Answer:
b. Under this check tax, the money supply would have increased, because the currency-deposit ratio increased, which in turn increases the money multiplier.
Explanation:
JFS Co. constructed a new subdivision during 2020 and 2021 under contract with National Hoopla Company. Relevant data are summarized below: Contract amount $ 3,000,000 Cost in the year: 2020 1,200,000 2021 600,000 Cost to complete: 2020 1,000,000 2021 800,000 Contract billings: 2020 1,500,000 2021 1,500,000 JFS recognizes revenue upon completion of the contract. In its December 31, 2020, balance sheet, JFS would report: Multiple Choice The contract asset, deferred profit, of $400,000. The contract asset, contract amount in excess of billings, of $1,500,000. The contract asset, cost and profits in excess of billings, of $500,000. The contract liability, billings in excess of cost, of $300,000.
Answer:
The contract asset, cost and profits in excess of billings, of $500,000.
Explanation:
As JFS follows completion contract method, the following will be recognized in the books for December 31, 2020:
1. Cost to Complete - $1,000,000
2. Revenue (billings done in 2020) $1,500,000
3. Profit - $500,000
Hence, the third option is correct
Using the following data on spot exchange rate of Poland against the U.S. dollar and the annual interest rates of these two countries, forecast the outright values of 6 and 12 months ahead of the Polish currency. Draw on the forecasting theories or parities that are the subject of Chapter 6 of the book, and the other discussions we have had in this regard (e.g., lecture notes AMP06 and Amp07). Use the more accurate approach.
Polish currency is called Zloty (= PLN)
Spot rate PLN 4.17/USD
US commercial interest rate 3.5 percent
Polish commercial interest rate 5.00 percent
Review the following questions.
1. The outright forecast for 6 months is:
2. The outright forecast for 12 months is:
3. The theory that you are using is called:
Purchasing power parity
Interest rate parity
Fisher effect
International fisher effect
None of the answers in this group is correct.
4. This theory holds very well in the:
Short-run
Long-run
Chaotic periods only
None of the answers in this group is correct.
5. Based on this theory, the country that offers a higher rate of interest should expect a fall in the value of its currency.
I agree
I disagree
You really cannot tell
Never heard of such a thing!
None of the answers in this group is correct.
Answer:
1. 4.1775
2. 4.185
3. International Fisher Effect
4. Short-run
5. ??? (I disagree is incorrect)
Explanation:
1. Classify the following manufacturing costs of Business Solutions as (a) variable or fixed and (b) direct or indirect. 2. Prepare a schedule of cost of goods manufactured for Business Solutions for the month ended January 31, 2020. Assume the following manufacturing costs: Direct materials: $2,200 Factory overhead: $520 Direct labor: $1,000 Beginning work in process: none (December 31, 2019) Ending work in process: $600 (January 31, 2020) Beginning finished goods inventory: none (December 31, 2019) Ending finished goods inventory: $370 (January 31, 2020) 3. Prepare the cost of goods sold section of a partial income statement for Business Solutions for the month ended January 31, 2020.
Answer:
Cost of goods manufactured= $3,120
COGS= $2,750
Explanation:
To calculate the cost of goods manufactured, we need to use the following formula:
cost of goods manufactured= beginning WIP + direct materials + direct labor + allocated manufacturing overhead - Ending WIP
Cost of goods manufactured:
beginning WIP= 0
direct materials= 2,200
Direct labor= 1,000
Factory overhead= 520
Ending work in process= 600
Cost of goods manufactured= $3,120
Now, we can determine the cost of goods manufactured:
COGS= beginning finished inventory + cost of goods manufactured - ending finished inventory
COGS= 0 + 3,120 - 370
COGS= $2,750
Nursing patients back to health in a hospital is a ___________ skill. (soft or hard skill)
Answer:
Hard skill.
Explanation:
Soft skills are social skills. You dont need to be social to do this.
Cede & Co. expects its EBIT to be $115,000 every year forever. The company can borrow at 7 percent. The company currently has no debt and its cost of equity is 13 percent. a. If the tax rate is 24 percent, what is the value of the company? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) b. What will the value be if the company borrows $255,000 and uses the proceeds to repurchase shares? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
Answer: See explanation
Explanation:
a. . If the tax rate is 24 percent, what is the value of the company?
= [($115,000 × (1-24%)]/13%
= ($115,000 × 76%)/13%
= ($115000 × 0.76)/0.13
= $87400/0.13
= $672307.69
b. What will the value be if the company borrows $255,000 and uses the proceeds to repurchase shares?
= $672307.69 + ($255000×24%)
= $672307.69 + ($255000 × 0.24)
= $672307.69 + $61200
= $733507.69
1. A formal report that shows what an individual owns, what an individual owes, and the difference between the two.
Answer:
A net worth statement
Explanation:
A net worth statement is a financial report/ document that shows the assets and liabilities - both short and long-term - of an individual or company. The net worth is the result of deducting liabilities from assets.
The net worth statement paints a picture of a person or an entity's current financial position. Assets represent what a person owns, while liabilities are what they owe.
Select the correct answer.
To qualify as a business analyst, which degree or certification should you ideally have?
O A.
bachelor's degree in software testing
OB.
bachelor's degree in business administration or information technology
C.
bachelor's degree in quality assurance
D.
master's degree in social sciences
Answer:
B
Explanation:
Just took the test
Nolan Company's cash account shows a $24,625 debit balance and its bank statement shows $23,541 on deposit at the close of business on June 30. Outstanding checks as of June 30 total $2,894. The June 30 bank statement lists $27 in bank service charges; the company has not yet recorded the cost of these services. In reviewing the bank statement, a $70 check written by the company was mistakenly recorded in the company’s books as $79. June 30 cash receipts of $3,982 were placed in the bank’s night depository after banking hours and were not recorded on the June 30 bank statement. The bank statement included a $22 credit for interest earned on the company’s cash in the bank. The company has not yet recorded interest earned. Prepare a bank reconciliation using the above information.
Answer:
Bank Reconciliation Statement as at June 30
Balance as per Bank Statement $23,541
Add Outstanding Lodgements : $3,982
Less Unpresented Checks : ($2,894)
Balance as per Cash Book $24,629
Explanation:
First adjust the Cash Book Balance as follows :
Cash Book (Bank Columns Only)
Debit :
Balance before adjustments $24,625
Correction of Error $9
Interest earned $22
Totals $24,656
Credit :
Bank service charges $27
Adjusted balance (balancing figure) $24,629
Totals $24,656
Then Prepare a Bank Reconciliation Statement :
Bank Reconciliation Statement as at June 30
Balance as per Bank Statement $23,541
Add Outstanding Lodgements : $3,982
Less Unpresented Checks : ($2,894)
Balance as per Cash Book $24,629
Conclusion :
The Cash Balance is $24,629. This amount will be shown in the Balance Sheet under Current Assets Section.
A share of stock with a beta of 0.82 now sells for $58. Investors expect the stock to pay a year-end dividend of $2. The T-bill rate is 5%, and the market risk premium is 8%. a. Suppose investors believe the stock will sell for $60 at year-end. Calculate the opportunity cost of capital. Is the stock a good or bad buy? What will investors do? (Do not round intermediate calculations. Round your opportunity cost of capital calculation as a percentage rounded to 2 decimal places.) b. At what price will the stock reach an "equilibrium" at which it is perceived as fairly priced today? (Do not round intermediate calculations. Round your answer to 2 decimal places.)
The opportunity cost of the capital here is given as 11. 56%
The expected return is 6.90%
The stock is a bad buy
The stock price is 55.58
How to solve for the opportunity cost of the stockThe formula for the opportunity cost of stock is given as:
risk free rate + beta x the risk premium
The risk free rate = 0.05
beta = 0.82
The risk premum = 0.08
Hence the opportunity cost is given as: 0.05 + 0.82 x 0.08
= 0.1156
=11.56%
The expected return is given as
60 + 2 - 58 / 58
= 0.069
= 6.9%
The expected return can be seen to be less than this opportunity cost therefore what is to happen would be for the investors not to invest because this is a bad buy.
b. The stock price = 60 * 2 / 1.1156
= 55.58
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The founder of Alchemy Products Inc. discovered a way to turn gold into lead and patented this new technology. He then formed a corporation and invested $100,000 in setting up a production plant. He believes that he could sell his patent for $24 million. a. What is the book value of the firm? (Enter your answer in dollars not in millions.) b. What is the market value of the firm? (Enter your answer in dollars not in millions.) c. If there are two million shares of stock in the new corporation, what would be the price per share? (Round your answer to 2 decimal places.) d. What would be the book value per share? (Round your answer to 2 decimal places.)
Answer:
(A) $100,000
(B) $24,100,000
(C) $12.05 per share
(D) $0.05 per share
Explanation:
The founder of Alchemy product incorporation found out how to turn gold into lead
He formed a corporation and invested $100,000 in setting up a production plant
He believes that he can sell his patent for $24,000,000
(A) The book value of the firm is $100,000
(B) The market value of the firm is $100,000 + 24,000,000
= $24,100,000
(C) The price per share is
= 24,100,000/2,000,000
= $12.05 per share
(D) The book value per share is
= 100,000/2,000,000
= $0.05 per share
) Case Study: Nancy, a 28 year-old marketing analyst in Minneapolis, has a fear of bridges. She takes a very long route to get to work (and to clients) in order to avoid driving over any bridges. Recently, she considered applying for another job, which could have meant a substantial salary increase. However, when she arrived at the building, she discovered that she would have to cross a footbridge to enter the building. She was unable to do that, even for the interview. Nancy may suffer from ___.
Answer:
Gephyrophobia
Explanation:
Nancy may suffer from gephyrophobia because she has a fear of bridges. This phobia is the anxiety disorder or specific phobia characterized by the fear of bridges. Thus, the patient of gephyrophobia may avoid routes that will take them over bridges.
What is the best advice for conducting an effective Internet search?
a. Avoid using special characters such as quotation marks or
asterisks.
b. Select your favorite search tool and stick with it.
c. Use nouns as search words.
d. Use at least ten keywords in one search to maximize your
"hits."
I
Answer: c. Use nouns as search words
Explanation:
When conducting and effective internet search, using nouns as search words is key. It should be noted that prepositions, modifiers and verbs are typically not being regarded by search engines and therefore the main search words should be noun.
One should also be specific and also use correct spellings. Therefore, the correct answer is option C.
Sunbed Company sells tanning beds that are shipped in large reusable containers. Customers are charged a deposit for each container delivered and receive a refund when the container is returned. The deposit is three times the actual cost of each container. Deposits are forfeited if containers are not returned within one year. The inventory of containers remains on the companyâs books until deposits are forfeited. Deposits collected on containers delivered during the year were $100,000. Ninety-five percent of the containers were returned within the allotted time.Prepare the appropriate journal entry for the deposits returned to customers. (If no entry is required for a transaction/event, selec No journal entry required" in the first account field.)
Answer:
Liability needs to be reduced by cash refunds that are made to customers as and when the containers are returned.
Cash refunds = Deposits collected * Percentage returned
Cash refunds = $100,000 * 95%
Cash refunds = $95,000
Date General Journal Debit Credit
Liability - Refundable Deposits $95,000
Cash $95,000
2. Which aspect of professionalism do you feel that you are strongest at? Explain why you think so. (1-3 sentences. 2.0 points)
Answer:
I feel like my strongest aspect of professionalism would be communication. My career interests require lots of communication with customers. I would need to be able to communicate with the customer’s feelings and needs for whichever situation they are in and what they want to accomplish.
Explanation:
A business owner will have to decide how selecting one thing over another will impact the business. This is an example of _____.
fixed costs
opportunity costs
variable costs
none of the above
Answer:
opportunity costs
Explanation:
Opportunity cost is the benefit sacrificed as a result of preferring one option over the other. Opportunity cost is an economic concept applied in decisions making. It entails considering the gains to be missed by not selecting a particular option. The advantage of the next best alternative to the preferred option is the opportunity cost.
For the businessman, deciding one thing over the other means sacrificing one of them. Analyzing the impact of the foregone benefits is considering the opportunity cost.
Answer:
Opportunity costs
Explanation:
EDGE 2021 Entreprenuership :D
How do productivity programs most benefit the way we work and live?
Answer:
They provide us with ways to communicate, display, and work with information more quickly and accurately.
The following income statement items appeared on the adjusted trial balance of Schembri Manufacturing Corporation for the year ended December 31, 2021 ($ in thousands): sales revenue, $17,900: cost of goods sold, $7,500; selling expenses. $1,430; general and administrative expenses, $930; interest revenue, $200; interest expense, $310. Income taxes have not yet been recorded. The company's income tax rate is 25% on all items of income or loss. These revenue and expense items appear in the company's income statement every year. The company's controller, however, has asked for your help in determining the appropriate treatment of the following nonrecurring transactions that also occurred during 2021($ in thousands). All transactions are material in amount. 1. Investments were sold during the year at a loss of $350. Schembri also had an unrealized gain of $460 for the year on investments in debt securities that qualify as components of comprehensive income. 2. One of the company's factories was closed during the year. Restructuring costs incurred were $1,600 Check my work 3. During the year, Schembri completed the sale of one of its operating divisions that qualifies as a component of the entity according to GAAP. The division had incurred a loss from operations of $680 in 2021 prior to the sale, and its assets were sold at a gain of $1,660. 4. In 2021, the company's accountant discovered that depreciation expense in 2020 for the office building was understated by $330. 5. Negative foreign currency translation adjustment for the year totaled $380. Required: 1. Prepare Schembri's single, continuous multiple-step statement of comprehensive income for 2021, including earnings per share disclosures.2. Prepare a separate statement of comprehensive income for 2021.
Answer:
A.Net income $5,155
Earning per share :-
Income from continuing operation 3.20
Income from discontinued operation 0.47
Net income 3.67
B. Comprehensive income $5,215
Explanation:
A. Preparation of statement of comprehensive income for 2021, including earnings per share disclosures
SCHEMBRI MANUFACTURING CORPORATION
Statement of Comprehensive Income
For the Year Ended December 31, 2021
($ in 000s)
Sales revenue $17,900
Cost of goods sold ($7,500)
Gross profit $10,400
Operating expenses:
Selling expenses ($1,430)
General and administrative expenses ($930)
Restructuring costs ($1,600)
Total operating expenses ($3,960)
Operating income $6,440
(10,400-3,960)
Other income (expenses):-
Loss on sale of investment $(350)
Interest expenses $(310)
Interest revenue $200
Other income (expenses) $(460)
Income from continue operation before income tax $5,980
(6,440-460)
Income tax expenses (25%*5,980) $1,495
Income from continuing operations $4,485
(5,980-1,495)
Discontinued operation :-
Income from operation of discontinued component (1,660-680) $980
Income tax expenses $(310)
Income from discontinued operation $670
(980-310)
Net income $5,155
(4,485+670)
Other comprehensive income (loss)
Unrealized gain from investment,net of tax [460*(1-25%)] $345
Loss from foreign currency translation , net of tax [380*(1-25%)] $(285)
Total other comprehensive income $60
(345-285)
Comprehensive income $5,215
(5,155+60)
Earning per share :-
Income from continuing operation 3.20
Income from discontinued operation 0.47
Net income 3.67
Workings for Earning per share
Weighted average share = 1,000,000+(800,000/2)
Weighted average share = 1,000000+400,000
Weighted average share = 1,400,000
Net income from continue operation = 4,485/1400 = 3.20
Net income from discontinued operation = 670/1400 = 0.47
2. Preparation of a separate statement of comprehensive income for 2021.
SCHEMBRI MANUFACTURING CORPORATION
Statement of comprehensive income
For the year ended December 31,2021
Net income $5,155
(4,485+670)
Other comprehensive income (loss)
Unrealized gain from investment,net of tax [460*(1-25%)] $345
Loss from foreign currency translation , net of tax [380*(1-25%)] $(285)
Total other comprehensive income $60
(345-285)
Comprehensive income $5,215
(5,155+60)
In the context of the decision-making model drawn heavily from the thoughts of Joseph L. Badaracco Jr., identify the correct statement regarding the question, "Which course of action is feasible?" Select one: a. This question borrows from both the modern rights theories and justice theory and it identifies which particular rights are at stake. b. This question is teleological in nature in that it focuses on the morality of the consequences of the decision. c. This question recognizes that ethics and morality must be practical. d. This question draws from the decision maker's personal philosophy as well as the commitments he or she owes to the corporation and its shareholders.
Answer:
d. This question draws from the decision maker's personal philosophy as well as the commitments he or she owes to the corporation and its shareholders.
Explanation:
This is likely the answer to the question about the decision making model which was drawn or dependent heavily on the thoughts of Joseph L. Badaracco Jr.
The following is the post-closing trial balance for the Whitlow Manufacturing Corporation as of December 31, 2020. Account Title Debits Credits Cash 5,000 Accounts receivable 2,000 Inventory 5,000 Equipment 11,000 Accumulated depreciation 3,500 Accounts payable 3,000 Common stock 10,000 Retained earnings 6,500 Sales revenue 0 Cost of goods sold 0 Salaries expense 0 Rent expense 0 Advertising expense 0 Totals 23,000 23,000 The following transactions occurred during January 2021: Jan. 1 Sold merchandise for cash, $3,500. The cost of the merchandise was $2,000. The company uses the perpetual inventory system. 2 Purchased equipment on account for $5,500 from the Strong Company. 4 Received a $150 invoice from the local newspaper requesting payment for an advertisement that Whitlow placed in the paper on January 2. 8 Sold merchandise on account for $5,000. The cost of the merchandise was $2,800. 10 Purchased merchandise on account for $9,500. 13 Purchased equipment for cash, $800. 16 Paid the entire amount due to the Strong Company.18 Received $4,000 from customers on account. 20 Paid $800 to the owner of the building for January's rent. 30 Paid employees $3,000 for salaries for the month of January. 31 Paid a cash dividend of $1,000 to shareholders.
Please find attached full question
Answer and Explanation:
Please find attached
Dudley Transport Company divides its operations into four divisions. A recent income statement for its West Division follows. DUDLEY TRANSPORT COMPANY West Division Income Statement for Year 3 Revenue $ 300,000 Salaries for drivers (210,000 ) Fuel expenses (30,000 ) Insurance (42,000 ) Division-level facility-sustaining costs (24,000 ) Companywide facility-sustaining costs (78,000 ) Net loss $ (84,000 ) Required By how much would companywide income increase or decrease if West Division is eliminated
Answer:
Companywide income would increase by $6,000 if West Division is eliminated.
Explanation:
The amount by which the companywide income will increase or decrease if West Division is eliminated can be determined by comparing Revenue with avoidable cost.
Avoidable cost refers to the cost that will be eliminated or not incurred if a firm decides to change the course of a business.
In this question, avoidable cost is simply the cost or expenses that will be eliminated if West Division is eliminated.
Among all the expenses in the question, only Companywide facility-sustaining costs which is $78,000 cannot be eliminated if West Division is eliminated.
Therefore, avoidable cost can be calculated as follows:
Avoidable cost = Salaries for drivers + Fuel expenses + Insurance + Division-level facility-sustaining costs = 210,000 + 30,000 + 42,000 + 24,000 = $306,000
Since, Revenue = $300,000
Decision rule:
1. If revenue is greater than avoidable cost, we have a decrease in income. Therefore, the division should not be eliminated.
2. If revenue is less than avoidable cost, we have an increase in income. Therefore, the division should be eliminated.
Since the revenue of $300,000 is less than the avoidable cost of $306,000, it implies we have an increase in income based on the decision rule 2. The increase in income is calculated as follows:
Increase in income if West Division is eliminated = Avoidable cost – Revenue = $306,000 - $300,000 = $6,000
Therefore, companywide income would increase by $6,000 if West Division is eliminated
Since there would be an increase in income of $6,000, West Division should therefore be eliminated.
"The Company-wide income would increase by $6,000 if West Division is eliminated. To understand more information check below".
What is the Companywide Income?
When The amount by which the companywide income will increase or decrease Then if West Division is eliminated can be determined by approximating Revenue with avoidable cost.
Now avoidable cost directs to the cost that will be destroyed or not incurred if a firm decides to modify the course of a business.
In this query, The avoidable cost is the cost of expenditures that will be eliminated if the West Division is eliminated.
Also, Among all the expenses in the question, Then, only Companywide facility-sustaining costs which are $78,000 cannot be eliminated if West Division is eliminated.
Thus, avoidable cost can be calculated as follows:
Avoidable cost is = Salaries for drivers + Fuel expenses + Insurance + Division-level facility-sustaining costs is = 210,000 + 30,000 + 42,000 + 24,000 is = $306,000
Since, The Revenue is = $300,000
Determination rule:
1. If revenue is greater than avoidable cost, we have a reduction in income. Thus, the division should not be eliminated.
2. If revenue is less than avoidable cost, we have an income growth. Thus, the division should be eliminated.
Since the revenue of $300,000 is more undersized than the avoidable cost of $306,000, it implies we have an increase in income based on determination rule 2.
The increase in income is calculated as tracks:
Increase in income if West Division is eliminated is = Avoidable cost – Then the Revenue is = $306,000 - $300,000 = $6,000
Thus, companywide income would rise by $6,000 if West Division is eliminated
Since there would be an increase in income of $6,000, West Division should thus be eliminated.
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Which of the following statements is NOT CORRECT? a. Sunk costs are the costs associated with "the road not taken". They represent the alternative cost of an asset if that asset were not already owned by the firm; therefore, these costs should be included in the capital budgeting analysis. b. Opportunity costs and sunk costs are tricky when analyzing capital budgeting projects. In summary, for a correct capital budgeting analysis, opportunity costs must be included in the analysis while sunk costs should be ignored—the money is gone whether the project is undertaken or not. c. Sunk costs are cash outlays a company has made in the past, and they can't be recovered whether the new project goes forward or not. Thus, you don't include these costs in the project's capital budgeting analysis. d. An opportunity cost represents the best return a company could get on an asset it already owns. It is the cost of losing out on something if you greenlight the project, so you want to include this cost in the capital budgeting analysis. e. While an opportunity cost is not an actual cash outlay, this cost must be added to the project's costs when you calculate its net present value.
Answer:
A
Explanation:
Sunk cost is cost that has already been incurred and cannot be recovered. It should not be considered in making future decisions.
Opportunity cost is the cost of the next best option forgone when one alternative is chosen over other alternatives. Opportunity costs are costs associated with "the road not taken".
An example of opportunity cost : you quit your job where you ern $50,000 to start your business. the opportunity cost of starting your business is $50,000 - your salary that you would be forgoing to start your business
Compare the monthly payments and total loan costs for the following pairs of loan options. Assume that both loans are fixed rate and have the same closing costs. You need a $ loan. Option 1: a 30-year loan at an APR of %. Option 2: a 15-year loan at an APR of %. Find the monthly payment for each option. The monthly payment for option 1 is $ nothing. The monthly payment for option 2 is $ nothing
Answer:
The numbers are missing, so I looked for similar questions to fill in the blanks:
You need a $300,000 loan. Option 1: a 30-year loan at an APR of 6%. Option 2: a 15-year loan at an APR of 4.5%.
We can use the present value of an annuity formula to calculate monthly payments.
present value = monthly payment x PV annuity factor
monthly payment = present value / PV annuity factor
present value = $300,000
option 1: PV annuity factor, 0.5%, 360 periods = 166.79161
option 2: PV annuity factor, 0.375%, 180 periods = 130.7201
monthly payment option 1 = $300,000 / 166.79161 = $1,798.65
monthly payment option 2 = $300,000 / 130.7201 = $2,294.98
Christie temporarily lends her car to her friend, Matt. Subsequently, Matt is involved in an accident while driving Christie’s car. Matt and Christie have personal auto insurance policies with liability insurance limits of $200,000 and $50,000, respectively. The courts awarded a liability judgement of $80,000 against Matt. How much will each insurance policy pay? A. Matt's insurance is primary and will cover the entire $80,000. B. Christie's insurance is primary and will cover $50,000. Mark's insurance is excess and will cover the remaining $30,000. C. The policies will split the losses on a pro-rata basis, with Matt's and Christie's insurers covering $64,000 and $16,000, respectively. D. Each policy will pay $40,000.
Answer:
The correct approach will be Option A.
Explanation:
Liability insurance on something like a subjective insurance plan implements the driver no matter with whom the automobile would be conducted, actually given it's an allowed to sign up the vehicle. Liability insurance safeguards insurance premiums whenever an automobile controlled by somebody else is operated either by the insured. They would also normally be compensated according to their car insurance policies in a somewhat circumstance.Besides, the compensation he maintains through his automobile is liability coverage for such a covered by insurance operating everyone else's vehicle. In many of these instances, even before driving on a highway, he doesn't own the subjective coverage could very well be implemented by the driver. Throughout the scenario mentioned, Matt was indeed killed in an accident whilst also trying to drive his friend's Christie vehicle. Hence, Matt's homeowner's insurance liability coverage would then kick through first. The gross amount of liabilities is $80,000, according to the verdict. The personal injury allowance of Matt becomes limited to $200,000, adequate to be insured.The latter choice does not fit the instance in question. So, "A. Matt's premium is primary and therefore will cover the full $80,000," is the right response.
Michael Jones is saving for an Australian vacation in three years. He estimates that he will need $5,340 to cover his airfare and all other expenses for a week-long holiday in Australia. If he can invest his money in an S&P 500 equity index fund that is expected to earn an average annual return of 10.6 percent over the next three years, how much will he have to save every year if he starts saving at the end of this year? (Round factor values to 4 decimal places, e.g. 1.5212 and final answer to 2 decimal places, e.g. 15.25.)
Answer:
$1603.97
Explanation:
We are to find the present value of the annuity
the formula for finding he present value of an annuity is :
A = FV / annuity factor
annuity factor = [(1 + r)^n - 1 ] / r
FV = Future value = $5340
r = interest rate = 10.6%
n = number of years = 3
(1.106)^3 - 1 / 0.106 = 3.329236
a = $5,340 / 3.329236 = $1603.97
2. A delivery company purchased a bunch of new trucks three years ago for $6 million. These trucks can be sold today for $5.3 million. The delivery company's current balance sheet shows net fixed assets of $3.2 million, current liabilities of $900,000, and net working capital of $215,000. If all the current assets were sold today and converted into cash, the delivery company would receive $1.25 million. Calculate the book value of the delivery company's total assets today. (Enter your answer in dollars, not millions of dollars, i.e. 1,234,567.) Book value of total assets $ Now, instead, calculate their market value. (Enter your answer in dollars, not millions of dollars, i.e. 1,234,567.) Market value of total assets $
Answer:
Explanation:
a. The following can be deduced from the question:
Net Fixed Assets = $3,200,000
Current Liabilities = $900,000
Net Working Capital = $215,000
We'll then calculate the current assets which will be:
= Current Liabilities + Net Working Capital
= $900,000 + $215,000
= $1,115,000
Total Assets will then be:
= $1,115,000 + $3,200,000
= $4,315,000
b. Market Value of Current Assets = $1,250,000
Market Value of Net Fixed Assets = $5,300,000
The Market Value of Total Assets will now be:
= $1,250,000 + $5,300,000
= $6,550,000
Answer:
1. Book value of total assets
Net Fixed Assets = $3,200,000
Current Liabilities = $900,000
Net Working Capital = $215,000
Current Assets = Current Liabilities + Net Working Capital
Current Assets = $900,000 + $215,000
Current Assets = $1,115,000
Total Assets = Current Assets + Net Fixed Assets
Total Assets = $1,115,000 + $3,200,000
Total Assets = $4,315,000
2. Market value of total assets
Market Value of Current Assets = $1,250,000
Market Value of Net Fixed Assets = $5,300,000
Market Value of Total Assets = Market Value of Current Assets + Market Value of Net Fixed Assets
Market Value of Total Assets = $1,250,000 + $5,300,000
Market Value of Total Assets = $6,550,000
Stage 1 ABC at a College: Assigning Costs to Activities
An economics professor at Prince Town University devotes 50 percent of her time to teaching, 35 percent of her time to research and writing, and 15 percent of her time to service activities such as committee work and student advising. The professor teaches two semesters per year. During each semester, she teaches one section of an introductory economics course (with a maximum enrollment of 50 students) and one section of a graduate economics course (with a maximum enrollment of 30 students). Including course preparation, classroom instruction, and appointments with students, each course requires an equal amount of time. The economics professor is paid $165,000 per year.
Determine the activity cost of instruction per student in both the introductory and the graduate economics courses.
Round answers to two decimal places.
Answer:
ABC at a College: Assigning Costs to Activities
Prince Town University
The Activity cost of instruction per student:
Introductory Economics = $13,750/50 = $275 per year and $137.50 per semester
Graduate Economics = $13,750/30 = $458.33 per year and $229.17 per semester
Explanation:
a) Data and Calculations:
50% teaching
35% research and writing
15% service activities (committee work and student advising)
Students in Introductory Economics = 50 per semester 100 per annum
Students in Graduate Economics = 30 per semester and 60 per annum
Total number of students taught per year = 160
Salary per year = $165,000
Teaching consumes $82,500 ($165,000 * 50%)
Instruction consumes $27,500 ($82,500/3)
Introductory Economics consume $13,750 ($27,500/2)
Graduate Economics consume $13,750 ($27,500/2)
The Activity cost of instruction per student:
Introductory Economics = $13,750/50 = $275 per year and $137.50 per semester
Graduate Economics = $13,750/30 = $458.33 per year and $229.17 per semester
Which term describes the reliance of different functional areas upon each other? O A. Interpretation B. Independence O C. Inclination D. Interdependence
Answer:
D. Interdependence
Explanation:
Interdependence is a condition of mutual dependence among people or things. It is a situation where two or more individuals, companies, or countries rely on one another in various aspects. A state where multiple parties depend on each other to thrive.
When different functions or departments depend on each other to succeed, they are said to be interdependent. It implies that a function is likely to fail if it opts to operate on its own.
Below are several statements about internal controls.1. The components of internal control are built on the foundation of the ethical tone set by top management. 2. Once every three months, managers need to review operations to ensure that control procedures work effectively. 3. Collusion refers to the act of a single individual circumventing internal control procedures. 4. Detective control procedures are designed to detect errors or fraud that have already occurred, while preventive control procedures are designed to keep errors or fraud from occurring in the first place. 5. Fraud committed by top-level employees is more difficult to detect because those employees more often have the ability to override internal control features. 6. A good example of separation of duties would be having one person collect cash from customers and account for it, while having another person order inventory and maintain control over it. 7. Employee tips historically have been the most common means of detecting employee fraud. 8. Detective controls include reconciling the physical assets of the company with the accounting records and comparing actual performance of individuals or processes against their expected performance. 9. Effective internal controls and ethical employees ensure a company's success.Stae whether the answer to each statement is true or fasle.
Answer:
1. True
2. False
3. False
4. True
5. True
6. False
7. True
8. True
9. False
Explanation:
Internal controls can be defined as the policies, set of rules, and procedures implemented or put in place by an organization to protect its assets, boost efficiency, enhance financial accountability, enforce adherence to company policies and prevent fraudulent behaviors among the employees.
The purpose of internal controls is that companies use strong internal controls to guarantee that loss is eliminated as there's an accurate and reliable accounting system.
An internal control involves the timely use of both internal and external sources of auditing or financial reporting and as such enhance the maintenance of accurate and proper financial records which would also improve their operational efficiency.
Hence, internal controls if properly executed helps to increase operational efficiency, protect and safeguard assets, provides accurate financial information, prevents fraudulent or unlawful behaviors, timeliness of financial records and reporting.
1. True: The components of internal control are built on the foundation of the ethical tone set by top management.
2. False: Once every three months, managers need to review operations to ensure that control procedures work effectively.
3. False: Collusion refers to the act of a single individual circumventing internal control procedures.
4. True: Detective control procedures are designed to detect errors or fraud that have already occurred, while preventive control procedures are designed to keep errors or fraud from occurring in the first place.
5. True: Fraud committed by top-level employees is more difficult to detect because those employees more often have the ability to override internal control features.
6. False: A good example of separation of duties would be having one person collect cash from customers and account for it, while having another person order inventory and maintain control over it.
7. True: Employee tips historically have been the most common means of detecting employee fraud.
8. True: Detective controls include reconciling the physical assets of the company with the accounting records and comparing actual performance of individuals or processes against their expected performance.
9. False: Effective internal controls and ethical employees ensure a company's success.
Update the balance sheet above to reflect the transactions below, which occur on January 6, 2020 1. Issue $80,000 in stock 2. Borrow $65,000 from a bank 3. Receive payment of $12,000 owed by a customer 4. Pay $6,000 owed to a supplier 5. Buy $17,000 worth of manufacturing supplies on credit 6. Purchase equipment for $47,000 in cash 7. Pay $8,000 owed to a supplier What is the final amount in Cash?
Answer:
Ending cash balance = $14,196,000
Explanation:
Full question is as follow "Acme Company Balance Sheet As of January 5, 2018 (amounts in thousands) Cash 14,100 Accounts Payable 1,900 Accounts Receivable 3,200 Debt 3,600 Inventory 4,900 Other Liabilities 2,000 Property Plant & Equipment 16,300 Total Liabilities 7,500 Other Assets 500 Paid-In Capital 7,200 Retained Earnings 24,300 Total Equity 31,500 Total Assets 39,000 Total Liabilities & Equity 39,000 Update the balance sheet above to reflect the transactions below, which occur on January 6, 2018 1. Issue $80,000 in stock 2. Borrow $65,000 from a bank 3. Receive payment of $12,000 owed by a customer 4. Pay $6,000 owed to a supplier 5. Buy $17,000 worth of manufacturing supplies on credit 6. Purchase equipment for $47,000 in cash 7. Pay $8,000 owed to a supplier What is the final amount in Cash?"
Calculation of final amount in cash
Particulars Amount
Beginning cash balance $14,100
Add: 1. Cash received through the issue of stock $80
Add: 2. Cash received from the bank $65
Add: 3. Cash received from the customer $12
Less: 4. Cash paid to the supplier $6
Less: 6. Cash paid to purchase equipment $47
Less: 7. Cash paid to the supplier $8
Ending cash balance (final amount in cash) $14,196
Which forecasting technique involves analysts using the aggregate opinion of expert panelists, along with justified reasoning, to estimate future sales scenarios?
The ________ involves analysts using the aggregate opinion of expert panelists.
Answer:
case
Explanation:
hope this helps