Havermill Co. establishes a $330 petty cash fund on September 1. On September 30, the fund is replenished. The accumulated receipts on th merchandise inventory, and $30 for miscellaneous expenses. The october i, the accountant determines that the fund should be increased by $66. The journal entry to record the reimbursement of the fund on September 30 Includes a:_______
a) Debit to Office Supplies for $81.
b) Credit to Merchandise Inventory for $153
c) Credit to Cash for $330.
d) Debit Petty Cash for $264.
e) Credit to Cash for $66.
Answers
Answer: a) Debit to Office Supplies for $81.
Explanation:
Office Supplies of $81 were used in the month of September. When replenishing the fund, this asset will be accounted for by being debited and cash will be credited to reflect the reason the cash account is being reduced.
The Journal entry for the replenishment will be;
DR Office supplies Account ......................................$81
DR Merchandise inventory Account ........................$153
DR Misc. expense Account........................................ $30
CR Cash account ......................................................................$264
Related Questions
Companies like GE have committed significant resources to develop products that meet the needs of developing nations, products that deliver just enough adequate functionality at a fraction of a cost. interesting, these products have consequently found considerable success in value segment in the U.S as well. this is an example of:________.
Answers
Answer:
reverse innovation
Explanation:
Based on this scenario, this is an example of reverse innovation. This term refers to the process whereby goods developed as inexpensive models to meet the needs of developing nations are repackaged as low-cost innovative goods for Western buyers. There are many companies that have created such products, these include companies like Nestle, Xerox, Microsoft, and even Nokia each of which in their respected markets.
Coronado Industries purchased land as a factory site for $1350000. Coronado paid $116000 to tear down two buildings on the land. Salvage was sold for $8300. Legal fees of $5160 were paid for title investigation and making the purchase. Architect's fees were $46600. Title insurance cost $3500, and liability insurance during construction cost $3800. Excavation cost $15500. The contractor was paid $4400000. An assessment made by the city for pavement was $9900. Interest costs during construction were $260000. The cost of the land that should be recorded by Coronado Industries is
Answers
Answer:
The cost of the land that should be recorded by Coronado Industries is $1,492,860.
Explanation:
Cost of Land = Purchase Value + Cost Incurred to Tear Down 2 Buildings - Salvage + Legal Fees + Title Insurance Cost + Assessment Cost
Cost of Land = $1,350,000 + $116,000 + $8,300 + $5,160 + $3,500 + $9,1900
Cost of Land = $1,492,860
Thus, the cost of the land that should be recorded by Coronado Industries is $1,492,860
What would the year 3 stock price need to be to meet your required rate of return of 13%?
Answers
Answer: $105.49
Explanation:
The Value of the stock today is given by;
[tex]P = \frac{D1}{1 + r} + \frac{D2}{(1+r)^2} + \frac{D3}{(1+r)^3} + \frac{P3}{(1+r)^3}[/tex]
[tex]80 = \frac{2}{1 + 0.13} + \frac{3}{(1+0.13)^2} + \frac{4}{(1+0.13)^3} + \frac{P3}{(1+0.13)^3}[/tex]
[tex]P3 = (80 * {1.13^3) - (\frac{2}{1.13} + \frac{3}{1.13^2} + \frac{4}{1.13^3})[/tex]
P3 = $105.49
_____________, is the measure of how popular a product is. a) Marketability b) Profitability c) Popularity d) Consumability
Answers
Popularity is the measure of how popular a product is.
Product popularity is defined as the extent to which a product is purchased by the general public. The popularity appeal helps to persuade targeted customers with an advertisement. Product reviews are one of the most efficient ways of branding and marketing your online store. A good review can always increase the popularity and reliability of a product.
Popularity is the measure of how popular a product is.
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Gerritt wants to buy a car that costs $30,750. The interest rate on his loan is 5.65 percent compounded monthly and the loan is for 7 years. What are his monthly payments
Answers
Answer:
$444.07
Explanation:
EMI = [P * I * (1+I)^N]/[(1+I)^N-1]
P =loan amount or Principal = 30750
I = Interest rate per month = .0565/12
N = the number of installments = 7*12 = 84
EMI = [30750*.0565/12* (1+(.0565/12))^84]/[(.0565/12))^84-1]
EMI = [30,750 * 0.0565 / 12 * 1.48374877204] / [1.48374877204 - 1]
EMI = 214.819001902 / 0.48374877204
EMI = $444.07
The following information was available for the year ended December 31, 2016: Net sales $ 857,750 Cost of goods sold 609,550 Average accounts receivable for the year 39,900 Accounts receivable at year-end 29,400 Average inventory for the year 174,000 Inventory at year-end 157,800
Required:
a. Calculate the inventory turnover for 2016. (Round your answer to 2 decimal places.)
b. Calculate the number of days' sales in inventory for 2016, using year-end inventories. (Use 365 days a year. Round your answer to 1 decimal place.)
c. Calculate the accounts receivable turnover for 2016. (Round your answer to 1 decimal place.)
d. Calculate the number of days' sales in accounts receivable for 2016, using year-end accounts receivable. (Use 365 days a year. Round your answer to 1 decimal place.)
Answers
Answer:Inventory turnover = 3.50 Times
Number of days sales in inventory= 94.5 Days
Accounts Receivable Turnover = 21.5 Times
Number of days sales in accounts receivable =12.5 days
Explanation:
a) Inventory turnover = Cost of goods sold / Average inventory
$609,550 / $174,000 = 3.50 Times
b)Number of days sales in inventory = inventory at year end / Cost of goods sold x 365
$157,800 / $609,550 x 365 = 94.49≈94.5 Days
.
c)Accounts Receivable Turnover = Net sales / Average accounts Receivable for the year
$857,750/$39,900 = 21.49≈ 21.5 Times
d)Number of days sales in accounts receivable = end of year Accounts Receivable / Net credit sales x 365
$29,400 / $857,750 x 365 = 12.51 ≈ 12.5 days
king costume uses a periodic inventory system. The company started the month with 9 masks in its begining inventory that cost %8 each. During the month, King Costume purchased 41 additional masks for $10 each. At the end of the month, King counted its inventory and found that 3 masks remained unsold. Using the LIFO method, its cost of goods sold for the month is:______.
a. $434.
b. $440.
c. $24.
d. $428.
Answers
The options given in the question are incorrect. The options are correct with respect to the question if beginning inventory is 6 masks.
Answer:
The cost of goods sold for the month is $458
Explanation:
The LIFO or last in first out is a method for inventory valuation. It values the closing inventory assuming that it contains the units that were present in the inventory at the very start of the period. Thus, the cost of goods sold contains the units that were most recently purchased.
The number of units available for sale was = 9 + 41 = 50
The sales in units = 50 - 3 = 47
Out of the 47 units of masks sold, under LIFO, the 41 masks will be from the masks purchased in the month while the remaining 6 masks will be from the opening inventory as the inventory that is bought later is sold first.
The cost of goods sold for the month under LIFO will be,
Cost of Goods Sold
41 masks at $10 each $410
6 masks at $8 each $48
Total value of COGS $458
An investor purchases a long call at a price of $2.60. The strike price at expiration is $37. If the current stock price is $37.10, what is the break-even point for the investor?
Answers
Answer: $39.60
Explanation:
A long call makes a profit when the price of the underlying stock is higher than the strike price and the cost of acquiring the call.
The Break-even point for the investor will be at the point where the underlying stock price will be the same as the strike price plus the cost paid to purchase the call.
Break-even point = Strike price + Price of call
= 37 + 2.60
= $39.60
Paradise, Inc., has identified an investment project with the following cash flows.Year Cash Flow1 = $5752= $ 8253= $1,1254 =$1,325(a) If the discount rate is 11 percent, what is the future value of these cash flows in year 4?(b) What is the future value at a discount rate of 16 percent? (c) What is the future value at discount rate of 29 percent?
Answers
Answer and Explanation:
The computation of the future value is shown below;
a. For the year 4
Future value is
= ($575 × 1.11^3) + ($825 × 1.11^2) + ($1,125 × 1.11) + ($1325)
= $4,275.89
b. At 16%
Future value is
= ($575 × 1.16^3) + ($825 × 1.16^2) + ($1,125 x 1.16) + ($1,325)
=$4,637.64
c. At 29%
Future value is
= ($575 × 1.29^3) + ($825 × 1.29^2) + ($1125 × 1.29) + ($1,325)
= $5,383.48
Lei Corporation has bonds on the market with 22.5 years to maturity, a YTM of 6.9 percent, a par value of $1,000, and a current price of $1,057. The bonds make semiannual payments. What must the coupon rate be on these bonds
Answers
Answer:
7.4%
Explanation:
Coupon rate=coupon payment/face value
The coupon payment can be ascertained using the pmt Excel function as stated below:
=pmt(rate,nper,-pv,fv)
rate is the yield to maturity expressed in semiannual terms i.e 6.9%*6/12=3.45%
nper is the number of semiannual coupons the bond would pay over its 22.5 years i.e 22.5*2=45 payments
pv is the current price of $1057
fv is the face value of $1000
=pmt(3.45%,45,-1057,1000)=$37(semiannual coupon)
annual coupon=$37*2=$74
coupon rate=$74/$1000=7.4%
The constraint at Johngrass Corporation is time on a particular machine. The company makes three products that use this machine. Data concerning those products appear below: VT UV LQ Selling price per unit $335.09 $228.37 $199.12 Variable cost per unit $259.44 $173.26 $159.79 Minutes on the constraint 6.60 3.40 4.60 Assume that sufficient time is available on the constrained machine to satisfy demand for all but the least profitable product. Up to how much should the company be willing to pay to acquire more of the constrained resource
Answers
Answer:
$8.55 per minute
Explanation:
The computation of willing to pay to acquire more of the constrained resource is shown below:-
= (Selling price - Variable cost) ÷ Minutes on the constraint
= ($199.12 - $159.79) ÷ 4.60
= $39.33 ÷ 4.60
= $8.55 per minute
Therefore for computing the willingness to pay to acquire more of the constrained resource we simply applied the above formula.
Crane Company has two divisions—Standard and Premium. Each division has hundreds of different types of tennis racquets and tennis products. The following information is available: (Round answer to 0 decimal places, e.g. 5,275.) Standard Division Premium Division Total Sales $300000 $700000 $1000000 Variable costs $180000 280000 Contribution margin $120000 $420000 Total fixed costs $300000 What is the break-even point in dollars?
Answers
Answer:
The break-even point sales in dollars are $555,555.60
Explanation:
Contribution margin ratio= (Total contribution margin / Total sales ) ×100
Contribution margin ratio= (S′ s contribution margin + P's contribution margin) / Total sales * 100
Contribution margin ratio = $120000 + $420000) / $1000000 * 100
Contribution margin ratio = 54%
Therefore, the contribution margin ratio of sales mix is 54%.
Break Even Point sales = Fixed cost / Contribution margin ratio
=$300,000 / 54%
=$555,555.60
Therefore, the break-even point sales in dollars are $555,555.60
Dorothea orginally sold her home for $92,000. At that time, her adjusted basis in the home was $95,000. Five years later, she repossessed the home when the balance of the note was $87,000. She resold it within one year for $100,000. Original sale expenses were $1,150 and reslae expenses were $1,350. Repossession costs were $2,900. She incurred $1,100 for improvements prior to the resale. What is Dorothea's recomputed gain?
Answers
Answer:
$3,500
Explanation:
The computation of Dorothea's recomputed gain is shown below:-
Particulars Amount
Initial Sale price $92,000
Less: Adjusted Cost of Home ($95,000)
Less: Original Sale Expenses ($1,150)
Loss from 1st-time sale $4,150
Resold sale price $100,000
Less: Repossessed Cost ($87,000)
Less: Improvements Costs prior to
Resale ($1,100)
Less: Repossession Costs ($2,900)
Less: Resale Expenses ($1,350)
Gain from Resale of Home $7,650
Less: Loss from 1st-time sale ($4,150)
Gain from Resale of Home $3,500
Jenna decides to purchase a U.S. Treasury Bill for 95,000. The Treasury Bill matures in 180 days for 100,000. Let QR be the quoted rate on this U.S. Treasury Bill. Let j be the annual effective yield on this U.S. Treasury Bill assuming a 365 day year. Calculate j−QR.
Answers
Answer:
J-QR =0.96
Explanation:
Quoted interest rate(QR) is nominal interest rate that does not take compounding into consideration
Effective interest rate(J) is real interest rate that accounts for compounding
face value of tbill = 100,000
price = 95,000
time remaining for maturity, n = 180
QR T-Bill = [(Face Value - Price)/(Face Value)] *(360/n) = [(100,000-95,000)/100,000]*(360/180) = (5000/100,000)*2 = 0.10 or 10%
j = (1+ ((Face Value - Price)/price))(365/n) -1 = (1+((100,000-95,000)/95,000))(365/180) -1 = (1+(5000/95000))2.027778 -1 = 0.1096131
j = 0.1096131 or 10.96131% or 10.96%
Therefore j-QR = 10.96-10 = 0.96%
Two dimensions of product quality are hard to measure objectively and are therefore subject to subjective assessment. One of those subjective dimensions is:
Answers
Complete Question:
Two dimensions of product quality are hard to measure objectively and are therefore subject to subjective assessment. One of those subjective dimensions is:
Group of answer choices
A. Reliability
B. Perceived quality
C. Support
D. Features
Answer:
B. Perceived quality.
Explanation:
Two dimensions of product quality are hard to measure objectively and are therefore subject to subjective assessment. One of those subjective dimensions is perceived quality.
The perceived quality of goods and services is primarily based on the premise that, the consumers are the one responsible for the breakdown of how efficient and effective a product is.
Ms. Jackson borrowed $42,000 at 8.75% annual simple interest. If exactly 1 year later she was able to repay the loan without penalty, how much interest would she owe
Answers
Answer:
$3675
Explanation:
Interest = principal x interest rate x year
= $42,000 x 0.0875 x 1 = $3675
Debt: 5,000 7.2 percent coupon bonds outstanding, $1,000 par value, 30 years to maturity, selling for 108 percent of par; the bonds make semiannual payments. Common stock: 440,000 shares outstanding, selling for $62 per share; the beta is 1.05. Market: 11 percent market risk premium and 5.2 percent risk-free rate. What is the company's WACC?
Answers
Answer:
outstanding, $1,000 par value, 30 years to maturity, selling for 108 percent of par; the bonds make semiannual payments. Common stock: 440,000 shares outstanding, selling for $62 per share; the beta is 1.05. Market: 11 percent market risk premium and 5.2 percent risk-free rate. What is the company's WACC
Distinguish between serial activities and concurrent activities why do we seek to use concurrent activities as a way to shorten the project length
Answers
Answer and Explanation:
Serial activities are activities that are performed one after the other. In serial activities, one step in a job is finished before the other step starts. In other words more time may be spent as against concurrent activities whereby the two steps in a job can be performed at the same time such that the second step can start while the first step of the job is in progress. Managers prefer concurrent activities because it saves time as jobs are completed faster when steps can be performed "concurrently"
"You are in the middle of a discussion with an institutional client over the phone, where you recommend that the client buy 100,000 shares of ABC stock. It looks like the client may be interested in making the purchase. Your cubicle is within earshot of the neighboring cubicle. Just before your client tells you take the order to buy, you overhear your colleague, the representative in the neighboring cubicle, selling 10,000 shares of ABC stock to his client. Which statement is TRUE about this situation?"
Answers
Answer:
The colleague has committed a violation because your customer's order could move the price of ABC stock
Explanation:
Front running is also called tailgating. It is a prohibited practice where a trader enters into a position security based on non-public information about a large trade that will influence the price of the security.
The trade is initiated to take advantage of the new price that the large trade will cause. The position is entered before the large trade occurs.
In this scenario your neighbour heard you telling your client to but 100,000 share of ABC. Because the transaction will influence the market he also tells his client to buy 10,000.
This is tailgating and it is a violation.
Jacob is self-employed and reports all of his income and expenses in his personal income tax return. ______________
Answers
Answer:
Sole proprietorship
Explanation:
The sole proprietorship is the business organization in which there is only one owner who controls its day to day operations. In this, the owner has unlimited liability as he does whatever he wants without any restrictions
Also, in this the person should file his return on the personal income tax return where he disclosed all his incomes and expenses during the year
So this is an example of Sole proprietorship
Josh was a mechanic. One day when he attempted to weld a car's gasoline tank, it exploded and he was hurt. He filed to collect workers' compensation. His employer resisted on grounds that Josh had been negligent and had also violated the express regulations of the company when he attempted to weld a gasoline tank. Which statement is correct
Answers
Answer:
Josh can recover even if he was negligent and violated the employer's rules.
Explanation:
Worker's compensation is a type of insurance that covers wage and medical costs of an employee that was injured in the course of working for the employer.
Accidents can happen during the course of doing official duty, so worker's compensation provides a cover from financial burden when the employee becomes unproductive as a result of the accident.
Generally the issue of negligence on the part of the employee is not considered.
So Jos will be able to recover worker compensation when he was injured from the car gas tank explosion.
Geographically dispersed work groups no longer pose additional communication challenges given todays technology.
a) true
b) false
Answers
The given statement is False Option(b) is correct.
What are work groups?A Working group, or working party, is a group of specialists working together to accomplish indicated objectives. The groups are space explicit and center around conversation or action around a particular branch of knowledge.
A working group's presentation is comprised of the singular consequences of all its singular individuals. A group's presentation is comprised of both individual outcomes and aggregate outcomes. In enormous associations, working groups are predominant, and the attention is dependably on individual objectives, execution and accountabilities.
Working group individuals don't get a sense of ownership with results other than their own. Then again, groups require both individual and common responsibility. There is more data sharing, more group conversations and discussions to show up at a group choice The life expectancy of a working group can endure anyplace between a couple of months and quite a long while. Such groups tend to foster a semi extremely durable presence when the relegated task is achieved consequently the need to disband or gradually eliminate the working group when it has accomplished its objective.
Therefore Option(b) is correct.
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Holding all else constant, which of the following demand schedules is most likely to represent New York Mets T-shirts if they win the World Series?
A.
Quantity
Price Demanded
$8.00 200
$10.00 175
$12.00 150
$14.00 100
$16.00 50
B.
Price Demanded
$8.00 250
$10.00 200
$12.00 175
$14.00 150
$16.00 100
C.
Price Demanded
$8.00 175
$10.00 150
$12.00 125
$14.00 75
$16.00 25
D.
Price Demanded
$8.00 250
$10.00 125
$12.00 100
$14.00 100
$16.00 100
E.
Price Demanded
$8.00 50
$10.00 100
$12.00 150
$14.00 175
$16.00 200
A. A.
B. B.
C. C.
D. D.
E. E.
Answers
Answer: Option B
Explanation:
If the New York Mets win the World Series, their shirts will be more sought after as more fans will want to identify with them. This will reflect on the demand for their shirts by quantity demanded increasing at every price.
In Option B that is the case. At a price of $8, the quantity demanded has increased to 250 from 200, for $10 it has increased from 175 to 200 and so on thus reflecting that at every price, demand has gone up.
Provide two examples of goods/services that are classified as private goods/services even though they are provided by a federal government.
Answers
Answer: Post office; toll roads
Explanation:
Private goods are goods that have two main features which are rivalry and excludability. Private goods have to be bought before they can be used.
The goods/services that are classified as private goods/services even though they are provided by a federal government are post offices and toll roads.
Even though they're both provided by the government, individuals have to pay to use toll roads and also had to pay for stamps and other things before their delivery are made at the post office.
You own a portfolio equally invested in a risk-free asset and two stocks. One of the stocks has a beta of 1.31 and the total portfolio is equally as risky as the market. What must the beta be for the other stock in your portfolio?
Answers
Answer:
the beta of stock₂ = 1.69
Explanation:
the weight of each security is ¹/₃ of the portfolio:
the risk free asset has a beta of 0stock₁ has a beta of 1.31stock₂ has a beta of ?the portfolio's beta is 1
1 = (¹/₃ x 0) + (¹/₃ x 1.31) + (¹/₃ x ?)
1 = 0.437 + (¹/₃ x ?)
1 - 0.437 = (¹/₃ x ?)
0.563 = (¹/₃ x ?)
? = 0.563 / ¹/₃ = 1.689 = 1.69
the beta of stock₂ = 1.69
You bought a stock one year ago for $48.28 per share and sold it today for $55.92 per share. It paid a $1.38 per share dividend today. What was your realized return?
Answers
Answer: 17.9%
Explanation:
From the question, a stock was bought one year ago for $48.28 per share and sold today for $55.92 per share and also paid a $1.38 per share dividend today.
The realized return will be calculated as:
Po = (P1 + D1) ÷ (1+Re)
48.28 = (55.92 + 1)/(1 + Re)
48.28 = 56.92/(1 + Re)
Cross multiply
48.28 + 48.28Re = 56.92
48.28Re = 56.92 - 48.28
48.28Re = 8.64
Re = 8.64/48.28
Re = 0.179 = 17.9%
Plattsburgh Tech’s annual demand is 3,000 units which costs $30 per unit. You are in charge of inventory management of Plattsburgh Tech. You know that the annual holding cost is 20% of the unit price and ordering cost is $102.40 per order. Plattsburgh Tech. operates 300 days a year.
Required:
a. Compute EOQ
b. Compute the total inventory cost for EOQ
c. Compute the length of an order cycle
d. Compute ROP assuming that the delivery load time is three days
Answers
Answer:
a. 320 units
b. $1,920
Explanation:
EOQ = √ 2 × Annual Demand × Ordering Cost per Order / Holding Cost per unit
= √ (2 × 3,000 units × $102.40 / ($30 × 20%))
= 320 units
total inventory cost = ordering cost + holding cost
= 3,000 units/ 320 units × $102.40 + 320 units/ 2 × ($30 × 20%
= $960 + $960
= $1,920
The following information is taken from the financial statements of Burton Industries:________.
Total Assets $360,000
Total Liabilities 162,000
Total Stockholders' Equity 198,000
Net Income 126,000
Income Tax Expense 37,800
Interest Expense 9,000
a. 18.2
b. 15.0
c. 4.7
d. 19.2.
Answers
Answer:
d. 19.2
Explanation:
The missing question is "The company's times interest earned ratio is?"
Solution
Interest Earned Ratio = Income before Interest and taxes or EBIT / Interest Expenses
Net Income $126,000
Add: Income taxes $37,800
Add: Interest Expenses $9,000
EBIT $172,800
Hence, Interest Earned Ratio = EBIT / Interest Expenses
Interest Earned Ratio = $172,800 / $9,000
Interest Earned Ratio = 19.2
You buy a share of stock, write a one-year call option with X = $12, and buy a one-year put option with X = $12. Your net outlay to establish the entire portfolio is $11.50. What must be the risk-free interest rate? The stock pays no dividends.
Answers
Answer:
4.35%
Explanation:
You buy a share of stock, write a one-year call option with X = $12, and buy a one-year put option with X = $12. Your net outlay to establish the entire portfolio is $11.50. What must be the risk-free interest rate? The stock pays no dividends.
Given the following :
1 - year call option with X = $12
1- year put option with X = $12
Net outlay to establish portfio = $11.50
No dividend
Risk-free interest rate :
(X / net outlay) - 1
(12 / 11.50) - 1
1.0434782 - 1
= 0.0434782
Expressing as a percentage :
0.0434782 * 100
= 4.347%
=4.35%
Assume that during the past year the consumer price index increased by 1.5 percent and the securities listed below returned the following nominal rates of return.
U.S Government T-bills 5.50%
U.S Government Long-term bonds 6.25
A. What are the nominal rates of return for each of these securities?
B. If next year the nominal rates all rise by 10 percent (i.e. multiply by 1.1, do NOT add 0.10) while inflation climbs from 4 percent to 5 percent, what will be the real rate of return on each security?
Answers
Answer:
A)
U.S Government T-bills 5.50%
U.S Government Long-term bonds 6.25%
B)
real rate of return = [(1 + nominal rate) / (1 + inflation rate)] - 1
U.S Government T-bills 5.50%
nominal rate = 5.5% x 1.1= 6.05%
inflation rate = 5%
real rate of return = [(1 + 6.05%) / (1 + 5%)] - 1 = 1%
U.S Government Long-term bonds 6.25
nominal rate = 6.25% x 1.1= 6.875%
inflation rate = 5%
real rate of return = [(1 + 6.875%) / (1 + 5%)] - 1 = 1.79%