Answer: $245,200
Explanation:
Taxable Income = Income before non-operating items + Unusual Gain + Gain Disposal of equipment - Discontinued operation loss
= 1,390,000 + (-222,500) + 50,000 - 604,500
= $613,000
= Income tax expense = 613,000 * 40%
= $245,200
A company had total sales of $980,000, net sales of $955,800 and an average accounts receivable of $82,500. Its accounts receivable turnover equals:_____.
Answer:
Accounts receivable turnover = 11.58
Explanation:
The total sales of the company = $980000
Net sales of the company = $955800
Average account receivable = $82500
We have total sales, net sales, and average accounts receivable. Here, we are required to find the account turnover.
Use the below formula to find the account turnover:
Accounts receivable turnover = Net sales / average accounts receivable
Now insert the values:
Accounts receivable turnover = 955800 / 82500 = 11.58
7.The matching principle requires that: A. revenues earned and expenses incurred in generating those revenues should be reported in the same income statement. B. non-operating gains and losses should be netted against each other. C. a proportion of each dollar collected will be assumed to be a recovery of cost. D. assets will be matched to the liabilities incurred to purchase them.
Answer:
A. revenues earned and expenses incurred in generating those revenues should be reported in the same income statement.
Explanation:
A matching principle is an accounting concept which is typically used on accrual basis accounts and it states that expenses incurred by an individual or business entity should be recognized and matched in the same period with respect to the revenues they are related to.
The matching principle indicates when costs are recognized as expenses on the income statement.
For instance, company XYZ purchases a property worth $90,000 in June, it was then sold in July for $250,000. Based on the matching principle, the $90,000 cost shouldn't be recognized by company XYZ as an expense until July, when the related revenue would be recognized also. Else, if recognized, its expenses would be overstated by $90,000 in June, and consequently understated to the tune of $250,000 in July.
Hence, matching principle requires that revenues earned and expenses incurred in generating those revenues should be reported in the same income statement.
Additionally, the matching principle helps business owners to calculate their taxes and profits or losses properly.
When Free Trade Agreements are negotiated:___________
I inferred want to know more about free trade agreements.
Explanation:
Put simply, a free trade agreement occurs between two or more countries, in which the agreement removes barriers of trade (imports and exports) between the Countries.
For example, if country A sells shoes to country B, under a free trade agreement there will be no government tariffs imposed by country B on the goods imported from country A.
Studying a project’s potential opportunities is part of what area of management?a. Riskb. Scopec. Costd. Integration
Answer:
b. Scope
Explanation:
The scope of a project studies the features of a project. It looks at the opportunities of the project
Studying a project’s potential opportunities is part of the area of management which is known as:
B. ScopeAccording to the given question, we are asked to state the name which is given to the studying of the project’s potential opportunities and what part of the area of management it is categorized under.
As a result of this, we can see that when a person is studying a project and its opportunities then it is categorized under the are of scope of project because the components and potential opportunities are looked into.
Therefore, the correct answer is option B
Read more about project management here:
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What are the six phases of the communication process?
Answer:
The six (6) phases of the communication process are:
SenderEncodeMediumDecodeReceiverFeedbackHope that this helps :)
Company has the following balances for the current month: Direct materials used $ 23,000 Direct labor $ 19,800 Sales salaries $ 8,750 Indirect labor $ 1,500 Production manager's salary $ 6,210 Marketing costs $ 9,560 Factory lease $ 4,475 What is Robin's total manufacturing cost
Answer:
cost of goods manufactured= $54,985
Explanation:
Giving the following information:
Direct materials used $ 23,000
Direct labor $ 19,800
Indirect labor $ 1,500
Production manager's salary $ 6,210
Factory lease $ 4,475
To calculate the cost of goods manufactured, we need to use the following formula:
cost of goods manufactured= direct materials + direct labor + allocated manufacturing overhead
cost of goods manufactured= 23,000 + 19,800 + (1,500 + 6,210 + 4,475)
cost of goods manufactured= $54,985
Suppose you owned a portfolio consisting of $250,000 of long-term U.S. government bonds. Would your portfolio be riskless? Explain. Now suppose the portfolio consists of $250,000 of 30-day Treasury bills. Every 30 days your bills mature, and you will reinvest the principal ($250,000) in a new batch of bills. You plan to live on the investment income from your portfolio, and you want to maintain a constant standard of living. Is the T-bill portfolio truly riskless? Explain. What is the least risky security you can think of? Explain.
Answer and Explanation:
An investment when it would be risk free in that case both the principal and the interest amount are to be paid within the prescribed time. Also when the U.S government bonds i.e. long term would be issued by the government have a lesser interest rate as compared with the other riskier securities available at the market place this is because as the government would default next to zero in case of the short term it would make the default when there are extreme situations arise.
Therefore in the short term it would be risk free
But in the long run, the person is based on the treasury bills returns so that he or she could equate the similar standard of living also it would not suffice when the inflation rises
Therefore the less risky investment would be of Government bonds
During 2019, Jeff Smallwood worked for two different employers. Until May, he worked for Rowland Construction Company in Ames, Iowa, and earned $22,000. The state unemployment rate for Rowland is 4.6%. He then changed jobs and worked for Ford Improvement Company in Topeka, Kansas, and earned $29,500 for the rest of the year. The state unemployment rate for Ford is 5.1%. Determine the unemployment taxes (FUTA and SUTA) that would be paid by each company.
Answer:
A. $1,054.00
B. $ 450.00
Explanation:
Calculation to Determine the unemployment taxes (FUTA and SUTA) that would be paid by each company.
Calculation for Rowland Construction Company unemployment taxes for (FUTA and SUTA)
FUTA tax $7,000 × 0.006
FUTA tax = $42.00
SUTA tax $22,000 × 0.046
SUTA tax = $1,012.00
Hence,
Unemployment taxes=FUTA tax+SUTA tax
Let plug in the formula
Unemployment taxes=$42.00+$1,012.00
Unemployment taxes= $1,054.00
Therefore Rowland Construction Company unemployment taxes for (FUTA and SUTA) will be $1,054.00
b.
Calculation for Ford Improvement Company unemployment taxes for (FUTA and SUTA)
FUTA tax $7,000 × 0.006
FUTA tax = $ 42.00
SUTA tax $8,000 × 0.051
SUTA tax = 408.00
Hence,
Unemployment taxes=FUTA tax+SUTA tax
Let plug in the formula
Unemployment taxes=$42.00+$408.00
Unemployment taxes= $450.00
Therefore Rowland Construction Company unemployment taxes for (FUTA and SUTA) will be $450.00
Take note that FUTA tax amount for both is $7,000 while the tax rate 0.006
Casey Corporation reported net income of $96,000, depreciation expense of $3,400, and cash flow from operations of $53,700. Compute the quality of income ratio. What does the ratio tell you about the company’s ability to finance operating and other cash needs from operating cash inflows? (Enter your answer in decimals, not in percentages, rounded to 2 decimal places.)
Answer:
The quality of Income ratio is 0.56
Explanation:
Here in this question, we are interested in computing the quality of income ratio
Mathematically;
Quality Income Ratio = Cash flow from Operating Activity/Net Income
= 53,700/96,000 = 0.56
So what does this ratio tell us?
The indication we have from this calculation is that it is the operating activities that is supplying the bulk of the cash needed by the company (0.56 is 56%).
The remaining cash needs of 0.44 or 44% is sourced from other activities of the company and not its operating activities
Depreciation on factory plant and equipment is an example of factory overhead cost.
a. True
b. False
Answer:
B. FALSE
Explanation:
Joe sells the house he has lived in for 10 years to the Smith family for $300,000. He receives $50,000 more than his original purchase price 10 years ago. Joe pays his real estate agent a 5 percent sales commission. This transaction will increase gross domestic product (GDP) by
Answer:
$15,000
Explanation:
Joe has sold the house he has been living in for 10 years to the Smiths family
He sold the house at $300,000
Joe receives $50,000 more than the original price bargained 10 years ago
He pays the real estate agent a commission of 5%
= 5/100
= 0.05
Therefore the increase in gross domestic product can be calculated as follows
= $300,000×0.05
= $15,000
Hence, the transaction will increase the gross domestic product by $15,000
)In six months, your company plans to issue a 1.5 year zero coupon bond with a face value of $500,000 to finance a small acquisition. If the traditional expectations theory of the term structure is correct, and if the risk of your company's bonds is similar to that of the above bonds, what is the expected price of your company's bond at issue (i.s., in six months hence)
Answer:
$441,495
Explanation:
Since the information is incomplete, I looked for the missing part and found the attached information.
the current yield of a 1.5 years zero coupon bond = (100 / 89.9)¹/¹°⁵ - 1 = 0.0736 = 7.36%
the current yield of a 6 months zero coupon bond = (100 / 97.087)¹/⁰°⁵ - 1 = 0.0609 = 6.09%
now to calculate the future interest rate:
(1.0736²/1.0609) - 1 = 0.0865 = 8.65%
since we are told to determine the price of the bond:
(100/P)¹/¹°⁵ - 1 = 0.0865
(100/P)¹/¹°⁵ = 1.0865
100/P = 1.0865¹°⁵
100/P = 1.1325
100/1.1325 = P
P = 88.299
the expected price of the bond = 88.299% x $500,000 = $441,495
What is the six steps in the IHOP to go order correct order list
Answer:
HIOP is the correct answer for this question
Use these rental pricing data to answer the questions below: City 2009 Rent 2015 Rent Boise $583 $745 Boston $1,577 $2,150 Seattle $958 $1,600 What is the rate of change of rent with respect to time for Seattle? Round to the nearest penny and specify units in the question below. Answer = What are the proper units for this rate of change? years years per dollar dollars per year dollars
Answer:
Rate of change of rent [Seattle] = $95.5
Explanation:
Given:
2009 Rent $583
2015 Rent $745
2009 Boston $1,577
2015 Boston $2,150
2009 Seattle $958
2015 Seattle $1,600
Find:
Rate of change of rent [Seattle]
Computation:
Rate of change of rent [Seattle] = Change in price / Change in time
Rate of change of rent [Seattle] = [$2,150 - $1,577] / [2015 - 2009]
Rate of change of rent [Seattle] = $573 / 6
Rate of change of rent [Seattle] = $95.5
A family you are working with speaks English, but their native language is Korean and they have stated that it is much easier for them to understand things in Korean. Your company only offers the consent forms in English and Spanish. This is a violation of:
Answer:
informed consent
Explanation:
Based on the information provided, this is a violation of informed consent. This is because informed consent can only be granted when the individual signing the consent forms COMPLETELY understands and accepts the information presented in the forms. In this scenario, the family may speak English but since their native language is Korean and the consent forms are not offered in Korean there is a large possibility that some of the information may not be fully understood by the family. Thus they are not fully informed when signing.
Topeka Manufacturing reported sales of $750,000 during the current year. The company used $300,000 of raw materials to produce the units that were sold. Its raw materials inventory totaled $10,000 at the beginning of the year and $14,000 at the end of the year. What is the company’s days’ sales in raw materials inventory at the end of the current year?
Answer:
Days sales in raw materials inventory = 17.03 days
Explanation:
Given that;
Sales = $750,000
Raw materials used = $300,000
Ending raw materials inventory = $14,000
Beginning inventory = $10,000
Days sales in raw materials inventory =
Ending raw materials inventory ÷ raw materials used × 365
= ($14,000 ÷ $300,000) × 365
= 17.03 days
When planning a procurement, it is useful to ______________.
Answer & Explanation: When planning a procurement, it is useful to at least conduct a make or buy analysis which aids in determining the most cost effective approach, to consult and liaise with in-house experts in the departments of procurement, human resource, and legal, and also to insure the sponsor of the project signs off on the procurement plan. The goal of procurement planning is to increase the transparency and predictability of the procurement process while also deciding on what to buy, when and from what source.
Time Remaining 31 minutes 38 seconds00:31:38 AskItem 4Item 4 Time Remaining 31 minutes 38 seconds00:31:38 M Corp. has an employee benefit plan for compensated absences that gives each employee 15 paid vacation days. Vacation days can be carried over indefinitely. Employees can elect to receive payment in lieu of vacation days. At December 31, 2021, M's unadjusted balance of liability for compensated absences was $30,600. M estimated that there were 200 total vacation days available at December 31, 2021. M's employees earn an average of $153 per day. In its December 31, 2021, balance sheet, what amount of liability for compensated absences is M required to report
Answer:
$30,600
Explanation:
On an average, each employee will earn $153 per day. The amount of Liability for compensated absences in M Corporation will be
= 200 Days * $153 per day.
= $30,600
According to No. 16 Accounting for Compensated Absences, liability for compensated absence should be measured at balance sheet date for those employees who are currently eligible to receive termination payment.
n 2021, Cap City Inc. introduced a new line of televisions that carry a two-year warranty against manufacturer's defects. Based on past experience with similar products, warranty costs are expected to be approximately 1% of sales during the first year of the warranty and approximately an additional 3% of sales during the second year of the warranty. Sales were $6,000,000 for the first year of the product's life and actual payments for warranty expenditures were $29,000. Assume that all sales are on credit. Required: 1. Prepare journal entries to summarize the sales and any aspects of the warranty for 2021. 2. What amount should Cap City report as a liability at December 31, 2021
Answer:
A.
1.Dr Account receivable $6,000,000
Cr Sales $6,000,000
2. Dr warranty expenses $240,000
Cr Etimated warranty liability $240,000
3. Dr Estimated warranty liability $29,000
Cr Cash $29,000
B. $211,000
Explanation:
A. Preparation of journal entries to summarize the sales and any aspects of the warranty for 2021
1.Dr Account receivable $6,000,000
Cr Sales $6,000,000
(To record sales on credit)
2. Dr warranty expenses $240,000
Cr Etimated warranty liability $240,000
[(Warranty costs 1%+ Additional 3%)×$6,000,000)
=4%×$6,000,000
=$240,000
( To record accrued warranty expenses for year 1)
3. Dr Estimated warranty liability $29,000
Cr Cash $29,000
(To record actual warrant expenses)
B.Calculation for the amount that Cap City should report as a liability at December 31, 2021
Etimated warranty liability $240,000
Less Actual expenditure $29,000
Balance December 31, 2021 $211,000
Therefore the amount that Cap City should report as a liability at December 31, 2021 will be $211,000
Find online the annual 10-K report for Costco Wholesale Corporation (COST) for fiscal year (filed in October ). Answer the following questions from its cash flow statement: a. How much cash did Costco generate from operating activities in ? b. What was Costco's depreciation expense in ? c. How much cash was invested in new property and equipment (net of any sales) in ? d. How much did Costco raise from the sale of shares of its stock (net of any purchases) in ?
Based on the financial statements in question, the following are true:
a. $4,285 million. b. $1,127 million.c. $2,393 million.d. -$481 million. Costco Financial information in 2015The company was able to generate $4,285 million from operating activities. It however suffered a depreciation expense of $1,127 million.
This led to an investment of $2,393 million in new property and equipment. They also traded their shares which resulted in a negative cashflow of $481 million.
Find out more on the cashflow statement at https://brainly.com/question/735261.
The following financial statements are true
a. $4,285 million., b. $1,127 million. c. $2,393 million.d. -$481 million.What is Costco Wholesale Corporation ?The COST is a big box store company that is an amercing multiple billion-dollar corporations and operas a chain of members to the big box stores. As of 20220, it's the fifth-largest retailer in the world. It sells organic products and even wine.
The cash that COST generates from these activities is 4,285 USD. The depreciation expense was 1,127 USD and the cash that was invested in the new property was equipment for sales of 2,393 million USD. The COST raises its stocks to about 481 million USD.
Find out more information about the annual 10-K.
brainly.com/question/12890843.
You have won the lottery. You will receive $5,500,000 today, and then receive 40 payments of $1,900,000. These payments will start one year from now and will be paid every six months. A representative from Greenleaf Investments has offered to purchase all the payments from you for $35 million. If the appropriate discount rate is an APR of 9 percent compounded daily, should you take the offer
Answer:
no, you shouldn't take the offer because the present value of your prize is higher than $35 million.
Explanation:
we must first calculate the present value of the annuity in 6 months. The effective interest rate per year = (1 + 9%/365)³⁶⁵ - 1 = 1.094162145 - 1 = 0.094162145 = 9.4162145
the discount rate for every 6 months:
0.094162145 = (1 + r)² - 1
1.094162145 = (1 + r)²
√1.094162145 = √(1 + r)²
1.046022058 = 1 + r
r = 0.046022058 = 4.6%
now the present value of the annuity in 6 years = $1,900,000 x (annuity factor, 4.6%, 40 periods) = $1,900,000 x 18.14185 = $34,469,515
then we must find the present value = $34,469,515 / 1.046 = $32,953,647.23
the total value of your prize = $32,953,647.23 + $5,500,000 = $38,453,647.23
Which of the following is considered a service in the calculation of gdp?
A)Tax preparation.
b) Photographs.
c) Reclining chairs.
d) Automobile
Answer:
A)Tax preparation
Explanation:
Gross domestic product is the sum total of all goods and services produced by a country within a given period.
Goods are tangible products that are produced by the country and in this scenario includes photographs, reclining chairs, and photographs.
Services on the other hand are those intangible actions that produce value to the end user. An example of service is tax preparation.
If an individual requires his taxes to be prepared but does not have the skill to do it. They will hire someone to do it and pay for the service.
A) Tax preparation
The gross domestic product (GDP) is a monetary indicator of the market value of all final products and services produced over a given period of time.GDP is estimated by summing all of the money spent in a given period by consumers, corporations, and the government.A) Tax preparation is considered a service in the calculation of GDP.For more information:
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Quality control, in contrast to quality assurance, is implemented:_______.
A during production
B. by top management.
C after production
D. by self-directed teams.
E. before inspection.
Answer: during production
Explanation:
Quality control is simply a method of maintaining standards during manufacturing such that some samples of the output will be tested against the specification.
Quality control, in contrast to quality assurance, is implemented during production.
While quality control takes place during the product's production phase, quality assurance is used to check whether quality requirements are met or not.
For example, if Ken purchases a Sub 100 and if there is a favorable market, he will realize a profit of $300,000. On the other hand, if the market is unfavorable, Ken will suffer a loss of $200,000. But Ken has always been a very optimistic decision maker. What type of decision is Ken facing
Answer:
Since Mr Bob is always a pessimistic decision maker, he might choose pessimistic criterion. Using pessimistic criterion, the third alternative, equipment Texan will provide the smallest potential loss; so the best alternative is purchasing equipment Texan.
Conclusion: It is likely that in this criterion, Bill will arrive at a different decision.
For 2018, Gourmet Kitchen Products reported $22 million of sales and $19 million of operating costs (including depreciation). The company has $15 million of total invested capital. Its after-tax cost of capital is 9% and its federal-plus-state income tax rate was 34%. What was the firm's economic value added (EVA), that is, how much value did management add to stockholders' wealth during 2018? Write out your answer completely. For example, 25 million should be entered as 25,000,000. Round your answer to the nearest dollar, if necessary.
Answer:
Economic value added = $630,000
Explanation:
Economic value added (EVA) = Net operating profit after taxes - Invested capital * Cost of capital
Economic value added (EVA)= [($22,000,000 - $19,000,000)*(1 - 0.34)] - [$15,000,000*9%]
Economic value added (EVA)= [$3,000,000*(0.66) - $1,350,000]
Economic value added (EVA) = $1,980,000 - $1,350,000
Economic value added (EVA)= $630,000
Which of the following is a reason to obtain professional certification?a. Certification provides credibility that an individual is technically competentb. Certification often is a necessary condition for advancement and promotion within a professional services firm.c. Obtaining certification is often monetarily rewarded by an individual's employer.d. All of the above.
Answer: All of the above
Explanation:
Professional certification are the certificates that are earned by individuals which are required to do some certain jobs.
Certification provides credibility that an individual is technically competentb and is a vital condition for promotion and advancement and promotion and one's workplace. Obtaining certification is also often monetarily rewarded by an individual's employer.
Therefore, the correct answer is" all of the above".
Which one of the following statements concerning whole life insurance is false? Group of answer choices Whole life insurance premiums paid throughout the insured’s lifetime are ordinary life policies. Level-premium whole life insurance accumulates a cash value that eventually reaches the face value of the policy at age 100 - 120. Whole life insurance offers permanent protection throughout the insured’s lifetime. Whole life insurance can be participating, which means the insured must participate in selfdirected investments for the cash value.
Answer:
Whole life insurance can be participating, which means the insured must participate in self-directed investments for the cash value
Explanation:
Insurance is a form of protection against kinds of loss.
whole life insurance is an insurance policy that allows a lifetime coverage, which means the other insurance is for lifetime and not a specific given time provided that the person continues to pays his/premium. It should be noted that Whole life insurance offers permanent protection throughout the insured’s lifetime and premiums are paid throughout the insured’s lifetime.
Cattle House Steaks, a Colorado company, enters into a contract over the phone with Beef Packing Inc., an out-of-state corporation. If a dispute arises, a Colorado court can exercise jurisdiction over Beef Packing a. only if Beef Packing files the suit. b. on the basis of a federal question. c. in no circumstances. d. under the minimum-contacts test.
Answer: d. under the minimum-contacts test.
Explanation:
Cattle House Steaks, a Colorado company, enters into a contract over the phone with Beef Packing Inc., an out-of-state corporation. If a dispute arises, a Colorado court can exercise jurisdiction over Beef Packing under the minimum-contacts test.
Minimum contacts applies to situations whereby a court in one state can assert its personal jurisdiction over another defendant which isn't in that same state but is in another state.
A heat integration project results in saving 5 MM Btu/h of heating utility and 14 MM Btu/h of cooling utility. The prices of heating and cooling utilities are $4/MM Btu and $7/MM Btu respectively. The process operates for 8000 h per year. The project requires the installation of three heat exchangers, pumps, and pipeline. The FCI of the project is $4.0 MM. The working capital investment is taken as 15/85 of the FCI. The annual operating cost of the project (for pumping the integrated streams) is $0.5 MM/year. Depreciation is calculated over 10 years with no salvage value. The corporate tax rate for the project is 25% of the annual taxable gross profit. What is the payback period of the project
Answer:
9.24 yr
Explanation:
The payback period refers to the amount of time it takes to recover the cost of an investment. In order to find a payback period we need to go through some calculations first
Annual savings = 5 MM Btu/hr x 8,000 hr/yr x $4/MM Btu x 14 MM Btu/hr x 8,000 hr/yr x $7/MMBtu
Annual savings = $0.944 MM/yr
TCI = [tex]\frac{4.0 MM}{0.85}[/tex]
TCI = $4.7 MM
Depreciation - Annualized fixed cost = [tex]\frac{[4.0 - 0] }{10}[/tex]
Depreciation - Annualized fixed cost = $0.4 MM/yr
Total cost annualized = Annualized fixed cost + Annual operating cost
Total cost annualized = 0.4 + 0.5
Total cost annualized= 0.9 MM/yr
Annual net (after-tax) profit = Annual income - Total cost annualized x (1-Tax rate + Depreciation
Annual net (after-tax) profit = $0.944 MM/yr - $0.9 MM/yr x 1 -0.25 + $0.4 MM/yr
Annual net (after-tax) profit = 0.433MM/yr
Payback period = [tex]\frac{4.0}{0.433MM/yr}[/tex]
Payback period = 9.24 yr
Management of Childers Corporation is considering whether to purchase a new model 370 machine costing $536,000 or a new model 240 machine costing $463,000 to replace a machine that was purchased 9 years ago for $484,000. The old machine was used to make product M25A until it broke down last week. Unfortunately, the old machine cannot be repaired. Management has decided to buy the new model 240 machine. It has less capacity than the new model 370 machine, but its capacity is sufficient to continue making product M25A. Management also considered, but rejected, the alternative of simply dropping product M25A. If that were done, instead of investing $463,000 in the new machine, the money could be invested in a project that would return a total of $488,000. In making the decision to buy the model 240 machine rather than the model 370 machine, the differential cost was:
Answer:
Differential cost = $73,000
Explanation:
When management had to decide which machine to buy, the differential costs refers to the difference in cost between the two available options. Model 370 costs $536,000 while model 240 costs $463,000. The differential cost = $536,000 - $463,000 = $73,000.
