Answer:
not being able to do buissnes with that company anymore
Explanation:
Sheridan Company purchased 70 Rinehart Company 5%, 10-year, $1,900 bonds on January 1, 2020, for $133,000. The bonds pay interest annually on January 1. On January 1, 2021, after receipt of interest, Sheridan Company sold 40 of the bonds for $73,150.
Required:
Prepare the journal entries to record the transactions described above.
Answer:
Date Account Details Debit Credit
Jan. 1, 2020 Debt Investment $133,000
Cash $133,000
Date Account Details Debit Credit
Dec. 1, 2020 Interest Receivable $6,650
Interest revenue $6,650
= 133,000 * 5%
= $6,650
Date Account Details Debit Credit
Jan. 1, 2021 Cash $6,650
Interest receivable $6,650
Date Account Details Debit Credit
Jan. 1, 2021 Cash $73,150
Loss on sale of investment $2,850
Debt investment $76,000
40 bonds are supposed to be:
= 40 * 1,900 = $76,000
Loss = 76,000 - 73,150 = $2,850
A toy manufacturer estimates the demand for a game to be 2000 per year. Each game costs $3 to manufacture, plus setup costs of $500 for each production run. If a game can be stored for a year for a cost of $2, how many should be manufactured at a time and how many production runs should there be to minimize costs
Answer:
See below
Explanation:
We will compute the above using the EOQ
EOQ = √ 2 × D × S / H
EOQ = √ 2 × 2,000 × 500 / 2 × 3
EOQ = 1,000
1,000 units of toys should be manufactured at a time
Production runs = 2,000 / 1,000
Production runs = 2
QUESTION 5 of 10: True or False: The operations manager is involved primarily with supply network design. O a) True Ob) False
Answer:
true
Explanation:
An operations manager is a person who is involved with the supply network design which is also known as strategic supply chain planning. Thus, the given statement is true.
What is supply network design?The process of constructing and modeling a supply chain in order to fully understand the expenses and time associated with bringing items to market with the resources and locations available is known as supply chain network design.
Operations managers are in charge of product development and delivery, inventory and supply chain management, operations personnel and job design, and production are all under their control.
Therefore, The correct answer is Option a.
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Describe the shifts in the world economy over the past 30 years. What are the implications of these shifts for international businesses based in the United Kingdom
Answer:
In the last 30 years, national economies have shifted towards decreasing trade barriers, and the world is becoming global economic space. Economic turbulence, especially in one of the major economies like the US, Europe, and China, tends to have ripple effects on other world economies. For example, the subprime housing crisis in 2008, which upturned the US economy, reached global proportions with the economic and financial meltdowns that were felt globally.
The new emergence in the economic system suggests that national boundaries are shrinking, and economies are becoming integrated and interdependent. In the last 30 years, China emerged as a global economic superpower, challenging the dominance of the US and European economies.
For businesses based in the United Kingdom, they have wider opportunities and better playing grounds. They can look beyond Europe and the US for investment and business opportunities. China, especially Hong Kong, is becoming an investment haven. Even other developing countries like Brazil, South Africa, and Dubai are becoming more attractive with increased consumer spending.
Secondly, the United Kingdom will continue to be the center of attraction for some Asian firms that will use London as a launching pad for their European businesses. This also poses some threats, just as it generates opportunities for global expansion of UK-based businesses.
Explanation:
Globalization has caused the world economies to merge and become a global economy. However, in the last four years, China seems to be recoiling to its shelves with the coming on board of the Trump Administration, which had exposed China's behind-the-door fiscal and monetary policies. This started when the administration labeled China as a currency manipulator. China is becoming alienated from the US and having its reputation tarnished internationally. The earlier prediction that China would emerge as the dominant superpower economy in 2010 was not wholly realized. China is re-strategizing by concentrating its investments in Asia, Africa, Latin America, and some parts of Europe.
Suppose the Federal Reserve establishes a reserve requirement of 21 percent and the monetary multiplier is 4.76. How much will the money supply change if excess reserves increase by $600 million
Answer:
the change in the money supply is $2,856 million
Explanation:
The computation of the change in the money supply is shown below:
Money supply = Money multiplier × excess multiplier
= 4.76 × $600 million
= $2,856 million
By multiplying the money multiplier with the excess multiplier we can get the change in the moeny supply
hence, the change in the money supply is $2,856 million
The Fremont, CA plant of New United Motor Manufacturing Inc (NUMMI), a joint venture of General Motors and Toyota, assembles two types of cars (Corollas and Prisms). Separate assembly lines are used for each type of car. Classify each of the following cost items as:
• fixed or variable with respect to the cars assembled
• direct or indirect with respect to the specific type of car assembled
Variable Fixed Direct Indirect
Cost of tires on Geo Prism
Salary of public relations manager for NUMMI plant
Annual awards dinner for Corolla suppliers
Salary of Prism design engineer
Freight costs of Corolla engine
Electricity cost of NUMMI plant
Wages paid to assembly-line temps in times of high production
Annual plant fire ins. policy
Solution :
Fixed Cost : Fixed cost is the cost of production or in an assembly that remains the same for any production output.
Variable cost : Variable cost does not remain the same. It varies and may include cost of raw materials, labor costs, commissions, etc. It is based on the amount of the output produced.
Direct Cost : Direct cost are the cost that directly goes into the cost of producing goods or services. It is traced to various cost objects.
Indirect Cost : Indirect cost are the expenses of the business related which keeps and operation going on. It includes administrative expenses and also depreciation, etc.
In the context, the classification of different costs are :
The Cost of the Geo Prism tires ---- Variable cost and Direct costThe Salary of the public relation manager in the NUMMI plant ---- Fixed and Indirect Cost.The Annual awards dinner for the Corolla suppliers ----- Fixed cost and direct cost.The salary of the design engineer of Prism ---- Fixed and direct cost.The freight cost for the Corolla engine ----- Variable and direct costElectricity cost of the NUMMI plant ----- variable cost and the indirect cost.Wages that is paid to the assembly line in times of the high production ---- variable and direct cost.The annual plant fire of insurance policy cost ------ Fixed and indirect cost.Cheese Factory Incorporated reported the following information for the fiscal year ended August 31, 2015.
Accounts Payable 145,000
Accounts Receivable 15,000
Cash (balance on January 1, 2016) 75,000
Cash (balance on December 31, 2016) 80,000
Common Stock 100,000
Dividends 10,000
Equipment 755000
Notes payable 30000
Office Expense 95000
Prepaid rent 50,000
Retained earnings begining 410,000
Salaries and wages expense 9,55,000
Salaries and wages payable 170,000
sales revenue 1660,000
Supplies 25,000
Utilities Expense 530,000
Other cash flow information:
Additional investment from stockholders 34000
Cash paid to purchase equipment 40,000
Cash paid to suppliers and employees 1490,000
Repayments of borrowing 155000
Cash received from customers 1661000
Cash received from borrowings 5000
Dividends paid in cash 10000
Required:
1. Prepare an income statement for 2016.
2. Prepare a statement of retained earnings for the fiscal year ended August 31, 2015.
Answer:
1. Income statement for 2016.
Sales revenue ($1,661,000 + $15,000) $1,676,000
Less Cost of Sales
Purchases ($1,490,000 + $145,000) ($1,635,000)
Gross Profit $41,000
Less Expenses
Office Expense $95,000
Salaries and wages expense $955,000
Utilities Expense $530,000 ($1,580,000)
Net Loss ($1,539,000)
2. Statement of retained earnings for the fiscal year ended August 31, 2015.
Retained Earnings Beginning $410,000
Dividends $10,000
Retained Earnings Closing $400,000
Explanation:
Income statement calculates profit : Profit = Gross Profit (Sales - Cost of Sales) - Expenses. Whilst Statement of retained earnings calculates closing balance in Retained Earnings : Closing Balance = Opening Balance + Profit for the year - Dividends
All of the following except
are examples of sustainable business practices.
o following environmental laws when disposing of waste
O using energy efficient practices to run a paper plant
o undercutting the competition with low pricing
o using recycled materials to produce paper
Answer:
C
Explanation:
Descriptive account does not capture all that is involved. (T/F)true or false
Answer:
truee..................
Which of these situations describe people working in the Recreation, Amusements, and Attractions pathway? Check all that apply.
Crystal mixes drinks in a restaurant. Manuel provides information about tourist activities to guests in a hotel. (✓)Kevin teaches an art class at a community center.
Chad serves customers in a fast-food restaurant.
(✓)Gloria operates machines in a casino. Annie sells airplane tickets.
Vince helps people understand different languages.
Answer:
3 and 5
Explanation:
On edge 2021
In terms of tourism, these activities fall under the category of entertainment. Hence option 3 and 5 are correct .
What is Restaurant ?It would be practically difficult to describe every imaginable activity that a visitor could want to undertake because what one traveller might find amusing, another traveller might not. This chapter focuses on the main elements of entertainment, the arts, and tourist attractions, such as movies, video displays,
In a survey published in 2009 by Festival and Major Events Canada (FAME), the 15 biggest festivals and events in Canada were estimated to have generated $750 million in visitor spending and an additional $300 million in local operational spending (Enigma Research Consultants, 2009). Let's examine this sector's subset in more detail.
The word "restaurant" refers to a place where people congregate and where orders are placed.of the food as a selection. The consumer receives the services from a restaurant. With the aid of money, people are to trade services. Customers are expected to view the menu and place their food orders.
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Consider the following pairs of items: a. shampoo and conditioner b. iPhones and earbuds c. a laptop computer and a desktop computer d. beef and pork e. air-travel and weed killer Which of the pairs listed will have cross-price elasticity of zero
Answer:
e. air-travel and weed killer
Explanation:
Cross price elasticity of demand measures the responsiveness of quantity demanded of good A to changes in price of good B.
If the cross price elasticity is zero, there is no relationship between the pair of goods
If cross price elasticity of demand is positive, it means that the goods are substitute goods.
The cross price elasticity of beef and pork and a laptop computer and a desktop computer should be positive
If the cross-price elasticity is negative, it means that the goods are complementary goods . The cross price elasticity of an iPhones and earbuds should be negative
Which of the following occupations would most likely be
subject to seasonal unemployment?
Select one:
a.Appliance salesperson
b.Television repair-person.
C.Automobile mechanic.
d.Farm worker
= Farm worker
Answer:
Farm worker
Explanation:
Seasonal unemployment occurs due to a decrease in labor demand at particular times of the year. Some industries experience increased activities during specific seasons. Hotels and restaurants may experience a boom in holiday seasons, while Ski business may be closed during summer.
The farming business is seasonal. During winter, nothing much happens. Workers in this period are likely to be unemployed.
Which of the following would cause the supply curve for t-shirts to shift left?
A: The price of cotton increases by 20%.
B: Laborers at a t-shirt factory agree to reduced wages.
C: T-Shirts become more fashionable amongst teenagers.
D: A new printing machine screen prints t-shirts at an increased rate.
A service company has which of the following costs.
a. Direct materials
b. Overhead costs
c. Product costs
d. Expensed in the period incurred
Answer:
b. overhead costs
Explanation:
A service company is one that creates revenue by offering services rather than vending physical products.
Overhead costs are business costs that cater to the day to day running of the business. In the case of a service company, overhead costs are usually fixed and the include some of the following:
UtilitiesTravelAdvertisingOffice suppliesAdvertising costSalariesoverhead cost
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A firm’s accounting cost, defined as actual cash payments for inputs equals:Group of answer choicesthe firm’s implicit cost.the firm’s explicit cost.the firm’s economic cost.the sum of the costs listed above.
Answer:
the firm’s economic cost
Explanation:
The accounting cost of the firm are considered as an explicit cost where the cost is to be incurred for running the business like production cost, lease payment, etc
Also it refers to the actual payment made in cash for the inputs i.e. equivalent to the economic cost of the firm
Hence the second last option is correct
Helen is a engineer at a large chemical plant. She has some reason to believe that the plant manager is knowingly violating local environmental laws by encouraging unsafe dumping practices. Some relevant facts about Helen's situation are as follows: A) She does have reasonable documentation of the plant managers behavior B) She has not yet gone through any of the normal organizational channels in order to resolve the conflict C) She has a reason to think that the unsafe dumping practice pose a serious threat to public health and safety According to Martin's view, does Helen have a prima facie responsibility to blow the whistle
Answer: Yes, in light of the fact that the dumping practices pose a serious (and credible) threat, she does have a prima facie obligation to blow the whistle
Explanation:
Helen has the right to blow the whistle because engineers in well protected society for whistle blowing can have legal and moral support if they disclose some irregularity and corruption in their industry. In denial of not making known the decadence in the industry exposes individuals who work there and the society at large to a risk. Safety is a primary factor in any industry and whatever isn't done well or in the right manner is a danger to everyone
What does a credit bureau do?
Select one:
a. It records borrowers' payment histories.
b. It protects borrowers' deposits.
c. It regulates credit unions.
d. It protects against fraud.
Answer:
a. It records borrowers' payment histories.
Explanation:
A credit bureau is a company that collects and maintains the credit history of consumers to generate a credit score. The credit score report is useful to lenders in determining whether or not to extend credit facility to a customer.
Credit bureaus are also known as credit reporting agencies. They gather data from various creditors and analyses it to get a credit score.
Answer:
A
Explanation:
5. Which commandment of computer ethics is violated on doing the following:
a) Hacking b) Software piracy c) Computer Virus
the answer is by hacking
Many sources include both factual and analytical information. The factual information allows you to judge how credible the analysis in the source is.
a. True
b. False
Answer:
true
Explanation:
include both factual and analytical information, given statement is true because The factual information source allows you to determine how reliable the analysis is, depending on whether another source has the same content or equivalent. so correct answer is a. TrueWhat is a marginal tax rate?
the actual percentage of federal tax paid
the highest percentage of federal tax paid
the lowest percentage of federal tax paid
the rate difference between joint and single filers
Answer:
the highest percentage of federal tax paid
Explanation:
The marginal tax rate implies the highest tax rate applicable in a progressive tax system. It is the tax rate imposed on extra income. In a progressive tax system like the one used in the US, the tax rate rises as income increases. The marginal tax rate is the increased tax rate paid on the extra dollar earned.
The marginal tax rate is, therefore, the highest percentage of federal tax paid.
supplied goods costing
RS. 600 to mohan and
issued invoice at 10%
above cost and allowed
5% discount.
Answer:
Dr Mohan account 627
Cr Sales 627
Explanation:
Preparation of Journal entry
If the amount of RS. 600 is the goods costing that was supplied to mohan in which the issued invoice is 10% above cost with a 5% discounts the First step will be to calculate the Invoice price.
Calculation of the invoice price
Invoice price=[600+10%*600)+[5%*(600+10%*600)]
Invoice price=(600+60)-[5%*(600+60)]
Invoice price=660-(5%*660)
Invoice price=660-33
Invoice price=627
Now let prepare the Journal entry
Dr Mohan account 627
Cr Sales 627
(Being to record good sold to Mohan)
Consider the following information related to Honor Inc.:
Common stock at the beginning of the year$8,000Common stock issued during the year$2,000Net income for the year$5,200Dividends paid during the year$3,800 Which of the following is the accurate way of reporting the common stock and retained earnings on the statement of stockholders' equity at the end of the year?
a. $11,400 is shown as common stock, and $0 is shown as retained earnings.
b. $8,000 is shown as common stock, and $5,200 is shown as retained earnings.
c. $10,000 is shown as common stock, and $5,200 is shown as retained earnings.
d. $10,000 is shown as common stock, and $1,400 is shown as retained earnings.
Answer:
Honor Inc.
The accurate way of reporting the common stock and retained earnings on the statement of stockholders' equity at the end of the year is:
d. $10,000 is shown as common stock, and $1,400 is shown as retained earnings.
Explanation:
a) Data and Calculations:
Common stock at the beginning of the year $8,000
Common stock issued during the year $2,000
Common stock at the ending of the year $10,000 (8,000 + $2,000)
Net income for the year $5,200
Dividends paid during the year$3,800
Retained Earnings $1,400 ($5,200 - $3,800)
b) Honor's common stock increased from $8,000 to $10,000. The dividends paid during the year reduced the amount of the Retained Earnings.
What is the definition of a growth stock?
Answer:
In finance, a growth stock is a stock of a company that generates substantial and sustainable positive cash flow and whose revenues and earnings are expected to increase at a faster rate than the average company within the same industry.
Explanation:
1. What are the three key assets that Walmart can leverage (build on) to compete with Amazon and other online retailers
Answer:
The 3 important assets that Walmart can be used to remain competitive with Amazon have been listed below.
Explanation:
Driven by the increasing utilization of internet shopping, retail chains, together with Walmart, were concerned about its business model. However, as Walmart is still in a safe stance and has been for some moment, it could be said that this same corporation does have some methodologies to encourage Amazon, its biggest throughout the world corporation.
Walmart seems to have the biggest independent water channel transportation system. It would have the fastest-growing traditional retail stores across the U.S. Just because of this, this has become a density. Also, this same strategy will enhance the percentage of warehouses and therefore a retail distribution channel.The three key assets that Walmart can leverage (build on) to compete with Amazon and other online retailers are:
Employee: Making a good and large investment of time, training and money in educating, developing and managing its employees will give them a good advantage over AmazonTheir chains of stores: Walmart believes that their over 40,000 chains of stores as one of their key asset. the improvement of the interior and exterior of the stores, coordination and management will be a good advantage also.Walmart’s e-commerce: This is a major key asset of Walmat. Developing their e-commerce strategy to the best-in-class e-commerce and linking it with the assets of the retail organization can take them higher.
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The Association of Southeast Asian Nations (ASEAN) effectively united Singapore, Britain, and Japan into one market.
Answer:
False
Explanation:
The Association of Southeast Asian Nations (ASEAN) is a regional economic block made up of 11 southeast Asian countries. The block's primary objectives are to promote economic, cultural, and social integration among the member countries. Members of ASEAN are Brunei, Burma (Myanmar), Cambodia, Timor-Leste, Indonesia, Laos, Malaysia, Philippines, Singapore, Thailand, and Vietnam.
Singapore, Britain, and Japan are not members of ASEAN. ASEAN is a regional body and Britain is not is Asian.
Which of these is an advantage of checking accounts?
Checking accounts prevent the customer from having overdraft fees.
Checking accounts allow convenient ways to deposit or withdraw funds.
Checking accounts are processed immediately so customer and bank records always match.
Checking accounts offer limited checks but offer higher rates of interest.
Answer:
Checking accounts allow convenient ways to deposit or withdraw funds.
Explanation:
Checking accounts do not have restrictions on the number of withdrawals and deposits that a customer can make. It means one can withdraw and deposit as many times as they want.
The money saves in a savings accounts is considered risk free. The probability of losing the money is negligible. For this reason, a checking account offers a safe and convenient way of depositing and withdrawing.
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The graph shows the supply and demand curves for a certain product, which
has a current selling price of $300. The laws of supply and demand most
support which conclusion about the product?
$500
Demand
Supply
$400
Price
$300
$200
$100
1,000 2,000 3,000 4,000 5,000
Quantity
A. The current selling price for the product is too low.
B. The current selling price for the product is too high.
C. The current selling price for the product is the result of a surplus.
D. The current selling price matches the product's equilibrium price.
Answer:
A. The current selling price for the product is too low.
Explanation:
The ideal market price should be $400. This is the equilibrium point where demand matches supply. At the price of $400, buyers and suppliers will be happy to trade a quantity of 4000 units.
The prevailing price of $300 is too low. Suppliers should raise the price to the price $400 mark.
Answer: D
Explanation:
A private organization, is currently
building a new hospital. This will be
classified in GDP as______, because_______
Select one:
a. investment; it increases the capital stock
b. government purchases; the
construction constitutes government expenditure
c. net exports; most construction
workers are foreigners
d. consumption; it will provide medical services to consumers
= investment; it increases the capital stock
Answer:
B.
Explanation:
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On January 1, Cullumber Corporation purchased a 25% equity in Helbert Corporation for $182,000. At December 31, Helbert declared and paid a $47,900 cash dividend and reported net income of $236,500.
Required:
Journalize the transactions.
Answer:
January 1
Debit : Investment in Helbert Corporation $182,000
Credit : Cash $182,000
Being Investment in Associate
Elimination Journal:
Debit : Investment in Associate ($236,500 x 25%) $59,125
Credit : Share of Profits ($236,500 x 25%) $59,125
December 31
Debit : Cash ($47,900 x 25%) $11,975
Credit : Dividend Income ($47,900 x 25%) $11,975
Being Dividend Income Received from Associate
Elimination Journal:
Debit : Dividend Income $11,975
Credit : Investment in Associate $11,975
Explanation:
Cullumber Corporation 25% equity in Helbert Corporation represents an investment in Associate. This is because, Cullumber Corporation has significant control of Helbert Corporation ( more than 20% voting rights).
Note : I have also included consolidation elimination journals !
Yolanda (41), a freelance photographer, reports a net profit of $50,000 on Schedule C, Profit or Loss from Business. This is her only income. How much is Yolanda's self-employment tax
Answer:
the self-employment tax is $7,065
Explanation:
The computation of the self-employment tax is given below:
Given that
net profit = $50,000
Now the 92.35% of net profit is $46,175
As it is lower than $128,400
So,
= 15.3% of $46,175
= $7,065
Hence, the self-employment tax is $7,065
