The amount of sick pay received by Terry during his three-month illness is included in his gross income.
Under the given circumstances, Terry and his employer share the cost of the disability insurance. The employer paid $3,900 in disability premiums for Terry this year as a nontaxable fringe benefit, and Terry paid the remaining $590 of premiums from his after-tax salary. Therefore, the $7,050 sick pay received by Terry is included in his gross income for tax purposes. However, the $3,900 in disability premiums paid by his employer is not included in his gross income, as it is considered a nontaxable fringe benefit. The $590 in premiums paid by Terry from his after-tax salary is also not included in his gross income, as it was already taxed. Therefore, the total amount included in Terry's gross income is $7,050.
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a quantum meruit remedy is equivalent to:the reasonable value of the agreement.an equitable remedy.an expectation interest.a reliance interest.
A quantum meruit remedy is a legal term that refers to a situation in which a party has performed services or provided goods for another party without a specific contract in place. In this situation, the party who provided the services or goods may be entitled to receive compensation based on the reasonable value of the work that was performed.
The term "quantum meruit" is Latin for "as much as he has earned" and it is used to describe a situation where a person has provided services or goods, but has not received payment for them. This remedy is often used in situations where there is no specific contract or agreement between the parties. In general, a quantum meruit remedy is equivalent to the reasonable value of the agreement, because it is based on the work that was actually performed and the value that was provided to the other party. This remedy is not necessarily based on the specific terms of a contract, but rather on the actual work that was done and the value that was created.
In conclusion, a quantum meruit remedy is a legal remedy that is based on the reasonable value of the work that was performed, and it is often used in situations where there is no specific contract or agreement between the parties. While it may be considered an equitable remedy in some cases, it is not necessarily the same as an equitable remedy, an expectation interest, or a reliance interest.
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a portfolio manager plans to buy three-month t-bills with the total face value of $1,000,000 in one month. the current price for three-month t-bills is $988,520. what is the fair forward price if the current effective annual risk-free rate over one month is 4%? a. $950,500 b. $985,236 c. $988,520 d. $991,815 e. $1,028,061
The fair forward price for the three-month T-bills is $991,815. So, correct option is D.
The fair forward price of the three-month T-bills can be calculated using the formula:
Fair forward price = Spot price x (1 + risk-free rate x time to maturity)
In this case, the spot price of the T-bills is $988,520, and the time to maturity is three months. However, the portfolio manager plans to buy the T-bills in one month, which means that the time to maturity is effectively two months.
The current effective annual risk-free rate over one month is 4%, which means the monthly risk-free rate is approximately 0.33%.
Substituting these values into the formula, we get:
Fair forward price = $988,520 x (1 + 0.33% x 2) = $991,815
This is higher than the current spot price, reflecting the fact that interest rates are expected to rise over the next month. The portfolio manager will need to pay this fair forward price in order to secure the T-bills one month from now.
So, correct option is D.
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the value of determing the relative competitive strength of each business a copmany has diversififed into is
Determining the relative competitive strength of each business a company has diversified into is valuable for several reasons. First, it helps identify which businesses are contributing positively to the company's overall performance and which ones are not.
This information is crucial for making informed decisions about where to allocate resources and where to cut back. Second, it allows the company to focus on its core strengths and competitive advantages, which can lead to improved efficiency, profitability, and long-term sustainability. Third, understanding the competitive landscape of each business can help the company identify potential threats and opportunities, allowing it to make strategic adjustments as needed. Overall, determining the relative competitive strength of each business can help a company make more informed and effective decisions about its diversification strategy.
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your boss prefers that you act on your own initiative and report to her when the final results have been accomplished. which initiative does your boss practice?
Your boss practices the initiative of delegating tasks and giving autonomy to her employees. This means that she trusts her employees to take charge of their assigned tasks and complete them without constant supervision.
By reporting to her once the final results have been accomplished, she is able to keep track of progress and ensure that the work is being done efficiently.
Delegating tasks and giving autonomy to employees is a common leadership style that allows for increased productivity and employee engagement. This approach empowers employees to take ownership of their work and fosters a sense of accountability. Additionally, it allows for the boss to focus on higher-level tasks and priorities, while still being informed of progress and results.
Management by objectives is a management style where employees are encouraged to take responsibility for their tasks, set their own goals, and work independently.
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when an acquirer assesses a potential target, the price the acquirer is willing to pay should be based on the value of:
When an acquirer assesses a potential target, the price the acquirer is willing to pay should be based on the value of the target company's future cash flows and strategic fit with the acquirer's business.
Step 1: Determine future cash flows
The acquirer should estimate the target company's future cash flows. This involves analyzing the target's historical financial performance, projected growth rates, and future business prospects.
Step 2: Discount future cash flows
The acquirer should then discount the future cash flows to their present value, using a discount rate that reflects the risk associated with the target company's business. The discounted cash flow (DCF) valuation method is commonly used for this purpose.
Step 3: Assess strategic fit
The acquirer should also evaluate how well the target company fits with its own business strategy, considering factors such as synergies, complementary products or services, and potential for market expansion.
Step 4: Determine maximum price
Taking into account the value of the target's future cash flows and strategic fit, the acquirer should determine the maximum price they are willing to pay for the target company. This price should offer a reasonable return on investment for the acquirer, given the risks and potential benefits of the acquisition.
When an acquirer assesses a potential target, the price the acquirer is willing to pay should be based on a comprehensive analysis of the target company's future cash flows and strategic fit with the acquirer's business. This involves estimating future cash flows, discounting them to present value using a risk-adjusted discount rate, and evaluating the strategic fit of the target with the acquirer's business strategy. By considering both financial and strategic factors, the acquirer can determine a maximum price that offers a reasonable return on investment, while also taking into account the potential benefits and risks of the acquisition.
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Employers must pay employee taxes in addition to those paid by the employees. Which of the following is paid only by the employer?a. State taxesb. SUTAc. FICAd. Insurance premiumse. Federal taxes
FICA (Federal Insurance Contributions Act) tax is a required deduction made from an employee's income to pay for Medicare and Social Security for senior citizens in the United States. The correct answer is c. FICA.
It is a deduction of 12.4% that is split into two parts: the employee is required to pay half of it out of their paycheck, and the employer is responsible for the other half. The total revenue generated by a company's core operations is referred to as operating cash flow. Cash flow investment includes both investing in other business ventures and buying capital assets. All payments made by the business as well as all profits gained from the sale of debt and stock are included in cash flow for financing. Any cash flow related to borrowing or investing should typically be subtracted from operational cash flow in order to pay interest. Interest expense is not included since it is a financing item, and depreciation expense is deleted because it does not represent a true cash flow.
Complete question:
Employers must pay employee taxes in addition to those paid by the employees. Which of the following is paid only by the employer?a. State taxesb. SUTAc. FICAd. Insurance premiumse. Federal taxes
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under monopoly, the firm produces the output where _____ , and in perfect competition, the firm produces the output where _____ .
Under monopoly, the firm produces the output where marginal cost = marginal revenue, and in perfect competition, the firm produces the output where marginal cost = market price.
In a monopoly, the firm generates output when its marginal cost (MC) and marginal revenue (MR) are equal. This is thus because the monopolist controls the pricing because they are the only producers of the good.
Therefore, MR is equal to the monopolist's set price, and MC is the cost of making the extra unit. The monopolist will create the output where MR = MC because it seeks to maximise profits. In a situation of perfect competition, the company generates production when MC = P (market price).
This is so because a company in perfect competition must accept the price established by the market because it is a price taker.
In order to maximise profits, the firm will generate the output where MC is equal to the market price. As a result, when there is perfect competition, the business produces the output where MC = P, and when there is a monopoly, the firm produces the output where MR = MC.
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what are the rational and irrational determinants of the size and the value effects? for example, suppose you are a financial analyst, what risk/rational reasons can you tell your clients that small and value stocks should have higher expected returns than large and growth stocks in an effcient market? alternatively, if you are a trader, what behavioral reasons would make you argue that small stocks or value stocks are underpriced and thus should deliever positive alpha in the future.
In general, the determinants of the size and value effects can be both rational and irrational.
From a rational perspective, the size effect can be attributed to the fact that smaller companies tend to have higher growth potential and are more sensitive to changes in market conditions.
Therefore, smaller companies are riskier investments and require a higher expected return.
Similarly, the value effect can be attributed to the fact that value stocks are often undervalued by the market and have a higher potential for growth in the future.
This means that investors who buy value stocks are taking on a higher level of risk and therefore require a higher expected return.
From a behavioral perspective, there are several reasons why traders may believe that small or value stocks are underpriced and may deliver positive alpha in the future.
Firstly, traders may believe that the market is not fully efficient and that there are mispricings in the market that can be exploited by savvy investors.
This means that traders may look for stocks that are undervalued and believe that the market will eventually recognize their true value, leading to positive returns.
Additionally, traders may also be influenced by psychological biases, such as the availability heuristic or the confirmation bias, which can cause them to overestimate the potential returns of small or valuable stocks.
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which application's primary business benefits include sales forecasts, sales strategies, and marketing campaigns? group of answer choices erp scm crm all of these
The application that primarily provides business benefits such as sales forecasts, sales strategies, and marketing campaigns is Customer Relationship Management (CRM).
CRM is a software tool that helps businesses manage their interactions with customers and prospects. It provides insights into customer behavior and preferences, which can help businesses make informed decisions about sales and marketing strategies.
With the help of CRM, businesses can forecast future sales and plan their marketing campaigns accordingly. While ERP (Enterprise Resource Planning) and SCM (Supply Chain Management) also provide business benefits, their primary focus is on streamlining internal operations and optimizing the supply chain, respectively. In short, CRM is the most suitable option for businesses looking to enhance their sales and marketing efforts.
The application that primarily focuses on sales forecasts, sales strategies, and marketing campaigns is CRM (Customer Relationship Management). CRM software allows businesses to manage their customer data, interactions, and sales processes more effectively. By utilizing CRM, businesses can gain insights and make data-driven decisions, resulting in improved sales forecasting, strategy development, and targeted marketing campaigns.
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which of the following explains why supply curves slope upward? group of answer choices increasing marginal cost prices and income resources and technology
The reason why supply curves slope upward is due to increasing marginal cost. As producers increase the quantity of a good or service they supply, the cost of producing each additional unit generally increases.
This means that in order for producers to justify supplying more of a good or service, they need to receive a higher price for each unit sold, leading to a higher supply curve. While resources and technology can also impact supply, it is primarily the increasing marginal cost that drives the upward slope of supply curves.
The reason why supply curves slope upward is due to increasing marginal costs. As the production level increases, the cost of producing additional units also increases, making suppliers more willing to supply at higher prices. This results in an upward-sloping supply curve.
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you decide to take $500 out of your piggy bank at home and place it in the bank. if the reserve requirement is 5 percent, how much can your $500 increase the amount of money in the economy?
Your $500 can increase the amount of money in the economy by $10,000.
The reserve requirement is the percentage of deposits that banks must hold in reserve and cannot lend out. In this case, the reserve requirement is 5%, which means that the bank can lend out 95% of the $500 you deposited.
To calculate the total amount of money that can be created, we can use the money multiplier formula: Money multiplier = 1 / Reserve requirement.
So, the money multiplier, in this case, is 1 / 0.05 = 20.
Therefore, the total amount of money that can be created is the initial deposit multiplied by the money multiplier: $500 x 20 = $10,000.
This means that your $500 can increase the amount of money in the economy by $10,000, as banks can lend out up to $9,500 based on your deposit.
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A partnership has the following account balances: Cash $50,000; Other Assets $600,000; Liabilities $240,000; Nixon, Capital (50 percent of profits and losses) $200,000; Hoover, Capital (20 percent) $120,000; and Polk, Capital (30 percent) $90,000. Each of the following questions should be viewed as an independent situation:Grant invests $80,000 in the partnership for an 18 percent capital interest. Goodwill is to be recognized. What are the capital accounts thereafter?Grant invests $100,000 in the partnership to get a 20 percent capital balance. Goodwill is not to be recorded. What are the capital accounts thereafter?Capital Balancesa. Nixon Hoover Polk Grant b. Nixon Hoover Polk Grant
Capital accounts after investing $80,000: Nixon $236,000, Hoover $136,000, Polk $102,000. Grant's capital account will be $112,000 and the existing partners' capital accounts remain unchanged.
1. After Grant invests $80,000 in the partnership for an 18 percent capital interest, the total capital balance of the partnership will be $560,000 ($200,000 + $120,000 + $90,000 + $80,000).
Since goodwill is to be recognized, the amount paid by Grant in excess of his capital interest will be allocated proportionally to the existing partners based on their profit and loss sharing ratios.
Grant's capital account will be $100,800 ($80,000 + ($80,000 × 50%)), and the capital accounts of the existing partners will be adjusted as follows:
Nixon, Capital $236,000 ($200,000 + ($80,000 × 25%));
Hoover, Capital $136,000 ($120,000 + ($80,000 × 10%));
and Polk, Capital $102,000 ($90,000 + ($80,000 × 15%)).
2. After Grant invests $100,000 in the partnership for a 20 percent capital balance and goodwill is not recognized, the total capital balance of the partnership will be $560,000 ($200,000 + $120,000 + $90,000 + $100,000).
Grant's capital account will be $112,000 ($100,000 + ($100,000 × 20%)), and the capital accounts of the existing partners will remain the same: Nixon, Capital $200,000; Hoover, Capital $120,000; and Polk, Capital $90,000.
In summary, in the first scenario where goodwill is recognized, the existing partners' capital accounts will be adjusted based on their profit and loss-sharing ratios to allocate the excess payment made by Grant.
In the second scenario where goodwill is not recognized, the capital accounts of the existing partners will remain unchanged, and Grant's capital account will be calculated based on his capital contribution and the agreed percentage of ownership.
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manufacturing overhead was estimated to be $220,000 for the year along with an estimated 20,000 direct labor hours. actual manufacturing overhead was $232,900, and actual direct labor hours were 18,500. the amount credited to the manufacturing overhead account would be:
The amount credited to the manufacturing overhead account would be $29,400.
To determine the amount credited to the manufacturing overhead account, we first need to calculate the predetermined overhead rate;
Predetermined overhead rate = Estimated manufacturing overhead / Estimated direct labor hours
Predetermined overhead rate = $220,000 / 20,000 = $11 per direct labor hour
Next, we need to calculate the amount of manufacturing overhead applied to actual production;
Manufacturing overhead applied = Predetermined overhead rate x Actual direct labor hours
Manufacturing overhead applied = $11 x 18,500 = $203,500
Finally, we can calculate the amount credited to the manufacturing overhead account;
Amount credited to manufacturing overhead account = Actual manufacturing overhead - Manufacturing overhead applied
Amount credited to manufacturing overhead account = $232,900 - $203,500 = $29,400
Therefore, the amount credited is $29,400.
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grayson (single) is in the 24 percent tax rate bracket and has sold the following stocks in 2022: note: loss amounts should be indicated by a minus sign. stock date purchased basis date sold amount realized stock a 1/23/1998 $ 7,850 7/22/2022 $ 4,980 stock b 4/10/2022 15,200 9/13/2022 18,970 stock c 8/23/2020 12,250 10/12/2022 17,340 stock d 5/19/2012 5,710 10/12/2022 13,300 stock e 8/20/2022 7,720 11/14/2022 3,800 b. what is grayson's net long-term gain or loss from these transactions?
Grayson's net long-term gain from these transactions is $9,810. However, it's important to note that this calculation only takes into account the long-term capital gains and losses. Long-term capital gain/loss = ($5,090 + $7,590) - ($2,870) = $9,810
- Stock A: held for more than one year
- Stock B: held for less than one year
- Stock C: held for more than one year
- Stock D: held for more than one year
- Stock E: held for less than one year
Using this information, we can calculate the long-term capital gains or losses for each stock:
- Stock A: $4,980 - $7,850 = -$2,870 (long-term capital loss)
- Stock B: $18,970 - $15,200 = $3,770 (short-term capital gain)
- Stock C: $17,340 - $12,250 = $5,090 (long-term capital gain)
- Stock D: $13,300 - $5,710 = $7,590 (long-term capital gain)
- Stock E: $3,800 - $7,720 = -$3,920 (short-term capital loss)
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a. what is the amount of the annuity purchase required if you wish to receive a fixed payment of $240,000 for 20 years? assume that the annuity will earn 10 percent per year. b. calculate the annual cash flows (annuity payments) from a fixed-payment annuity if the present value of the 20-year annuity is $1.4 million and the annuity earns a guaranteed annual return of 10 percent. the payments are to begin at the end of the current year. c. calculate the annual cash flows (annuity payments) from a fixed-payment annuity if the present value of the 20-year annuity is $1.4 million and the annuity earns a guaranteed annual return of 10 percent. the payments are to begin at the end of six years. (for all requirements, do not round intermediate calculations. round your answers to 2 decimal places. (e.g., 32.16))
For the next 20 years, the fixed-payment annuity will generate annual cash flows of about $163,047.
A fixed-installment annuity's payment annual income or annuity payments are calculated using both the current value and the consistent annual return.
The 20-year annuity's current value in this case is $$$1.4$$ million, and it guarantees an annual return of 10%. We may calculate the annual incomes using the following calculation to determine an annuity's current worth:
PV equals installation times (1 - (1+ r) n)/r.
PV stands for present value, Installment for annual income, r for guaranteed annual return, and n for the number of years.
The formula to solve for Installment can be changed to: Installment
= PV x r/(1-(1+r) n) PV x r/(1 - (1+ r) n) = Installment
By combining the specified characteristics, we obtain: Installment
= $1,400,000 x 0.1/(1- (1 +t) By addressing this issue, we arrive at an annuity payment amount of about 163,047 dollars per year. In this way, starting at the end of the current year, the fixed-installment annuity will provide yearly incomes of 163,047 dollars for the following 20 years.
According to this, if someone gives $1.40 million today, they will receive roughly $163,047 every year for the next 20 years. This calculation can be helpful in retirement planning and financial planning since it helps people determine how much they need to save or contribute in order to maintain a certain level of salary going forward.
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1. suppose the price of apples doubles to $3.00 between year 1 and year 2 but that nothing else in the economy changes. instructions: round your answers to one decimal place. a. what would be the percentage change in nominal gdp? 70 % b. what would be the percentage change in real gdp? 0 % 2.
The nominal GDP changed by 47.54% between 2010 and 2019. The real GDP in 2019 is $20,597113 billions if percentage change at 2010 values. The real GDP growth rate between 2010 and 2019 as a percentage; 72.4%.
Between 2010 and 2019, the nominal GDP's percentage change attributable to price changes was 24.45%. Percentage change is calculated using the formula: (Final Value - Original Value)/Original Value * 100%.
a) The nominal GDP change between 2010 and 2019 is calculated as follows: (21433 - 14527/14527* 100% = 47.54% .
b) The real GDP in 2019 is equal to 21433 * 0.961 = 20,597113 billions at 2010 values.
c) The real GDP growth rate from 2010 to 2019, calculated as follows: real GDP in 2010 = 14527 * 0.961 = 13,960,447 billion
Real GDP for 2019 is 24.069.259 trillion (21433 * 1.123).
Change as a percentage = (24069.259 - 13960.447)
13960.447 * 100% =72.4%
d) The nominal GDP percentage change between 2010 and 2019 that may be attributable to price changes is: Percentage change = [(21433/1.123) - (14527/0.961)/(14527/0.961) * 1O0% = 24.45%.
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while refers to the out-of-pocket expenses for raising a child, is the potential income forgone for women who stay at home to raise their children
True. While the direct costs associated with raising a child, such as food, clothing, and education, are commonly referred to as the "cost of raising a child,"
There is also a significant opportunity cost for women who choose to stay at home to raise their children. By leaving the workforce, these women forego the potential income they could have earned during that time, as well as the career advancement opportunities and retirement benefits that come with staying in the workforce.
This opportunity cost can be substantial and can have long-term financial implications for women and their families.
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the shows the total standard time required to produce one end product in each work center required for its manufacture. question 22 options: work center bill routing file capacity bill bill of materials none of the above
The term that shows the total standard time required to produce one end product in each work center required for its manufacture is called "routing file." A routing file outlines the sequence of operations that are required to produce a specific product, including the time needed for each operation and the work center where each operation takes place. This information helps to determine the total time required to manufacture the product and the capacity needed at each work center.
The bill of materials, on the other hand, lists all the raw materials, components, and sub-assemblies needed to produce the product. The work center bill and capacity bill are not relevant to this specific question.
which term shows the total standard time required to produce one end product in each work center required for its manufacture.
The options provided are work center bill, routing file, capacity bill, bill of materials, and none of the above.
The correct term for this is the "routing file." A routing file provides information on the sequence of operations, work centers, and the standard time needed to complete each step in the manufacturing process for a specific product. This helps in understanding the time required for each work center to produce an end product and facilitates efficient planning and scheduling.
In summary, the routing file shows the total standard time required to produce one end product in each work center required for its manufacture.
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What's the real cost of the food in the "free lunch" cartoon on page 6?
While the "free lunch" cartoon may be a useful illustration of economic concepts, it should not be taken as a literal representation of the real cost of food or any other commodity.
The real cost of the food in the "free lunch" cartoon on page 6 is not reflected in the cartoon itself, as it is a simplified depiction of a complex economic concept. The cartoon is intended to illustrate the idea that there is no such thing as a free lunch, and that every choice we make involves trade-offs and opportunity costs.
In reality, the cost of producing and distributing food involves many different factors, including the cost of raw materials, labor, transportation, and marketing. The true cost of food can also include externalities such as environmental degradation, social inequality, and public health impacts.
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The Platter Valley factory of Bybee Industries manufactures field boots. The cost of each boot includes direct materials, direct labor, and manufacturing (factory) overhead. The firm traces all direct costs to products, and it assigns overhead cost to products based on direct labor hours. The company budgeted $10,125 variable factory overhead cost and 2,250 direct labor hours to manufacture 4,500 pairs of boots in March. The factory used 4,200 direct labor hours in March to manufacture 4,300 pairs of boots and spent $17,300 on variable overhead during the month. For March, the Platter Valley factory of Bybee Industries budgeted $90,000 for fixed factory overhead cost. Its practical capacity is 2,250 direct labor hours per month (to manufacture 4,500 pairs of boots). The factory used 4,200 direct labor hours in March to manufacture 4,300 pairs of boots. The actual fixed overhead cost incurred for the month was $93,500.Compute the factory overhead flexible-budget variance, the factory overhead spending variance, and the efficiency variance for variable factory overhead for March and state whether each variance is favorable (F) or unfavorable (U).
The factory overhead flexible-budget variance is unfavorable by $1,600, the factory overhead spending variance is unfavorable by $74,150, and the variable factory overhead efficiency variance is favorable by $8,775.
To compute the variances, we need to first determine the budgeted factory overhead rate per direct labor hour
Budgeted variable overhead rate = Budgeted variable factory overhead cost / Budgeted direct labor hours
Budgeted variable overhead rate = $10,125 / 2,250 hours
Budgeted variable overhead rate = $4.50 per direct labor hour
Factory overhead flexible-budget variance
Actual variable overhead - Flexible budget variable overhead
= $17,300 - ($4.50 x 4,200)
= $17,300 - $18,900
= -$1,600 (U)
Factory overhead spending variance
Flexible budget variable overhead - Actual fixed overhead
= ($4.50 x 4,300) - $93,500
= $19,350 - $93,500
= -$74,150 (U)
Variable factory overhead efficiency variance
Budgeted variable overhead rate x (Actual hours - Budgeted hours)
= $4.50 x (4,200 - 2,250)
= $4.50 x 1,950
= $8,775 (F)
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LOL Music Store uses the perpetual inventory system to account for merchandise. On November 17, it purchased $1,000 of merchandise with terms of 2/5,1/60. If payment is made on November 21, demonstrate the required journal entry to record the payment by selecting all of the correct actions below. (Check all that apply) a Credit Cash $1.000 b Credit Purchase Discounts $20. c Credit Accounts Payable $1,000. d Credit Merchandise Inventory $20. e Debit Merchandise Inventory $20. f Credit Cash $980. g Debit Accounts Payable $1,000.
a) Credit Cash[tex]$1,000[/tex]
b) Credit Purchase Discounts [tex]$20[/tex]
c) Debit Merchandise Inventory [tex]$1,000[/tex]
The terms[tex]2/5,1/60[/tex] mean that the buyer is eligible for a[tex]2%[/tex] discount if they pay within 5 days, or the full amount is due in 60 days. Since the payment is made on November 21, which is within the 5-day discount period, the company is eligible for the discount.
The required journal entry to record the payment on November 21, using the perpetual inventory system, is:
a) Credit Cash[tex]$980[/tex] (the amount paid after deducting the discount)
b) Credit Purchase Discounts[tex]$20[/tex](the amount of the discount taken)
c) Debit Merchandise Inventory[tex]$1,000[/tex] (the cost of the merchandise purchased)
Therefore, the correct actions are:
a) Credit Cash [tex]$1,000[/tex]
b) Credit Purchase Discounts[tex]$20[/tex]
c) Debit Merchandise Inventory[tex]$1,000[/tex]
Option d) Credit Merchandise Inventory[tex]$20[/tex]is not applicable as the discount amount is credited to Purchase Discounts and not debited to Merchandise Inventory.
Option e) Debit Merchandise Inventory[tex]$20[/tex] and f) Credit Cash $980 are incorrect because they do not take into account the discount received.
Option g) Debit Accounts Payable[tex]$1,000[/tex] is also incorrect because the payment is made on November[tex]21,[/tex] which means the Accounts Payable account should be credited and not debited.
Merchandise is the term used for any product that you can sell or buy. Any good for sale is merchandise, some examples include groceries in a supermarket, clothes in a retail store, electronics on a website or raw materials in a manufacturing warehouse.
The commodities or goods that are bought and sold in business : wares. sells a variety of spring merchandise. archaic : the occupation of a merchant : trade. merchandise
Complete question:
LOL Music Store uses the perpetual inventory system to account for merchandise. On November [tex]17,[/tex] it purchased[tex]$1,000[/tex]of merchandise with terms of [tex]2/5,1/60[/tex]. If payment is made on November [tex]21,[/tex] demonstrate the required journal entry to record the payment by selecting all of the correct actions below. (Check all that apply)
a Credit Cash [tex]$1.000[/tex]
b Credit Purchase Discounts [tex]$20.[/tex]
c Credit Accounts Payable [tex]$1,000[/tex].
d Credit Merchandise Inventory[tex]$20.[/tex]
e Debit Merchandise Inventory[tex]$20.[/tex]
f Credit Cash [tex]$980[/tex]
g Debit Accounts Payable [tex]$1,000.[/tex]
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The journal entry to record the payment will be a Debit to Cash for $980 and a Credit to Purchase Discounts for $20. So, the correct answers are a, b, f and g.
This is because the terms of the purchase are 2/5,1/60 which means that the customer can get a 2% discount for payment within 5 days and must pay the balance of $980 within 60 days.
Additionally, a Credit to Accounts Payable for $1,000 and a Debit to Merchandise Inventory for $20 should be recorded to reflect the increase in Accounts Payable and the cost of goods purchased.
This will ensure that the inventory and Accounts Payable accounts are up to date and that the company is properly recognizing the discounts received.
Complete question:
Music Store uses the perpetual inventory system to account for merchandise. On November 17, it purchased $1,000 of merchandise with terms of 2/5,1/60. If payment is made on November 21, demonstrate the required journal entry to record the payment by selecting all of the correct actions below. (Check all that apply)
a. Credit Cash $1.000
b. Credit Purchase Discounts $20.
c. Credit Accounts Payable $1,000.
d. Credit Merchandise Inventory $20.
e. Debit Merchandise Inventory $20.
f. Credit Cash $980.
g. Debit Accounts Payable $1,000.
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Which stage of the money laundering process occurs when money is taken out of the financial institution and used to purchase assets or goods?.
This is when the illicit money is taken out of the financial institution and used to purchase assets or goods, effectively integrating the funds back into the economy as legitimate money.
The stage of the money laundering process that occurs when money is taken out of the financial institution and used to purchase assets or goods is called the "placement stage." This is the first stage in the money laundering process and involves the physical movement of illicit funds into the legitimate financial system.
Once the funds have been successfully deposited, they will then be withdrawn and used to purchase assets or goods, which can further disguise their illegal origins. It's important to note that the placement stage is just one part of a larger process of money laundering, which also includes the "layering" and "integration" stages.
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what is the discounted payback method designed to compute? multiple choice question. the time period required to return the initial investment the time period required to return the initial investment plus interest the time period required to return twice the initial investment the time period required to earn an economic profit
The purpose of the discounted payback method is to calculate the period required to return the initial investment. Here option A is the correct answer.
The discounted payback method is a financial analysis tool designed to determine the time period required for a project to recoup its initial investment, taking into account the time value of money. It differs from the traditional payback method in that it incorporates the discounted cash flows of a project, which are adjusted for the opportunity cost of investing the money elsewhere.
The purpose of the discounted payback method is to provide decision-makers with a more accurate measure of a project's profitability by accounting for the time value of money. It enables them to evaluate the cash inflows and outflows of a project over time and determine whether it is financially viable.
To use the discounted payback method, the future cash flows of the project are discounted to their present value using a discount rate, which is typically the cost of capital. The sum of the discounted cash flows is then used to determine the number of years it will take for the project to recoup its initial investment.
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Complete question:
What is the purpose of the discounted payback method?
a) To compute the time period required to return the initial investment
b) To compute the time period required to return the initial investment plus interest
c) To compute the time period required to return twice the initial investment
d) To compute the time period required to earn an economic profit.
in what ways did thinking about the role of the state in the economic life of developing countries change
The thinking about the role of the state in the economic life of developing countries has undergone significant changes over time.
Initially, there was a belief that the state should play a dominant role in directing economic development, with the government taking charge of planning, implementing, and controlling economic activities.
This approach was based on the belief that the private sector was weak and could not be relied upon to stimulate economic growth.
However, over time, it became apparent that this approach was not effective, as it led to inefficiencies, corruption, and a lack of innovation.
Therefore, there was a shift towards a more market-oriented approach, which emphasized the importance of the private sector in driving economic development.
This approach involved reducing the role of the state and promoting economic liberalization, privatization, and deregulation.
Furthermore, the recognition of the importance of globalization and the integration of developing countries into the global economy has also led to changes in thinking about the role of the state.
There is now a greater emphasis on the need for the state to create an enabling environment for private sector growth by providing infrastructure, human capital development, and regulatory frameworks that promote business activity.
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in the a team player case discussed in the chapter, which is the primary reason and rationalization that barbara may need to counter for not informing jessica of the inventory deficiency?
In the A Team Player case discussed in the chapter, the primary reason and rationalization that Barbara may need to counter for not informing Jessica of the inventory deficiency is that she did not want to alarm or upset her.
Barbara was concerned that Jessica's reaction to the news would lead to further problems, such as a decrease in morale or a loss of confidence in the company's ability to perform. However, Barbara's decision not to inform Jessica was misguided and ultimately resulted in a breach of trust between the two colleagues.
By withholding important information, Barbara undermined the company's culture of transparency and accountability, which is essential for building strong relationships and achieving long-term success.
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Which of the following are ways that managers can support strategy execution?
The managers can support strategy execution through the following- -by establishing an organizational structure that supports the implementation of the strategy
By building a supportive corporate culture -by adopting policies and processes that facilitate the implementation of the strategy.
In order to accomplish the objectives of an organization, a strategic plan must be put into practise. To specify the stages or actions the business must take to achieve its goals and to define the goals for personnel, strategic execution involves processes, systems, or a sequence of decisions. It's beneficial to think about which of these methods will help you implement your strategy the best.
It is advantageous to devote enough time to study and strategy formulation before beginning strategy execution. Many businesses prefer to create data-driven strategies based on market conditions, competitor activity, and historical insights. When developing your strategy, gather and analyse pertinent data to make sure your goals and ideas are in line with the facts. That might assist you in selecting a practical plan to carry out and take care of the main requirements of the organisation.
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A group of vice presidents at ibm decide to illegally bill customers for services that were technically not rendered to make the quarterly profits look better than they actually are. This is an example of:.
The actions of the vice presidents at IBM can be categorized as fraudulent accounting.
It is a deliberate manipulation of financial statements to make the company's financial position appear better than it actually is. The vice presidents are using a technique known as revenue recognition manipulation, where revenue is recognized even though the services were not actually provided. Such actions are not only illegal but can also lead to severe consequences for the company, including legal penalties, loss of reputation, and damage to shareholder value. It is imperative that companies maintain ethical accounting practices and adhere to financial regulations to maintain the trust of their stakeholders.
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MACRS-ADS depreciations only considered in Section 9.6.1 and no tables are provided in the text. Suppose you have an injection molding machine for plastic products costing $220,000, and for whatever reason, you decide to depreciate it using MACRS-ADS. It is considered to be in a 7-year class and yet is depreciated over 11 years if MACRS-ADS is elected. Determine the depreciation percentages to two places after the decimal (e.g., 9.62 percent) and the depreciation allowance for each year.
Under MACRS-ADS, the cost of the asset is depreciated over a longer period than regular MACRS. For a 7-year class asset, the depreciation period is 11 years under MACRS-ADS. The depreciation percentages for each year are as follows:
Year 1: 1.14%
Year 2: 2.29%
Year 3: 2.76%
Year 4: 2.06%
Year 5: 1.86%
Year 6: 1.86%
Year 7: 1.86%
Year 8: 2.76%
Year 9: 2.06%
Year 10: 1.85%
Year 11: 1.85%
To calculate the depreciation allowance for each year, we need to first determine the depreciation basis. For MACRS-ADS, the depreciation basis is the cost of the asset minus the salvage value (if any) divided by the depreciation period. Assuming a salvage value of $0, the depreciation basis is:
($220,000 - $0) / 11 = $20,000 per year
Using this basis and the depreciation percentages above, the depreciation allowance for each year is:
Year 1: $2528.00
Year 2: $4588.00
Year 3: $5580.00
Year 4: $4120.00
Year 5: $3720.00
Year 6: $3720.00
Year 7: $3720.00
Year 8: $5580.00
Year 9: $4120.00
Year 10: $3700.00
Year 11: $3700.00
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Which of the following is the same between between nonqualified deferred compensation plans (NQDC) and qualified retirement plans?
The same between between nonqualified deferred compensation plans .The decision Unlike qualified retirement plans, (NQDC) and qualified retirement plans. The correct answer is a. nonqualified deferred compensation.
The decision Unlike qualified retirement plans, nonqualified deferred compensation programmes do not have the benefit of being less risky for participants.Nonqualified deferred compensation plans are a popular option for businesses.
Trying to retain top talent because they offer benefits including tax deferral and more flexibility. There are limits on how much pay may be deferred and distributed, and programmes are not allowed to favour the wealthy. The only aspect of nonqualified deferred compensation plans that is not a benefit is the absence of limitations on the amount of pay that can be postponed. Employers must take care to adopt these techniques in line with legal and tax regulations to avoid penalties or other issues.
Complete question:
Which of the following is the same between between nonqualified deferred compensation plans (NQDC) and qualified retirement plans?
a. nonqualified deferred compensation p
b. lans are less risky for participating employees than qualified retirement plans.
c. nonqualified plans may discriminate in favor of highly compensated executives.
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what type of sales promotion is mcdonald's using when it sells drinking glasses commemorating the 100th birthday of walt disney to consumers who also purchase a happy meal?
McDonald's is using a form of promotional marketing known as a sales promotion with a premium when it sells drinking glasses commemorating the 100th birthday of Walt Disney to consumers who also purchase a happy meal.
A sales promotion is a marketing tactic that aims to encourage customers to purchase a product or service by offering an incentive. In this case, the incentive is a collectible Walt Disney drinking glass. The objective of a sales promotion is to increase sales in the short term by creating a sense of urgency or excitement.
The use of a premium is a popular tactic in sales promotion. A premium is an item offered for free or at a reduced cost when a customer purchases a product. In this case, customers who purchase a Happy Meal also receive a Walt Disney drinking glass at a reduced cost. The collectible nature of the glass adds to the incentive for customers to purchase the Happy Meal.
The use of a commemorative Walt Disney drinking glass as the premium is also a form of brand association. McDonald's is associating itself with the Walt Disney brand, which is known for its family-friendly entertainment. By offering a commemorative glass celebrating Walt Disney's 100th birthday, McDonald's is capitalizing on the nostalgic and emotional connection that many consumers have with the brand.
Overall, McDonald's is using a sales promotion with a premium and brand association to increase sales and build brand loyalty among its customers.
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