Answer:
Crane Company
Balance Sheet
As of December 31, 2022:
Assets
Current Assets:
Cash $6,310
Accounts receivable 3,300
Supplies 3,880
Inventory 2,940
Total current assets $16,430
Long-term Assets:
Equipment (net) 109,800
Total assets $126,230
Liabilities and Equity
Current Liabilities:
Accounts payable 4,100
Interest payable 580
Salaries and wages payable 850
Unearned service revenue 820
Total current liabilities $6,350
Long-term Liabilities:
Notes payable 31,500
Total liabilities $37,850
Equity:
Common stock 50,400
Retained Earnings 37,980
Total equity $88,380
Total liabilities + equity $126,230
Explanation:
a) Data and Calculations:
Trial Balance
Cash $6,310
Accounts receivable 3,300
Supplies 3,880
Inventory 2,940
Equipment (net) 109,800
Depreciation expense 600
Salaries & wages exp. 4,900
Accounts payable $4,100
Interest payable 580
Salaries and wages payable 850
Unearned service revenue 820
Notes payable 31,500
Common stock 50,400
Service revenue 42,100
Retained earnings 1,380
Totals $131,730 $131,730
Beginning Retained Earnings $1,380
Net income 36,600
Ending Retained earnings $37,980
Income Statement for the year ended December 31, 2022:
Service revenue $42,100
Depreciation expense 600
Salaries and wages expense 4,900
Total expenses $5,500
Net income $36,600
Factory Overhead Costs During August, Jernigan Company incurred factory overhead costs as follows: indirect materials, $3,040; indirect labor, $5,340; utilities cost, $1,490; and factory depreciation, $5,160. Journalize the entry to record the factory overhead incurred during August. For a compound transaction, if an amount box does not require an entry, leave it blank.
Answer:
Dr Factory Overhead 15,030
Cr Materials 3,040
Cr Wages Payable 5,340
Cr Utilities Payable 1,490
Cr Accumulated Depreciation—Factory 5,160
Explanation:
Preparation of Journal entry to record the factory overhead incurred during August.
Dr Factory Overhead 15,030
(3,040+5,340+1,490+5,160)
Cr Materials 3,040
Cr Wages Payable 5,340
Cr Utilities Payable 1,490
Cr Accumulated Depreciation—Factory 5,160
You have $33,556.25 in a brokerage account, and you plan to deposit an additional $5,000 at the end of every future year until your account totals $220,000. You expect to earn 12% annually on the account. How many years will it take to
Answer:
11 years
Explanation:
The computation of the number of years that should be taken is shown below:
As we know that
A = P(1 + r%)^n
here
A = future value
P = present value
r = rate of interest
n = time period.
So, the future value of $33,556.25 is
= $33,556.25× (1.12)^n
In addition to this,
The Future value of the annuity is
= Annuity[(1+rate)^time period-1] ÷ rate
= $5,000 [(1.12)^n-1] ÷ 0.12
Now
$220,000 = $33,556.25 × (1.12)^n + $5,000[(1.12)^n-1] ÷ 0.12
$220,000 = $33,556.25 × (1.12)^n + $41,666.67[(1.12)^n-1]
$220,000 = $33,556.25 × (1.12)^n + $41,666.67 × (1.12)^n - $41,666.67
($220,000 + $41,666.67) = (1.12)^n[$33,556.25 + $41,666.67]
(1.12)^n = ($220,000 + $41,666.67) ÷ ($33,556.25 + $41,666.67)
(1.12)^n = $3.478549866
Now take the log to the both sides
n × log 1.12 = log 3.478549866
n = log 3.478549866 ÷ log 1.12
= 11 years
HELP!!
In what type of economy does the government decide whether houses or apartments will be built?
traditional
Command
Mixed
Market
Answer:
it's a command market :)
what are the 5c concepts of Teamworks?
Answer:
To develop a high-performing team, leaders should assess and develop these five behavioral functions with their team members: confidence, communication, coordination, cooperation and collaboration.
Explanation:
please give me a heart
All of the following are examples of a business transaction except Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a A. Thomas invests $2,000 in her business. b A. Thomas purchases a computer system on account to be used in her business. c A. Thomas gives an $800 quote to a potential client for services requested. d A. Thomas writes check 1002 out of the business checking account to pay the first month's rent on the space her business is leasing.
Answer:
a A. Thomas invests $2,000 in her business.
DOES NOT QUALIFY AS A BUSINESS TRANSACTION, THIS QUALIFIES AS AN INVESTMENT TRANSACTION
Explanation:
Business transactions must involve two distinct parties, and must result in the exchange of goods or services. Thomas invested on he business, and that is considered an investment transaction, not a business transaction.
b A. Thomas purchases a computer system on account to be used in her business. QUALIFIES AS BUSINESS TRANSACTION, INCREASES ASSETS AND LIABILITIES
c A. Thomas gives an $800 quote to a potential client for services requested.
QUALIFIES AS BUSINESS TRANSACTION, INCREASES REVENUE AND INCOME
d A. Thomas writes check 1002 out of the business checking account to pay the first month's rent on the space her business is leasing. QUALIFIES AS BUSINESS TRANSACTION, INCREASES EXPENSES AND REDUCES INCOME
Answer:
c
Explanation:
The 800 dollars is a quote but it is not known if the client decided to buy the service or not.
Paige, age 17, is a dependent of her parents. Her parents report a taxable income of $120,000 on their joint return (no qualified dividends or capital gains). During 2020, Paige earned $3,900 pet sitting and $4,300 in interest on a savings account. What are Paige's taxable income and tax liability for 2020?a. Paige's total taxable income is $ _______.b. Paige's tax liability is $ _____.
Answer:
a. Paige's total taxable income is $3,950.
b. Paige's tax liability is $395.
Explanation:
Since Paige is included in her parents tax filings as a dependent, her standard deduction will be the greater of:
$1,100
or
earned income + $350 = $3,900 + $350 = $4,250
Paige's taxable income = $3,900 + $4,300 - $4,250 = $3,950
Paige's tax liability = $3,950 x 10% = $395
Financial Statements of a Manufacturing Firm The following events took place for Focault Inc. during July 20Y2, the first month of operations as a producer of road bikes: Purchased $320,000 of materials Used $275,000 of direct materials in production Incurred $236,000 of direct labor wages Applied factory overhead at a rate of 75% of direct labor cost Transferred $652,000 of work in process to finished goods Sold goods with a cost of $630,000 Sold goods for $1,120,000 Incurred $252,800 of selling expenses Incurred $100,000 of administrative expenses a. Prepare the July income statement for Focault. Assume that Focault uses the perpetual inventory method.
Answer:
Focault Inc
Income statement for the month of July
Sales $1,120,000
Less Cost of Goods Sold ($630,000)
Gross Profit $490,000
Less Expenses
Selling expenses $252,800
Administrative expenses $100,000 ($352,800)
Net Income $137,200
Explanation:
Income Statement shows the profit earned by the company during the reporting period. Profit = Gross Profit (Sales - Costs of Sales) - Operating Expenses.
Note that the amount of the cost of goods manufactured that was sold, that is the the cost of goods sold was already given as $630,000, this made our calculations easier.
Majid Corporation sells a product for $140 per unit. The product's current sales are 41,200 units and its break-even sales are 32,370 units. What is the margin of safety in dollars
Answer:
the margin of safety in dollars is $1,236,200
Explanation:
The computation of the margin of safety in dollars is shown below:
= Total sales - break even sales
= (41,200 units - 32,370 units) × $140 per unit
= $1,236,200
We simply deduct the break even sales from the total sales so that the margin of safety in dollars come
Hence, the margin of safety in dollars is $1,236,200
Thornbrough Corporation produces and sells a single product with the following characteristics: Per Unit Percent of Sales Selling price $ 220 100 % Variable expenses 44 20 % Contribution margin $ 176 80 % The company is currently selling 7,000 units per month. Fixed expenses are $901,000 per month. Management is considering using a new component that would increase the unit variable cost by $11. Since the new component would increase the features of the company's product, the marketing manager predicts that monthly sales would increase by 500 units. What should be the overall effect on the company's monthly net operating income of this change
Answer:
-$5,500
Explanation:
The computation of the overall effect on the company net operating income is as follows:
New Variable cost per unit is
= $44 + $11
= $55
Now the new contribution margin per unit is
= $220 - $55
= $165
New unit Monthly sales is
= 7,000 units + 500 units
= 7,500
Now
New total contribution margin :
= 7,500 units × $165
= $1,237,500
And, the Current total contribution margin is
= 7,000 units × $176
= $1,232,000
So, the change would be
= $1,232,000 - $1,237,500
= -$5,500
Which of the following are examples of chemical energy being released or stored?
Fireworks burning and exploding in the sky
The wind blowing a seed through the sky
A guitar string making sounds
I only
I and II only
I and III only
I, II, and III
The toothpaste aisle at a large store that sells personal care products contains many versions of toothpaste produced by a small number of sellers. This indicates that toothpaste producers are best categorized as Select the best answer below.
A. perfectly competitive firms; price gouging
B. oligopoly firms; supply restrictions
C. monopolistically competitive firms; product differentiation thru advertising
D. monopoly firms; price discrimination through group pricing schemes
E. perfectly competitive firms; brand advertising
Answer:
C. monopolistically competitive firms; product differentiation thru advertising
Explanation:
A monopolistic competition is when there are many firms selling differentiated products in an industry. A monopolistic has characteristics of both a monopoly and a perfect competition. the demand curve is downward sloping. it sets the price for its goods and services.
An example of monopolistic competition are restaurants
Due to the fact that their are different versions of the same product (tooth paste), producers would have to advertise their products in order to attract customers.
Also, only one product is sold, toothpaste, but different versions of it are sold. This is referred to as product differentiation
Trevor Livingston is a 14 year old dependent high school student. Trevor earns $3,000 of income from bonds given to him by his grandparents. Trevor's applicable standard deduction for 2020 that may be taken on his own return is ___________.
Answer:
$1100
Explanation:
Filing Status for the DependentAt any age, if you depend on another person's tax return and you file your own tax return, you will receive a standard deduction not exceeding 1,100 or $350 and your personal incomeIncome from bonds granted by grandparents is excluded here because grandparents are included in the relative definition.so that the taxable income is zero.The standard deduction should not exceed $ 1100 or $(0 + 350) = $350So the standard deduction for 2020 is $ 1100a) You want to rent an unfurnished one-bedroom apartment in Durham, NC next year. The mean monthly rent for a random sample of 60 apartments advertised on Craig’s List (a website that lists apartments for rent) is $1000. Assume a population standard deviation of $200. Construct a 95% confidence interval.
b) Duncan Jones kept careful records of the fuel efficiency of his car. After the first 100 times he filled up the tank, he found the mean was 23.4 miles per gallon (mpg) with a population standard deviation of 0.9 mpg. Compute the 95 percent confidence interval for his mpg.
Answer:
................hhhhhh
a) The 95% confidence interval for the mean monthly rent is approximately $946.74 to $1053.26.
b) The 95% confidence interval for the mean fuel efficiency is approximately 23.28 to 23.52.
a) To construct a 95% confidence interval for the mean monthly rent of unfurnished one-bedroom apartments in Durham, NC, we can use the formula:
Confidence interval = sample mean ± (critical value * standard deviation / √n)
Given information:
Sample mean = $1000Population standard deviation = $200Sample size = 60To determine the critical value for a 95% confidence level, we refer to the Z-table. For a 95% confidence level, the critical value is approximately 1.96.
Plugging the values into the formula, we get:
Confidence interval = $1000 ± (1.96 * $200 / √60)
Calculating the values inside the parentheses:
Standard error = $200 / √60
= $25.82
Confidence interval = $1000 ± (1.96 * $25.82)
Therefore, the 95% confidence interval for the mean monthly rent is approximately $946.74 to $1053.26.
b) To compute the 95% confidence interval for Duncan Jones' car'sefficiency, we can use the formula mentioned earlier:
Confidence interval = sample mean ± (critical value * standard deviation / √n)
Given information:
Sample mean = 23.4 Population standard deviation = 0.9 Sample size = 100For a 95% confidence level, the critical value from the Z-table is approximately 1.96.
Plugging the values into the formula, we get:
Confidence interval = 23.4 ± (1.96 * 0.9 / √100)
Calculating the values inside the parentheses:
Standard error = 0.9 / √100 = 0.09
Confidence interval = 23.4 ± (1.96 * 0.09)
Therefore, the 95% confidence interval for the mean fuel efficiency is approximately 23.28 to 23.52.
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Julie Jefferson is a 16 year old dependent high school student. Julie earns $5,000 from a part-time job. Julie's applicable standard deduction for 2020 that may be taken on her own return is ___________.
Answer: d. $5,350
Explanation:
According to 2020 tax laws, a dependent minor such as Julie Jefferson here can claim a standard deduction that is the greater of:
a. $1,100 or,
b. earned income + $350 so long as it does not exceed $12,400.
Julie's applicable standard deduction is therefore:
= 5,000 + 350
= $5,350
This is greater than $1,100 and so is her applicable standard deduction.
Nicole works from home full-time for a non-profit organization. She receives work from and sends work to the office via a computer and modem. This is an example of _____. Group of answer choices flextime outsourcing telecommuting job sharing
Answer:
telecommuting
Explanation:
Telecommuting is also generally referred to as teleworking and it can be defined as an act which typically involves the process of completing a job function, tasks or work assignments through the use of the internet and in a location other than the office itself.
In this scenario, Nicole works from home full-time for a non-profit organization. She receives work from and sends work to the office via a computer and modem. Thus, this is an example of telecommuting.
Nomi is in the highest individual tax bracket and receives $375 in qualified dividends from Omega Corp. Nomi's tax liability (not including any net investment income tax) with respect to these dividends is:
Answer:
A qualified dividend is taxed in the same was as long term capital gains. The tax rates for long term capital gains are lower than the tax rates for ordinary income and they range form 0 to 20%. In this case, since Nomi is in the highest tax bracket, she will most certainly pay the 20% tax rate on qualifying dividend = $375 x 20% = $75.
Explanation:
Blue Ridge Hot Tubs manufactures and sells two models of hot tubs: the Aqua-Spa and the HydroLux. Howie Jones, the owner and manager of the company, needs to decide how many of each type of hot tub to produce during his next production cycle. Howie buys prefabricated fiberglass hot tub shells from a local supplier and adds the pump and tubing to the shells to create his hot tubs. (This supplier can deliver as many hot tub shells as Howie needs.) Howie installs the same type of pump for both hot tubs. He will have only 200 pumps available during his next production cycle. From a manufacturing standpoint, the main difference between the two models of hot tubs is the amount of tubing and labor required. Each Aqua-Spa requires 9 hours of labor and 12 feet of tubing. Each Hydro-Lux requires 6 hours of labor and 16 feet of tubing. Howie expects to have 1,566 production labor hours and 2,880 feet of tubing available during the next production cycle. Howie earns a profit of $350 on each Aqua-Spa he sells and $300 on each Hydro-Lux he sells. He is confident that he can sell all the hot tubs he produces. The question is, how many Aqua-Spas and Hydro-Luxes should Howie produce if he wants to maximize his profits during the next production cycle
Answer:
Using Excel solver, the optimal solution is: 122 Aqua-Spa + 78 Hydro-Lux, and the maximum profit = $66,100
Explanation:
you have to maximize the following equation: 350A + 300H
where:
A = number of Aqua-Spa hot tubs sold
H = number of Hydro-Lux hot tubs sold
the constraints are:
A + H ≤ 200 ⇒ number of water pumps available
9A + 6H ≤ 1,566 ⇒ number of labor hours available
12A + 16H ≤ 2,880 ⇒ number of feet of tubing available
A ≥ 0 ⇒ non-negative numbers
B ≥ 0 ⇒ non-negative numbers
both A and B are integers
Using Excel solver, the optimal solution is: 122A + 78B, and the maximum profit = $66,100
An entrepreneur has an idea for a new product in the technology industry. The product will require an initial investment to develop, manufacture, market, and distribute the product. While the product has unique applications that are not currently available to consumers, the industry has barriers to entry in terms of consumer brand loyalty, manufacturing, and product distribution. The entrepreneur is trying to decide what type of business organization to create for the production and sale of the product.
For which goal would the entrepreneur be BEST served by choosing to start a corporation rather than a sole proprietorship or partnership?
A
raising capital for manufacturing and distribution
B
maintaining control over product development
C
getting the product to market quickly
D
minimizing the long-term tax burden
Answer:
A raising capital for manufacturing and distribution
Explanation:
the greatest advantage of a corporation is that the entrepreneur can raise funds from a lot of different investors. Anyone that purchases stock form the company is investing money and helping the entrepreneur raise capital. If the project requires a lot of capital, the best way is to form a corporation. A sole-proprietorship or a partnership have limited sources for raising capital, plus the unlimited liability does not help either.
Which of the following types of organizations can most benefit from value chain analysis? Multiple Choice Service firms. Not-for-profit organizations. Manufacturing firms. All types of organizations can benefit from value chain analysis.
Answer: All types of organizations can benefit from value chain analysis.
Explanation:
The goal of Value Chain analysis is to cut costs and become a more efficient firm which will ensure that the firm is in an advantageous position when going up against competitors.
It works by looking inward into the company to find out the activities that give the firm the value it has including primary and support activities and then finding ways to take advantage of these such that they have an edge over their competitors in the market.
All types of organizations can therefore benefit from this.
Carlton Company uses the percent of sales method to estimate its bad debt expense. Based on past experience, the company estimates 2 percent of credit sales to be uncollectible. At the end of the current year, the company's unadjusted trial balance shows Accounts Receivable of $245,000 and Credit Sales of $900,000.
Required:
Prepare the necessary December 31 adjusting entry.
Answer:
Dr Bad debt expense 18,000
CrAllowance for doubtful accounts 18,000
Explanation:
Preparation of the necessary December 31 adjusting entry.
Based on the information given if the the company estimated 2 percent of credit sales to be uncollectible in which the Credit Sales was the amount of $900,000 which means that the necessary December 31 adjusting entry will be :
Dr Bad debt expense 18,000
CrAllowance for doubtful accounts 18,000
(2%*$900,000)
________ can be described as a process by which several possibilities are considered and prioritized, resulting in a clear choice of one option over others. Decision making Delegating Pattern recognition Benchmarking
Answer:
Decision making
Explanation:
Decision making can be described as a process by which several possibilities are considered and prioritized, resulting in a clear choice of one option over others.
Something necessary to remain alive is a (an).
Answer:
an apartment
Explanation:
What is the best way to resolve a conflict?
is the best way to resolve a conflict.
Answer:
Hope its this
Explanation:
to Resolve Conflict at Work
Embrace conflict. When conflict arises, don't avoid it or pretend nothing has happened. ...
Talk together. Set up a time and place so you can talk for an extended span without outside interruptions. ...
Listen carefully. ...
Find agreement. ...
Provide guidance. ...
Be quick to forgive.
Answer:
Talk it out in a calm and orderly manner
A marketing strategy that is focused on a real breakthrough opportunity will usually be successful even if there are obstacles in getting help from other functional areas in the firm.
A. True
B. False
Answer:
A marketing strategy that is focused on a real breakthrough opportunity will usually be successful even if there are obstacles in getting help from other functional areas in the firm.
B. False
Explanation:
By standard definition, a marketing strategy portrays the overall business entity's game plan for convincing prospective consumers and turning them into value customers. The contents of a marketing strategy include the company's value proposition, key brand messages, data on target customer demographics, and other high-level elements. It is not a parochial strategy that is just focused on a real breakthrough opportunity. As a strategy, it requires company-wide support and must derive from the company's overall strategy. It requires the support of all functions in order to achieve success.
Required : You are to prepare the Arc's federal income tax return in good form . You are not to complete an Ohio state income tax return . The following and schedules are required and may be found in parts 1
Answer:
D
Explanation:
Jarrod receives a scholarship of $26,200 from Riggers University to be used to pursue a bachelor's degree. He spends $15,720 on tuition, $1,310 on books and supplies, $5,240 for room and board, and $3,930 for personal expenses. How much may Jarrod exclude from his gross income
Answer:
$20,960
Explanation:
The amount that excluded from the gross income is as follows:
i. Tuition fee $15,720
ii. Books and Supplies $5,240
Total $20,960
The amount of $20,960 would be excluded from the gross income
And, the other amounts would be included in the gross income
Which of the following taxpayers may file as a head of household in 2019?Marco provides all o f the support for his mother, Sienna, who lives by herself in an apartment in Fort Lauderdale. Marco pays the rent and other expenses for the apartment and properly claims his mother as a dependent.Tammy provides over one-half the support for her 18-year old brother, Dan. He earned $4,200 in 2019 working at a fast-food restaurant and is saving his money to attend college in 2020. Dan lives in Tammy's home.Juan's wife left him late in December of 2018. No legal action was taken and Juan has not heard from her in 2019. Juan supported his 6-year-old son, who lived with him throughout 2019.a. Tammy onlyb. Juan onlyc. Marco and Juan onlyd. Marco, Tammy, and Juan
Answer:
d. Marco, Tammy, and Juan
Explanation:
For someone to be qualified for head-of-household tax filing status, There are some criteria that is usually put into consideration such as;
✓ The person should be considered unmarried.
✓ The person should file a separate
individual tax return.
✓ The person must be paying for more than half of expenses in that household.
✓The person must Considered having a dependent which could be a qualifying child.
1)In the case of the question, we were told that
Marco provides all o f the support for his mother, Sienna, who lives by herself in an apartment in Fort Lauderdale. Marco pays the rent and other expenses for the apartment and properly claims his mother as a dependent.
HINTS: Here we can see that His mother is dependent on him, paying more of the expenses needed in the house
2)Tammy provides over one-half the support for her 18-year old brother, Dan. He earned $4,200 in 2019 working at a fast-food restaurant and is saving his money to attend college in 2020. Dan lives in Tammy's home.
Hint:Here we can see that Tammy provides over one-half the support for his dependent brother, he's working , paying over one-half the of house expenses
3)Juan's wife left him late in December of 2018. No legal action was taken and Juan has not heard from her in 2019. Juan supported his 6-year-old son, who lived with him throughout 2019.
HINTS: Juan is not with his wife, he's having a dependent which is his 6-year-old son, and he is responsible for expenses.
True or False: When firm A firstly issued 1 million shares through IPO, firm A raised $10/share so it totally raised $10 million equity fund. Now the market price for firm A's stock is $50/share, so today firm A raises a total of $50 millions from shareholders. Explain.
A total of $50 million from shareholders could not be raised.
The following information should be relevant:
There is no cash inflow of the company when the IPO proceeds are done.If there is an increase in the share price so this shows the increase in the wealth for the shareholders or the capital increment.No cash flow should be made like $50 million represent the market capitalization of the company. It presents the value of the company, the same should be used for the acquisition purpose.Therefore we can conclude that a total of $50 million from shareholders could not be raised.
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Read "Would You Sign This Tax Return?" on page 1-20. Post your thoughts on why you would or would not sign the return as a preparer.
Answer:
Yes, I would sign the tax return because it would be a benefit and it will prepare you for upcoming events
. If Carissa Dalton has a $130,000 home insured for $100,000, based on the 80 percent coinsurance provision, how much would the insurance company pay on a $5,000 claim
Answer:
$4,807.69
Explanation:
The first step is to calculate the requirement for coinsurance
= 80/100 × 130,000
= 0.8× 130,000
= 104,000
Therefore the amount in which the insurance person will pay can be calculated as follows
= 100,000/104,000 × 5000
= 0.96153×5000
= $4,807.69
