Answer:
A. Dr Depreciation Expense $2,123
Cr Accumulated Depreciation $2,123
B. Dr Cash $13,860
Dr Accumulated Depreciation$13,211
Cr Machiner$26,400
Cr Gain on Disposal of Machinery$671
Explanation:
Preparation of the journal entries to (a) update depreciation for 2021 and (b) record the sale.
A. Preparation of the journal entries to (a) update depreciation for 2021
Dr Depreciation Expense $2,123
Cr Accumulated Depreciation $2,123
(3185*8/12)
B. Preparation of the journal entries to record the sale
Dr Cash $13,860
Dr Accumulated Depreciation$13,211
($11,088+$2,123)
Cr Machiner$26,400
Cr Gain on Disposal of Machinery$671
[($13,860+$13,211)+$26,400]
The group of retired executives that work with small businesses as advisors on a wide range of issues is called the:
Answer:
Service Corps of Retired Executives (SCORE
Explanation:
The SCORE is a non profit organization. Their members are retired executives who are engaged with the provision of free consultation and counseling services and also giving advices to entrepreneurs and small business owners.
This organization has offices in most parts of the united states and their services can be rendered in person or online. Their counseling services are in all areas and the client bears no charges.
If a firm experiences learning by doing, what is likely to happen to the long-run average total cost curve
Answer:
the long-run average total cost curve will fall as time goes by
Explanation:
In this scenario, the long-run average total cost curve will fall as time goes by. That is because the longer the employees work at the firm the more efficient they will become at their job. As efficiency rises so does production output while at the same time decreasing costs because more employees are able to produce more with less material and less time. This, therefore, causes a downward slope on the total cost curve causing a fall.
What style of leadership is grounded in the exchange relationship between the leader and the follower
Answer: Transactional leadership
Explanation:
Transactional leadership a style of leadership that grounded in the exchange relationship between the leader and the follower.
For transactional Leadership, promotion of compliance is done through both rewards and punishment.
g At the end of a month, how is over or under applied overhead reported on the financial statements
Answer:
Hie your question has missing information, i tried to look it up online but i could not find it.
Here below is some explanation on the g part of your question on the treatment of over or under applied overhead on the financial statements.
At the end of the reporting period, the entity compares its actual manufacturing overhead to its applied manufacturing overhead (used in determining product cost)
under- applied or over- applied
If actual manufacturing overhead > applied manufacturing overhead, the overheads are under- applied.
and
If actual manufacturing overhead < applied manufacturing overhead, the overheads are over- applied.
reporting on the financial statements
under- applied are added to the cost of sales in the trading account. this increases the costs of sales amount.
under- applied are deducted from the cost of sales in the trading account. this decrease the costs of sales amount
Alternatively,
under -applied overheads are allocated to inventory balances including cost of sales and added to the total of the balances as the end of the period.
and
over -applied overheads are allocated to inventory balances including cost of sales and deducted from the total of the balances as the end of the period.
Quiznos revolutionized the sub sandwich business by introducing "oven roasted" versions of popular sandwiches through a process where the maker of the sandwich would put the sandwich in a conveyor that transported the sandwich through an oven and then on to an employee that assembled the sandwich with customer choice of toppings. Does Quiznos enjoy a sustainable competitive advantage?
Answer:
No
Explanation:
No, Quiznos was able to rise in popularity due to their "oven-roasted" sandwich versions which gave them a competitive advantage, but it is not a sustainable one. Other companies will begin to implement the same strategy/design into their franchises which will take that competitive advantage away from Quiznos. At that point, Quiznos will need to implement a new strategy or idea in order to gain another competitive advantage and increase sales.
Suppose a bank has $600 million in deposits and $30 million in required reserves, and it is holding no excess reserves. What is the required reserve ratio
Answer:
5%
Explanation:
Deposit= $600 million
Required reserve= $30 million
Required reserve ratio= required Reserve/deposit
= 30 million/600 million
= 0.05×100
= 5%
Hence the required reserve ratio is 5%
1. How do businesses and not-for-profit organizations help create our standard of living?
Answer:
Businesses attempt to earn a profit by providing goods and services desired by their customers.
Explanation:
Not-for-profit organizations, though not striving for a profit, still deliver many needed services for our society. ... Thus, businesses and not-for-profit organizations help create our standard of living.
You would like to set aside enough money to pay for the maintenance you will need for your new car. You estimated that you will need $600 at the end of year 3, and another $700 at the end of year 5. How much do you need to set aside today in order to pay for all these expenses, assuming the bank pay 5% per year compounded annually
Answer:
$1066.77
Explanation:
The amount that would need to be saved today is referred to as present value.
Present value is the sum of discounted cash flows
Present value can be calculated using a financial calculator
Cash flow in year 1 and 2 = 0
Cash flow in year 3 = $600
Cash flow in year 4 = 0
Cash flow in year 5 = $700
I = 5
present value = $1066.77
To find the PV using a financial calculator:
1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.
2. after inputting all the cash flows, press the NPV button, input the value for I, press enter and the arrow facing a downward direction.
3. Press compute
13. Suppose you are buying your first condo for $440,000, and you will make a $30,000 down payment. You have arranged to finance the remainder with a 30-year, amortized mortgage at a 5.4% interest rate. You will make monthly payments with the first payment due in one month. Assuming that the sellers accept the offer, what will your monthly payments be
Answer:
monthly payments will be $2,302
Explanation:
This question requires us to calculate the monthly payments (PMT) on the mortgage with the following data ;
PV = ($440,000 - $30,000) = $410,000
N = 30 x 12 = 360
P/yr = 12
I = 5.4%
FV = $ 0
PMT = ?
Using a Financial Calculator to input the data as above, the PMT can be determined as $2,302. Therefore, the monthly payments will be $2,302.
Notes
Important to note that we remove the down payment of $30,000 from the principle amount. There is no time value of money effect on this amount.
Also compounding is done monthly thus there are 12 period in the year
In the last reporting period, Helena's Heavenly Fixture Company recorded 100,000 units sold for the first time in the history of the company. The price per unit was $89.99 and variable costs per unit at $36.39. Showing all work in the space provided, compute the contribution margin. Next, compute the fixed costs if the operating income is $4,020,000.
Answer and Explanation:
The computation is shown below:
For the contribution margin
= Number of units sold × (Selling price - variable cost)
= 100,000 units × ($89.99 - $36.69)
= $5,360,000
Now the fixed cost is
= Contribution margin - operating income
= $5,360,000 - $4,020,000
= $1,340,000
hence, the same is to be relevant
To find opportunities, be ________, _________, and _________.
Entrepreneurship and Small business management Chapter 6
Glencoe
Answer:
Observant, critical, and Flexible
Explanation:
In business, Observant refers to the amity to notice the current market trends. This will provide you with a general idea on what the customers desire and seek an opportunity from that demand.
Critical is correlated with the ability to analyze and develop a proper plan to execute the initial idea until the profit was generated.
Flexible is correlated to the ability to make change. Rather than relying on personal opinion that can be biased, we need to open to changes and move according to the data that we collected from the market.
calculate mpc when a change in investment spending of $40 million leads to an increase in real gdp by $160 million
Answer:
mpc is equal to 0.75
Explanation:
This can be calculated as follows:
Increase in real gdp = multiplier * change in investment spending ............ (1)
Where;
Increase in real gdp = $160 million
multiplier = ?
change in investment spending = $40 million
By suppressing the million, substitute the values into equation (1) and solve for multiplier, we have:
$160 = mpc * $40
multiplier = $160 / $40 = 4
The multiplier is given as follows:
multiplier = 1 / (1 - mpc) .................... (2)
Substituting multiplier = 4 into equation (2), and solve for mpc, we have:
4 = 1 / (1 - mpc)
4(1 - mpc) = 1
4 - 4mpc = 1
4 - 1 = 4mpc
3 = 4mpc
mpc = 3 / 4
mpc = 0.75
Therefore, marginal propensity to consume (mpc) is equal to 0.75.
Erkens Company uses a job costing system with normal costing and applies factory overhead on the basis of machine hours. At the beginning of the year, management estimated that the company would incur $1,980,000 of factory overhead costs and use 66,000 machine hours. Erkens Company recorded the following events during the month of April: a. Purchased 180,000 pounds of materials on account; the cost was $5.00 per pound. b. Issued 120,000 pounds of materials to production, of which 15,000 pounds were used as indirect materials. c. Incurred direct labor costs of $240,000 and $40,000 of indirect labor costs. d. Recorded depreciation on equipment for the month, $75,700. e. Recorded insurance costs for the manufacturing property, $3,500. f. Paid $8,500 cash for utilities and other miscellaneous items for the manufacturing plant. g. Completed Job H11 costing $7,500 and Job G28 costing $77,000 during the month and transferred them to the Finished goods inventory account. h. Shipped Job G28 to the customer during the month. The job was invoiced at 35% above cost. i. Used 7,700 machine hours during April.
Answer:
Predetermined overhead rate is $30
Explanation:
1- Predetermined Overhead rate is :
Budgeted Factory Overhead / Budgeted Machine hours
$1,980,000 / 66,000 hours = $30 per machine hour.
The predetermined overhead rate is estimated by company management for the per unit overhead. In this case the machine hours are used as cost driver and the estimated overhead is divided by machine hours to identify overhead cost per machine hour.
banks are financial intermediaries that have customer deposits as its primary asset and loans to borrowers as their primary liability. B. provide liquid assets to lenders and long-term financing to borrowers. C. are types of mutual funds. D. have customer deposits as its primary asset and that provide liquid assets to lenders. E. increase transaction costs to both borrowers and depositors.
Answer:
By a process of elimination, the answer is:
B. provide liquid assets to lenders and long-term financing to borrowers.
Explanation:
A. have customer deposits as its primary asset and loans to borrowers as their primary liability. ⇒ WRONG, IT IS THE OTHER WAY AROUND
C. are types of mutual funds. ⇒ WRONG, MUTUAL FUNDS ARE DIFFERENT THAN BANKS
D. have customer deposits as its primary asset and that provide liquid assets to lenders. ⇒ WRONG, DEPOSITS ARE LIABILITIES
E. increase transaction costs to both borrowers and depositors. ⇒ WRONG, BANKS DECREASE TANSACTION COSTS
Personally, I believe that a better description would be that banks have customer deposits as its primary liabilities and loans to borrowers as their primary assets.
A trading firm ABC, Inc. has been in continuous existence for the past 20 years. In the year 2004 it purchased 2000 baseball bats for $ 6 each and sold 1700 of these for $10 each. What was the profit or loss of the firm in 2004
Answer: $6,800
Explanation:
Profit (loss) = Revenue - Cost of goods sold
Cost of goods sold = Purchases - closing stock
= (2,000 * 6) - (300 * 6)
= $10,200
Total Revenue:
= 1,700 * 10
= $17,000
Profit = Revenue - cost of goods sold
= 17,000 - 10,200
= $6,800
(closing stock is 300 because 1,700 units were sold)
. Explain ‘communication cycle' and its essential
elements?
Explanation:
The communication cycle can be understood as a process composed of eight elements responsible for making a message transmitted and understood. Through these steps, communication can be carried out in a more efficient and effective manner, making the central objective of communication possible.
1- Source: It is the sender of the message, the person or the group that will transmit it.
2- Message: It is in fact the information that the sender intends to send.
3- Channel: The channel will be the method by which the message will be transmitted, such as telephone, internet, tv, radio, etc.
4- Receiver: It consists of the person who will receive the message. Who the message is for.
5- Feedback: It is the recipient's response to the message. It means that the message has been understood.
6- Environment: It means to which environment the message will be transmitted. If it is an organizational environment, for example, the message must follow some fundamental requirements, such as language or formal writing.
7- Context: It is the content of the message, adapted to the recipient of the message;
8- Interferences: These are internal or external problems that hinder the delivery of the message to the recipient and its understanding, such as difficulty in understanding symbols and jargon used in a communication email.
suggest ways to ensure good customer experience
On January 1, 2018, Legion Company sold $270,000 of 4% ten-year bonds. Interest is payable semiannually on June 30 and December 31. The bonds were sold for $146,125, priced to yield 12%. Legion records interest at the effective rate. Legion should report bond interest expense for the six months ended June 30, 2018, in the amount of
Answer:
$8,767.50
Explanation:
Calculation for what Legion should report as bond interest expense for the six months ended
Using this formula
Bond interest expense= Carrying Value of Bond x Effective interest rate
Let plug in the formula
Bond interest expense=$146,125 x 12% yield interest x 6 months/12 months
Bond interest expense=$8,767.50
Therefore what Legion should report as bond interest expense for the six months ended is $8,767.50
Operating activities: Multiple Choice Are the means organizations use to pay for resources like land, buildings and equipment. Involve using resources to research, develop, purchase, produce, distribute and market products and services. Involve acquiring and disposing of resources that a business uses to acquire and sell its products or services. Are also called asset management. Are also called strategic management.
Answer:
B. Involve using resources to research, develop, purchase, produce, distribute and market products and services.
Explanation:
A financial statement can be defined as a written report used by financial experts or accountants to quantitatively describes the financial health of a company. Under the financial statements is a cash-flow statement, which is used to record the cash inflow and cash equivalents leaving a business firm.
Cash flow statement, also known as the statement of cash flows, contains financial information about operating, financial and investing activities.
Operating activities in the statement of cash-flow of a business firm gives a detailed description of the out-flow and in-flow of cash from liabilities and current assets account. Thus, all the net income or cash from all operational business activities of a company is recorded as operating activities.
Hence, operating activities involve using resources to research, develop, purchase, produce, distribute and market products and services. Some examples of operating activities are cash paid as an expense for merchandise, cash revenue generated from the sales of finished goods etc.
Assume that a hypothetical economy with an MPC of 0.9 is experiencing a severe recession. Instructions: In part a, round your answers to 1 decimal place. Enter your answers as a positive number. In part b, enter your answers as a whole number. a. By how much would government spending have to rise to shift the aggregate demand curve rightward by $25 billion
Answer:
$10 billion
Explanation:
Calculation for By how much would government spending have to rise to shift the aggregate demand curve rightward by $25 billion
Using this formula
Government multiplier spending=1/1-MPC
Where,
MPC=0.9
Let plug in the formula
Government multiplier spending=1/1-0.9
Government multiplier spending=1/0.1
Government multiplier spending=$10 billion
Therefore how much would government spending have to rise to shift the aggregate demand curve rightward by $25 billion will be $10 billion
Interest: How much time will it take for an amount of 450 to yield 81 as interest at 4.5% per annum of simple interest?
Answer:
4 years
Explanation:
Simple Interest is calculated using the formula below
I= P x r x t
Where I = Interest
p= principal
r= interest rate
t= time in years
In this case
I=81
p=450
r=4.5 % or 0.045
t=???
Therefore;
81= 450 x 0.045 x t
81=20.25t
t=81/20.25
t=4
It will take four years
(True) or (False)? The gain or loss on the sale of an asset can be calculated as the difference between sale price and accumulated depreciation.
Answer:
False
Explanation:
Rather, gain or loss on the sale of an asset can be calculated as the difference between sale price and net book value (NBV).
The net book value can be calculated by accumulated depreciation from the purcahse price of the assets.
Therefore, gain or loss on the sale of an asset can be calculated using the following fomula:
Gain (loss) on the sale of an asset = Sales price - Net book value
Using activity-based costing, total overhead per unit of Great P model is (rounded to the nearest cent): $42.61. $45.99. $66.73. $61.32.
Answer:
$42.61
Explanation:
The computation of the total overhead cost of Great P model is as follows:
Activity Overhead allocated to Great P
Engineering and Design ($40,,712 × 1440 ÷ 2409 ) $241,920
Quality control ($269,808 × 7,200 ÷ $12,848 ) $151,200
Machinery ($539,616 × 13,440 ÷ 33,726 ) $215,040
Miscellaneous overhead ($134,904 × 14,400 ÷ 26,400 ) $73584
Total $681,744
Now the overhead per unit is
= Total Overhead allocated ÷ Annual sales in units
= $681,744 ÷ 16,000
= $42.61
hence, the first option is correct
PLEASE HELP!
Erin borrowed $5,940 at 5.75% for 2 years 3 months. How much did she have to pay back in
total at the end of the 2 years 3 months?
When outcomes are uncertain, managers need to Group of answer choices describe the risks involved. evaluate the risks involved. manage the risks involved. all of the above.
Answer:
all of the above
Explanation:
When outcomes are uncertain, a manger must recognise and describe the risks involved. After identifying the risks, the risks must be evaluated to determine the extent of the risk and how the risk would affect the business. After the risks have been evaluated, the risk should be managed. For example, by taking insurance.
For example, if a manager wants to purchase a machine,
the manger has to identify the risks involved : the machine can be stolen, it can injure workers or it might not produce the desired effect
The manger must then evaluate the risks. The risks can be evaluated using capital budgeting methods. e.g. NPV
The manger can manage the risk by taking out insurance
Compute ending work in process inventory for a manufacturer with the following information.
Raw materials purchased_____________ $122,200
Direct materials used _________________82,600
Direct labor used_____________________ 55,000
Total factory overhead_______________ 108,300
Work in process inventory, beginning of year________ 29,200
Cost of goods manufactured__________ 234,000
Answer:
the ending work in process is $41,100
Explanation:
The computation of the ending work in process is given below:
= Direct material used + direct labor used + total manufacturing cost + opening work in process - cost of goods manufactured
= $82,600 + $55,000 + $108,300 + $29,200 - $234,000
= $41,100
Hence, the ending work in process is $41,100
What is the most likely explanation for a 20.0% return on a stock with a beta of 1.0 in a month when the market returned 10.0%
Answer:
favorable firm- specific news are reported
Explanation:
The following information is given
Return on the stock is 20%
Beta is 1%
And, the market return is 10%
Based on the above information
All the above represent the positive percentage so this represent that the firm is favorable so for this the particular news would be recorded
hence, the same is relevant
Total variable costs ________ with decreasing output. A) always increase B) always decrease C) initially increase and then decrease D) initially decrease and then increase
Answer:
The answer is B.
Explanation:
Total variable cost always increases as output(unit of production) increases. And it also decreases with decreasing output(unit of production).
Variable cost is different from fixed cost in that it changes with output.
If the periodic weighted average inventory costing system is used, how should cost of goods available for sale be allocated at the end of the period? Group of answer choices
Answer:
The cost of goods available for sale is allocated to the cost of goods sold and the ending inventory at the end of the period based on the computation of the weighted average cost per unit.
Explanation:
The allocation of the cost of goods available for sale to the two cost elements must be done at the end of the period. The first step adds up the costs of beginning inventory to the purchases for the period, and then the total is divided by the units of goods available for sale for the period. The resulting mathematical operation becomes the weighted average cost per unit, which is then multiplied by the units to obtain the cost of goods sold and the cost of ending inventory.
To achieve organizational goals in large, complex organizations, which components must function together
Answer:
VUCA environment and large organization
Explanation:
Here VUCA means volatility, non-certainty, complexity and ambiguity. It explains the condition where there is non-predictable change would be done for industries and business areas
In order to accomplish the goals of an organization in large and in complex way the components that function together is VUCA environment and large organization
So the same is relevant