Answers
Answer:
$161,000
Explanation:
Snap repair service accepted the seller counteroffer of $161,000. It means that Snap repair service paid the sum of $161,000 to acquire the land. Snap repair should record the value of the land as $161,000.
As per the guidelines of the generally accepted accounting principles, the value to be recorded is the amount paid to acquire the asset.
Related Questions
Carole is in a strategic alliance with one of the biggest distributors of the state. Which sales channel is she using?
Carole is using the "blank"
sales channel
Answers
Answer:
wholesale channel
Explanation:
Sometimes companies do not have the time, money, logistics or personnel to deal with small retailers. That is why they decide to use wholesalers that purchase large quantities and then resell them to smaller retailers. The workload is much lower plus the company has the benefit of only needing to deal with one big client per sales area. This reduces logistics expenses, as well as the labor hours.
Answer:
The correct answer is B2B
Explanation:
"In a business-to-business (B2B) channel, your customer is another business rather than a retail customer."
On May 20, White Repan Service extended an offer of $108,000 for land that had been priced for sale at $140,000 On May 30 White Repair Service accepted the sellers counteroffer
of $115.000. On June 20. the land was assessed at a value of $95 000 for property tax purposes On July 4 White Repair Service was offered S150.000 for the land by a national retail
chain At what value should the land be recorded in White Repair Service's records?
Answers
Answer:
$115.000.
Explanation:
As per the guidelines of the generally accepted accounting principles, assets should be recorded at their acquisition price. The value to be recorded is the price paid for the asset.
For White Repan Service, the amount they paid for the land was the counteroffer from the seller. White Repan Service paid $105,000 for the land. The value to be recorded should be $105,000.
_____ is a form of personal selling that requires that salespeople earn the confidence of their customers and that their selling strategy meets customer needs and contributes to the creation, communication, and delivery of customer value.
Answers
Answer:
Trust-based relationship selling
Explanation:
Salespeople can be defined as a group of people or individuals who are saddled with the responsibility of selling goods and services to customers, in order to meet their needs or wants.
Trust-based relationship selling is a form of personal selling that requires that salespeople earn the confidence of their customers and that their selling strategy meets customer needs and contributes to the creation, communication, and delivery of customer value.
Trust-based relationship selling is developed through personal selling and personalization because they deal with gathering information about a specific customer's choice such as taste, requirements, product preferences, shopping styles or patterns in order to be able to serve him or her better, through the provision of goods and services that meets their needs.
You use $50,000 of your own money to start a catering business. During the first year you earn a 5% return on that investment. If the current interest rate is 8%, you earn an economic profit of
Answers
Answer:
-$1,500
Explanation:
Calculation for the economic profit earn
Using this formula
Economic profit =Investment amount ×(Return on investment-Current interest rate)
Let plug in the formula
Economic profit =$50,000×(0.05 - 0.08)
Economic profit =$50,000×(-0.03)
Economic profit = -$1,500
Therefore you earn an economic profit of -$1,500
5. Refer to the original data. By automating, the company could reduce variable expenses by $3 per unit. However, fixed expenses would increase by $57,000 each month. a. Compute the new CM ratio and the new break-even point in unit sales and dollar sales. b. Assume that the company expects to sell 20,800 units next month. Prepare two contribution format income statements, one assuming that operations are not automated and one assuming that they are. (Show data on a per unit and percentage basis, as well as in total, for each alternative.) c. Would you recommend that the company automate its operations (Assuming that the company expects to sell 20,800)
Answers
Question Completion:
Due to erratic sales of its sole product - a high capacity battery for laptop computers - PEM, Inc., has been experiencing difficulties for some time. The contribution format income statement for the most recent month is given as follows:
Sales (19,500 units at $30 per unit) $585,000
Variable expenses 409,500
Contribution margin 175,500
Fixed expenses 180,000
Net operating margin ($4,500)
Answer:
PEM, Inc.
a1) New CM ratio = 40%
a2) Break-even point in unit sales and dollars sales
i) Break-even point in unit sales = Fixed Expenses/Contribution per unit
= $237,000/$12
= 19,750 units
ii) Break-even point in dollars sales = Fixed Expenses/Contribution margin ratio
= $237,000/0.4
= $592,500
b. Contribution format income statements, based on sales of 20,800 units:
Without With
Automation Automation
Sales (20,800 units at $30 per unit) $624,000 $624,000 (20,800 * $30)
Variable expenses (20,800 at $21) 436,800 374,400 (20,800 * $18)
Contribution margin (20,800 * $9) 187,200 249,600 (20,800 * $12)
Fixed expenses 180,000 237,000
Net operating margin $7,200 $12,600
c) I would recommend that the company should automate its operations. It will generate more net operating margin, equal to $5,400 ($12,600 - $7,200), when it automates than when it does not, assuming that it expects to sell 20,800 units.
Explanation:
a) Data and Calculations:
Variable expenses reduction = $3 per unit
Old variable expenses per unit = $21 ($409,500/19,500)
New variable expenses per unit = $18 ($21 - $3)
New variable expenses = $351,000 ($18 * 19,500)
New Contribution Margin per unit = $12 ($30 - $18)
New Contribution margin ratio = $12/$30 * 100 = 0.4 or 40%
Old Fixed Expenses = $180,000
New Fixed Expenses = $237,000 ($180,000 + $57,000)
If enterprise systems do much of the traditional work of recording transactions and processing journal entries and other accounting information, what role is left for the accountant to perform?
Answers
Answer:
If enterprise systems do much of the traditional work of recording transactions and processing journal entries and other accounting information,
the role that is left for the accountant to perform is to analyze the accounting information and provide interpretations to guide management's actions.
Explanation:
This is an evolving role that accountants must fulfill as Information Technology frees up their time to concentrate on less routine accounting tasks. They should now be focused on becoming trusted and valued advisors to their organizations by helping them to undertake strategic planning. They can achieve this as they devote more of their time to carry out an in-depth analysis of the accounting information being produced through technological automation and to provide correct interpretation of the analyzed data.
Kurt Simmons has 50/100/15 auto insurance coverage. One evening he lost control of his vehicle hitting a parked car and damaging a store front along the street. Damage to the parked car was $5,400 and damage to the store was $12,650. What amount will the insurance company pay for damages
Answers
Answer:
$18,050
Explanation:
Calculation for What amount will the insurance company pay for damages
Damage to the parked car $5,400
Add damage to the store $12,650
Total damages $18,050
Therefore the amount that the insurance company will pay for damages is $18,050
A manufacturer tests, modifies, and retests an original idea several times before offering it to the consumer. This process is called:
Answers
Answer:
Product development
Explanation:
A manufacturer tests, modifies, and retests an original idea several times before offering it to the consumer. This process is called product development.
A product life cycle can be defined as the stages or phases that a particular product passes through, from the period it was introduced into the market to the period when it is eventually removed from the market.
Generally, there are four (4) stages in the product-life cycle;
1. Introduction.
2. Growth.
3. Maturity.
4. Decline.
Suppose that you manage a risky portfolio with an expected rate of return of 17% and a standard deviation of 27%. The T-bill rate is 7%. Your client chooses to invest 70% of a portfolio in your fund and 30% in the T-bills. Suppose the same client in the previous problem decides to invest in your risky portfolio a proportion (y) of his total investment budget so that his overall portfolio will have an expected rate of return of 15%. What is the proportion y
Answers
Answer:
Proportion y = 80%
Explanation:
E(rc) - r(f) = y[E(rp) - r(f)]. Where E(rc) - r(f) is Risk premium of clients overall portfolio and y[E(rp) - r(f)] is Risk premium of clients risky portfolio
0.15 - 0.07 = y[0.17 - 0.07]
0.08 = y(0.10)
y = 0.08/0.10
y = 0.80
y = 80%
So, the proportion of risky portfolio(y) is 80%. So, to achieve overall return of 15% on portfolio, investors needs to invest 80% investment in risky portfolio.
If Vince charged $390 on his credit card with 22% APR and he paid his balance in full within the grace period, how much was he required to pay
Answers
Answer:
$0 in case the credit doesn't charge a monthly fee. Or just the monthly fee.
Explanation:
The grace period is a time period where the customer can pay any expenses and the bank will not charge any interest. In other words, if you pay the full balance before the grace period is over, the bank will not change you any interests.
Use the following data to determine the total dollar amount of assets to be
classified as property, plant, and equipment.
Koonce Office Supplies
Balance Sheet
December 31, 2014
Accounts payable
Salaries and wages payable
Mortgage payable
Total liabilities
$ 140,000
20,000
160,000
$320,000
Cash
$ 130,000
Accounts receivable
100,000
Inventory
110,000
Prepaid insurance
60,000
Stock investments
170,000
Land
180,000
Buildings
$210,000
Less: Accumulated
depreciation (40,000.) 170,000
Trademarks
140,000
Total assets
$1,060,000
Common stock
Retained earnings
Total stockholders' equity
Total liabilities and
stockholders' equity
$240,000
500,000
$740.000
$1,060,000
Answers
Answer:
=$350,000
Explanation:
Property, plant, and equipment are the tangible long-term fixed assets of a company. The total of PPE is the sum of all fixed long term assets minus accumulated depreciation.
There are fixed assets hence will appear on the asset side of the balance sheet. For Koonce Office Supplies, PPE will include
Land : $180,000
Buildings: $210,000
Total = $180,000 + $210,000
Total = $390,000
less accumulated depreciation
=$390,000 -$40,000
=$350,000
Medium Lisa Co. paid cash for all of the voting common stock of Victoria Corp. Victoria will continue to exist as a separate corporation. Journal entries for the consolidation of Lisa and Victoria would be recorded in
Answers
Answer:
a worksheet
Explanation:
A work sheet can be regarded bad a Multiple column sheets in which
all the necessary information that are required in preparation of the financial statement is been systematically recorded. worksheet cannot be regarded as a permanent account or regarded as a part of a journal/ ledger.
Exercise 1-7A Prepare a statement of stockholders' equity (LO1-3) At the beginning of the year (January 1), Buffalo Drilling has $12,000 of common stock outstanding and retained earnings of $7,400. During the year, Buffalo reports net income of $7,700 and pays dividends of $2,400. In addition, Buffalo issues additional common stock for $7,200. Required: Prepare the statement of stockholders' equity at the end of the year (December 31).
Answers
Answer:
See below
Explanation:
Statement of stockholder's equity at the end of the year 31, December.
•Retained earning
Opening balance
$7,400
Income for the year
$7,700
Dividend paid
($2,400)
Common stock issuance
------------
End of year balance
$12,700
•Common stock
Opening balance
[$12,000 + $7,400]
$19,400
Income for the year
$7,700
Dividend paid
($2,400)
Common stock issuance
$7,200
End of year balance
$31,900
= $31,900 - $12,700
= $19,200
Happy Hounds, Inc., is a small corporation with 52 employees. Which employee's wages are NOT eligible for the credit for paid leave
Answers
Answer: c. Yolanda missed four weeks of work because she broke her wrist.
Explanation:
The current Coronavirus pandemic has led to many shutdowns and quarantines for countries around the world including some areas in the United States.
For this reason, there is a credit for paid leave for events related to Covd-19 which is why Gillian, Oscar and Rodney will be eligible for paid leave credit. Yolanda however, broke her wrist and this is not coronavirus related so standard rules will apply and she will not be eligible for paid leave credit.
Lester's Markets has total revenues of $3,811, costs of $2,902, depreciation of $315, interest expense of $168, and taxes of $89. At the beginning of the year, the firm had current assets of $2,150, total assets of $4,908, and total liabilities of $1,964. At the end of the year, the current assets are $2,202, total assets are $5,103, and total liabilities are $1,952. What is the amount of net capital spending for the year
Answers
Answer:
$458
Explanation:
Calculation for What is the amount of net capital spending for the year
Net capital spending = ($5,103 − 2,202) − ($4,908 − 2,150) + $315
Net capital spending =$2,901 − $2,758+ $315
Net capital spending = $458
Therefore the amount of net capital spending for the year will be $458
while shopping grey spend 90% of the money she had if she has $4,500 on shopping what was amount of money spent
Answers
Answer:
$4,050
Explanation:
Grey has $4,500 for shopping.
She spent 90% while on shopping.
The amount spent = 90/100 x $4500
=0.9 x $4,500
=$4,050
Robert makes $10 an hour. He is paid double time for any overtime over
40 hours. If he worked a total of 46 1/2 hours last week, what is his
overtime pay? *
O $400
$465
$130
$65
Answers
$465
I hope this helps! Have a good rest of your day/night :)
Because he had been working 46 1/2 hrs last week and he get pain for $10 an hour so I would be $465
The company's adjusted trial balance includes the following accounts balances: Cash, $15,000; Equipment, $85,000; Accumulated Depreciation, $25,000; Accounts Payable, $10,000; Retained earnings, $63,500; Dividends, $2,000; Sales, $56,000; Sales Returns and Allowances, $3,000; Sales Discounts, $1,500; Depreciation Expense, $25,000; and Salaries Expense, $23,000. All accounts have normal balances. Prepare the second closing entry by selecting the account names from the pull-down menus and entering dollar amounts in the debit and credit columns.
Answers
Answer:
Dr Income summary 52,500
Cr Sales Returns and Allowances 3,000
Cr Sales Discounts 1,500
Cr Depreciation Expense 25,000
Cr Salaries Expense 23,000
Explanation:
Preparation of the second closing entry
Based on the information given the second closing entry will be :
Dr Income summary 52,500
(3,000+1,500+25,000+23,000)
Cr Sales Returns and Allowances 3,000
Cr Sales Discounts 1,500
Cr Depreciation Expense 25,000
Cr Salaries Expense 23,000
(Being To record closing of expenses and contra sales accounts
What is the percentage of the misstatement in (a) to the reported income of $1,073 million? Round to one decimal place.
Answers
Answer: 51.5%
Explanation:
Accrued expenses are to be included in the income statement because they show expenses that have not been paid but belong to the current period.
If accrued expenses were not included in the income calculation then the income is overstated because expenses reduce income.
Income is overstated by the accrued expenses amount which is $553 million
The percentage of this to the reported income is:
= 553 / 1,073 * 100
= 51.5%
3. Define opportunity cost. Give an example of a personal decision you made within the past year. What explicit costs were involved
Answers
Answer:
The interpretation including its question would be characterized underneath in the explanatory paragraph.
Explanation:
Opportunity costs are economic downsides that authority, an investment company, or perhaps a corporate mess up because once making a choice one alternate solution more than another. This same judgment I decided to make since then has been to attend college rather than just continuing to operate at the local grocery store. Explicitly associated costs throughout someone's intention to pursue are school fees, sleeping expenditures, journals, cars something which I bought to pursue higher education.ABC Corp. is considering an investment project that costs $500 today. It expects the project will yield income of $200 at the end of years 1, 2, and 3. The interest rate must be ________ for the firm to undertake the project.
Answers
Answer:
B) no more than 9%
Explanation:
The computation of the rate of interest is given below:
Given that
Initial Cost = $500
Yearly Yield = $200
Based on the above information
Let us assume the rate of interest be 10%
So,
PV at 10% is
= - $500 + $200 ( P/A , 10% , 3 )
= -$500 + $200 ( 2.487 )
= - 500 + 497.4
= -2.6
As we can see that the at 10% there is a negative value and if we take more than 10% so again it would be the negative value
Now
Let us assume the rate of interest be 10%
So,
PV at 8% is
= - $500 + $200 ( P/A , 8% , 3 )
= -$500 + $200 ( 2.577 )
= -$500 + $515.4
= $15.4
So the rate of interest would not be more than 9%
A student has a job that leaves her with $300 per month in disposable income. She decides that she will use the money to buy a car. Before looking for a car, she arranges a 100% loan whose terms are $300 per month for 48 months at 9% nominal annual interest. What is the maximum car purchase price that she can afford with her loan
Answers
Answer:
$12,055.44
Explanation:
The computation of the maximum car purchase price that can afford the loan is as follows:
But before that following calculations must be done:
The Monthly interest rate is
= 9% ÷ 12
= 0.75%
The Maximum price ($) is
= $300 × PVIFA(0.75%, 48)
= $300 × 40.1848
= $12,055.44
General Motors, the manufacturing giant's, largest supplier is: a. a legal firm b. a parts supplier c. GMAC Financing d. a trucking company e. Blue Cross-Blue Shield Insurance
Answers
Answer: Blue Cross-Blue Shield Insurance
Explanation:
Blue Cross Blue Shield covers insurance services, preventive care and also hospitalization.
General Motors, the manufacturing giant's, largest supplier is Blue Cross-Blue Shield Insurance. Therefore, tye correct option is E.
Research the organizational structure of the United Nations Human Rights Council. What are the goals of the organization
Answers
Answer:
address violations
Explanation:
Absolute advantage is found by comparing different producers' Group of answer choices opportunity costs. payments to land, labor, and capital. input requirements per unit of output. locational and logistical circumstances.
Answers
Answer:
input requirements per unit of output.
Explanation:
A company has absolute advantage in the production of a good or service if it produces more quantity of a good when compared to other countries
For example, country A produces 10kg of beans and 5kg of rice. Country B produces 5kg of beans and 10kg of rice.
Country A has absolute advantage in the production of beans while country B has absolute advantage in the production of rice
Southern Markets has sales of $78,400, net income of $2,400, costs of goods sold of $43,100, and depreciation of $6,800. What is the common-size statement value of EBIT?
Answers
Answer:
36.35%
Explanation:
According to the scenario, computation of the given data are as follows,
Sales = $78,400
Net income = $2,400
Cost of goods sodl = $43,100
Depreciation = $6,800
So, we can calculate the EBIT value by using following formula:
= EBIT ÷ Sales
= ($78,400 - $43,100 - $6,800) ÷ ($78,400)
= $28,500 ÷ $78,400
= 36.35%
Hence, the common-size statement value of EBIT is 36.35%
Supervisors should not bother others when planning for the short-term because it will only pull employees away from what they are paid to do. Group of answer choices True False
Answers
Answer: False
Explanation:
In order for an organization to achieve its objectives and grow, the role played by everyone involved with the organization is crucial. The employers, supervisors, employees and every other person have a role to play.
Even during short term planning, it is vital for the supervisors to carry the employees along and bother them about happenings. This is vital so that they'll know what is expected from them and also make them be aware that they're part of the organization.
Dozier Company produced and sold 1,000 units during its first month of operations. It reported the following costs and expenses for the month: Direct materials $88,000 Direct labor $44,500 Variable manufacturing overhead$22,600 Fixed manufacturing overhead 33,700 Total manufacturing overhead $56,300 Variable selling expense$15,800 Fixed selling expense 25,600 Total selling expense $41,400 Variable administrative expense$5,900 Fixed administrative expense 28,800 Total administrative expense $34,700 Required: 1. With respect to cost classifications for preparing financial statements: a. What is the total product cost
Answers
Answer:
the total product cost is $188,800
Explanation:
The computation of the total product cost is given below:
= Direct material + direct labor + Total manufacturing overhead
= $88,000 + $44,500 + $56,300
= $188,800
Hence, the total product cost is $188,800
We simply added the above 3 items to determine the total product cost
how many square meters of wall papers are needed to cover a wall 8m long and 3m high
Answers
24 square metre of wallpaper is needed
Explanation:
you can do this by length into breadth 8 metre into 3 metre
Answer:
24 square metres of wall papers are needed to cover a wall of 8m long and 3m high.
Pick an Agile Manifesto principle that you think is likely to have the biggest impact on the success or failure of a typical project in your organization and why
Answers
The correct answer to this open question is the following.
The Agile Manifesto principle that I am going to pick in the principle of "Embracing Change."
I think this is likely to have the biggest impact on the success or failure of a typical project in my organization because change is the constant in modern-day business. Probably, since the inception of the modern-day industry.
In order to be successful and maintain that success over the years -no matter the conditions- a company has to be ready not only to adapt to change but to change ahead of necessity. And this is one of the most difficult things to do in business because people love to be in a comfort zone for years. People in corporate America likes to know they are safe in their traditional places doing traditional things. For them, change is tough.
That is why I think "Embrace change" would be the principle that would help me the most.
