Answer: t for true
Explanation:
Having a great credit score will make it easier for you to get into a better educational institution. Hence, the above statement is true.
What is the Credit Score?An expression in numbers called a credit score is used to rate a person's creditworthiness. It is based on a meticulous review of their credit reports. A credit report, which also is typically collected from credit agencies, is the primary factor in a credit score.
The creditworthiness of a consumer is indicated by a number between 300 and 850 called a credit score. A person's credit score takes into account their debt amount, duration of credit history, loan types, and payback history.
Depending on the scoring methodology, there are several ranges, but generally speaking, credit scores between 580 and 669 are regarded as fair, 670 and 739 as good, 740 and 799 as very good, and 800 as well as higher as exceptional.
Even though ranges differ depending on the scoring model, generally speaking, credit scores between 580 and 669 are regarded as fair, 670 to 739 as good, 740 to 799 as very good, and 800 and up as exceptional.
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For Swifty Corporation, sales is $1000000, fixed expenses are $225000, and the contribution margin per unit is $60. What is the break-even point?
Answer:
3,750 units
Explanation:
With regards to the above,
Break even point = Fixed expenses / Contribution margin per unit
Fixed expenses = $225,000
Contribution margin per unit = $60
Break even point = $225,000 / $60
Break even point = 3,750 units
The following is a list of account balances for Pick-A-Pet, Inc., as of June 30, Year 3: Accounts Payable $ 357,600 Accounts Receivable 74,000 Cash 736,100 Common Stock 672,600 Equipment 59,800 Logo and Trademarks 423,000 Long-term Notes Payable 269,600 Retained Earnings 118,600 Software 125,500 The company entered into the following transactions during July, Year 3. Stockholders contribute $370,000 cash for additional ownership shares and the company borrows $185,000 in cash from a bank to buy new equipment by signing a formal agreement to repay the loan in 2 years. No other transactions took place during July, Year 3. Required: Prepare a classified balance sheet for the company at June 30, Year 3. Show the effects of the July transactions on the basic accounting equation. Prepare the journal entries that would be used to record the transactions.
Answer:
Please see attached solution.
Explanation:
1. Prepare a classified balance sheet for the company June 30
2. Show the effect of July transaction on the basic accounting equation
3. Prepare the journal entries that would be used to record the transactions.
Please find attached solution to the above questions
(30 POINTS)What is one difference between a vocational school and on-the-job training?
A vocational school degree takes one year to earn. On-the-job training takes two or more years.
A vocational school degree takes weeks or months to earn. On-the-job training takes two years or fewer.
A vocational school is usually paid for by the worker. On-the-job training is usually paid for by the employer.
A vocational school is usually paid for by the employer. On-the-job training is usually paid for by the worker.
Answer:
A vocational school is usually paid for by the worker. On-the-job training is usually paid for by the employer.
Explanation: Vocational training is when you as a worker learn more about your job so you have to pay your trainer to acquire knowledge. However for on-the-job training you have understandin got how to do your work so you get paid
The main difference between a vocational school and on-job training is that "the vocational school is paid for by workers while the on-job training is paid for by the employer".
The vocational school or the vocational form of training is the training provided to the worked by creating the replica of a similar workstation. This helps the workers to know about the entire working process before entering into the actual workplace.
The on-job training is provided to the employers before starting the work or during the existing work about the changes or modifications in the current work process. This is beneficial when the duplicate situation cannot be created and the new work needs to be operated along with the existing work.
Therefore, option c is correct.
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what do pet owners have to do when they want to go on vacation?
Answer:
Explanation:
Whether you're gone a week or six months there are three main options for your pet when you're on vacation. ...
Hire a Professional Pet Sitter.
Check sitters available on Trusted Housesitters here.
Ask a Neighbor, Friend or Family Member.
Check prices and info on Amazon for the PETKIT pet water fountain.
Find a House Sitter.
Answer:
Either they could bring the pet along with them or find someone to watch the pet. Whether it be a family member, a neighbor, or someone you hire.
Explanation:
is when third parties reap the benefit of a good or service for which they did not pay. A Government resource B. Positive externality C Consumer reaction D. Negative externality Please select the best answer from the choices provided OA B OC D
Answer:
B. Positive externality
Explanation:
An externality is a benefit or a detriment to a third party created by the production or consumption of goods or services. A third party is everybody else other than the producer or consumer of a product. An externality is either positive or negative.
A positive externality is when consumption or production creates a benefit to a third party. The third-party does not meet the cost of products but indirectly enjoys its production.
Answer:
B. Positive externality
Explanation:
EDGE 2021
Assume that your stock of sales merchandise is maintained based on the forecast demand. If the distributor's sales personnel call on the first day of each month, compute your forecast sales by each of the three methods requested here. ACTUAL June 135 July 170 August 200 a. Using a simple three-month moving average, what is the forecast for September? (Round your answer to 2 decimal places.) b. Using a weighted moving average, what is the forecast for September with weights of 0.20, 0.30, and 0.50 for June, July, and August, respectively? (Do not round intermediate calculations. Round your answer to 2 decimal places.)
Answer:
Simple 3 month moving average = 168.33
Weighted moving average = 178
Explanation:
a) Simple 3 month moving average = (W1+W2+W3) / 3
Simple 3 month moving average = (135 + 170 + 200) / 3
Simple 3 month moving average = 168.33
b. Weighted moving average = ((W1 * D1) + (W2 * D2) + (W3 * D3)
Weighted moving average = 135*0.20 + 170*0.30 + 200*0.50
Weighted moving average = 27 + 51 + 100
Weighted moving average = 178
XYZ commenced operations on January 1st 2019. The unadjusted Trial Balance for the first year of operations is given below: XYZ limited Unadjusted Trial Balance for the year ended 12/31/2019 Dr Cr Cash 40,000 Supplies 40,000 Accounts receivable 40,000 Equipment 200,000 Notes Payable 60,000 Contributed Capital 40,000 Revenue 300,000 Wages Expenses 60,000 Other Expenses 20,000 Total 400,000 400,000 Notes: Supplies in the warehouse as of 12/31/2019 were determined to be $10,000 Equipment was purchased on 01/01/2019 and will be depreciated over 5 years. There is no salvage value. After the unadjusted trial balance was prepared, Dividends of $30,000 were declared for the year ended 12/31/2019. Prepare an Income Statement and Balance Sheet in good form (i.e. Important to show the headings correctly).
Answer:
XYZ
Income Statement
for the year ended December 31, 2019
Revenue $300,000
Expenses:
Wages Expenses 60,000
Other Expenses 20,000
Supplies Expense 30,000
Depreciation Exp. 40,000 150,000
Net Income $150,000
Dividends declared (30,000)
Retained Earnings $120,000
Balance Sheet
As of December 31, 2019:
Assets:
Current Assets:
Cash 40,000
Supplies 10,000
Accounts receivable 40,000
Total current assets $90,000
Equipment 200,000
less Depreciation (40,000) 160,000
Total assets $250,000
Liabilities + Equity
Liabilities:
Dividends payable 30,000
Notes Payable 60,000
Contributed Capital 40,000
Retained Earnings 120,000
Total liabilities + Equity $250,000
Explanation:
Unadjusted Trial Balance
as of December 31, 2019
Dr Cr
Cash 40,000
Supplies 40,000
Accounts receivable 40,000
Equipment 200,000
Notes Payable 60,000
Contributed Capital 40,000
Revenue 300,000
Wages Expenses 60,000
Other Expenses 20,000
Total 400,000 400,000
Supplies Expense $30,000
Supplies balance = $10,000
Depreciation of Equipment = $40,000 ($200,000/5)
Dividends declared = $30,000
P Company purchased the net assets of S Company for $225,000. On the date of P's purchase, S Company had no investments in marketable securities and $30,000 (book and fair value) of liabilities. The fair values of S Company's assets, when acquired, were: Current assets $120,000 Noncurrent assets 180,000 Total $300,000 How should the $45,000 difference between the fair value of the net assets acquired ($270,000) and the consideration paid ($225,000) be accounted for by P Company? A. The noncurrent assets should be recorded at $ 135,000. B. The $45,000 difference should be credited to retained earnings. C. The current assets should be recorded at $102,000, and the noncurrent assets should be recorded at $153,000. D. A gain of $45,000 should be recorded.
Answer:
D. A gain of $45,000 should be recorded.
Explanation:
The computation is shown below
Fair value difference is
= Total assets - book & fair value of liabilities - net assets purchased
= $300,000 - $30,000 - $225,000
= $270,000 - $225,000
= $45,000
hence, the correct option is d. $45,000 and the same is to be considered
We simply applied the above formula
This is the trial balance of Crane Company on September 30. CRANE COMPANY Trial Balance September 30, 2017 Debit CreditCash $ 23,860 Accounts Receivable 7,260 Supplies 5,040 Equipment 10,940 Accounts Payable $ 9,460Unearned Service Revenue 4,040Common Stock 19,660Retained Earnings 13,940 $47,100 $47,100The October transactions were as follows.Oct. 5 Received $1,370 in cash from customers for accounts receivable due.10 Billed customers for services performed $5,850.15 Paid employee salaries $1,260.17 Performed $580 of services in exchange for cash.20 Paid $1,830 to creditors for accounts payable due.29 Paid a $340 cash dividend.31 Paid utilities $470.Prepare a general ledger using T-accounts. Enter the opening balances in the ledger accounts as of October 1. Journalize the transactions. Post to the ledger accounts. Prepare a trial balance on October 31, 2017.
Find full question attached
Answer and Explanation:
Answer and explanation attached
Select the qualitative characteristics for the following statements. 1. Relevance2. Faithful representation3. Predictive value4. Confirmatory value5. Comparability6. Completeness7. Neutrality8. TimelinessA) Quality of information that permits users to identify similarities in and differences between two sets of economic phenomena. B) Having information available to users before it loses its capacity to influence decisions. C) Information about an economic phenomenon that has value as an input to the processes used by capital providers to form their own expectations about the future. D) Information that is capable of making a difference in the decisions of users in their capacity as capital providers. E) Absence of bias intended to attain a predetermined result or to induce a particular behavior.
Answer:
1. Comparability
2. Timeliness
3. Predictive value
4. Relevance
5. Neutrality
Explanation:
You are in charge of purchases at the student-run used-book supply program at your college, and you must decide how many introductory calculus, history, and marketing texts should be purchased from students for resale. Due to budget limitations, you cannot purchase more than 850 of these textbooks each semester. There are also shelf-space limitations: Calculus texts occupy 2 units of shelf space each, history books 1 unit each, and marketing texts 5 units each, and you can spare at most 1,500 units of shelf space for the texts. If the used book program makes a profit of $20 on each calculus text, $8 on each history text, and $16 on each marketing text, how many of each type of text should you purchase to maximize profit?
Answer:
you should purchase 750 calculus books that will yield $15,000 in profits.
Explanation:
you have to maximize the following equation 20C + 8H + 16M
where:
C = calculus book
H = history book
M = marketing book
the constraints are
C + H + M ≤ 850 (total number of books)
2C + H + 5M ≤ 1500 (maximum amount of shelf-space)
using Solver, the optimal solution is 750 calculus books
A news clipping service is considering modernization. The company is currently using a manual process that has fixed costs of $400,000 per year and variable costs of $6.20 per item. The company is considering converting to a computerized process that has fixed costs of $1,300,000 per year and variable costs of $2.25 per item. a) If the same price is charged for either process, what is the annual volume beyond which the computerized process is more attractive
Answer:
From 225,001 items, the computerized process is better.
Explanation:
Giving the following information:
Manual process:
Fixed costs= $400,000
Unitary variable cost= $6.20
Computerized process:
Fixed costs= $1,300,000
Unitary variable cost= $2.25
First, we need to structure the total cost formulas:
Manual process:
Total cost= 400,000 + 6.25x
x= number of items
Computerized process:
Total cost= 1,300,000 + 2.25x
x= number of items
Now, we equal both formulas and isolate x:
400,000 + 6.25x = 1,300,000 + 2.25x
4x = 900,000
x= 225,000 items
The indifference point is 225,000 items.
Prove:
Total cost= 400,000 + 6.25*225,000= $1,806,250
Total cost= 1,300,000 + 2.25*225,000= $1,806,250
From 225,001 items, the computerized process is better.
Which term describes the reliance of different functional areas upon each other? O A. Interpretation B. Independence O C. Inclination D. Interdependence
Answer:
D. Interdependence
Explanation:
Interdependence is a condition of mutual dependence among people or things. It is a situation where two or more individuals, companies, or countries rely on one another in various aspects. A state where multiple parties depend on each other to thrive.
When different functions or departments depend on each other to succeed, they are said to be interdependent. It implies that a function is likely to fail if it opts to operate on its own.
Consider the following scenario: Suppose that a cafe enjoys a large increase in customers whenever the jazz club next door features a band playing appealing music, because it can be easily heard from the cafe. The jazz club owner decides to purchase the cafe so that he can internalize this positive externality. Which of the following types of private solutions to the externality of appealing music has occurred in this case? Integration of different types of businesses through merger or acquisition Charities Contracts Moral codes and social sanctions It's important to note that sometimes private solutions to externalities do not work. For example, this occurs when the number of parties involved is so large that it makes .
Answer:
Integration of different types of businesses through merger or acquisition
negotiations among all of the parties too costly
Explanation:
Here is the complete second question : It's important to note that sometimes private solutions to externalities do not work. For example, this occurs when the number of parties involved is so large that it makes (the market failure from the externality unimportant, coordinating negotiations among all of the parties too costly, government action the only viable solution).
Positive externality occurs when the benefits of economic activities to third parties exceeds the costs.
Government encourages activities that generates positive externalities by granting subsidies
The activities of the jazz club generates positive externality to the cafe.
How to internalise positive externality includes :
Integration of different types of businesses through merger acquisition : this is the step taken by the cafe by purchasing the jazz clubCharities ContractsJudgment based on evidence refers to a. letting employees know what criteria are used in appraisal. b. ensuring that there is two-way communication during the appraisal process and the employee’s perspective is heard. c. documenting performance problems and using factual evidence in rating performance. d. the process where feedback is confidentially gathered from peers, customers and subordinates.
Answer:
c. documenting performance problems and using factual evidence in rating performance
Explanation:
Performance test (judgement) can be based on objective or subjective parameters.
Evidence refers to proof verifying facts.
So, judgement based on evidence refers to - having evidences of performance' factual aspects in form of documents, depicting well defined quantitative rating to the performance.
The MoMi Corporation’s cash flow from operations before interest, depreciation and taxes was $2.0 million in the year just ended, and it expects that this will grow by 5% per year forever. To make this happen, the firm will have to invest an amount equal to 20% of pretax cash flow each year. The tax rate is 21%. Depreciation was $260,000 in the year just ended and is expected to grow at the same rate as the operating cash flow. The appropriate market capitalization rate for the unleveraged cash flow is 10% per year, and the firm currently has debt of $4 million outstanding. Use the free cash flow approach to calculate the value of the firm and the firm’s equity.
Answer:
Kindly check explanation
Explanation:
Given the following :
Previous year cash flow from operations before interest, depreciation and taxes = $2.0 million
Growth rate (g) = 5% per year
Pretax cashflow per year = 20%
Tax rate = 21%
Depreciation = $260,000
Market capitalization rate = 10%
Outstanding debt = 4 million
Cash flow from operation before interest tax:
Previous year cashflow + (5% growth in previous year)
(2,000,000) + (0.05 * 2,000,000)
(2,000,000 + 100,000) = $2,100,000
Depreciation + growth (5%):
260,000 + (260,000*0.05) = $273,000
Taxable income = cashflow - depreciation
Taxable income = $(2,100,000 - 273,000)
= $1,827,000
Tax amount = 0.21 * 1827000 = $383670
After tax income = (1827000 - 383670):
After tax income = $1,443,330
After tax cash flow from operations :
(After tax unleveraged income + Depreciation)
After tax Cash flow from Operation = $1,443,330 + $273,000 = $1716330
New investment :
20% of pretax cashflow from operation:
0.2 * $2,100,000 = $420,000
Free cash flow = $1716330 - $420,000 = $1,296,330
Present value of all future free cash flow:
Free cashflow / (capitalization rate - growth rate) = 1296330 / (0.1 - 0.05)
= 1296330 / 0.05
= $25,926,600
Hence, value of firm = $25,926,600
Value of equity :
Value of firm - outstanding debt
$25,926,600 - $4,000,000
= $21,926,600
Raw materials were purchased on account, $510,000. Raw materials used in production, $480,000. All of of the raw materials were used as direct materials. The following costs were accrued for employee services: direct labor, $600,000; indirect labor, $150,000; selling and administrative salaries, $240,000. Incurred various selling and administrative expenses (e.g., advertising, sales travel costs, and finished goods warehousing), $367,000. Incurred various manufacturing overhead costs (e.g., depreciation, insurance, and utilities), $500,000. Manufacturing overhead cost was applied to production. The company actually worked 41,000 direct labor-hours on all jobs during the year. Jobs costing $1,680,000 to manufacture according to their job cost sheets were completed during the year. Jobs were sold on account to customers during the year for a total of $2,800,000. The jobs cost $1,690,000 to manufacture according to their job cost sheets. 4. What is the total amount of manufacturing overhead applied to production during the year
Answer:
$70,000
Explanation:
The computation of the total amount of manufacturing overhead applied to production during the year is shown below:-
Total amount of manufacturing overhead = Beginning balance + Purchase raw material - Raw materials used in production
= $40,000 + $510,000 - $480,000
= $70,000
Therefore for computing the total amount of Raw materials used in production we simply applied the above formula.
f consumer purchases of a good are not very sensitive to the price of the good, this is illustrated by a a. supply curve that is relatively steep (more vertical). b. demand curve that is relatively steep (more vertical). c. supply curve that is relatively flat (more horizontal). d. demand curve that is relatively flat (more horizontal).
Answer:
b. demand curve that is relatively steep (more vertical).
Explanation:
The demand curve is a curve that shows the relationship between price and quantity demanded by consumers.
If consumers are not sensitive to changes in price of the good, it means that the quantity demanded would change little or not at all when there is a change in price
Please find attached an image of a vertical demand curve
Which of the following actions is a good example
of protecting sensitive information? Check all of
the boxes that apply.
using a paper shredder to discard documents
that contain personal medical information
keeping patient files in a secure electronic file
system with limited access
maintaining a confidential patient consultation
area in a doctor's office
discussing private matters with patients in the
waiting room
Answer:
A,B,C
Explanation:
Answer:
“Using a paper shredder to discard documents that contain personal medical information”, “Keeping patient files in a secure electronic file system with limited access” and “Maintaining a confidential patient consultation area in a doctor’s office”
Explanation:
Magic Realm, Inc., has developed a new fantasy board game. The company sold 45,000 games last year at a selling price of $66 per game. Fixed expenses associated with the game total $810,000 per year, and variable expenses are $46 per game. Production of the game is entrusted to a printing contractor. Variable expenses consist mostly of payments to this contractor. Required: 1-a. Prepare a contribution format income statement for the game last year. 1-b. Compute the degree of operating leverage. 2. Management is confident that the company can sell 54,900 games next year (an increase of 9,900 games, or 22%, over last year). Given this assumption: a. What is the expected percentage increase in net operating income for next year? b. What is the expected amount of net operating income for next year? (Do not prepare an income statement; use the degree of operating leverage to compute your answer.)
Answer:
Please see below and attached.
Explanation:
1a. Prepare a contribution format income statement for the game last year. The Net operating income is $90,000.
1-b The degree of operating leverage
= $10.
2a. Net operating income increases by 220%
2b. Total expected net operating income is $288,000.
Please find attached detailed breakdown of the answers provided above
Income and Expenditure – End of Chapter Problems 5. The Bureau of Economic Analysis reported that, in real terms, overall consumer spending increased by $345.8 billion in 2015. a. If the marginal propensity to consume is 0.50, by how much will real GDP change in response? Enter your answer in billions of dollars. Change in GDP: $ billion b. If there are no changes in autonomous spending other than the increase in consumer spending described in part a, and unplanned inventory investment, ????unp????anned , decreases by $100 billion, what is the change in real GDP? Enter your answer in billions of dollars. Change in GDP: $ billion c. GDP at the end of 2014 was $15,982.3 billion. If GDP were to increase by the amount calculated in part b, what would be the percentage increase in GDP? Round your answer to the nearest hundredth of a percent.
Answer:
Please see solution below
Explanation:
a. Details from the above question;
MPC = 0.50
Change in consumption spending = $345.8 billion
Recall that;
Marginal propensity to consume = 1 / 1 - MPC
= 1 / 1 - 0.5
= 1 / 0.5
= 2
Hence, change in GDP = change in consumption spending × 2
= $345.8 × 2
= $691.6 billion
Therefore,
Change in GDP = $691.6 billion
b. Recall that; change in investment = -$100 billion
Marginal propensity to consume [Change in real GDP / Change in investment = 1 / 1 - MPC
=1 / 1 - 0.5
= 1 / 0.5
= 2
Change in GDP = Change in investment × 2
= (-$100) × 2
= -$200 billion
Hence, total change in GDP
= $691.6 - $200
= $491.6 billion
c. Percentage change in real GDP
= (change in real GDP / GDP at year end of 2014) × 100
= (491.6 / 15,982.3) × 100
= 3.08%
A manufacturing company that produces a single product has provided the following data concerning its most recent month of operations: Selling price $ 145 Units in beginning inventory 0 Units produced 2,440 Units sold 2,280 Units in ending inventory 160 Variable costs per unit: Direct materials $ 49 Direct labor $ 17 Variable manufacturing overhead $ 17 Variable selling and administrative expense $ 10 Fixed costs: Fixed manufacturing overhead $ 85,400 Fixed selling and administrative expense $ 22,800 The total gross margin for the month under absorption costing is:
Answer:
Results are below.
Explanation:
The absorption costing method includes all costs related to production, both fixed and variable. The unit product cost is calculated using direct material, direct labor, and total unitary manufacturing overhead.
First, we need to calculate the unitary fixed manufacturing overhead:
Unitary fixed overhead= 85,400/2,440= $35
Absorption costing income statement:
Sales= 2,280*145= 330,600
COGS= 2,280* (49 + 17 + 17 + 35)= (269,040)
Gross profit= 61,560
Total selling and administrative= 22,800 + (2,280*10)= (45,600)
Net income= 15,960
Select the correct answer.
To qualify as a business analyst, which degree or certification should you ideally have?
O A.
bachelor's degree in software testing
OB.
bachelor's degree in business administration or information technology
C.
bachelor's degree in quality assurance
D.
master's degree in social sciences
Answer:
B
Explanation:
Just took the test
5. Hazelwood School District is located in Sleepy Hollow Township. It is being sued by several teachers who applied for teaching positions with the school but were rejected. The plaintiffs, who are all African-Americans, produce the following evidence: a) 1.8 percent of the Hazelwood School District's certified teachers are African-American, whereas 15.4 percent of the certified teachers in Sleepy Hollow Township are African-American; and b) The hiring decisions by Hazelwood School District are based solely on subjective criteria. Will the plaintiffs prevail
Answer:
The plaintiffs will probably win because the school district is clearly discriminating against African American teachers.
Title VII of the Civil Rights Act establishes that it is illegal to discriminate against job applicants based on race, ethnic background, gender, sexual preferences, religion, etc.
Since 15.4% of all certified teachers in the district are African Americans, you would expect that the number of teachers employed by the school district would be similar. It doesn't have to be exact, but it should be a closer number, not 1.8%.
For each situation, determine the date for which the company recognizes the revenue under accrual-basis accounting.
1. American Airlines collects cash on June 12 from the sale of a ticket to a customer. The flight occurs 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.
3. On March 30, a customer preorders 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.
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.
__________________________________________
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.
2. Eddie Bauer pays cash on January 6 to purchase sunglasses from a wholesale distributor. The sunglasses are sold to customers on January 27.
3. On January 1, Pizza Hut pays for a one-year property insurance policy with coverage starting immediately.
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.
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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2. A delivery company purchased a bunch of new trucks three years ago for $6 million. These trucks can be sold today for $5.3 million. The delivery company's current balance sheet shows net fixed assets of $3.2 million, current liabilities of $900,000, and net working capital of $215,000. If all the current assets were sold today and converted into cash, the delivery company would receive $1.25 million. Calculate the book value of the delivery company's total assets today. (Enter your answer in dollars, not millions of dollars, i.e. 1,234,567.) Book value of total assets $ Now, instead, calculate their market value. (Enter your answer in dollars, not millions of dollars, i.e. 1,234,567.) Market value of total assets $
Answer:
Explanation:
a. The following can be deduced from the question:
Net Fixed Assets = $3,200,000
Current Liabilities = $900,000
Net Working Capital = $215,000
We'll then calculate the current assets which will be:
= Current Liabilities + Net Working Capital
= $900,000 + $215,000
= $1,115,000
Total Assets will then be:
= $1,115,000 + $3,200,000
= $4,315,000
b. Market Value of Current Assets = $1,250,000
Market Value of Net Fixed Assets = $5,300,000
The Market Value of Total Assets will now be:
= $1,250,000 + $5,300,000
= $6,550,000
Answer:
1. Book value of total assets
Net Fixed Assets = $3,200,000
Current Liabilities = $900,000
Net Working Capital = $215,000
Current Assets = Current Liabilities + Net Working Capital
Current Assets = $900,000 + $215,000
Current Assets = $1,115,000
Total Assets = Current Assets + Net Fixed Assets
Total Assets = $1,115,000 + $3,200,000
Total Assets = $4,315,000
2. Market value of total assets
Market Value of Current Assets = $1,250,000
Market Value of Net Fixed Assets = $5,300,000
Market Value of Total Assets = Market Value of Current Assets + Market Value of Net Fixed Assets
Market Value of Total Assets = $1,250,000 + $5,300,000
Market Value of Total Assets = $6,550,000
The Nite Lite Company manufacture small lamps and desk lamps.
Set-Ups Inspections Assembly (DLH)
Small Lamps-4000 units 4,000 16,000 4,000
Desk Lamps-8000 units 16,000 8,000 12,000
Using the following information prepared by the Nite Lite Company, what is the total factory overhead rate to be charged to desk lamps.
Activity Pool Activity Base Budgeted amound
Set-ups 24,000 $ 60,000
Inspections 24,000 120,000
Assembly (DLH) 28,000 280,000
Answer:
Total factory overhead rate = $200,000
Explanation:
Total overhead allocated to Desk lamps
Desk lamps Amount
Setups 60,000/24,000 * 16,000 = 40,000
Inspections 120,000 /24,000 * 8,000 = 40,000
Assembly 280,000/28,000 * 12,000 = 120,000
Total factory overhead rate = $200,000
Economies of scope A. are cost reductions that flow from cost-saving strategic fits along the value chains of related businesses in the business lineup of a multibusiness corporation. B. arise only from strategic fit relationships in the production portions of the value chains of sister businesses. C. are more associated with unrelated diversification than related diversification. D. are present whenever diversification satisfies the attractiveness test and the cost-of-entry test. E. arise mainly from strategic fit relationships in the distribution portions of the value chains of unrelated businesses.
Answer:
A. are cost reductions that flow from cost-saving strategic fits along the value chains of related businesses in the business lineup of a multibusiness corporation.
Explanation:
Economies of scope occur when a good is manufactured, the cost of manufacturing a related goods is reduced. It means that there would be reduction in the cost of production of a goods as a result of increase in variety of goods. It is a situation whereby the cost of producing two products is less compare to when that product is produce separately.
It should be noted that economy of scope are cost reductions that flow from cost-saving strategic fits along the value chains of related businesses in the business lineup of a multibusiness corporation.
Sunbed Company sells tanning beds that are shipped in large reusable containers. Customers are charged a deposit for each container delivered and receive a refund when the container is returned. The deposit is three times the actual cost of each container. Deposits are forfeited if containers are not returned within one year. The inventory of containers remains on the companyâs books until deposits are forfeited. Deposits collected on containers delivered during the year were $100,000. Ninety-five percent of the containers were returned within the allotted time.Prepare the appropriate journal entry for the deposits returned to customers. (If no entry is required for a transaction/event, selec No journal entry required" in the first account field.)
Answer:
Liability needs to be reduced by cash refunds that are made to customers as and when the containers are returned.
Cash refunds = Deposits collected * Percentage returned
Cash refunds = $100,000 * 95%
Cash refunds = $95,000
Date General Journal Debit Credit
Liability - Refundable Deposits $95,000
Cash $95,000
tina is the sole owner of tina's lawn mowing, incorporated (TLM). In one year TLM collects $1,000,000 from customers to mow their lawns. TLM equipment depreciates in value by $125,000. TLM pays $600,000 to its workers who pay $140,000 in taxes on this income. TLM pays $50,000 in corporate income taxes and pays Tina a dividend of $150,000. Tina pays taxes of $60,000 on this dividend income. TLM retains $75,000 of earnings in the business to finance future expansion. How much does this economic activity contribute to each of the following
Answer: See explanation
Explanation:
This is the remainder of the question:
How much does this economic activity contribute to GDP, NNP, National income, compensation of employees, Proprietors' Income, corporate profits, personal income, disposable personal income?
a. GDP – $1,000,000
The GDP is the value for the goods and services that a country sells. To loan customers lawns, Tina collects $1,000,000.
b. NNP – $875,000
NNP = GDP - Depreciation
= $1000000 - $125000
= $875000
c. National income – $875,000
d. Compensation of employees- $600,000
This is the amount paid by the company to its workers for work done as wages and salaries.
e. Proprietors’ income – $0
Because it is a Corporation, this will be $0.
f. Corporate profits – $275,000
This will be:
= $50,000 + $150,000 + $75000
= $275000
g. Personal income – $750,000
= NNP + Dividend - Profit
= $875000 + $150000 - $275000
= $750000
h. Disposable personal income – $550000
= $750000 - $60000 - $140000
= $550000