Answer:
$177,150
Explanation:
Missing word "Tri Fecta, a partnership, had revenues of $376,000 in its first year of operations. The partnership has not collected on $45,500 of its sales and still owes $38,600 on $160,000 of merchandise it purchased. There was no inventory on hand at the end of the year. The partnership paid $30,300 in salaries. The partners invested $45,000 in the business and $27,000 was borrowed on a five-year note."
Particulars Amount
Sales revenue $376,00
Less: Cost of goods sold $160,000
Gross profit $216,000
Less: Salaries expenses $30,300
Less: Interest expenses $3,600
Less: Insurance policies $4,950 ($9,900/2)
Net Income $177,150
So, the net income for the first year for Tri Fecta. is $177,150
Dozier Company produced and sold 1,000 units during its first month of operations. It reported the following costs and expenses for the month: Direct materials $88,000 Direct labor $44,500 Variable manufacturing overhead$22,600 Fixed manufacturing overhead 33,700 Total manufacturing overhead $56,300 Variable selling expense$15,800 Fixed selling expense 25,600 Total selling expense $41,400 Variable administrative expense$5,900 Fixed administrative expense 28,800 Total administrative expense $34,700 Required: 1. With respect to cost classifications for preparing financial statements: a. What is the total product cost
Answer:
the total product cost is $188,800
Explanation:
The computation of the total product cost is given below:
= Direct material + direct labor + Total manufacturing overhead
= $88,000 + $44,500 + $56,300
= $188,800
Hence, the total product cost is $188,800
We simply added the above 3 items to determine the total product cost
while shopping grey spend 90% of the money she had if she has $4,500 on shopping what was amount of money spent
Answer:
$4,050
Explanation:
Grey has $4,500 for shopping.
She spent 90% while on shopping.
The amount spent = 90/100 x $4500
=0.9 x $4,500
=$4,050
Connie is analyzing the financial statements of MegaMart and Bullseye Company. She wants to invest in one of the companies and is trying to decide which company has the better past performance. Connie is examining:_________
A. managerial accounting information.
B. regulatory accounting information.
C. organizational accounting information.
D. financial accounting information.
Answer:
D. financial accounting information.
Explanation:
Financial reporting can be defined as the formal communication or disclosure of financial information and statements to present and potential users such as investors and creditors.
Financial accounting is an accounting technique used for analyzing, summarizing and reporting of financial transactions like sales costs, purchase costs, payables and receivables of an organization using standard financial guidelines such as Generally Accepted Accounting Principles (GAAP). These accounting informations are prepared and made available for investors and other external agencies. Examples of financial statements includes Balance sheet, cash-flow and income statement.
In this scenario, Connie is analyzing the financial statements of MegaMart and Bullseye Company. She wants to invest in one of the companies and is trying to decide which company has the better past performance.
Hence, Connie is examining the financial accounting information.
Bloom and Plant organize a partnership on January 1. Bloom's initial investment consists of $800 cash, $1,700 equipment and a $500 note payable reflecting a bank loan for the new business. Plant's initial investment is cash of $2,000. These amounts are the values agreed on by both partners. The journal entry to record Bloom's investment is:
Answer and Explanation:
The journal entry to record the investment of Bloom is as follows:
Cash Dr $2,000
To Capital $2,000
(Being the investment is recorded)
Here the cash is debited as it increased the asset and capital is credited as it also increased the equity
If Vince charged $390 on his credit card with 22% APR and he paid his balance in full within the grace period, how much was he required to pay
Answer:
$0 in case the credit doesn't charge a monthly fee. Or just the monthly fee.
Explanation:
The grace period is a time period where the customer can pay any expenses and the bank will not charge any interest. In other words, if you pay the full balance before the grace period is over, the bank will not change you any interests.
You are considering buying common stock in Grow On, Inc. You have projected that the next dividend the company will pay will equal $3.10 and that dividends will grow at a rate of 10.0% per year thereafter. If you would want an annual return of 13.0% to invest in this stock, what is the most you should pay for the stock now?
a. $23.85
b. $113.67
c. $103.33
d. $26.23
e. $112.90
Answer:
c. $103.33
Explanation:
Stock price = D1/(k-g). Where D1 =next period dividend, k=expected rate of return, g = growth rate
Stock price = $3.10/(13% - 10%)
Stock price = $3.10/(0.13 - 0.10)
Stock price = $3.10/0.03
Stock price = 103.3333333333333
Stock price = $103.33
So therefore, the most i should pay for the stock now is $103.33
A manufacturer tests, modifies, and retests an original idea several times before offering it to the consumer. This process is called:
Answer:
Product development
Explanation:
A manufacturer tests, modifies, and retests an original idea several times before offering it to the consumer. This process is called product development.
A product life cycle can be defined as the stages or phases that a particular product passes through, from the period it was introduced into the market to the period when it is eventually removed from the market.
Generally, there are four (4) stages in the product-life cycle;
1. Introduction.
2. Growth.
3. Maturity.
4. Decline.
Explain the concept that human wants are insatiable.
Answer:
The explanation and as per the type of situation is characterized in the explanation category below.
Explanation:
Human wants to be boundless or unrestricted because he considers creative ways to create human existence pleasurably as well as convenient. However, it's a procedure that has never ended. Even though it has available resources throughout comparison to available resources, as something of a direct consequence of which all needs together should be insatiable.The person has always been trying to accommodate many more of his needs and desires as necessary.
Medium Lisa Co. paid cash for all of the voting common stock of Victoria Corp. Victoria will continue to exist as a separate corporation. Journal entries for the consolidation of Lisa and Victoria would be recorded in
Answer:
a worksheet
Explanation:
A work sheet can be regarded bad a Multiple column sheets in which
all the necessary information that are required in preparation of the financial statement is been systematically recorded. worksheet cannot be regarded as a permanent account or regarded as a part of a journal/ ledger.
5. Refer to the original data. By automating, the company could reduce variable expenses by $3 per unit. However, fixed expenses would increase by $57,000 each month. a. Compute the new CM ratio and the new break-even point in unit sales and dollar sales. b. Assume that the company expects to sell 20,800 units next month. Prepare two contribution format income statements, one assuming that operations are not automated and one assuming that they are. (Show data on a per unit and percentage basis, as well as in total, for each alternative.) c. Would you recommend that the company automate its operations (Assuming that the company expects to sell 20,800)
Question Completion:
Due to erratic sales of its sole product - a high capacity battery for laptop computers - PEM, Inc., has been experiencing difficulties for some time. The contribution format income statement for the most recent month is given as follows:
Sales (19,500 units at $30 per unit) $585,000
Variable expenses 409,500
Contribution margin 175,500
Fixed expenses 180,000
Net operating margin ($4,500)
Answer:
PEM, Inc.
a1) New CM ratio = 40%
a2) Break-even point in unit sales and dollars sales
i) Break-even point in unit sales = Fixed Expenses/Contribution per unit
= $237,000/$12
= 19,750 units
ii) Break-even point in dollars sales = Fixed Expenses/Contribution margin ratio
= $237,000/0.4
= $592,500
b. Contribution format income statements, based on sales of 20,800 units:
Without With
Automation Automation
Sales (20,800 units at $30 per unit) $624,000 $624,000 (20,800 * $30)
Variable expenses (20,800 at $21) 436,800 374,400 (20,800 * $18)
Contribution margin (20,800 * $9) 187,200 249,600 (20,800 * $12)
Fixed expenses 180,000 237,000
Net operating margin $7,200 $12,600
c) I would recommend that the company should automate its operations. It will generate more net operating margin, equal to $5,400 ($12,600 - $7,200), when it automates than when it does not, assuming that it expects to sell 20,800 units.
Explanation:
a) Data and Calculations:
Variable expenses reduction = $3 per unit
Old variable expenses per unit = $21 ($409,500/19,500)
New variable expenses per unit = $18 ($21 - $3)
New variable expenses = $351,000 ($18 * 19,500)
New Contribution Margin per unit = $12 ($30 - $18)
New Contribution margin ratio = $12/$30 * 100 = 0.4 or 40%
Old Fixed Expenses = $180,000
New Fixed Expenses = $237,000 ($180,000 + $57,000)
Kurt Simmons has 50/100/15 auto insurance coverage. One evening he lost control of his vehicle hitting a parked car and damaging a store front along the street. Damage to the parked car was $5,400 and damage to the store was $12,650. What amount will the insurance company pay for damages
Answer:
$18,050
Explanation:
Calculation for What amount will the insurance company pay for damages
Damage to the parked car $5,400
Add damage to the store $12,650
Total damages $18,050
Therefore the amount that the insurance company will pay for damages is $18,050
_____ is the practice of giving only limited authority and decision-making to lower-level managers. Group of answer choices Accountability Centralization Functionalization Subordinated Decentralization
Answer:
Centralization.
Explanation:
An organizational structure can be defined as the process which typically involves dividing an organization into various functional units.
Basically, the organizational structure comprises of three (3) main dimensions and these are;
I. The vertical dimension: this is typically the decision-making responsibilities (decentralization and centralization).
II. The horizontal dimension: this divides the organization into subunits.
III. Integrating mechanisms: it is based typically on the strategic mechanism that controls the various subunits within an organization.
In the vertical dimension of an organizational structure, centralization can be defined as a practice which includes giving only limited authority and decision-making to lower-level managers. Thus, most of the authority and power is concentrated at the top level.
Supervisors should not bother others when planning for the short-term because it will only pull employees away from what they are paid to do. Group of answer choices True False
Answer: False
Explanation:
In order for an organization to achieve its objectives and grow, the role played by everyone involved with the organization is crucial. The employers, supervisors, employees and every other person have a role to play.
Even during short term planning, it is vital for the supervisors to carry the employees along and bother them about happenings. This is vital so that they'll know what is expected from them and also make them be aware that they're part of the organization.
If Congress votes to increase spending, how would output, the interest rates and the international value of the dollar (based on change in interest rates) change as a result
Answer:
Increase, Increase, Increase
Explanation:
If Congress votes to increase spending, and the government increase the spending, the output will increase, interest rate will increase and the international value of the dollar will increase as well.
This is because aggregate demand will increase which will shift the aggregate demand curve to the right and will GDP will be higher. This also increases the world GDP because the US economy is a major part of the world economy. As the government spending is increased, government will face or decline in public savings and therefore National saving. To finance its budget deficit it will increase the rate of interest. Since the United States influences the world interest rate, as a result the world interest rate would increase. Capital will start flowing in the United States increasing the demand for US dollar. This will increase the price of US dollar.
Absolute advantage is found by comparing different producers' Group of answer choices opportunity costs. payments to land, labor, and capital. input requirements per unit of output. locational and logistical circumstances.
Answer:
input requirements per unit of output.
Explanation:
A company has absolute advantage in the production of a good or service if it produces more quantity of a good when compared to other countries
For example, country A produces 10kg of beans and 5kg of rice. Country B produces 5kg of beans and 10kg of rice.
Country A has absolute advantage in the production of beans while country B has absolute advantage in the production of rice
Technological knowledge Group of answer choices is the same thing as human capital. does not play a role in the relationship that economists call the production function. is a determinant of productivity. can be discovered but it can never be kept secret.
Answer:
is a determinant of productivity.
Explanation:
Technology is used to make production processes more efficient by giving better uses to labour and capital in a company.
For example a communication software will reduce the need for employees to walk over to another person to get information or share files.
Processes that are not needed in production are either eliminated or made more efficient by use of technology.
As such technology is an important determinant of how productive a business is
Lester's Markets has total revenues of $3,811, costs of $2,902, depreciation of $315, interest expense of $168, and taxes of $89. At the beginning of the year, the firm had current assets of $2,150, total assets of $4,908, and total liabilities of $1,964. At the end of the year, the current assets are $2,202, total assets are $5,103, and total liabilities are $1,952. What is the amount of net capital spending for the year
Answer:
$458
Explanation:
Calculation for What is the amount of net capital spending for the year
Net capital spending = ($5,103 − 2,202) − ($4,908 − 2,150) + $315
Net capital spending =$2,901 − $2,758+ $315
Net capital spending = $458
Therefore the amount of net capital spending for the year will be $458
If enterprise systems do much of the traditional work of recording transactions and processing journal entries and other accounting information, what role is left for the accountant to perform?
Answer:
If enterprise systems do much of the traditional work of recording transactions and processing journal entries and other accounting information,
the role that is left for the accountant to perform is to analyze the accounting information and provide interpretations to guide management's actions.
Explanation:
This is an evolving role that accountants must fulfill as Information Technology frees up their time to concentrate on less routine accounting tasks. They should now be focused on becoming trusted and valued advisors to their organizations by helping them to undertake strategic planning. They can achieve this as they devote more of their time to carry out an in-depth analysis of the accounting information being produced through technological automation and to provide correct interpretation of the analyzed data.
The company's adjusted trial balance includes the following accounts balances: Cash, $15,000; Equipment, $85,000; Accumulated Depreciation, $25,000; Accounts Payable, $10,000; Retained earnings, $63,500; Dividends, $2,000; Sales, $56,000; Sales Returns and Allowances, $3,000; Sales Discounts, $1,500; Depreciation Expense, $25,000; and Salaries Expense, $23,000. All accounts have normal balances. Prepare the second closing entry by selecting the account names from the pull-down menus and entering dollar amounts in the debit and credit columns.
Answer:
Dr Income summary 52,500
Cr Sales Returns and Allowances 3,000
Cr Sales Discounts 1,500
Cr Depreciation Expense 25,000
Cr Salaries Expense 23,000
Explanation:
Preparation of the second closing entry
Based on the information given the second closing entry will be :
Dr Income summary 52,500
(3,000+1,500+25,000+23,000)
Cr Sales Returns and Allowances 3,000
Cr Sales Discounts 1,500
Cr Depreciation Expense 25,000
Cr Salaries Expense 23,000
(Being To record closing of expenses and contra sales accounts
Listed below are several transactions that took place during the second and third years of operations for the RPG Company.
Year 2 Year 3
Amounts billed to customers for services rendered $ 250,000 $ 350,000
Cash collected from credit customers 160,000 300,000
Cash disbursements:
Payment of rent 70,000 0
Salaries paid to employees for services rendered during the year 130,000 150,000
Utilities 20,000 30,000
Advertising 10,000 25,000
In addition, you learn that the company incurred advertising costs of $15,000 in year 2, owed the advertising agency $4,000 at the end of year 1, and there were no liabilities at the end of year 3. Also, there were no anticipated bad debts on receivables, and the rent payment was for a two-year period, year 2 and year 3.
Required:
1. Calculate accrual net income for both years.
2. Determine the amount due the advertising agency that would be shown as a liability on RPG’s balance sheet at the end of year 2.
Isabel, a calendar-year taxpayer, uses the cash method of accounting for her sole proprietorship. In late December she received a $20,000 bill from her accountant for consulting services related to her small business. Isabel can pay the $20,000 bill anytime before January 30 of next year without penalty. Assume her marginal tax rate is 37 percent this year and next year, and that she can earn an after-tax rate of return of 12 percent on her investments. a. What is the after-tax cost if Isabel pays the $20,000 bill in December? b. What is the after-tax cost if Isabel pays the $20,000 bill in January? Use Exhibit 3.1. (Round your answer to the nearest whole dollar amount.) c. Based on requirements a and b, should Isabel pay the $20,000 bill in December or January? multiple choice December January
Answer:
A. $12,600
B. $13,392
C. Isabel should pay the $20,000 bill in December
Explanation:
A. Calculation for the after-tax cost if Isabel pays the $20,000 bill in December
First step is to calculate present value tax savings
Present value tax savings=$20,000 x 37%
Present value tax savings= $7,400
Now let calculate the After-tax cost
After-tax cost = $20,000 - $7,400
After-tax cost = $12,600
Therefore the after-tax cost if Isabel pays the $20,000 bill in December is $12,600
B. Calculation for the What the after-tax cost if Isabel pays the $20,000 bill in January
First step is to calculate present value tax savings
Present value tax savings=($20,000 x 37%)* (Discount factor, 1 year, 12%)
Present value tax savings= $7,400 * .893
Present value tax savings=$6,608
Now let calculate the After-tax cost
After-tax cost= $20,000 - $6,608
After-tax cost = $13,392
Therefore the after-tax cost if Isabel pays the $20,000 bill in January is $13,392
c. Based on the above calculation for a and b Isabel should pay the $20,000 bill in the month of December reason been that in a situation where her payment is increase from the month of January to the month of December it will tend to lead to increase in the cash flow present value (PV) .
Happy Hounds, Inc., is a small corporation with 52 employees. Which employee's wages are NOT eligible for the credit for paid leave
Answer: c. Yolanda missed four weeks of work because she broke her wrist.
Explanation:
The current Coronavirus pandemic has led to many shutdowns and quarantines for countries around the world including some areas in the United States.
For this reason, there is a credit for paid leave for events related to Covd-19 which is why Gillian, Oscar and Rodney will be eligible for paid leave credit. Yolanda however, broke her wrist and this is not coronavirus related so standard rules will apply and she will not be eligible for paid leave credit.
Pick an Agile Manifesto principle that you think is likely to have the biggest impact on the success or failure of a typical project in your organization and why
The correct answer to this open question is the following.
The Agile Manifesto principle that I am going to pick in the principle of "Embracing Change."
I think this is likely to have the biggest impact on the success or failure of a typical project in my organization because change is the constant in modern-day business. Probably, since the inception of the modern-day industry.
In order to be successful and maintain that success over the years -no matter the conditions- a company has to be ready not only to adapt to change but to change ahead of necessity. And this is one of the most difficult things to do in business because people love to be in a comfort zone for years. People in corporate America likes to know they are safe in their traditional places doing traditional things. For them, change is tough.
That is why I think "Embrace change" would be the principle that would help me the most.
Research the organizational structure of the United Nations Human Rights Council. What are the goals of the organization
Answer:
address violations
Explanation:
Cost behavior is useful to managers for all the following except
Sheridan Company had net income for 2021 of $3050000. Additional information is as follows: Depreciation of plant assets $1192000 Amortization of intangibles 248000 Increase in accounts receivable 428000 Increase in accounts payable 543000 Sheridan's net cash provided by operating activities for 2021 was $4375000. $2725000. $4605000. $4490000.
Answer:
$4605000
Explanation:
The cash flow provided by operating activities is computed by starting with the net income and adjusting for non-cash expenses such as depreciation and amortization as well as the impact of working capital as shown by the formula below:
operating cash flows=net income+depreciation+amortization-increase in accounts receivable+increase in accounts payable
increase in accounts receivable deprives the business of cash , hence, it is treated as an ouflow (deducted) and an increase in accounts payable has an opposite impact.
operating cash flows=$3050000+$1192000+$248000-$428000+$543000
operating cash flows=$ 4,605,000
Robert makes $10 an hour. He is paid double time for any overtime over
40 hours. If he worked a total of 46 1/2 hours last week, what is his
overtime pay? *
O $400
$465
$130
$65
Carole is in a strategic alliance with one of the biggest distributors of the state. Which sales channel is she using?
Carole is using the "blank"
sales channel
Answer:
wholesale channel
Explanation:
Sometimes companies do not have the time, money, logistics or personnel to deal with small retailers. That is why they decide to use wholesalers that purchase large quantities and then resell them to smaller retailers. The workload is much lower plus the company has the benefit of only needing to deal with one big client per sales area. This reduces logistics expenses, as well as the labor hours.
Answer:
The correct answer is B2B
Explanation:
"In a business-to-business (B2B) channel, your customer is another business rather than a retail customer."
Based on the principles of psychological pricing, which of the following price adjustment would likely have the greatest positive impact on sales? A. From $51.50 to $51.45, B. From $51 to $50, C. From $58 to 56, D. From $50 to $49
Based on the principles of psychological pricing, a $50 to $49 price adjustment will likely have the greatest positive impact on sales.
Setting prices below a whole number is referred to as psychological pricing. For instance, $3.99 is perceived as "cheaper" than $4. Customers are expected to view the marginally reduced price as a bargain and be encouraged to make the purchase.
The primary goal of psychological pricing is to boost sales. Maximizing profits for the services and goods a business provides requires employing a variety of strategies or sticking with one that has been consistently shown to be effective.
Hence, the correct answer is "D" option
To know more about psychological pricing, click here.
https://brainly.com/question/20699641
#SPJ1
Answer:
$50-$49
Explanation:
demand deposits of $10,000, the reserve requirement is .05, the Federal Funds rate is 6% and the Discount rate is 4% . How much money can it loan out
Answer:
The amount of money the bank can loan out is $200,000.
Explanation:
a) Data and Calculations
Demand deposits = $10,000
Reserve requirement = 0.05
Federal Funds rate = 6%
Discount rate = 4%
The money the bank can loan out = Demand Deposit/Reserve Requirement
= $10,000/0.05
= $200,000
b) The amount that the commercial bank can loan out is determined by the amount of its deposits and the ratio of the reserve requirement. The reserve requirement ratio gives the percentage of deposits that commercial banks must hold as reserves in their vaults. This implies that if the required reserve ratio is 5 percent, for instance, the bank must hold 5 percent of its deposits as required reserves. If demand deposits are $10,000, then $500 ($10,000 x .05) must be held as required reserves and then the bank can lend out $9,500 to the first customer. However, this amount will expand because the customer keeps the amount within the bank, enabling the bank to lend out $200,000 from a deposit of $10,000. The total amount the bank can lend out is calculated as $10,000/0.05.
