When Dexter determines that it will be impossible to recover $45,000 from Leer Co.
The aforementioned journals were predicated on the notion that Dexter Company accounts for uncollected accounts using the direct write-off method. Because the two occurrences took place in the same month, before Dexter Company closed its account for the month of March, a reversal of the journal entries was made on March 29. Restoring the accounts receivable to 100% was the goal of the reversal. The entries to be recorded, however, would be Debit Cash, Credit Other income / recovery account if the write-off entries had already been made a long time ago (in a previous year) and Leer Co. had partially settled the amount that was thought to be collectible and unexpectedly paid the amount that had already been written off.
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Dividends is a(n) ________ account that has a normal________ balance.a. liability; creditb. equity; debitc. liability; debit
Dividends is an equity account that has a normal debit balance.
Equity, also known as shareholders' equity or owners' equity for privately held businesses, is the sum of money that would remain with a company's shareholders after all of its assets have been sold and all of its debt has been settled in the event of a liquidation. in the event of purchase.
The book value of a corporation can also be represented by shareholder equity. Equity may occasionally be provided as payment-in-kind. Additionally, it shows how many shares of a corporation each person owns.
One of the most popular types of information used by analysts to evaluate a company's financial health is equity, which can be found on a balance sheet of a company.
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Comparing Three Depreciation Methods
Waylander Coatings Company purchased waterproofing equipment on January 6 for $249,400. The equipment was expected to have a useful life of four years, or 8,800 operating hours, and a residual value of $20,600. The equipment was used for 3,300 hours during Year 1, 2,700 hours in Year 2, 1,600 hours in Year 3, and 1,200 hours in Year 4.
Required:
1. Determine the amount of depreciation expense for the years ended December 31, Year 1, Year 2, Year 3, and Year 4, by (a) the straight-line method, (b) the units-of-output method, and (c) the double-declining-balance method. Also determine the total depreciation expense for the four years by each method.
The equipment was expected to have a useful life of four years, or 8,800 operating hours, and a residual value of $20,600.
Equipment is a tangible, long-term asset that will serve your business for years. Computers, trucks, and manufacturing machines are examples of devices. In contrast to intangible assets (patents, trademarks, copyrights, etc.), they are tangible because they have a physical form. contract is required.
The equipment most commonly refers to a set of tools or other items commonly used to accomplish a specific purpose. Different tasks require different types of equipment.
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Term Answer Description Pooled diversification A. This is a type of investment asset that owns and manages a pool of real estate assets to generate returns for its investors that includes both income-producing properties as well as mortgage loans. This fund offers its investors income which is often free from federal income tax and is mostly attractive to investors in high tax brackets This plan enables automatic withdrawals from an investors account periodically for investments. This term is used to describe the technique which allows investors to buy a diversified portfolio of securities for the collective benefit of individual investors Net asset value B. C. Tax exempt money fund Automatic reinvestment plan Automatic investment plan Systematic withdrawal plan Conversion privilege D. E This is an investment asset usually real estate, bought with the goal f earning periodic income in the form of rent or lease This is a specific type of real estate investment trust that owns and operates income-producing real estate This term refers to the value of a mutual fund which is the value of the entire assets of the fund minus the value of the fund's liabilities. F. G. H. This plan is created for investors looking for a steady stream of income by allowing shareholders to withdraw returns on a periodic basis. I. This feature is mostly offered by mutual fund families making it easier Real estate investment trust and less costly for investors to shift their money among mutual funds in the family that meet their investment goals. Equity REITs . This is an optional investment program that allows investors to reinvest the capital gains and other income earned into additional shares of the mutual fund
Net asset value - This is a type of investment asset that owns and manages a pool of real estate assets to generate returns for its investors that includes both income-producing properties as well as mortgage loans.
Tax exempt money fund - This fund offers its investors income which is often free from federal income tax and is mostly attractive to investors in high tax brackets
Automatic investment plan - This plan enables automatic withdrawals from an investors account periodically for investments.
Pooled diversification - This term is used to describe the technique which allows investors to buy a diversified portfolio of securities for the collective benefit of individual investors
Income property - This is an investment asset usually real estate, bought with the goal of earning periodic income in the form of rent or lease
Real Estate Investment Trusts - This is a specific type of real estate investment trust that owns and operates income-producing real estate
Net asset value - This term refers to the value of a mutual fund which is the value of the entire assets of the fund minus the value of the fund's liabilities.
Systematic withdrawal plans - This plan is created for investors looking for a steady stream of income by allowing shareholders to withdraw returns on a periodic basis.
Conversion privilege - This feature is mostly offered by mutual fund families making it easier Real estate investment trust and less costly for investors to shift their money among mutual funds in the family that meet their investment goals.
Automatic reinvestment plan - This is an optional investment program that allows investors to reinvest the capital gains and other income earned into additional shares of the mutual fund.
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the pay ratio reporting policy, as part of the dodd-frank wall street reform and consumer protection act of 2010, requires that companies report the ratio of their average worker's pay to that of
The pay ratio reporting policy, as part of the Dodd-Frank wall street reform and consumer protection act of 2010, requires that companies report the ratio of their average worker's pay to that of Consumer Financial Protection Bureau.
The Consumer Protection Act was enacted in 1986 and amended in 2002. It is designed to protect consumers from unfair and deceptive business practices. The Act prohibits unfair or deceptive acts or practices in the conduct of any trade or commerce.
It also gives the Federal Trade Commission (FTC) authority to take action against companies that engage in such practices. The FTC can. for example, order a company to cease and desist from an unfair or deceptive practice, impose a civil penalty, or seek injunctive relief.
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When you are engaged in distributive bargaining, research consistently shows one of the best things you can do is make the first offer.
Indicate whether the statement is true or false.
True, When you are engaged in distributive bargaining, research consistently shows one of the best things you can do is make the first offer.
What is bargaining?In social sciences, bargaining is a type of negotiation in which a buyer and seller of goods or services discuss the price or nature of the transaction. If the terms are agreed upon as a result of the bargaining, the deal is made. There are three main categories of bargaining issues: mandatory, permissible and illegal. Wages, health and safety, management rights, working conditions and benefits fall into the mandatory categories. In its simplest definition, "bargaining" is a socioeconomic phenomenon involving two parties who can work together to create a mutually desirable value, and which the parties dispute over the distributive of that value. . Examples of such situations are collective bargaining in unions and negotiating wage increases by company directors, disputes between two communities over the division of common territories, or terms for two countries to agree on nuclear disarmament.To learn more about bargaining from the given link :
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Research has found that an increase in the price of beer would reduce the amount of marijuana consumed. This research indicates that the cross elasticity of the two products is:
• negative because beer and marijuana are complements.
• negative because beer and marijuana are substitutes for one another.
• positive because beer and marijuana are complements.
• positive because beer and marijuana are substitutes for one another.
According to research, a rise in beer prices would lead to a decrease in marijuana use. Because beer and marijuana are complementary items, this research shows that the cross elasticity of the two products is negative.
The cannabis plant yields marijuana, among other names for the psychotropic substance. The cannabis plant, which is native to Central or South Asia, has been used for thousands of years in traditional remedies as well as as a narcotic for entheogenic and recreational purposes. The primary psychoactive component of cannabis is tetrahydrocannabinol (THC), one of the 483 known plant chemicals. This number includes at least 65 other cannabinoids, including cannabidiol (CBD). Cannabis can be used orally, vapourizingly, ingested, or utilized as an extract.
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The social enterprise serves which of the following purposes?a. Welfare servicesb. Social causesc. Public servicesd. Charitable causes
The social enterprise serves as a Social causes . These basically help in enhancing the social standards and upgraging the livelihood of people.
What is an enterprise?Today, our vast network means Enterprise is the largest provider of transportation solutions.We also offer rental cars, truck rentals, car sharing, and car sales. With over 8,000 locations worldwide, he is always there for you when you need him. A company is a Enterprise term used to describe a project or venture that is done for profit. It is often used with the word Enterprise, same as in business enterprise. A business (also called a company) is a legally recognized organizational entity that specializes in providing goods and services to consumers. A company is a company and the way it is formed. Private Company, Listed Company, or Pvt Ltd Company are different ways in which a company allocates shares. A company is generally thought of as a large company managing hundreds or thousands of employees. These organizations typically have very large budgets, which allows them relative flexibility in their technology spending.To learn more about enterprise from the given link :
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banks are financial intermediaries that use assets to finance investments of borrowers. please choose the correct answer from the following choices, and then select the submit answer button. answer choices illiquid; liquid illiquid; illiquid liquid; illiquid liquid; liquid
Banks are financial intermediaries that use liquid assets to finance the illiquid investments of borrowers. Thus, option B: 'liquid illiquid' is the correct answer.
Liquid assets refer to assets that can quickly and easily be converted into cash in a short period of time. Liquid assets include items like money market instruments, marketable securities, and cash. For the purposes of financial accounting, the liquid assets of a company are reported on its balance sheet as current assets. In contrast, illiquid investments refer to those assets that cannot be quickly and easily converted into cash, at least for their fair market value. Usually, banks use liquid assets to finance the illiquid investments of borrowers.
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Which of the following is a reason why salespeople fail to obtain commitment?
A. Fear of asking
B. Displaying unwarranted excitement
C. Poor presentation
D. Speaking more than listening
E. All of these
assume that the reserve requirement is 20 percent, but banks voluntarily keep some excess reserves. a $1 million increase in new reserves will result in
A $1 million increase in new reserves will result in an increase in the money supply of less than $5 million.
What happens if the amount of excess reserves in the banking system rises?
A financial institution's excess reserves can be raised, improving its credit rating. Since the stored cash or deposit is not invested to provide higher profits, especially over the long term, higher excess reserves also result in higher opportunity costs.
Banks voluntarily retain some extra reserves notwithstanding the 20 percent reserve requirement. The money supply will increase by less than $5 million for every additional $1 million in new reserves.
Therefore, Increased excess reserves can increase a financial institution's credit rating.
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assume the economy is currently producing at short-run equilibrium point a. in fear that the economy is expanding beyond its long-run capabilities, government officials decide to raise taxes. click on the equilibrium point that results from this fiscal policy decision.
The exceptionally high level of aggregate demand will cause price levels to rise through inflation. A fiscal policy that is more restrictive might cause the level of aggregate demand to drop from AD0 to AD1, which results in a new equilibrium output at potential GDP, or E1.
Fiscal policy is the use of public expenditure and taxation to affect the economy, particularly macroeconomic conditions. These include employment, inflation, economic expansion, and the total demand for goods and services. The shift in the overall demand for goods and services is the immediate result of fiscal policy. For instance, a fiscal expansion can increase aggregate demand in one of two ways. First, if government spending rises but taxes stay the same, demand rises immediately. Tax reductions and greater public expenditure are the two main manifestations of expansionary fiscal policy. Both of these measures aim to boost overall demand while reducing budget surpluses or adding to deficits.
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Quince Corporation has taxable income of $485,000 for its calendar tax year. Calculate the corporation's income tax liability for 2018 before tax credits.
$101,850 the corporation's income tax liability for 2018 before tax credits.Quince Corporation has taxable income of $485,000 for its calendar tax year.
With effect from January 1, 2018, corporate income tax rate is 21%
Quince Corporation has taxable income of $485,000 for its calendar tax year
Hence, corporation's income tax liability for 2018 before tax credits = 485,000 x 21%= $101,850
Individuals (or family units) and corporations are subject to income taxes. The basis for calculating individual income tax is the income received. Since the burden is presumably on the individuals who pay it, it is typically categorized as a direct tax.
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A player that starts at the end of the game and progresses to the first move to determine best responsesA. is using the Stackelberg Strategy.B. is acting irrationally.C. doesn't understand how to play a game.D. is using backward induction.
A player that starts at the end of the game and progresses to the first is using backward induction.
What is backward induction?
Backward induction, which is used in game theory, is an iterative method of reasoning backward in time from the conclusion of a problem or scenario in order to solve finite extensive form and sequential games and infer a succession of optimum moves.
Game theory was made into a legitimate academic field with the publication of John von Neumann and Oskar Morgenstern's book Theory of Games and Economic Behavior in 1944.
At every stage of the game, backward induction determines the optimum course of action for the player who makes the ultimate decision. The optimal course of action for the next-to-last moving player is then chosen by using the preceding player's action as provided. As this process goes backward, the best course of action for each case will be chosen.
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which of the following indicate the marginal external cost and the socially optimal quantity? responses $3.00 and 40 units $3.00 and 40 units $2.50 and 60 units
The marginal external cost and the socially optimal quantity is D. $1.00 and 20 units.
What is the marginal external cost ?The marginal external cost is the expense associated with creating one more unit that goes to a party other than the one making or using the product. It is therefore the extra expense incurred by suppliers of a good or service when generating an extra unit. Costs could be either negative or favorable as shown by the socially optimal quantity. It is based on changes in a number of external costs, including traffic, noise, air pollution, infrastructure, and accidents.
Going by the graph, the marginal external cost would be 20 units which is where the Demand is equal to the Marginal social cost. The marginal external cost at this point would be $ 1 as shown on the graph.
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The full question is :
Which of the following indicate the marginal external cost and the socially optimal quantity?
A. $3.00 and 40 units
B. $2.50 and 60 units
C. $2.00 and 40 units
D. $1.00 and 20 units
E. $1.00 and 80 units
which of the following factors helped make germany, which was a tough environment for a car company, conducive to successful car companies?
The German authorities recommends a most speed of one hundred thirty kph, so about 80 mph per hour on autobahns, but drivers are free to go as quickly as they prefer in de-restricted sections of the autobahns. Yes, as quick as you want! (Still.)
Why Germany has no velocity limit?The German authorities recommends a most speed of one hundred thirty kph, so about 80 mph per hour on autobahns, but drivers are free to go as quickly as they prefer in de-restricted sections of the autobahns. Yes, as quick as you want! (Still.)
The fastest pace ever recorded on the German Autobahn was 432 kilometres per hour. The pace was once recorded by Rudolf Caracciola on the stretch just before his accident. This is the highest recorded speed on a motorway.
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The FDIC provides protection for CD accounts up to $250,000 and often offers somewhat better rates of return. US savings bonds have no cap on the amount of coverage and are backed by the country's complete faith and credit.
Why is a CD preferable to a savings account?Traditional savings accounts typically don't offer as much interest as CDs, and the annual percentage yield (APY) is fixed. It's wise to create a CD ladder in a rising-rate environment so that all of your money isn't tied up at a lesser rate as yields rise. A minimum deposit is typically needed to open a CD account.
Are CDs subject to taxation?In a nutshell, yes, the IRS will tax any interest you get on your CD that is greater than $10. For each tax year that the interest is earned, this is required. Therefore, if you have a three-year CD, you will only be taxed on the interest you get this year.
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An account payable ledger :
a Contains an account for each credit consumer
b lists the balance of selected accounts that are added to show the total amount of the significant long term creditors outstanding
c is a book of original entry designed and used for recording only a specified type of transaction
d contains th financial statement accounts of a business
e contains a separate account for each supplier to the company
An account payable ledger lists balance of selected accounts that are added to show total amount of significant long-term creditors outstanding.
What is an account payable?Money owing by firm to its suppliers is referred to as accounts payable (AP) and is shown as liability on balance sheet of business. It differs from notes payable liabilities, which are obligations made possible by formal legal instrument documents. Invoices must then go through the specific business process of the organization in order to be paid after this is done. When a bill is vouched for payment, an accounts payable is registered in the accounts payable sub-ledger. By allowing customers to pay for goods or services after they have already been received, suppliers grant their clients AP, a type of credit. Invoice payment terms vary depending on the supplier. If an invoice is paid within a certain number of days, payment terms may include the promise of a monetary discount.
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Select the correct text in the passage.
What is the opportunity cost in this scenario?
Mikael has saved $4,000 for his trip to Brazil. He has calculated that his total transportation expenses will be $1,000. The hotel will cost him another $1,500. He will spend about $500 on food. He plans on spending the remaining $1,000 for sightseeing and buying souvenirs.
While booking his plane ticket, he realizes that the price has gone up. His total transportation expenses will go up by $200. He realizes that he cannot cancel his hotel reservation. He also doesn’t want to go cheap on food. Finally, he decides to give up visiting the popular Ouro Preto during his stay in Brazil.
The opportunity cost in this scenario is: Sightseeing or the visit to Ouro Preto during his stay in Brazil.
What is an opportunity cost?Opportunity cost is the forgone alternative and this is used in economics to refer to the option of two or three that is omitted in order to make the best of the available resources. The alternative forgone in the case of Mikeal above is foregoing his plan to spend the remaining $1,000 that he had on sightseeing and buying souvenirs.
When Mikael took a comprehensive view of his resources, he observed that it would be difficult for him to enjoy all of the activities that he planned without running short of resources.
Thus, he decided to cut off the less important item on the list to make way for the more important ones. The activity that he cut off to make room for the others is the opportunity cost.
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wozniacki and wilcox form jewel llc, with each receiving a one-half interest in the capital and profits of the llc. wozniacki receives his one-half interest as compensation for tax planning services he rendered prior to the formation of the llc. wilcox contributes $50,000 cash. the value of a one-half capital interest in the llc (for each of the parties) is $50,000.
a) Wozniacki recognized $50,000 as compensation income which is equal to the value of a one-half capital interest.
Character of the Income = Ordinary Compensation Income
b) Wozniacki’s basis in the LLC interest is $50,000.
c) Jewel would treat this $50,000 as organization or start up expense and would be amortized by Wilcox. This Expense was incurred for tax planning services Wozniaci rendered prior to the formation of the LLC.
What is capital interest?
The expense of borrowing to acquire a long-term asset is known as capitalised interest. Capitalized interest is not immediately expensed on a company's income statement, in contrast to regular interest costs. Companies are permitted to expense long-term assets over time since many businesses fund them with debt.
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in the event of a non-material breach of a contract, the duty to perform is not excused and the non-breaching party must resume performance of the contractual obligations undertaken.
in the event of a non-material breach of a contract, the duty to perform is not excused and the non-breaching party must resume performance of the contractual obligations undertaken .its true .
Generally speaking, a non-material violation is less serious than a significant breach. This kind of breach typically relates to a relatively small aspect of the contract. It is a breach that slightly deviates from the original intent of the contract rather than violating the fundamental terms of the agreement. A material breach of a contract is one that results in a significant failure to perform. A non-material violation is when a less significant contractual duty is not satisfactorily completed. In general, there are four different categories of contract violations: anticipatory, real, minor, and material. When one of the parties to the contract fails to fulfill the purpose for which it was made, this is referred to as a material breach. On the other hand, a non-material breach happens when the failure
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On July 1, 2020, Cheyenne Corporation purchased Young Company by paying $256,300 cash and issuing a $100,000 note payable to Steve Young. At July 1, 2020, the balance sheet of Young Company was as follows. Cash $50,100 Accounts payable $205,000 Accounts receivable 89,900 Stockholders’ equity 242,900 Inventory 109,000 $447,900 Land 40,200 Buildings (net) 76,000 Equipment (net) 70,900 Trademarks 11,800 $447,900 The recorded amounts all approximate current values except for land (fair value of $63,400), inventory (fair value of $125,600), and trademarks (fair value of $16,000). Collapse question part (a) Partially correct answer. Your answer is partially correct. Try again. Prepare the July 1 entry for Cheyenne Corporation to record the purchase. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit enter an account titleenter an account titleEntry field with correct answer Cash enter a debit amountenter a debit amountEntry field with correct answer 50,100 enter a credit amountenter a credit amountEntry field with correct answer enter an account titleenter an account titleEntry field with correct answer Accounts Receivable enter a debit amountenter a debit amountEntry field with correct answer 89,900 enter a credit amountenter a credit amountEntry field with correct answer enter an account titleenter an account titleEntry field with correct answer Inventory enter a debit amountenter a debit amountEntry field with correct answer 125,600 enter a credit amountenter a credit amountEntry field with correct answer enter an account titleenter an account titleEntry field with correct answer Land enter a debit amountenter a debit amountEntry field with correct answer 63,400 enter a credit amountenter a credit amountEntry field with correct answer enter an account titleenter an account titleEntry field with correct answer Buildings enter a debit amountenter a debit amountEntry field with correct answer 76,000 enter a credit amountenter a credit amountEntry field with correct answer enter an account titleenter an account titleEntry field with correct answer Equipment enter a debit amountenter a debit amountEntry field with correct answer 70,900 enter a credit amountenter a credit amountEntry field with correct answer enter an account titleenter an account titleEntry field with correct answer Trademarks enter a debit amountenter a debit amountEntry field with correct answer 16,000 enter a credit amountenter a credit amountEntry field with correct answer enter an account titleenter an account titleEntry field with correct answer Goodwill enter a debit amountenter a debit amountEntry field with incorrect answer now contains modified data enter a credit amountenter a credit amountEntry field with correct answer enter an account titleenter an account titleEntry field with correct answer Accounts Payable enter a debit amountenter a debit amountEntry field with correct answer enter a credit amountenter a credit amountEntry field with correct answer 205,000 enter an account titleenter an account titleEntry field with correct answer Cash enter a debit amountenter a debit amountEntry field with correct answer enter a credit amountenter a credit amountEntry field with correct answer 256,300 enter an account titleenter an account titleEntry field with correct answer Notes Payable enter a debit amountenter a debit amountEntry field with correct answer enter a credit amountenter a credit amountEntry field with correct answer 100,000
Journal Entry on July 1, 2020.
Accounts Debit Credit
Cash 50100
Accounts Receivable 89900
Inventory 125600
Land 63400
Building 76000
Equipment 70900
Trademark 16000
Goodwill 66700
Accounts Payable 205000
Notes Payable 100000
Cash 253600
Calculation of goodwill:
Goodwill = Purchase Consideration - (Assets Taken over - Liabilities Taken over)
Purchase Consideration = 100000 (notes payable) + 253600 (cash) = 353600
Assets Taken Over = 50100 + 89900 + 125600 + 63400 + 76000 + 70900 + 16000 = 491900
Liabilities Taken Over = 205000 (accounts payable)
Goodwill = 353600 - (491900 - 205000) = 66700
In financial accounting, a balance sheet is a summary of the financial balance of an individual or organization whether it is a sole proprietorship partnership corporation limited liability company, or another organization such as a government or non-profit organization.
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firms that establish effective inventory management policies, perform accurate sales forecasts, and maintain effective transportation and distribution operations are adhering to the customer service objective of timeliness. reliability. order. consistency. ease of doing business.
Firms that establish effective inventory management policies, perform accurate sales forecasts and distribution operations are adhering to the customer service objective of reliability.
The practice of purchasing, keeping, using, and distributing a company's inventory is known to as inventory management. This covers the storage and management of such commodities as well as the administration of raw resources, parts, and completed goods. Depending on a company's demands, there are various forms of inventory management, each one with benefits and disadvantages. One of a company's most significant resources is its inventory. For retail, industrial, food premises, as well as other stock sectors, a firm's inputs and final goods form the foundation of its operation. Where and when inventory is needed, a shortfall can be very harmful.
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A firm builds an effective customer service strategy around these set of common objectives
1. Deliver the good or service completely in a timely manner
2. Ensure that the process for taking and fulfilling customer orders is reliable
3. Establish convenient customer communications channels
4. Encourage ease of doing business, so that the customer finds it convenient and pleasant to deal with the firm
A firm builds an effective customer service strategy around these set of common objectives which is 3. Establish convenient customer communications channels.
customer service is the help and advice supplied by way of a corporation to the ones people who purchase or use its services or products. every enterprise calls for specific ranges of customer service, but ultimately, the idea of a properly-executed service is that of increasing revenues. The definition of customer service. customer support is the support you provide your customers — each before and when they purchase and use your products or services — that facilitates them have an clean and fun enjoy with you.
basically, the 3 critical qualities of customer service middle round 3 “p”s: professionalism, staying power, and a “humans-first” mind-set. even though customer service varies from client to patron, so long as you're following those recommendations, you are on the proper music.
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kiddie world uses a periodic inventory system and the retail inventory method to estimate ending inventory and cost of goods sold. the following data are available at the end of the year: cost retail beginning inventory $ 320,000 $ 465,000 net purchases 863,000 1,230,000 freight-in 24,500 net markups 50,000 net markdowns 20,000 net sales 1,210,000 estimate ending inventory and cost of goods sold using the conventional method. note: round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.)
Ending inventory is $334,004
Cost of goods sold is $873496
what is retail inventory method?The retail inventory technique adds up the value of the items that can be purchased, including the initial inventory and any new purchases of inventory, to get the ending inventory value. The available goods for sale are subtracted from the total sales for the time.
How to calculate Retail Inventory method?The Retail inventory method is used to calculate inventory value using the unit's retail price.
As per given data Cost Retail
Beginning inventory $ 320,000 $ 465,000
Net purchases $863,000 $1,230,000
Freight-in $24,500
Net markups $50,000
Net markdowns $20,000
Net sales $1,210,000
Cost of Purchase = 863,000 + 24,500 = $887,500
Retail Price of Purchases = Net Purchases Retail + ( Net Markup ) = 1,230,000 + ( 50,000 - 20,000 ) = $1,260,000
Cost to retail Percentage = ( $887,500 / $1,260,000 ) x 100 = 70.43%
Closing Inventory = Purchases + Net Markup - Sales = $1,230,000 + ( $887,500 / $1,260,000 ) - $1,210,000 = $20,007
Retail Cost
Beginning inventory $ 465,000 $320,000
Net purchases $20,007 $14,004 ( $20,007 x 70.43% )
Ending Inventory $485,007 $334,004
Closing Inventory = Opening + Purchases - Closing = $320,000 + ($863,000 +$24,500 ) - $334,004 = $873496
Ending inventory is $334,004
Cost of goods sold is $873496
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Curly Inc. is considering whether to continue to make a component or to buy it from an outside supplier. The company uses 16,000 of the components each year. The unit product cost of the component according to the company's cost accounting system is given as follows: Direct material $8.10 Direct labor 6.40 Variable manufacturing overhead 1.70 Fixed manufacturing overhead 4.40 Unit product cost $20.60 Assume that direct labor is a variable cost. Of the fixed manufacturing overhead, 30% is avoidable if the component were bought from the outside supplier. In addition, making the component uses 1 minute on the machine that is the company's current constraint. If the component were bought, this machine time would be freed up for use on another product that requires 2 minutes on the constraining machine and that has a contribution margin of $8.10 per unit. When deciding whether to make or buy the component, what is the maximum price the company would pay if it decides to buy? A. $20.60 B. $17.52 C. $24.65 D. $21.57 E. $23.52
The maximum price that the company would pay if it decides to buy the component is $17.52. This is calculated by subtracting the avoidable fixed manufacturing overhead of 30% from the unit product cost of $20.60 to get $14.42.
Then, subtracting the variable manufacturing overhead of $1.70 and the direct labor of $6.40 yields the maximum price of $17.52. By buying the component from the outside supplier, the company would save $3.08 per unit, which would then be available to be used on another product. The company would also free up 1 minute of machine time on the current constraint, allowing them to produce an additional product that requires 2 minutes on the constraining machine and that has a contribution margin of $8.10 per unit.
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According to your text, which of the following is a reason why many people enjoy personal selling as a career?
According to your text, it features variety and flexibility is a reason why many people enjoy personal selling as a career.
The profession is a person's metaphorical "adventure" through mastering, paintings, and different factors of life. There are a number of methods to outline career and the term is used in a ramification of methods.
A professional way you live inside the identical kind of paintings. A career may be one task or many roles. you may paintings for one corporation or many groups. A career is every now and then called a "profession course." A profession consists of training, schooling, and paintings enjoy.
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Many savings programs are protected by the federal government against loss. Which of the following is NOT?
A state-issued bond from all 50 states. Many savings programs are protected by the federal government against loss.
Deferred consumption, or not spending money, is saving program. One way to save is to set money aside in a deposit account, a pension account, an investment fund, or in cash. Saving also entails cutting expenses, like recurring expenses. Savings refers to any income not used for immediate consumption.
In terms of personal finance, saving typically refers to low-risk preservation of money, such as in a deposit account, as opposed to investment, where risk is much higher. Savings don't necessarily contain interest; instead, they refer to the act of avoiding using up one's resources, while interest refers to repeated possibilities to cut expenditures or to one's resources in the form of cash.
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In the United States, if there is a decrease in the expected inflation rate of 2%, then the short-run Phillips curve will _____ and the actual inflation rate will _____.
shift downward; decrease by 2%
In the United States, if there is a decrease in the expected inflation rate of 2%, then the short-run Phillips curve will _____ and the actual inflation rate will _____.
shift downward; decrease by 2%
then the Phillips curve will: shift downwards;
and the actual inflation rate will: decreased by 2%
What Exactly Is a Phillips Curve?
The Phillips curve is a hypothesis of economics that asserts a consistent, inverse connection between unemployment and inflation. It is based on William Phillips' theory that inflation, which is said to accompany economic progress and should result in more jobs and lower unemployment, will also be caused by inflation.
Because of the stagflation that took place in the 1970s, which saw high levels of both inflation and unemployment, the basic idea of the Phillips curve has been somewhat challenged.
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when using the sales comparison approach, the appraiser adjusts the subject comparable sales price and not the subject sales price.
By accounting for variations between a subject property and comparable properties in the sale prices of those properties, the sales comparison approach calculates the market value of a subject property.
What is market value?The price at which an asset might trade in a competitive auction situation is referred to as market value or OMV (Open Market Valuation).
Despite the fact that these phrases have different meanings under various standards and can have variations in some situations, market value is frequently used interchangeably with open market value, fair value, and fair market value.
Fair value and market value are different in that the former depends on the persons involved while the latter does not.
The present version of IVS, for instance, states that fair value "needs the assessment of the price that is fair between two specific parties taking into account the various advantages or disadvantages that each will obtain from the transaction.
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After making content decisions and designing the site, the next step in the process of developing a website is connecting to the Internet by placing the required computer files on a server
T/F
This statement is True.
What is a website?
A website is a collection of linked, publicly available web pages that share a single domain name. Websites are created and maintained by individuals, groups, companies, or organizations and can be used for a variety of purposes.
All publicly accessible websites collectively make up the World Wide Web.
Sometimes called a "web page", but this definition is incorrect because a website consists of multiple web pages. A website is also known as a "web presence" or simply "website".
Therefore, This statement is True.
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