrued for employee services: direct labor, $600,000; indirect labor, $150,000; selling and administrative salaries, $240,000. Incurred various selling and administrative expenses (e.g., advertising, sales travel costs, and finished goods warehousing), $367,000. Incurred various manufacturing overhead costs (e.g., depreciation, insurance, and utilities), $500,000. Manufacturing overhead cost was applied to production. The company actually worked 41,000 direct labor-hours on all jobs during the year. Jobs costing $1,680,000 to manufacture according to their job cost sheets were completed during the year. Jobs were sold on account to customers during the year for a total of $2,800,000. The jobs cost $1,690,000 to manufacture according to their job cost sheets. 4. What is the total amount of manufacturing overhead applied to production during the year
Answer:
$70,000
Explanation:
The computation of the total amount of manufacturing overhead applied to production during the year is shown below:-
Total amount of manufacturing overhead = Beginning balance + Purchase raw material - Raw materials used in production
= $40,000 + $510,000 - $480,000
= $70,000
Therefore for computing the total amount of Raw materials used in production we simply applied the above formula.
This is the trial balance of Crane Company on September 30. CRANE COMPANY Trial Balance September 30, 2017 Debit CreditCash $ 23,860 Accounts Receivable 7,260 Supplies 5,040 Equipment 10,940 Accounts Payable $ 9,460Unearned Service Revenue 4,040Common Stock 19,660Retained Earnings 13,940 $47,100 $47,100The October transactions were as follows.Oct. 5 Received $1,370 in cash from customers for accounts receivable due.10 Billed customers for services performed $5,850.15 Paid employee salaries $1,260.17 Performed $580 of services in exchange for cash.20 Paid $1,830 to creditors for accounts payable due.29 Paid a $340 cash dividend.31 Paid utilities $470.Prepare a general ledger using T-accounts. Enter the opening balances in the ledger accounts as of October 1. Journalize the transactions. Post to the ledger accounts. Prepare a trial balance on October 31, 2017.
Find full question attached
Answer and Explanation:
Answer and explanation attached
P Company purchased the net assets of S Company for $225,000. On the date of P's purchase, S Company had no investments in marketable securities and $30,000 (book and fair value) of liabilities. The fair values of S Company's assets, when acquired, were: Current assets $120,000 Noncurrent assets 180,000 Total $300,000 How should the $45,000 difference between the fair value of the net assets acquired ($270,000) and the consideration paid ($225,000) be accounted for by P Company? A. The noncurrent assets should be recorded at $ 135,000. B. The $45,000 difference should be credited to retained earnings. C. The current assets should be recorded at $102,000, and the noncurrent assets should be recorded at $153,000. D. A gain of $45,000 should be recorded.
Answer:
D. A gain of $45,000 should be recorded.
Explanation:
The computation is shown below
Fair value difference is
= Total assets - book & fair value of liabilities - net assets purchased
= $300,000 - $30,000 - $225,000
= $270,000 - $225,000
= $45,000
hence, the correct option is d. $45,000 and the same is to be considered
We simply applied the above formula
Students, Mark and Sarah, are discussing expectations of warehouses today. Mark says that warehouses are expected to execute more transactions in less time. Sarah says that warehouses are expected to handle and store more items. Which student, Mark or Sarah, is correct?
A. Mark is correct
B. Sarah is correct
C. Both is correct
D. Neither is correct
Utility refers to Multiple Choice the benefits or customer value received by users of the product. the fixed costs associated with the production of a single unit of a product within a product line. the variable costs associated with the production of a single unit of a product within a product line. the adaptability of a marketing program to adjust to changes in the marketing environment. the number of alternative uses or benefits that can be provided by a single product or service.
Answer:
A. the benefits or customer value received by users of the product.
Explanation:
Utility refers to the benefits or customer value received by users of the product. This ultimately implies that, any satisfaction or benefits a customer derives from the use of a product or service is generally referred to as a utility. These utilities can be classified into four (4) main categories and these are;
1. Time utility: this is associated with the benefit or customer value received by users of a particular product when needed or at the right time.
2. Form utility: it is the satisfaction or benefits a customer receives from the provision of alternatives or production of close substitutes.
3. Possession utility: it involves making goods and services readily available for customers to purchase or use.
4. Place utility: it involves making a good provision of outlets or shops where customers can easily find or come to when purchasing products.
Kelp Company produces three joint products from seaweed. At the split-off point, three basic products emerge: Sea Tea, Sea Paste, and Sea Powder. Each of these products can either be sold at the split-off point or be processed further. If they are processed further, the resulting products can be sold as delicacies to health food stores. Cost and revenue information is as follows. Sales Value and Additional Costs If Processed Further Product Pounds Produced Sales Value at Split-Off Final Sales Value Additional Cost Sea Tea 9,000 $ 60,000 $ 90,000 $ 35,000 Sea Paste 4,000 80,000 160,000 50,000 Sea Powder 2,000 70,000 85,000 14,000 Required: a-1. Compute the incremental benefit (cost) of further processing to these products. a-2. Which products should Kelp process beyond the split-off point
Answer:
a-1. Compute the incremental benefit (cost) of further processing to these products.
sea tea = ($5,000) losssea paste = $30,000sea powder = $1,000a-2. Which products should Kelp process beyond the split-off point
sea paste and sea powderExplanation:
Sales Value and Additional Costs If Processed Further
Product Pounds Sales value Final sales Additional
produced at split-off value cost
Sea Tea 9,000 $60,000 $90,000 $35,000
Sea Paste 4,000 $80,000 $160,000 $50,000
Sea Powder 2,000 $70,000 $85,000 $14,000
incremental benefit of further processing:
sea tea = ($90,000 - $60,000) - $35,000 = -$5,000
sea paste = ($160,000 - $80,000) - $50,000 = $30,000
sea powder = ($85,000 - $70,000) - $14,000 = $1,000
