$20 is the total contribution margin for each machine hour, and $7000 is the total contribution margin for the entire product.
According to Knight, the contribution margin "displays the total revenue after removing variable costs and covering fixed expenditures to make the business viable. This can be viewed as a portion of sales that goes toward covering fixed expenses. The selling price per unit less the variable cost per unit equals the contribution margin (CM), also known as dollar contribution per unit. The amount of revenue known as "Contribution" goes toward covering fixed expenditures and is not used to pay for variable costs. It's an accounting word that makes it easier for managers and business owners to monitor the profitability of their offerings. It's crucial to understand contribution margin.
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managerial accounting connect assignment 1
Managerial accounting is a process of demonstrating the financial situation of a company through financial data and reports for a period.
What are the benefits of accounting for a business?Accounting contributes to managerial decision-making that is more focused and aligned with the real financial situation and needs of the company, through reports that allow the manager to analyze, organize, control and better correct organizational finances.
Therefore, management accounting is a tool that contributes to management through accounting reports and projections that help in focused decision making.
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Darkover Inc., as part of its strategic planning process, is considering making some policy changes. What effect (i.e. Increase, Decrease, No Effect) would each the following changes have on Darkover's Net Cash Flow from Operating Activities? Assume that in each case, the change only affects the account or accounts mentioned (i.e. all other accounts are not changed by the action).1-increase2-no effect3-decrease____2_Increase investment in new plant and equipment._____(1)Change the collections policy to insure that receivables are collected sooner._____(3)Change inventory policy to increase the amount of raw materials kept on hand (work in process and finished goods inventory will remain unchanged)._____(2)Sell long term bonds and use the proceeds to reduce notes payable._____(3) Begin paying all employees every week instead of every two week, effectively decreasing accruals._____(1)Change accounts payable policy to pay bills in 20 days instead of 10 days.
Cash flows from operating operations can be calculated directly using: wages given to employees. Money given to suppliers and vendors. Cash received from clients.
The net cash flow from operating activities is what?The net cash flow from operational activities of a business tells us how much more money is entering or leaving its operations. Both changes to non-cash items and to net income are included in this (Sales less any costs, including taxes, depreciation, and cost of goods sold, among others).
How does the cash flow of a company affect notes payable?Every new loan or note that a business takes on increases the notes payable account on the balance sheet. Its cash flow is improved as a result of receiving funds from the loan. This amount is listed by the company as a cash inflow in the financing operations section of the cash flow statement.
Which of the following adjustments would have an impact on Darkover's net cash flow from operating activities (i.e. an increase, a decrease, or no impact)?no effect- Boost spending on new machinery and equipment.increase- To ensure that receivables are collected sooner, alter the collection policy.decrease- In order to have more raw materials on hand, modify the inventory policy (Inventory of both work in progress and finished goods won't change.). no effect- Modify the policy for accounts payable such that payments are now paid in 20 days rather than 10 days.decrease- Pay all employees weekly beginning today rather than biweekly to minimize accruals.increase- Change the accounts payable policy such that payments are made in 20 days as opposed to 10 days.Learn more about Cash flows from operating operations: https://brainly.com/question/17001006
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The complete question is:
Darkover Inc., as part of its strategic planning process, is considering making some policy changes. What effect (i.e. Increase, Decrease, No Effect) would each the following changes have on Darkover's Net Cash Flow from Operating Activities? Assume that in each case, the change only affects the account or accounts mentioned (i.e. all other accounts are not changed by the action).1-increase2-no effect3-
_____(a) Increase investment in new plant and equipment.
_____(b)Change the collections policy to insure that receivables are collected sooner.
_____(c)Change inventory policy to increase the amount of raw materials kept on hand (work in process and finished goods inventory will remain unchanged).
_____(d)Sell long term bonds and use the proceeds to reduce notes payable
_____(e) Begin paying all employees every week instead of every two week, effectively decreasing accruals.
_____(f)Change accounts payable policy to pay bills in 20 days instead of 10 days.
peron company uses a perpetual inventory system and the net method of recording invoices. the company purchased merchandise on november 4 at a $2,000 invoice price with terms of 2/10, n/30. complete the journal entry by selecting the account names from the drop-down menus and the amounts in the debit and credit columns.
The journal entry to record the purchase on November 4 would be: The Purchase Discounts account is a contra-expense account that is credited when the company takes advantage of a discount. By crediting this account, the company records the reduction in the cost of goods sold due to the discount.
The image of the journal is attached below
What is journal entry?Generally, the image below
Since Peron Company uses a perpetual inventory system, it records each purchase of merchandise into the Merchandise Inventory account, which is a current asset account that reflects the cost of goods available for sale.
Since the invoice terms are 2/10, n/30, the company can take a 2% discount if it pays within 10 days. The discount is calculated as 2% of the invoice price, or $40 ($2,000 x 2%). The net amount due is $1,960 ($2,000 - $40).
Since the company is using the net method of recording invoices, it records the net amount due in the Accounts Payable account, which is a current liability account that reflects the amount owed to the vendor.
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all except which of the following help to develop informal networks that play an important role in an organization?
All except d) performance reviews help to develop informal networks that play an important role in an organization.
Informal networks play a significant role in the exchange of news and information within the organization between peers, superiors, and subordinates, and it's frequently the case that those with the inside track are the first to learn of impending announcements regarding promotions and the introduction of new products.
In addition to this, informal networks can be a good way to bond with coworkers and relieve stress in high-stress environment of today. Sharing coffee or tea during breaks and having light conversations, or "talking shop," as it is also known, can add value to the organization.
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Note that the full question is:
All of the following help to develop informal networks that play an important role in an organization EXCEPT for:
a) Job rotation
b) Company softball team
c) Virtual communities
d) Performance reviews
e) Attendance at a conference
Determine which of the following transactions may require adjustments?
1. Six months of rent were paid in advance
2. An employee was paid his weekly wages at the end of the week
3. A 24-month insurance policy was prepaid
4. A one-month premium on an insurance policy was paid
5. Supplies were purchased at the beginning of the year, but not all were used
6. An advance payment was received from a customer earlier in the month, but only partially earned by the end of the month
7. Rent was paid for the month
8. Equipment was purchased in the middle of the year
The following transactions may require adjustments:
Six months of rent were paid in advance - this may require an adjustment to record the portion of the rent that has been earned in the current accounting period.
A 24-month insurance policy was prepaid - this may require an adjustment to record the portion of the insurance that has been used in the current accounting period.
Supplies were purchased at the beginning of the year, but not all were used - this may require an adjustment to record the amount of supplies that have been used in the current accounting period.
An advance payment was received from a customer earlier in the month, but only partially earned by the end of the month - this may require an adjustment to record the portion of the revenue that has been earned in the current accounting period.
The following transactions do not typically require adjustments:
An employee was paid his weekly wages at the end of the week - this is recorded as an expense in the period in which it is paid.
A one-month premium on an insurance policy was paid - this is recorded as an expense in the period in which it is paid.
Rent was paid for the month - this is recorded as an expense in the period in which it is paid.
Equipment was purchased in the middle of the year - this is recorded as an asset in the period in which it is purchased.
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T/F : although producing electricity from burning fossil fuels, such as in coal-fired power plants, is common around the world, some scientists and economists argue that where the geography is appropriate, hydroelectric power is a better method for generating electricity.
True. Although burning fossil fuels to produce electricity is a standard practise across the world, some scientists and economists contend that hydroelectric power is a more effective way to produce energy in places where it makes sense geographically.
Although burning fossil fuels to produce electricity is a standard practise across the world, some scientists and economists contend that hydroelectric power is a more effective way to produce energy in places where it makes sense geographically. In contrast to using fossil fuels, the process of producing electricity by using hydroelectric power involves transforming the energy of falling water into electrical energy. Hydroelectric power facilities are also usually more efficient than fossil fuel-based power plants and do not emit greenhouse gases, which are a factor in climate change. Hydroelectric power has its own environmental effects, such as the destruction of river ecosystems and the eviction of local inhabitants, and it is not practical in all geographical areas.
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if a firm sold some inventory for cash and left the funds in its bank account, its current ratio would probably not change much, but its quick ratio would decline. T/F
The given statement "if a business sold some goods for cash and kept the money in its bank account, its quick ratio would likely not change much, but its current ratio most likely would" is TRUE.
What is a quick ratio?The ability of a business to use its near cash or quick assets to extinguish or retire its current liabilities instantly is measured by the quick ratio, sometimes referred to as the acid-test ratio in finance.
It is described as the proportion of current liabilities to easily movable or liquid assets.
Current assets that may theoretically be quickly converted to cash at prices near their book values are known as "quick assets."
A 1:1 liquid ratio is regarded as usual.
A business with a quick ratio under 1 is now unable to fully cover its current liabilities.
High quick and current ratios always show that the company is effectively managing its liquidity position.
A company's current ratio would presumably not alter significantly, but its quick ratio might decrease if it sold some merchandise for cash and kept the proceeds in its checking account.
Therefore, the given statement "if a business sold some goods for cash and kept the money in its bank account, its quick ratio would likely not change much, but its current ratio most likely would" is TRUE.
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a paper manufacturer has built a plant that meets all government-mandated environmental regulations, but the plant still produces an unpleasant odor w
This is an example of environmental externality. Thus, option A is correct.
What are the 4 types of externalities?Positive consumption, positive production, negative consumption, and negative production externalities are the four main categories of externalities in economics. Positive externalities, as their names imply, often have a positive impact, and negative ones typically have the opposite.
What are environmental externalities?Human activity has detrimental consequences on the environment and biodiversity, which are known as externalities. The true costs of externalities and their consequences on the environment, notably in terms of GHG emissions, are hidden by the underpricing of products and services. The erosion and chemical discharge that arise from building new roads and pollute the water supply downstream is an example of a negative externality.
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Complete question:
A paper manufacturer has built a plant that meets all government-mandated environmental regulations, but the plant still produces an unpleasant odor when it is being operated. Many residents in the area dislike the paper mill because of these unpleasant odors. This is an example of _________ externality.
A. an environmental
B. a positive within-firm
C. a negative within-firm
D. None
in a major announcement at an annual medical conference, dr. troy lutkes, research director of lucerne pharmaceuticals, informs the medical community of a breakthrough in the treatment of high blood pressure. As _____ for his organization, he answers questions posed to him by his medical research colleagues and members of the press. multiple choice :
A. disseminator B. spokesperson C. liaison figurehead D. disturbance E. handler
As spokesperson for his organization, he answers questions posed to him by his medical research colleagues and members of the press. Thus, option B is correct.
What is spokesperson?The spokesperson for a company is in responsibility of effectively conveying important information that the general public needs to (or wants to) know.
A spokesperson can aid in a brand's recognition and credibility building. A poorly chosen representative, however, could be untrustworthy or cast a negative light on your company.
Dr. Troy Lutkes is acting as a prophet for his association by making a major advertisement about a advance in the treatment of high blood pressure and answering questions from the medical exploration community and press. As a prophet, he represents his association to the outside world and communicates important information on its behalf.
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The technological conservatism of bicycle manufacturers is a reflection of the kinds of demand they are trying to meet. The only cyclists seriously interested in innovation and willing to pay for it are bicycle racers. Therefore, innovation in bicycle technology is limited by what authorities will accept as standard for purposes of competition in bicycle races.
Which of following is an assumption made in drawing the conclusion above?
(A) The market for cheap, traditional bicycle cannot expand unless the market for high-performance competition bicycles expands.
(B) High-performance bicycles are likely to be improved more as a result of technological innovations developed in small workshops than as a result of technological innovations developed in major manufacturing concerns.
(C) Bicycle racers do not generate a strong demand for innovations that fall outside what is officially recognized as standard for purpose of competition.
(D) The technology conservatism of bicycle manufacturers results primarily from their desire to manufacturer a product that can be sold without being altered to suit different national markets.
(E) The authorities who set standards for high-performance bicycle racing do not keep informed about innovative bicycle design.
Option C is correct, bicycle racers do not generate a strong demand for innovations that fall outside what is officially recognized as standard for purpose of competition.
What is bicycle industry?The sector of the economy that deals with bicycles and cycling is known as the "bicycle industry" or "cycling industry." It comprises at the very least accessory and part makers as well as bicycle manufacturers.
What is technical conservatism?A technology that is already part of your stack should be preferred, but only if it is the best choice. This is known as technical conservatism. An current technology may not be suitable in some circumstances.
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a firm with more courteous and helpful clerks than its rivals enables the firm to differentiate their good based on which of the following?
Service to a firm with more courteous and helpful clerks than its rivals enables the firm to differentiate its good base.
What is the role of customer service?A Customer Service Representative assists customers who have complaints, orders, or questions about the organization's products/services. They also provide solutions that are tailored to the specific needs of the customer at every stage of the process.
This statement emphasizes the importance of providing good customer service and how it can contribute to a firm's success. By focusing on building a base of satisfied customers, a firm can create a competitive advantage that sets it apart from its rivals.
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when alma arrived to her economics class, she quickly wrote down everything the teacher had outlined on the board, word for word. this is a good note taking strategy because
This is a useful note-taking strategy because it permits precise and thorough information collection, reducing the possibility of overlooking crucial particulars.
The method Alma used to take note-taking strategy what the instructor said on the board—can be beneficial for a variety of reasons. First of all, it enables her to remember all of the important ideas and facts that were covered in class. This is especially helpful if the subject matter discussed is intricate or substantial. Second, having a comprehensive collection of notes might make it simpler to review the content later on and prepare for tests. Thirdly, it can act as a fallback in case anything is forgotten or missed during the lesson. It is crucial to remember that this approach might not be effective for all pupils because some could find it challenging to maintain their focus while taking in-depth notes at the same time.
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Which of the following statements regarding decentralized organizations are correct?
A.) Decentralization is likely to cause job dissatisfaction and decreased motivation for lower-level managers since they have increased responsibility.
B.) In a decentralized organization, decision-making authority is reserved for top management so lower level managers can concentrate on operations.
C.) Decentralization helps lower-level managers develop better management skills.
D.) Decentralized organizations often use responsibility accounting systems to evaluate lower level-managers.
E.) In a decentralized organization, lower-level managers should not be held accountable for the outcomes of their decisions.
F.) Managers in decentralized operations may make decisions that are good for their department, but not for the organization as a whole.
G.) Decentralization often allows decisions to be made faster, since not as many layers of management are needed for approval.
Decentralization does not have the trait that makes lower-level managers less responsible for the results of their decisions.
Decentralization in business refers to the movement of daily operations and decision-making authority from top management to middle- and lower-level managers—and sporadically even team members. Team members can apply their knowledge, skills, and expertise to make a meaningful contribution to the workplace thanks to decentralized frameworks. Additionally, this tactic loosens some of the restrictions placed on business owners, allowing them to concentrate more on expansion and less on routine duties. Lower-level managers have low motivation and job satisfaction owing to increased responsibility changes in the operating environment can be responded to quickly, lower-level managers are trained for higher positions, and top management may focus on matters like overall strategy.
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During an internal business presentation, a speaker's credibility can be increased through which two of the following?demonstrating knowledge about a business issue.explaining how a business idea will improve the company.
During an internal business presentation, a speaker's credibility can be increased through:
A. demonstrating knowledge about a business issueC. explaining how a business idea will improve the companyWhat is demonstrating knowledge about a business issue?Demonstrating knowledge about a business issue shows that the speaker has done their research and understands the topic at hand, which can help build trust with the audience. It can also show that the speaker is well-informed and authoritative on the subject, which can help to establish their credibility.
Explaining how a business idea will improve the company shows that the speaker has thought carefully about their proposal and has a clear understanding of how it can benefit the organization. It can help to persuade the audience that the proposal is worth considering and that the speaker has the expertise and knowledge to implement it successfully.
Both of these factors can work together to increase the speaker's credibility and make their presentation more effective in influencing the audience.
Therefore the correct option is A, C.
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which of the following are normally included in a credit application? (choose every correct answer.)
The following are normally included in a credit application:
Other credit relationshipsBank accountsLiabilitiesWhat is credit applications?Credit applications typically request information about a borrower's financial situation, including other credit relationships, bank accounts, and liabilities.
This information is used by lenders to evaluate the borrower's creditworthiness and ability to repay the loan. Information about family life and driving record is generally not relevant to the credit application process.
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The complete question is:
Which of the following are normally included in a credit application? Information about: (Select all that apply)
- Family life
- Other credit relationships
- Bank accounts
- Liabilities
- Driving record
FILL IN THE BLANK Dollar Rental Car, Avis, and Hertz compete directly on similar attributes in the same target market, with ______ positioning.
Dollar Rental Car, Avis, and Hertz compete directly on the same attributes in the same target market, with "head-to-head" positioning.
Head-to-head positioning is a marketing strategy where companies compete directly with each other by emphasizing similar attributes and targeting the same market segment. In the case of Dollar Rental Car, Avis, and Hertz, they are all major players in the car rental industry, offering similar services and targeting similar customers.
To differentiate themselves, they may emphasize factors such as pricing, convenience, availability of certain types of vehicles, or loyalty programs. The goal is to convince customers that their brand offers the best overall value and to win a larger share of the market.
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purchasing a machine for cash is an example of decrease in asset and as decrease in liability
Option a) decrease in asset and as decrease in liability suits the given example of 'purchasing a machine for cash'.
In financial accounting, a liability is defined as a future sacrifice of economic benefit that an enterprise must make to another enterprise as a result of past transactions or other past events, the settlement of which is the transfer or use of an asset. can result in provision of services or other future economic benefits.
A liability is defined by the following characteristics:
Borrowing of any kind from individuals or banks to improve business or personal income payable in the short or long term.
Obligation to others to effect future transfer or use of assets, performance of services, or other settlement of any economic interest upon the occurrence of a specified event or upon request at a specified or determinable time. Or liability.
An obligation or liability that imposes another obligation on the company and leaves little or no discretion to avoid settlement. and,
A transaction that has already occurred or an event mandated by the company
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Complete question:
Purchasing a machine for cash is an example of
a) decrease in asset and as decrease in liability
b) An increase in an asset and an increase in an another asset.
c) an increase in asset and an decrease in an another asset.
d) an increase in liability and a decrease in an stockholders' equity account.
If a company has financial difficulties, which of the following has the highest priority for repayment?
Individuals who purchased bonds from the company.
Individuals who purchased bonds from the company have the highest priority for repayment in case of financial difficulties.
The reason for this is that bonds are considered debt instruments and bondholders are considered creditors. The company has a legal obligation to pay back the principal amount and interest to the bondholders before any other payment to shareholders or other stakeholders.
Bonds are issued by companies to borrow money from investors.
Bondholders are creditors of the company and have a legal claim on the assets of the company.
In case of financial difficulties, the company must prioritize the repayment of its debts, including bonds.
Bondholders have the highest priority for repayment, followed by other creditors such as banks or suppliers.
Shareholders, on the other hand, have a lower priority and may not receive any payment if the company is unable to repay its debts.
In summary, bondholders have the highest priority for repayment in case of financial difficulties as they are considered as creditors of the company.
This is because bonds are debt instruments that create a legal obligation for the company to repay the principal amount and interest to the bondholders before any other payment to shareholders or other stakeholders.
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by keeping a running total of the effects of transactions, the accounting equation provides a framework for summarizing the effects of a series of transactions. T/F
True. Yes, by keeping a running total of the effects of the transactions, the accounting equation provides a framework for summarizing the effects of a series of transactions.
The balance sheet equation is the basic principle of accounting and the basic element of the balance sheet. The formula is:
Assets = Liabilities + Equity
This equation forms the basis of double-entry bookkeeping, also known as double-entry bookkeeping, and clarifies the balance sheet structure.
Double-entry bookkeeping is a type of a system in which each transaction affects at least two accounts.
For example, an increase in an asset account can be accompanied by a corresponding increase in the associated liability or equity account to keep the accounting equation in balance.
Alternatively, an increase in one asset account can be matched with a corresponding decrease in another asset account. It is important to keep accounting equations in mind when creating journal entries.
Journal entries often use the language of debits (DR) and credits (CR). Expenses relate to increases in assets or decreases in liabilities or equity. Credit, on the other hand, refers to a decrease in assets or an increase in liabilities or equity.
As mentioned earlier, the balance sheet equation forms the basis of the balance sheet. A balance sheet is sometimes called a balance sheet. The balance sheet is divided into three main sections and various underlying items.
Assets, Liabilities, Equity.
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A company had revenues of $75,000 and expenses of $62,000 for the accounting period. The owner withdrew $8,000 in cash during the same period. Which of the following entries could NOT be a closing entry?
a. Debit Revenues $75,000; credit Income Summary $75,000.
b. Debit Income Summary $75,000; credit Revenues $75,000.
c. Debit Income Summary $13,000; credit Owner's, Capital $13,000.
d. Debit Income Summary $62,000, credit Expenses $62,000.
The correct answer is (b) Debit Income Summary $75,000; credit Revenues $75,000.
This is because option (b) is an incorrect closing entry as it debits the Income Summary account, which should only be credited with the total revenue earned during the period. The correct entry for closing the books would be to debit Income Summary $13,000 (which is the net income) and credit Owner's, Capital $13,000 to reflect the owner's equity in the business.
Option (a) is a correct closing entry, which debits Revenues for the total revenue earned during the period and credits Income Summary for the same amount.
Option (c) is also a correct closing entry, which debits Income Summary for the net income and credits Owner's, Capital to reflect the owner's equity in the business.
Option (d) is a correct closing entry, which debits Income Summary for the total expenses incurred during the period and credits Expenses for the same amount.
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Rob takes a job with Seacoast securities, a FINRA member broker-dealer firm, as a receptionist in a branch. Which of the following activities may violate the rules concerning activities of registered persons?
directing a customer to a flyer for a specific mutual fund rob really likes
The activities may violate the rules concerning activities of registered person is directing a customer to a flyer for a specific mutual fund rob really likes.
FINRA Rule 2111 (Suitability) requires that broker-dealers and their registered representatives (including receptionists) must have a reasonable basis to believe that any recommended securities transaction or investment strategy is suitable for the customer based on the customer's investment profile.
If Rob directs a customer to a flyer for a specific mutual fund without assessing the customer's investment profile or without having a reasonable basis to believe that the fund is suitable for the customer, this may violate the suitability rule.
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Journalize the following transactions for Ramirez Company using the gross method of accounting for sales discounts. Assume a perpetual inventory system. Also, assume a constant gross profit ratio for all items sold. Make sure to enter the day for each separate transaction.
May 9 Sold goods costing $6,000 to Bailey Company on account, $10,000, terms 5/10, n/30.
May 15 Bailey Company was granted an allowance of $800 for returned merchandise that was previously purchased on account. The returned goods are in perfect condition.
May 20 Received the amount due from Bailey Company.
Debit Accounts Receivable and credit Sales by 10,000. Debit Cost of goods sold and credit Inventory by 6,000. Debit Sales returns and credit allowance and credit Accounts receivable by 800. Debit Inventory and credit Cost of goods sold by 480. Debit cash and credit Accounts receivable by 9,200.
Date Account title Debit Credit
May 9 Accounts Receivable 10,000
To Sales 10,000
May 9 Cost of goods sold 6,000
To Inventory 6,000
May 15 Sales returns and allowance 800
To Accounts receivable 800
May 15 Inventory 480
To Cost of goods sold 480
May 20 Cash 9,200
To Accounts receivable 9,200
Working note:
Since the payment was made after 10 days, hence no discount will be allowed.
Cost of goods sold = $6,000
Sales = $10,000
The ratio of Cost of goods sold to sales = 6,000/10,000
= 60%
Sales returns = $800
Hence, cost of goods returned = 800 x 60%
= $480
The final amount due = Sales - sales returns
= 10,000 - 800
= $9,200
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(08.03 lc) which of these was a consequence of the civil war? general william tecumseh sherman's march to the sea destroyed southern transportation lines. president lincoln's gettysburg address persuaded the south to disarm and surrender. maryland became a territory due to the writ of habeas corpus. the southern states gained a new primary source of income.
Option (a), As a result of the civil war, General William Tecumseh Sherman's March to the Sea damaged Southern transportation routes.
What happened with Sherman's March to the Sea?The purpose of Sherman's March to the Sea was to scare Georgian citizens into siding with the Union rather than the Confederacy. Although Sherman's men did not burn any cities in their path, they did stole food and livestock and set fire to the homes and barns of locals who tried to rebuff them.
What effect on the American Civil War did Sherman's March to the Sea have?The Atlanta Campaign and Sherman's March to the Sea may have influenced the result of the Civil War in the Union's favor. Due to the operation's destruction, which led to significant financial loss and low morale for the Confederacy, Southerners retained tremendous resentment toward the Confederacy.
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The complete question is:
Which of these was a consequence of the civil war?
(a). General William Tecumseh Sherman's march to the sea destroyed southern transportation lines.
(b). President Lincoln's Gettysburg address persuaded the south to disarm and surrender.
(c). Maryland became a territory due to the writ of habeas corpus.
(d). The southern states gained a new primary source of income.
On 1st January, 2012, the following were the ledger balances of Rajan & Co
Cash in hand Rs900 ; Cash at bank Rs21,000 ; Soni (Cr) Rs3,000 ; Zahir (Dr) Rs 2400 ; Stock Rs21,000 ; Prasad (Cr) Rs6,000 ; Sharma (Dr) Rs4,500 ; Lall (Cr) Rs2,700.
Ascertain Capital
Transactions during the month were : [insert image]
Journalise the above transactions and post them to ledger. u
The following is the arranged Trial Balance in the books of Rajan and Co. (kshs.):
Particulars
Debit
Credit
Cash in Hand
850
Cash at Bank
14,530
Stock
14,900
Soni (Cr)
Zahir (Dr)
2,400
Prasad (Cr)
400
Stationary
50
Sharma (Dr.)
3,000
Drawings
200
Interest on Capital
100
Capital A/c
100
Rent A/c
200
Landlord A/c
200
Purchases A/c
6,300
Sales
3,000
Gain on Settlement
80
Loss on Settlement
50
The arranged Journal Entries for the transactions that took place in the books of Rajan and Co. (kshs.):Journal
Date
Particulars
Debit
Credit
02-Jan-21
Purchases (Stock) A/c Dr.
2,700
To Prasad A/c
2,700
(Being goods purchased from Prasad)
22-Jan-21
Stationary A/c Dr.
50
To Cash A/c
50
(Being stationary purchased for Cash)
03-Jan-21
Sharma A/c Dr.
3,000
To Sales (Stock) A/c
3,000
(Being goods sold to Sharma)
29-Jan-21
Prasad A/c Dr.
2,650
To Bank A/c
2,650
(Being payment made to Prasad for goods purchased)
05-Jan-21
Purchases (Stock) A/c Dr.
3,600
To Bank A/c
3,600
(Being goods purchased from Lall and payment made through cheque)
07-Jan-21
Drawings A/c Dr.
200
To Stock
200
(Being Goods withdrawn for personal use)
30-Jan-21
Interest on Capital A/c Dr.
100
To Capital A/c
100
(Being Interest on Capital provided)
13-Jan-21
Bank A/c Dr.
2,400
Loss on settlement Dr.
50
To Zahir A/c
2,450
(Being amount received from Zahir)
30-Jan-21
Rent A/c Dr.
200
To Landlord A/c
200
(Being rent due to landlord)
17-Jan-21
Soni A/c Dr.
3,000
To Bank A/c
2,920
To Gain on Settlement
80
(Being payment received from Soni and gain on settlement)
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Darren and Natalie are first-time buyers who have decided to purchase a newly built townhouse. Their agent, Jenner, tells them that the builder must provide a one-year home warranty. Which of the following conditions must be true?
A. Darren and Natalie are getting a USDA rural development loan.
B. Darren and Natalie are using an FHA-insured loan.
C. Darren and Natalie are using conventional financing.
D. Darren and Natalie made an all-cash offer.
The condition that must be true is B. Darren and Natalie are using an FHA-insured loan.
FHA (Federal Housing Administration) requires that new construction homes, including townhouses, come with a one-year warranty that covers the workmanship and materials used in the construction. This requirement is designed to protect homebuyers from unexpected repair costs in the first year of homeownership.
USDA (United States Department of Agriculture) rural development loans do not have specific requirements for new construction homes, and conventional financing does not have a requirement for a one-year warranty. An all-cash offer does not involve a mortgage and therefore does not have any requirements related to the type of loan.
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Presented below are selected transactions on the books of Simonson Corporation.
May 1, 2010 - Bonds payable with a par value of $900,000, which are dated January 1, 2010, are sold at 106 plus accrued interest. They are coupon bonds, bear interest at 12% (payable annually at January 1), and mature January 1, 2020. (Use interest expense account for accrued interest.)
Dec 31 - Adjusting entries are made to record the accrued interest on the bonds, and the amortization of the proper amount of premium. (Use straight line amortization.)
Jan. 1, 2011 - Interest on the bonds is paid.
April 1 - Bonds of par value of $360,000 are called at 102 plus accrued interest, and retired. (Bond premium is to be amortized only at the end of each year.)
Dec 31 - Adjusting entries are made to record the accrued interest on the bonds, and the proper amount of premium amortized.
Instructions:
Prepare the journal entries for the transactions above.
A journal entry is a written record of an individual's thoughts, observations that are typically recorded on a regular basis, such as daily
The journal entries are as follows:
May 1, 2010:
Cash $954,000
Bonds Payable $900,000
Premium on Bonds Payable $54,000
Interest Expense $36,000
Cash $36,000
Premium on Bonds Payable $9,000
Interest Expense $9,000
Dec 31:
Interest Expense $72,000
Interest Payable $72,000
Premium on Bonds Payable $9,000
Interest Expense $9,000
Jan. 1, 2011:
Interest Expense $108,000
Cash $108,000
April 1:
Bonds Payable $360,000
Loss on Bond Redemption $3,600
Premium on Bonds Payable $9,000
Cash $367,200
Dec 31:
Interest Expense $32,400
Interest Payable $32,400
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Lindsay is an analyst at a large power company. She creates a custom spreadsheet showing how cold weather might affect the company's profitability. This shows her ________ skills.
problem-solving
risk ordering
abstract reasoning
systems thinking
experimentation
As an analyst for a power firm, Lindsay works. She creates a unique spreadsheet to show how the cold weather may affect the company's profitability. This illustrates her prowess with (C) abstract reasoning.
What is abstract reasoning?Fluid intelligence—our capacity to quickly reason with information to solve novel, unsolved issues without the aid of prior knowledge—is most closely related to abstract reasoning.
It entails creative problem-solving that goes beyond the most obvious solutions, as well as flexible and lateral thinking.
The purpose of abstract reasoning tests is to be difficult, to distinguish amongst applicants, and to determine the candidate's maximal performance.
Typically, they have short deadlines and more challenging questions.
Lindsay works as a power company analyst. She makes a special spreadsheet that illustrates how the company's profitability can be impacted by the chilly weather.
This demonstrates her aptitude for abstract reasoning.
Therefore, as an analyst for a power firm, Lindsay works. She creates a unique spreadsheet to show how the cold weather may affect the company's profitability. This illustrates her prowess with (C) abstract thought.
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Complete question:
Lindsay is an analyst at a large power company. She creates a custom spreadsheet showing how cold weather might affect the company's profitability. This shows her ________ skills.
A. problem-solving
B. risk ordering
C. abstract reasoning
D. systems thinking
E. experimentation
Which of the following are steps in the closing process? Select all that apply.
a) Nominal accounts are reset to zero.
b) Real accounts are reset to zero.
c) Net income is transferred to the cash account on the balance sheet.
d) Net income is transferred to the retained earnings account on the balance sheet.
e) The retained earnings account is reset to zero.
The correct option is A. In the closing process, Nominal accounts are reset to zero.
An account is a particular report inside an employer's financial ledger or balance sheet. Accountants, finance experts, and bookkeepers can use debts to report important financial records, like reporting day-by-day transactions to confirm the exact amount of money an organization has at any moment.
In accounting, an account is a document within the famous ledger this is used to kind and maintain transactions. as an example, groups may additionally have an account of a coin wherein to file every transaction so one can increase or decreases the business enterprise's cash. fundamental accounting ideas used in commercial organizations globally cover income, charges, belongings, and liabilities. the one's elements are tracked and recorded in documents which encompass stability sheets, income statements, and cash glide statements.
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Refer to Figure 5-2. If the tuition is set at $70 there will be
a.
a shortage at 10 a.m. and a surplus at 8 a.m.
b.
a surplus at 10 a.m. and a shortage at 8 a.m.
c.
equilibrium at 10 a.m. and a surplus of seats at 8 a.m.
d.
equilibrium at 10 a.m. and a shortage of seats at 8 a.m.
If the tuition is set at $70 there will be a surplus at 10 a.m. and a shortage at 8 a.m. Hence, option B is correct.
What is meant by surplus?An item or resource that has more than is currently being used is said to have a surplus. A surplus can relate to a wide range of things, including money, goods, capital, and profits.
When you have more of anything than you need or intend to utilize, you have a surplus. When you prepare a meal, for instance, you have an excess of food if there is any left over after everyone has finished eating.
Thus, option B is correct.
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Suppose Devon is a fashionista and buys only denim jackets. Devon deposits $4,000 into a savings account that pays an annual nominal interest rate of 10%. Assume this interest rate is fixed, and so it will not change over time.
On the day she makes her deposit, suppose that a denim jacket has a price of $20.00. Initially, Devon's $4,000 deposit has a purchasing power ____ of denim jackets.
For each of the annual inflation rates given in the following table, first determine the new price of a denim jacket, assuming it rises at the rate of inflation. Then enter the corresponding purchasing power of Devon's deposit after one year in the first row of the table for each inflation rate. Finally, enter the value for the real interest rate at each of the given inflation rates. Hint: Round your answers in the first row down to the nearest denim jacket.
For example, if you find that the deposit will cover 20.7 denim jackets, you would round the purchasing power down to 20 denim jackets under the assumption that Devon will not buy seven-tenths of a denim jacket.
Annual Inflation Rate 0% 10% 13%
Number of Jackets Devon Can Purchase after One Year __ 220, 200, 190,174? ___220, 200, 190,174? ___220, 200, 190,174?
Real Interest Rate __% __% __%
When the rate of inflation is greater than the interest rate on Devon's deposit, the purchasing power of her deposit _____ over the course of the year. rises, falls, remains the same?
Real Interest Rate 10% 0% -3%When the rate of inflation is greater than the interest rate on Devon's deposit, the purchasing power of her deposit falls over the course of the year.
What is real interest rate and inflation rate?
Real interest rates are interest rates that have been modified to take inflation into account. Once modified, it reflects the actual cost of borrowing money for a borrower and the actual yield received by a lender or investment. The rate at which prices increase over a specific time period is known as inflation.
Initially, Devon's $4,000 deposit has a purchasing power of 200 denim jackets ($4,000 ÷ $20.00 per jacket).
Given Annual Inflation Rate 0% 10% 13%
Number of Jackets Devon Can Purchase after One Year 200 180 174
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