Answer:
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On January 15, Tundra Co. sold merchandise to customers for cash of $42,000 (cost $28,500). Merchandise costing $10,500 was sold to customers for $15,800 on January 17; terms 2/10, n/30. Sales totaling $296,000 (cost $198,000) were recorded on January 20 to customers using MasterCard, a credit card that charges a 2% fee. On January 25, sales of $72,000 (cost $48,200) were made to debit card customers. The bank charges Tundra a flat fee of 0.5% on all debit card transactions.
Required:
1. Prepare journal entries for each of the transactions described (assume a perpetual inventory system).
2. Identify the advantages and disadvantages of each type of sale: cash sale, credit sale, credit card sale, or debit card sale. Explain why Tundra would likely accept all these types of sales.
1. The Tundra Co's journal entries to record the sales transactions under the perpetual inventory system are as follows:
Journal Entries:
January 15: Debit Cash $42,000
Credit Sales Revenue $42,000
To record the sale of goods for cash.Debit Cost of goods sold $28,500
Credit Inventory $28,500
To record the cost of goods sold.January 17: Debit Accounts Receivable $15,800
Credit Sales Revenue $15,800
To record the sale of goods on account, terms 2/10, n.30Debit Cost of goods sold $10,500
Credit Inventory $10,500
To record the cost of goods sold.January 20: Debit Cash (MasterCard) $290,080
Debit MasterCard Expense $5,920
Credit Sales Revenue $296,000
To record the sale of goods via MasterCard.Debit Cost of goods sold $198,000
Credit Inventory $198,000
To record the cost of goods sold.January 25: Debit Cash $68,400
Debit Bank Charges $3,600
Credit Sales Revenue $72,000
To record the sale of goods via debit card.Debit Cost of goods sold $48,200
Credit Inventory $48,200
To record the cost of goods sold.2. The identification of the advantages and disadvantages of each sale type is as follows:
a. Cash Sale ensures that Tundra collects cash immediately without facing credit risks from customers. Tundra has the cash available for operations without resorting to borrowing. Customers may be discouraged from making purchases if sales are restricted to cash. Tundra may be forced to offer cash discounts, which are substantial when the interest rates are annualized.
b. Credit Sale enables Tundra customers to buy more because of the credit period given. Credit Sale attracts more customers than Cash Sale. However, there is the risk of default. Some customers may become bankrupt during the credit period. Credit Sale extension to all customers increases the risk of financial fraud by some entities.
c. Credit Card Sale is like a cash sale except that Tundra will pay some expense to the Card issuers on whose platform the sale transaction is conducted.
d. Debit Card Sale is also like Credit Card Sale except that it is offered by financial institutions and not credit card issuers.
e. By accepting all these types of sales, Tundra increases its ability to make sales to various customers since some customers prefer to make transactions through these various types of sales.
Data Analysis:
January 15: Cash $42,000 Sales Revenue $42,000
Cost of goods sold $28,500 Inventory $28,500
January 17: Accounts Receivable $15,800 Sales Revenue $15,800
Cost of goods sold $10,500 Inventory $10,500
terms 2/10, n.30
January 20: Cash (MasterCard) $290,080 MasterCard Expense $5,920 Sales Revenue $296,000
Cost of goods sold $198,000 Inventory $198,000
January 25: Cash $68,400 Bank Charges $3,600 Sales Revenue $72,000
Cost of goods sold $48,200 Inventory $48,200
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The key issue in oligopoly markets is the seller's actions: a.Completely independent of each other. b.Controlled by the main seller in the market. c.Interdependent in that the actions of one seller directly impact all other sellers. d.Regulated or controlled by a government agency.
It should be noted that a key factor in oligopoly markets is that the sellers are C. Interdependent in that the actions of one seller directly impact all other sellers.
Oligopoly simply refers to the market that has a small number of firms who are interdependent of each other's price and output policies.
It should be noted that the firms cannot act independently. They have to take other sellers into consideration when making a decision.
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savings account in which a person receives a computerized print out of transactions
savings bond
defined benefit plan
interest
defined contribution plan
passbook account
dividend
certificate of deposit (CD)
statement account
Answer:
statement account
Explanation:
None of the other options stated with the question make sense.
The closest answer would be a "passbook account" but this uses a physical book.
If the lowest-paid employee earned $15,000 a year, what would the maximum salary be for the highest-paid manager under the 7-to-1 rule?
Under the 7-to-1 rule, the maximum salary that would be paid to the highest-paid manager is $105,000.
Data and Calculations:
Lowest-paid employee's annual earnings =$15,000
Maximum-Minimum Salary Rule = 7-to-1
The maximum salary paid to the highest-paid manager = $105,000 ($15,000 x 7).
Thus, the maximum salary paid to the highest-paid manager under the company's 7-to-1 rule is $105,000.
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Explain the term opportunity cost
Answer:
the loss of potential gain from other alternatives when one alternative is chosen.
"idle cash balances represent an opportunity cost in terms of lost interest"
Explanation:
In the long run, a. inputs that were fixed in the short run remain fixed. b. variable inputs are rarely used. c. inputs that were fixed in the short run become variable. d. inputs that were variable in the short run become fixed.
Eventually in the long run in a firm, the inputs that were fixed in the short run become variable.
In a firm production, the factor of production including (land, capital entrepreneurship) are fixed in short run whereas, only labor factor is variable in the period.
But when the firm is in long run, all factors of production and costs are already variable.Hence, the Option C is correct because in the long run in a firm, the inputs that were fixed in the short run become variable.
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Your client, Leo Getz, was elected to the bench on the Supreme Court of Washington last year. As such, he is required to attend court in Olympia at a minimum of two days a week but usually spends four days each week at this location. Justice Getz resides in Spokane and has lived there for the last 30 years. He is registered to vote in Spokane, has a home and lives with his wife and three children there. In addition to being a state Supreme Court Justice, Mr. Getz is a professor at the Gonzaga School of Law and will continue teaching one class per semester. He plans on maintaining his residence in Spokane and to continue renting an apartment in Olympia for when he is required to be there. Justice Getzâs schedule is as follows:
He spends Sunday evening through Thursday in Olympia where he attends to his Supreme Court duties. He drives back to Spokane Thursday afternoon and teaches his class on Friday afternoon. For the remainder of Friday, Saturday and Sunday, he spends his time grading papers, preparing for his next class and also spends additional time with regard to his judicial duties reading briefs and records and clerk memos, writing opinions, etc. At the Washington Supreme Court, Justice Getz has an office, staff, and access to the State law library. Nonetheless, he completes much of his judicial work at the law school library in Spokane during the weekends.
Justice Getz earns $175,000 per year as a member of the Supreme Court and an additional $30,000 from Gonzaga for teaching his classes.
Justice Getz is reimbursed for much of his travel expenses to and from Olympia. In addition, he pays rent for his Olympia apartment and is wondering what the tax consequences of this situation are and whether he can take a deduction on Schedule A for his unreimbursed expenses and whether there are any tax consequences to his reimbursement for travel expenses.
Your client, Justice Getz, is late in filing his taxes so he provided the above information as it pertains to his 2017! tax return â prior to the Tax Cuts and Jobs Act that was effective in 2018⦠Ignore any potential limitations on employee business expenses that were effective starting in 2018. Determine where his "Tax Home" is located.
According to the IRS rules, Justice Leo Getz's tax home is Washington and not Spokane nor Olympia, where he maintains living homes.
The IRS tax home rule defines a tax home as the taxpayer's principal place of business, employment, or post of duty. This rule does not consider where the taxpayer maintains a family home. Without a regular or main place of business, or living place, the taxpayer is an itinerant worker and has a tax home as where they work.
Thus, Justice Getz's tax home is neither Spokane nor Olympia but Washington.
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SEVEN (7) rewards and THREE (3) Challenges of the CEO of this company
What? What does this mean?
Splash World Pool Supplies wants its salespeople to call on pool wholesalers five times per year and to spend two hours on each sales call. Every salesperson works a 40-hour week and takes off two weeks for vacation each year. A salesperson must spend half of the time on travel and administration. Approximately how many salespeople does Splash World need to service 1,000 accounts
Approximately how many salespeople does Splash World need to service 1,000 accounts is 10.
First step is to calculate the selling time using this formula
Selling time=Number of customers ×Sales calls per year× Hours per sales call
Let plug in the formula
Selling time=1000 × 5 ×2 hours
Selling time= 10,000 hours
Second step is to determine the number of hours they used to sell
Hours to sell= (40 hours per week× 50 weeks)×1/2
Hours to sell = 2000 hours per year×1/2
Hours to sell= 1000 hours per year
Third step is to determine how many salespeople does Splash World need to service 1000 accounts
Number of salespeople=10,000 hours /1000 hours per year
Number of salespeople=10
Inconclusion approximately how many salespeople does Splash World need to service 1,000 accounts is 10.
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Bonds which require the face value (principal) amount to be paid back in installments over the life of the bond are called: Select one: a. callable bonds. b. term bonds. c. convertible bonds. d. secured bonds. e. serial bonds. f. unsecured bonds.
Answer:
Term bonds are bonds from a single issue that all mature on the same date. On the maturity date of term bonds, the face value (principal) must be repaid to the bondholders. Call provisions within term bonds stipulate characteristics where issuers can redeem bonds from investors prior to the maturity date.
Explanation:
hope it helps <3
Term bonds are bonds that require the face value (principal) to be paid back in installments over the bond's life. As a result, option (b) is the proper response.
What are term bonds?Term bonds are bonds that all maturity on the same date from a single issue.
The face value (principal) of term bonds must be repaid to bondholders when they reach maturity.
Issuers can repay bonds from investors prior to the maturity date under call provisions in term bonds.
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As a long-term investment, Fair Company purchased 20% of Midlin Company's 300,000 shares for $360,000 at the beginning of the reporting year of both companies. During the year, Midlin earned net income of $135,000 and distributed cash dividends of $0.25 per share. At year-end, the fair value of the shares is $375,000. Assume no significant influence was acquired. Record the transactions from the purchase through the end of the year, including any adjustment for the investment’s fair value, if appropriate. 2. Assume significant influence was acquired.
Required:
Record the transactions from the purchase through the end of the year, including any adjustment for the investment’s fair value, if appropriate.
The appropriate journal entry to record the transactions from the purchase through the end of the year, including any adjustment for the investment are:
1. Journal entries
1. Debit Investment in Midlin common shares $360,000
Credit Cash $360,000
(To record investment in Midlin common shares)
2. No journal entry required
3. Debit Cash $15,000
($300,000×$0.25×20%)
Credit Investment revenue $15,000
(To record dividend received)
4. Debit Fair value adjustment $15,000
Credit Net unrealized holding gains and losses- OCI $15,000
($375,000-$360,000)
(To record fair value adjustment)
2. Journal entries
1. Debit Investment in Midlin common shares $360,000
Credit Cash $360,000
(To record investment in Midlin common shares)
2. Debit Investment in Midlin common shares $27,000
Credit Investment revenue $27,000
($135,000×20%)
(To record investment revenue)
3. Debit Cash $15,000
($300,000×$0.25×20%)
Credit Investment revenue $15,000
(To record dividend received)
4. No journal entry required
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What makes a good leader
Answer:
A good leader is someone who is willing to hold up their own issues to help others. Another example of a good leader is someone who always tries to help no matter what.
1) Over their lifetime, a high school dropout will make how much less money than a college graduate?
A) $5,000
B) $10,000
C) $100,000
D) $1 million
Over their lifetime, a high school dropout will make $100,000 in money than a college graduate. Thus, option (c) is correct.
What is college?The term “college” refers to an educational institute. The students are expected to learn and educate on a specific topic. The college is part of the university. A college provides the degree of the students who clear the sessions. The college students are learning something on the course.
High school dropouts earn $2,00,000 less than their classmates who graduate. On an annual basis, bachelor's degree holders earn $100,000 more than people with only a high school education. College dropouts take out more loans on medium to pay for school than their colleagues who complete their degrees.
As a result, in the lifetime, a high school dropout will make $100,000 in money than a college graduate. Therefore, option (c) is correct.
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TB MC Qu. 11-59 (Static) A limitation of the internal rate of return... A limitation of the internal rate of return method is that it:
Limitations of the internal rate of return are:
A project can have more than one internal rate of return.It fails to reflect varying levels of risk over a project's life.The internal rate of return is a capital budgeting method. It is the discount rate that equates the after-tax cash flows from an investment to the amount invested.
If the internal rate of return is greater than the required return of the project, the project should be accepted. If this is not the case, the project should be rejected.
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orthwest Fur Co. started 2021 with $114,000 of merchandise inventory on hand. During 2021, $590,000 in merchandise was purchased on account with credit terms of 2/15, n/45. All discounts were taken. Purchases were all made f.o.b. shipping point. Northwest paid freight charges of $8,700. Merchandise with an invoice amount of $4,800 was returned for credit. Cost of goods sold for the year was $372,000. Northwest uses a perpetual inventory system. Assuming Northwest uses the gross method to record purchases, what is the cost of goods available for sale
Answer:
The cost of goods available is 3900
If government outlays in 2011 were $2.2 trillion and government revenues were $3.8 trillion, the federal Group of answer choices debt was unaffected. debt decreased $1.6 trillion. budget deficit was $1.6 trillion. budget was balanced. budget surplus was $1.6 trillion.
The budget surplus is $1.6 trillion.
When a government's revenues exceeds its outlays, the government is said to run a surplus. If government's revenues is less than its outlays, the government is said to have a deficit. If a government runs a deficit, its debt would increase because it would have to borrow to fund the deficit.
Amount of budget surplus = government's revenues - outlays
$3,8 trillion - $2.2 trillion = $1.6 trillion
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Jennifer is a single mom of two who is working and taking college classes at night. The demands of work and her work projects are stressing Jennifer out, which results in work-family conflict. work-family conflict. workplace role ambiguity. workplace role ambiguity. downsizing. downsizing. job satisfaction.
Considering the situation described above, the demands of work and her work projects are stressing Jennifer out, which results in work-family conflict.
This is because Work-family conflict is a type of phenomenon which occurs when an individual is having difficulty combining the work and family roles.
This is evident in Jennifer's situation whereby she is a single mother of two, yet she still works at night, stressing her out.
A work-family conflict often leads to psychological issues, as shown with the stress Jennifer is experiencing.
Hence, in this case, it is concluded that the correct answer is "work-family conflict."
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Wagner Resources was unable to meet its financial obligations. Its creditors forced it into using legal proceedings to restructure itself so that it could continue as a viable business. The process this company underwent is known as a:
Answer:
bankruptcy
Explanation:
more specifically, the company underwent chapter 11 bankruptcy. this type of bankruptcy is used when a business or organization is allowed to reorganize or restructure the company under a court-appointed trustee, all the while still remaining in operation.
Suppose that hiring a third worker at the campus coffee shop increases output from $135 per hour to $190 per hour. What is the marginal product of labor per hour from adding that third worker
Based on the information given the marginal product of labor per hour from adding that third worker is $55 per hour.
Using this formula
Marginal product of labor per hour
=Change in sales/ Change in number of workers
Where:
Change in sales=($190 per hour-$135 per hour)
Change in number of workers=1
Let plug in the formula
Marginal product of labor=($190-$135)/1
Marginal product of labor=$55/1
Marginal product of labor =$55 per hour
Inconclusion the marginal product of labor per hour from adding that third worker is $55 per hour.
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In your opinion, what are the three most important microeconomic issues of our society today?
Answer:
voting rights, hand weapon violence, and the pandemic
Explanation:
the worldwide issue right now is the pandemic and that's what everybody is worried about, along with that comes healthcare.
Frank discovers that workers on the evening shift are consistently late, so he devises a new policy in which employees are only allowed three late clock-ins before they are terminated. These actions are part of the __________ function.
Considering the situation described above, Frank's actions are part of the " Controlling" function.
This is because the controlling function is one of the functions of management that deals with controlling and ensuring any deviations are dealt with, which demonstrates corrective action.
Thus, in this case, when Frank devises a new policy in which employees are only allowed three late clock-ins before they are terminated, this is an example of a Controlling function to ensure there is progress towards the organizational goals.
Hence, in this case, it is concluded that the correct answer is "Controlling."
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Workplace safety measures that can help prevent disasters like the Deepwater Horizon oil spill include:
Answer:
Remote shutoff capability. Require additional back-up systems to shut down offshore wells automatically. ...
Relief well capability. At minimum, adopt Canada's "same-season relief well capability" requirement. ...
Spill penalties. Impose meaningful financial penalties for deepwater spills. ...
Energy legislation. ...
Moratorium.
Explanation:
hope this helps
Hawley Enterprises has total assets of $387 million and total liabilities of $115 million. What is their debt to assets ratio
Answer:
The debt to asset ratio would be 29.7%
Explanation:
The debt to asset ratio is the total liabilities divided by total assets so, 115/387= 0.2971 or 29.71%
On 1 January 2011 a company issued five-year fixed-interest bonds with a face value of $5 million, paying half-yearly coupons at 8.25 per cent per annum. Coupons are payable on 30 June and 31 December each year until maturity. On 15 September 2013 the holder of the bonds sells at a current yield of 8.63 per cent per annum. Calculate the price at which the investor sold the bond.
The price at which the investor sold the bond equals the Present Value of the Interest and the Face Value to be $4,975,447.20.
Data and Calculations:
Face value of bonds = $5,000,000
Interest rate = 8.25% per year
Half-yearly interst payment = $206,250 ($5,000,000 x 8.25% x 1/2)
Interest payment = half-yearly
Interest payment dates = June 30 and December 31
Interest paid on the bonds = $1,031,250 ($5,000,000 x 8.25% x 2.5)
Interest to be paid on the bonds = $1,031,250 ($5,000,000 x 8.25% x 2.5)
Current yield of the bonds = 8.63% per annum
PV of interests to be paid at 8.63% p.a for 2.5 years = $910,119.53
PV of bonds face value at 8.63% p.a for 2.5 years = $4,065,327.67
Price of the bonds = $4,975,447.20 ($4,065,327.67 + $910,119.53)
Thus, the investor sold the bond at $4,975,447.20.
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Suppose you have $12,000 in your checking account. You withdraw $500 cash from your account and hide it under your pillow for future use. If the required reserve ratio is 10%, then what will be the maximum impact on money supply today as a result of your action
The maximum impact on money supply today as a result of your action is: Money supply will decrease by $4,500.
Required reserve= 10% × $12,000
Required reserve= $1,200
Loan= Total deposit - Required reserves
Loan= $12,000 - $1,200
Loan= $10,800
Money supply =1/.10×$10,800
Money supply=$108,000
Money supply before withdrawal is $108,000.
After withdrawal of $500:
Deposit= $12,000 - $500
Deposit= $11,500
Required reserve= 10% × $11,500
Required reserve=$1,150
Loan= Total deposit - Required reserves
Loan=$11,500 - $1,150
Loan= $10,350
Money supply=1/.10×$10,350
Money supply=$103,500
Decrease in money supply:
Decrease in money supply= $108,000 - $103,500
Decrease in money supply= $4,500
Inconclusion the maximum impact on money supply today as a result of your action is: Money supply will decrease by $4,500.
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At the Bourg Company, a primary ______ is to increase the monthly revenue by 10%. Bourg considers revenue targets a key part of the company strategy. The targets at the Bourg Company are stated in clear, precise, and measurable terms, and they always specify a time frame for completion.
Considering the subsequent description given in the question, At the Bourg Company, a primary sales goal is to increase the monthly revenue by 10%.
This is evident in the fact that Bourg considers revenue targets a vital part of the company strategy. Here, the revenue of a company is derived from sales.
Also, given that the targets at the Bourg Company are stated in clear, precise, and measurable terms, and they always specify a time frame for completion, this is an example of a sales goal.
Sales goal is a term used in business management to describe the defined goals for a firm's sales team.
Sales goals could be expressed as increasing revenue by 13% in a year or improving customer retention by 18%.
Hence, in this case, it is concluded that the correct answer is "sales goals."
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What is not a task of a bank?
they arent obligated to be real people.
The following which is not a task of the bank is that they are responsible for the conduct of monetary policy. Thus, option 'C' is the correct option.
What are the basic functions of banks?A bank's role is to gather public deposits and lend those deposits for the growth of commerce, industry, trade, and agriculture. Bank gets interest on loans and advances from depositors at greater rates than it pays to depositors. The primary duties of banks include safeguarding, transferring, lending, and trading money in a variety of ways, as well as determining the creditworthiness of their clients.
People can borrow money from the bank at a time-interest rate. The bank approves each loan amount after giving it careful thought and protecting its profit. Additionally, the bank offers its clients advances. These are also the main roles that banks play.
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Probably, the complete options are:
a) they bring together savers and borrowers.
b) safe places for people to store their wealth.
c) they are responsible for the conduct of monetary policy.
d) they help to facilitate trade by providing alternative methods of payment.
PLEASAE HELP ME YOU GUYS!!!!!!!!!!!!!!! 40 POINTS IF YOU ANWSER ALL!!!!
What do fear-based marketing messages and advertisements focus on? (Select the best answer.)
Question 1 options:
Threats to the company's business
The company's competitors and their prices
The bad things that will happen to people who don't buy the product
Negative changes in the market that have reduced demand for the product
Question 2 (1 point)
Jacob is a marketer at Gamer Way Video Games. He is currently working to develop four different color versions of their latest video game console. Which of the four Marketing Mix strategies is Jacob working on?
Question 2 options:
Product
Place
Price
Promotion
Question 3 (1 point)
If a product is difficult to find or only carried by high-end retailer, this adds to it's prestige. This always benefits your marketing message.
Question 3 options:
True
False
Question 4 (1 point)
Which of the following can help you evaluate the performance of your ads and other marketing strategies?
Question 4 options:
Sending out a press release multiple times
Collecting secondary data about your target market
Asking customers how they found out about your company or product
Asking competitors what they think of your advertising strategy
Answer:
1. threats to the company
2. is product
3.true
4. sending out press release
Management at Work
You work as a salesperson for Spectrum Color, a chemical manufacturer, which keeps you very busy. Your customers are photographers who use Spectrum’s products to create professional images for publication. They are usually a friendly clientele. Today, however, customer Jesse Adamson is upset when he calls to inquire about his order. Jesse says he will miss his deadline if he doesn’t receive his order right away. He threatens to stop using Spectrum Color if the company does not meet his demand and fill his order immediately.
1. What is the most important message this customer is trying to convey?
a. He is an important photographer.
b. He is having financial problems.
c. He urgently needs his chemical order.
2. What can you do to listen more effectively to this customer?
a. Transfer the call to your supervisor, so the caller calms down.
b. Ask gentle, probing questions.
c. Defend the company’s reputation.
Answer:
1) c
2) b
Explanation:
Answer:
c. He urgently needs his chemical order.
Jesse is upset about one thing: his missing chemical order. Because the order is late, he may miss his deadline, which could hurt his reputation and earnings. His primary message is that he needs his chemical order right away.
b. Ask gentle, probing questions.
Customers want you to demonstrate that you genuinely care about them and the service you are providing. By asking gentle, probing questions of customers, you demonstrate concern and ensure a clear understanding of the situation, so you are better prepared to offer a solution.
Defending the company’s reputation or passing the call on to your supervisor would not help address the customer’s concerns. If you are unable to help solve the customer’s problem, you might transfer the call to your supervisor at the customer’s request.
Please answer the questions in the image. This is so frustrating....
