Answer:
Dr Finished Goods Inventory2,090
Cr Workminus−inminus−Process Inventory
2,090
Explanation:
Preparation of the correct journal entry needed to record the completed job
Based on the information given the correct journal entry needed to record the completed job will be :
Dr Finished Goods Inventory2,090
Cr Workminus−inminus−Process Inventory
2,090
Calculated as:
Direct materials cost $310
Direct labor cost $1,220
Allocated manufacturing overhead $560
=2,090
In February 2008, the household survey indicated that about 250,000 people lost or left their jobs. At the same time, though, the ranks of the unemployed declined by nearly 200,000. The counterintuitive result was that the number of unemployed workers fell even as the economy was shedding jobs. What explains both a drop in employment and a reduction in the number of workers considered unemployed by the BLS
Answer:
The result can be explained by the fact that about 450,000 people got new jobs. This means that the 250,000 that left their jobs actually got new jobs in addition to 200,000 others who also got jobs (perhaps as replacements for the 250,000 that relocated jobs) after being unemployed for some time.
Another possible explanation may be as a result of some drop in the population resulting from aging and death, which causes a decline in labor force participation.
Explanation:
A drop in unemployment rates foreshadows that the economy is rebounding. This is a good sign of economic recovery. When new jobs are created due to technological advancements, people tend to move from one job to another, and those open positions are quickly refilled from the pool of the unemployed. This means that productivity will be on the increase, and the economy will be the better for it.
A company records items on the cash basis throughout the year and converts to an accrual basis for year-end reporting. Its cash-basis net income for the year is $70,000. The company has gathered the following comparative Balance Sheet information: Beginning of year End of year Accounts payable $3,000 $1,000 Unearned revenue 300 500 Wages payable 300 400 Prepaid rent 1,200 1,500 Accounts receivable 1,400 600 What amount should the company report as its accrual-based net income for the current year?
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
A number of states have a minimum wage that is higher than the federal minimum. In those states that impose such a minimum wage, it is more likely that the minimum wage acts as a binding:
Answer:
price floor, causing excess supply in the market.
Explanation:
A number of states have a minimum wage that is higher than the federal minimum. In those states that impose such a minimum wage, it is more likely that the minimum wage acts as a binding price floor, causing excess supply in the market.
A price refers to the amount of money a customer or consumer buying goods and services are willing to pay for the goods and services being offered. The price of goods and services are primarily being set by the seller or service provider.
Price control can be defined as standard restrictions or regulatory conditions that are typically set and enforced by the government of a country.
This ultimately implies that, price controls are used to impose the minimum and maximum prices set by the government, which are to be charged for various goods and services in the market. This minimum price that can be charged such as minimum wage is known as price floor while the maximum price that can be charged such as rent control is known as price ceiling.
Peterson Photoshop sold $1,900 in gift cards on a special promotion on October 15, 2021, and sold $2,850 in gift cards on another special promotion on November 15, 2021. Of the cards sold in October, $190 were redeemed in October, $475 in November, and $570 in December. Of the gift cards sold in November, $285 were redeemed in November and $665 were redeemed in December. Peterson views the probability of redemption of a gift card as remote if the card has not been redeemed within two months. At 12/31/2021, Peterson would show a deferred revenue account for the gift cards with a balance of:
Answer:
$1,900
Explanation:
Calculation for what Peterson would show as a deferred revenue account for the gift cards with a balance of:
Deferred revenue account=$2,850+($285+$665)
Deferred revenue account=$2,850-950
Deferred revenue account=$1,900
Therefore At 12/31/2021, Peterson would show a deferred revenue account for the gift cards with a balance of:$1,900
Which tool is being currently used to provide ITPA solutions via CIAP?
There are different new upgrade in IT. tool is being currently used to provide ITPA solutions via CIAP is Ayehu NG
Ayehu NG is simply known to be a No-code IT Automation and Orchestration platform created especially for IT Operations. It is run by by machine learning algorithms,It acts as a force multiplier, pushes efficiency via a simple and powerful automation platform. It can be used in on-premises and private and public cloud platforms.
As an intelligent IT Automation and Orchestration platform made for the Digital Era, it has web 3.0 automation platform for IT and security operations.
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How long must insurers maintain records of the information collected from senior consumers and other information used in making recommendations that were the basis for insurance transactions
Answer:
For five years after the insurance transaction is completed by the insurer
Explanation:
In order to maintain the records of the information that has been collected from the senior consumers the time period that is required is five years. It should be considered when the transaction of the insurance would be completed by the insurer
Hence, the above represent the answer
11-25 The XYZ Block Company purchased a new office computer and other depreciable computer hardware for $4800. During the third year, the computer is declared obsolete and is donated to the local comrnu- nity college. Using an interest rate of 15%, calculate the PW of the depreciation deductions. Assume that no salvage value was initially declared and that the machine was expected to last 5 years.
Answer:
XYZ Company
The PW (Present Worth) of depreciation deductions is $1,560.96
Explanation:
a) Data and Calculations:
Cost of Equipment = $4,800
Equipment's useful life = 5 years
Interest rate = 15%
Depreciation expense per year = $4,800/5 = $960
The asset was depreciated for two years, with Accumulated Depreciation totaling $1,920 (depreciation deductions).
Discounting $960 for two years, the present worth (present value) of the deductions = annual depreciation expense multiplied by present value annuity factor
=$960 * 1.626
= $1,560.96
b) The asset would have been depreciated for 5 years, but was declared obsolete during the third year. This means that it was only in use for 2 years. Therefore, in calculating the PW of the depreciation deductions, the annual depreciation expense of $960 is discounted to its present value using a present value annuity factor.
g Assume you are given the following relationships for the Haslam Corporation: Sales/total assets1.6 Return on assets (ROA)4% Return on equity (ROE)7% Calculate Haslam's profit margin and liabilities-to-assets ratio. Do not round intermediate calculations. Round your answers to two decimal places. Profit margin: % Liabilities-to-assets ratio: %
Answer:
Profit margin % = 2.5%, Liabilities-to-assets ratio % = 42.86%
Explanation:
Profit margin % = Return on assets (ROA)/(Sales/total assets)
Profit margin % = 4% / 1.6
Profit margin % = 0.025
Profit margin % = 2.5%
Liabilities-to-assets ratio % = 1 - ROA/ROE
Liabilities-to-assets ratio % = 1 - 4%/7%
Liabilities-to-assets ratio % = 1 - 0.57143
Liabilities-to-assets ratio % = 0.42857
Liabilities-to-assets ratio % = 42.86%
HELP 20 POINTS HWLP HELL
ANSWER:
Path Breakers:
Leo is very confident in his own style of selling, he doesn't go the conventional way, and has charted out a route for himself that gets him the desired results.
Challengers:
Anna puts in a lot of hard work everyday. She also puts in extra effort and record the highest number of visits and calls per day.
Dependable problem solvers:
Tanya understands her customer's business and thinks in a directed manner to solve their problems in an assertive manner through communication.
Toilers:
George always follows up with his customers after a sale. He makes sure that the product has been as per promised by getting in touch with his customers.
Hope this helps!
An investment will pay $150at the end of each of the next 3 years, $250 at the end of Year 4, $300 at the end of Year 5,and $500 at the end of Year 6. If other investments of equal risk earn 11% annually, what is its present value
Answer:
Total PV= $976.6
Explanation:
Giving the following information:
Cash flows:
Cf1 to 3= $150
Cf4= $250
Cf5= $300
Cf6= $500
Discount rate= 11%
To calculate the present value, we need to use the following formula on each cash flow:
PV= Cf*(1+i)^n
Cf1= 150/1.11= 135.14
Cf2= 150/1.11^2= 121.74
Cf3= 150/1.11^3= 109.68
Cf4= 250/1.11^4= 164.68
Cf5= 300/1.11^5= 178.04
Cf6= 500/1.11^6= 267.32
Total PV= $976.6
Accounting definition?
Answer:
Accounting or Accountancy is the measurement, processing, and communication of financial and non financial information about economic entities such as businesses and corporations.
Explanation:
Please mark the brainliest if it helped you.
Recording Merchandising Transactions INSTRUCTIONS Record the following transactions in T-account form in your working papers for Sharp Shot Camera Shop. A partial chart of accounts follows:
General Ledger
Cash in Bank
Accounts Receivable
Merchandise Inventory
Accounts Payable
Sales
Apr 4. Sold 10 Canon cameras on account for $3,000, Sales Slip 224.
Apr.10 Sold 2 dozen photo albums for $150, cash, Sales Receipt 302.
Apr. 20 Sold 4 rolls of 35mm film for $24 cash, Sales Receipt 303.
Apr 4. Sold a Canon camera to a customer for $380 cash, Sales Receipt 304.
Answer:
Sharp Shot Camera Shop
General Ledger
Cash in Bank
Date Account Titles Debit Credit
Apr. 10 Sales $150
Apr. 20 Sales 24
Apr. 24 Sales 380
Accounts Receivable
Date Account Titles Debit Credit
Apr. 4 Sales $3,000
Sales
Date Account Titles Debit Credit
Apr. 4 Accounts Receivable $3,000
Apr. 10 Cash 150
Apr. 20 Cash 24
Apr. 24 Cash 380
Explanation:
a) Data and Calculations:
Apr 4 Credit Sales = $3,000
Apr. 10 Cash Sales = $150
Apr. 20 Cash Sales = $24
Apr. 24 Cash Sales = $380
b) The initial records are made in the journal which debits Cash and Accounts Receivable and credits Sales Account for each transaction.
State two goals you hope to achieve through applying your coursework this term to your workplace experience
Incomplete question. I answered from a general working perspective.
Answer:
1. communication skill improvement
2. time management skill improvement
Explanation:
1. Note, in virtually every work environment today, effective communication is key to achieve the objectives of the organization. Therefore, it is important to know;
what to say,how to say it,when to say it, andwho to say it to.2. Having time management skills is vital in today's fast pace work environment. Therefore, applying the coursework to gaining this skill-set is surely worth commendation.
What were some early warning signs that signaled things were not going well with the CityTime project?
Answer:
Answer is explained in the explanation section below.
Explanation:
Note: without prior knowledge of the scenario discussed here, no one can answer the question properly. But, I have found the scenario on the internet and read it carefully. Hopefully, person who posted this question must have read it too. Assuming this, I am answering this question.
Early Signs:
Actually, in this case, CityTime was cheated as the fixed price contract was shifted to material and time. As this is completely against the agreement of the contract. It is clearly mentioned in the clauses of the contract agreement as well. Furthermore, all these fraudulent changes were made without taking notice of the city time. As a consequence, actual cost of the project raised or extended from $224 million to $628 million, which is a huge loss to the company. Additionally, due to all this, project experienced several delays which further damaged the company.
Which of the following involved a digital designer?
A.
The hardware that lets your hard drive work.
B.
A computer animated movie
C.
An old cartoon from the 1930s
D.
The evening news
Answer:
your answer is (B)
Explanation:
Answer:
BBB
Explanation:
is the answer have a good day ;)
Which aspect of marketing (branding, promotion, or market research) is the most important for companies to consider when
doing business in the global economy, and why? Write one or two paragraphs to respond to this question. Support your
response with examples or other details
According to the CME Group, the market price of the E-mini futures is $2,939.25. Each futures contract delivers 50 times the index. A long-only equity portfolio with market value of USD $10,000,000 has a beta of 1.5. The portfolio manager is planning to increase market exposure such that the portfolio beta becomes 2. How many futures contracts should the manager long/short
Answer:
E-Mini futures = $2,939.25
Contract Size = 50
Portfolio Value = $10,000,000, Beta 1.5
Target Beta 2, Planning to increase the exposure
Calculation of Number of contracts needed = [Portfolio Size x (Target Beta - Actual beta)] / Contracts Size x Future Price
= (10,000,000 x (2 - 1.5) ] / 50 x 2939.25
= (10,000,000 x 0.5) / 146962.5
= 5,000,000 / 146962.5
= 34.02228459641065
= 34
So, you need to go Long 34 contracts to Increase the exposure.
Suppose Brian is in the market for a used textbook and the campus bookstore is having a sale. If the initial price of the used book is $73.25 and the discounted price is $68 , what is the percentage change in the book price
Answer:Percentage change in the book price =7.17%
Explanation:
Initial Price of the used book = $73.25
Discounted price = $68.00
Percentage change in the book price = Initial Price - Discounted price/ Initial Price) x 100
($73.25 - $68.00) /$73.25 =5.25 /$73.25 =0.07167
=7.17%
In 2020Q1 the US unemployment rate was 3.8% and the (estimated) natural unemployment rate was 4.4%. This means the (estimated) cyclical unemployment rate was g
Answer:
The (estimated) cyclical unemployment rate was 0.60%.
Explanation:
The cyclical unemployment rate can be calculated as the difference between the natural unemployment rate and the unemployment rate. This can be stated as follows:
Cyclical unemployment rate = Natural unemployment rate - Unemployment rate ........................... (1)
Where, for the US, we have:
Natural unemployment rate = 4.4%
Unemployment rate = 3.8%
Substituting the values into equation (1), we have:
Cyclical unemployment rate = 4.4% - 3.8% = 0.60%
Therefore, the (estimated) cyclical unemployment rate was 0.60%.
Please calculate the Net Present Value for the following scenario:
Today End of Year 1 End of Year 2 End of Year 3 End of Year 4
Outflow (investment) 2000
Inflow (return) 300 350 400 450
Discount rate-14%
Annual compounding at the end of the year (do not use your calculator's annuity due function)
Answer:
-$931.35
Explanation:
The computation of the net present value is given below:
Before that the present value is
Year Amount Discount factor at 14% Present value
1 $300 .877 $263.1
2 $350 .769 $269.15
3 $400 .675 $270
4 $450 .592 $266.4
PV of Cash Inflows = $1,068.65
And, the initial investment is $2,000
So, the net present value is
= The present value of Cash inflows - initial investment
= $1,068.65 - $2,000
= -$931.35
The computation of the net present value is:
-$931.35The computation of the net present value is given below:
Year Amount Discount factor at 14% Present value
1 $300 0.877 $263.1
2 $350 0.769 $269.15
3 $400 0.675 $270
4 $450 0 .592 $266.4
The Net Present Value for the following scenario will be -$931.35.
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Traditionally, design and manufacturing activities have taken place sequentially. Nowadays, the concurrent engineering is more preferred because:
Question Completion with Options:
O Concurrent engineering requires less teamwork.
O In concurrent engineering, design and manufacturing activities have taken place sequentially.
O Concurrent engineering saves resources and time.
O Concurrent engineering requires less support of an organization's top management.
Answer:
Traditionally, design and manufacturing activities have taken place sequentially. Nowadays, the concurrent engineering is more preferred because:
O Concurrent engineering saves resources and time.
Explanation:
Concurrent engineering or simultaneous engineering refers to the method of designing and developing products in which the different processes run at the same time and not sequentially. This method reduces product development time. It has also drastically reduced the time to market. Concurrent engineering has led to improved productivity and reduced costs, both in the design, manufacture, and marketing of products.
The _____ portion of mixed cost that remains constant per unit with activity within the relevant range
Answer:
Fixed cost
Explanation:
Mixed cost is fixed cost plus variable cost
Fixed costs are costs that do not vary with output. e,g, rent, mortgage payments
If production is zero or if production is a million, Mortgage payments do not change - it remains the same no matter the level of output.
Hourly wage costs and payments for production inputs are variable costs
Variable costs are costs that vary with production
If a producer decides not to produce any output, there would be no need to hire labour and thus no need to pay hourly wages.
The AICPA's Code of Professional Conduct requires independence for all: Select one: a. attestation engagements. b. services performed by accountants in public practice. c. professional work performed by CPAs. d. accounting and auditing services performed.
Answer: attestation engagements
Explanation:
The AICPA's Code of Professional Conduct requires independence for an attestation engagements.
An attestation engagement is referred to as when an arrangement is being made with a client whereby a particular subject matter brought by a client is being investigated by a independent third party and then gives a feedback based on the reports.
There are six workers, one at each of the six stations (A-F). They begin their workday at 8:00 a.m. and work steadily until 4:00 pm. (They are replaced with other workers for breaks and lunches, but the production is not slowed or stopped during these times.) Their hourly wage rate is $25 per hour. You can assume unlimited demand. What is the process capacity (you can ignore any start-up or empty system effects), in razors/hour
Answer:
60
Explanation:
Calculation for What is the process capacity in razors/hour
Based on the information given we would be using process capacity of station D Assembly 3:
Process capacity of D=1/60*60sec *60 mins
Process capacity of D=1/60*3,600 razors per hour
Process capacity of D=60
Therefore the process capacity in razors/hour will be 60
Choose the best options to complete the following paragraph.In the past, conventional wisdom dictated that the best executives were hired from outside the ranks of a company. ____(PART 1)_______ recent research conclusively indicates that the most successful leaders are promoted from within. ___(PART 2)__________ in order to cultivate strong leadership, many corporations have devoted more resources to succession planning. ___(PART 3)_____________PART 1 Options:Additionally,However, PART 2 Options:However,Therefore,PART 3 Options:Succession planning is the process of identifying suitable employees to assume executive positions.Succession planning can be useful to organizations.
Answer:
However; therefore; succession planning.
Explanation:
A leader can be defined as an individual who is saddled with the responsibility of controlling, managing and maintaining a group of people under him or her.
In the past, conventional wisdom dictated that the best executives were hired from outside the ranks of a company. However, recent research conclusively indicates that the most successful leaders are promoted from within. Therefore, in order to cultivate strong leadership, many corporations have devoted more resources to succession planning.
Succession planning is the process of identifying suitable employees to assume executive positions. Succession planning can be useful to organizations because it simply produces the right candidate at the right time to fill up or assume key positions and help the business firm or organization achieve its goals, aims and objectives successfully.
AtoZ Co. purchased a 3-year insurance policy on February 1, 2020, for $19,440. a. Record the entry for the purchase of the insurance coverage on February 1, 2020, recording the full amount as prepaid insurance. b. Record the required adjusting entry on December 31, 2020. Note: Round your answers to the nearest dollar. For example, enter 50 for 50.49 and enter 51 for 50.50
Answer:
a.
Feb 1, 2020
Prepaid Insurance 19440 Dr
Cash 19440 Cr
b.
Dec 31, 2020
Insurance Expense 5940 Dr
Prepaid Insurance 5940 Cr
Explanation:
a.
The purchase of 3 year insurance on 1 Feb 2020 will be recorded by adding the amount of purchase to the prepaid insurance account as it is an advanced purchase of policy. The resulting credit account will be cash which will represent payment for the insurance.
b.
The adjusting entry will be passed based on accrual or matching principle. The insurance expense per month is,
Insurance expense per month = 19440 / 36 = $540
The insurance expense for 2020 = 540 * 11 = $5940
The insurance expense will be debited by $5940 and prepaid insurance will be credited.
Patrick lives in a nation whose government embraces capitalism. He owns his own home and car, as well as his own business and building. Patrick maintains ownership due to:Group of answer choicesThe Freedom of choice.Eminent domain.The freedom of competition.The right to own private property.
Answer:
The right to own private property.
Explanation:
A property right is the exclusive or sole authority which determines the legal ownership of resources and how these resources are to be used, whether by individuals or government.
Hence, when property rights are well defined and markets are competitive, the market equilibrium is consistent with economic efficiency.
This ultimately implies that, when the ownership of resources are well defined and markets are competitive, all benefits from trade between the consumers and producers of goods and services has been maximized, and each units creating more benefit to the consumers than cost have been produced in the economy.
In this scenario, Patrick lives in a nation whose government embraces capitalism. He owns his own home and car, as well as his own business and building. Patrick maintains ownership due to the right to own private property.
A consumer has an income of $320 and the price of x is $5, while the price of good y is $12. In this case, if the consumer only purchases good x, she can buy _____ units, but instead, if she only buys good y, then she can afford to buy _____ units.
Answer:
If the consumer only purchases good x, she can buy 64 units, but instead, if she only buys good y, then she can afford to buy 26.67 units.
Explanation:
Given:
Income of the consumer = $320
Price of x = $5
Price of y = $12
Therefore, we have:
Units obtainable by purchasing x only = Income of the consumer / Price of x = $320 / $5 = 64
Unnits obtainable by purchasing y only = Income of the consumer / Price of y = $320 / $12 = 26.67
Therefore, if the consumer only purchases good x, she can buy 64 units, but instead, if she only buys good y, then she can afford to buy 26.67 units.
The following information was taken from the 2017 financial statements of Planet Corporation:
Accounts receivable, January 1, 2017 $21,600
Accounts receivable, December 31, 2017 30,400
Sales on accounts and cash sales 438,000
Required:
Determine the cash collected from customers by Planet Corporation in 2017.
Answer:
$429,200
Explanation:
Considering the above information, cash collected from customers by Planet Corporation in 2017 would be;
= Accounts receivable January 1, 2017 + Sales on accounts and cash sales - Accounts receivables January 31, 2017
= $21,600 + $438,000 - $30,400
= $429,200
Anabella Cunningham is 24 years old and single, lives in an apartment, and has no dependents. Last year she earned $55,000 as a sales representative for Planning Associates; $3,910 of her wages were withheld for federal income taxes. In addition, she had interest income of $142. She takes the standard deduction.Calculate her:a. taxable incomeb. tax liabilityc. tax refund or tax owed for 2018
Answer:
See below
Explanation:
1. Calculation of taxable income
Wages + interest earned
= $55,000 + $142
= $55,142
