Answer:
$71,200
Explanation:
The computation of the amount of the net income that should be based on accrual basis is given below:
Here we added the starting balance of liability and deduct the closing balance of liability
Also the asset closing balance would be added while the asset beginning balance would be deducted
So,
= Net income + Opening balance of account payable - closing balance of account payable + opening balance of unearned revenue - closing balance of unearned revenue + opening balance of wages payable - closing balance of wages payable + closing balance of prepaid rent - opening balance of prepaid rent + closing balance of account receivable - opening balance of account receivable
= $70,000 + $3,000 - $1,000 + $300 - $500 + $300 - $400 + $1,500 - $1,200 + $600 - $1,400
= $71,200
Marigold Corp. purchased a truck at the beginning of 2020 for $109700. The truck is estimated to have a salvage value of $4200 and a useful life of 123000 miles. It was driven 22000 miles in 2020 and 30000 miles in 2021. What is the depreciation expense for 2020
Answer:
the depreciation expense of the year 2020 is $18,870
Explanation:
The computation of the depreciation expense of the year 2020 is as follows:
= (Truck value - salvage value) ÷ (useful life) × (driven miles)
= ($109,700 - $4,200) ÷ (123,000 miles) × (22,000 miles)
= $18,870
Hence, the depreciation expense of the year 2020 is $18,870
Fill in the blanks with the category of the expanded accounting equation (assets, liabilities, stockholders' equity, dividends, revenues, expenses).
a. Inventory _________
b. Dividends _________
c. Utilities Payable _________
d. Accounts Payable _________
e. Retained Earnings _________
f. Cost of Goods Sold _________
g. Service Revenue _________
h. Rent Expense _________
Answer:
a. Inventory ⇒ Assets
Inventory are considered assets because they are owned by the business for the purpose of generating cash. They are to be sold within a period which makes them current assets.
b. Dividends ⇒ Dividends
Dividends are a share of the profits distributed to the shareholders of a company.
c. Utilities Payable ⇒ Liabilities
Utilities payable are liabilities because they reflect utilities for which the company has not paid. They are current because they must be paid within a period.
d. Accounts Payable ⇒ Liabilities
Accounts payable are companies that the company bought goods from on credit. These are current liabilities as well.
e. Retained Earnings ⇒ Stockholders' equity
Retained earnings are part of the profits that were not distributed to shareholders. They still belong to the shareholders however so they fall under Equity.
f. Cost of Goods Sold ⇒ Expenses
Cost of goods sold refer to the cost of making sales to earn revenue and so are expenses.
g. Service Revenue ⇒ Revenue
h. Rent Expense ⇒ Expenses
Rent expenses as implied, are expenses resulting from occupying a building that does not belong to the company. It is an income statement item.
Melanie owns a bakery and has just purchased new powerful mixing machines that will increase her daily output of baked goods. This is an example of an investment in:
Answer:
A
Explanation:
Here are the options :
A.physical capital.B.technology.C.human capital.D.financial capital.
Physical capital can be described as tangible, man-made objects used to produce goods. They include machinery, cars
Because Delta Development Services is the only company that supplies a critical product for clients, customers of Delta are likely to
Answer: put up with poor-quality products
Explanation:
Based on the information given, Delta Development Service is a monopoly that is , the sole provider of a ceetain good.
Because the company is the only provider, such company will charge a high price for its good and also won't try to improve the quality of its product
Because Delta Development Services is the only company that supplies a critical product for clients, customers of Delta are likely to put up with poor-quality products.
When might you use the Bank Deposit Transaction in Quickbooks Online?
• Your client wants to apply a customer payment to an open invoice
• Your client wants to record an SBA loan amount received
• Your client wants to record sales from her upcoming trade show and provide sales receipts
• Your clients wants to refund a customer
Answer:
• Your client wants to apply a customer payment to an open invoice
Explanation:
• Your client wants to apply a customer payment to an open invoice
Which of the following describes a person's financial debt or obligation?
O Profits
O Assets
O Investments
O Liabilities
Answer:
Liabilities I'm sure ......
Answer:
Liabilities and some time investments
Wealth effect. - Multiplier effect. - Crowding out effect. - Autonomous consumption. - Laffer curve. - Automatic stabilizer. - Permanent income. - Closed economy. - Capital deepening. - Rule of 70. A. Explanation of the slope of AD curve. B. Years to double output. C. 1/MPS. D. Long run average level of income. E. Transfer payments. F. Fall in investment due to increase in G. G. Economy without foreign sector. H. Spending without income. I. Increase capital per worker. J. Lower tax rates lead to higher tax revenues.
Answer and Explanation:
The matching is as follows:
Wealth effect = This would give the AD curve slope explanation
Multiplier effect = 1 ÷ MPS
Crowding out effect = Decline in investment because of rise in G.
Autonoumous consumption= Spending without considering income.
Laffer curve = Lesser tax rates that lead to higher tax revenues.
Automatic stabilizer = Transfer payments.
Permanent income= Long run average income level
Closed economy= Economy without considering foreign sector.
Capital deepening = rise in capital per worker.
Rule of 70 = Number of Years to double output.
Maren received 10 NQOs (each option gives her the right to purchase 8 shares of stock for $8 per share) at the time she started working when the stock price was $6 per share. When the share price was $15 per share, she exercised all of her options. Eighteen months later she sold all of the shares for $22 per share. How much gain will Maren recognize on the sale of the shares and how much tax will she pay assuming her marginal tax rate is 37 percent?
Answer and Explanation:
The computation of the gain recognized and the tax that should be paid is shown below
Sale of share(10 × 8 × $22) $1,760
Less: basis (10 × 8 ×$15) $1,200
The gain realized $560
Now the tax would be
= $560 × 15% preferential rate
= $84
Bob invests X in an account that pays interest at an annual effective rate of 8%. Ten years later, he withdraws X. Ten years after that, he withdraws 1,000, which exhausts the account. Calculate X.
Answer:
$399.68
Explanation:
The computation of X is shown below:
X = X ÷ (1 + 0.08)^10 + $1,000 ÷ (1 + 0.08)^20
= X ÷ 2.158925 + 214.548207
X - X ÷ 2.158925 = 214.548207
2.158925X - X ÷ 2.158925 = 214.548207
1.158925X = 214.548207 × 2.158925
X = 2.14548207 × 2.158925 ÷ 1.158925
= $399.68
The most common method for compensating the contractor, allowing for changes to the scope of work during the construction period, is called:
Answer:
Lump sum contract.
Explanation:
A contractor can be defined as an individual who is saddled with the responsibility of overseeing, supervising, monitoring, controlling and analyzing the construction process of a project or property.
A contract can be defined as an agreement between two or more parties (group of people) which gives rise to a mutual legal obligation or enforceable by law. There are various types of contracts used in field of construction and one of such is a lump-sum contract.
A lump sum contract is also known as stipulated sum and it refers to a type of contract in which a contractor states a predetermined amount of money (single price) that would be used to execute and complete a particular project.
Hence, the most common method for compensating the contractor, allowing for changes to the scope of work during the construction period, is called lump sum contract.
Haack Inc. is a merchandising company. Last month the company's cost of goods sold was $70,600. The company's beginning merchandise inventory was $16,500 and its ending merchandise inventory was $30,000. What was the total amount of the company's merchandise purchases for the month
Answer:
$84,100
Explanation:
Haack incorporation cost of goods last year was $70,600
The beginning merchandise inventory was $16,500
The ending merchandise inventory was $30,000
Therefore the total amount of purchases can be calculated as follows
Cost of goods= beginning inventory + purchases-ending inventory.
70,600= 16,500+purchases-30,000
70,600-16,500= purchases - 30,000
54,100 = purchases - 30,000
54,100+30,000= purchases
Purchases= 84,100
Hence the total purchases is $84,100
A recent comparison between two surgeons revealed a difference in their average cost per case. Describe three possible reasons for the observed difference and how you would determine whether or not the difference was statistically significant.
Answer and Explanation:
The three possible reasons are as follows:
Variables done under survey:
1. The surgical equipment cost may be change in the case when there is various vendor
2. The type or the method might be different in the case when there is a gap of generation between these two doctors
3, The management may given the various targets via revenue as one could work less in order to compensate
Here the mean variable difference would be tested by two means for each and every case or conduct the ANOVA for 3 variables that delievers the study that should be main and descriptive
True or false: The FASB considers written comments from interested parties before issuing an Accounting Standards Update.
Answer:
True.
Explanation:
FASB is an acronym for Financial Accounting Standards Board. The financial accounting standards board (FASB) is a private, non-profit organization saddled with the responsibility of establishing and maintaining standard financial accounting and reporting for general guidance of individuals such as investors, issuers and auditors. It was founded in 1972 but began operations fully on the 1st of July, 1973 by replacing the Accounting Principles Board (APB) and American Institute of Certified Public Accountants (AICPA).
The FASB considers written comments from interested parties before issuing an Accounting Standards Update based on due process such as open hearing
What do you think makes a corporation successful globally?
Answer:
The corporation has to have an appeal to all cultures, every type of person. They also need very, very strong marketing.
Swifty Corporation had 296000 shares of common stock issued and outstanding at December 31, 2020. During 2021, no additional common stock was issued. On January 1, 2021, Swifty issued 408000 shares of nonconvertible preferred stock. During 2021, Swifty declared and paid $170000 cash dividends on the common stock and $158000 on the nonconvertible preferred stock. Net income for the year ended December 31, 2021, was $957000. What should be Swifty's 2021 earnings per common share, rounded to the nearest penny
Answer:
2.70
Explanation:
Calculation for What should be Swifty's 2021 earnings per common share, rounded to the nearest penny
Earnings per common share=($957,000 - $158,000)/296,000
Earnings per common share=$799,000/296,000
Earnings per common share= 2.70
Therefore What should be Swifty's 2021 earnings per common share, rounded to the nearest penny is 2.70
A company issued 10-year,7%bonds with a par value of $100,000. The company received $96,526 for the bonds. Using the straight-line method, the amount of interest expense for the first semiannual interest period is: (round to the nearest dollar)
Answer:
$3,673.70
Explanation:
Discount on issue = $100,000 - $96,526 = $3474
Divide by Total semiannual periods = 10*2 = 20
Semiannual Discount amortization = $3474 /20 = $173.70
Semiannual Cash interest = $100,000*7%/2 = $3,500
Add: Discount amortization = $173.70
Interest expense for the first semiannual interest period = $3,673.70
Suppose that short-term municipal bonds currently offer yields of 4%, while comparable taxable bonds pay 5%. Which gives you the higher after-tax yield if your tax bracket is 30%
Answer:
30%
Explanation:
The computation of the after tax yield of the taxable bond in the case when the tax bracket is 30%
= rate × (1 - tax rate)
= 5% × (1 - 0.30)
= 5% × 0.70
= 3.50%
As we can see that the short term municipal bond is 4%
So this tax bracket should be chosen as the short term municipal bond gives higher after tax yield
In ideal situations, the goal of communication is to: a. provide valuable feedback. b. reach mutual understanding. c. commend others. d. better prospects of self-advancement.
Answer:
a. provide valuable feedback.
Explanation:
Communication has often been defined as a two-way process of sending and then receiving information. So what comes first or the goal based on this definition is getting valuable feedback.
Hence, in ideal situations reaching mutual understanding isn't the goal, neither is commending others or self-advancement, but a conscious satisfaction that comes from having received valuable feedback.
For example, if there's no feedback, then the question about mutual understanding isn't relevant.
Simon decided to invest $8,000 in the stock market one day early in 2008. Six months after he invested, on July 17, the stocks he had purchased were down 50%. Fortunately for Simon, from July 17 to October 17, the stocks he had purchased went up 75%. At this point, Simon has:
Answer:
At this point, Simon has lost $1,000 of his money.
Explanation:
This can be determined by calculating the current value of Simon's investment as follows:
Initial amount invested = $8,000
Value of the investment on July 17 = Initial amount invested * (100% - Percentage of loss) = $8,000 * (100% - 50%) = $4,000
Value of the investment on October 17 = Value of the investment on July 17 * (100% + Percentage of increase) = $4,000 * (100% + 75%) = $7,000
Amount of loss on October 17 = Initial amount invested - Value of the investment on October 17 = $8,000 - $7,000 = $1,000
Therefore, at this point, Simon has lost $1,000 of his money.
Atlas Corporation sells 100 bicycles during a month. The contribution margin per bicycle is $200. The monthly fixed expenses are $8,000. What is the profit from the sale of 100 bicycles
Answer:
$12,000
Explanation:
To calculate the profit for Atlas corporation, we will use the formula below;
Profit = (Contribution margin × Units sold) - Fixed expenses
Given that;
Contribution margin = $200
Units sold = 100
Fixed expenses = $8,000
Profit = [($200 × 100) - $8,000]
Profit = $20,000 - $8,000
Profit = $12,000
Why should a global marketing manager consult local attorneys in other countries before creating a marketing campaign abroad?
Answer:
ok answer is c
Explanation:
i did this today and got a 100%
Perrine Industrial Inc. just paid a dividend of $5 per share. Future dividends are expected to grow at a constant rate of 7% per year. What is the value of the stock if the required return is 16%
Answer:
$59.44
Explanation:
Calculation for What is the value of the stock if the required return is 16%
Value of the stock= (5.00* 1.07) / 16% - 7%
Value of the stock= = 5.35 / .09
Value of the stock= $59.44
Therefore the value of the stock if the required return is 16% is $59.44
Jorge and Anita, married taxpayers, earn $142,000 in taxable income and $49,000 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule for married filing jointly). Required: If Jorge and Anita earn an additional $104,500 of taxable income, what is their marginal tax rate on this income
Answer:
Jorge and Anita
Their marginal tax rate on their income is 24%.
Explanation:
a) Data and Calculations:
Taxable income = $142,000
Interest from municipal bonds = $49,000
Additional taxable income = $104,500
Total taxable income:
Taxable income = $142,000
Additional taxable income = $104,500
Total = $246,500
Their joint income is within the $165,601 - $315,000 band, which attracts 24% marginal tax rate.
b) Note that income from investing in municipal bonds is generally exempt from Federal and state taxes, especially for residents of the issuing state, except capital gains attributed to the investment.
To succeed in today's competitive marketplace, companies need to be customer centered. Each company must divide up the total market, choose the best segments, and design strategies for profitably serving chosen segments. This process involves:
Answer:
market segmentation,
Market targeting, differentiation
Explanation:
It should be noted that To succeed in today's competitive marketplace, companies need to be customer centered. Each company must divide up the total market, choose the best segments, and design strategies for profitably serving chosen segments in a process involving market segmentation,Market targeting, differentiation.
Differentiation in marketing can be regarded as the creation of specialized products which is able to have competitive advantage along with a section of the market.
Market segmentation can be regarded as process involving division of heterogeneous market to relatively more homogenous segments according to particular parameters such as geographic, psychographic as well as demographic.
Market targeting can be regarded as
process involving selection of target market from the whole market. It
encompass groups of buyers that the company is striving to satisfy and set price for.
Kogler Corporation's relevant range of activity is 7,000 units to 11,000 units. When it produces and sells 9,000 units, its average costs per unit are as follows: Average Cost per Unit Direct materials $ 5.20 Direct labor $ 5.40 Variable manufacturing overhead $ 2.00 Fixed manufacturing overhead $ 9.00 Fixed selling expense $ 3.80 Fixed administrative expense $ 1.50 Sales commissions $ 0.70 Variable administrative expense $ 0.65 If the selling price is $28.00 per unit, the contribution margin per unit sold is closest to:
Answer:
the contribution margin per unit is $14.05
Explanation:
The computation of the contribution margin per unit is shown below;
As we know that
Contribution Margin per unit = Selling price per unit - Variable costs per unit
= ($28) - ($5.20 + $5.40 + $2 + $0.70 + $0.65)
= $28 - $13.95
= $14.05
Hence, the contribution margin per unit is $14.05
A legal and binding form of business ownership whereby someone with a good idea for a business sells the rights to use the business name and sell a product or service to others in a given territory is known as a(n)
Answer:
The right approach is "Franchise Agreement".
Explanation:
A franchise agreement would be a legally binding system of management out the structure of the contract between the franchise system as well as its owner. Throughout compensation again for the acquisition of a franchise, this same franchisor generally gets an actual opening service charge as well as a yearly processing fee.A manufacturing company prepays its insurance coverage for a three-year period. The premium for the three years is $3,120 and is paid at the beginning of the first year. Ninety percent of the premium applies to manufacturing operations and ten percent applies to selling and administrative activities. What amounts should be considered product and period costs respectively for the first year of coverage
Answer and Explanation:
The computation of the amount of the product and period cost is shown below:
Given that
Total Payment made for Three Years = $3,120
Per Year Payment is
= $3,040 ÷ 3 years
=$1,040
Now
90% of the per year payment is allocated to manufacturing operations
= $1,040 × 90%
= $936
And, 10% is Applied to Selling and Administrative Activities
= $1,040 × 10%
= $104
So, the product and period costs for the first year of coverage are $936 and $104 respectively.
The balanced scorecard can be made more effective by developing it at a detail level so that employees:
Answer: can see how their actions contribute to the success of the firm.
Explanation:
The balanced scorecard shows the results of the actions that a particular company has already taken. It is used by the managers to track of activities that are to be executed and to also monitor the consequences of the actions that were taken.
The balanced scorecard can be made more effective by developing it at a detail level so that employees can see how their actions contribute to the success of the firm.
Paige Company estimates that unit sales will be 10,200 in quarter 1, 13,000 in quarter 2, 14,900 in quarter 3, and 18,400 in quarter 4. Management desires to have an ending finished goods inventory equal to 24% of the next quarter’s expected unit sales.
Required:
Prepare a production budget by quarters for the first 6 months of 2017.
Answer:
the answer will be 15%
Explanation:
Orange Corporation has budgeted sales of 18,000 units, targeted ending finished goods inventory of 4,000 units, and beginning finished goods inventory of 3,000 units. How many units should be produced next year?
Answer:
19,000 units
Explanation:
The applicable formula is the formula for calculating the cost of goods sold.
COGS = beginning inventory+ purchases(production) - ending inventory
COGS will be Budgeted sales = `18,000
Beginning inventory =3,000
Ending inventory =4,000
18,000 = 3,000 + P - 4,000
18,000 = 3,000- 4,000 + P
18,000 = -1000 + P
P= 18,000+1000
P= 19,000
