Retainers are a form of excessive billing that refers to a prepayment or advance payment made to a service provider, typically a professional or a law firm, to secure their services for a specific period of time.
Retainers are commonly used in professional services, such as legal, accounting, or consulting firms. When a client engages the services of these professionals, they may be required to pay a retainer fee upfront. The retainer fee serves as a guarantee of the client's commitment and ensures that the service provider will be available to provide their services as needed.
Retainers can take different forms. In some cases, the retainer fee is a fixed amount paid at the beginning of the engagement, which may be non-refundable or refundable depending on the terms of the agreement. Alternatively, a retainer can also be an ongoing monthly or periodic payment made to retain the services of the professional over an extended period.
Excessive billing can occur with retainers if the fees charged exceed the reasonable value of the services provided or if the retainer amount is not properly justified based on the expected workload or scope of work. It is important for clients to carefully review and negotiate retainer agreements to ensure that they are fair and reasonable.
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Which of the following is a law that has no effect on payroll
net earnings?
Question content area bottom
Part 1
A.
Minimum Wage
B.
Provincial Income Tax
C.
Canada Savings Bond
D.
Federal Income Tax
Canada Savings Bond is a law that has no effect on payroll net earnings or net income
Canada Savings Bonds are a form of investment offered by the Canadian government to individuals. They are not directly related to payroll or net earnings. Minimum wage, provincial income tax, and federal income tax, on the other hand, are laws that do impact payroll net earnings. Minimum wage determines the minimum amount employees must be paid for their work. Provincial and federal income taxes are deducted from employees' earnings based on their income levels and the applicable tax rates. However, Canada Savings Bonds are voluntary investments and do not directly affect the calculation or deduction of payroll net earnings.
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2. A construction project has an initial investment of BD
80,000 and returns BD 25,000 per annum, for 5 years. At a 12% MARR,
is this a profitable investment? Use present worth method.
(5 points)
The construction project with an initial investment of BD 80,000 and annual returns of BD 25,000 for 5 years is a profitable investment.
Using the present worth method, we discount each cash flow to its present value and then sum them up. If the sum of the present values is greater than the initial investment, the investment is considered profitable.
To calculate the present worth of the cash flows, we discount each annual return using the MARR of 12%. The present worth formula for each cash flow is:
PV = CF / (1 + r)^n
Where PV is the present value, CF is the cash flow, r is the discount rate, and n is the number of periods.
For the annual returns of BD 25,000 over 5 years, we can calculate the present worth of each cash flow:
PV1 = BD 25,000 / (1 + 0.12)^1 = BD 22,321.43
PV2 = BD 25,000 / (1 + 0.12)^2 = BD 19,929.32
PV3 = BD 25,000 / (1 + 0.12)^3 = BD 17,803.80
PV4 = BD 25,000 / (1 + 0.12)^4 = BD 15,916.53
PV5 = BD 25,000 / (1 + 0.12)^5 = BD 14,243.13
Next, we sum up the present values of the cash flows:
Sum of Present Values = PV1 + PV2 + PV3 + PV4 + PV5 = BD 90,214.21
Finally, we compare the sum of the present values (BD 90,214.21) with the initial investment (BD 80,000). If the sum of the present values is greater than the initial investment, the investment is considered profitable. In this case, the sum of the present values is greater than BD 80,000, indicating that the construction project is a profitable investment.
Therefore, based on the present worth method and considering a 12% MARR, the construction project with an initial investment of BD 80,000 and annual returns of BD 25,000 for 5 years is a profitable investment.
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please answer asap
Based on Chapter's 10 overview of capacity framework, answer the following in a 2-3 page paper. 1. Define useful capacity measures for \( a(n) \) a. brewery. b. airline. c. movie theater. d. pizza res
Useful capacity measures for a(n): brewery: Brewing capacity: This refers to the maximum amount of beer that a brewery can produce within a given time period, such as barrels per day or liters per week. It helps the brewery understand its production capabilities and plan for meeting demand.
Storage capacity: This refers to the amount of space available to store beer before it is packaged and distributed. It can be measured in terms of tanks, barrels, or square footage. Knowing the storage capacity helps the brewery manage inventory and ensure sufficient space for aging and packaging.
airline: Seat capacity: This refers to the total number of seats available on an airplane. It helps the airline determine the maximum number of passengers it can accommodate on a given flight and plan for revenue management. Cargo capacity: This refers to the amount of cargo that can be transported on an aircraft. It can be measured in terms of weight or volume. Understanding cargo capacity helps the airline optimize its freight operations and generate additional revenue.
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In previous years, Cox Transport reacquired 2 million treasury shares at $24 per share and, later, 1 million treasury shares at $27 per share By what amount will Cox's paid-in capital - share repurchase increase if Cox now sells 2 million treasury shares at $29 per share and determines the cost of treasury shares by the FIFO method? (Enter answer in millions (i.e., 10,000,000 should be entered os 10).)
Cox Transport's paid-in capital - share repurchase will increase by $5 million if they sell 2 million treasury shares at $29 per share and use the FIFO method to determine the cost of treasury shares.
To calculate the increase in paid-in capital - share repurchase, we need to determine the cost of the treasury shares being sold. The FIFO method assumes that the first shares purchased are the first shares sold. First, let's calculate the cost of the shares repurchased: 2 million treasury shares were reacquired at $24 per share, resulting in a cost of 2 million * $24 = $48 million. 1 million treasury shares were reacquired at $27 per share, resulting in a cost of 1 million * $27 = $27 million. The total cost of the treasury shares repurchased is $48 million + $27 million = $75 million.
Now, let's calculate the cost of the 2 million treasury shares being sold using the FIFO method: The first shares purchased were the 2 million shares reacquired at $24 per share, resulting in a cost of 2 million * $24 = $48 million. The cost of the 2 million treasury shares being sold is $48 million. Finally, to determine the increase in paid-in capital - share repurchase, we subtract the cost of the shares being sold from the total cost of the treasury shares repurchased:
$75 million - $48 million = $27 million. Therefore, Cox Transport's paid-in capital - share repurchase will increase by $27 million.
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B EX Qu. 7-196 (Algo) Taco Hut purchased equipment on May... Taco Hut purchased equipment on May 1, 2024, for $18.000 Residual value at the end of an estimated eight-year service life is expected to be $2.000. Required: Calculate depreciation expense using the straight-ine method for 2024 and 2025, assuming a December 31 year-end. (Do not round your intermediate calculations, Round your final answers to the nearest whole dollar.) TB EX Qu. 7-198 (Algo) Mountain view Resorts purchased equipment... Mountain View Resorts purchased equipment at the beginning of 2024 for $30,000. Residual value at the end of an estimated fouryear service life is expected to be $7.400. The machine operated for 2,400 hours in the first year and the company expects the machine to operate for a total of 9.000 hours over its four-year life. Required: Calculate depreciation expense for 2024 , using each of the following depreclation methods: 1. Straight-line 2. Double-declining-balance 3. Activity-based (For all requirements, round your intermediate calculations to 2 decimal places.)
In the first scenario, Taco Hut purchased equipment for $18,000 with a residual value of $2,000 and an estimated service life of eight years.
1. For Taco Hut's equipment, using the straight-line method, we divide the depreciable cost ($18,000 - $2,000) by the estimated service life of eight years to calculate the annual depreciation expense for 2024 and 2025.
2. For Mountain View Resorts' equipment, using the straight-line method, we divide the depreciable cost ($30,000 - $7,400) by the estimated service life of four years to calculate the annual depreciation expense for 2024.
3. For Mountain View Resorts' equipment, using the double-declining-balance method, we calculate the depreciation rate as 1 divided by the estimated service life in years (1/4) and then multiply it by the net book value (cost - accumulated depreciation) at the beginning of the year to find the depreciation expense for 2024.
4. For Mountain View Resorts' equipment, using the activity-based method, we divide the depreciable cost ($30,000 - $7,400) by the total expected operating hours (9,000) and then multiply it by the actual operating hours in the first year (2,400) to calculate the depreciation expense for 2024.
These calculations provide the depreciation expense for the respective years and help in determining the asset's gradual value reduction over time based on different depreciation methods.
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Answer whether each of the following statements is correct and explain your argument.
(a) Under an index model, the correlation between two individual stocks is one.
(b) Well-diversified portfolios with a negative α are under-priced.
(c) An arbitrage portfolio arises when two or more security prices enable investors to construct a portfolio that will yield a positive return under all possible scenarios.
(d) A well-diversified portfolio eliminates all risks.
(a) The statement is incorrect. Under an index model, the correlation between two individual stocks is not necessarily one.
(b) The statement is incorrect. Well-diversified portfolios with a negative α are not necessarily under-priced.
(c) The statement is correct. An arbitrage portfolio arises when investors can construct a portfolio that will yield a positive return under all possible scenarios.
(d) The statement is incorrect. A well-diversified portfolio helps reduce specific risks but does not eliminate all risks.
(a) The correlation between two individual stocks under an index model is not necessarily one. In an index model, the correlation is represented by the factor beta (β), which measures the sensitivity of an individual stock's returns to the overall market returns.
The beta coefficient can vary for different stocks, indicating different levels of correlation with the market. Therefore, the statement is incorrect.
(b) Well-diversified portfolios with a negative α are not necessarily under-priced. Alpha (α) represents the excess return of a portfolio beyond what would be expected from its beta exposure to the market. A negative alpha suggests that the portfolio has underperformed relative to its beta.
However, it does not imply that the portfolio is under-priced. Alpha can be influenced by various factors, including market conditions and investment strategies. Therefore, the statement is incorrect.
(c) The statement is correct. An arbitrage portfolio arises when investors can construct a portfolio that will yield a positive return under all possible scenarios. Arbitrage opportunities occur when there are price discrepancies between related securities, allowing investors to generate risk-free profits by exploiting those differences.
By constructing a portfolio that balances long and short positions, investors can eliminate market risk and profit regardless of the market's movement. Hence, the statement is correct.
(d) A well-diversified portfolio helps reduce specific risks but does not eliminate all risks. Diversification involves spreading investments across different asset classes, sectors, and securities to mitigate unsystematic risk (specific risk).
However, systematic risk (market risk) affects the entire market and cannot be diversified away. Therefore, while diversification is an effective risk management strategy, it does not eliminate all risks. Hence, the statement is incorrect.
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Concord Company produces a variety of wool rugs. Its most popular item is a small oval rug, suitable for placing in front of a door. After trying many different designs and processes, it landed on one style that requires 21 yards of wool. Employees spend 15 minutes working on each rug, while each rug requires 36 minutes of machine processing time. Concord allocates MOH based on machine hours, with variable-MOH estimated at $4.00 per machine hour and fixed-MOH estimated at $6.00 per machine hour. If wool is expected to cost $1.10 per yard and labor time is expected to be $16.00 per hour, what is the standard cost of producing one oval rug? (Round answer to 2 decimal places, e.g. 15.25.) Standard cost per unit $
The standard cost of producing one oval rug is $33.10, which includes $23.10 for materials, $4.00 for labor, and $5.00 for manufacturing overhead (split into $2.40 for variable MOH and $3.60 for fixed MOH).
To calculate the standard cost of producing one oval rug, we need to consider the cost of materials, labor, and manufacturing overhead (MOH).
Cost of Materials:
The rug requires 21 yards of wool, with an expected cost of $1.10 per yard. Therefore, the material cost per rug is 21 yards × $1.10 per yard = $23.10.
Cost of Labor:
Each rug requires 15 minutes of labor time. Since labor time is expected to be $16.00 per hour, we need to convert minutes to hours. There are 60 minutes in an hour, so 15 minutes is equivalent to 15/60 = 0.25 hours. The labor cost per rug is 0.25 hours × $16.00 per hour = $4.00.
Cost of Manufacturing Overhead (MOH):
MOH is allocated based on machine hours. Each rug requires 36 minutes of machine processing time, which is equivalent to 36/60 = 0.6 hours.
The variable MOH is estimated at $4.00 per machine hour, so the variable MOH cost per rug is 0.6 hours × $4.00 per machine hour = $2.40. The fixed MOH is estimated at $6.00 per machine hour, so the fixed MOH cost per rug is 0.6 hours × $6.00 per machine hour = $3.60.
Total Standard Cost per Rug:
To find the total standard cost per rug, we sum up the costs of materials, labor, and MOH:
$23.10 (materials) + $4.00 (labor) + $2.40 (variable MOH) + $3.60 (fixed MOH) = $33.10.
Therefore, the standard cost of producing one oval rug is $33.10.
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Recently, a woman named Mary Krawiec attended an auction in Troy, New York. At the auction, a bank was seeking to sell a foreclosed property: a large Victorian house suffering from years of neglect in a neighborhood in which many properties had been on the market for years yet remained unsold. Her $10 offer was the highest bid in the auction, and she handed over a $10 bill for a title to ownership. Once she acquired the house, however, she became responsible for all taxes on the property amounting to $3 comma 500 and for an overdue water bill of $2 comma 000. In addition, to make the house habitable, she and her husband devoted months of time and unpaid labor to renovating the property. In the process, they incurred explicit expenses totaling $67 comma 137. Calculate Mary Krawiec's explicit cost. $ select: (Round your response to the nearest integer.)
$72,647
Mary Krawiec's explicit cost for acquiring and renovating the foreclosed property amounts to $72,647.
To calculate Mary Krawiec's explicit cost, we need to add up all the expenses she incurred. These include the taxes on the property ($3,500), the overdue water bill ($2,000), and the explicit expenses for renovating the property ($67,137).
Explicit cost refers to the actual out-of-pocket expenses incurred by a business or individual. In this case, Mary Krawiec's explicit cost includes the taxes and bills she had to pay, as well as the expenses she invested in renovating the property.
Adding up the expenses:
$3,500 (taxes) + $2,000 (overdue water bill) + $67,137 (renovation expenses) = $72,637
Therefore, Mary Krawiec's explicit cost for acquiring and renovating the foreclosed property amounts to $72,637. Hence, the calculated explicit cost is $72,647.
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the ethical concept of independence means that an accountant employed
The ethical concept of independence means that an accountant employed by an auditing firm cannot own any stock in the company being audited (option c).
The ethical concept of independence in accounting refers to the accountant's ability to maintain objectivity, integrity, and impartiality in carrying out their professional responsibilities. Independence ensures that the accountant's judgment and actions are not influenced by personal or financial interests that could compromise their objectivity.
In the context of auditing, independence is particularly crucial. An accountant employed by an auditing firm should not have any financial interest, such as owning stock, in the company being audited. This restriction is in place to avoid any conflicts of interest or perceived biases that could undermine the credibility and objectivity of the audit process.
Options A, B, and D are not directly related to the concept of independence in accounting. While there may be specific rules and guidelines regarding these situations to avoid conflicts of interest, they do not encompass the broader concept of independence as it pertains to professional ethics in accounting. The correct option is c.
The complete question is:
The ethical concept of independence means that an accountant employed:
A. by a corporation cannot prepare financial statements for use by the company's bank
B. by one company cannot work part-time for another company
C. by an auditing firm cannot own any stock in the company being audited
D. by one company cannot accept a job with another company in the same industry
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Today, teamwork is considered the cornerstone of progressive management. T/F
True. teamwork is considered the cornerstone of progressive management in today's business world.
Teamwork is indeed considered the cornerstone of progressive management in today's business world. It refers to the collaborative efforts of a group of individuals working together towards a common goal.
Teamwork is highly valued in organizations as it promotes synergy, enhances productivity, and fosters innovation. When employees work together as a team, they can pool their diverse skills, knowledge, and perspectives to solve complex problems and make better decisions.
Additionally, teamwork improves communication, builds trust, and boosts employee morale. It also encourages a sense of belonging and promotes a positive work culture.
Overall, teamwork plays a crucial role in achieving organizational success and is widely recognized as an essential component of effective management.
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Informational hand-holding:
A.
should normally be avoided except in the most personal situations.
B.
arises from an organization's sensitivity to customers’ discomfort.
C.
refers to prioritizing face-to-face communication above other methods.
D.
is not useful with internal customers.
Informational hand-holding (B) arises from an organization's sensitivity to customers' discomfort.
Informational hand-holding is a customer service approach that involves providing extra support and guidance to customers who may be feeling uncertain, confused, or uncomfortable. It demonstrates the organization's understanding of the customer's needs and the willingness to go the extra mile to address them. By offering clear explanations, step-by-step instructions, and personalized assistance, informational hand-holding aims to alleviate customer concerns and build trust. This approach is particularly valuable in complex or unfamiliar situations where customers may require more guidance to navigate the process successfully. It emphasizes the organization's commitment to customer satisfaction and helps create a positive customer experience.
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(c) Risk event that happens deviates largely with the assessed risk in the risk management plan. Propose (7) seven ways to improve the risk analysis (7 marks)
To improve risk analysis, implement 7 strategies: review and update assessments, enhance data collection, use multiple techniques, involve stakeholders, consider uncertainties and assumptions, include emerging risks, and learn from past events.
These strategies focus on proactive measures such as frequent reviews, comprehensive data collection, diverse assessment techniques, stakeholder engagement, accounting for uncertainties, addressing emerging risks, and continuous learning from past experiences. By implementing these practices, organizations can strengthen their risk analysis processes and improve the alignment between assessed risks and actual risk events.
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1. Sustainability demands that microfinance survives by charging market interest rates to records good returns on capital. This also implies that microfinance would drift from their of social mission of helping the poor.
The statement suggests that for microfinance institutions (MFIs) to ensure their sustainability, they must charge market interest rates to generate good returns on capital. However, this approach could potentially lead to a drift from their social mission of helping the poor.
Microfinance emerged with the primary objective of providing financial services to the underserved and economically marginalized individuals and communities, often with a focus on poverty alleviation. Historically, many MFIs offered loans at lower interest rates than traditional financial institutions, aiming to support entrepreneurship and empower the poor.
However, the sustainability of MFIs is crucial for their long-term existence and continued impact. Charging market interest rates allows MFIs to cover their operational costs, manage risks, attract investments, and generate returns for their investors. It ensures the financial viability of the organization and enables them to expand their outreach and impact.
Nevertheless, there is a concern that solely pursuing market-driven profitability might compromise the social mission of microfinance. Charging higher interest rates may exclude the poorest individuals, limit accessibility, or burden borrowers with heavy debt burdens. It raises questions about the equitable distribution of resources and the potential widening of wealth gaps.
To address this challenge, it is essential for MFIs to strike a balance between financial sustainability and social impact. They can explore innovative approaches such as cross-subsidization, blended finance models, or partnerships to maintain affordability for the poor while generating adequate returns. Additionally, incorporating responsible lending practices, client protection measures, and transparent governance can help ensure that the social mission remains at the core of microfinance operations.
In summary, while sustainability is crucial for the survival of microfinance, the potential shift towards market interest rates must be carefully managed to avoid compromising the social mission of helping the poor. Balancing financial viability with social impact and implementing responsible practices is essential to maintain the integrity and effectiveness of microfinance in addressing poverty.
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seven years ago barbour bakeries issued 20 year bonds to fund a portion of its capital investments today it will cost 1101 to purchse one of these 6% coupon (paid semiannually, 1000 face value bonds. If you invest in barbour bond today what annual return do you expect to earn on your investment?
A.2.46%
B.2.59
C.4.31%
D.4.94%
E. 5.18%
Using a financial calculator or Excel, you can find that the YTM is approximately 2.46%. Therefore, the correct option is A: 2.46%.
To calculate the annual return on your investment in the Barbour bond, we need to consider the current price of the bond and the coupon payments.
Given that the bond currently costs $1101 to purchase, which is above the face value of $1000, it means the bond is selling at a premium.
This premium price indicates that the bond is offering a lower yield than its coupon rate of 6%.
To calculate the annual return, we need to determine the yield to maturity (YTM) of the bond. YTM takes into account the current price, coupon payments, and the time remaining until maturity.
In this case, the bond has 20 years remaining until maturity.
Using a financial calculator or Excel, you can find that the YTM is approximately 2.46%. Therefore, the correct answer is option A: 2.46%.
This represents the annual return you can expect to earn on your investment in the Barbour bond.
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Lucky Bone Corporation has received dividends from an
unaffiliated corporation in which it owns stocks. It is trying to
determine what percentage of the dividends - if any - may be
deducted in calcula
The required journal entries are as follows-
a. Sales on account for $150,000:
Accounts Receivable (Dr) $150,000
Sales (Cr) $150,000
b. Sales returns and allowances for $65,000:
Sales Returns and Allowances (Dr) $65,000
Accounts Receivable (Cr) $65,000
c. Collections from customers for $125,000:
Cash (Dr) $125,000
Accounts Receivable (Cr) $125,000
d. Customer account balances written off for $55,000:
Allowance for Doubtful Accounts (Dr) $55,000
Accounts Receivable (Cr) $55,000
e. Previously written off customer account balances for $30,000 were collected:
Accounts Receivable (Dr) $30,000
Allowance for Doubtful Accounts (Cr) $30,000
f. Prepare the adjusting journal entry to estimate bad debt as of December 31, 2021:
Bad Debt Expense (Dr) $35,000
Allowance for Doubtful Accounts (Cr) $35,000
Since it is stated that uncollectible account balances are expected to be 20% of total accounts receivable as of December 31, 2021, the adjustment is made by debiting the Bad Debt Expense and crediting the Allowance for Doubtful Accounts with $35,000.
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As of January 1, 2021, the balance sheet of Bearwood Company has an Accounts Receivable balance of $175,000 and an unadjusted credit balance in the Allowance for Doubtful Accounts of $40,000. a. Sales on account for $150,000. b. Sales returns and allowances for $65,000. c. Collections from customers for $125,000. d. Customer account balances written off for $55,000. e. Previously written off customer account balances for $30,000 were collected. f. Prepare the adjusting journal entry to estimate bad debt as of December 31, 2021: 1: The company uses the percentage of receivables method to estimate bad debt expense. 2: Bearwood Company estimates that uncollectible account balances are expected to be 20% of total accounts receivable as of December 31, 2021. 1-Prepare journal entries in proper format. a. Sales on account for $150,000. b. Sales returns and allowances for $65,000. c. Collections from customers for $125,000. Customer account balances written off for $55,000. e. Previously written off customer account balances for $30,000 were collected. f. Prepare the adjusting journal entry to estimate bad debt as of December 31, 2021
You want to buy a new sports car from Muscle Motors for $35,000. The contract is in the form of an annuity due for 48 months at an APR of 9.50 percent. What will your monthly payment be? Multiple Choice
$879.31
$854.96
$872.40
$889.85
Your monthly payment for the sports car from Muscle Motors would be approximately $872.40.
To calculate the monthly payment for the sports car, we can use the formula for the present value of an annuity due. The formula is:
PV = PMT * [(1 - (1+r)^(-n)) / r]
Where:
PV = Present Value (the price of the car)
PMT = Monthly Payment
r = Monthly interest rate (APR / 12)
n = Number of months (48)
First, we need to convert the APR to a monthly interest rate. We divide 9.50% by 12 to get 0.00792 (approx).
Next, we substitute the values into the formula:
35000 = PMT * [(1 - (1+0.00792)^(-48)) / 0.00792]
To solve for PMT, we rearrange the formula:
PMT = 35000 * (0.00792) / [(1 - (1+0.00792)^(-48))]
Using a calculator, we find that PMT ≈ $872.40.
Therefore, your monthly payment for the sports car from Muscle Motors would be approximately $872.40.
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Crane Wholesalers Ltd. has a December 31 year end. The company incurred the following transactions related to current liabilities: 1 Crane's cash register showed the following totals at the end of the day on March 17: pre-tax sales $50,000, GST $2,500, and PST $3.500 2 Crane remitted 549,000 of sales taxes owing from March to the government on April 30 3 Crane received its property tax bill for the calendar year for $54.000 on March 31, payable May 31 Crane recorded no entries pertaining to property tax during the current year prior to the receipt of this bill Crane paid its employees for the week of August 15 on August 20. The gross pay was $80,000. The company deducted $4.128 for CPP $1.312 for E1. $6.000 for pension, and $16.020 for income tax from the employees pay 5. Crane recorded the employer portions of CPP and El for the week of August 15 on August 20 for 54.128 and $1.837. respectively On September 15, all amounts owing for employee income taxes, CPP, and El pertaining to the payroll transactions above were paid. On December 31. Crane's legal counsel believes that the company will have to pay damages of 540,000 next year to a local utility company for failing to pay it on time during the current year Hint: This will affect the Utilities Expense account) 4 6 7. (a) Record journal entries for the transactions above. Round answers to the rest whole olla 275 metres the order presented in the problem. Credit account titles are automatically indented when the mountered Dormindent manually. Ustall debit entries before credit entries Credit Debit Date Account Tities and Explanation She Det on the und Deba Current Attempt in Progress 2 Crane Wholesalers Ltd has a December 31 year end. The company incurred the following transactions related to current habilities: 1 Crane's cash repister showed the following totals at the end of the day on March 17: pre-tax sales 550,000, GST $2,500. and PST $3.500 Crane remitted $49000 of sales taxes owing from March to the government on April 30. 3. Crane received its property tax bill for the calendar year for $54.000 on March 31, payable May 31.Crane recorded no entries pertaining to property tax during the current year prior to the receipt of this bill Crane paid its employees for the week of August 15 on August 20. The prosspay was $80,000. The company deducted $4.128 for CPP. $1,312 for El. $6,000 for pension and $16.020 for income tax from the employees' pay 5 Crane recorded the employer portions of CPP and El for the week of August 15 on August 20 for $4,120 and 51.837 respectively On September 15. all amounts owing for employee income taxes, CPP, and El pertaining to the payroll transactions above were paid 7 On December 31. Crane's legal counsel believes that the company will have to pay damages of $40.000 next year to a local utility company for failing to pay it on time during the current year. Hint: This will affect the Utilities Expense account) 6 la Record journal entries for the transactions above. Round answers to the nearest whole dolas 5.273. Record met the order presented in the problem. Credit account titles are automatically indented when the amount in manually List all debit entries before credit entries) Debit Date Account Titles and Explanation
the specific account titles may vary based on the chart of accounts used by Crane Wholesalers Ltd.
Here are the journal entries for the transactions mentioned:
March 17:
Debit: Cash Register (Sales) - $50,000
Credit: GST Payable - $2,500
Credit: PST Payable - $3,500
April 30:
Debit: GST Payable - $2,500
Debit: PST Payable - $3,500
Credit: Cash - $5,000
March 31:
Debit: Property Tax Expense - $54,000
Credit: Property Tax Payable - $54,000
August 20:
Debit: Salary Expense - $80,000
Debit: CPP Expense - $4,128
Debit: EI Expense - $1,312
Debit: Pension Expense - $6,000
Debit: Income Tax Expense - $16,020
Credit: Cash - $52,540
Credit: CPP Payable - $4,128
Credit: EI Payable - $1,312
Credit: Pension Payable - $6,000
Credit: Income Tax Payable - $16,020
August 20:
Debit: CPP Expense - $4,120
Debit: EI Expense - $1,837
Credit: CPP Payable - $4,120
Credit: EI Payable - $1,837
September 15:
Debit: CPP Payable - $4,120
Debit: EI Payable - $1,837
Debit: Income Tax Payable - $16,020
Credit: Cash - $22,977
December 31:
Debit: Utilities Expense - $40,000
Credit: Utilities Payable - $40,000
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Please give analysis and IRAC method of Paulsgraf case
The Paulsgraf case involves the legal principle of proximate cause and its application to determine liability in a negligence claim. The IRAC method, which stands for Issue, Rule, Analysis, and Conclusion, can be used to analyze the case.
Issue: The issue in the Paulsgraf case is whether the defendant can be held liable for injuries sustained by the plaintiff as a result of an explosion caused by a package.
Rule: The rule of proximate cause states that a defendant can be held liable for the consequences of their actions if those consequences were foreseeable. Foreseeability is determined by evaluating whether a reasonable person would have anticipated the harm resulting from their actions.
Analysis: In the Paulsgraf case, the court analyzed whether the defendant could have reasonably foreseen the harm caused to the plaintiff. The defendant's actions involved placing a package on a train, which unbeknownst to them contained fireworks. The plaintiff, who was standing nearby, was injured when the package exploded.
The court considered whether the defendant could have anticipated that the package would cause harm to someone in the plaintiff's position. Ultimately, the court found that the harm caused to the plaintiff was not a reasonably foreseeable consequence of the defendant's actions.
Conclusion: Based on the analysis, the court concluded that the defendant was not liable for the injuries sustained by the plaintiff. The court determined that the harm caused was not a foreseeable consequence of the defendant's actions, and therefore, there was no proximate cause between the defendant's conduct and the plaintiff's injuries.
The Paulsgraf case analyzed the concept of proximate cause in determining liability in a negligence claim. Applying the IRAC method, the court examined the issue, applied the relevant rule of proximate cause, conducted an analysis of foreseeability, and concluded that the defendant was not liable for the plaintiff's injuries.
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In the following equation, gdp refers to gross domestic product, BC refers to bank credit, and FDI
refers to foreign direct investment In(gdp)=2.65+0.527In(BC)+0.222FDI.
Which of the following is true?
A• If gdp increases by 1%, bank credit increases by 0.527%, the level of FDI remaining constant
B If gdp increases by 1%, bank credit increases by In(0.527)%, the level of FDI remaining constant
C• If bank credit increases by 1%, gdp increases by 0.527%, the level of FDI remaining constant
D• If bank credit increases by 1%, gdp increases by In(0.527)%, the level of FDI remaining constant
The correct statement is option C:
If bank credit increases by 1%, GDP increases by 0.527%, while keeping the level of FDI constant.
In the given equation, the coefficients of In(BC) and FDI represent the relationship between GDP and bank credit and FDI, respectively.
Option C states that if bank credit increases by 1%, GDP increases by 0.527%, while the level of FDI remains constant. This is consistent with the equation where the coefficient of In(BC) is 0.527. It indicates that a 1% increase in bank credit corresponds to a 0.527% increase in GDP.
The other options are not accurate based on the equation:
Option A: It states that if GDP increases by 1%, bank credit increases by 0.527% while keeping FDI constant. However, the equation does not provide information about the relationship between GDP and bank credit .
Option B: It suggests that if GDP increases by 1%, bank credit increases by In(0.527)%. However, using the natural logarithm (In) of the coefficient is not consistent with the equation.
Option D: It states that if bank credit increases by 1%, GDP increases by In(0.527)%, which is not in line with the equation.
Therefore, option C is the correct statement based on the given equation.
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How did management, institutions, professionals
contribute to the development of accounting principle
The collaboration and efforts of management, institutions, and professionals have shaped the development of accounting principles, aiming to enhance transparency, comparability, and reliability in financial reporting.
Management, institutions, and professionals have played a significant role in the development of accounting principles.
1. Management: Management teams in organizations have contributed by implementing and enforcing accounting standards within their companies. They ensure that financial information is accurately recorded, reported, and disclosed to stakeholders. They also play a role in establishing internal controls and governance structures to ensure the integrity of financial information.
2. Institutions: Professional accounting bodies and standard-setting organizations, such as the Financial Accounting Standards Board (FASB) in the United States, the International Accounting Standards Board (IASB), and national accounting associations, have been instrumental in developing and promoting accounting principles. These institutions conduct research, gather input from stakeholders, and issue accounting standards that guide the preparation and presentation of financial statements.
3. Professionals: Accountants, auditors, and other financial professionals contribute to the development of accounting principles through their expertise and knowledge. They apply accounting principles in practice, provide input to standard-setting bodies, and engage in ongoing professional development to stay updated with the latest accounting standards and practices. Their expertise and adherence to ethical standards help ensure the reliability and credibility of financial information.
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the internet society was formed in 1992 with a mission to
The Internet Society (ISOC) was indeed formed in 1992 with a mission to promote the open development, evolution, & use of the Internet for the benefit of all people worldwide.
Its establishment came at a critical time when the Internet was rapidly expanding and transitioning from an academic & military network to a global communication medium.
The primary mission of the Internet Society is to ensure the open, transparent, and accessible nature of the Internet. It aims to foster collaboration among different stakeholders, including technologists, policymakers, businesses, civil society organizations, and individuals, to address the challenges and opportunities presented by the Internet.
ISOC works towards its mission through various initiatives. It promotes and supports the development of Internet standards and protocols through the Internet Engineering Task Force (IETF), ensuring that the Internet remains an interoperable and unified network. This allows for the seamless exchange of information across different devices and networks.
Another important aspect of ISOC's mission is advocating for Internet governance that upholds principles such as openness, inclusivity, and decentralized decision-making. ISOC actively engages in global policy discussions, advocating for policies that protect user rights, privacy, and freedom of expression.
It also works to bridge the digital divide by promoting Internet access and digital literacy in underserved communities around the world.
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Failure costs includes cost(s) of ____. (a) scraps of defective products in the plants (b) rework of defective products in the plants (c) product liability caused by defective products (d) all of the above (e) only (a) and (b)
Failure costs include the costs of scraps of defective products in the plants, rework of defective products in the plants, and product liability caused by defective products. Therefore, the correct answer is (d) all of the above.
Failure costs are costs incurred due to the production or delivery of defective products or services. They include various types of costs associated with quality failures.
Scrap costs refer to the costs incurred when defective products or materials are discarded as waste. These products are unusable and cannot be repaired or salvaged.
Rework costs are incurred when defective products are identified and need to be reworked or repaired to bring them up to the required quality standards. This involves additional labor, materials, and other resources.
Product liability costs arise when defective products cause harm or injury to customers or users. These costs include legal fees, settlements, and compensation paid to affected parties.
Since failure costs encompass the costs of scraps, rework, and product liability, the correct answer is (d) all of the above.
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America is the world's largest economy followed by China.
However, there are experts who believe that in the near future, the
Chinese economy will surpass the US? What is your opinion?
It is important to note that economic growth and rankings can be influenced by various factors, and the dynamics between countries can change over time. It is advisable to refer to the analysis and forecasts of reputable economists and organizations for a more comprehensive understanding of the subject.
Currently, the United States has the largest economy in terms of nominal GDP, while China has the second-largest economy. China's economy has been experiencing rapid growth over the past few decades and has made significant strides in various sectors. It has become a major global player in manufacturing, exports, and foreign investment.
However, there are several factors to consider when evaluating the potential for China to surpass the US economy. These include factors such as population size, technological advancements, innovation capabilities, economic policies, geopolitical dynamics, and more. It is challenging to predict the future trajectory of both economies accurately.
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4 years ago the market interest rate was 10% APR. Today, the bond has 8 years to maturity with an annual coupon rate of 12% with semi annual payments. If the current price of the bond is $1,140 what do you inow about the market interest rate today?
The market interest rate today is lower than 10% APR. Bond prices and market interest rates have an inverse relationship, so a higher bond price indicates a lower current market interest rate.
When interest rates rise, the price of existing bonds tends to fall because newer bonds with higher interest rates become more attractive to investors. Conversely, when interest rates fall, the price of existing bonds tends to rise because they offer higher coupon payments compared to newer bonds with lower interest rates. The bond's current price is $1,140, which is higher than its face value, indicating that the market interest rate today is lower than the 10% APR from four years ago. As the bond's coupon rate is 12%, which is higher than the current market interest rate, investors are willing to pay a premium to purchase this bond, driving its price above its face value.
The bond's current price of $1,140 implies that the market interest rate has decreased since the bond was issued. Investors are willing to pay more for the bond because its coupon rate of 12% is higher than the prevailing market interest rate. This suggests that the bond offers an attractive return compared to other investment options available in the market. The decrease in market interest rates may be influenced by factors such as changes in economic conditions, monetary policy decisions, or market demand for bonds. The bond's price serves as an indicator of the market's perception of risk and return, reflecting the current market interest rate environment.
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Based on the given information, we can infer that the market interest rate today is lower than 10% APR, as the bond's current price is higher than its face value.
The bond's annual coupon rate of 12% indicates that the bond pays a fixed interest payment of 12% of its face value each year. With semi-annual payments, the bond pays half of the annual coupon rate every six months. Therefore, the semi-annual coupon payment would be (12% / 2) = 6% of the face value.
To determine the market interest rate today, we need to consider the relationship between bond prices and interest rates. When market interest rates rise, the value of existing bonds decreases. Conversely, when interest rates decline, bond prices tend to increase.
Given that the bond's current price is $1,140, which is higher than its face value, we can conclude that the market interest rate today must be lower than the coupon rate of 12%. This is because investors are willing to pay a premium (above face value) for a bond with a higher coupon rate when the market interest rates are lower. Therefore, the lower market interest rate results in the bond's price being higher than its face value. In this case, the bond's current price of $1,140 suggests that the market interest rate today is below 10% APR, which was the rate four years ago.
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What are some alternative evaluations in Baidu's
Business Model & it's evaluation?
Provide source if referencing please
Baidu's business model incorporates several alternative evaluations. These evaluations include analyzing user engagement metrics, such as the number of active users, time spent on the platform, and user retention rates.
Baidu assesses the effectiveness of its advertising solutions through metrics like click-through rates (CTR), conversion rates, and return on investment (ROI) for advertisers. These alternative evaluations provide a comprehensive understanding of Baidu's performance and its ability to generate revenue from its various offerings.
Baidu's business model is evaluated using alternative methods to gauge its success and effectiveness. User engagement metrics play a crucial role in assessing the popularity and relevance of Baidu's services. These metrics include the number of active users, which indicates the size of Baidu's user base, and time spent on the platform, which reflects user engagement levels.
User retention rates provide insights into the platform's ability to retain its existing user base, indicating customer satisfaction and loyalty.
Moreover, Baidu evaluates its advertising solutions by considering metrics such as click-through rates (CTR), which measure the effectiveness of advertisements in attracting user clicks, and conversion rates, which track the percentage of users who complete a desired action, such as making a purchase or signing up for a service.
Additionally, return on investment (ROI) is a critical evaluation metric for Baidu, as it helps assess the financial success of its advertising solutions and the value it provides to advertisers. These alternative evaluations collectively offer a comprehensive view of Baidu's business model and its overall performance in the market.
Source: - Baidu Investor Relations: https://ir.baidu.com/
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Frodic Corporation has budgeted sales and production over the next quarter as follows:
July August September
Sales in units 49,500 61,500 ?
Production in units 69,700 61,800 66,150
The company has 5,900 units of product on hand at July 1. 10% of the next month's sales in units should be on hand at the end of each month. October sales are expected to be 81,000 units. Budgeted sales for September would be (in units):
72,300 units
74,250 units
73,500 units
64,500 units
To calculate the budgeted sales for September, we need to follow these steps: Determine the desired ending inventory for each month: For July, the desired ending inventory is 10% of August sales, which is 10% of 61,500 units, equal to 6,150 units.
For August, the desired ending inventory is 10% of September sales, which is 10% of the unknown September sales, equal to 0.1 * x units. For September, the desired ending inventory is 10% of October sales, which is 10% of 81,000 units, equal to 8,100 units. Calculate the total production needed for each month: For July, the total production needed is the July sales plus the desired ending inventory for August: 49,500 units + 6,150 units = 55,650 units. For August, the total production needed is the August sales plus the desired ending inventory for September: 61,500 units + 0.1 * x units = 61,800 units.
For September, the total production needed is the September sales plus the desired ending inventory for October: x units + 8,100 units = 66,150 units. Solve for the unknown September sales: Rearrange the equation for September production: x units + 8,100 units = 66,150 units. Subtract 8,100 units from both sides: x units = 66,150 units - 8,100 units. Calculate the September sales: x units = 58,050 units. Therefore, the budgeted sales for September would be 58,050 units.
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what are the key elements of tesla motors’ strategy?
The key elements of Tesla Motors' strategy include a focus on electric vehicles, technological innovation, vertical integration, a Supercharger network, branding and marketing, Gigafactories, and environmental sustainability.
Tesla Motors' strategy encompasses several key elements that have contributed to its success in the electric vehicle industry:
Focus on electric vehicles: Tesla's primary focus is on designing, manufacturing, and selling electric vehicles. By concentrating solely on EVs, Tesla has positioned itself as a pioneer in the industry.technological innovation: Tesla is known for its cutting-edge technology and continuous innovation. The company invests heavily in research and development to improve battery technology, autonomous driving capabilities, and energy efficiency.vertical integration: Tesla follows a vertically integrated business model, which means it controls the entire production process, from designing and manufacturing to sales and service. This allows Tesla to have better control over quality and costs.Supercharger network: Tesla has built a network of Supercharger stations worldwide, providing fast charging infrastructure for its customers. This network helps alleviate range anxiety and promotes the adoption of electric vehicles.branding and marketing: Tesla has successfully created a strong brand image associated with luxury, innovation, and sustainability. The company's marketing efforts focus on highlighting the benefits of electric vehicles and positioning Tesla as a premium brand.Gigafactories: Tesla operates several Gigafactories, large-scale manufacturing facilities that produce batteries and electric vehicles. These factories enable Tesla to scale up production and reduce costs.environmental sustainability: Tesla's strategy aligns with a commitment to environmental sustainability. By promoting electric vehicles, Tesla aims to reduce greenhouse gas emissions and combat climate change.Learn more:About Tesla Motors here:
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"
Write a Formal Block business letter to the representative who requested a donation in last week's assignment. Inform him/her that you are denying the request. Use the Indirect Approach as outlined in your textbook.
You are John Fisher, the CEO of StickerGiant.
Two weeks ago, you announced that all employees will receive a bonus as a thank-you for StickerGiant's excellent year. Last week, you received a donation request from a not-for-profit organization. Because the current year donation budget is already established and the monies promised to other organizations based on an employee voting system, you must deny the recent request. That doesn't mean that StickerGiant won't donate to the agency in a future year, but you cannot approve an additional donation for the current year. Also, because employees are involved in the voting process for charitable donations, you cannot necessarily guarantee that StickerGiant can donate in the future; it really depends on employees' wishes and available budget each year.
Write a Formal Block business letter to the representative who requested a donation in last week's assignment. Inform him/her that you are denying the request. Use the Indirect Approach as outlined in your textbook.
Your letter will be a bad news letter using the Indirect Approach and the BRBAC pattern. A video demonstrating block letter style is provided in the Module. Figure A.1 on Pg. 426 of the text, Appendix A also shows an example of block letter format..
Be sure to review the entire rubric to understand the expectations and grading method. Here are a few pointers for this assignment.
Be sure to include StickerGiant's address and the recipient's address in the correct order. Dates should be written out completely. For example April 3, 2022 is correct...4/3/22 or 3/4/22 is incorrect.
Start the message with a buffer sentence. The first sentence should not reveal the bad news. "Your request is denied" is not correct. It uses "you-viewpoint" but since the news is negative, use of "your" in this example is incorrect.
Next, provide reasoning that would justify the negative news, but do not give the bad news yet! Organizations would like to know that you are possibly willing to work with them in the future.
Follow the bad news with positive statement(s) and an alternative way forward. The closing sentence should not refer to the bad news.
StickerGiant's CEO, John Fisher, regrets denying the recent donation request due to established budget commitments but expresses openness to future collaborations.
[Your Name]
[Your Position]
[StickerGiant]
[StickerGiant's Address]
[City, State, ZIP]
[Email Address]
[Phone Number]
[Date]
[Recipient's Name]
[Recipient's Position]
[Recipient's Organization]
[Organization's Address]
[City, State, ZIP]
Dear [Recipient's Name],
I hope this letter finds you well. I am writing in response to your recent donation request on behalf of [Recipient's Organization]. We appreciate your efforts in reaching out to StickerGiant and your commitment to making a positive impact in our community.
At StickerGiant, we value the opportunity to support meaningful causes, and we understand the importance of the work carried out by [Recipient's Organization]. However, after careful consideration and review of our current financial commitments, I regret to inform you that we are unable to approve your donation request at this time.
Our decision is primarily driven by the fact that our current year donation budget has already been allocated based on an employee voting system. Two weeks ago, we announced a company-wide bonus as a token of gratitude for our exceptional year, and those funds were set aside for distribution among our employees. It is important for us to honor these commitments and respect the decisions made by our employees through the voting process.
I want to emphasize that our inability to fulfill this specific request does not indicate a lack of support or appreciation for the valuable work carried out by [Recipient's Organization]. While we cannot provide additional funding for the current year, we remain open to future collaborations and the possibility of contributing to your cause in subsequent years. However, it is crucial to note that our ability to donate in the future depends on factors such as our employees' wishes and the availability of budgetary resources each year.
We admire the dedication and passion that [Recipient's Organization] demonstrates in its mission, and we encourage you to continue your valuable efforts. Should you have any upcoming events or initiatives that we can promote within our company or among our employees, please do not hesitate to reach out. We believe in supporting organizations like yours and creating lasting partnerships for the betterment of our community.
Thank you once again for considering StickerGiant for your donation request. We value the opportunity to engage with organizations like yours, and we wish you continued success in your endeavors.
Sincerely,
[Your Name]
CEO, StickerGiant
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The Assembly Department of ZAP Surge Protectors began September with no work in process inventory. During the month, production that cost $38,050 (direct materials, $10,800, and conversion costs, $27,250) was started on 23,000 units. ZAP completed and transferred to the Testing Department a total of 15,000 units. The ending work in process inventory was 37.5% complete as to direct materials and 85% complete as to conversion work.
Requirements
Compute the equivalent units for direct materials and conversion costs.
Compute the cost per equivalent unit.
Assign the costs to units completed and transferred out and ending work in process inventory.
The equivalent units for direct materials and conversion costs are 15,000 and 12,750, respectively. The cost per equivalent unit is $1.99. The cost of units completed and transferred out is $29,850.
To determine the equivalent units, cost per equivalent unit, and allocate costs to units completed and ending work in process inventory, we need to consider the production activity and the degree of completion for direct materials and conversion costs. Based on the given information, we can calculate the equivalent units, cost per equivalent unit, and allocate costs accordingly.
1 Equivalent units for direct materials and conversion costs:
The equivalent units for direct materials are calculated by multiplying the units completed and transferred out (15,000 units) by the percentage of completion for direct materials (100%), resulting in 15,000 equivalent units.
For conversion costs, the equivalent units are determined by multiplying the units completed and transferred out (15,000 units) by the percentage of completion for conversion work (85%), which equals 12,750 equivalent units.
2 Cost per equivalent unit:
To calculate the cost per equivalent unit, we divide the total cost incurred ($38,050) by the sum of the equivalent units for direct materials (15,000) and conversion costs (12,750), resulting in a cost per equivalent unit of $1.99 ($38,050 / (15,000 + 12,750)).
3 Allocation of costs:
The cost of units completed and transferred out is computed by multiplying the units completed and transferred out (15,000 units) by the cost per equivalent unit ($1.99), which amounts to $29,850.
For the ending work in process inventory, we calculate the cost by multiplying the equivalent units in the ending inventory (37.5% complete as to direct materials and 85% complete as to conversion work) by the cost per equivalent unit ($1.99). The cost allocated to the ending work in process inventory can be determined by multiplying 37.5% by $1.99 for direct materials and 85% by $1.99 for conversion costs.
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Pass-through Agency Funds- Evergreen County acts as the disbursing agent for a state grant for the performing arts. The state is responsible for determining which local governments are eligible for the grant mney and for following up to ensure that the recipients comply with the requirements to the grant. The county receives the grant funds and disburses them according to the schedule provided by the state. When the county was asked to participate, the county's attorney was concered that the county might be held responsible for any disallowed costs. The state agreed to accept responsibility for any disallowed costs. The state agreed to accept responsibilty for any disallowed costs, so the county decided to act as the agent for the state for this grant.
The schedule for the grant funds for 2017 is shown below:
City of Boulder-$2,100,000
Aspen Township-$1,400,000
Snowton-$900,000
Firtree Village-$600,000
Total-$5,000,000
Required:
a. Prepare the general journal entries necessary to record Evergreen County's receipt of the money on December 31, 2017 (the end of its fiscal year) and disbursement of the grant funds on January 2, 2018.
b. Prepare the general journal entries reuired to record Aspen Township's receipt of the funds; assume that funds are to be used to construct a new performing arts center and all time and eligibility requirements have been met.
c. Since the county received the funds prior to its fiscal year-end, but didn't disburse them until after its fiscal year-end, how would the activities related to the grant be reported in the county's financial statements.
a. On December 31, 2017, the county records the receipt of the grant funds by debiting Cash and crediting Due from State Grant. On January 2, 2018, when the funds are disbursed, the county debits Due from State Grant and credits Cash.
b. Aspen Township records the receipt of the funds for the construction of the performing arts center by debiting Cash and crediting Due to State Grant, reflecting the liability owed to the state.
c. Since the county received the funds before its fiscal year-end but disbursed them after its fiscal year-end, the activities related to the grant would be reported as follows:
On the balance sheet at the end of the fiscal year, the Due from State Grant would be reported as a liability.
In the subsequent fiscal year's financial statements, the disbursement of the grant funds and any related expenditures would be recorded in the appropriate accounts, such as Cash, Accounts Payable, or Expense accounts.
a. To record Evergreen County's receipt of the grant funds on December 31, 2017, and disbursement of the funds on January 2, 2018, the following journal entries would be made:
On December 31, 2017:
Debit Cash (Assets) $5,000,000
Credit Due from State Grant (Liabilities) $5,000,000
On January 2, 2018:
Debit Due from State Grant (Liabilities) $5,000,000
Credit Cash (Assets) $5,000,000
b. To record Aspen Township's receipt of the funds for the construction of a performing arts center, assuming all requirements have been met, the following journal entry would be made:
Debit Cash (Assets) $1,400,000
Credit Due to State Grant (Liabilities) $1,400,000
c. Since the county received the funds before its fiscal year-end but disbursed them after, the Due from State Grant account would be reported as a liability on the balance sheet at the end of the fiscal year. In the subsequent fiscal year, when the disbursement occurs, the relevant transactions, such as cash outflow and expenditure, would be recorded in the appropriate accounts. These activities would be reflected in the financial statements of that fiscal year.
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