Answer:
Date Account Details Debit Credit
Feb 8 Cash $5,684
Sales Discount $ 116
Accounts Receivable $5,800
Explanation:
Credit terms of 2/10, n/30 mean that there is a 2% sales discount if the debt if the credit sale is settled in 10 days. If not, the person will have to pay in 30 days.
Truman paid within 10 days so qualifies for the discount which is:
= 5,800 * 2%
= $116
The amount paid will be:
= 5,800 - 116
= $5,684
Assume the equivalent units of production for materials and conversion are 5,200 units and 5,000 units, respectively, using the weighted-average method. If 4,660 units were completed and transferred to the next department, then what is the total cost assigned to the units completed and transferred out of the Milling Department
Question Completion:
Milling Department Materials Conversion Total Cost of beginning work in process inventory $ 10,000 $ 15,000 $ 25,000 Costs added during the period 291,600 385,000 676,600 Total cost $ 301,600 $ 400,000 $ 701,600
Answer:
Milling Department
The total cost assigned to the units completed and transferred out is:
= $643,080
Explanation:
a) Data and Calculations:
Milling Department
Cost of production:
Materials Conversion Total Cost
Beginning work in process inventory $ 10,000 $ 15,000 $ 25,000
Costs added during the period 291,600 385,000 676,600
Total cost $ 301,600 $ 400,000 $ 701,600
Equivalent units of production 5,200 5,000
Cost per equivalent unit $58 $80
Cost Assignment:
Units completed and transferred out:
Materials = $270,280 (4,660 * $58)
Conversion 372,800 *4,660 * $80)
Total costs $643,080
Therefore, the costs assigned to ending work in process = $ 58,520 ($701,600 - 643,080)
Employees who are paid biweekly will receive two more checks than
employees who are paid semimonthly
True or False
A company issues a callable (at par) five-year, 7% coupon bond with annual coupon payments. The bond can be called at par in one year after release or any time after that on a coupon payment date. On release, it has a price of $110 per $100 of face value. What is the yield to worst of this bond in percentage when it is released
Answer:
the worse case scenario is that the bond yields -2.73%
Explanation:
the worst case scenario is that the bonds are called one year after they are issued.
you invest $110 today
in one year, you will receive $100 + $7 = $107
your holding period return = ($107 - $110) / $110 = -0.02727 ≈ -2.73%
generally callable bonds are sold at lower prices than regular bonds, so a situation like this is very unlikely since the issue price should probably be lower.
In March, Stinson Company completes Jobs 10 and 11. Job 10 cost $23,300 and Job 11 $31,500. On March 31, Job 10 is sold to the customer for $36,400 in cash. Journalize the entries for the completion of the two jobs and the sale of Job 10.
Answer and Explanation:
The journal entries are given below:
On Mar-31
Finished Goods $54,800($23,300 + $31,500)
To Work in Process $54,800
(Being two completed jobs are recorded)
On Mar-31
Cash $36,400
To Sales $36,400
(Being the sale of JOb 10 is recorded)
On Mar-31
Cost of goods sold $23,300
To Finished goods $23,300
(Being the cost of job 10 is recorded)
Answer:The journal entries are given below:
On Mar-31
Finished Goods $54,800($23,300 + $31,500)
To Work in Process $54,800
(Being two completed jobs are recorded)
On Mar-31
Cash $36,400
To Sales $36,400
(Being the sale of JOb 10 is recorded)
On Mar-31
Cost of goods sold $23,300
To Finished goods $23,300
(Being the cost of job 10 is recorded)
You plan to retire in 30 years and plan to contribute the same amount of money each year to your retirement fund. The fund earns 7% compounded annually. If you would like to withdraw $100,000 each year for 20 years, starting 1 year after the last contribution is made. Approximately how much money should you contribute to your retirement fund each year
Answer:
$11,215.24
Explanation:
After retirement:
Annual Withdrawal = $100,000
Period = 20 years
Annual Interest Rate = 7%
Amount required at retirement = $100,000 * PVIFA(7%, 20)
Amount required at retirement = $100,000 * (1 - (1/1.07)^20) / 0.07
Amount required at retirement = $100,000 * 10.5940
Amount required at retirement = $1,059,400
Before retirement:
Period = 30 years
Annual Deposit * FVIFA(7%, 30) = $1,059,400
Annual Deposit * (1.07^30 - 1) / 0.07 = $1,059,400
Annual Deposit * 94.46079 = $1,059,400
Annual Deposit = $11,215.24
So, you should contribute $11,215.24 each year into your retirement fund.
Summarise the following passage in on more than 60w words and supply an appropriate title:every second,1 hectare of the world's rainforest is destroyed.thats equivalent to two football fields,an area the size of new York city is lost every day.in a year,that adds up to 31 million hectares-more than the land area of poland.this alarming rate of destruction has serious consequences for the environment, scientists estimate, for example, that 137 species of plant,insect or animal become extinct every day due to logging. In British Columbia, where,since become extinct, and the habitats of grizzly bears,wolves and many other creatures are threatened. Logging, however,provides jobs,profits, taxes for the government and cheap products of all kinds for consumers, so the government is reluctant to restrict or control it.
Answer:
I don't know...
Explanation:
I'm sorry...............
you are the accounts receivable clerk for fast and friendly shipping . the friendly shipping the balance of the accounts receivable account is $25,000 for six months you have been trying to collect the amount owned by three companies: ABC company, $450; XYZ company, $500; and nice try company, $350. these accounts are still unpaid. your supervisor asked you to write off these accounts using the direct write off method. what is the balance of accounts receivable after you write off these accounts as uncollective?
Answer:
Thats a lot of money
Explanation:
can I have some
You are considering an investment of $10,000 in a mutual fund with a 2% front load and an annual expense ratio of 0.5%. You are also considering an investment in a bank CD paying 2% interest per year. Assuming risk is constant across the two investments, if you plan to invest for four years, what annual rate of return must the mutual fund earn for you to be better off in the mutual fund than in the bank CD
Answer:
r > 3.02%
Explanation:
Mutual fund wealth index after N years = (1+front load)*(1+r-expenses)^N
CD wealth index after N years = (1+rate)N
If investment is 4 years
(1+0.02)*(1+r-0.005)^4 = (1+0.02)^4
0.98*(1+r-0.005)^4 = 1.08243216
(1+r-0.005)^4 = 1.08243216/0.98
(1+r-0.005)^4 = 1.10452261
Taking 4th root both side
(1+r-0.005) = 1.10452261^(1/4)
1 + r - 0.005 = 1.02516472
r = 1.02516472 - 1 + 0.005
r = 0.03016472
r = 3.02%, r > 3.02%
(a) Purchased $110 of supplies for cash. –$110 $0 (b) Recorded an adjusting entry to record use of $20 of the above supplies. enter a dollar amount enter a dollar amount (c) Made sales of $1,500, all on account. enter a dollar amount enter a dollar amount (d) Received $850 from customers in payment of their accounts. enter a dollar amount enter a dollar amount (e) Purchased equipment for cash, $2,550. enter a dollar amount enter a dollar amount (f) Recorded depreciation of building for period used, $740.
Question Completion:
Transactions that affect earnings do not necessarily affect cash. Identify the effect, if any, that each of the following transactions would have upon cash and net income.
Answer:
Effects of transactions on cash and net income:
(a) Purchased $110 of supplies for cash.
Cash–$110 Net income $0
(b) Recorded an adjusting entry to record use of $20 of the above supplies.
Cash - $0 Net Income -$20
(c) Made sales of $1,500, all on account.
Cash -$0 Net Income +$1,500
(d) Received $850 from customers in payment of their accounts.
Cash +$850 Net Income $0
(e) Purchased equipment for cash, $2,550.
Cash -$2,550 Net Income $0
(f) Recorded depreciation of building for period used, $740.
Cash $0 Net Income -$740
Explanation:
As stated earlier, business transactions that affect earnings do not necessarily affect cash. This fact is demonstrated in the above examples. Unless the transaction is for cash and affects a revenue or expense account, it will not affect cash and earnings at the same time. An example of a transaction that affects both is the sale of goods for cash. This will increase the cash balance as well as boasting the earnings. Another example is the cash payment for rent expense. This will reduce the cash balance as well as reduce the earnings.
Help ASAP!!
1. Are you interested in being an entrepreneur?
2. Which habits do you do already?
3. Which habits would you like to adopt? Explain.
Answer: See explanation
Explanation:
An entrepreneur is someone who creates a business in order for the person to make profit. We should note that the person also bears the risk that are involved in the business.
1. Are you interested in being an entrepreneur?
I am interested in being an entrepreneur. Being an entrepreneur will aid the economic growth and development of the country and also enhance the standard of living of the people which works with me.
2. Which habits do you do already?
Some of the habits I already do from the picture include:
• Giving a head start to tomorrow today.
• Tracking my origress
• Continuing learning
• Tracking my progress.
• Refreshing my self with quality family time.
3. Which habits would you like to adopt?
Some of the habits that I'll like to adopt include:
• Keeping the morning for the toughest jobs.
• Workout and meditate
Why do we need incentives for entrepreneurs?
A downside of social media is that:
Answer:
People tend to talk to other people they don't know, which could cause serious problems
Explanation:
Answer:
That there are big hacker that can steal your info and also that people can know everything about you in just one video or on picture. It just pure scary
Explanation:
Your Welcome (; (:
Splish Brothers Music School borrowed $28,200 from the bank signing a 6%, 6-month note on November 1. Principal and interest are payable to the bank on May 1. If the company prepares monthly financial statements, what adjusting entry should the company make at November 30 with regard to the note (round answer to the nearest dollar)
Answer:
Dr Interest expense $141
($28,200 * 6% * 1 month / 12 months)
Cr Interest payable $141
Explanation:
Preparation of the adjusting entry that the company should make at November 30 with regard to the note.
Based on the information given the adjusting entry that the company should make at November 30 with regard to the note will be :
Dr Interest expense $141
($28,200 * 6% * 1 month / 12 months)
Cr Interest payable $141
Which activity is an example of differentiated marketing? A. An automobile company promotes small family cars and sports utility vehicles to a specific demographic. B. A retailer promotes commodities such as coffee, sugar, and bread to everyone who shops at the store. C. A local business distributes promotional cards to the community. D. A travel business sends advertisements to its current and past customers. E. An insurance company offers its products to everyone in Kansas.
Answer: A. An automobile company promotes small family cars and sports utility vehicles to a specific demographic.
Explanation:
Differentiated marketing is a form of marketing that occurs when the advertisement that is done by a particular company appeals to some particular target audiences or segments. Thus is usually done by the company to get ire customers and also enhance the brand awareness.
In this case, the activity that is an example of differentiated marketing will be option A. "An automobile company promotes small family cars and sports utility vehicles to a specific demographic".
If $2,000,000 of 10% bonds are issued at 97, the amount of cash received from the sale is
a. $2,100,000
b. $2,060,000
c. $2,000,000
d. $1,940,000
The amount of cash received from the sale of $2 million bonds issued at 97% of face value is $1.94 million. The issue price is calculated by multiplying the face value by 97%, which is $1.94 million.
Hence, the correct option is (d).
To calculate the amount of cash received from the sale of $2,000,000 of 10% bonds issued at 97, we need to multiply the bond's face value by the percentage of the issue price.
The issue price is given as 97% of the face value. To find the issue price, we calculate:
Issue price = Face value x (97/100)
= $2,000,000 x (97/100)
= $1,940,000
Therefore, the amount of cash received from the sale is d. $1,940,000.
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Henry is a manager in an operations department in a computer manufacturing company. He thoroughly studied the production process and calculated how long it takes to get the job done. Then he figured out a more efficient way to put all parts together for a computer. He trains and develops employees to use the new method and works with employees to implement the scientific principles. Which of the following management theories does Henry use in this case?
a. Theory X and Theory Y.
b. Systems management.
c. Human relations management.
d. Scientific management.
Answer:
d. Scientific management.
Explanation:
The management theory used by Henry in this case is scientific management, which can be understood as an administrative model created by Taylor.
The main objective of scientific management is to make work more efficient using less resources and efforts, that is, making work more flexible by rationalizing work and implementing scientific techniques and training employees so that there is efficiency and effectiveness in organizational processes, with the lowest cost, time and continuous improvement.
International monetary analysis focuses on Group of answer choices the international trade side of the international economy. the real side of the international economy. the issues of international cooperation between Central Banks. the monetary side of the international economy, such as currency exchange. the international investment side of the international economy.
Answer:
the monetary side of the international economy, such as currency exchange.
Explanation:
Globalization can be defined as the strategic process which involves the integration of various markets across the world to form a large global marketplace. Basically, globalization makes it possible for various organizations to produce goods and services that is used by consumers across the world.
An exchange rate can be defined as a number used to represent the value of one country's currency in comparison to another.
International monetary analysis focuses on the monetary side of the international economy, such as currency exchange.
A company’s stock currently sells for $87 per share. Last week the firm issued rights to raise new equity. To purchase a new share, a stockholder must remit $20 and three rights. a. What is the ex-rights stock price? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) b. What is the price of one right? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
Answer:
Explanation
a.
Value = 3($87)= $261
New value = $261 + 20 =$281
Ex-rights stock price= $281/(3+1) = $70.25
b.
Price of one right= $87 − 70.25 = $16.75
The ex-rights stock price is Value = 3($87)= $261
Value at new = $261 + 20 = $281
Price of Ex-rights Stock: $281/(3+1) = $70.25
What is the stock price?A share price is the price of a single share of a company's salable equity shares. In layman's terms, the stock price is the largest amount of money someone is willing to pay for the stock or the lowest amount for which it can be purchased.
a.
Value = 3($87)= $261
Value at new = $261 + 20 = $281
Price of Ex-rights Stock: $281/(3+1) = $70.25
b.
One right costs $16.75 ($87 x $70.25).
Therefore, The ex-rights stock price is Value = 3($87)= $261
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A key feature of business is that it facilitates an exchange of
Answer:
type ''value''
Explanation:
i took the test
Question 4 of 10
Which budget strategy will reduce a country's national debt the most?
A. Raising taxes while lowering spending
B. Lowering both taxes and spending
C. Lowering taxes while raising spending
D. Raising both taxes and spending
Answer: raising taxes while lowering spending
Explanation: I just got it right on A p e x
Consider two neighboring island countries called Arcadia and Felicidad. They each have 4 million labor hours available per week that they can use to produce jeans, corn, or a combination of both. The following table shows the amount of jeans or corn that can be produced using 1 hour of labor.
Jeans Corn
Country (Pairs per hour of labor) (Bushels per hour of labor)
Arcadia 8 16
Felicidad 5 20
Initially, suppose Arcadia uses 1 million hours of labor per week to produce jeans and 3 million hours per week to produce corn, while Felicidad uses 3 million hours of labor per week to produce jeans and 1 million hours per week to produce corn. Consequently, Arcadia produces 8 million pairs of jeans and 48 million bushels of corn, and Felicidad produces 15 million pairs of jeans and 20 million bushels of corn. Assume there are no other countries willing to trade goods, so, in the absence of trade between these two countries, each country consumes the amount of jeans and corn it produces.
Arcadia's opportunity cost of producing 1 pair of jeans is____of corn, and Felicidad's opportunity cost of producing 1 pair of jeans is____of corn. Therefore,____has a comparative advantage in the production of jeans, and____has a comparative advantage in the production of corn.
Suppose that each country completely specializes in the production of the good in which it has a comparative advantage, producing only that good. In this case, the country that produces jeans will produce ___ million pairs per week, and the country that produces corn will produce ____ million bushels per week.
When the two countries did not specialize, the total production of jeans was 23 million pairs per week, and the total production of corn was 68 million bushels per week. Because of specialization, the total production of jeans has increased by____million pairs per week, and the total production of corn has increased by____million bushels per week.
Because the two countries produce more jeans and more corn under specialization, each country is able to gain from trade.
Calculate the gains from trade—that is, the amount by which each country has increased its consumption of each good relative to the first row of the table. In the following table, enter this difference in the boxes across the last row (marked “Increase in Consumption”).
Arcadia Felicidad
Jeans Corn Jeans Corn
(millions of pairs) (millions of bushels) (millions of pairs) (millions of bushels)
Without Trade
Production 8 48 15 20
Consumption 8 48 15 20
With Trade
Production
Trade action
Consumption
Gains from trade
Increase in consumption
Answer:
Arcadia's opportunity cost of producing 1 pair of jeans is 2 bushels of corn, and Felicidad's opportunity cost of producing 1 pair of jeans is 4 bushels of corn. Therefore, Arcadia has a comparative advantage in the production of jeans, and Felicidad has a comparative advantage in the production of corn.
Suppose that each country completely specializes in the production of the good in which it has a comparative advantage, producing only that good. In this case, the country that produces jeans will produce 32 million pairs per week, and the country that produces corn will produce 80 million bushels per week.
When the two countries did not specialize, the total production of jeans was 23 million pairs per week, and the total production of corn was 68 million bushels per week. Because of specialization, the total production of jeans has increased by 9 million pairs per week, and the total production of corn has increased by 12 million bushels per week.
Because the two countries produce more jeans and more corn under specialization, each country is able to gain from trade.
Calculate the gains from trade—that is, the amount by which each country has increased its consumption of each good relative to the first row of the table. In the following table, enter this difference in the boxes across the last row (marked “Increase in Consumption”).
Arcadia Felicidad
Jeans Corn Jeans Corn
Without Trade
Production 8 48 15 20
Consumption 8 48 15 20
With Trade
Production 32 0 0 80
Trade action 15 48 15 48
Consumption 17 48 15 32
Gains from trade
Increase in 9 12
consumption
The following data about Atlantis Trading Inc. is available. What is Atlantis’s cash flow from operating activities?
Items Amount ($)
Net income
45,000
Increase in stock
5,000
Decrease in accounts receivables
2,000
Increase in salaries payable
10,000
A.
$54,000
B.
$51,000
C.
$53,000
D.
$52,000
Answer:
The correct option is D. $52,000.
Explanation:
Atlantis’s cash flow from operating activities can be calculated as follows:
Atlantis Trading Inc.
Calculation of Cash Flow from Operating Activities
Items Amount ($)
Net income 45,000
Adjustment to reconcile net income
(Increase) decrease in current assets:
Increase in stock (5,000)
Decrease in accounts receivables 2,000
Increase (decrease) in current liabilities:
Increase in salaries payable 10,000
Cash flow from operating activities (52,000)
The above implies that:
Cash flow from operating activities = Net income - Increase in stock + Decrease in accounts receivables + Increase in salaries payable = $45,000 - $5,000 + $2,000 + $10,000 = $52,000
Therefore, the correct option is D. $52,000.
To tolerate a risk is to simply ignore it? true or false
Answer:
False
Explanation:
if you ignored it it would get worse and if you ignore you might get hurt aswell.
Argo, a firm organizing adventure travel, has returns that vary with the economy. Argo predicts that there is a 20% probability of a strong economy, a 50% probability of a normal economy, and a 30% probability of a weak economy. Given a strong economy, Argo expects a 35% return, given a normal economy, Argo expects a 14% return, and given a weak economy, Argo expects to lose 20%. What is the expected return for Argo
Answer: 8%
Explanation:
The expected return is a weighted average of the returns given the probability of certain states of the economy:
= (Prob. of boom * return if boom) + (Prob. of normal * return if normal) + (Prob. of weak * return if weak)
= (20% * 35%) + (50% * 14%) + (30% * -20%)
= 0.07 + 0.07 - 0.06
= 8%
Answer:
it is 8% my dear friend
Explanation:
one could use the investment opportunity curve and the indifference curve to calculate optimal consumption and investment.
True or False?
Two examples of factors of production
Answer:
land, labor, entrepreneurship, and capital
Explanation:
On January 2, 2010, York Corp. replaced its boiler with a more efficient one. The following information was available on that date:
Purchase price of new boiler
$150,000
Carrying amount of old boiler
10,000
Fair value of old boiler
4,000
Installation cost of new boiler
20,000
The old boiler was sold for $4,000. What amount should York capitalize as the cost of the new boiler?
A. $150,000.
B. $166,000.
C. $170,000.
D. $160,000.
Bob manages a cafe. He pays $50,000 for labor and $7,000 for space rental every month. He chose the current space and gave up another site which costs $8,000/month. Bob also refused an acquistion proposal of $600,000 raised by a restaurant. The proposal plans to close down the cafe. What is the opportunity cost in this case
Answer:
$600,000
Explanation:
Opportunity cost also known as implicit cost is the cost of the next best option forgone when one alternative is chosen over other alternatives.
the next best option to Bob is to sell the cafe. If he did, he would have earned $600,000. This is his opportunity cost.
$50,000 constitutes a variable cost while $7000 is a fixed cost.
Fixed costs are costs that do not vary with output. e,g, rent, mortgage payments
If production is zero or if production is a million, Rent payments do not change - it remains the same no matter the level of output.
Variable costs are costs that vary with production
If a producer decides not to produce any output, there would be no need to hire labour and thus no need to pay hourly wages.
Dobles Corporation has provided the following data from its activity-based costing system: Activity Cost Pools Estimated Overhead Cost Expected Activity Assembly $228,060 18,000 machine hours Processing orders $34,068 1,200 orders Inspection $125,560 1,720 inspection hours The company makes 420 units of product D28K a year, requiring a total of 460 machine hours, 80 orders, and 10 inspection-hours per year. The product's direct materials cost is $48.96 per unit, and its direct labor cost is $25.36 per unit. Use activity-based costing to compute the unit product cost of product D28K.
Answer:
Dobles Corporation
The unit product cost of product D28K is:
$144.01
Explanation:
a) Data and Calculations:
Activity Cost Pools Estimated Overhead Cost Expected Activity
Assembly $228,060 18,000 machine hours
Processing orders $34,068 1,200 orders
Inspection $125,560 1,720 inspection hours
Units of D28K produced per year = 420 units
D28K requirements:
Machine hours 460
Orders 80
Inspections 10
Direct materials cost per unit = $48.96
Direct labor cost per unit = $25.36
Activity rate:
Assembly $228,060/18,000 = $12.67 per machine hour
Processing orders $34,068/1,200 = $28.39 per order
Inspection $125,560/1,720 = $73 per inspection-hour
Cost of D28K:
Machine hours 460 * $12.67 = $5,828
Orders 80 * $28.39 = $22,712
Inspections 10 * $73 = $730
Total overhead costs = $29,270
Overhead cost per unit = $69.69 ($29,270/420)
Unit Cost of D28K:
Direct materials cost per unit = $48.96
Direct labor cost per unit = $25.36
Overhead cost per unit = $69,69
Total unit cost = $144.01
MECCS Inc. has net income of $3,492, interest expense of $172, sales of $7,290, addition to retained earnings of $1,596, selling and general expenses of $1,820, and depreciation of $990. What is the amount of dividends paid if the tax rate is 21 percent
Answer: $1,896
Explanation:
The amount of net income that is retained is determined by the amount of dividends paid in the formula:
= Net income - Retained earnings
= 3,492 - 1,596
= $1,896
Taxes and expenses would have already been catered for in the Net income.
