Answer:
1. American Airlines collects cash on June 12 from the sale of a ticket to a customer. The flight occurs on August 16.
Revenue is recognized on August 16.2. A customer purchases sunglasses from Eddie Bauer on January 27 on account. Eddie Bauer receives payment from the customer on February 2.
Revenue is recognized on January 27.3. On March 30, a customer pre-orders 10 supreme pizzas (without onions) from Pizza Hut for a birthday party. The pizzas are prepared and delivered on April 2. The company receives cash at the time of delivery.
Revenue is recognized on April 2.4. A customer pays in advance for a three-month subscription to Sports Illustrated on July 1. Issues are scheduled for delivery each week from July 1 through September 30.
Revenue is recognized on an equal monthly rate during July, August and September.1. American Airlines operates a flight from Dallas to Los Angeles on August 16. The pilots' salaries associated with the flight are paid on September 2.
Expenses are recognized on August 16 (generally wages expense is recognized at the end of the month, but it should be recognized on a day that the employee performed).2. Eddie Bauer pays cash on January 6 to purchase sunglasses from a wholesale distributor. The sunglasses are sold to customers on January 27.
Expenses are recognized on January 27 (COGS is recognized only after the goods are sold, before they are part of inventory).3. On January 1, Pizza Hut pays for a one-year property insurance policy with coverage starting immediately.
Expenses are recognized on an equal monthly basis staring on January and ending on December (12 months).4. Sports Illustrated signs an agreement with CBS on January 12 to provide television advertisements during the Super Bowl. Payment is due within 3 weeks after February 4, the day of the Super Bowl. Sports Illustrated makes the payment on February 23.
Expenses are recognized on February 4.Explanation:
According to accrual accounting system, expenses and revenues are recognized only after they actually occur, not necessarily when they are paid or collected.
The date for which the company recognizes the revenue under accrual-basis accounting is :
1. American Airlines collects cash on June 12 from the sale of a ticket to a customer. The flight occurs on August 16.
According to accrual accounting system the Revenue is recognized on August 16.2. A customer purchases sunglasses from Eddie Bauer on January 27 on account. Eddie Bauer receives payment from the customer on February 2.
According to accrual accounting system Revenue is recognized on January 27.3. On March 30, a customer pre-orders 10 supreme pizzas (without onions) from Pizza Hut for a birthday party. The pizzas are prepared and delivered on April 2. The company receives cash at the time of delivery.
According to accrual accounting system Revenue is recognized on April 2.4. A customer pays in advance for a three-month subscription to Sports Illustrated on July 1. Issues are scheduled for delivery each week from July 1 through September 30.
According to accrual accounting system Revenue is recognized on an equal monthly rate during July, August and September.-------------------------------------------------------------------------------------
1. American Airlines operates a flight from Dallas to Los Angeles on August 16. The pilots' salaries associated with the flight are paid on September 2.
According to accrual accounting system Expenses are recognized on August 16.2. Eddie Bauer pays cash on January 6 to purchase sunglasses from a wholesale distributor. The sunglasses are sold to customers on January 27.
According to accrual accounting system Expenses are recognized on January 27 .3. On January 1, Pizza Hut pays for a one-year property insurance policy with coverage starting immediately.
According to accrual accounting system Expenses are recognized on an equal monthly basis staring on January and ending on December (12 months).4. Sports Illustrated signs an agreement with CBS on January 12 to provide television advertisements during the Super Bowl. Payment is due within 3 weeks after February 4, the day of the Super Bowl. Sports Illustrated makes the payment on February 23.
According to accrual accounting system Expenses are recognized on February 4.Learn more :
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Orie and Jane, husband and wife, operate a sole proprietorship. They expect their taxable income next year to be $450,000, of which $250,000 is attributed to the sole proprietorship. Orie and Jane are contemplating incorporating their sole proprietorship. (Use the tax rate schedule.) a. Using the married-joint tax brackets and the corporate tax rate, find out how much current tax this strategy could save Orie and Jane. (Round your intermediate calculations and final answer to nearest whole dollar amount.)
Answer:
Total savings = $361,341 - $342,910 = $18,431, but $197,500 must be left in the corporation.
Explanation:
using the 2020 tax schedule, their current tax liability is:
$94,735 + [35% x ($450,000 - $414,700)] = $107,090
after tax income = $450,000 - $107,090 = $342,910
if we consider the business a corporation:
$250,000 x 21% = $52,500
after tax income = $197,500
plus the $200,000 in ordinary income:
$29,211 + [24% x ($200,000 - $171,050)] = $36,159
after tax income = $163,841
total after tax income = $197,500 + $163,841 = $361,341
Total savings = $361,341 - $342,910 = $18,431, but $197,500 must be left in the corporation.
because most businesses dont have a one-size-fits-all aproach, what do you need to do?
Answer:
Add your creativity to the existing problem and make it unique for it to suit others.
Diego Company manufactures one product that is sold for $80 per unit in two geographic regions—the East and West regions. The following information pertains to the company’s first year of operations in which it produced 40,000 units and sold 35,000 units. Variable costs per unit: Manufacturing: Direct materials $ 24 Direct labor $ 14 Variable manufacturing overhead $ 2 Variable selling and administrative $ 4 Fixed costs per year: Fixed manufacturing overhead $ 800,000 Fixed selling and administrative expense $ 496,000 The company sold 25,000 units in the East region and 10,000 units in the West region. It determined that $250,000 of its fixed selling and administrative expense is traceable to the West region, $150,000 is traceable to the East region, and the remaining $96,000 is a common fixed expense. The company will continue to incur the total amount of its fixed manufacturing overhead costs as long as it continues to produce any amount of its only product. Foundational 7-1 Required: 1. What is the unit product cost under variable costing?
Answer:
Total unitary variable production cost= $40
Explanation:
Giving the following information:
Variable costs per unit:
Direct materials $24
Direct labor $14
Variable manufacturing overhead $2
The variable costing method incorporates all variable production costs (direct material, direct labor, and variable overhead).
Total unitary variable production cost= 24 + 14 + 2
Total unitary variable production cost= $40
BitcoinLotto:
Suppose the nation of Bitcoinia has decided to convert its national lottery to use Bitcoin. A trusted scratch-off ticket printing factory exists and will not keep records of any values printed. Bitcoinia proposes a simple design: a weekly run of tickets is printed with an address holding the jackpot on each ticket. This allows everybody to verify the jackpot exists.
The winning ticket contains the correct private key under the scratch material.
7.1. What might happen if the winner finds the ticket on Monday and immediately claims the jackpot? Can you modify your design to ensure this won’t be an issue?
7.2. Some tickets inevitably get lost or destroyed. So you’d like to modify the design to roll forward any unclaimed jackpot from Week n to the winner in Week n+1 .
Can you propose a design that works, without letting the lottery administrators embezzle funds? Also make sure that the Week n winner can’t simply wait until the beginning of Week n+1 to attempt to double their winnings.
Answer and Explanation:
1.Since we only want the winnings claimed by the end if the week, we would have to make sure the keys on the tickets are not activated until the end of the week, also verification of winnings occur by end of the week. This way someone cannot immediately unlock their bitcoin on a Monday but may just scratch the ticket.
2. Bitcoin wallets cannot be unlocked without the private key and so there is no other option when ticket is lost as bitcoin cannot be retrieved. Therefore it is important that tickets are secured properly during production and after when issued to contestants
The tickets are available to anybody. However, scratching should be permitted on the last day of the week, which is Saturday.
If any tickets are lost or destroyed, there is no method to recover the bitcoin due to the current bitcoin nature.
Bitcoin and ticket:The key to release the bitcoin should be date-protected and triggered on the week's last working day. So, even if someone buys a ticket on Monday and attempts to unlock it right away, he won't be able to till the end of the week. Fairness can be achieved in this manner.
The only method to avoid this is to protect the printing so that it cannot be stolen or destroyed during the ticket making process.
Find out more information about 'Bitcoin'.
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a firm has total interest charges of $10,000 per year, sales of $1 million, a tax rate of 40 percent, and a net profit margin of 6 percent. What is the firm's times interest earned ratio
Answer:
10400
Explanation:
The firm's times interest earned ratio is 10.
What is interest?
Someone borrows money during a hard time, they are paying additional amount, which is an interest. In monetary terms, interest is a yearly percentage of the loan amount. Different categories, including simple interest, compound interest, and annual interest, are used to categorize the loan.
The given amount is:
Interest charge = $10,000Sales = $1,000,000Tax rate = 40%Net profit margin = 6%firm's net income:
Net income = sales × net profit margin.
Net income = $1,000,000 × 6%
Net income = $60, 000
earnings before interest and taxes (EBIT)
EBIT = [tex]\frac{Net income}{1 - tax rate}[/tex]
EBIT = [tex]\frac{60,000}{1 - 40}[/tex]% (1 - 40%)
EBIT = 1000, 000
The firm's times-interest-earned ratio (TIE):
TIE = [tex]\frac{EBIT}{Interest charge}[/tex]
TIE = [tex]\frac{100, 000}{10, 000}[/tex]
TIE = 10
As a result, the times interest earned ratio is 10.
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Block Island TV currently sells large televisions for $380. It has costs of $320. A competitor is bringing a new large television to market that will sell for $360. Management believes it must lower the price to $360 to compete in the market for large televisions. Marketing believes that the new price will cause sales to increase by 10%, even with a new competitor in the market. Block Island TV sales are currently 150,000 televisions per year. What is the change in operating income if marketing is correct and only the sales price is changed? Group of answer choices $6,600,000 $3,000,000 $(6,600,000) ($2,400,000)
Answer:
Effect on income= (2,400,000)
Explanation:
Giving the following information:
Current selling price= $380
New selling price= $360
Unitary cost= $320
Units sold= 150,000*1.1= 165,000
We need to calculate the effect on income:
Effect on income= contribution margin new sales - contribution margin old sales
Effect on income= 15,000*(360 - 320) - 150,000*(380-360)
Effect on income= (2,400,000)
Prove:
New income= 165,000*40= 6,600,000
Actual income= 150,000*(380-320)= 9,000,000
Difference= (2,400,000)
John's Repair Shop has a monthly target operating income of $30,000. Variable expenses are 40% of sales, and monthly fixed expenses are $7,500. Read the requirementsLOADING.... Requirement 1. Compute the monthly margin of safety in dollars if the shop achieves its income goal. Begin by identifying the formula to compute the margin of safety. Target sales in dollars - Breakeven sales in dollars = Margin of safety in dollars (Round intermediate calculations up to the nearest whole dollar and your final answer to the nearest whole dollar.) The margin of safety is .
Answer:
$50,000
Explanation:
To calculate the margin of safety we need to calculate the break-even sales revenue first after calculating break-even sales revenue we will deduct that from the total sales revenue.
Total Sales Revenue = $62,500
Break-Even Sales Revenue = $12,500
Margin of Safety in Dollars = $50,000
Working
Target Income $30000
Fixed expenses $7500
Contribution margin $37500
If Variable cost 40% of the sale Contribution margin will be 60% of the sale
Total target Sales Revenue [37500 / 60%] = $62500
Fixed expenses $7500
Contribution margin ratio 60%
Break-Even Sale [7500/60%] $12500
What documents the scope of the project, identifies major tasks and resources and describes any interrelationships with other projects
Answer:
"Project initiation" is the correct approach.
Explanation:
The start including its project would be the very first stage of project management which determines project priorities, scope statement, development plan, associated risks, monitoring mechanisms, interrelationship with several other processes mentioned. A team is formed during this development of the company, and perhaps a business case becomes developed to describe the campaign in depth.Mountain Dental Services is a specialized dental practice whose only service is filling cavities. Mountain has recorded the following for the past nine months: Month Number of Cavities Filled Total Cost January 300 $5,100 February 375 5,300 March 625 6,350 April 400 5,200 May 650 6,300 June 600 6,300 July 350 5,000 August 675 6,300 September 550 6,000 Required: 1. Use the high-low method to estimate total fixed cost and variable cost per cavity filled. 2. Using these estimates, calculate Mountain’s total cost for filling 700 cavitie
Answer:
Results are below.
Explanation:
Giving the following information:
Month Number of Cavities Filled Total Cost
January 300 $5,100
February 375 5,300
March 625 6,350
April 400 5,200
May 650 6,300
June 600 6,300
July 350 5,000
August 675 6,300
September 550 6,000
To calculate the fixed and variable cost under the high-low method, we need to use the following formulas:
Variable cost per unit= (Highest activity cost - Lowest activity cost)/ (Highest activity units - Lowest activity units)
Variable cost per unit= (6,350 - 5,000) / (675 - 300)
Variable cost per unit= $3.6
Fixed costs= Highest activity cost - (Variable cost per unit * HAU)
Fixed costs= 6,350 - (3.6*675)
Fixed costs= $3,920
Fixed costs= LAC - (Variable cost per unit* LAU)
Fixed costs= 5,000 - (3.6*300)
Fixed costs= $3,920
Now, for 700 units:
Total cost= 3,920 + 3.6*700
Total cost= $6,440
NU YU announced today that it will begin paying annual dividends. The first dividend will be paid next year in the amount of $.59 a share. The following dividends will be $.64, $.79, and $1.09 a share annually for the following three years, respectively. After that, dividends are projected to increase by 3.9 percent per year. How much are you willing to pay today to buy one share of this stock if your desired rate of return is 13 percent? Multiple Choice $9.87 $12.45 $2.47 $13.04 $12.93
Answer:
$9.87
Explanation:
The first step is to find the present value of the dividend in the first stage
Present value can be found using a financial calculator
D1 = $.59
D2 = $.64
D3 = $.79
D4 = $1.09
I = 13%
Present value = $2.24
value in the stage of indefinite growth = $1.09(1.039) / (0.13 - 0.039) = 1.132510 / 0.091 = 12.45
Present vale of the stage of indefinite growth = 12.45 / 1.13^4 = 7.64
$7.64 + $2.24 = $9.87
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
Presented here are the components in Oriole Company’s income statement. Determine the missing amounts. Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses Net Income Year 1 $ 72,660 $Enter a dollar amount for year 1 (b) $ 31,100 $Enter a dollar amount for year 1 (d) $13,290 Year 2 $108,500 $72,200 $Enter a dollar amount for year 2 (c) $Enter a dollar amount for year 2 (e) $29,900 Year 3 $Enter a dollar amount for year 3 (a) $73,190 $112,180 $46,690 $Enter a total net income for year 3 (f)
Answer:
Oriole Company
Income Statement
Sales Cost of Gross Operating Net
Revenue Goods Sold Profit Expenses Income
Year 1 $ 72,660 $ 41,560 $ 31,100 $ 17,810 $13,290
Year 2 $108,500 $72,200 $ 36,300 $ 6,400 $29,900
Year 3 $ 185,300 $73,190 $112,180 $46,690 $65,490
Explanation:
Data:
Year 1 $ 72,660 $Enter a dollar amount for year 1
(b) $ 31,100 $Enter a dollar amount for year 1
(d) $13,290 Year 2 $108,500 $72,200 $Enter a dollar amount for year 2
(c) $Enter a dollar amount for year 2
(e) $29,900 Year 3 $Enter a dollar amount for year 3
(a) $73,190 $112,180 $46,690 $Enter a total net income for year 3 (f)
Arrangement:
Sales Cost of Gross Operating Net
Revenue Goods Sold Profit Expenses Income
Year 1 $ 72,660 $ $ 31,100 $ $13,290
Year 2 $108,500 $72,200 $ $ $29,900
Year 3 $ $73,190 $112,180 $46,690 $
In the process of reconciling its bank statement for April, Donahue Enterprises' accountant compiles the following information: Cash balance per company books on April 30 $ 6,210 Deposits in transit at month-end $ 1,430 Outstanding checks at month-end $ 750 Bank charge for printing new checks $ 110 Note receivable and interest collected by bank on Donahue’s behalf $ 640 A check paid to Donahue during the month by a customer is returned by the bank as NSF $ 610 The adjusted cash balance per the books on April 30 is:
Answer:
$6,130
Explanation :
The adjusted cash balance can be determined by doing the following steps
Prepare an updated Cash Book to update the Cash Book Balance and,Prepare a Bank Reconciliation Statement to check the accuracy of the new Cash Book BalanceStep 1 : Updated Cash Book
Cash Book (Bank columns only)
Debit :
Unadjusted Balance as at April 30 $ 6,210
Credit Transfers $ 640
Total $6,850
Credit:
Bank charges $ 110
Dishonored checks $ 610
Adjusted Balance (Balancing figure) $6,130
Total $6,850
Step 2 : Bank Reconciliation Statement
Bank Reconciliation Statement as at April 30
Balance as per Cash Book (updated) $6,130
Less Outstanding Lodgements ($ 1,430)
Add Unpresented Checks $ 750
Balance as per Bank Statement $5,450
Investment X offers to pay you $4,800 per year for 9 years, whereas Investment Y offers to pay you $7,100 per year for 5 years. If the discount rate is 6 percent, what is the present value of these cash flows
Answer and Explanation:
The computation is shown below:
Present value of investment X is
= Annuity × [1 - 1 ÷ (1 + r)^n] ÷ r
= $4,800 × [1 - 1 / (1 + 0.06)^9] ÷ 0.06
= $4,800 * 6.801692
= $32,648.12
And,
The Present value of investment Y is
= Annuity × [1 - 1 ÷ (1 + r)^n] ÷ r
= $7,100 × [1 - 1 ÷ (1 + 0.06)^5] ÷ 0.06
= $7,100 × 4.212364
= $29,907.78
You are meeting with your company’s raw materials purchasing agents. As a group, you are discussing when raw materials orders should be placed based on production needs and supplier lead times. You have compiled the following production needs and lead time information: After you place an order for raw materials, the shipment usually arrives at your warehouse five days later. You determined that your production processes use about 300 units of raw materials per day. You want to keep your inventory carrying costs down and your supplier has a 100% on time-delivery rate. As a result, you decide to carry no inventory buffer. Based on the information presented and given your daily raw materials usage and the lead time for raw materials orders, what minimum units of raw materials inventory should your company maintain at all times?
Answer:
this company's reorder point should be 1,500 units of raw materials.
Explanation:
The reorder point is the minimum level that you can hold on inventory before purchasing more materials. It is calculated by multiplying a company's daily needs (300 units per day) x the delivery lead time (5 days) = 1,500 units.
If the company decided to keep a safety stock, then in order to determine the minimum inventory level you would need to add the desired safety stock + 1,500 units.
What is porter's 5 forces?
Answer:
Porter's Five Forces is a framework for analyzing a company's competitive environment.
The number and power of a company's competitive rivals, potential new market entrants, suppliers, customers, and substitute products influence a company's profitability.
Explanation:
Don James purchased a new automobile for $19,000. Don made a cash down payment of $4,750 and agreed to pay the remaining balance in 30 monthly installments, beginning one month from the date of purchase. Financing is available at a 24% annual interest rate. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: Calculate the amount of the required monthly payment. (Do not round intermediate calculations. Round your final answer to nearest whole dollar amount.)
Answer:
$636.26 ≈ $636
Explanation:
we can use the present value of an annuity formula to determine the monthly payment:
PV = monthly payment x annuity factor
monthly payment = PV / annuity factor
PV = $19,000 - $4,750 = $14,250PV annuity factor, 2%, 30 periods = 22.3965monthly payment = $14,250 / 22.3965 = $636.26 ≈ $636
The U.S. Senate has 100 members. Suppose there are 54 Republicans and 46 Democrats. A committee of 15 senators is selected at random. What is the expected number of Republicans on this committee? 9.0 7.1 8.1 6.7
1. Classify the following manufacturing costs of Business Solutions as (a) variable or fixed and (b) direct or indirect. 2. Prepare a schedule of cost of goods manufactured for Business Solutions for the month ended January 31, 2020. Assume the following manufacturing costs: Direct materials: $2,200 Factory overhead: $520 Direct labor: $1,000 Beginning work in process: none (December 31, 2019) Ending work in process: $600 (January 31, 2020) Beginning finished goods inventory: none (December 31, 2019) Ending finished goods inventory: $370 (January 31, 2020) 3. Prepare the cost of goods sold section of a partial income statement for Business Solutions for the month ended January 31, 2020.
Answer:
Cost of goods manufactured= $3,120
COGS= $2,750
Explanation:
To calculate the cost of goods manufactured, we need to use the following formula:
cost of goods manufactured= beginning WIP + direct materials + direct labor + allocated manufacturing overhead - Ending WIP
Cost of goods manufactured:
beginning WIP= 0
direct materials= 2,200
Direct labor= 1,000
Factory overhead= 520
Ending work in process= 600
Cost of goods manufactured= $3,120
Now, we can determine the cost of goods manufactured:
COGS= beginning finished inventory + cost of goods manufactured - ending finished inventory
COGS= 0 + 3,120 - 370
COGS= $2,750
choosing a computer that costs_______ instead of one that costs ________ means that you'll have less money available for other purchases. $1800;$1900. $1700; $1900. $1800; $1700. $1700; $1800
Answer:
$1800; $1700.
Explanation:
The scenario presented is that a customer had a choice between two computers. The client spent much money by opting for the high priced computer, leaving little for other requirements. The options will a high figure comes first in the equation. If the customer could have picked a low-priced computer, somebody would have selected the options that start with a relatively low figure followed by a high
Answer: 1800 1700
Explanation:
What is Chris Records LifePreneur Online Educational Training Program?
Answer:
Chris Record announced the launch of his new company LifePreneur in partnership with Peter Sorenson.
Chris Record started his entrepreneurial journey in direct sales with a company called Nouveau Riche that specialized in Real Estate Investment training. As the real estate market took a hit, Chris shifted his attention to online marketing, skills that will allow him to excel in any business.
Answer:
LifePreneur stands for Lifesyle Entrepreneur.
Lifepreneur is a membership program that you can join to get training in various aspects of online marketing, training and advice and investing, live in-person mentorship from Chris Record himself, and more. It is a membership program that you can sign up for free and it's designed to help you grow into more than just a business entrepreneur… A Lifepreneur. More info : reddit's /r/LifePreneur
A recent market study has determined that the probability that a young adult will be willing to try a new online financial service that your company is offering is 50%. In a random sample of 10 young adults, the probability that at least 2 but no more than 3 will be willing to try this new service is _________
Answer:
yo faith are u that one guy in osceola high school
Describe a scenario that forced you to wrestle with your values?
Answer:
To use brainly or to not use brainly. I dont like cheating but sometimes I realy need help.
Explanation:
The Titanic Company had the following cash transactions during 20XX: Received $300,000 from customers. Received $10,000 dividend revenue from stock investments. Purchased equipment for $70,000. Sold land for $40,000 which had a book value of $50,000. The 20XX cash flows from INVESTING Activities would be reported as:__________. A. net decrease in cash of $30,000. B. net decrease in cash of $10,000. C. net increase in cash of $280,000. D. net increase in cash of $240,000. E. net decrease in cash of $20,000
Answer:
E
Explanation:
Vanessa Jones is the assistant chief accountant at IBT Company, a manufacturer of computer chips and cellular phones. The company presently has total sales of $20 million. It is the end of the first quarter and Vanessa is hurriedly trying to prepare a trial balance so that quarterly financial statements can be prepared and released to management and the regulatory agenicies. THe total credits on the trial balance exceed the debits by $1,000.
In order to meet the 4pm deadline, Vanessa decides to force the debits and credits into balance by adding the amount of the difference to the Equipment account. She chose Equipment because it is one of the larger account balances; percentage wise, it will be the least misstated. Vanessa plugs the difference! She believes that the difference is quite small and will not affect anyone's decisions. She wishes that she had another few days to find the error but realizes that the financial statements are already late.
A. Who are the stakeholders in this situation?
B. What ethical issues are involved?
C. What are Vanessa's alternatives?
Answer and Explanation:
The stakeholders include:
1. The rush in preparing the financial statements for the quarter
2. The overstatement of an account by $1000 on either the debit or credit side of the trial balance
Ethical issues:
1. She has been dishonest by plugging a figures $1000 into a wrong account
2. There could be loss of cash as the difference of $1000 could be caused by a liability account
Alternatives:
1. A suspense account could have been opened for the difference of $1000 and plugged into the trial balance
2. An account with the difference $1000 unknown could have been opened
Read the paragraph describing how to write a résumé and correctly fill in the missing information.
When writing your résumé, you need to start by analyzing the job description to determine what relevant experience and qualifications you have for the position. Then, you should list your job history, using ____ to make them easy to read. Review the layout to make sure that it is easy to read and ______.
Answer:
1. Bullet Points
2. Scan
Explanation:
I took the test and got it right. Hope this helps! :)
Answer:
Bullet pointsScanExplanation:
Both of these are important. Bullet points are for short sentences, they make it easier for the reader to read. Scan is right because it is referring to bullet points, which make it easier for a reader to scan the page, and not have to search specifically for any one thing.
11. The seller must indicate in the RLA if the premises are occupied by tenants If the tenants have a valid lease: Group of answer choices a. They may be vacated after the sale. b. Their security deposits are kept by the seller. c. They may remain in possession after the sale (correct box must be checked) d. The buyer need not be notified until after the sale.
Answer:
c. They may remain in possession after the sale
Explanation:
When a landlord wants to sell a property that is currently occupied by tenants, it must notify both the tenants and potential buyers about the rental agreement and his/her intention to sell the property.
Generally speaking, once rental agreements are signed, they are independent from who actually owns the property (house, apartment, office, etc.). Even if the buyer of the house (new owner) doesn't want the tenants to stay, the tenants have the right to do so until their contract expires.
The tenants have the right to even limit and set the conditions by which the seller can show the property, e.g. if they don't want to, the owner cannot cannot take pictures of the property's interior if the tenants consider that it violates their privacy.
If the buyer wants to rent the property, it is generally a good thing to have tenants with valid contracts.
The following partially completed process cost summary describes the July production activities of the Molding department at Ashad Company. Its production output is sent to the next department. All direct materials are added to products when processing begins. Beginning work in process inventory is 20% complete with respect to conversion.Equivalent Units of Production Direct Materials ConversionUnits transferred out 39,500 EUP 39,500 EUPUnits of ending work in process 4,000 EUP 2,400 EUPEquivalent units of production 43,500 EUP 41,900 EUPCosts per EUP Direct Materials ConversionCosts of beginning work in process$ 37,650 $ 4,620 Costs incurred this period 480,000 271,920 Total costs $ 517,650 $ 276,540 Units in beginning work in process (all completed during July) 3,500Units started this period 40,000Units completed and transferred out 39,500Units in ending work in process 4,000Prepare its process cost summary using the FIFO method.
Answer:
1. Total costs to account for $ 794,190
2.Total units to account for 43,500
Total units accounted for 43,500
3.Total Equivalent units of production
Material 40,000
Conversion 41,200
4.Cost per EUP
Material $ 12
Conversion $ 6.6
5. COST ASSIGNMENT AND RECONCILIATION
Total costs accounted for $794,190
Explanation:
Preparation of its process cost summary using the FIFO method.
1. Costs Charged to Production:
Costs of beginning work in process:
Direct materials $ 37,650
Conversion $ 4,620
$ 42,270
Costs incurred this period:
Direct materials $ 480,000
Conversion $ 271,920
$ 751,920
Total costs to account for $ 794,190
(751,920+42,270)
2 . UNITS COST INFORMATION
Units to ACCOUNT FOR
Beginning work in process 3,500
Units started this period 40,000
Total units to account for 43,500
Units ACCOUNTED FOR
Completed & transferred out 39,500
Ending work in process 4,000
Total units accounted for 43,500
3. DIRECT MATERIAL
Equivalent units of production:
Units to complete beginning WIP:
Direct materials 3,500*0% 0
Units started and completed
Direct materials (39,500-3,500) 36,000 Units of ending work in process:
Direct materials 4,000
Total Equivalent units of production 40,000
(36,000+4,000)
CONVERSION
Equivalent units of production:
Units to complete beginning WIP:
Conversion 3,500*80% 2,800
Units started and completed
Conversion (39,500-3,500) 36,000
Units of ending work in process:
Conversion 2,400
Total Equivalent units of production 41,200
(2,800+36,000+2,400)
4. Direct Materials Conversion
COST PER EUP
Costs incurred this period
$ 480 000 $ 271,920
÷EUP (from prior page)
40,000 41,200
=Cost per EUP $ 12 $ 6.6
5. COST ASSIGNMENT AND RECONCILIATION
Costs transferred out:
Cost of beginning work in process $ 42,270
Cost to complete beginning work in process:
Direct materials (0 EUP x $12 per EUP) $0
Conversion (2,800 EUP x $6.60 per EUP) $ 18,480
Total $18,480
Costs of units started and completed this period:
Direct materials (36,000 EUP x $12 per EUP) $ 432,000
Conversion (36,000 EUP x $6.60 per EUP) $ 237,600 $ Total $669,600
Total cost of work finished this period $ 688,080
( 669,600+ 18,480)
Costs of ending work in process:
Direct materials (4,000 EUP x $12 per EUP) $ 48,000
Conversion (2,400 EUP x $6.60 per EUP) $ 15,840 $ Total $63,840
Total costs accounted for $794,190
(42,270$ 688,080+63,840)
Domingo Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 2,200 units. The costs and percentage completion of these units in beginning inventory were: Cost Percent Complete Materials costs $ 7,300 50% Conversion costs $ 3,500 20% A total of 8,600 units were started and 7,900 units were transferred to the second processing department during the month. The following costs were incurred in the first processing department during the month: Cost Materials costs $ 160,500 Conversion costs $ 122,200 The ending inventory was 85% complete with respect to materials and 75% complete with respect to conversion costs. The cost per equivalent unit for materials for the month in the first processing department is closest to:
Answer: $16.19
Explanation:
Equivalent Units = Units completed and transferred + Ending Inventory completed
Ending Inventory = Beginning inventory + Units started into production - Units transfered to second processing department
= 2,200 + 8,600 - 7,900
= 2,900 units
Equivalent Units = 7,900 + (2,900 * 85%)
= 10,365 units
Cost per equivalent unit = Total Material Cost / Equivalent Units
= ( Beginning material cost + Material cost incurred during the month) / Equivalent Units
= (7,300 + 160,500) / 10,365
= $16.19
State of the Economy Is the Economy in a Recessionary Gap, Inflationary Gap, or Long-Run Equilibrium? Does Equilibrium, a Shortage, or a Surplus Exist in the Labor Market? Will Wages Fall, Rise, or Remain Unchanged? Will the SRAS Curve Shift Right, Left, or Remain Unchanged? Is the Economy Above, Below, or on Its Institutional PPF? QQNQ>QN Q=QNQ=QN
Answer:
Natural GDP is the optimum quantity of goods and services that a country is expected to be producing per year. It is based on the various resources and constraints available in the economy.
Real GDP is the inflation adjusted value of goods and services actually produced in the country in a year.
1. Q < Qn ⇒ Recessionary Gap ⇒ Surplus in labor market ⇒ Wages will fall ⇒ SRAS will shift right ⇒ Below PPF
At this point where Natural GDP is above Real GDP, the nation is underproducing which means it is in a recessionary gap. Many will be unemployed so there will be a surplus in the labor market which makes labor cheap so wages will fall. The SRAS will shift right as input costs will be lower (wages) but the economy is inefficient so it is below its PPF.
2. Q > Qn ⇒ Inflationary Gap ⇒ Shortage in Labor market ⇒ Wages rise ⇒ SRAS shifts left ⇒ Above PPF
Real GDP is higher than the Natural GDP. The economy will be in an inflationary gap as a result and there will be a shortage in the labor market s companies look for more people to produce more which will lead to a rise in wages. With the ride in wages comes a rise in production costs so SRAS will shift left. The country will be above its PPF which is unattainable.
3. Q = Qn ⇒ Long Run Equilibrium ⇒ Labor Market Equilibrium ⇒ Unchanged wages ⇒ Unchanged SRAS ⇒ Producing at PPF boundary
This is the ideal situation where Real GDP equals Natural. Here the economy will be in a long run equilibrium where the labor market will also be in equilibrium which means that wages will not change, SRAS will remain where it is and the economy will be at the Production Possibilities Frontier (PPF) boundary.
Sanchez Company engaged in the following transactions during Year 1: Started the business by issuing $42,000 of common stock for cash. The company paid cash to purchase $26,400 of inventory. The company sold inventory that cost $16,000 for $30,600 cash. Operating expenses incurred and paid during the year, $14,000. Sanchez Company engaged in the following transactions during Year 2: The company paid cash to purchase $35,200 of inventory. The company sold inventory that cost $32,800 for $57,000 cash. Operating expenses incurred and paid during the year, $18,000. Sanchez uses the perpetual inventory system. What is Sanchez's gross margin for the Year 2?
Answer:
The gross margin is $24,200
Explanation:
The computation of the gross margin is shown below:
As we know that
Gross margin is
= Sales - cost of goods sold
= $57,000 - $32,800
= $24,200
We simply deduct the cost of goods sold from the sales so that the gross margin could come
hence, the gross margin is $24,200
We simply applied the above formula