Answer:
December 31, 2015, bad debt written off
Dr Bad debt expense 1,200
Cr Accounts receivables 1,200
September 15, 2016, write off is partially reversed and a partial payment is collected
Dr Accounts receivable 600
Cr Bad debt expense 600
Dr Cash 600
Cr Accounts receivable 600
1. Identifying Cause and Effect Why are Big Box stores able to sell goods at prices so low that
other, smaller stores cannot compete with them?
granted to rep
Big box stores can profit by an idea known as economies of scale. Overwhelmingly of items in and out, these retailers can catch stock at markdown and afterward give those reserve funds to buyers.
What are Big box stores?A big-box store is a genuinely huge retail foundation, generally part of a chain of stores. The term in some cases likewise alludes, likewise, to the organization that works the store.
Economically, big-box stores can be separated into two classes: general product models incorporate Walmart, Target, and Kmart), and specialty stores like The Home Depot which work in merchandise inside a particular reach, like equipment, books, or customer hardware, separately.
In the late twentieth and mid 21st hundreds of years, numerous customary retailers and grocery store chains that normally work in more modest structures, for example, Tesco opened stores in the big-box-store design with an end goal to rival big-box chains, which are growing universally as their home business sectors arrive at development.
Therefore big box stocks can basically earn more and more of the revenue which is called to be as the economies of the scale.
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Rappaport Corp.'s sales last year were $385,000, and its net income after taxes was $23,000. What was its profit margin on sales
Answer:
5.97%
Explanation:
Profit margin is an example of profitability ratio
profitability ratio measures the ability of a firm to generate profit from its assets
Profit margin = net income / sales
= $23,000. / $385,000,
Interestingly, if a class-action suit deals with equal pay or gender discrimination, it cannot be filed against an employer. Group of answer choices True False g
Answer:
False.
Explanation:
A lawsuit can be defined as a dispute or claim brought by an individual or group of people (party) against another to a court of competent jurisdiction for the singular purpose of adjudication.
A class action is filed by a group of people in the interest of a larger population.
If a class-action suit deals with equal pay or gender discrimination, it can be filed against an employer.
Suppose a nation experienced an increase in the level of unemployment. What would be the effect on the nation's production possibilities curve
Answer:
a. The curve would not shift, the change in unemployment would be represented by moving from a point inside the curve toward the curve
Explanation:
Options are : "a. The curve would not shift, the change in unemployment would be represented by moving from a point inside the curve toward the curve, b. The curve would shift to the left, c. The curve would not shift, the change in unemployment would be represented by moving from a point on the curve to a point outside the curve. d. The curve would shift to the right."
Reduction in unemployment means that the resources are being well utilized , the ideal resources in the economy is being used , so the economy moves from an inefficient point to an efficient one. The change in unemployment will be represented by moving from a point from a point to a curve inside the point. So the nation's production possibilities curve would not shift
How can a customer pay an emailed QuickBooks Online invoice via credit card?
Answer: - Send A Message Via The Message Feature With Their Credit Card Number Select Review And Pay
- Apply For Account
- Pay Print Off A Form And Then Enter And Send Their Credit Card Details And Authorization Select Review And Pay
- Enter Payment Details
- Pay
Explanation:
A customer can pay an emailed QuickBooks Online invoice via credit card by doing the following;
- Send A Message Via The Message Feature With Their Credit Card Number Select Review And Pay
- Apply For Account
- Pay Print Off A Form And Then Enter And Send Their Credit Card Details And Authorization Select Review And Pay
- Enter Payment Details
- Pay
Which Finance jobs can someone pursue with only a high school diploma? Check all that apply.
-Tax Preparer
-Treasurer
-Actuary
-Teller
-Loan Officer
-Quantitative Analyst
The finance jobs that someone can pursue with only a high school diploma are tax preparer, teller and loan officer.
What is diploma?Diploma refers to the course of the study in which a person is given a document for the completion of specific subject. For example Diploma in scientific studies.
Tax preparer is a person who files and calculate the tax and files the return on the tax om behalf of the other individual or businessmen. Teller is the customer representative of bank. Loan officer is the person who grants the loan to the individual.
Thus the job that a person can start are of tax preparer, teller and loan officer.
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Assume the following capital structure: Preferred stock, 5%, $50 par value, 1,200 shares issued and outstanding with dividends in arrears for the three prior years. Common stock, $100 par value, 2,200 shares issued and outstanding. Total dividends declared and paid in current year were $52,000. How much of the current dividend will be paid to the preferred stockholders assuming the preferred stock is cumulative
Answer:
$12,000
Explanation:
The computation of the preferred dividend in the case when the preferred stock is cumulative is given below:
= Dividend percentage × par value of each share × number of shares issued × number of years
= 5% × $50 × 1,200 shares × 4 years
= $12,000
Hence, the preferred dividend in the case when the preferred stock is cumulative is $12,000
The following information is taken from the operating section of the statement of cash flows (direct method) of Battery Builders, Inc.: Collections from customers $28,000
Payments to suppliers for purchases (13,000)
Payments for operating expenses (9,000)
Payments for income taxes (4,000)
Cash provided by operating activities 2,000
The following information is obtained from the income statement of Battery Builders
Net income $4,000
Depreciation expense 4,000
Gain on sale of equipment 2,000
Write-off of intangibles 1,000
In addition, the following information is obtained from the comparative balance sheets of Battery Builders (decreases in parentheses) Change in accounts receivable $3,000
Change in inventory 3,000
Change in accounts payable 2,000
Change in accrued payable (related to operating expense) (2,000)
Change in deferred taxes payable 1,000
Required
1. Prepare a complete accrual-basis income statement for the current year
2. Compute the cash flows from operations using the indirect approach (that is, start with accrual-basis net income and adjust for various items to obtain cash flows from operations)
Prepare a complete accrual-basis income statement for the current year. should be indicated by a minus sigrn Less
Answer:
See below
Explanation:
1. Complete accrual basis income statement
Sales
($28,000 + $3,000)
$31,000
Less cost of goods sold
($13,000 + $2,000 - $3,000)
-$12,000
Operating expenses
($9,000 - $2,000)
-$7,000
Depreciation expenses
-$4,000
Income tax
($4,000 + $1,000)
-$5,000
Amortization expense
-$1,000
Gain on sale of equipment
$2,000
Net income
$4,000
2. Cash flow statement (Indirect)
Net income
$4,000
Adjustments;
Add depreciation
$4,000
Add write off intangibles
$1,000
Less gain on sale of equipment
-$2,000
Less increase in accounts receivables
-$3,000
Less increase in inventory
-$3,000
Add increase in accounts payable
$2,000
Less decrease in accrued payable
-$2,000
Add increase in deferred income tax payable
$1,000
Net cash from operations $2,000
A marketing plan is _______.
Answer:
A marketing plan is a part of an overall business plan
Calculate the present value PV of an investment that will be worth $1,000 at the stated interest rate after the stated amount of time. HINT [See Quick Example 4.] (Round your answer to the nearest cent.) 15 years, at 3% per year, compounded annually
Answer:
$641.86
Explanation:
Future value = $1,000
Years = 15
Rate = 3%
The present value = FV*1/(1+i)^n
The present value = 1,000*1/(1+0.03)^15
The present value = 1,000*1/(1.03)^15
The present value = 1,000*1/1.5579674166
The present value = 1,000*0.6418619473970326
The present value = 641.8619473970326
The present value = $641.86
The present value of the investment is $641.86.
The present value of an investment is the value of the investment today. The present value can be determined by discounting the future value using the stated interest rate.
Present value = [tex]\frac{FV}{(1 + r)^{t} }[/tex]
FV = future value = $1000 r = interest rate = 3%t = time = 15[tex]\frac{1000}{(1.03)^{15} }[/tex] = $641.86
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You have always thought that learning to scuba dive would be fun. However, this activity would cost money and require time away from other activities. This situation best exemplifies
Answer:
Trade-off
Explanation:
Trade-off means the decision depend upon the situation in order to maintain the substainable sequence that lies between the two desirable.
Since in the question it is mentioned that as the person wants to learn scuba dive that required time and the money so this represent the trade-off example
All changes save
1. Paid Furniture Depot $1300 payment in full. The two accounts that are affected are? (Check all that apply)
Debit cash $1300
Debit Furn Depot $1300
Credit cash $1300
Credit Furn depot $1300
Answer:
Debit Furniture Depot $1300
Credit cash $1300
Explanation:
Both furniture and cash are assets held by the company.
When an asset increases, in this case we purchased furniture, we must debit the asset account. On the other hand, when an asset decreases, we have less cash since we paid for the furniture, we must credit the account.
The accounts must always be balanced.
Carol maintains an office in her home where she conducts a dressmaking business. During the year she collects $4,000 from sales, pays $1,300 for various materials and supplies, and properly allocates $2,500 of rent expense and $500 of her utilities expense to the use of her home office. What amount of the rent and utilities expense may Carol deduct in the current year in computing her net income or loss from the dressmaking business
Answer:
$2,700
Explanation:
Calculation for What amount of the rent and utilities expense may Carol deduct in the current year in computing her net income or loss form the dressmaking business
Rent and utilities expense deduction=$4,000-$1,300
Rent and utilities expense deduction=$2,700
Therefore the amount of the rent and utilities expense may Carol deduct in the current year in computing her net income or loss form the dressmaking business will be $2,700
A manufacturer of tiling grout has supplied the following data: Kilograms produced and sold 480,000 Sales revenue $ 1,830,000 Variable manufacturing expense $ 942,000 Fixed manufacturing expense $ 230,000 Variable selling and administrative expense $ 358,000 Fixed selling and administrative expense $ 196,000 Net operating income $ 104,000 The company's contribution margin ratio is closest to:
Answer:
$28.96%
Explanation:
Given the above information, we would calculate first the total variable cost
Total variable cost = Variable manufacturing selling expense + Variable selling and administrative expense
= $942,000 + $358,000
= $1,300,000
The next is to compute the contribution margin
Contribution margin = Sales - Total variable cost
= $1,830,000 - $1,300,000
= $530,000
Therefore,
Contribution margin ratio = (Contribution margin / Sales) × 100
= ($530,000 / $1,830,000) × 100
= 28.96%
list the roles of teamwork?
Answer:
responsibiltes collabration cooperation
Explanation:
g The Nelson Company has $1,312,500 in current assets and $525,000 in current liabilities. Its initial inventory level is $385,000, and it will raise funds as additional notes payable and use them to increase inventory. How much can Nelson's short-term debt (notes payable) increase without pushing its current ratio below 2.0
Answer:
$262,500
Explanation:
Current ratio = Current asset/Current liabilities
In line with the current ratio formula, to calculate the amount of short term debt increase, with the amount of current assets and current liabilities, we must add an amount such that the result 2.0
(1,312,500 + x) / (525,000 + x) = 2.0
Cross multiply
(1,312,500 + x) = 2.0 × (525,000 + x)
Open the brackets
1,312,500 + x = 1,050,000 + 2x
Collect like terms
1,312,500 - 1,050,000 = 2x - x
262,500 = x
It therefore means that the maximum that should be borrowed to buy inventory is $262,500
Suppose the cross-elasticity of demand for products A and B is 3.6, and for products C and D is -5.4. What can you conclude about how products A and B are related
Answer:
A and B are substitutes
Explanation:
Cross price elasticity of demand measures the responsiveness of quantity demanded of good A to changes in price of good B.
If cross price elasticity of demand is positive, it means that the goods are substitute goods.
Substitute goods are goods that can be used in place of another good.
If the cross-price elasticity is negative, it means that the goods are complementary goods.
Kava Inc. manufactures industrial components. One of its products, which is used in the construction of industrial air conditioners, is known as K65. Data concerning this product are given below:
Per Unit
Selling price $180
Direct materials $29
Direct labor $5
Variable manufacturing overhead $4
Fixed manufacturing overhead $21
Variable selling expense $2
Fixed selling and administrative expense $17
The above per unit data are based on annual production of 4,000 units of the component. Direct labor can be considered to be a variable cost. (Source: CMA, adapted) The company has received a special, one-time-only order for 500 units of component K65. There would be no variable selling expense on this special order, and the total fixed manufacturing overhead and fixed selling and administrative expenses of the company wouldn't be affected by the order. Assuming that Kava has excess capacity and can fill the order without cutting back on the production of any product, what is the minimum price per unit on the special order below which the company shouldn't go?
a. $180
b. $59
c. $78
d. $38
Answer:
D. $38
Explanation:
The minimum price at which the company should not go below is the price that covers both manufacturing and non manufacturing cost , to meet the special and one time order only.
The per unit cost of the special order will be computer
Unit cost of the special order
Direct materials
$29
Direct labor
$5
Variable manufacturing overhead
$4
Total cost
$38.
Therefore, the minimum price per unit on the special order below which the company shouldn't go is $38.
Note that we are not considering fixed costs because they are irrelevant ; meaning that they would be incurred whether or not the special order is accepted.
What is a sign of a healthy economy
Answer:
When there are more jobs, better wages and lower interest rates, spending power rise it can have a strong effect on stock prices.
The sign of the healthy economy is that there is an employment opportunity, lower level of poverty, high rate of literary and strong effect on stock prices.
What is Economy?Economy refers to the financial condition of the person or any particular country for the given period of time. It is the method or system through which commodities and services are manufactured, sold, and purchased in a country or area.
The Consumer Confidence Index (CCI) is widely regarded as one of the most precise indicators of consumer sentiment toward the economic system and their individual circumstances. Confidence and spending power rise when there are more jobs, higher wages, and lower interest rates.
Therefore, it can be concluded that When there are more employment, higher incomes, and lower interest rates, spending power increases, which can have a significant impact on stock values.
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"Although Alibaba is competing in the Internet services industry, it has improved its performance by focusing on innovation and service diversification. This improved performance is best explained by:"
Answer:
the resource-based model.
Explanation:
Resource-based theory can be understood as one that guarantees a strategic and competitive advantage to an organization through its resources that cannot be imitated and replaced. In the case of Alibaba, its valuable resources that guarantee long-term competitive advantages for the company are the company's ability to offer a wide range of products with significant discounts in relation to competitors, facilities for shipping goods worldwide, etc.
The opportunity cost of an action is always equal to: multiple choice the things you could have done instead of the action you chose to undertake. the time you give up to undertake the action. the money you give up to undertake the action. the next-best alternative for the resources used to undertake the action.
Answer:
the next-best alternative for the resources used to undertake the action.
Explanation:
Opportunity cost also known as the alternative forgone, can be defined as the value, profit or benefits given up by an individual or organization in order to choose or acquire something deemed significant at the time.
Simply stated, it is the cost of not enjoying the benefits, profits or value associated with the alternative forgone or best alternative choice available.
For instance, if you decide to invest resources such as money in a food business (restaurant), your opportunity cost would be the profits you could have earned if you had invest the same amount of resources in a salon business or any other business as the case may be.
Hence, the opportunity cost of an action is always equal to the next-best alternative for the resources used to undertake the action.
A plant asset has a cost of $43600 and a salvage value of $10900. The asset has a three-year life. If depreciation in the third year amounted to $5450, which depreciation method was used
Answer:
c. Sum-of-the-year's digits
Explanation:
As the asset has a three year life,
So, the sum of the digits is
= 3 + 2 + 1
= 6
Now
Depreciation expense for year 3 is
= (Cost of the plant - salvage value) × 1 ÷ total life
= ($43,600 - $10,900) × 1 ÷ 6
= $5,450
Hence, the sum of the year digits depreciation method is used
Which of the following groups of accounts is increased with a debit?
Select one:
O a,
a. assets, revenues, expenses
Ob.
b. assets. liabilities, owner's equity
C. assets. liabilities, revenues
d. assets, drawing, expenses
Which fundamental economic question requires society to choose the technological and resource mix used to produce goods?
Answer:
The How to produce question.
Explanation:
Economics can be classified into two (2) categories, namely;
1. Macroeconomics can be defined as the study of behaviors, performance and factors that affect the entire economy. Hence, it focuses on aggregate phenomena such as price level, economic growth, Gross Domestic Product (GDP), inflation, unemployment and national income levels with respect to the central bank, demand or supply shocks, government policies, aggregate spending and savings.
2. Microeconomics can be defined as the study of the effect of price and quantity levels through interactions between individual buyers and sellers in various markets. Thus, it is focuses on analyzing or evaluating the decisions of consumers (buyers) and those of firms (sellers) such as methods of production, pricing; and the manner in which government policies affect those decisions.
The fundamental economic question which requires the society to choose the technological and resource mix used to produce goods is, how to produce question.
This fundamental question is simply focused on the determination of the methods and techniques to be adopted by a manufacturer in the production of goods and services to meet the needs or requirements of the consumer.
A professional gambler moves from a state where gambling is illegal to a state where gambling is legal. Most of his income was, and continues to be, from gambling. His move A. raises GDP. B. decreases GDP. C. doesn't change GDP because gambling is never included in GDP. D. doesn't change GDP because in either case his income is included.
Answer:
The answer is C.
Explanation:
In calculating GDP of a country, illegal activities like gambling, betting, proceeds of crime, buying and selling of drugs are nor counted in the computation of GDP.
GDP can be calculated as follows:
C + G + I + (X-M)
Where:
C is Consumers' consumption/spending
G is Government's consumption/spending
I is business investment
X is the country's exports
M is the country's imports.
What is the future value (FV) of $82,797 in thirty years, assuming the interest rate is 16% per year
Answer:the Future Value of $82,797 in 30 years with 16% interest rate =$7,108,112.26
Explanation:
F V = PV x (1 + R)^n
Where
FV=Future Value
PV= Present Value
R =Interest rate
n= Number of years
F V = PV x (1 + R)^n
Future Value =$82,797 x ( 1+ 0.16) ^30
=$82,797 x ( 1.16) ^30
$82,797 x 85.849
=$7,108,112.26
Therefore, the Future Value of $82,797 in 30 years with 16% interest rate =$7,108,112.26
A T-bill with face value $10,000 and 97 days to maturity is selling at a bank discount ask yield of 4.4%. a. What is the price of the bill
Answer: $9,881.44
Explanation:
Price of bill can be calculated with formula:
= Face value * ( 1 - (yield * days to maturity/days in year))
This are usually done using 360 days in a year not 365:
= 10,000 * ( 1 - (4.4% * 97/360))
= 10,000 * 0.9881444444
= $9,881.44
Whether the minimum wage is a binding price floor always depends upon whether the economy is in a recession. a. True b. False
Answer:
false
Explanation:
A price floor is when the government or an agency of the government sets the minimum price of a product. A price floor is binding if it is set above equilibrium price
A country is in a recession when the GDP for 2 consecutive quarters is negative.
A binding price floor depends if it is above or below equilibrium
Suppose the price of movie tickets changes. The price change leads to a 10 percent decrease in the quantity demanded of movie tickets. This causes the total revenue from movie tickets to increase by 5 percent. Is the demand for movie tickets elastic, inelastic, or unit-elastic
Answer:
inelastic
Explanation:
Price elasticity of demand measures the responsiveness of quantity demanded to changes in price of the good.
Price elasticity of demand = percentage change in quantity demanded / percentage change in price
If the absolute value of price elasticity is greater than one, it means demand is elastic. Elastic demand means that quantity demanded is sensitive to price changes.
Demand is inelastic if a small change in price has little or no effect on quantity demanded. The absolute value of elasticity would be less than one
Demand is unit elastic if a small change in price has an equal and proportionate effect on quantity demanded.
Demand is inelastic because the change in total revenue is less than the change in price.
elasticity of demand = 5/10 = 0.5
Elasticity of demand is less than 1
10. You have just deposited $1000 in an unusual bank account that pays interest biannually (once every 2 years). If the 2-year interest rate is 8% (total interest over 2 years is 8%, not 8% per year), how much will you have in the account after 6 years? (Answer: $1,259.71)
Answer:
FV= $1,259.71
Explanation:
Giving the following information:
Initial deposit (PV)= $1,000
Number of periods (n)= 3 biannual years
Interest rate (i)= 8% = 0.08
To calculate the future value (FV), we need to use the following formula:
FV= PV*(1+i)^n
FV= 1,000*(1.08^3)
FV= $1,259.71
