Answer:
b. $66,500
Explanation:
Particulars Amount
Purchase cost $60,000
Transportation cost $1,000
Sales tax paid $3,000
Installation cost $2,500
Total cost $66,500
So, the cost recorded for the equipment will be $66,500
The situations presented here are independent of each other. For each situation, prepare the appropriate journal entry for the redemption of the bonds.
Marigold Corp. redeemed $128,000 face value, 9% bonds on April 30, 2022, at 101. The carrying value of the bonds at the redemption date was $115,584. The bonds pay annual interest, and the interest payment due on April 30, 2022, has been made and recorded.
Answer:
Apr 30
Dr Bonds payable 128,000
Dr Loss on redemption of bonds payable 13,696
Cr Discount on bonds payable 12,416
Cr Cash 129,280
Explanation:
Preparation of the appropriate journal entry for the redemption of the bonds.
Based on the information given the the appropriate journal entry for the redemption of the bonds will be :
Apr 30
Dr Bonds payable 128,000
Dr Loss on redemption of bonds payable 13,696
[128,000-(129,280+12,416)]
Cr Discount on bonds payable 12,416
(128,000-$115,584)
Cr Cash 129,280
(128,000*1.01)
(Being to record the redemption of the bonds)
Answer the following question based on your understanding of interest rate risk and reinvestment risk. True or False: Assuming all else is equal, the shorter a bond’s maturity, the more its price will change in response to a given change in interest rates. False True
Answer:
False
Explanation:
In the case when the maturity of the bond is shorter the risk of the rate of interest would be less and on the other hand when the maturity of the bond is longer so the risk of the rate of the interest would be high this creates a negative impact on the bond price
So as per the given situation the given statement is false
A lender will normally lend funds if he needs it to make a purchase?
True
O
False
Answer:
False
Explanation:
A lender is any individual or institution that advances funds to another entity on conditions that they repay. Most lenders are commercial institutions that make funds available to individuals and firms at a cost. In other words, lenders provide credit services to households and businesses.
Borrowers seek funds from lenders. It is the borrower who requires funds to finance planned activities.
Brief Exercise 22-09 Kaspar Industries expects credit sales for January, February, and March to be $211,000, $270,600, and $315,300, respectively. It is expected that 75% of the sales will be collected in the month of sale, and 25% will be collected in the following month. Compute cash collections from customers for each month.
Answer:
Results are below.
Explanation:
Giving the following information:
Credit sales:
January= $211,000
February= $270,600
March= $315,300
It is expected that 75% of the sales will be collected in the month of sale, and 25% will be collected in the following month.
Cash collection January:
Sales on credit from January= (211,000*0.75)= 158,250
Total cash collection= $158,250
Cash collection February:
Sales on credit from February= (270,600*0.75)= 202,950
Sales on credit from January= (211,000*0.25)= 52,750
Total cash collection= $255,700
Cash collection March:
Sales on credit from March= (315,300*0.75)= 236,475
Sales on credit from February= (270,600*0.25)= 67,650
Total cash collection= $304,125
Kari has been saving money for college for the past four years; she thinks that she is close to her goal amount of $30,000 which is helpful as she is currently a senior in high school. Kari begins to look for a university she might want to attend. Once Kari starts looking at the cost of college she runs across a number of places that would cost 30,000 in a single year. Kari is reluctant to move from her original view that she can find a four-year university that will not exceed her $30,000 budget. What method of problem solving has Kari employed
Answer:
Kari has employed the method of anchoring bias
Explanation:
Anchoring Bias is a bias where the person anchors his/her thinking based on a reference or starting point. For example, if we enter a store and see a shirt of $1000 and then a shirt for $100 we will perceive the second shirt as cheaper since we anchor our judgment based on the first shirt price we saw.
The following information is available for Dakota Company: Product 1 Product 2 Sales $1,400,000 $1,800,000 Direct materials (200,000) (400,000) Direct labor (600,000) (600,000) Manufacturing overhead* (500,000) (700,000) Gross margin $ 100,000 $ 100,000 *allocated based on direct labor hours Dakota Company has decided to allocate its manufacturing overhead cost using activity-based costing. It is determined that $200,000 of manufacturing overhead is for facility support costs and therefore will not be used in computing gross margin for the individual products. The remaining $1,000,000 in manufacturing overhead will be allocated based on batch-level and product line manufacturing as follows: Total Manufacturing Overhead Costs Product 1 Product 2 Batch-level manufacturing overhead $400,000 20 batches 60 batches Product line manufacturing overhead $600,000 10 lines 40 lines What is Dakota Company's gross margin for Product 1 using activity based costing
Answer:
$380,000
Explanation:
Particulars Product 1 (Amount)
Sales $1,400,000
(-) Direct materials ($200,000)
(-) Direct labor ($600,000)
(-) Manufacturing overhead
Batch level ($400,000*20/80) ($100,000)
Product line level ($600,000*10/50) ($120,000)
Gross margin $380,000
So, Dakota Company's gross margin for Product 1 using activity based costing is $380,000
A perceptual map is A. a framework used to compare one firm’s product offerings with another firm’s offerings in relationship to their relative market share. B. a framework used to demonstrate the growth or decline of specific market segments within an industry. C. a means of displaying in two dimensions the location of its own and competing products or brands in the minds of consumers. D. the place a product occupies in a single consumer’s mind on unimportant attributes relative to competitive products.
Answer:
C. a means of displaying in two dimensions the location of its own and competing products or brands in the minds of consumers.
Explanation:
Suppose the market for exercise bikes experiences the following event: The government reduces subsides on exercise equipment. What will be the effect on the equilibrium
Answer:
equilibrium price rises and equilibrium quantity decreases
Explanation:
Subsidies reduce the price of an item. If subsidies are decreased, exercise bikes become more expensive. Due to the higher price, the demand for bikes would reduce. Thus equilibrium price rises and equilibrium quantity decreases
Which of the following is a fixed asset for a business?
A. Bicycle for private use
B. Washing machine for restate
C. Motor car for family use
D. Motor lorry for delivery of goods
Answer:
D. Motor lorry for delivery of goods
Explanation:
Business assets are valuable used to generate revenue for the business. Assets can be classified as either current or fixed assets. Currents assets can be converted to cash with relative ease.
Fixed assets have a lifespan exceeding one year. Usually, a business will not dispose of its fixed assets in the current financial period. Fixed assets remain constant in a period and are used in the production process.
From the list provided, lorry is the fixed asset. It is being used to deliver goods, hence assisting in generating revenue. The lorry has a lifespan exceeding one year and is not meant for sale.
In this market research step, the best solution is recommended along with the reasons why it is the best option:
a) Choose the best solution
b) Analyze data
c) Obtain data
d) Identify the problem
Answer:
a
Explanation:
got it right
What are the possible consequences of making a late payment?
Answer:
not being able to do buissnes with that company anymore
Explanation:
Goodman, a member, is retired after working as the CFO of Furey, Inc. for twenty years. During his time at Furey, Inc. he also did some tax preparation work on the side. In addition, Goodman taught accounting classes at the local university but will no longer do that in retirement. Which of the following actions would be considered an Act Discreditable according to the Code?
a) Making a decision not to maintain his continuing education nor his CPA license beyond the end of the current license period and therefore ending his membership in the AICPA
b) Deciding to put his personal tax return on extension
c) Deciding to teach for a CPA review course
d) None of the above
Answer:
Goodman, a member, is retired after working as the CFO of Furey, Inc. for twenty years
The action that would be considered an Act Discreditable according to the Code is:
d) None of the above
Explanation:
Under the Acts Discreditable Rule 2.400.001, a member or retired member would be considered to be in violation of the code if he or she commits any of the following offenses: Discrimination and Harassment in employment matters, Solicitation or disclosure of CPA examination questions and answers without permission, Negligence in the preparation of financial statements or records, or Failure to file a tax return or pay a tax liability. This implies that Goodman can make any of the option decisions without violating the code.
Goodman, a member, is retired after working as the CFO of Furey, Inc. for twenty years :
The action that would be considered an Act Discreditable according to the Code is:
d) None of the above
Code violations under Acts Discreditable Rule 2.400.001 if a member or retired member commits any of employment discrimination or harassment, unauthorized solicitation or disclosure of CPA exam questions and answers, or negligence in annual preparation is considered. Filing financial statements or records, or filing tax returns or defaulting on tax obligations. This means that Goodman can make option decisions without breaking the code.Thus, the correct answer is d.
Learn more :
https://brainly.com/question/4396257?referrer=searchResults
The primary difference between normalized and actual costing methods lies in the determination of a job's:
Answer:
C. manufacturing overhead costs.
Explanation:
These are the options for the question
A. direct material costs.
B. direct labor costs.
C. manufacturing overhead costs.
D. selling costs.
E. administrative costs
Manufacturing cost can be regarded as the summation of the cost of consumed resources during the production of a product. It can be divided into
direct materials cost
✓ direct labor cost
✓ manufacturing overhead.
It should be noted that The primary difference between normalized and actual costing methods lies in the determination of a job is manufacturing overhead costs.
Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct labor standards for one unit of Zoom are given below: Standard Quantity or Hours Standard Price or Rate Standard Cost Direct materials 6.80 pounds $ 3.00 per pound $ 20.40 Direct labor 0.50 hours $ 11.00 per hour $ 5.50 During the most recent month, the following activity was recorded: 22,900.00 pounds of material were purchased at a cost of $2.70 per pound. All of the material purchased was used to produce 3,000 units of Zoom. 1,400 hours of direct labor time were recorded at a total labor cost of $18,200. Required: 1. Compute the materials price and quantity variances for the month. 2. Compute the labor rate and efficiency variances for the month.
Answer:
Results are below.
Explanation:
Giving the following information:
Standard:
Direct materials 6.80 pounds $ 3.00 per pound $ 20.40
Direct labor 0.50 hours $ 11.00 per hour $ 5.50
Actual:
22,900 pounds of material were purchased for $2.70 per pound. 1,400 hours of direct labor time were recorded at a total labor cost of $18,200.
Production= 3,000 units
To calculate the direct material price and quantity variance, we need to use the following formulas:
Direct material price variance= (standard price - actual price)*actual quantity
Direct material price variance= (3 - 2.7)*22,900
Direct material price variance= $6,870 favorable
Direct material quantity variance= (standard quantity - actual quantity)*standard price
Direct material quantity variance= (6.8*3,000 - 22,900)*3
Direct material quantity variance= $7,500 unfavorable
To calculate the direct labor rate and efficiency variance, we need to use the following formulas:
Direct labor time (efficiency) variance= (Standard Quantity - Actual Quantity)*standard rate
Direct labor time (efficiency) variance= (0.5*3,000 - 1,400)*11
Direct labor time (efficiency) variance= $1,100 favorable
Direct labor rate variance= (Standard Rate - Actual Rate)*Actual Quantity
Actual rate= 18,200/1,400= $13
Direct labor rate variance= (11 - 13)*1,400
Direct labor rate variance= $2,800 unfavorable
At December 31, 2021, Moonlight Bay Resorts had the following deferred income tax items: Deferred tax asset of $62 million related to a current liability Deferred tax asset of $40 million related to a noncurrent liability Deferred tax liability of $128 million related to a noncurrent asset Deferred tax liability of $80 million related to a current asset Moonlight Bay should report in its December 31, 2021, balance sheet a: Multiple Choice Noncurrent deferred tax asset of $88,000 and a non-current deferred tax liability of $51 million. Current deferred tax liability of $22 million. Noncurrent deferred tax asset of $102 million and a non-current deferred tax liability of $208million.
Answer:
Moon light Bay Resorts would report in the balance sheet December 31, 2021 ; non current deferred tax asset of $102 million and non current deferred tax liability of $208 million .
Explanation:
From the above question, we are to determine if Moon Light Bay Resorts should report as assets (Current or non current) or liabilities (Current or non current) in its balance sheet as at 31st December, 2021.
The items are also classified in the balance sheet as seen below;
Total deferred tax liability ($128 million + $80 million) = $208 million
(Deferred tax liabilities related to both current or non current assets)
Total deferred tax asset ($62 million + $40 million) = $102 million
The net deferred tax liability = $106 million ($200 million - $102 million)
In your resume you need to mention the names and contact information of your previous employers under
Answer:
work history
Explanation:
The central bank would like to decrease unemployment in the economy. What open market operation would be appropriate
Answer:
Expansionary policy
Explanation:
Expansionary monetary policy are policies undertaken by the central bank of a country to increase the money supply in the economy.
Expansionary monetary policy include :
Reducing reserve requirementopen market purchasesUsing this probability and the $50,000 death benefit, what is the expected cost to Big Rock Insurance (in dollars)
The question is incomplete. The complete question is :
Jim is a 60 year old male in reasonably good health. He wants to take out a $50,000 term (i.e. straight death benefit) life insurance policy until he is 65. The policy will expire on his 65th birthday. The probability of death in a given years is provided by the Vital Statistics Section of the Statistical Abstract of the United States.
x = age 60 61 62 63 64
P(age death) 0.01191 0.01292 0.01396 0.01503 0.01613
Jim is applying to Big Insurance Company for her term insurance policy. What is the probability that Jim will die in his 60th year? Using this probability and the $, death benefit, what is the expected cost to Big Rock Insurance.
Solution :
It is given that Jim, a 60 year old man wishes to take out the $50,000 life insurance policy until he turns 65 years of age when the policy will expire. So Jim apply to the insurance company, Big Rock Insurance for her insurance policy.
Now the death probability at a particular age is provided in the table above. According to the data provided in the table, the probability shows that Jim will die in the 60th year is 0.01191.
The expected cost to the Big Rock Insurance using this probability and $50,000 term insurance is given by :
Expected Cost [tex]$= 0.01191 \times 50000$[/tex]
= 595.50
∴ Expected cost = $ 595.50
QUESTION 10 of 10: Good market research can help you determine your break-even point, which is: a) When variable costs equal fixed costs b) When even one more problem will break you c) The point at the geometric center of your target customer base d) The number of units you need to sell, taking into account variable costs, in order to cover fixed costs.
Answer:
d) The number of units you need to sell, taking into account variable costs, in order to cover fixed costs.
Explanation:
Breakeven analysis can be defined as a financial accounting method or technique used for determining the number of units a business firm must sell at a specific price so as to cover all of its costs. It is a concept that allow business owners or financial experts to determine and know what they need to sell either on a monthly or annual (yearly) basis, in order to be able to cover the costs of doing the business.
Basically, it helps us to determine the amount of revenue required for the smooth operation of a business, amount of money needed to cover both fixed and variable costs. Using the breakeven analysis, production costs can be categorized as;
1. Variable costs: these are costs that usually change with respect to changes in the level of production or output. Examples are direct labor, maintenance of equipment or machines, raw materials costs etc.
2. Fixed costs: these are the costs which are not directly related to the level of production or not affected by the quantity of output in an organization. Examples are rent, depreciation, administrative cost, research and development costs, marketing costs etc.
Hence, a good market research can help you determine your break-even point, which typically is the number of units you need to sell, taking into account variable costs, in order to cover fixed costs.
A brochure is a professional, effective, and inexpensive way to provide information to your ______________.
Question 5 options:
friends
teachers
parents
target audience
Answer:
target audience
Explanation:
i took the test
Match the different activities to the responsibilities of relevant banks
Answer:
Federal bank:
•provides financial services to the government
•regulates safe and lawful operations
Conducts nation’s monetary policies
Other commercial banks:
•accepts deposits from people
•lends money through to consumers and businesses
Explanation:
I just took the test and got this one right
(Plato/edmentum)
The different activities are matched as per responsibilities :
Federal bank
Gives all financial services to the governmentregulates safe and the lawful operationsMaintains nation’s monetary policiesOther banks :
Accepts the deposits from the people.They lend the money to consumers and businessesWaht is a federla bank ?A federal bank is one that acts as the central bank and is commonly found in the US.
These banks are responsible for conducting activities like giving all financial services to the govt and maintaining the nation's monetary policy. While the other banks are responsible for accepting the deposit from people and lending the money to consumers and businesses.
Find out more information about the banks
brainly.com/question/1338863
Elaine and Ronald Sumter consider purchasing a new home for $179,000. A 15 percent down payment is required. What is the
amount of the mortgage loan needed to finance the purchase?
A)
$11.933.33
B)
$26,850.00
$152,150.00
C)
D)
$205,850.00
Answer:
$152,150.00
Explanation:
The deposit required is 15%.
The mortgage will be 85% of $179,000( 100% - 15% deposit).
The actual mortgage will be
= 85% of $179,000
=85/100 x $179,000
=0.85 x $179,000
=$152,150
Here are incomplete financial statements for Pharoah Company. Calculate the missing amounts. PHAROAH COMPANY Balance Sheet Assets Cash $29,000 Supplies (a) Equipment (net) 64,900 Total assets $ (b) Liabilities and Stockholders' Equity Liabilities Notes payable $23,700 Stockholders' Equity Common stock 37,100 Retained earnings enter a dollar amount (c) Total liabilities and stockholders' equity $ (d) PHAROAH COMPANY Income Statement Revenues $56,500 Depreciation expense enter a dollar amount (e) Salaries and wages expense 12,100 Interest expense 1,000 Net income $24,500 PHAROAH COMPANY Retained Earnings Statement Beginning retained earnings $ (f) Add: Net income enter a dollar amount (g) Less: Dividends 6,100 Ending retained earnings $38,000 eTextbook and Media
Answer:
Pharoah Company
Calculation of the missing amounts from incomplete financial statements:
Balance Sheet Assets
Cash $29,000
Supplies (a) $4,900
Equipment (net) 64,900
Total assets $ (b) $98,800
Liabilities and Stockholders' Equity
Liabilities
Notes payable $23,700
Stockholders' Equity:
Common stock 37,100
Retained earnings enter a dollar amount (c) $38,000
Total liabilities and stockholders' equity (d) $98,800
PHAROAH COMPANY Income Statement
Revenues $56,500
Depreciation expense (enter a dollar amount) (e) $18,900
Salaries and wages expense 12,100
Interest expense 1,000
Net income $24,500
PHAROAH COMPANY Retained Earnings Statement
Beginning retained earnings $ (f) $19,600
Add: Net income enter a dollar amount (g) $24,500
Less: Dividends 6,100
Ending retained earnings $38,000
Explanation:
Data and Calculations:
g) Net income is obtained from the income statement.
f) = Ending retained earnings plus dividends minus net income
= $38,000 + $6,100 - $24,500
= $19,600
e) Depreciation expense = Revenue minus (Net income + interest expense + salaries expense)
= $56,500 - ($24,500 + 1,000 + 12,100)
= $18,900
d) = liabilities + common stock + retained earnings
= $23,700 + $37,100 + $38,000
= $98,800
c) = retained earnings = given in the retained earnings statement
b) = Total assets = liabilities + Equity
= $98,800
a) Supplies = Total assets - (Cash + Equipment)
= $98,800 - ($29,000 + 64,900)
= $4,900
Hobson Company bought the securities listed below during 2020. These securities were classified as trading securities. In its December 31, 2020, income statement Hobson reported a net unrealized holding loss of $15,500 on these securities. Pertinent data at the end of June 2021 is as follows:
Security Cost Fair Value
X $371,000 $343,500
Y 185,000 162,400
Z 424,000 407,800
Required:
What amount of unrealized holding loss on these securities should Hobson include in its income statement for the six months ended June 30, 2021?
Answer:
$50,800
Explanation:
Security Cost Fair value Gain(loss)
X 371,000 343,500 -27,500
Y 185,000 162,400 -22,600
Z 424,000 407,800 -16,200
Total 980,000 913,700 -66,300
Unrealized holding loss on Income statement ended June 30,2021 = $66,300 - $15,500 = $50,800
Zisk Co. purchases raw materials on account. Budgeted purchase amounts are April, $80,000; May, $110,000; and June, $120,000. Payments are made as follows: 70% in the month of purchase and 30% in the month after purchase. The March 31 balance of accounts payable is $22,000. Prepare a schedule of budgeted cash payments for April, May, and June.
Answer and Explanation:
The preparation of the schedule for budgeted cash payment for the April, May and June is presented below:
Particulars April May June
Current month $56,000 $77,000 $84,000
($80,000 × 70%) ($110,000 × 70%) ($120,000 × 70%)
Prior month $24,000 $33,000 $36,000
($80,000 × 30%) ($110,000 × 30%) ($120,000 × 30%)
Total purchase $80,000 $110,000 $120,000
When a cereal company introduces a stylish new granola, placing it at eye level on grocery shelves and pricing it higher than the competition, the company is practicing:
For economies of scale, a(n) ________ in a firm's scale of production leads to ________ average total cost. A) increase; lower B) increase; higher C) decrease; lower D) decrease; no change in
Answer:
A)increase; lower
Explanation:
For economies of scale, a(n) increase in a firm's scale of production leads to a lower average total cost. The correct option is A. The average fixed cost is the fixed cost per unit of output. The average fixed cost decreases as the total number of units of the good produced increases because the same amount of fixed costs are spread over a greater number of units of output.
Why is average cost important?Understanding the significance of average cost will also help you understand how it works over time. Cost, for example, varies according to seasonal demand and production efficiency. When you compute the average cost, you normalize or level out the overall cost per unit of production.
Cost savings that a company and, by extension, its customers can reap as a result of efficient production processes are referred to as economies of scale. In general, these cost savings are realized because the average cost of producing something decreases as production volume increases.
Thus, the ideal selection is option A.
Learn more about average cost here:
https://brainly.com/question/29306232
#SPJ2
A firm that has recently experienced an enormous growth rate is seeking to lease a small plant in Memphis, TN; Biloxi, MS; or Birmingham, AL. Prepare an economic analysis of the three locations given the following information: Annual costs for building, equipment, and administration would be $49,000 for Memphis, $59,000 for Biloxi, and $94,000 for Birmingham. Labor and materials are expected to be $9 per unit in Memphis, $3 per unit in Biloxi, and $3 per unit in Birmingham. The Memphis location would increase system transportation costs by $48,000 per year, the Biloxi location by $58,500 per year, and the Birmingham location by $24,400 per year. Expected annual volume is 13,400 units.
Answer:
The cheapest alternative is Biloxi
Explanation:
Memphis:
Annual fixed costs $49,000
Annual production costs $9 x 13,400 = $120,600
Annual transportation costs $48,000
total additional costs = $217,600
Biloxi:
Annual fixed costs $59,000
Annual production costs $3 x 13,400 = $40,200
Annual transportation costs $58,500
total additional costs = $157,700
Birmingham:
Annual fixed costs $94,000
Annual production costs $3 x 13,400 = $40,200
Annual transportation costs $24,400
total additional costs = $158,600
How can you view all downloaded banking transactions for which QuickBooks Online thinks it has found a potential match
Answer:
For review > Filter for Matched transactions
Explanation:
The whole question is a multiple choice answer.
How can you view all downloaded banking transactions for which QuickBooks Online thinks it has found a potential match?
For review > Filter the Bank Register
For review > Filter for Recognized transactions
For review > Filter for Rule applied
For review > Filter for Matched transactions
For review > Filter for Transferred transactions
Obviously, it's pretty simple we're looking for matched transactions.
Firms that need to produce small batches of goods that require a degree of customization are most likely to use a _____.
Answer:
Process layout
Explanation:
The process layout can be understood as a system that helps organizations to organize their methods and processes of products and services when they are composed of a diversity of different functionalities and requirements, which requires a process that presents greater capacity and flexibility. The process layout categorizes each processing line of a product by grouping its functions and making work more effective, motivating for employees, faster, with higher quality and at lower cost due to less waste in the process.
