Answer:
c. $31,888
Explanation:
The formula for calculating the present value is as below
Pv = FV x { 1/ (1+ r)^n }
Pv = $40,000 x { 1/ (1 +0.12)^2
Pv =$40,000 x (1/1.2544)
Pv =$40,000 x 0.7971938
Pv =$31,887.50
Assume that the entry closing total revenues of $3,190,000 and total expenses of $2,350,000 has been made for the year ending December 31. At the end of the fiscal year, Teresa Schafer, Capital has a credit balance of $1,885,000 and Teresa Schafer, Drawing has a balance of $770,000. Required: (a) Journalize the entry required to close the Teresa Schafer, Drawing account. Refer to the Chart of Accounts for exact wording of account titles. (b) Determine the amount of Teresa Schafer, Capital at the end of the period.
Answer:
a. To close off the Drawing account, post the drawing to the Capital account:
Date Account Details Debit Credit
December 31 Teresa Schafer, Capital $770,000
Teresa Schafer, Drawing $770,000
b. Amount in Capital account.
Calculate Net income:
= Revenue - Expenses
= 3,190,000 - 2,350,000
= $840,000
Teresa Schafer, Capital at December 31, 20XX
Opening Balance $1,885,000
Add: Net income $ 840,000
$2,725,000
Less: Drawing ($770,000)
Closing balance $1,955,000
Eaton Tool Company has fixed costs of $407,400, sells its units for $90, and has variable costs of $48 per unit. a. Compute the break-even point. b. Ms. Eaton comes up with a new plan to cut fixed costs to $320,000. However, more labor will now be required, which will increase variable costs per unit to $51. The sales price will remain at $90. What is the new break-even point
Answer and Explanation:
The computation of the break even point is given below
As we know that
Break even point is
= (Fixed cost) ÷ (Selling price per unit - variable cost per unit)
a. Break even point is
= ($407,400) ÷ ($90 - $48)
= 9,700 units
b. The break even point is
= ($320,000) ÷ ($90 - $51)
= 8,205 units
The dean of a school of business is forecasting total student enrollment for this year's summer session classes based on the following historical data: Year Enrollment Four years ago 2000 Three years ago 2200 Two years ago 2800 Last year 3000 What is this year's forecast using the least squares trend line for these data
Answer:
I used an Excel spreadsheet to calculate R² which gives us the least squares trend. See attached image.
y = 360x + 1600
R² = 0,9529
next year's enrollment should be = (360 x 5) + 1600 = 3400
The three steps for reframing a conversation with an angry customer are; here’s who we are here’s what we do and here’s how we can help
Select one:
True
False
The three steps for reframing a conversation with an angry customer are; here’s who we are, here’s what we do and here’s how we can help is the correct statement.
Who are customers?Customers are the people that buys some goods or services from the shop or anywhere. Customers always feel satisfied and accomplished with the overwhelming experience of shopping. If the customers are happy, they become permanent customers.
Thus, the statement is true.
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Whispering Corporation has retained earnings of $715,700 at January 1, 2020. Net income during 2020 was $1,567,700, and cash dividends declared and paid during 2020 totaled $83,500. Prepare a retained earnings statement for the year ended December 31, 2020. Assume an error was discovered: land costing $88,840 (net of tax) was charged to maintenance and repairs expense in 2019.
Answer:
$2,288,740
Explanation:
Preparation of a retained earnings statement for the year ended December 31, 2020
RETAINED EARNINGS STATEMENT
For the Year Ended December 31, 2020
Retained earnings, January 1, as reported $715,700
Correction for overstatement of expenses in
prior period (net of tax) $88,840
Retained earnings, January 1, as adjusted $804,540
($715,700+$88,840)
Add Net income $1,567,700
Less Cash dividends ($83,500)
Retained earnings, December 31 $2,288,740
($804,540+$1,567,700-$83,500)
Therefore retained earnings statement for the year ended December 31, 2020 will be $2,288,740
Consider the case of the following annuities, and the need to compute either their expected rate of return or duration. Ryan inherited an annuity worth $3,280.16 from his uncle. The annuity will pay him five equal payments of $800 at the end of each year. The annuity fund is offering a return of
Answer:
7%
Explanation:
present value of an annuity = annual payment x PV annuity factor
PV annuity factor = $3,280.16 / $800 = 4.1002
using an annuity table, given 5 periods and the factor value, the i = 7%
you could also calculate it by solving:
4.1002 = [1 - 1/(1 + i)ⁿ ] / i
but it is much longer and difficult than just looking at a table
4.9 Each day of the week you meet with your direct supervisor and your coworkers for a morning meeting. The meeting is open-forum and issues, goals, topics, and ideas are all discussed at the meeting, during which the supervisor responds when able and asks for feedback often. This is an example of ___________________________________. A. authority compliance management B. team management C. country club management D. middle-of-the-road management
Answer:
B. team management
Explanation:
A team can be defined as a group of people or set of individuals with various skill set, knowledge and experience coming together to work on a project or task in order to successfully achieve a set goal and objective.
This ultimately implies that, a team comprises of individuals, workers or employees having complementary skills, knowledge and experience needed to execute a project or task successfully. Therefore, workers working as a team usually interact with the other team members and as a result, this enhances performance and strengthen the level of relationship they share.
In this scenario, each day of the week you meet with your direct supervisor and your coworkers for a morning meeting. The meeting is open-forum and issues, goals, topics, and ideas are all discussed at the meeting, during which the supervisor responds when able and asks for feedback often. This is an example of team management.
How start a digital platform?
Answer:
Building an effective platform starts with building a single source of truth about an individual. If a company wants to able to treat people as individuals with their unique identity, it needs to build a single repository or database about that individual.
Explanation:
Kluth Corporation has two manufacturing departments--Molding and Customizing. The company used the following data at the beginning of the year to calculate predetermined overhead rates: Molding Customizing TotalEstimated total machine-hours (MHs) 9,000 3,600 12,600Estimated total fixedmanufacturing overheadcost $36,000 $13,320 $49,320Estimated variablemanufacturing overheadcost per MH $2.50 $3.00During the most recent month, the company started and completed two jobs--Job C and Job M. There were no beginning inventories. Data concerning those two jobs follow: Job C Job MDirect materials $16,700 $9,900Direct labor cost $23,400 $10,300Molding machine-hours 2,700 6,300Customizing machine-hours 3,000 600Required:Assume that the company uses departmental predetermined overhead rates with machine-hours as the allocation base in both production departments. Further assume that the company uses a markup of 20% on manufacturing cost to establish selling prices. Calculate the selling prices for Job C and for Job M.
Answer:
Selling price for Job C $93,300
Selling price for Job M $78,204
Explanation:
The computation of the selling prices for Job C and for Job M is given below:
But before that following calculations need to be done
Departmental overhead rates:
Molding 6.50 (2.5 + (36000 ÷ 9000))
Customizing 6.70 (3 + (13320 ÷ 3600)
Particulars Job C Job M
Direct materials $16,700 $9,900
Direct labor cost $23,400 $10,300
Overhead applied:
Molding $17,550 $40,950
(2700 × 6.50) (6300 × 6.50)
Customizing $20,100 $4,020
(3000 × 6.70) (600 × 6.70)
Total manufacturing cost $77,750 $65,170
Add: Markup at 20% $15,550 $13,034
Selling price $93,300 $78,204
Take a quick look at all the market segments by clicking on the SEGMENTS/SUMMARY tab. As you analyze the opportunity for each segment, pay particular attention to the DEMOGRAPHICS for each segment. As you do so, note the SEGMENT SIZE of each market and its GROWTH RATE. From looking at the information provided about each segment, which segment represents the greatest portion of the entire market at close to 36%?
Question Completion:
Demographic Data on Market Segments
Segment Market Growth Purchase Average
Size Rate Behavior Price
Urban Commuters 20,000 3% 23% $45.00
School Children 35,000 1% 20% $24.00
Outdoor Enthusiasts 14,000 5% 12% $90.00
Luxury Trend Followers 5,000 7% 11% $70.00
University Students 24,000 5% 15% $32.00
Answer:
From looking at the information provided about each segment, the segment which represents the greatest portion of the entire market at close to 36% is:
School Children.
Explanation:
a) Data and Calculations:
Demographic Data on Market Segments
Segment Market Growth Purchase Average Market
Size Rate Behavior Price Size %
Urban Commuters 20,000 3% 23% $45.00 20.4%
School Children 35,000 1% 20% $24.00 35.7%
Outdoor Enthusiasts 14,000 5% 12% $90.00 14.3%
Luxury Trend Followers 5,000 7% 11% $70.00 5.1%
University Students 24,000 5% 15% $32.00 24.5%
Total market size 98,000
b) Market Size in percentage is computed as a ratio of each market segment to the total market size. Companies engage in market segmentation and sizing by dividing a target market into smaller, more defined categories that share similar characteristics such as demographics, interests, needs, or locations. The purpose is to identify the different groups within the target market so that more tailored and valuable goods and services can be provided to meet the customers' sweet spots.
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How does a command economy differ from a mixed market economy?
In a command economy, citizens have fewer property rights. In a mixed market economy, citizens have more property rights.
In a command economy, citizens have more property rights. In a mixed market economy, citizens have fewer property rights.
In a command economy, citizens own all public property. In a mixed market economy, the government owns all private property.
In a command economy, citizens own all private property. In a mixed market economy, the government owns all public property
Answer:
Market economies utilize private ownership as the means of production and voluntary exchanges/contracts. In a command economy, governments own the factors of production such as land, capital, and resources. Most nations operate largely as a command or market economy but all include aspects of the other.
Answer:
In a command economy, citizens have fewer property rights. In a mixed market economy, citizens have more property rights.
Explanation:
so easy
Jose has the opportunity to invest in a scheme which will pay $5000 at the end of each of the next 5 years. He must invest $10,000 at the start of the first year and an additional $10,000 at the end of the first year. What is the present value of this investment if the interest rate is 8%?
Answer: $19963.6
Explanation:
The present value of this investment if the interest rate is 8% would be gotten by using the formula below;
PV = PMT/[r × (1+r)^n / (1+r)^n -1]
PV = 5000[8% × (1+8%)^5 / (1+8%)^5-1
PV = 5000[0.08 + 1.08^5 / 1.08^4
PV = 19963.6
Therefore, the present value of the investment is 19963.6
Using the information presented above, determine the following: Determine EPS for Net Income ('x2) $_____________________ (Round your answer to the nearest whole cent. Example: if you determine EPS from Net Income to be $6.94724, round your answer to 6.95. If you determine EPS from Net Income to be $6.94321, round your answer to 6.94. Do not use dollar signs in recording your answer.)
Question Completion:
Income Before Taxes (from ongoing operations) $2,470,000
Income Tax Rate (’x2) 30%
5% Preferred Stock ($100 Par, 10,000 shares issued)
Common Stock ($1 par, 600,000 shares issued, 500,000 outstanding)
Answer:
The company's EPS is:
= 3.46
Explanation:
a) Data and Calculations:
Income Before Taxes (from ongoing operations) (’x2)= $2,470,000
Income Tax Rate (’x2) = (30% * $2,470,000) = $741,000
Net Income after taxes = $1,729,000
5% Preferred Stock ($100 Par, 10,000 shares issued) = $1,000,000
Common Stock ($1 par, 600,000 shares issued, 500,000 outstanding)
Outstanding common stock = $500,000
EPS (Earnings per share) = Net income after taxes/No. of outstanding shares
= $1,729,000/500,000
= $3.458
b) The earnings per share (EPS) equals Company A's net profit after taxes divided by the number of its outstanding common stock shares. Using the EPS, it indicates how much money Company A makes for each share of its stock. As a widely used metric, a potential stockholder of Company A can use it to estimate Company A's value when combined with the price per share.
Jessica is a U.S. Army Reservist and in 2020 traveled 130 miles each way to serve duty at a local military installation. She was required to report four times in 2020. Her normal route from home to the base included a $1.75 toll each way. Jessica's for AGI deduction for these costs is:
Answer:
AGI Deduction = 580.8 US dollars.
Explanation:
Solution:
Data Given:
Miles traveled = 130 miles
Reporting Period = 4 times in 2020
Cost from home to base = $1.75 toll each way.
Jessica's for AGI deduction for these costs is:
First, we need to find the travel amount:
Travel amount = Miles x Reporting Period x 2 x Mileage rate for deduction
Here, mileage rate for deduction = 0.545 per mile. So,
Travel Amount = 130 miles x 4 times x 2 x 0.545
Travel Amount = 566.8 US dollars.
Now, we need to find the Jessica's Toll Expenses.
Toll Expenses = 1.75 x 2 x 4 times
Toll Expenses = 14 US dollars.
Finally, we can find the required AGI Deduction:
AGI Deduction = Travel Amount + Toll Expenses.
AGI Deduction = 566.8 US dollars + 14 US dollars
Hence, Jessica's AGI deductions are:
AGI Deduction = 580.8 US dollars.
6 . How shifts in demand and supply affect equilibrium Consider the market for pens. Suppose that the number of students with an allergy to pencil erasers increases, causing more students to switch from pencils to pens in school. Moreover, the price of ink, an important input in pen production, has increased considerably.
Answer:
Suppose that the number of students with an allergy to pencil erasers increases, causing more students to switch from pencils to pens in school.
This will shift the demand curve to the right, increasing the total demand at all price levels.Moreover, the price of ink, an important input in pen production, has increased considerably.
This will shift the supply curve to the left, increasing the price of pens at every demand level.What is sure is that the price of pens will increase. It is likely that the quantity demanded increases, but the extent by which the quantity demanded will increase is unknown.
Which qualification is necessary for a Mental Health Counselor?
A.) Knowledge of psychology and related books and resources
B.) Understanding of a psychology and religious tradition
C.) Understanding of psychology, and mathematics
D.) Knowledge of psychology and history of psychology
Answer:
i think its C. Understanding of Psychology, and Mathematics. Sorry if im wrong
Explanation:
Understanding psychology and mathematics qualification are necessary for a Mental Health Counselor. The correct option is C.
What is the connection between psychology and mathematics?
The area of psychology known as mathematical psychology is concerned with using mathematical and computational models to analyze and forecast human behavior. Memory, attention, problem-solving, perception, decision-making, and motor control are typical areas of interest.
Psychologists can interpret data and gain a better understanding of the brain with math. Therefore, having these skills is essential if you want to be as productive as possible at work. Though they usually focus on a person's behavior and thought processes, therapists can benefit from having a basic understanding of math. Students who understand math will do better in their science classes because math is closely related to the subjects they study.
Thus, the ideal selection is option C.
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