Answer:
In the clarification segment below, the definition including its concern is mentioned.
Explanation:
The following definition of a contract is:
"A purchase contract is a legitimate contract. These are meant to sell or purchase goods as well as products services again for purpose of trading a commodity or service. For a negotiated (price) compensation or sum of money received or offered to pay.
"Legally, void requires not contractual."
Voidable becomes a contract or action that is legitimate but may be canceled in the contract by either of several parties.
"A contract constitutionally binding upon the sides being valid and binding."
The following are the most important integration strategy:
Void: Verbal deal involving Jerry, a prospective buyer who planned to buy a project runway Corvette but expired of a heart condition-Void as when the deal was verbal even though there was no thought or money transfer. Besides, financial agreements and billing information have not yet been developed.Voidable: If the boy wishes to break the deal, a contract for a young boy obtaining a Chevy besides $5000 remains voidable because he's under the age of eighteen years, he is not technically permitted to agree as well as the contract becomes voidable.Voidable: The circumstance of a lady buying a property (car), and therefore by suggesting that she took too long to make a choice, you forced her to start making decisions. She sells the car and advises you that she has psychosis become voidable if you have influenced her and therefore can sign court papers, although, in this situation, the seller manipulated her to make those decisions and therefore can argue that the seller forced her.
Helen expects to receive $2000 in six months. Her bank offers a loan at an annual rate of 5.60%. How much could se borrow now if she wants to pa off the entire loan (incuding interest) with the $2000 she will receive in six months?
Answer: 5000
Explanation: ITS MATH
Helen expects to receive $2000 in six months. Her bank offers a loan at an annual rate of 5.60%. She could se borrow $5000 now if she wants to pay off the entire loan (including interest) with the $2000 she will receive in six months
What is a Bank?A bank is an institution that deals in money and its substitutes and provides other money-related services. In its role as a financial intermediary, a bank accepts deposits and makes loans.
It derives a profit from the difference between the costs (including interest payments) of attracting and servicing deposits and the income it receives through interest charged to borrowers or earned through securities.
Many banks provide related services such as financial management and products such as mutual funds and credit cards. Some bank liabilities also serve as money—that is, as generally accepted means of payment and exchange.
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Cammie received 100 NQOs (each option provides a right to purchase 10 shares of MNL stock for $10 per share). She started working for MNL Corporation four years ago (5/1/Y1) when MNL’s stock price was $8 per share. Now (8/15/Y5) that MNL’s stock price is $40 per share, she intends to exercise all of her options. After acquiring the 1,000 MNL shares with her stock options, she held the shares for over one year and sold (on 10/1/Y6) them at $60 per share.
Required:
a. What are Cammie's taxes due on the grant date (5/1/ Y 1), exercise date (8/15/Y5) , and sale date (10/1/Y6), assuming her ordinary marginal rate is 30 percent and her long-term capital gains rate is 15 percent?
b. What are MNL Corporation's tax savings on grant date (5/1/Y6), exercise date (8/15/Y5), and sale date (10/1/Y6), assuming its marginal tax rate is 35 percent?
c. Complete Cammie's Form 8949 and Schedule D for the year of sale. Also assume that the sale transaction of the MNL Corporation stock was not reported to Cammie on a Form 1099-8.
Answer:
Kindly check explanation
Explanation:
Given the following :
A.)
Ordinary marginal rate = 30% = 0.3
Long term capital gain = 15% = 0.15
Number of shares (100 * 10) = 1000 shares
Amount of shares = (number of shares * price per share) = (1000 * $10) = $10,000
Tax liability on grant date = $0 ; as there is no recognized income
Market value of shares = (number of shares * market price of shares)
(1000 * $40) = $40,000
Ordinary income = $(40,000 - 10,000) = $30,000
Tax liability in year of exercise = (30,000 * 30%) = $9000
Revenue from sale = (1000*$60) = $60,000
Capital gain(Revenue - market value of shares)
Capital gain = (60,000-40000) = $20000
Tax liability in year of sale = $20000 * 15% = 3000
B.)
Marginal tax rate = 35%
MNL has no tax liability on grant date= $0
No tax Liability on sale date = $0
Tax liability in year of exercise = (ordinary income * marginal tax rate)
(30,000 * 0.35) = $10,500
The accounting records of Concord Corporation show the following data. Beginning inventory 2,820 units at $7 Purchases 8,120 units at $9 Sales 9,838 units at $12 Calculate average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) Average unit cost $enter Average unit cost in dollars rounded to 3 decimal places per unit eTextbook and Media List of Accounts Determine cost of goods sold during the period under a periodic inventory system using the FIFO method, the LIFO method, and the average-cost method. (Round answers to 0 decimal places, e.g. 125.) FIFO LIFO Average-cost Cost of goods sold $enter a dollar amount rounded to 0 decimal places $enter a dollar amount rounded to 0 decimal places $enter a dollar amount rounded to 0 decimal places
Answer:
1. $82,902
2. $85,106
3. $8.48 per unit
4. $83,426
Explanation:
Calculation to Determine cost of goods sold using the FIFO method, the LIFO method, and the average-cost method
1. With FIFO Method the Purchases that was made earlier will be sold first.
Cost of goods sold = (2,820 x $7) + (7,018x $9)
(2,820-9,838=7,018)
Cost of goods sold= $19,740+ $63,162
Cost of goods sold= $82,902
2. With LIFO Method Purchases that are made last will be sold first.
Cost of goods sold = (8,120 x $9) + (1,718 x $7)
(8,120-9,838=1,718)
Cost of goods sold= $73,080 + $12,026
Cost of goods sold = $85,106
3. Using Average cost method
Average cost per unit = [(2,820 x $7) + (8,120 x $9)]/(2,820 + 8,120)
Average cost per unit=$19,740+$73,080/10,940
Average cost per unit= $92,820/10,940
Average cost per unit=$8.48 per unit
4. Cost of goods sold = 9,838 x $8.48
Cost of goods sold= $83,426
how to write a business report
Answer:
A business report typically includes four major parts: introduction, discussion, conclusions, and recommendations. Sometimes, it may also include an executive summary, as well as a covering memo or letter.
Explanation:
Answer:
Explanation:when you write it make sure you have good grammar make sure you has enough periods and don’t go off topic.
g Money is best defined as whatever serves society in three functions: medium of exchange, store of value, and unit of account. whatever the government allows money to be. paper bills and coins. Barter is best defined as a situation where two individuals each want some or service that the other can provide. literally trading one good for another without using money. an informal market such as a flea market. A double coincidence of wants is a situation in which money is used to facilitate economic transactions. a situation where two individuals each want some or service that the other can provide. literally trading one good for another without using money.
Money is best defined as whatever serves society in three functions: medium of exchange, store of value, and unit of account.
Barter is best defined as a situation where two individuals each want some or service that the other can provide.
A double coincidence of wants is a situation where two individuals each want some or service that the other can provide.
What is money?Money is anything that is accepted by the general public as a means of payment for products and for repayment of debt.
What are the functions of money?Medium of exchange : money can exchanged for goods and services. Unit of account : money can be used to determine the value of goods and servicesStore of value : money can retain its value over the long term.What is barter?Barter is when people exchange goods with goods. For barter to occur, there has to be a double coincidence of wants. This means that someone has to have what you want and that person wants what you have.
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CASE 5–32 Break-Even Analysis for Individual Products in a Multiproduct Company LO5–5, LO5–9
Cheryl Montoya picked up the phone and called her boss, Wes Chan, the vice president of marketing at Piedmont Fasteners Corporation: “Wes, I’m not sure how to go about answering the questions
that came up at the meeting with the president yesterday.”
“What’s the problem?”
“The president wanted to know the break-even point for each of the company’s products, but I am having trouble figuring them out.”
“I’m sure you can handle it, Cheryl. And, by the way, I need your analysis on my desk tomorrow morning at 8:00 sharp in time for the follow-up meeting at 9:00.”
Piedmont Fasteners Corporation makes three different clothing fasteners in its manufacturing facility in North Carolina. Data concerning these products appear below:
Velcro Metal Nylon
Annual sales volume 100,000 200,000 400,000
Unit selling price $1.65 $1.50 $0.85
Variable expense per unit $1.25 $0.70 $0.25
Total fixed expenses are $400,000 per year.
All three products are sold in highly competitive markets, so the company is unable to raise prices without losing an unacceptable numbers of customers.
The company has an extremely effective lean production system, so there are no beginning or ending work in process or finished goods inventories.
Required:
1. What is the company’s over-all break-even point in dollar sales?
2. Of the total fixed expenses of $400,000, $20,000 could be avoided if the Velcro product is dropped, $80,000 if the Metal product is dropped, and $60,000 if the Nylon product is dropped. The remaining fixed expenses of $240,000 consist of common fixed expenses such as administrative salaries and rent on the factory building that could be avoided only by going out of business entirely.
a. What is the break-even point in unit sales for each product?
b. If the company sells exactly the break-even quantity of each product, what will be the overall profit of the company? Explain this result.
Answer:
Answer:
Piedmont Fasteners Corporation
1. Company's overall break-even point in dollar sales = Total variable costs + Fixed Costs
= $365,000 + $400,000
= $765,000
2. a) Break-even point in unit sales for each product:
= Fixed cost for each product/Contribution per unit
Velcro Metal Nylon
Fixed expenses $20,000 $80,000 $60,000
Contribution per unit $0.40 $0.80 $0.60
Break-even point $20,000/$0.40 $80,000/$0.80 $60,000/$0.60
= 50,000 units 100,000 units 100,000 units
2b) If the company sells exactly the break-even quantity of each product, the overall profit of the company will be a loss of $240,000. This is due to the common fixed expenses.
Explanation:
a) Data and Calculations:
Velcro Metal Nylon Total
Annual sales volume 100,000 200,000 400,000 700,000
Unit selling price $1.65 $1.50 $0.85
Sales Revenue $165,000 $300,000 $340,000 $805,000
Variable expense per unit $1.25 $0.70 $0.25
Variable costs $125,000 $140,000 $100,000 $365,000
Contribution per unit $0.40 $0.80 $0.60
Contribution margin $40,000 $160,000 $240,000 $440,000
Total fixed expenses $400,000
Net Income $40,000
Contribution per unit (company-wide) $440,000/700,000 = $0.63
Velcro Metal Nylon Total
Annual sales volume 100,000 200,000 400,000 700,000
Unit selling price $1.65 $1.50 $0.85
Sales Revenue $165,000 $300,000 $340,000 $805,000
Variable expense per unit $1.25 $0.70 $0.25
Variable costs $125,000 $140,000 $100,000 $365,000
Contribution per unit $0.40 $0.80 $0.60
Contribution margin $40,000 $160,000 $240,000 $440,000
Total fixed expenses 20,000 80,000 60,000 160,000
Income $20,000 $80,000 $180,000 $280,000
Common Fixed expenses 240,000
Net Income $40,000
Answer 1 :
The break-even point in unit sales for each product
Formula :
Break-Even Point = Total variable costs + Fixed Costs
Break-Even Point= $365,000 + $400,000
Break-Even Point= $765,000
Answer 2:
a) Break-even point in unit sales for each product :
Break Even Point = Fixed cost for each product/Contribution per unit
Velcro Metal Nylon
Fixed expenses $20,000 $80,000 $60,000
Contribution per unit $0.40 $0.80 $0.60
Break-even point $20,000/$0.40 $80,000/$0.80 $60,000/$0.60
Total 50,000 units 100,000 units 100,000 units
a) Working Notes :
Velcro Metal Nylon Total
Annual sales volume 100,000 200,000 400,000 700,000 Unit selling price $1.65 $1.50 $0.85 Sales Revenue $165,000 $300,000 $340,000 $805,000 Variable expense per unit $1.25 $0.70 $0.25 Variable costs $125,000 $140,000 $100,000 $365,000 Contribution per unit $0.40 $0.80 $0.60 Contribution margin $40,000 $160,000 $240,000 $440,000 Total fixed expenses $400,000
Net Income $40,000
Contribution per unit = $440,000/700,000 = $0.63
Answer 2 :
Part B)
If the company sells exactly the break-even quantity of each product, the overall profit of the company will be a loss of $240,000. This is due to the common fixed expenses.Know more :
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Kosakowski Corporation processes sugar beets in batches. A batch of sugar beets costs $73 to buy from farmers and $17 to crush in the company's plant. Two intermediate products, beet fiber and beet juice, emerge from the crushing process. The beet fiber can be sold as is for $30 or processed further for $20 to make the end product, industrial fiber that is sold for $50. The beet juice can be sold as is for $49 or processed further for $27 to make the end product, refined sugar that is sold for $98. How much more profit (loss) does the company make by processing one batch of sugar beets into the end products industrial fiber and refined sugar
Answer:
$11
Explanation:
Calculation for how much more profit (loss) that the company make.
Combined final sales value $148
($50+ $98)
Less: costs of producing the end products
Cost of sugar beets ($73)
Cost of crushing ($17)
Combined costs of further processing ($47)
($20+ $27)
Total costs of producing the end products ($137)
Profit (loss) $ 11
($148-$137)
Therefore how much more profit (loss) that the company make by processing one batch of sugar beets into the end products industrial fiber and refined sugar will be $11
The following events took place for Digital Vibe Manufacturing Company during January, the first month of its operations as a producer of digital video monitors:a. Purchased $168,500 of materialsb. Used $149,250 of direct materials in production.c. Incurred $360,000 of direct labor wages.d. Incurred $120,000 of factory overhead.e. Transferred $600,000 of work in process to finished goods.f. Sold goods for $875,000.g. Sold goods with a cost of $525,000.h. Incurred $125,000 of selling expense.i. Incurred $80,000 of administrative expense.Required:Using the information given, complete the following:A. Prepare the January income statement for Digital Vibe Manufacturing Company. Refer to the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. Be sure to complete the statement heading.B. Determine the Materials Inventory, Work in Process Inventory, and Finished Goods Inventory balances at the end of the first month of operations.Labels and Amount description:LabelsFor the Month Ended January 31For the Year Ended January 31January 31Amount DescriptionsAdministrative expensesCost of goods soldGross profitNet incomeRevenuesSelling expenses
Answer:
Please see answer below
Explanation:
A. The income statement for Digital Vibe.
Before preparing the income statement, we have to first prepare the net profit or net loss.
= Sales - Cost of goods sold - selling expenses - Administrative expenses
= $875,000 - $525,000 - $125,000 - $80,000
= $145,000
B. Determine the materials inventory, work in process inventory, and finished goods inventory.
Direct materials = Purchase material - Used material
= $168,500 - $149,250
= $19,250.
Work in process inventory = Used material + direct labor wages + Factory overhead - transferred unit
= $149,250 + $360,000 + $120,000 - $600,000
= $29,250
Finished goods = Transferred units - Cost of goods sold
= $600,000 - $525,000
= $75,000
• Please find attached prepared income statement for question 1.
One of the major problems that led to the financial
crisis was the “housing bubble.” What is meant by this
term?
Answer:
A housing bubble a sustained but temporary condition of over-valued prices and rampant speculation in housing markets. The U.S. experienced a major housing bubble in the 2000s caused by inflows of money into housing markets, loose lending conditions, and government policy to promote home-ownership.
After learning that Baruch Inc. is performing very well in the lecture of BUS 2000, Akiko has directed her broker to buy 75 shares of Baruch Inc. at the best possible price available that day. These directions indicate that Akiko placed a ________ order with his broker.
The direction that Akiko placed with his broker to buy the stocks at the best possible price is a market order.
What is a market order?A market order is when a broker is given an instruction to buy or sell the stock of a particular company at the best available price. When there is a market order, the price at which the stock should be sold is not stated. The only instruction is that the stock should be sold.
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Domino Company uses the aging of accounts receivable method to estimate uncollectible accounts expense. Domino began Year 2 with balances in Accounts Receivable and Allowance for Doubtful Accounts of $39,590 and $3,020, respectively. During the year, the company wrote off $2,390 in uncollectible accounts. In preparation for the company's Year 2 estimate, Domino prepared the following aging schedule: Number of Days Receivables Percentage Likely to Be Past Due Amount Uncollectible Current $ 56,000 1% 0 to 30 23,500 5% 31 to 60 5,360 10% 61 to 90 2,520 25% Over 90 2,200 50% Total $89,580 What will Domino record as Uncollectible Accounts Expense for Year 2
Answer:
Number of days past due Receivables %Uncollectible Uncollectible
Current 56,000 1% 560
0 to 30 23,500 5% 1,175
31 to 60 5,360 10% 536
61 to 90 2,520 25% 630
Over 90 2,200 50% 1,100
Total 89,580 4,001
Uncollectible Amount = 4,001 - Allowance after write off
Allowance after write off = Opening Allowance - Amount written off during year
= 3,020 - 2,390
= $630
Uncollectible Amount = 4,001 - 630
= $3,371To compose simple messages, you may need only to make a scratch list of your ideas before writing. Many messages, however, may require you to make an outline to organize your thoughts.
Use the scratch list to answer the question that follows.
The Boston Hotel
High-end linens
600-thread-count sheets
Coffee maker with selected teas
Imported beer
Fresh-squeezed juices
Affordability
Food and drink
Double-thick bath towels
Silk pillowcases
Raw silk curtains with gold embellishments
$100/night four-star rooms
Free snacks, shampoo, and conditioner
Free wireless Internet
You have been asked to organize the items on the scratch list into an outline for your supervisor. You have completed the outline when your supervisor sends you a quick e-mail with the additional scratch list that follows. Your supervisor wants you to include the items on the new scratch list that fit into your existing outline.
Evening wine tasting
Sparkling water
Safety
Communication
Four-star hotel restaurant
Cleanliness
Proximity to downtown shopping
Indoor pool
Which subpoints should you include in your outline?
a. [removed]Sparkling water, evening wine tasting, four-star hotel restaurant
b. [removed]Safety, indoor pool, proximity to downtown shopping
c. [removed]Safety, communication, cleanliness
Answer:
The sub-points that I should include in the outline are:
c. Safety, communication, cleanliness
Explanation:
Free wireless internet will aid communication. Cleanliness is important for high-end linens, double-thick bath towels, silk pillowcases, Raw silk curtains with gold embellishments, etc. In the same way, safety consideration is important for any hotel with four-star rooms, serving imported beer, fresh-squeezed juices, food and drink, etc. both in their preparation and ultimately in serving them to guests.
Famous Furniture Manufacturing Company reported the following information for 2019:
Beginning work-in-process inventory $130,000
Beginning raw materials inventory 47,500
Ending work-in-process inventory 112,500
Ending raw materials inventory 60,000
Direct material used 75,000
Direct labor 93,000
Applied manufacturing overhead 70,000
Actual manufacturing overhead cost 62,000
Any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold.
Required:
How much would Famous Furniture Manufacturing report as cost of goods manufactured at year-end?
Answer:
$255,500
Explanation:
Prepare a Cost of Goods Manufactured Schedule to determine the cost of goods manufactured.
Cost of Goods Manufactured Schedule
Direct material used $ 75,000
Direct labor $ 93,000
Applied manufacturing overhead $ 70,000
Add Beginning work-in-process inventory $130,000
Less Ending work-in-process inventory ($112,500)
Cost of goods manufactured $255,500
Evelyn decides to open a business selling her one-of-a-kind cupcakes. Evelyn will be the sole owner of the business, although she will have a few employees. Evelyn plans to operate the business under the name "Cupcake Dreams." To legally operate her business, Evelyn will need to: ___________
a. register her business name.
b. file an operating agreement.
c. file a certificate of organization
For Evelyn to legally operate her business, Evelyn will need to register her business name.
What is advantage of registering business name?Registering business name as a business owner is very crucial to operate legally, and this will help the business to be able to secure loan from the government incase there is need for it.
Therefore, Evelyn as a sole owner of the business, will be able to operate her business legally.
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Suppose that you borrow $18,000 for a new car. You can select one of the following loans, each requiring regular monthly payments: Installment Loan A: three-year loan at 5.3% Installment Loan B: five-year loan at 6.3%.
Required:
Find the monthly payments and the total interest for both Loan A and Loan B. Compare the monthly payments and the total interest for the two loans.
The monthly payment for loan A is greater than the monthly payments for loan B by $191.40, while the total interest for loan B is greater than the total interest for loan A by $1,522.20.
Comparison of Monthly Payments and Total InterestThese can be done using the formula for calculating the present value of an ordinary annuity as follows:
P = PV / (((1 - (1 / (1 + r))^n) / r)) …………………………………. (1)
Where;
1) For Installment Loan A, the monthly payments can be calculated as follows:
P = Monthly payment of Installment Loan A = ?
PV = Present value or the amount borrowed for a new car = $18,000
r = Monthly interest rate = 5.3% / 12 = 0.053 / 12 = 0.00441666666666667
n = Number of months = Number of years * 12 = 3 * 12 = 36
Substitute the values into equation (1) to find P, we have:
P = $18,000 / ((1 - (1 / (1 + 0.00441666666666667))^36) / 0.00441666666666667)
P = $18,000 / 33.2162172178177
P = $541.90
Therefore, the monthly payment of Installment Loan A is $541.90.
2) For installment Loan B, the monthly payments can be calculated as follows:
P = Monthly payment of Installment Loan B = ?
PV = Present value or the amount borrowed for a new car = $18,000
r = Monthly interest rate = 6.3% / 12 = 0.053 / 12 = 0.00525
n = Number of months = Number of years * 12 = 5 * 12 = 50
Substitute the values into equation (1) to find P, we have:
P = $18,000 / ((1 - (1 / (1 + 0.00525))^60) / 0.00525)
P = $18,000 / 51.3541976210894
P = $350.51
Therefore, the monthly payment of Installment Loan B is $350.51.
3) Total interest for Loan A can be calculated as follows:
Total interest for Loan A = (P of A * n of A) - PV of A
Total interest for Loan A = ($541.90 * 36) - $18,000
Total interest for Loan A = $19,508.40 - $18,000
Total interest for Loan A = $1,508.40
4) Total interest for Loan B can be calculated as follows:
Total interest for Loan B = (P of B * n of B) - PV of B
Total interest for Loan B = ($350.51 * 60) - $18,000
Total interest for Loan B = $21,030.60 - $18,000
Total interest for Loan B = $3,030.60
5) The comparison of the monthly payments for the two loans can be done as follows:
Difference between monthly payments for the two loans = P of A – P of B = $541.90 - $350.51 = $191.40
Therefore, the difference between monthly payments for the two loans calculated above implies that the monthly payment for loan A is greater than the monthly payments for loan B by $191.40.
6) The comparison of the total interest for the two loans can be done as follows:
Difference between total interest for the two loans = Total interest for Loan B - Total interest for Loan A = $3,030.60 - $1,508.40 = $1,522.20
Therefore, the difference between total interest for the two loans calculated above implies that total interest for loan B is greater than total interest for loan A by $1,522.20.
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Suppose the marginal propensity to save (MPS) is equal to 0.25. According to the text, a $100 increase in investment spending will lead to a:
Based on the marginal propensity to save and the increase in investment spending, there will be an increase of $400 in equilibrium income.
What will be the change in Equilibrium income?This can be found as:
= Change in investment spending x Multiplier
Multiplier is:
= 1 / Marginal propensity to save
= 1 / 0.25
= 4
Change in equi. income is:
= 100 x 4
= $400
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George is a U.S. citizen who is employed by Hawk Enterprises, a global company. Beginning on June 1, 2020, George began working in London (for a total of 214 days in 2020). He worked there until January 31, 2021, when he transferred to Paris. He worked in Paris the remainder of 2021. His salary for the first five months of 2020 was $100,000, and it was earned in the United States. His salary for the remainder of 2020 was $175,000, and it was earned in London. George's 2021 salary from Hawk was $300,000, with part being earned in London and part being earned in Paris. Assume the 2021 indexed amount is the same as the 2020 indexed amount. Assume 366 days in 2020 (a leap year) and 365 days in 2021.
Required:
Determine George's gross income in 2020 and 2021
Answer:
2020 = $212,086
2021 = $192,400
Explanation:
To determine George's gross income in 2020 and 2021 we need to calculate the amount that george can exclude from the gross income for both years.
George's gross income in 2020
George can exclude amount from his gross income = $107,600 x 214/366 (Lower of foriegn earned income $275,000 or foriegn earned income exclusion ceiling of $107,600 for 2020)
George can exclude amount from his gross income = $62,914
Therefore
George's gross income in 2020 = $275,000 - $62,914 ($100,000 + $175,000)
George's gross income in 2020 = $212,086
George's gross income in 2021
George can exclude the amount from his gross income = $107,600 x 365/365 (Lower of foreign earned income of $300,000 or foreign earned income exclusion ceiling of $107,600 for 2021)
George can exclude the amount from his gross income = $107,600
Therefore
george's income in 2021 = $300,000 - $107,600
george's income in 2021 = $192,400
How is savings account most useful?
A. For saving for a long time without withdrawing
B.For depositing and withdrawing money frequently
C.For using money for CDs and other investments
D. For using money in the near future but not right away
Answer:
I believe it is D. Sorry if it’s wrong.
Explanation:
The whole point of having a savings account is saving money so you can use it in the future. Hope this helps!
Answer:
D. for using money in the near future but not right away
Explanation:
2022 EDG
Profit is the dollar amount a firm collects from its customers after selling its goods or services. True False
It is false that Profit is the dollar amount a firm collects from its customers after selling its goods or services.
What is profit?Profit refers to the surplus that comes after deducting cost from the revenue made. It is defined as gain, especially when achieved by increasing the price of goods.
The above means that the dollar value received after deducting cost from revenue made by a firm is termed profit.
Hence, profit is not the dollar amount a firm collects from its customers after selling its goods or services.
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Kohber is a Swiss-company that makes medical equipment. It recently purchased a company, which manufactures packaging for high-value drugs. Since it will run the packaging company as a separate division, it would seem that Kohber is departmentalized by:________
a. function b. size c. geography d. customer e. product
The form of departmentization praticed by Kohber is departmentization by function.
What is departmentization?
Departmentization is when a company is divided into various departments based on certain criteria. When a company is departmentized based on function, it means that the company's department are created based on the functions it serves.
For example, there would be the marketing department, packaging department and production department.
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2. Cost-plus, target pricing, working backward A-Plus Shed, Inc., manufactures and sells a do-it-yourself storage shed kit. In 2012, it reported the following: Units produced and sold 4,000 Investment $ 2,300,000 Markup percentage on full cost 5 % Rate of return on investment 20 % Variable cost per unit $ 500 1. What was A−Plus Shed's operating income in 2012? What was the full cost per unit? What was the selling price? What was the percentage markup on variable cost? 2. A−Plus Shed is considering increasing the annual spending on advertising by $110,000. The managers believe that the investment will translate into a 15% increase in unit sales. Should the company make the investment? Show your calculations. 3. Refer back to the original data. In 2013, A−Plus Shed believes that it will only be able to sell 3,500 units at the price calculated in requirement 1. Management has identified $100,000 in fixed cost that can be eliminated. If A−Plus Shed wants to maintain an 5% markup on full cost, what is the target variable cost per unit?
Answer:
1. A-Plus shed's operating income in 2012 = $460,000
1i Full cost per unit = $2,300
1ii Selling price = $2,415
1iii Mark up percentage on variable cost = $23%
2. Yes, the company should make the investment. This is because by expending $110,000 on advertising, it will increase the operating income by $1,039,000 .
3. Target variable cost per unit = $2,028.57
Explanation:
Please find attached detailed explanations of the above answers.
A machine with a cost of $85,000 has an estimated residual value of $5,000 and an estimated life of 5 years or 20,000 hours. What is the amount of depreciation for the second full year, using the double-declining-balance method?
The amount of depreciation for the second full year, using the double-declining-balance method is $20,400.
What is the amount of depreciation in the second year?Depreciation is a method used in expensing the value of an asset.
Double declining depreciation expense = [2 x (1/useful life of the asset)] x cost of the asset
Depreciation expense in year 1 = 2/5 x $85,000 = $34,000
Book value at the beginning of year 2 = $85,000 - $34,000 = $51,000
Depreciation expense in year 2 = 2/5 x $51,000 = $20,400
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List TWO consequences for a company if they receive a qualified audit opinion
Impact of Increased Sales on Operating Income Using the Degree of Operating Leverage Chillmax Company had planned to sell 3,500 pairs of shoes at $60 each in the coming year. Unit variable cost is $21 (includes direct materials, direct labor, variable factory overhead, and variable selling expense). Total fixed cost equals $78,000 (includes fixed factory overhead and fixed selling and administrative expense). Operating income at 3,500 units sold is $58,500. The degree of operating leverage is 2.3. Now Chillmax expects to increase sales by 10% next year.
Required:
1. Calculate the percent change in operating income expected.
_______%
2. Calculate the operating income expected next year using the percent change in operating income calculated in Requirement 1.
Answer:
1. Degree of Operating Level = %Δ in EBIT / %Δ in sales
2.3 = %Δ in EBIT / 10
%Δ in EBIT = 2.3*10
%Δ in EBIT = 23
Hence, the percentage change in EBIT is 23%
2. Operating Income Expected = Operating Income * (1+%Δ in EBIT)
Operating Income Expected = $58,500 *(1+23%)
Operating Income Expected = $58,500 *1.23
Operating Income Expected = $71,955
Define marginal product and give example
Answer:
the marginal product or marginal physical productivity of an input is the change in output resulting from employing one more unit of a particular input, assuming that the quantities of other inputs are kept constant.
For example, marginal product may be the increased number of products produced with the addition of one extra worker on a production line. Marginal product increases may also be attributed to other input factors besides labor.
Explanation:
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Sigma Corporation applies overhead cost to jobs on the basis of direct labor cost. Job V, which was started and completed during the current period, shows charges of $5,000 for direct materials, $8,000 for direct labor, and $6,000 for overhead on its job cost sheet. Job W, which is still in process at year-end, shows charges of $2,500 for direct materials and $4,000 for direct labor. Required: 1a. Should any overhead cost be applied to Job W at year-end? Yes No 1b. How much overhead cost should be applied to Job W? 2. How will the costs included in Job W’s job cost sheet be reported within Sigma Corporation’s financial statements at the end of the year? Raw Materials Work-in-Process Finished Goods
Answer:
1.a Yes
1. b $3,000
2. Work-In-Process
Explanation:
1. a. Overhead rate in percentage = Total overhead ÷ Direct labor
= $6,000 ÷ $8,000
= 75%
Yes, Overhead cost will be applied on Job W at the year end
b. Overhead Cost = Direct Labor Cost × Overhead rate in percentage
= $4,000 × 75%
= $3,000
2. In the Financial statement cost included in Job W's will be recognized as Work-In-Process
Presented below is information from Blossom Computers Incorporated. July 1 Sold $21,200 of computers to Robertson Company with terms 3/15, n/60. Blossom uses the gross method to record cash discounts. Blossom estimates allowances of $1,378 will be honored on these sales. 10 Blossom received payment from Robertson for the full amount owed from the July transactions. 17 Sold $212,000 in computers and peripherals to The Clark Store with terms of 2/10, n/30. 30 The Clark Store paid Blossom for its purchase of July 17. Prepare the necessary journal entries for Blossom Computers.
Answer and Explanation:
The Journal entries are shown below:-
1. Accounts receivable Dr, $21,200
To Sales revenue $21,200
(Being sales revenue is recorded)
2. Sales return and allowances Dr, $1,378
To Allowance for sales return and allowances $1,378
(Being allowance for sales return is recorded)
3. Cash Dr, $20,564
Sales discount Dr, $636 ($21,200 × 3%)
To Accounts receivable $21,200
(Being receipt and discount allowed is recorded)
4. Account receivable Dr, $212,000
To Sales revenue $212,000
(Being sales revenue is recorded)
5. Cash Dr, $212,000
To Accounts receivable $212,000
(Being receipt of payment is recorded)
As a group, U.S. consumers have no income response for their consumption of ice cream so that the income elasticity of demand for ice cream equals zero. Does this mean that the change in ice cream consumption that results from a price increase is entirely composed of the substitution effect? No, the income and substitution effects in this case move in opposite directions and completely offset one another, so it only appears that the income effect is zero No, any price change moves the point of consumption to a new indifference curve, so there must be a non-zero income effect We need more information about the goods to answer this question Yes, the income effect associated with a price change is zero
Answer:
Yes, the income effect associated with a price change is zero
Explanation:
From the question, we are informed that the U.S. consumers have no income response for their consumption of ice cream so that the income elasticity of demand for ice cream equals zero.
In this case the change in ice cream consumption that results from a price increase is entirely composed of the substitution effect, which is one effect of change in price as a result of consumer going for something cheaper than the first one.
It should be noted that the income effect associated with a price change is zero. Income Effect in microeconomics is when there is an alteration in the demand of a particular goods/service as a result of the change in Income.
What do major area of study mean
Answer:
the main area of study is the majoryou focus on to get your degree. It will be your core classes and/or the requirements needed to get your degree.
IMC, Inc. needs to schedule production of a certain item for the next four months. The unit cost is estimated to be $12 for the first two months and $14 for the last two months. From the company’s forecasting models, monthly demands are estimated to be 400, 750, 950, and 900 units, respectively. IMC can produce a maximum of 850 units each month on regular time. Overtime can be scheduled during the second and third months, which increases monthly capacity by 200 units. However, units produced on overtime cost $4 more to produce. Excess production can be stored at a cost of $3 per unit per month, but a maximum of 50 units can be stored during any month. Assuming that beginning and ending inventory levels are zero, how should the production be scheduled so as to minimize total costs?
Answer:
The correct answer will be "$40,450".
Explanation:
According to the estimation given in the scenario,
The monthly demands are:
400 units750 units950 units900 unitsSo, the total cost will be:
⇒ [tex](400\times 12) + (750\times 12) + (850\times 14) + (150\times 18) + (50\times 3) + (850\times 14)[/tex]
⇒ [tex]4800 + 9000 + 11900 + 2700 + 150 + 11900[/tex]
⇒ [tex]40,450[/tex] ($)