Answer:
Match the invoice with the PO.
Record the transaction in the system.
Post the transaction to a ledger
Generate unadjusted Trial balance
Prepare adjusted Trial Balance.
Issue Financial statements
Closing entries
Post closing Trial balance.
Explanation:
The accounting procedure is followed to record any transaction of the business. The transaction are recorded in the system and then these transactions are posted into ledger which forms the trial balance and then financial statements are prepared.
When you include the purchase price and the interest, how much did the video game end up costing you
Answer:
$75
Explanation:
When the purchase price and interest expense is added in the cost of video game the total cost would be $75. Initially the cost was $40. The interest expense of $10 is added in the price and purchase price of $25 is added in the initial price of video game.
Annuity Payment and EAR You want to buy a car, and a local bank will lend you $30,000. The loan would be fully amortized over 3 years (36 months), and the nominal interest rate would be 12%, with interest paid monthly. What is the monthly loan payment
Answer:
$996.43
Explanation:
present value of the loan = monthly payment x annuity factor
present value = $30,000PV annuity factor, 1%, 36 periods = 30.1075 (information from annuity tables)monthly payment = present value of the loan / annuity factor = $30,000 / 30.1075 = $996.4295 ≈ $996.43
On February 1, 2016, Edwards Corporation purchased a parcel of land as a factory site for $100,000. It demolished an old building on the property and began construction on a new building that was completed on October 2, 2016. Costs incurred during this period are
Answer:
some parts of the question are missing:
Costs incurred during this period are: Demolition of old building $10,000 Architect's fees $20,000 Legal fees for title investigation and purchase contract $4,000 Construction costs $625,000 Edwards sold salvaged materials resulting from the demolition for $2,000
the purchase cost of the land = $100,000 (purchase price) + $10,000 (demolition of old building) + $4,000 (legal fees) - $2,000 (sales of salvaged materials) = $112,000
the cost of the building = $625,000 (construction costs) + $20,000 (architect's fees) = $645,000
help meh plsssssssssssssssssssssss
Transactions/events: 1. Acquired $25,000 from the issue of common stock. 2. Purchased $2,500 of supplies on account from the Gadget Supply Agency. 3. Performed security services at local sporting events during the year for $8,000 cash. 4. Paid salaries expense of $3,000 for the year. 5. Purchased land, paying $10,000 cash. 6. Paid utility expenses of $2,000 for the year. 7. Paid a cash dividend of $1,500 to the shareholders. 8. Found out from an appraiser that the market value of the land on 12/31 was $12,500.
Answer:
I guess that you need the journal entries:
1. Acquired $25,000 from the issue of common stock.
Dr Cash 25,000
Cr Common stock 25,000
2. Purchased $2,500 of supplies on account from the Gadget Supply Agency.
Dr Supplies 2,500
Cr Accounts payable 2,500
3. Performed security services at local sporting events during the year for $8,000 cash.
Dr Cash 8,000
Cr Service revenue 8,000
4. Paid salaries expense of $3,000 for the year.
Dr Salaries expense 3,000
Cr Cash 3,000
5. Purchased land, paying $10,000 cash.
Dr Land 10,000
Cr Cash 10,000
6. Paid utility expenses of $2,000 for the year.
Dr Utilities expense 2,000
Cr Cash 2,000
7. Paid a cash dividend of $1,500 to the shareholders.
Dr Dividends 1,500
Cr Cash 1,500
8. Found out from an appraiser that the market value of the land on 12/31 was $12,500.
NO JOURNAL ENTRY
Ludwig Corporation leases a machine to Kluge Corporation under a three-year lease agreement determined to be a finance/sales-type lease. At the inception of the lease, Ludwig Corporation should record
Answer:
a lease receivable.
Explanation:
The lease receivable is the amount that should be paid by an obligor under the lease that involves all the amount that is owed and recovered. It simply means the income that occurs at the time when it is entered between the bororwed and the other person
So according to the given situation, the corporation should record the lease receivable
On January 1, 2016, Goll Corp. issued 3,000 of its 10%, $1,000 bonds for $3,120,000. These bonds were to mature on January 1, 2026 but were callable at 101 any time after December 31, 2019. Interest was payable semiannually on July 1 and January 1. On July 1, 2021, Goll called all of the bonds and retired them. Bond premium was amortized on a straight-line basis. Before income taxes, Goll's gain or loss in 2021 on this early extinguishment of debt was
Answer:
$24,000 gain
Explanation:
Dr Cash 3,120,000
Cr Bonds payable 3,000,000
Cr Premium on bonds payable 120,000
premium amortization per coupon = $120,000 / 20 periods = $6,000
a total of 11 coupons were paid = $6,000 x 11 = $66,000
carrying value of the bonds = $3,054,000
gain/loss on retirement of bonds = carrying value - retirement value = $3,054,000 - $3,030,000 = $24,000 gain
note. The partnership paid $3,600 in interest that was the amount owed for the year and paid $9,900 for a two-year insurance policy on the first day of business. Compute net income for the first year for Tri Fecta.
Answer:
$177,150
Explanation:
Missing word "Tri Fecta, a partnership, had revenues of $376,000 in its first year of operations. The partnership has not collected on $45,500 of its sales and still owes $38,600 on $160,000 of merchandise it purchased. There was no inventory on hand at the end of the year. The partnership paid $30,300 in salaries. The partners invested $45,000 in the business and $27,000 was borrowed on a five-year note."
Particulars Amount
Sales revenue $376,00
Less: Cost of goods sold $160,000
Gross profit $216,000
Less: Salaries expenses $30,300
Less: Interest expenses $3,600
Less: Insurance policies $4,950 ($9,900/2)
Net Income $177,150
So, the net income for the first year for Tri Fecta. is $177,150
The most important aspect(s) of a company's business strategy is figuring out how to become the industry's low-cost provider. deals with how management plans to maximize profits while, at the same time, operating in a socially responsible manner. is figuring out how to maximize profits and shareholder value. concerns how to improve the efficiency of its business model. are the actions and moves in the marketplace that managers take to gain a sustainable competitive advantage.
Answer:
Are the actions and moves in the marketplace that managers take to gain a sustainable competitive advantage.
Explanation:
Business strategy can be regarded as plans, moves as well as actions that are set up by the company in order to move the business to desired future state that the business envisioned. These are moves that Business takes to attract customers and to compete in a successful way. The Business strategy encompass the goals as well the objectives of the company, the type of the products and the target consumer so that profit can be made. It should be noted that the most important aspect(s) of a company's business strategy Are the actions and moves in the marketplace that managers take to gain a sustainable competitive advantage.
True or false: Competitive aggression occurs when an organization exploits a distinctive competence or improves an internal efficiency for competitive advantage.
Answer:
True
Explanation:
The term doesn't sound very nice, since using aggression is generally a negative word. But in this case, competitive aggression refers to improving your own strengths or potential strengths in order to achieve a competitive advantage. there is nothing wrong with it. A company gets better at doing what they do best or could do best and use it on their favor.
Competitive attack raises when a particular organization exploits a distinctive competence or improves an internal efficiency for competitive advantage.
Meaning of competition:The performance or process of trying to win something others are also trying to win.
In business the competition means,
The Performance of an act or process in to get some more advantage in a particular business by fair means.
Example:If Samsung increases the number cameras in a mobile phone, then Nokia increases the quality of the mobile cameras.
Hence, To achieve more profits and surviving in the market businessman need to response to the market as a result competition attack arises.
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A restriction of cash wherein the borrower is required to maintain a specific amount in a low-interest or noninterest-bearing account at the bank is called
Answer:
Compensating balance
Explanation:
Compensating balance is when the borrower agrees to maintain an amount of cash in his account.
The lender can invest this money and this reduces the cost of borrowing
A designer draws two circles, each of area 3.14 square feet. The centers of the circles are 4 feet apart. Do the circles overlap?
Answer:
No, the circles do not overlap
Explanation:
r = Radius of circle
A = Area = 3.14 square feet
Area of one circle
[tex]A=\pi r^2[/tex]
[tex]\Rightarrow 3.14=3.14r^2[/tex]
[tex]\Rightarrow r=1\ \text{ft}[/tex]
The radius of the each of the circles is 1 ft.
If the circles centers are 4 ft apart then the distance between the curves of the circle will be 2 ft apart.
So, the circles do not overlap each other. This is shown in the diagram.
Consider a $1,000 par value bond with a 6% coupon rate paid semiannually, and has 9 years to maturity. What is the price of the bond if it is priced to yield 7%
Answer:
$934.05
Explanation:
Future value= $1,000
Coupon rate= 6%/2= 3%
Coupon payment= 0.03*1,000= $30
Time= 9 years*2= 18 semi-annual periods
Yield to maturity= 7%/2= 3.5%
The price of the bond = PV(FV, PMT, N, I/Y)
The price of the bond = PV(1000, 30, 18, 3.5%)
The price of the bond = $934.0515914
The price of the bond = $934.05
Therefore, the price of the bond is $934.05
The accounting records of Dixon Company revealed the following costs: direct materials used, $300,000; direct labor, $450,000; manufacturing overhead, $381,000; and selling and administrative expenses, $230,000. Dixon's product costs total: Multiple Choice None of the answers is correct. $901,000. $1,361,000. $1,131,000. $980,000.
Answer:
$1,131,000
Explanation:
The computation of the product cost is given below:
= Direct material used + direct labor + manufacturing overhead
= $300,000 + $450,000 + $381,000
= $1,131,000
By adding the above three items we can get the product cost
hence, the fourth option is correct
QUESTION 1
In a non-compete agreement, the term "ancillary" means that
a.the non-compete agreement must be part of a larger agreement.
b.both parties must have a stake in the outcome.
c.the non-compete agreement is unfair to the employee, but not the employer.
d.the agreement is harmless to the general public.
QUESTION 2
Some of the elements of a contract are acceptance, consideration, legality, and capacity.
True
False
QUESTION 3
In contract law, a minor is someone under the age of 21.
True
False
QUESTION 4
Which of the following terms designates the legal ability of a party to enter into a contract?
a.Affirmation
b.Consent
c.Capacity
d.Materiality
QUESTION 5
To formally cancel a contract is to _______ it.
a.disaffirm
b.affirm
c.rescind
d.ratify
QUESTION 6
Amanda, a recent university graduate, needed a car to get to her new job. To help Amanda secure a loan for the car, Ted, a friend, agreed to pay the loan should Amanda default. Ted's promise to pay the loan is a collateral promise. His promise must be in writing to be enforceable.
True
False
QUESTION 7
To be valid, an agreement not to compete must be ancillary to a legitimate bargain.
True
False
QUESTION 8
If Jane persuades Linda to buy her horse by telling Linda that the horse runs "like the wind," then Jane's statement is
a.a unilateral mistake.b.fraud.c.puffery.d.reckless misrepresentation.
QUESTION 9
Fraudulent but innocent misrepresentation permits the injured party to rescind a contract.
True
False
QUESTION 10
Alex promises to pay $100 to anyone who finds his lost watch. Kate finds and returns the watch to Alex after hearing of the reward money. Alex and Kate have an enforceable unilateral contract.
True
False
1. In an agreement i.e. "non-compete," the word 'ancillary' stands for:
a). the non-compete agreement must be part of a larger agreement.
2. The statement asserting that few of the components of a contract involving acceptance, contemplation, legality, and ability would be considered:
a). True
3. The statement stating that in the context of contract law, a minor is characterized as an individual below 21 years of age
b). False
4. The term that is used to appoint the legal capability of a party to be introduced to a contract would be called:
c). Capability
5. The term employed to denote the action of calling off a contract officially would be:
c). Rescind
6. The statement asserting that Ted's promise to pay the amount of the loan on Amanda's behalf should be in writing to make it enforceable would be called:
a). True
7. The statement calling that an agreement not being able to compete unless they are ancillary would be called:
a). True
8. The term that will be used to refer to Jane's statement displaying her opinion on her horse would be:
c). Puffery
9. The statement regarding defrauding of permits associated with the wounded party to revoke a contract would be called:
a). True
10. The statement that would be called true that Alex and Kate have a rightful unilateral contract would be:
a). True
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Alpha Corporation reported the following data for its most recent year: sales, $670,000; variable expenses, $420,000; and fixed expenses, $200,000. The company's degree of operating leverage is closest to:
Answer:
the degree of operating leverage is 5
Explanation:
The computation of the degree of operating leverage is given below:
= Contribution margin ÷ EBIT
= (Sales - Variable expense) ÷ (Sales - Variable expense - Fixed expense)
= ($670,000 - $420,000) ÷ ($670,000 - $420,000 - $200,000)
= $250,000 ÷ $50,000
= 5
Hence, the degree of operating leverage is 5
Which functionality would you include in the product category of the marketing mix?
OA substitute goods for current product
O B. product discounts
O c.
after-sales service
O D. product image used in advertising
Georgia Products Inc. completed and transferred 163,000 particle board units of production from the Pressing Department. There was no beginning inventory in process in the department. The ending in-process inventory was 14,000 units, which were 2/5 complete as to conversion cost. All materials are added at the beginning of the process. Direct materials cost incurred was $628,350, direct labor cost incurred was $204,850, and factory overhead applied was $48,050.
Determine the following for the Pressing Department. Round "cost per equivalent unit" answers to the nearest cent.
a. Total conversion cost $
b. Conversion cost per equivalent unit $
c. Direct materials cost per equivalent unit $
Answer:
Pressing Department. Round "cost per equivalent unit" answers to the nearest cent.
a. Total conversion cost $
b. Conversion cost per equivalent unit $
c. Direct materials cost per equivalent unit $
a. Total conversion cost 252.900
b. Conversion cost per equivalent unit 0.61
c. Direct materials cost per equivalent unit 3.20
Explanation:
Solution
a. Total conversion cost 252.900
b. Conversion cost per equivalent unit 0.61
c. Direct materials cost per equivalent unit 3.20
Statement of Equivalent Units(Weighted average)
Material Conversion cost
Units Complete % Equivalent units Complete % Equivalent units
Transferred out 163.000 100% 163,000 100% 163,000
Ending WIP 14,000 100% 14,000 40% 5,600
Total 177,000 Total 177,000 Total 168.600
.
Cost per Equivalent Units (Weighted average)
COST Material Conversion cost TOTAL
Beginning WIP Inventory Cost $ 0
Cost incurred during period 628.350 252.900 881.250
Total Cost to be accounted for 566,100 102,900 669,000
Total Equivalent Units 177,000 168.600
Cost per Equivalent Units 3.20 0.61 3.81
Victory Corporation sold 400 shares of treasury stock for $45 per share. The cost for the shares was $35. The entry to record the sale will include a
Answer:The entry to record the sale will include a Credit toPaid in Capital from treasury stock at $4,000.
Explanation:
Journal entry to record sale of shares
Accounts and explanation Debit Credit
Cash $18,000
Treasury stock $14,000
Paid in Capital from Treasury STOCK $4,000
Calculation
CASH = Number of shares x Price per share
= 400 x $45=$18,000
Treasury stock = Number of shares x Price per share
= 400 x $35=$14,000
Paid In Capital = Cash - Treasury stock= $18,000- $14,000= $4000
After a crime has been reported, what is one of the first decisions that the police have to make?
ОА.
Who is guilty
OB.
Whether to arrest the suspect
O c.
Whether to investigate the crime
OD.
Whether to recommend the death penalty
A Japanese automaker produces $1 million worth of automobiles in its factory in the United States. How much of that is added to the GNP of the United States
Answer:
$1 million
Explanation:
Gross National Product is the sum of all goods produced in a country using a country's resources. Despite the car been produced by a Japanese automaker, the Japanese automaker makes use of resources of the US, so the full value of the cars would be included in US's GNP
Ken built his small business by completing tasks a specific way. He trained and carefully watched his employees to ensure that they followed the process.
Free rein
Autocratic
Democratic
Answer:
Autocratic
Explanation:
In business, Autocratic form of leaderships is a form of leaderships that require the employees to follow every orders from the leader to the letters.
The leaders will determine the goals that each members need to achieve within a specific time period. They also will provide with a detailed procedure that the employees need to follow to achieve the goals. Employees generally do not have any freedom to choose their working style within Autocratic leaderships.
An enterprise system is a centralized database that collects and distributes information throughout the firm. What type of financial information would be useful for both the marketing and manufacturing operations
Answer:
The description of the frame of reference in question is described below.
Explanation:
Production and selling procedures may require both intervening decades sales figures as well as estimations among which results are directly sold.
For something like the account manager, this video will help to better manage advertising campaigns, recognize targeted customers as well as forecasting potential product lines.Manufacturing facilities may require product judgment to make which product lines are about to be produced, and perhaps even the necessary adjustments to be made throughout order to attempt to eventually produce consumer goods. Business processes may be able to find solutions to questionnaire such as which performance of manufacturing firms would be necessary to find new and innovative ways or which established production capabilities is capable to accommodate future development requirements.True or False Questions `
(1) The world-wide amount of foreign currency transactions is more than $5.5 trillion a day or $2,000 trillion per year: T or F
(2) The world-wide amount of merchandise and service trade is about $100 trillion per year: T or F?(3) An organized exchange is a dealer market, whereas an OTC (over-the-counter) market is an auction market: T or F?(4) The New York Stock Exchange (NYSE) is an organized market, whereas the NASDAQ is an OTC market: T or F?(5) An organized exchange has a physical location, whereas an OTC market has no centralized meeting place.(6) The foreign exchange market is a dealer market, and dealers make markets for foreign currencies by quoting the bid price at which they buy foreign currencies and the asked price at which they sell them.
Answer:
1.f
2.
Explanation:
studies seem to suggest that management tends to make accounting changes and or manipulate discretionary accruals to
Answer: D. avoid violation of debt covenants.
Explanation:
Going by the Accrual basis of Accounting, expenses that are related to a period must be recorded in that period regardless of if it is paid or not.
Discretionary accruals are those that the company reports subjectively because it is not necessary that these accruals should be accrued.
This allows management to manipulate these as they like and they usually do this to avoid violation of debt covenants which usually place restrictions of some activities of the firm. They therefore use these discretionary accruals to navigate these restrictions.
What step completes the process for adding all of these transactions to the bank feed at the same time?
Answer: Select add
Explanation:
Select add is the process for adding all of these transactions to the bank feed at the same time. Once this is done, it adds up all that's important
Which company has the highest level of sales ($) at the beginning of the simulation? Allstar B & B Curall Driscol Ethik
Answer:
Ethik
Explanation:
Ethik has highest level of sales at the beginning of simulation. The company Ethik has well established brand name and customers buys its products even if they are expensive as the main vision of the company is not to compromise on the quality of product.
Match each of the following accounts to its proper balance sheet classification.
a. Accounts payable
b. Accounts receivable
c. Accumulated depreciation
d. Buildings
e. Cash
f. Goodwill
g. Income taxes payable
h. Investment in long-term bonds
i. Land
j. Inventory
k. Patent
l Supplies
1. Intangible Assets
2. Long-term Liabilities
3. Property, Plant, and Equipment
4. Common stock
5. Retained Earnings
6. Current Assets
7. Current Liabilities
8. Long-term Investments
Answer:
Account Balance sheet classification
a. Accounts payable Current liabilities
b. Accounts receivable Current Assets
c. Accumulated depreciation Property,plant and equipment
d. Buildings Property,plant and equipment
e. Cash Current Asset
f. Goodwill Intangible Asset
g. Income taxes payable Current liabilities
h. Investment in long-term bonds Long term investment
i. Land Property,plant and equipment
j. Inventory Current Assets
k. Patent Intangible Asset
l. Supplies Current Assets
The matching of the following accounts to its proper balance sheet classification is shown below:
Account Balance sheet classificationa. Accounts payable Current liabilities
b. Accounts receivable Current Assets
c. Accumulated depreciation Property,plant and equipment
d. Buildings Property,plant and equipment
e. Cash Current Asset
f. Goodwill Intangible Asset
g. Income taxes payable Current liabilities
h. Investment in long-term bonds Long term investment
i. Land Property,plant and equipment
j. Inventory Current Assets
k. Patent Intangible Asset
l. Supplies Current Assets
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Caltran, Inc. completed manufacturing Job 445. It included $310 of direct materials cost, $1220 of direct labor cost, and $560 of allocated manufacturing overhead. Which of the following is the correct journal entry needed to record the completed job?
a. Work — in — Process Inventory 1530
Cost of Sold 1530
b. Work — in — Process Inventory 2090
Finished Inventory 2090
c. Finished Goods Inventory 2090
Work — in — Inventory 2090
d. Finished Goods Inventory 2090
Materials Inventory 2090
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
Brief, Inc., had a receivable from a foreign customer that is payable in the customer's local currency. On December 31, 2017, Brief correctly included this receivable for 255,000 local currency units (LCU) in its balance sheet at $165,000. When Brief collected the receivable on February 15, 2018, the U.S. dollar equivalent was $177,900. In Brief's 2018 consolidated income statement, how much should it report as a foreign exchange gain
Answer:
$12,900
Explanation:
Calculation for how much should it report as a foreign exchange gain
Using this formula
Foreign exchange gain=U.S. dollar equivalent- Local currency units (LCU)
Let plug in the formula
Foreign exchange gain=$177,900-$165,000
Foreign exchange gain=$12,900
Therefore the amount that should be reported as a foreign exchange gain will be $12,900
local currency units (LCU) in its balance sheet at $165,000. When Brief collected the receivable on February 15, 2018, the U.S. dollar equivalent was $177,900. In Brief's 2018 consolidated income statement, how much should it report as a foreign exchange gain
