Bookmark question for later Zoey is the CEO of a corporation she organized herself, and the corporation has 15 shareholders. The company operates in several states, as well as outside of the U.S. Her business consists mostly of training services for in-home medical care personnel. Her company would be a __________ corporation

Answers

Answer 1

Answer:

Professional corporation

Explanation:

A professional corporation is a type of corporation that is established by professional, majorly licensed individuals; they could include doctors, attorneys or architects. They mostly provide services that are related to the profession they practice. For example, architects establish an architectural firm to provide architectural services.

Professional corporations are usually established based on the laws binding the profession or the laws of the state. Most professional entrepreneurs can set up a professional corporation and can be established by one or more professionals.

In most professional corporations, the shareholders are usually only licensed individuals of the service rendered by the professional company.

Therefore, considering the information, Zoey's corporation would be a professional corporation.


Related Questions

A company is considering purchasing a new production machine and have identified two potential options. Option A has a first cost of $1450 but will produce annual revenues of $650 while incurring $245 worth of maintenance. Option B has a purchase price of $1130 with annual revenues of $445 and maintenance costs of $147. One of your colleagues has done an internal rate of return analysis on Option A and determined it had an IRR=12.28%
a. Your boss has asked you to determine the IRR for option B, assuming that both options have same service life
b. Assuming the two production machines are independent and the company has a MARR of 11%, what should the company do?

Answers

Answer:

a. The IRR for the option B will be 9.988%.

b. The company would accept option A and reject the option B

Explanation:

a. To calculate  the IRR for option B we first need to determine the service life of the option A.

If R = 12.28%

Net annual benefits = 650-245=$405

Then,  1450= 405*(1-1/1.1228^n)/.1228

1/1.1228^n =1 - 1450*.1228/405 = .5603

1.1228^n = 1.7846

n = log(1.7846)/log(1.1228) = 5 years

Therefore, For option B

Let, IRR = R

Net annual benefit = 445-147 = $298

1130 = 298*(1-1/(1+R)^5)/R

At R = 9%

PV of cash inflows = $1159.12

At R = 10%

PV of cash inflows = $1129.65

As per the method of interpolation,

R = 9% + ((1159.12 - 1130)/( 1159.12-1129.65))*(10%-9%)

R = 9.988%

Thus, IRR for the option B will be 9.988%.

b.  According to the given data to selection the any option, the value of IRR must be greater than or equal to the MARR. in this case, option A has the IRR of 12.28% that is greater than the MARR of 11%. But, it is not the case with option B whose IRR is only 9.988% and it is less than the MARR of 11%.

Thus, option A will be accepted and option B will be rejected.

Read the following situation, and then answer the questions.
You have been working in an entry-level position in the Environmental Health and Safety division of a company for the last six months. You spend your time reviewing safety reports, entering them into the database, and compiling statistical analyses of the results for your superior, Ray Blaine. Lately, Mr. Blaine has been asking you when each report will be finished. Following this query, Mr. Blaine often compliments you on the results of your past analyses.
1) What is the most important message your superior is trying to deliver?
A. He is worried about the results of your analysis.
B. He wants to know when the report will be ready.
C. You are ready for a promotion.
2) What can you do to listen more effectively to your superior?
A. Lean forward and make eye contact.
B. Paraphrase his questions in return.
C. Ask questions in return.

Answers

Answer:

1)B

2)C

Explanation:

1) Mr. Blaine wants to know when will the results be ready. He is complimenting to let you know that he has good expectations from you.

2) Asking questions in return lets the other person know that you are interested in the conversation.

Answer:

Question 1 answer is B

Question 2 answer is C

Explanation:

1. From the data in the question, we can tell what your superior has in mind.

- The fact that Mr Blaine has been asking when each report will be finished shows that he is concerned ABOUT THE AMOUNT OF TIME it takes you to complete work on a safety report.

- He often compliments you on the results of your past analyses. This means that he is recertifying that your results come out fine and accurate BUT need to start coming out FASTER. He uses the compliments to lift your spirit so you don't feel downcast by the complaints. So you can be sure that as far as the work is concerned, YOU ARE GETTING IT RIGHT but as far as delivery window is concerned, you are delivering SLOWLY.

So the answer is B - he is most concerned about the timeframe you use to go through each report. He wants you to understand that good timing adds to the quality of a result!

2. The three options here are things you can do, to listen more effectively to your superior. The most important though is C.

You need to ask questions in return!

- Ask questions on the clarification of what exactly you are expected to do, in order to produce results that are both accurate and timely.

- Ask Mr. Blaine how he thinks you should go about it.

- Ask questions where you don't understand

- Ask when exactly you are to submit each result

After he replies, put his advice and corrections into practice.

Carmen Camry operates a consulting firm called Help Today, which began operations on August 1. On August 31, the company's records show the following accounts and amounts for the month of August Cash Accounts receivable office supplies Land office equipment Accounts payable Dividends $25,370 Consulting fees earned 27,010 9,570 5, 620 880 530 102,100 22,370 Rent expense 5,260 Salaries expense 44,010 Telephone expense 20,020 Miscellaneous expenses 10,540 Common stock 6,020 Exercise 2-17 Preparing a statement of retained earnings LO P3 Use the above information to prepare an August statement of retained earnings for Help Today,(

Answers

Answer:

                                Help Today

                 Statement  of Retained Earnings

           For the Month Ended on August 31, 202X

Retained earnings at the beginning of the period:          $0

Net Income:                                                                 $10,410

Dividends:                                                                  ($6,020)

Retained earnings at the end of the period              $4,390

Explanation:

First we must organize the numbers and prepare an income statement:

Consulting fees earned $27,010

Rent expense ($9,570)

Salaries expense ($5,620)

Telephone expense ($880)

Miscellaneous expenses ($530)

Net income: $10,410

then a balance sheet:

Balance Sheet

Assets:

Cash $25,370

Accounts receivable $22,370

Office supplies $5,260

Land $44,010

Office equipment $20,020

Total assets: $117,030

Liabilities and Equity:

Accounts payable $10,540

Common stock $102,100

Total liabilities and equity: $112,640

+ Retained earnings $4,390

Total: $117,030

Dividends 6,020

two ways to determine retained earnings:

Retained earnings ⇒ assets - (liabilities + equity) = $117,030 - $112,640 = $4,390Another way to calculate retained earnings = net income - dividends = $10,410 - $6,020 = $4,390

Software Distributors reports net income of $48,000. Included in that number is depreciation expense of $6,500 and a loss on the sale of land of $4,300. A comparison of this year's and last year's balance sheets reveals a decrease in accounts receivable of $18,000, a decrease in inventory of $11,500, and an increase in accounts payable of $38,000.
Required:Prepare the operating activities section of the statement of cash flows using the indirect method.

Answers

Answer:

Net cash from operating activities is $126,300.

Explanation:

Statement of cash flows

(Operating activities section only)

Details                                                                      $      

Net income                                                         48,000

Adjustment to reconcile net income:

Depreciation expense                                         6,500

Loss on the sale of land                                      4,300

(Increase) decrease in current assets:

Decrease in accounts receivable                      18,000

Decrease in inventory                                         11,500

Increase (decrease) in current liabilities:

Increase in accounts payable                           38,000

Net cash from operating activities                126,300

In game theory, a Nash equilibrium occurs when: Group of answer choices Both players are incented to "cheat" to improve their positions Neither player can improve their position Nether player has a dominate strategy Two or more players collude on pricing

Answers

Answer:

Neither player can improve their position

Explanation:

Game theory is the method of modeling the strategic engagement of multiple players in a situation that involves rules and results.

Nash equilibrium is a term of game theory in which the optimum result of a game is one in which no participant has an incentive to diverge from his selective strategy after examining the selection of an opponent

Therefore according to the given situation, the second option is correct

Other things equal, the multiplier will be greater

Answers

Answer:

The larger

Explanation:

marginal propensity to consume. New loans decrease the money supply in an economy.

American Express trades on the New York Stock Exchange under the ticker symbol AXP. In 2016, AXP was paying a dividend of $.80 and analysts forecasted five-year growth rates of 10.54% for AXP and 13.21% for the financial services industry. Assume the growth rate for the financial services industry will remain constant. Then, assuming AXP's growth rate will revert to the industry average after five years, what value would we place on AXP, if we use a discount rate of 15%

Answers

Answer:

The current value placed on AXP is $ 45.08

Explanation:

Dividend currently paying = $ 0.80

Growth rate up to 5 years = 10.54%

Expected dividend for 1st year = $0.80 × 1.1054 = $0.88

Year       Dividend amount         Present Value at 15%

0                        0.8                                

1                       0.88                             0.77

2                      0.98                              0.74

3                       1.08                             0.71

4                       1.19                              0.68

5                       1.32                             0.66

Growth rate = 13.21% from 6th year and onward

Expected dividend for 6th year = $1.32 × 1.1321 = $1.49

Value of the AXP at 5th year with constant growth at 13.21%

= $1.49 ÷ (0.15 - 0.1321)

= $83.51

Value of the AXP currently = P.V. of dividend payable in first 5 years + Present Value at 5th year at 15%

= $0.77 + $ 0.74 + $ 0.71 + $ 0.68 + $0.66 + ($83.51 × 0.4971 )

= $ 45.08

What are some examples of potential intangible benefits of investment proposals? Why do these intangible benefits complicate the capital budgeting evaluation process? What might happen if intangible benefits are ignored in a capital budgeting decision?

Answers

Answer: The answer is provided below

Explanation:

An intangible benefit is a subjective benefit that one can't actually touch, and is also difficult to measure in terms of dollar.

Examples of potential intangible benefits of investment proposals will be the improved safety, increased product quality, and an enhanced employee loyalty.

Intangible benefits complicate capital budgeting evaluation process due to the fact that they can't be easily measured, hence, their value can be hard to quantify.

When intangible benefits are ignored in a capital budgeting decision, it

may result in rejecting of projects that may have financial benefits to the company.

Management of Mittel Rhein AG of Köln, Germany, would like to reduce the amount of time between when a customer places an order and when the order is shipped. For the first quarter of operations during the current year the following data were reported: Inspection time 0.3 days Wait time (from order to start of production) 14.0 days Process time 2.7 days Move time 1.0 days Queue time 5.0 days
1.Compute the throughput time.
2. Compute the manufacturing cycle efficiency (MCE) for the quarter. (Round your answer to 2 decimal places.)
3. What percentage of the throughput time was spent in non–value-added activities? (Enter your answer as a percentage (i.e., 0.12 should be entered as 12).)
4.Compute the delivery cycle time.
5. If by using Lean Production all queue time during production is eliminated, what will be the new MCE? (Round your percentage answer to 1 decimal place (i.e., 0.123 should be entered as 12.3).)

Answers

Answer:

1. The throughput time is 9 days

2. The MCE is 0.30

3. 70% of the throughput time was spent on non-value added activities.

4. The delivery cycle time is 23 days

5. The New MCE is 67.5%

Explanation:

1. To calculate the throughput time we would have to use to make the following calculation:

throughput time=process time+inspection time+movie time+queue time

throughput time=2.7+0.3+1+5

throughput time=9 days

2. To calculate the MCE we would have to use to make the following calculation:

MCE=value added time/throughput time

MCE=2.7/9=0.30

3. MCE is 30% which means that out of the total throughput time, time spent on value added activities was 30%. Thus it means that 70% of the throughput time was spent on non-value added activities.

4. To calculate the delivery cycle time we would have to use to make the following calculation:

delivery cycle time=wait time+throughput time

delivery cycle time=14+9=23 days

5. To calculate the new MCE we would have to use to make the following calculation:

New MCE=value added time/throughput time

New MCE=2.7/4

New MCE=67.5%

1. Based on the information given the throughput time is 9 days.

2. The manufacturing cycle efficiency (MCE) for the quarter is 30%.

3.  The percentage of the throughput time is 70%.

4. The delivery cycle time is 23 days.

5. The New MCE is 68%.

1. Throughput time

Throughput time = Process time + Inspection time + Move time + Queue time

Throughput time= 2.7 +0.3+ 1.0 + 5.0

Throughput time=9 days

2. Manufacturing cycle efficiency (MCE)

Manufacturing cycle efficiency (MCE) = Value-added time / Throughput time

Manufacturing cycle efficiency (MCE) = 2.7 /9

Manufacturing cycle efficiency (MCE)=30%

 

3. Non-value-added activities

Non-value-added activities  = 100% - 30%

Non-value-added activities = 70%

4. Delivery cycle time

Delivery cycle time = Wait time + throughput time

Delivery cycle time = 14.0 + 9.0

Delivery cycle time = 23 days

5. New MCE

New MCE = Value-added time / Throughput time

New MCE=2.7/(0.3+2.7+1.0)

New MCE  2.7 / 4

New MCE =67.5%

New MCE =68% (Approximately)

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Kendall Corners Inc. recently reported net income of $3 million and depreciation of $510,000. What was its net cash flow? Assume it had no amortization expense. Enter your answer in dollars. For example, an answer of $1.2 million should be entered as 1,200,000.

Answers

Answer:

$3,510,000

Explanation:

Net cash flows = net income + Depreciation expense

= $3,000,000 + $510,000 = $3,510,000

I hope my answer helps you

Mark can produce 50 baseballs in a month and Katie can produce 60 baseballs in a month. Also, Mark can produce 40 bats in a month and Katie can produce 30 bats in a month. ______________has the absolute advantage in the production of bats, and _____________ has the comparative advantage in the production of bats. Group of answer choices

Answers

Answer:

Mark has the absolute advantage in the production of bats.

Mark has the comparative  advantage in the production of bats

Explanation:

The absolute advantage is a principle in which  a party is able to produce a good more efficiently than the others. In this situation, Mark can produce 40 bats while Katie can produce 30 bats which indicates that Mark can produce them more efficiently having an absolute advantage in the production of bats.

The comparative advantage is a principle in which a party has the ability to produce a good at a lower opportunity cost than others. In this situation:

                 Baseballs     Bats

Mark                50            40

Katie                60            30

The opportunity cost for Mark of producing 1 bat is producing 1.25 baseballs and the opportunity cost for Katie of producing 1 bat is producing 2 baseballs. This means that Mark has a lower opportunity cost and the comparative advantage in the production of bats.

All of the following are part of comprehensive income except:
a. realized gains on sale of available-for-sale-securities.
b. unrealized holding gains on available-for-sale-securities.
c. a re-classification adjustment for gains included in net income.
d. all of these answer choices are correct.

Answers

Answer: d. all of these answer choices are correct

Explanation:

Available for sale securities are held by a firm with the intention of selling it before it reaches its maturity date.

So as not to report on the income statement wrongly, the Unrealized gains(losses) which are any fluctuations from the original price, throughout the Security's lifetime is posted to the Other Comprehensive Income account in the Equity section of the balance sheet. That along with the Realized gains when the security is sold.

Reclassification adjustments are also included to account for the reclassification of a security to either a profit or a loss.

All of the above are correct.

Tom Reynold is the sole proprietor of Pretty Pets​, a business specializing in the sale of​ high-end pet gifts and accessories. Pretty Pets​' sales totaled $ 986 comma 000 during the most recent year. During the​ year, the company spent $ 52 comma 000 on expenses relating to website​ maintenance, $ 31 comma 300 on​ marketing, and $ 29 comma 500 on​ wrapping, boxing, and shipping the goods to customers. Pretty Pets also spent $ 640 comma 000 on inventory purchases and an additional $ 18 comma 000 on​ freight-in charges. The company started the year with $ 18 comma 250 of inventory on hand and ended the year with $ 18 comma 400 of inventory. Prepare Pretty Pets​' income statement for the most recent year.

Answers

Answer and Explanation:

For preparing the income statement first we have to determine the cost of goods sold which is shown below:

Beginning inventory $18,250

Add Inventory purchase ($640,000 + $18,000)  $658,000

Total goods available for sale $676,250

Less: Ending inventory ($18,400)

Cost of goods sold $657,850

Now the preparation of the income statement is presented below:

                                           Income statement

Sales  $986,000

Less: Cost of goods sold - $657,850

Gross profit  $328,150

Less: Operating expenses  

Expenses relating to website maintenance -$52,000

Marketing exp -$31,300

wrapping, boxing, and shipping Exp -$29,500

Net income $215,350

A company uses direct labor costs as it allocation base. Management estimates the company will incur $150,000 of direct labor cost during the year and total overhead costs of $200,000. What is their predetermined overhead rate? 1.33% 133% 50% 75%

Answers

Answer:

133.33%

Explanation:

The computation of the predetermined overhead rate is shown below:

Predetermined overhead rate = Total overhead cost ÷ direct labor cost

where,

Total overhead cost is $200,000

And, the direct labor cost is $150,000

Now placing these values to the above formula

So, the predetermined overhead rate is

= $200,000 ÷ $150,000

= 1.33%

We simply applied the above formula

Which of the following represents an increase in living standards over the past century? Check all that apply. Increased human activities have magnified the pollution of air and water. The purchasing power of a dollar has declined over time due to inflation. Medical breakthroughs enable people to enjoy better healthcare nowadays.

Answers

Answer:

Medical breakthroughs enable people to enjoy better healthcare nowadays.

Explanation:

An increase in living standard means that the lives of people are better off.

Advances in medicine have made it possible to find cure to various diseases. This improves standard of living.

Increased pollution of air and water and decline of dollar value have negative effects on living standard.

Pollution affects human health negatively and can cause diseases which negatively affect standard of living. Also, pollution can cause floods and other environmental disasters. Floods can displace people from their homes and this affects standard of living negatively.

Decrease in dollar value has made items more expensive.

I hope my answer helps you

Alpaca Corporation had revenues of $250,000 in its first year of operations. The company has not collected on $18,900 of its sales and still owes $27,000 on $96,000 of merchandise it purchased. The company had no inventory on hand at the end of the year. The company paid $12,700 in salaries. Owners invested $14,000 in the business and $14,000 was borrowed on a five-year note. The company paid $3,800 in interest that was the amount owed for the year, and paid $7,800 for a two-year insurance policy on the first day of business. Alpaca has an effective income tax rate of 40%. (Assume taxes are paid in the same year). Compute the cash balance at the end of the first year for Alpaca Corporation.

Answers

Answer:

$84,360.00  

Explanation:

The cash balance at the end of the year is simply total cash receipts minus total cash payments which is further analyzed below:

Cash receipt from sales=total sales-accounts receivable=$250,000-$18,900=$ 231,100.00  

Cash paid for merchandise purchase=purchases-accounts payable=$96,000-$27,000=$69,000

Salaries paid     $12,700

Cash from  owners is $14,000

cash from borrowing is $14,000

interest paid is $3800

insurance paid is $7,800

Tax paid=(sales-purchases-salaries paid-insurance cost(one year)-interest paid)*tax rate

insurance for one year=$7800*1/2=$3,900

tax paid=($250,000-$96,000-$12,700-$3,800-$3,900)*40%=$53440

Cash balance=$231,100-$69,000-$12,700+$14,000-$14,000-$3800-$7800-$53440=$84,360.00  

 

The University of Puhonicks hires several professors that specialize in accounting, management, and economics and clusters each into one of three departments. The dean has obviously decided to group employees by:________
a) Project.
b) Function.
c) Product.
d) Geography.

Answers

Answer:

b) Function

Explanation:

The Dean placed professors in departments based on the subjects they teach or based on their functions in the school. So all professors that function as economics professors are placed in the same department. This is an example of grouping employees by functions.

In geographic grouping, professors would be grouped based on the different regions they teach.

In product grouping, employees are placed in groups based on the product they produce.

I hope my answer helps you

On December 31, 2018, Interlink Communications issued 6% stated rate bonds with a face amount of $107 million. The bonds mature on December 31, 2048. Interest is payable annually on each December 31, beginning in 2019. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Determine the price of the bonds on December 31, 2018, assuming that the market rate of interest for similar bonds was 7%. (Enter your answers in whole dollars. Round your final answers to nearest whole dollar amount.)

Answers

Answer:

$93,725,580.00

Explanation:

The market price of the bond is the present value of annual coupon payment  plus the present value of face amount receivable at the end of the bond tenure.

Annual coupon interest=face amount*stated rate=$107,000,000*6%=$6,420,000.00  

Face amount=$107,000,000

The discount factor for annual coupon is the present of 30 years annuity(2048-2018) at 7% market rate, which is  12.4090  

The discount factor for the face value is  0.1314  

Price of the bond=($6,420,000.00*12.4090)+($107,000,000*0.1314)=$93,725,580.00  

Personal Selling is :

a. The two-way flow of communication between a buyer and seller, often in a face-to-face encounter, designed to influence a person’s or group’s purchase decision.
b. A nonpersonal, indirectly paid presentation of an organization, product, or service.
c. A short-term inducement of value offered to arouse interest in buying a product or service.
d. Promotional alternative that uses direct communication with consumers to generate a response in the form of an order, a request for further information, or a visit to a retail outlet.

Answers

Answer:

Option A. The two-way flow of communication between a buyer and seller, often in a face-to-face encounter, designed to influence a person’s or group’s purchase decision.  

Explanation:

The reason is that the personal selling is the face to face selling which means two way flow of communication is necessary. The seller will use his marketing exprience to influence the buyer which results in greater sales and customer satisfaction. So it is the face to face selling method which most of the companies opt and this way of selling is known as personal selling.

Dave and Ellen are newly married and living in their first house. The yearly premium on their homeowner’s insurance policy is $600 for the coverage they need. Their insurance company offers a discount of 8 percent if they install dead-bolt locks on all exterior doors. The couple can also receive a discount of 5 percent if they install smoke detectors on each floor. They have contacted a locksmith, who will provide and install dead-bolt locks on the two exterior doors for $105 each. At the local hardware store, smoke detectors cost $28 each, and the new house has two floors. Dave and Ellen can install them themselves.
a. What discount will Dave and Ellen receive if they install the dead-bolt locks?b. What discount will Dave and Ellen receive if they install smoke detectors?

Answers

Answer:

1. 48 dollars

2. 30 dollars

Explanation:

The yearly premium on their homeowner's insurance policy is $600 for the coverage they need.

Their insurance company offers a discount of 8 percent if they install dead-bolt locks on all exterior doors.The couple can also receive a discount of 5 percent if they install smoke detectors on each floor.

1. What discount will Dave and Ellen receive if they install the dead-bolt locks?

discount for deadbolts =

Discount % x Premium

0.08 x 600 = 48 dollars

b. What discount will Dave and Ellen receive if they install smoke detectors?

discount for deadbolts =

Discount% x Premium

0.05 x 600 = 30 dollars

W.T. Ginsburg Engine Company manufactures part ACT30107 used in several of its engine models. Monthly production costs for 1,090 units are as follows: Direct materials $46,000 Direct labor 10,500 Variable overhead costs 32,500 Fixed overhead costs 22,000 Total costs $111,000 It is estimated that 6% of the fixed overhead costs assigned to ACT30107 will no longer be incurred if the company purchases ACT30107 from the outside supplier. W.T Ginsburg Engine Company has the option of purchasing the part from an outside supplier at $94.75 per unit. If the company accepts the offer from the outside supplier, the monthly avoidable costs (costs that will no longer be incurred) total ________.

Answers

Answer:

Cost that will no longer be incurred  =  $90320  

Explanation:                                                    

                                                                                      $

The relevant variable cost

= 46,000 + 10,500 + 32,500                                    $89,000

Cost of external supply

=  94.75 × 1090=                                                   $103,277.50  

Increase in of purchase                                           14,277.50  

Savings in fixed cost  (6%× 22,000)                         ( 1320

Net increase in cost if purchased                            12,957.50  

Cost that will no longer be incurred =  89,000 +1320    =  $90320

Cost that will no longer be incurred  =  $90320

Scora, Inc., is preparing its master budget for the quarter ending March 31. It sells a single product for $50 per unit. Budgeted sales for the next three months follow. January February March Sales in units 1,000 2,600 1,200 Prepare a sales budget for the months of January, February, and March.

Answers

Answer:

Sale budget January= $50,000

Sales budget February= $130,000

Sales budget March= $60,000

Explanation:

Giving the following information:

It sells a single product for $50 per unit. Budgeted sales for the next three months follow. January February March Sales in units 1,000 2,600 1,200

The sales budget is a simple multiplication between the selling price per unit and the number of units sold.

Sale budget January= 1,000*50= $50,000

Sales budget February= 2,600*50= $130,000

Sales budget March= 1,200*50= $60,000

The following table shows a simplified consolidated balance sheet for the entire
banking system (all figures are in billions). The reserve ratio is 25 percent.
Assets Liabilities &Equity
Reserves 96 Checkable Deposits 400
Securities 104
Loans 200
a. 1. What is the amount of excess reserves in this banking system?
2. What is the maximum amount the banking system might lend?
3. Show how the balance sheet would look after this amount has been lent
(construct new balance sheet or add columns).
4. What is the size of the monetary multiplier?
b. 1. Answer the questions in part a assuming the reserve ratio is 15 percent.
2. What is the resulting difference in the amount that the banking system can
lend? How do you explain the difference?

Answers

Answer:

Kindly check explanation

Explanation:

Excess reserve = (Actual reserve - required reserve)

Required reserve = reserve ratio × Checkable deposit

Required reserve = 0.25 × $400 billion

Required reserve = $100 billion

Excess reserve = $96 - $100 = - $4billion

B) money multiplier = 1/ required reserve ratio

1/0.25 = 4

Maxumum amount that can be Lent = 4 × 4 = $16 million

If reserve ratio = 15%

Required reserve = 0.15 × $400 billion = $60 billion

Excess reserve = $96 - $60 = $36 billion

Monetary multiplier = 1/ 0.15 = 6.667

Maximum amount of loan = 6.667 × 36 = $240 billion

The Field, Brown & Snow partnership was begun with investments by the partners as follows: Field, $131,700; Brown, $167,700; and Snow, $155,400. The partners decide to liquidate, sharing all losses equally. On May 31, after all assets were sold and all creditors were paid, only $47,100 in partnership cash remained.

Required:
a. Compute the capital account balance of each partner after the liquidation of assets and the payment of creditors.
b. Assume that any partner with a deficit agrees to pay cash to the partnership to cover the deficit. Present the journal entries on May 31 to record (a) the cash receipt from the deficient partner(s) and (b) the final
disbursement of cash to the partners.
c. Assume that any partner with a deficit is not able to reimburse the partnership. Present journal entries (a) to transfer the deficit of any deficient partners to the other partners and (b) to record the final disbursement of cash to the partners.

Answers

Answer:

a. The capital account balance of each partner after the liquidation of assets and the payment of creditors would be as follows:

                             

                                   Field          Brown         Snow

Capital Balance         -4,200          31,800         19,500

b. a  

                          Debit       Credit

Cash                  4,200

Field capital                       4,200

b.                          Debit       Credit

Brown capital   31,800

Snow capital     19,500

Cash                                    51,300

c. a                        Debit       Credit

Brown capital  2100

Snow capital   2100

Field Capital                    4,200

b.                          Debit       Credit

Brown capital  29,700

Snow capital   17,400

Cash                               47,100

Explanation:

a. In order to calculate the capital account balance of each partner after the liquidation of assets and the payment of creditors we would have to make the following calculations:

                                             Field          Brown         Snow         Total

Initial Investment                 $131,700     $167,700    $155,400   454,800

Allocation of all losses:       135,900       135,900       135,900   407,700

(454,800-47,100)/3            

Capital Balance                   -4,200          31,800         19,500       47,100

b. a. The record of the cash receipt from the deficient partner(s) would be as follows:

                          Debit       Credit

Cash                  4,200

Field capital                       4,200

   b. The record the final  disbursement of cash to the partners would be as follows:

                          Debit       Credit

Brown capital   31,800

Snow capital     19,500

Cash                                    51,300

c. a Record to transfer the deficit of any deficient partners to the other partners would be as follows:

                         Debit       Credit

Brown capital  2100

Snow capital   2100

Field Capital                    4,200

Brown capital= 4,200/2=2100

Snow capital=4,200/2=2100

b. Record the final disbursement of cash to the partners would be as follows:

                        Debit       Credit

Brown capital  29,700

Snow capital   17,400

Cash                               47,100

Brown capital=31,800-2,100 =29,700

Snow capital=19,500-2,100=17,400

Willetta Company purchases inventory for $29,000 with terms 2/10, n/30. It then returns $3,900 of the inventory purchased to the supplier and also receives an allowance for defective inventory of $290. The company pays the amount due within the discount period. What is the amount of the discount that will be taken

Answers

Answer:

Discount taken is  $496.20  

Explanation:

The amount of purchases after some items were returned and also defective inventory allowance was taken needs to first of all be established.

adjusted purchases=$29,000-$3,900-$290=$ 24,810.00  

Thereafter, the amount of discount taken is 2% of the adjusted purchases amount computed above.

Discount taken=$ 24,810.00*2=$ 496.20  

Sophia provides you with a list of business transactions that occurred during the year. You must use these transactions to demonstrate the first four steps in the accounting cycle: analyzing each transaction, using double entry accounting to record these transactions in the general journal, and posting them to their respective accounts. Finally, you prepare a trial balance, the fourth step in the accounting cycle, which ensures that the first three steps in the accounting cycle have been completed currently.

A. The Sisters invest $15,000 in cash in Happy Home Environmental Cleaning (HHEC)
B. HHEC buys a building for $10,000 in cash.
C. HHEC buys office equipment for $1,800 for cash.
D. HHEC buys cleaning supplies for $2,800, agreeing to pay the upplier in 30 days.
E. HHEC earns cleaning revenues of $16,460 in cash.
F. HHEC earns cleaning revenues of $2,200 on account.
G. HHEc paid the following expenses in cash:

Wages $4275

Utilities $985

Miscellaneous $195

H. HHEC pays $950 in cash to creditors on account.
I. HHEC purchases a two year insurance policy for $2,400 in cash
J. At the end of the year, the cost of cleaning supplies on hand is $2040.
K. The sisters withdrew $2,000 in cash.

Answers

Answer:

Happy Home Environmental Cleaning

Demonstration of the first four steps in accounting cycle:

1) Analyzing each transaction:

A) Cash + $15,000 and Owners' Equity + $15,000

B) Building + $10,000 and Cash -$10,000

C) Office Equipment + $1,800 and Cash - $1,800

D) Cleaning Supplies + $2,800 and Accounts Payable + $2,800

E) Cash + $16,460 and Equity (Retained Earnings) + $16,460

F) Accounts Receivable + $2,200 and Equity (Retained Earnings) + $2,200

G) Cash - Wages $4,275, Utilities $985, Miscellaneous $195 and Equity (Retained Earnings) - $4,275, $985, $195

H) Cash - $950 and Liabilities - $950

I) Cash - $2,400, Prepaid Insurance + $1,200, and Equity (Retained Earnings) - $1,200

J) Cleaning Supplies -$760 and Equity (Retained Earnings) - $760

K) Cash - $2,000 and Equity - $2,000

2) Using double entry accounting to record transactions in the general journal:

A) Debit Cash Account $15,000

    Credit Owners' Equity $15,000

To record capital contributed to the business.

B) Debit Building $10,000

   Credit Cash Account $10,000

To record purchase of building.

C) Debit Office Equipment $1,800

    Credit Cash Account $1,800

To record purchase of office equipment.

D) Debit Cleaning Supplies $2,800

Credit Accounts Payable $2,800

To record purchase of cleaning supplies on account.

E) Debit Cash $16,460

Credit Service Revenue $16,460

To record cash sales of services.

F) Debit Accounts Receivable $2,200

    Credit Service Revenue $2,200

To record sale of services on account.

G) Debit Wages $4,275

    Debit Utilities $985

    Debit Miscellaneous $195

    Credit Cash Account  $5,455

To record payment of expenses.

H) Debit Accounts Payable $950

   Credit Cash Account $950

To record payment on account.

I) Debit Prepaid Insurance $2,400

  Credit Cash $12,400

To record insurance prepaid.

I) Debit Insurance Expense $1,200

  Credit Prepaid Insurance $1,200

To record insurance expense for the period.

J) Debit Cleaning Supplies Expense $760

   Credit Cleaning Supplies $760

K) Debit Drawings Account $2,000

Credit Cash Account $2,000

To record cash drawings.

3) Posting transactions to the Ledger accounts:

                                                        Debit          Credit        Balance

Cash Account:

Owners' Equity                              15,000                            15,000

Building                                                               10,000        5,000

Office Equipment                                                  1,800        3,200

Service Revenue                           16,460                            19,660

Wages                                                                   4,275       15,385

Utilities                                                                     985       14,400

Miscellaneous                                                          195       14,205

Accounts Payable                                                    950      13,255

Prepaid Insurance                                                 2,400      10,855

Drawings                                                                2,000       8,855

                                                      Debit          Credit        Balance

Owners' Equity:

Cash                                                                 15,000       15,000

                                                      Debit          Credit        Balance

Service Revenue Account:

Cash                                                                 16,460          16,460

Accounts Receivable                                        2,200          18,460

                                                      Debit          Credit        Balance

Building Account:

Cash                                            10,000                            10,000

                                                      Debit          Credit        Balance

Office Equipment Account:

Cash                                               1,800                            1,800

                                                      Debit          Credit        Balance

Wages Expense:

Cash                                              4,275                             4,275

                                                      Debit          Credit        Balance

Utilities Expense:

Cash                                                985                             985

                                                      Debit          Credit        Balance

Miscellaneous Expense:

Cash                                                195                               195

                                                      Debit          Credit        Balance

Cleaning Supplies:

Accounts Payable                         2,800                              2,800

Cleaning Supplies Expense                              760            2,040

                                                      Debit          Credit        Balance

Cleaning Supplies Expense:

Cleaning Supplies                         760                               760

                                                      Debit          Credit        Balance

Accounts Payable:

Cleaning Supplies                                             2,800         2,800

Cash                                               950                                1,850

                                                      Debit          Credit        Balance

Prepaid Insurance:

Cash                                              2,400                             2,400

Insurance Expense                                            1,200         1,200

                                                      Debit          Credit        Balance

Insurance Expense:

Prepaid Insurance                        1,200                             1,200

                                                      Debit          Credit        Balance

Drawing Account:

Cash                                              2,000                             2,000

4) Preparation of a Trial Balance:

                                                      Debit          Credit

Cash                                           $8,855

Owners' Equity                                              $15,000

Building                                      10,000

Office Equipment                        1,800

Cleaning Supplies                      2,040

Cleaning Supplies Expense          760

Accounts Payable                                              1,850

Service Revenue                                             18,660

Accounts Receivable                2,200

Prepaid Insurance                      1,200

Insurance Expense                    1,200

Wages                                        4,275

Utilities                                          985

Miscellaneous                               195

Drawings                                   2,000

Total                                       $35,510          $35,510

Explanation:

The steps in the accounting cycle are:

a) Analyzing each transaction from source documents, e.g. from Sales Invoice.  This shows the accounts affected and even the effect of the transaction on the accounting equation.

b) Journal Entries:  This involves using the doubt entry system of accounting to record transactions in the general journal.  This is the first accounting record.  It shows the accounts to be debited and the ones to be credited in the General Ledger.

c) General Ledger: Each transaction is posted to their respective accounts in the ledger, depending on journal entries.  Usually, two accounts are affected by each transaction, just like in the journal.

d) The fourth step is the extraction of a Trial Balance.  This is an accounting tool for checking that the first three steps have been completely and correctly followed.

Waterway Industries has equipment with a carrying amount of $2510000. The expected future net cash flows from the equipment are $2545000, and its fair value is $2043000. The equipment is expected to be used in operations in the future. What amount (if any) should Waterway report as an impairment to its equipment

Answers

Answer:

No impairment

Explanation:

Since the future net cash flows are still recoverable and they are higher than carrying amount, none needs to be reported

The approach to ethical behavior which proposes that actions and plans should be judged by their consequences, thus producing the greatest benefit to society with the least harm or the lowest cost is called:__________.
A) individual rights approach.
B) mercantilism approach.
C) utilitarian approach.
D) justice approach.
E) moral imperialism approach.

Answers

Answer:

The correct answer is option (C)utilitarian approach.

Explanation:

Utilitarian approach: It is referred to as an action in relative to outcomes and reaction

For example, the cost and net benefits of all group of people based on an individual level. that is, by works towards achieving or aiming for the best for the greatest number while producing the least amount of suffering or harm.

yler Tooling Company uses a job order cost system with overhead applied to products on the basis of machine hours. For the upcoming year, the company estimated its total manufacturing overhead cost at $420,000 and total machine hours at 60,000. During the first month of operations, the company worked on three jobs and recorded the following actual direct materials cost, direct labor cost, and machine hours for each job: Job 101 Job 102 Job 103 Total Direct materials used $ 19,200 $ 14,400 $ 9,600 $ 43,200 Direct labor $ 28,800 $ 11,200 $ 9,600 $ 49,600 Machine hours 1,000 hours 4,000 hours 2,000 hours 7,000 hours Job 101 was completed and sold for $60,000. Job 102 was completed but not sold. Job 103 is still in process. Actual overhead costs recorded during the first month of operations totaled $45,000. Required: 1. Calculate the predetermined overhead rate. 2. Compute the total manufacturing overhead applied to the Work in Process Inventory account during the first month of operations. 3. Compute the balance in the Work in Process Inventory account at the end of the first month.

Answers

Answer:

1. $7.00

2. $49,000

3. $33,200

Explanation:

1. The computation of predetermined overhead rate is shown below:-

Predetermined overhead rate = Estimated overhead ÷ Estimated machine hours

= $420,000 ÷ 60,000

= $7.00

2. The computation of total manufacturing overhead applied is shown below:-

Particulars                    Job 101    Job 102      Job 103     Total

Direct material             $19,200    $14,400     $9,600    $43,200

Direct labor                  $28,800    $11,200     $9,600    $49,600

Manufacturing

overhead                      $7,000      $28,000    $14,000   $49,000

Total                              $55,000    $53,600    $33,200  $141,800

3. The computation of balance in the Work in Process Inventory account at the end of the first month is shown below:-

Particulars                    Job 101    Job 102      Job 103     Total

Direct material             $19,200    $14,400     $9,600    $43,200

Direct labor                  $28,800    $11,200     $9,600    $49,600

Manufacturing

overhead                      $7,000      $28,000    $14,000   $49,000

Total                              $55,000    $53,600    $33,200  $141,800

Job 101 is completed and sold

Job 102 is completed and kept in finished goods inventory.

Job 103 is balance which indicates the work in progress.

Assume one of the SWOT findings was an internal weakness of low motivation in the sales force regarding product sales. HP has designed a new compensation system to address this motivation. In which stage of the strategy implementation framework does this action reside?

Answers

Answer:

Stage 3

Explanation:

Strategic management is defined as formulation of strategies (decisions, actions, and measures) which are implemented to meet organisational goals and objectives.

Strategy formulation is a very important first step in strategy management. Lack of good strategy formulation can lead to organisational failure.

In the given scenario where motivation among employees is identified as a weakness, the action of modifying the reward system falls under the stage 3 of strategic implementation framework

Strategic implementation is concerned with how formulated strategy is implemented.

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