Answer:
$14,000
Year 2 = $8400
Explanation:
Depreciation expense using the double declining method = Depreciation factor x cost of the asset
Depreciation factor = 2 x (1/useful life)
Depreciation expense in year 1 = 2/5 x $35,000 = $14,000
Book value at the beginning of year 2 = $35,000 - $14,000 = $21,000
Depreciation expense in year 2 = 2/5 x $21,000 = $8400
Better Mudder, the three-year-old mud race organization, has a goal of increasing its racing market share by 20% over the next year. It looks into how to accomplish this and discovers a low repeat runner rate. As it digs further it finds that three more mudding race organizations have started in the area this year. With increased competition, Better Mudder must change its new runner offerings and generate higher loyalty in current mudding participants. To identify this information, Better Mudder conducted a:
Answer:
Situation analysis
Explanation:
SITUATION ANALYSIS can be defined as the type of analysis that is conducted to examine the impact of internal strength as well as the weakness that affect a company or organization inability to achieve their objective as well as the circumstances that a company or organization are unable to control that affected the decisions that the company or organization make reason been that SITUATION ANALYSIS help to Effectively analyzed or identified a business or an organization strength to achieve a desire outcome or result , their customers, including the organization environment as a whole which is why SITUATION ANALYSIS is paramount because it help to identify the root cause of a problem and how to overcome it just as in the case of Better Mudder.
Therefore based on the information given To identify this information, Better Mudder conducted a SITUATION ANALYSIS.
A work schedule lists all of the tasks that must be done to complete a recipe, and when they are to be done. true/false
Answer:
True
Explanation:
A work schedule lists all of the tasks that must be done to complete a recipe, and the time that each and everyone of them are meant to be done.
Work schedule helps individuals keep track of pending activities as it’s common knowledge for individuals to forget about some things and this also helps to promote and ensure accountability and hard work.
1. What kind of financial information is a publicly traded company required to provide to its stockholders? Which financial statement do you think provides the best information for investors? 2. (a) Discuss some of the limitations associated with performing ratio (financial statement) analysis. (b) What is the most important ingredient (input) in completing ratio analysis and why? 3. Crooked Golf's most recent income statement shows that net income was $90,000, depreciation was $25,000 and taxes were $60,000. What was Crooked Golf's net cash flow? For this particular question and other problem related questions, YOU MUST show the formula/process that led to the answer/solution. Writing down the answer/solution without a credible process/formula is unacceptable. This is a required practice in a finance course. Please note.
Answer:
1. For a public traded company it is required to share its complete set of Financial Statements which include Balance sheet, Profit or loss statement, Cash flow statement, statement of changes in equity and notes to the accounts. For investors the best information comes from Profit or Loss statement because majority of investors are concerned with the profitability of the company which ultimately results in dividend.
2. a. The ratios analysis have some limitations, the ratios are generally compared with past year ratios which neglects the business/ Industry environment and if the ratios are compared with industry norms, past performance of the company is neglected.
b. Profitability ratios are the most important and that is why they are calculated first.
3. Net Cash flow for Crooked Golf is $30,000
Explanation:
1. For a public traded company it is required to share its complete set of Financial Statements which include Balance sheet, Profit or loss statement, Cash flow statement, statement of changes in equity and notes to the accounts. For investors the best information comes from Profit or Loss statement because majority of investors are concerned with the profitability of the company which ultimately results in dividend.
2. a. The ratios analysis have some limitations, the ratios are generally compared with past year ratios which neglects the business/ Industry environment and if the ratios are compared with industry norms, past performance of the company is neglected.
b. Profitability ratios are the most important and that is why they are calculated first.
3. Net Csh flow for Crooked Golf is $30,000.
Calculated as follow,
$90,000 - $60,000
Depreciation is non Cash flow.
The following selected amounts are available for Vizio Company. Retained earnings (beginning) $1,600 Net loss 300 Cash dividends declared 200 Stock dividends declared 200 What is its ending retained earnings balance
Answer:
$900
Explanation:
With regards to the above, the ending retained earnings balance is calculated as
= Beginning retained earnings - Net loss - Cash dividends declared - Stock dividends declared
= $1,600 - $300 - $200 - $200
= $900.
Therefore, the ending retained earnings balance is $900
Restricted stock is Multiple Choice a special type of stock that is not transferable from the current holder to others until specific conditions are satisfied. a special type of stock that can be converted into corporate bonds after a specific amount of time has elapsed. a special type of stock that is a result of offering an employee stock ownership plan.
Answer:
a special type of stock that is not transferable from the current holder to others until specific conditions are satisfied
Explanation:
The restricted stock is the stock or the securities that are restricted means that they are not fully transferable when the specific conditions is not fulfilled. When these conditions would be fulfilled so these stock would not be considered as a restricted and they are freely transferable
Therefore the first option is correct
Charger Company's most recent balance sheet reports total assets of $29,133,000, total liabilities of $16,683,000 and total equity of $12,450,000. The debt to equity ratio for the period is (rounded to two decimals):
Answer:
1.34
Explanation:
Debt to equity ratio is the same as liability to equity ratio. In order to arrive at the debt to equity ratio, the amount of liability has to be divided by the amount of equity.
Given that;
Total liabilities = $16,683,000
Equity = $12,450,000
Therefore,
The debt to equity ratio for the period
= Total liabilities ÷ Total equity
= $16,683,000 ÷ $12,450,000
= 1.34
We use debt to equity ratio to determine a company's leverage; meaning that where it is greater than 1, it means that the company has more of its debt than assets, which is not good enough.
You and a friend have developed a weight loss supplement that speeds weight loss by 20%. You plan to form a business to manufacture and market the supplement. You want to minimize taxes but your prime concern is potential lawsuits from individuals who might get sick from taking the supplement.
1. What form of organization (partnership, LLC, corporation, etc.) will you choose?
2. What are the advantages and disadvantages of your choice?
Answer:
1. I would choose a limited liability company (LLC).
2. A LLC is a hybrid between a partnership and a corporation. The firm is a pass through entity, meaning that the owners are taxed directly (no corporate tax). But it also provides limited liability, so the owners are not personally liable for the firm's obligations.
Explanation:
Currently, a company produces parts per day to meet demand. A standard container of the parts under consideration holds items. It takes days to receive the parts once a card is released. If the company wants a safety stock of of these parts, how many kanban cards are needed?
Answer:
6 kanban cards
Explanation:
Note: The full question is attached as picture below
D = 1800 parts/day
C = 175 items
LT = 0.25 days
SS = 650 Parts
N = {D*LT + SS]/C
N = [(1,800*0.25) + 650] / 175
N = (450 + 650) / 175
N = 1100 / 175
N = 6.29
N ≅ 6
So, if the company wants a safety stock of 650 of these parts, approximately, 6 kanban cards are needed.
E4-3 Recording Initial Transactions and Subsequent Adjustments [LO 4-1, LO 4-2] During the month of September, the Texas Go-Kart Company had the following business activities: On September 1, paid rent on the track facility for six months at a total cost of $7,800. On September 1, received $46,800 for season tickets for 12-month admission to the race track. On September 1, booked the race track for a private organization that will use the track one day per month for $1,900 each time, to be paid in the following month. The organization uses the track on September 30. On September 1, hired a new manager at a monthly salary of $2,400, to be paid the first Monday following the end of the month. Required: Prepare the journal entry, if any, required to record each of the initial business activities on September 1. Prepare the adjusting journal entries, if any, required on September 30.
Answer:
Texas Go-Kart Company
1. Journal Entry on September 1:
Debit Prepaid Rent $7,800
Credit Cash Account $7,800
To record the prepayment of rent expenses for six months.
Debit Cash $46,800
Credit Deferred Service Revenue from Tickets $46,800
To record the receipt of cash for season tickets for 12 months.
September 30:
Debit Accounts Receivable $1,900
Credit Service Revenue $1,900
To record the provision of track services.
September 30:
Debit Salaries Expense $2,400
Credit Salaries Payable $2,400
To record the expense for the month.
Debit Rent Expense $5,200
Credit Prepaid Rent $5,200
To record the rent expense for 4 months.
Debit Deferred Service Revenue from Tickets $15,600
Credit Service Revenue from Tickets $15,600
To record the earned revenue from tickets for 4 months.
Explanation:
Journal entries have proved to be useful in record business transactions as they occur on a daily basis. They show the accounts involved in each transaction and the ones to be debited and credited as the case may be. Journal entries are also used to adjust entries at the end of the period. These adjustments help to bring the accounting records to align with the accrual basis of accounting, ensuring that the matching principle is observed.
If the volume of production is increased over the level planned, the cost per unit would be expected to:
Answer:
Decrease for fixed costs and remain unchangedchange for variable cost.
Explanation:
As the level of production gets increases, we will have the fixed cost per unit to fall, that is it would decrease. But The total fixed cost would remain the same.
At an increase in production the variable cost would be fixed or constant since it is constant amount per unit produced. The variable cost per unit would never change due to changes in production.
The balance in Accounts Receivable at the beginning of the accounting period was $13,800. During the period, services provided on account totaled $64,200. Collections on account totaled $69,300. The balance in Accounts Receivable at the end of the period was:_______
Answer:
$18,900
Explanation:
With regards to the above, Accounts receivables balance at the end of the period is computed as
= Accounts receivables at the beginning of the accounting period + Collections - Service provided during the period
= $13,800 + $69,300 - $64,200
= $18,900
Maurice is buying a property from Robert. At the initial property viewing, Robert tells Maurice that the property is 4.1 acres. They agree to a price, and enter into a purchase and sale agreement. Prior to closing, Maurice orders a survey. The surveyor discovers that the property is only 3.92 acres in size. Maurice and Robert's purchase and sale agreement is most likely:
Answer:
The contract is voidable.
Explanation:
The survey discovered a misrepresentation in the consideration (the size of the land), so that means that Maurice can choose to void it or not. A voidable contract is a contract that can be voided. In this case, the injured party is only Maurice, so only he can void it, or choose not to. They might negotiate a discount or something, it is up to him.
With no inflation, a bank would be willing to lend a business firm $5 million at an annual interest rate of 4 percent. But if the rate of inflation was anticipated to be 3 percent, the bank would most likely charge the firm an annual interest rate of Multiple Choice 1 percent. 7 percent. 3 percent. 4 percent.
Answer:
b. 7 percent
Explanation:
Annual interest to charge = Interest rate + Rate of inflation anticipation
Annual interest to charge = 4% + 3%
Annual interest to charge = 7%
The bank would most likely charge the firm an annual interest rate of 7% due to the anticipation of inflation.
The shelf life of salmon is 2 days. You received a delivery of 55 lbs. You sell 30 lbs each day. What is your waste after 2
days?
a) 2 lb
b) 5 lb
c) Non waste because you ran out of salmon
Rogers Company reported net income of $35,000 for the year. During the year, accounts receivable increased by $7,000, accounts payable decreased by $3,000 and depreciation expense of $8,000 was recorded. Net cash provided by operating activities for the year is a.$33,000 b.$53,000 c.$37,000 d.$47,000
Answer:
b. $53,000
Explanation:
The net cash provided by operating activities is computed by.
Given the above information,
The net cash provided by operating activities is ;
= $35,000 + $7,000 + $3,000 + $8,000
= $53,000.
As a potential investor in a firm or perhaps the buyer of a business, would it be advisable for you to evaluate the company’s financial statements? Why or why not? What key information would you seek from a firm’s financial statements?
Answer:
True
Explanation:
In simple words, the financial statements of a company refers to the reports which depicts the activity of the business and their relative efficient. It shows the position of the company in monetary wise and other relevant information such as future plans and expectations.
As an investor, one wants to increase his or her money while getting some returns periodically. Thus, to evaluate the capability of a company to do so, the investor should evaluate the financial statement for sure.
Narrow Falls Lumber has total assets of $913,600, total debt of $424,500, net sales of $848,600, and net income of $94,000. The tax rate is 21 percent and the dividend payout ratio is 30 percent. What is the firm's sustainable growth rate?
Answer:
The firm's sustainable growth rate is 13%.
Explanation:
The firm's sustainable growth rate can be calculated using the following formula:
Sustainable growth rate = Retention Rate * Return on Equity ............. (1)
Where;
Dividend payout ratio = 30%, or 0.30
Retention rate = 1 - dividend payout ratio = 1 - 0.30 = 0.70
Shareholder's equity = Total assets - Total debt = $913,600 - $424,500 = $489,100
Return on equity = Net income / Shareholder's equity = $94,000 / $489,100 = 0.19
Substituting the relevant values into equation (1), we have:
Sustainable growth rate = 0.70 * 0.19 = 0.13, or 13%
Therefore, the firm's sustainable growth rate is 13%.
Tara Company owns 80 percent of the common stock of Stodd Inc. In the current year, Tara reports sales of $5,000,000 and cost of goods sold of $3,500,000. For the same period, Stodd has sales of $500,000 and cost of goods sold of $400,000. During the year, Stodd sold merchandise to Tara for $40,000 at a price based on the normal markup. At the end of the year, Tara still possesses 20 percent of this inventory. Prepare the consolidation entry to defer intra-entity gross profit.
Explanation:
According to scenario, computation of the give data are as follows:
Stodd Inc. sales = $500,000
Cost of goods sold = $400,000
Stodd sold to Tara = $40,000
Tara Possess = 20%
= $40,000 × 20%
= $8,000
So, Cost of goods sold = 8,000 × 20% = $1,600
So, entry are as follows:
Sales A/c Dr. $40,000
To, COGS A/c $40,000
( Being sold merchandise to Tara is recorded)
COGS A/c Dr. $1,600
To, Inventory A/c $1,600
( Being inventory is recorded)
Frisco Company's Merchandise Inventory account at year-end has a balance of $62,115, but a physical count reveals that only $61,900 of inventory exists. The adjusting entry to record this $215 of inventory shrinkage is: Multiple Choice'
Answer:
Increase on cost of goods sold by $215, decrease in merchandize by $215.
Explanation:
With regards to the above information, the cost of goods sold will increase by $215, while the merchandize value would also decrease by $215.
Here, the books will be even out so that it would show there was a shrinkage at year end and beyond that which was purchased to have taken place.
What's your educational interest and goals
Sin duda, que no me dejen por abajo de la sociedad
Explain the importance of reconciling the bank at set dates
Answer:
The goal of the bank reconciliation process is to find out if there are any differences between the two cash balances. ... A monthly reconciliation helps to catch and identify any unusual transactions that might be caused by fraud or accounting errors, especially if your business uses more than one bank account.
PLEASE HELP HURRY!! 20 POINTS!! WILL MARK BRAINLIEST IF CORRECT!
You are a concerned constituent, and you want to help your House Representatives member or Senator draft a bill that would help the federal government raise revenue. Where should you submit the bill?
directly to the President for his signature
either to your Congressional District Representative or Senator
only to your Senator
only to your Representative
Answer:
to the president
Explanation:
because he has to see if he has to veto or pass it
How does supply in the demand affect me
Answer:
When demand exceeds supply, prices tend to rise. ... If there is a decrease in supply of goods and services while demand remains the same, prices tend to rise to a higher equilibrium price and a lower quantity of goods and services. The same inverse relationship holds for the demand for goods and services
Noncash items refer to: Accrued expenses. Inventory items purchased using credit. The ownership of intangible assets such as patents. Expenses which do not directly affect cash flows. Sales which are made using store credit
Answer:
The ownership of intangible assets such as patents.
Explanation:
Non cash items are items that do not include outlay of cash . e.g. depreciation , intangible assets
Question 4 According to the psychology literature, if the business recommendation you are going to make in a business presentation is likely to be controversial, you should order the stem of your presentation hourglass so that the:
The correct answer to this open question is the following.
If the business recommendation you are going to make in a business presentation is likely to be controversial, you should order the stem of your presentation hourglass so that the controversial issue comes after you have exposed the many benefits and advantages of your proposal. Doing this, people would have considered first the mane¿y advantages or positive points you previously mentioned and will be more open to considering the benefits against the disadvantages that create controversy.
Otherwise, if you do the opposite, the controversial issue is going to be at the top of their brains, hindering the acceptance of your business proposal.
Never start with the negatives because people could "close their minds" to your idea.
The marketing concept is a philosophy that focuses on A. Advertising products B. Selling products C. Making good products D. Providing value to customers E. None of the above
Answer:
D. Providing value to customers
Explanation:
The marketing concept is the philosophy that firms should analyze the needs of their customers and then make decisions to satisfy those needs, better than the competition. Today most firms have adopted the marketing concept, but this has not always been the case.
Hope this was helpful, have a Wonderful Day!!
Everdeen Inc. has a 90-day operating cycle. If its average age of inventory is 35 days, how long is its average collection period
Answer:
8.6 days
Explanation:
The formula for average collection period
= Average received turnover ratio / 365 daya
= 90 × 35 / 365
= 8.6 days
Mr. Brown wants to buy a Tesla Model S car, whose price is $100, 848. The dealer offers a loan plan: $30, 000 downpayment, $X at the end of year 1, year 2, year 3, and year 4. Assume the constant annual interest rate is 25%. (a) What is X
Answer:
X is $30,000
Explanation:
First, we need to calculate the Amount ofLoan
Amount of Loan = Car price - Down payment = $100,848 - $30,000 = $70,848
This is the situation of annuity payment for 4 years at a 25% interest rate with equal annuity payment each year.
Now we will use the following formula to calculate the value of X
PV of Annuity = Annuity payment x ( 1 - ( 1 + interest rate )^-numbers of years ) / Interest rate
Where
PV of Annuity = Amount of Loan = $70,848
Interest rate = 25%
Numbers of years = 4 years
Annuity Payment = X = ?
Placing values in the formula
$70,848 = X x ( 1 - ( 1 + 25% )^-4 ) / 25%
$70,848 = X x 2.3616
X = $70,848 / 2.3616
X = $30,000
Vinny is unmarried and provides more than half the support for his cousin Gambini, who lives in Vinny's home for the entire year. Gambini has a part-time pizza delivery job and made three thousand dollars during the year. Vinny will qualify for head of household filing status.
a. True
b. False
Answer:
a. True
Explanation:
Since Vinny is unmarried also it provides more than the half of the support for his cousin whose name is Gambini and she is doing part time job and made three thousand dollars in a year
So vinny would qualify the household head for flining the status
Therefore the given statement is true
hence, it is not false
Catherine decided to have lunch at Tom's, one of the most popular restaurants in town. She ordered soup before her main course. The soup served to Catherine contained a maggot floating about in it. Fortunately, she noticed this before she ate it. She sued Tom's for negligence. The most likely result will be: Group of answer choices
Answer:
Catherine will not win since she did not sustain any damages
Explanation:
NEGLIGENCE
Negligence is simply a mean or troublesome activity/conduct by a person. If defendant's conduct fails to rise to a standard of care of that of a reasonable person in the same or similar circumstances, the defendant's conduct must breach a duty to prevent a foreseeable risk of harm to the plaintiff.
Negligence seeks for a duty was owed, that a duty was breached and the breach was the reason and close cause of damages.
