Answers
Answer: $369,500
Explanation:
The Cost concept of accounting calls for the recording of Assets at their cost.
Clementine Repair services offered to buy the land at $350,500 when it was priced at $388,500.
The seller countered with $369,500 and Clementine accepted this.
This means that Clementine bought the land for $369,500 which makes it the cost price.
They should therefore record it at $369,500.
Related Questions
An obese man in New York sued McDonald's, Burger King, Wendy's, and KFC because he claims the f gast-food giants caused his diabetes and other health problems. The suit is an example of a problem caused by competitive factors. True False
Answers
Answer:
False
Explanation:
Usually competitive factors include things like price, product quality, service quality, place or location, etc. But this lawsuit is part of the environmental factors that the different companies face. More specifically it involves legal factors and regulations that must be faced by a company.
Prices tend to be sticky because Multiple Choice government controls most prices. foreign competition discourages domestic firms from price changes. firms are worried that frequent price changes would annoy consumers. most firms have agreements with each other to fix prices at profit-maximizing levels.
Answers
Answer:
firms are worried that frequent price changes would annoy consumers.
Explanation:
A price is said to be sticky when there are resistance in market price to change immediately even when changes in the economy of a particular country entails differing price of products is optimal.
In Economics, when there are monetary disturbances and a great level of macroeconomic factors in the economy of a particular country, this usually result in prices of goods and services being sticky.
Hence, prices tend to be sticky because firms are worried that frequent price changes would annoy consumers. This ultimately implies that, price stickiness arises due to the fact that business firm or entity are very much concerned or worried that a frequent change in the price of goods and services would make the consumer annoyed.
Written notice of an Investigative Report must be given within ______ advance notice before the report beings.
Answers
Answer:
3 days.
Explanation:
An Investigative report can be defined as a report prepared by a forensic expert or professional in the unraveling of a crime or issue.
Written notice of an Investigative Report must be given within 3 days advance notice before the report beings.
Basically, an investigative report is required or expected to give an insured person not more than 3 days advance written notice before the report will begin.
On December 29, 2022, James Company sold a debt security that had been purchased on January 4, 2021. James owned no other debt securities. An unrealized holding loss was reported in the 2021 income statement. A realized gain was reported in the 2022 income statement. Was the debt security classified as available-for-sale and did its 2021 market price decline exceed its 2022 market price recovery
Answers
Answer: No; No.
Explanation:
A debt security is referred to as a debt that can be either purchased or sold in the market between the parties involved before such debt matures.
In this scenario, we should note that the debt security was not classified as available-for-sale and also the 2021 market price decline did not exceed more than the 2022 market price recovery.
Therefore, the answer is No; No
Bill Matthews is investing $8,800 in the Washington Mutual fund. The fund charges a 4.80 percent commission when shares are purchased. Calculate the amount of commission Bill must pay.
Answers
Answer:
Commission= $422.4
Explanation:
Giving the following information:
Initial investment= $8,800
Commission rate= 4.8% = 0.048
To calculate the commission paid, we need to use the following formula:
Commission= initial investment*commission rate
Commission= 8,800*0.048
Commission= $422.4
Tampa Tribune's dominant strategy is ____________ (low price, high price, it has no dominant strategy).
Answers
Answer:
Low price
Explanation:
Tampa tribune dominant strategy is low price. If the company keeps its prices high it can get maximum revenue of $88 whereas if the company keeps its prices low it can make maximum revenue of $120. The difference of $32 is gained when the prices are kept and this is dominant strategy for Tampa Tribune.
What is the most important source of revenue and the ma- jor type of expenditure at the Federal level
Answers
Answer: See explanation
Explanation:
The most important source of revenue is the income tax and the major type of expenditure at the Federal level is the pension and income security.
Income tax is the tax that the government of a particular country levies on the personal income of the people in the country. The main reason for taxation is to generate revenue which can be sued by the government to meet its expenses like the payment of pension and income security.
Gloria just started working for GlenMack. As part of her signing bonus, she received 20 shares of GlenMack stock. Gloria is excited to contribute to the company and to track the value of her shares on the New York Stock Exchange. GlenMack must be:
Answers
Answer:
Public Company
Explanation:
In the given case, since it is mentioned that Gloria working for GlenMack now as a part of the signing bonus she received twenty shares from the stock of GlenMack now she is excited to contribute to the company and also wants to track the shares value on the new york stock exchange so here the Glenmust must be public company as the stock are listed on the stock exchange
So the same is to be relevant
what are the three most important ethical principles that you feel organizations should adhere to in terms of their staffing philoshophies
Answers
Answer:
fairness, honesty, integrityExplanation:
The three most important ethical principles that should guide all organizational activities are fairness, honesty and integrity. Currently we live in a globalized and multicultural business scenario, where there is an intense flow of information and a lot of competitiveness, so it is necessary that organizations seek to adapt their strategic planning to this new reality, where corporate governance is an essential parameter of relationship with a company by many stakeholders.
The fairness, honesty and integrity of the company will help it to maintain an internal environment focused on the development of skills and an organizational culture based on ethics and respect for all employees, regardless of their individual values or hierarchical position. These ethical principles will also help the organization to have a good image in the market, to attract greater reliability and transparency in the processes.
Sue purchased a stock for $25 a share, held it for one year, received a $1.34 dividend, and sold the stock for $26.45. What nominal rate of return did she earn
Answers
Answer:
11.16%
Explanation:
Calculation for What nominal rate of return did she earn
Nominal rate of return= ($26.45 + 1.34 − 25) / $25
Nominal rate of return= 0.1116*100
Nominal rate of return=11.16%
Therefore the nominal rate of return that she earn is 11.16%
Process cost systems are used in all of the following industries except: Oil refining. Steel. Home building. Chemicals. Textiles.
Answers
Answer:
Ship building
Explanation:
As the process of the ship building includes the different kind of activities that are complex also the volume are so big also each one would be customized according to the customer needs and considered as a distinct job
So as per the given situation the process cost system would not be used for the ship building
And for the other industries it should be used
Fulton Company owns the following investments: Trading securities (fair value) $160,000 Available-for-sale securities (fair value) 70,000 Held-to-maturity securities (amortized cost) 94,000 Fulton will report investments in its current assets section of
Answers
Answer:
the investment should be reported in the current asset section for $16,0000
Explanation:
The computation of the current asset section that report the investment is shown below:
= Investment value
= Fair value of the trading securities
= $160,000
Hence, the investment should be reported in the current asset section for $16,0000
The same is relevant and considered too
MedTech Corp. stock was $50.95 per share at the end of last year. Since then, it paid a $0.45 per share dividend. The stock price is currently $62.50. If you owned 500 shares of MedTech, what was your percent return
Answers
Answer: 23.55%
Explanation:
Based on the information given in the question, first, we've to calculate the dollar return which will be:
= (Ending value - Beginning value) + Income
= ($62.50 × 500) - ($50.95 × 500 + $0.45 × 500)
= $6000
The percent return will then be:
= $6000 / (50.95 × 500)
= 23.55%
Suppose in 2016 , the cost of a market basket of goods was $1 ,958 . In 2018 , the cost of the same market basket of goods was $2,107 . Calculate the price index for 2018 , using the price index formula, assume 2016 is the base year. nothing
Answers
Answer:
107.60
Explanation:
The formula for calculating the price index is as below
price index = current market price/ base year price x 100%
price index = $2107/$1958 x 100
price index = 1.076098059 x 100
price index = 107.6098059
Suppose you will receive $500 in one year and the risk-free interest rate (rf) is 5%. The equivalent value today is closest to:
Answers
Answer:
$525
Explanation:
Calculation for The equivalent value today
Equivalent value=$500 × (1+.05)
Equivalent value=$500 × (1.05)
Equivalent value= $525
Therefore The equivalent value today is closest to:$525
Which of the following is not correct? Group of answer choices Natural monopolies are often subject to regulation. Public ownership is the most common and effective public policy toward monopolies in the United States. Sometimes the best public policy toward a monopoly is to do nothing. Antitrust laws may prevent mergers that would actually raise social welfare.
Answers
Answer: Public ownership is the most common and effective public policy toward monopolies in the United States
Explanation:
A natural monopoly is a monopoly that occurs as a result of the company having an economies of scale and also due to the huge amount of money required for its investment. These monopolies are subject to regulation.
Also, sometimes the best public policy toward a monopoly is to do nothing. Lastly, antitrust laws may prevent mergers that would actually raise social welfare.
Therefore, based on the question asked, the answer is option B.
Consider a 10-year bond with a face value of $1000 that has a coupon rate of 5.5%, with semiannual payments. a. What is the coupon payment for this bond
Answers
Answer:
Coupon= $27.5
Explanation:
Giving the following information:
Face value= $1,000
Coupon= semiannual payments
Coupon rate= 0.055/2= 0.0275
To calculate the semiannual payment, we need to use the following formula:
Coupon= face value*coupon rate
Coupon= 1,000*0.0275
Coupon= $27.5
The perimeter of a triangle is 8 + 13a + 7a' and the two of its sides are 2a'+3a +2 and
3a'-4a-1. then the third side of the triangle is
(1) 21a' + 7a+1)
(2) 2a + 14a +7
(3) a?-14a +7
(4) 2a' - 14a-7
Answers
Answer:
(2) 2a + 14a +7
Explanation:
The Parameter is the sum of the length of all the sider of a shape. A triangle has three sides, so the parameter of a triangle is the sum of lengths of all the three sides of the triangle.
Following is the formula to calculate the parameter of a trinagle
Parameter = Length of first side + Length of second side + Length of third side
where
Parameter = 8 + 13a + 7a'
Length of first side = 2a'+3a +2
Length of second side = 3a'-4a-1
Placing values in the formula
8 + 13a + 7a' = ( 2a'+3a +2 ) + ( 3a'-4a-1 ) + Length of third side
8 + 13a + 7a' = 2a'+3a +2 + 3a'-4a-1 + Length of third side
8 + 13a + 7a' = 5a'-a +1 + Length of third side
Length of third side = (8 + 13a + 7a') - ( 5a'-a +1 )
Length of third side = 8 + 13a + 7a' - 5a' + a - 1
Length of third side = 7 + 14a + 2a'
Length of third side = 2a' + 14a + 7
Indicate the Debits and Credits for the following:
Depreciation for the period was $100,000 of which $12,000 is related to the factory building and equipment while the remaining and $88,000 is related to the headquarters office building.
Answers
Answer:
Debit: Depreciation expense 100000
Credit: Accumulated depreciation - Factory building & equipment 12000
Credit: Accumulated depreciation - Office building 88000
Explanation:
The following double entry will be passed to record the given transaction in the question.
Depreciation expense 100000 Dr
Accumulated depreciation - Factory building & equipment 12000 Cr
Accumulated depreciation - Office building 88000 Cr
So we can tell from this entry that depreciation expense will be debited and the accumulated depreciation account for factory building and equipment and accumulated depreciation account for office building will be credited.
Describe a decision that you or your company made that involved opportunity costs that should have been considered. Why did your company make the decision
Answers
Answer:
Yes, once I was working in a clothing retail store as a manager and my company wanted to expand their business by opening another outlet. We had two locations in out mind but the funds were enough to open only one. After a thorough analysis we decided to open it near the central station of the city.
The opportunity cost of the decision is the income lost from the other location that was near the biggest mall of he city. The only reason behind choosing the first alternative is the potential footfall near the location.
g Rushing had net income of $240 million and average total assets of $2,000 million. Its return on assets (ROA) is:
Answers
Answer:
0.12
12%
Explanation:
Return on Asset = Net income / average total asset
$240 million / $2000 million = 0.12 =12%
Marginal cost is ________ average variable cost when ________. A) equal to; average total cost is minimized B) less than; total cost is maximized C) greater than; average fixed cost is minimized D) equal to; average variable cost is minimized
Answers
Answer:
D) equal to; average variable cost is minimized
Explanation:
Marginal cost is equal to average variable cost when average variable cost is minimized.
The relationship between marginal cost and average variable cost is identical to the relationship between marginal cost and average cost. Marginal cost is a cost of an extra unit and an average variable cost is a per-unit cost as the average is equal to extra unit cost when the average is minimum so the MC=AVC at a minimum of AVC.
How would a mining company try to restore the land back to its original state after extraction of the ore was completed
Answers
Answer:
by completely cleaning up the land and paying for damages
Explanation:
The way that mining companies accomplish this is by completely cleaning up the land and paying for damages. These damages include anything that was destroyed in order for the mining to take place, including buildings, houses, parks, etc. This money goes to the city or individuals in charge of the land which they can use to rebuild on top of the clean land and shape it as they see fit. This entire process is usually known as land reclamation.
The term _____ indicates that the product is novel to the individual who made it, but known to everyone else. Group of answer choices
Answers
Answer: Reinvention
Explanation:
The term that indicates that the product is novel to the individual who made it, but known to everyone else is referred to as reinvention.
Reinvention is the action whereby q particular product is changed and that product appears to be a new product entirely.
The most important source of oligopoly is: economies of scale. government-created barriers. technological superiority. all of the above.
Answers
Answer:
economies of scale
Explanation:
Economies of scale are the result of increasing returns to scale, this means that the higher the output, the lower the production costs per unit. This means that large producers will have an advantage over smaller producers which will eventually allow them to make more profits and sell at lower prices. After a while, only large producers that are able to manufacture goods at a low price will exist, e.g. car manufacturers.
which economies would you expect to rely LESS on foreign trade as a percentage of their economic activity
Answers
Answer: А. large, more heavily populated, economies like China
Explanation:
Larger countries like China and the US have a higher population which will mean that domestically, they produce quite a lot and so percentage wise would be able to rely less on foreign trade as they will produce a lot of things for themselves.
Smaller countries like Singapore however, will be unable to produce much of what they need and so will have to engage in foreign trade more than larger countries, percentage wise.
Mathematically speaking. Percentage wise, larger countries will rely less on foreign trade because foreign trade will be less compared to their large economies. The reverse is true for smaller countries.
Assuming the same facts as those in E6.18 except that the payments must begin now and be made on the first day of each of the 15 years, what payment method would you recommend
Answers
Answer:
credit card
Explanation:
In the case of a recurring payment such as is needed in this scenario, the best payment option is a credit card. Credit Cards will allow the payment to go through automatically without the need for manual approval. This also applies regardless of your current bank balance. The payment will go through on the first day of each of the 15 years as long as the credit card is still active and you can pay the credit card bill when it arrives. That way it will not matter if you forget about paying it exactly on the first day of the year.
Dilts Company has a unit selling price of $650, variable costs per unit of $460, and fixed costs of $326,800. Compute the break-even point in units using (a) the mathematical equation and (b) unit contribution margin.
Answers
Answer:
a. 1,720 units
b. 1,720 units
Explanation:
Breakeven Point is the level at which a company makes neither a profit nor a loss, therefore, the Profit will be $0 at this point.
(a) the mathematical equation
Profit = Contribution - Fixed Cost
$0 = ($650 - $460) × units sold - $326,800
Units Sold = $326,800 ÷ ($650 - $460)
= 1,720 units
(b) unit contribution margin
Break even Point (units) = Fixed Costs ÷ Contribution per unit
= $326,800 ÷ ($650 - $460)
= 1,720 units
A student has inherited $50,000. If it is placed in asavings account that earns 3% interest, how much isin the account in 30 years
Answers
Answer:
$121,363
Explanation:
The amount in 30 years is known as the Future Value (FV) . We arrive at this figure by compounding the Present Value using the interest earned on the savings as follows :
PV = $50,000
P/yr = 1
N = 30
PMT = $ 0
i = 3 %
FV = ?
Using a Financial calculator to enter the amounts as shown above, the FV can be determined as $121,363
At December 31, , Products has cash of , receivables of , and inventory of . The company's equipment totals . owes accounts payable of and long-term notes payable of . Common stock is .
Answers
Complete Question:
At December 31, 2018, Thompson Products has cash of $23,000. receivables of $15,000, and inventory of $78,000. The company's equipment totals $181.000. Thompson owes accounts payable of $20,000 and long-term notes payable of $174,000. Common stock is $33.500. Read the requirement. Start with the heading and then complete the assets section of the statement. Finally complete the liabilities and stockholders' equity section of the statement. (Classify the balance sheet by selecting the proper title on all applicable subtotal lines. In the first part complete the assets section of the balance sheet. In the second part complete the liabilities and stockholders' equity section of the balance sheet. If a box is not used in the table leave the box empty: do not select a label or enter a zero.)
Answer:
Thompson Products
Thompson Products
Classified Balance Sheet
As of December 31, 2018:
Assets
Current Assets:
Cash $23,000
Account receivables 15,000
Inventory 78,000
Total current assets $116,000
Non-Current Assets:
Equipment $181,000
Total assets $297,000
Liabilities + Equity
Liabilities
Current Liabilities:
Accounts payable $20,000
Long-term Liabilities:
Long-term notes payable $174,000
Total liabilities $194,000
Equity:
Common stock $33,500
Retained earnings 69,500 $103,000
Total liabilities + equity $297,000
Explanation:
a) Data and Calculations:
Cash $23,000
Account receivables $15,000
Inventory $78,000
Equipment $181,000
Total assets $287,000
Accounts payable $20,000
Long-term notes payable $174,000
Common stock $33,500
Retained earnings (missing) $69,500
Total Liabilities + Equity $297,000
b) Typically, a balance sheet is classified into Assets, Liabilities, and Owners' Equity in accordance with the accounting equation. Each category is made up of current and non-current, with the exception of the owners' equity, which is made up of owners' capital and retained earnings. According to the accounting equation, assets = liabilities + equity. And this equation holds true for each business transaction.